Document:

EX-103

		

			Exhibit 10.3

		

		

			 

		

		

			EXECUTION VERSION

		

		
			PURCHASE AGREEMENT

by and among

WSILC, L.L.C., RTW ATM, LLC, C.O.D., LLC AND WG ATM, LLC AND THEIR MEMBERS

and

CARDTRONICS USA, INC.

dated as of July 21, 2014
		

		
			 
		

		 

		

			 

		

 

		

			Table of Contents

		

		

			 

		

		

			Page

		

		

			 

		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Article I

					
					
						THE TRANSACTION

					
					
						1

				
	
					
						Section 1.1

					
					
						The Transaction

					
					
						1

				
	
					
						Section 1.2

					
					
						Closing

					
					
						2

				
	
					
						Section 1.3

					
					
						Deliveries by the Company Holders

					
					
						2

				
	
					
						Section 1.4

					
					
						Deliveries by the Purchaser

					
					
						4

				
	
					
						Section 1.5

					
					
						Escrow

					
					
						4

				
	
					
						Section 1.6

					
					
						Hewitt Holdback

					
					
						4

				
	
					
						Article II

					
					
						PURCHASE PRICE

					
					
						6

				
	
					
						Section 2.1

					
					
						Purchase Price

					
					
						6

				
	
					
						Section 2.2

					
					
						Payment

					
					
						6

				
	
					
						Section 2.3

					
					
						Method of Payment

					
					
						7

				
	
					
						Section 2.4

					
					
						Determination of Net Working Capital plus Recent CapX

					
					
						7

				
	
					
						Article III

					
					
						REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COMPANY HOLDERS

					
					
						10

				
	
					
						Section 3.1

					
					
						Ownership of LLC Units

					
					
						10

				
	
					
						Section 3.2

					
					
						Authorization; Validity of Agreement

					
					
						10

				
	
					
						Section 3.3

					
					
						No Violations, Consents and Approvals

					
					
						10

				
	
					
						Section 3.4

					
					
						Litigation

					
					
						11

				
	
					
						Section 3.5

					
					
						Brokers

					
					
						11

				
	
					
						Article IV

					
					
						REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COMPANIES

					
					
						11

				
	
					
						Section 4.1

					
					
						Organization

					
					
						11

				
	
					
						Section 4.1-A

					
					
						Authorization; Validity of Agreement

					
					
						11

				
	
					
						Section 4.2

					
					
						Capitalization

					
					
						12

				
	
					
						Section 4.3

					
					
						No Violations; Consents and Approvals

					
					
						12

				
	
					
						Section 4.4

					
					
						Financial Statements

					
					
						13

				
	
					
						Section 4.5

					
					
						Absence of Certain Changes

					
					
						13

				
	
					
						Section 4.6

					
					
						Litigation

					
					
						14

				
	
					
						Section 4.7

					
					
						No Undisclosed Liabilities

					
					
						14

				
	
					
						Section 4.8

					
					
						Compliance with Law

					
					
						15

				
	
					
						Section 4.9

					
					
						Technology and Intellectual Property

					
					
						15

				

		
			 
		

		

		

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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			Table of Contents

		

		

			(continued)

		

		

			Page

		

		

			 

		

		
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 4.10

					
					
						Employee Benefit Plans; ERISA

					
					
						16

				
	
					
						Section 4.11

					
					
						Material Contracts

					
					
						19

				
	
					
						Section 4.12

					
					
						Tax Matters

					
					
						22

				
	
					
						Section 4.13

					
					
						Environmental Matters

					
					
						23

				
	
					
						Section 4.14

					
					
						Labor Matters

					
					
						24

				
	
					
						Section 4.15

					
					
						Real Property Matters

					
					
						25

				
	
					
						Section 4.16

					
					
						Title to Other Property; All ATM Assets

					
					
						26

				
	
					
						Section 4.17

					
					
						Insurance

					
					
						26

				
	
					
						Section 4.18

					
					
						Affiliate Relationships

					
					
						26

				
	
					
						Section 4.19

					
					
						Tangible Personal Property

					
					
						26

				
	
					
						Section 4.20

					
					
						Suppliers and Merchants

					
					
						27

				
	
					
						Section 4.21

					
					
						Business Continuity

					
					
						27

				
	
					
						Section 4.22

					
					
						Data Privacy and Security

					
					
						28

				
	
					
						Section 4.23

					
					
						Brokers

					
					
						28

				
	
					
						Section 4.24

					
					
						Bank Accounts

					
					
						28

				
	
					
						Section 4.25

					
					
						EFT Accounts

					
					
						28

				
	
					
						Section 4.26

					
					
						Certain Financial Data

					
					
						28

				
	
					
						Section 4.27

					
					
						Vault Cash

					
					
						29

				
	
					
						Section 4.28

					
					
						Theft

					
					
						29

				
	
					
						Section 4.29

					
					
						Certain Security Policy

					
					
						29

				
	
					
						Section 4.30

					
					
						No Other Representations or Warranties

					
					
						29

				
	
					
						Article V

					
					
						REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

					
					
						29

				
	
					
						Section 5.1

					
					
						Organization

					
					
						29

				
	
					
						Section 5.2

					
					
						Authorization; Validity of Agreement

					
					
						30

				
	
					
						Section 5.3

					
					
						Consents and Approvals; No Violations

					
					
						30

				
	
					
						Section 5.4

					
					
						Financing

					
					
						30

				
	
					
						Section 5.5

					
					
						Brokers

					
					
						31

				
	
					
						Section 5.6

					
					
						No Other Representations or Warranties

					
					
						31

				
	
					
						Article VI

					
					
						COVENANTS

					
					
						31

				
	
					
						Section 6.1

					
					
						Interim Operations of the Companies

					
					
						31

				

		
			 
		

		

		

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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			Table of Contents

		

		

			(continued)

		

		

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						Section 6.2

					
					
						Due Diligence Inspection and Reviews; Further Access to Information

					
					
						32

				
	
					
						Section 6.3

					
					
						Certain Filings

					
					
						33

				
	
					
						Section 6.4

					
					
						Further Action and Reasonable Best Efforts

					
					
						33

				
	
					
						Section 6.5

					
					
						Notification

					
					
						34

				
	
					
						Section 6.6

					
					
						Tax Matters

					
					
						34

				
	
					
						Section 6.7

					
					
						Employee Benefits

					
					
						38

				
	
					
						Section 6.8

					
					
						Publicity

					
					
						40

				
	
					
						Section 6.9

					
					
						Retention of and Access to Books and Records

					
					
						40

				
	
					
						Section 6.10

					
					
						Indemnification of Managers and Officers

					
					
						41

				
	
					
						Section 6.11

					
					
						Compliance with WARN Act and Similar Statutes

					
					
						42

				
	
					
						Section 6.12

					
					
						Further Assurances

					
					
						42

				
	
					
						Section 6.13

					
					
						No Shop

					
					
						42

				
	
					
						Section 6.14

					
					
						Non-Competition; Non-Solicitation; Confidentiality

					
					
						42

				
	
					
						Section 6.15

					
					
						EFT Accounts

					
					
						45

				
	
					
						Section 6.16

					
					
						Mail

					
					
						46

				
	
					
						Section 6.17

					
					
						Use of Names

					
					
						46

				
	
					
						Section 6.18

					
					
						Non-Assigned Assets

					
					
						46

				
	
					
						Section 6.19

					
					
						Pre-Closing Transfer of Certain Automobiles

					
					
						47

				
	
					
						Section 6.20

					
					
						Cooperation Regarding Vault Cash Borrowings

					
					
						47

				
	
					
						Section 6.21

					
					
						Efforts to Obtain Certain Consents

					
					
						47

				
	
					
						Article VII

					
					
						CONDITIONS

					
					
						48

				
	
					
						Section 7.1

					
					
						Conditions to Each Party’s Obligation

					
					
						48

				
	
					
						Section 7.2

					
					
						Conditions to the Obligation of the Company Holders

					
					
						48

				
	
					
						Section 7.3

					
					
						Conditions to Obligation of the Purchaser

					
					
						49

				
	
					
						Article VIII

					
					
						TERMINATION

					
					
						49

				
	
					
						Section 8.1

					
					
						Termination

					
					
						49

				
	
					
						Section 8.2

					
					
						Effect of Termination

					
					
						50

				
	
					
						Section 8.3

					
					
						Fees and Expenses

					
					
						51

				
	
					
						Article IX

					
					
						SURVIVAL AND INDEMNIFICATION

					
					
						51

				
	
					
						Section 9.1

					
					
						Survival

					
					
						51

				

		
			 
		

		

		

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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			Table of Contents

		

		

			(continued)

		

		

			Page

		

		

			 

		

		
		

			
					
						Section 9.2

					
					
						Indemnification by the Company Holders

					
					
						51

				
	
					
						Section 9.3

					
					
						Indemnification by the Purchaser

					
					
						52

				
	
					
						Section 9.4

					
					
						Limitations on Indemnification Amount

					
					
						52

				
	
					
						Section 9.5

					
					
						Other Limitations

					
					
						53

				
	
					
						Section 9.6

					
					
						Notice and Payment of Claims

					
					
						54

				
	
					
						Section 9.7

					
					
						Tax Consequences

					
					
						55

				
	
					
						Section 9.8

					
					
						Remedy

					
					
						55

				
	
					
						Section 9.9

					
					
						Powers of Attorney

					
					
						55

				
	
					
						Section 9.10

					
					
						Purchaser Reliance

					
					
						57

				
	
					
						Article X

					
					
						MISCELLANEOUS

					
					
						58

				
	
					
						Section 10.1

					
					
						Amendment; Waiver

					
					
						58

				
	
					
						Section 10.2

					
					
						Notices

					
					
						58

				
	
					
						Section 10.3

					
					
						Interpretation

					
					
						59

				
	
					
						Section 10.4

					
					
						Headings; Schedules

					
					
						60

				
	
					
						Section 10.5

					
					
						Counterparts

					
					
						61

				
	
					
						Section 10.6

					
					
						Entire Agreement

					
					
						61

				
	
					
						Section 10.7

					
					
						Severability

					
					
						61

				
	
					
						Section 10.8

					
					
						Damages; Specific Performance

					
					
						61

				
	
					
						Section 10.9

					
					
						Governing Law

					
					
						61

				
	
					
						Section 10.10

					
					
						Dispute Resolution

					
					
						61

				
	
					
						Section 10.11

					
					
						Conflicts and Privilege

					
					
						62

				
	
					
						Section 10.12

					
					
						Construction

					
					
						62

				
	
					
						Section 10.13

					
					
						Disclaimer of Warranties

					
					
						63

				
	
					
						Section 10.14

					
					
						Assignment

					
					
						63

				
	
					
						Section 10.15

					
					
						Definitions

					
					
						63

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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		PURCHASE AGREEMENT
		

		
			THIS PURCHASE AGREEMENT, dated as of July 21, 2014 (this “Agreement”), is made by and among WSILC, L.L.C., an Illinois limited liability company (“WSILC”), RTW ATM, LLC, an Illinois limited liability company (“RTW”, along with WSILC, each being referred to as a “Target Company” and collectively as the “Target Companies”), C.O.D., LLC, a Missouri limited liability company (“COD”), WG ATM, LLC, a Missouri limited liability company (“WG”, along with WSILC, RTW and COD each being referred to as a “Company” and collectively as the “Companies”), each person listed on Schedule A hereto (each, a “Company Holder” and collectively, the “Company Holders”), Rock Island Capital Fund I, L.P., a Delaware limited partnership, in its capacity as the representative of the Company Holders and the Asset Sellers (the “Seller Representative”), and Cardtronics USA, Inc., a Delaware corporation (the “Purchaser”).  The Companies, the Company Holders, the Seller Representative and the Purchaser are referred to herein as “Parties” and each individually may be referred to as a “Party”.  
		

		
			WHEREAS, WSILC is the record owner of 2,000 units of RTW (the “Subsidiary Interest”) and the Company Holders are the record owners of all the other issued and outstanding membership interests and/or units of the Companies in the amounts set forth on Schedule A (collectively with the Subsidiary Interest, the “LLC Units”);
		

		
			WHEREAS, the Company Holders named on Schedule A as Equity Sellers (the “Equity Sellers”) desire to sell and Purchaser desires to purchase all of the issued and outstanding membership interests and/or units of each Target Company owned by the Equity Sellers (collectively, the “Equity Seller Units”); 
		

		
			WHEREAS, COD and WG (the “Asset Sellers”) desire to sell and transfer, and the Purchaser desires to purchase and assume, the Purchased Assets and the Assumed Liabilities; 
		

		
			WHEREAS, on the terms and subject to the conditions set forth herein, the Equity Sellers desire to sell to the Purchaser, and the Purchaser desires to purchase from the Equity Sellers, all of the Equity Seller Units; and  
		

		
			WHEREAS, on the terms and subject to the conditions set forth herein, the Asset Sellers shall sell and transfer to the Purchaser, and the Purchaser shall purchase and assume the Purchased Assets and the Assumed Liabilities.  
		

		
			NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants, conditions, and agreements set forth herein, the parties hereto agree as follows:
		

		
			Article I

THE TRANSACTION
		

		
			Section 1.1The Transaction.  Upon the terms and subject to conditions of this Agreement, at the Closing, each Equity Seller shall sell, transfer, assign, convey and deliver to the Purchaser, and the Purchaser shall accept from each Equity Seller, all of the issued and 
		
		
 

		

			 

		

 

		

			 

		

		outstanding Equity Seller Units held by such Equity Seller, free and clear of any and all Liens.  Upon the terms and subject to conditions of this Agreement, at the Closing, (A) each Asset Seller shall sell, transfer, assign, convey and deliver to the Purchaser all of the Purchased Assets, free and clear of any and all Liens except for Liens securing Vault Cash Borrowings, and (B) the Purchaser shall (i) accept and purchase all of the Purchased Assets from each Asset Seller, free and clear of any and all Liens, and (ii) assume all of the Assumed Liabilities.  At the Closing, each Asset Seller shall retain responsibility and liability for all of the Excluded Liabilities

		
		
			Section 1.2Closing.  The closing of the purchase, sale and transfer of the Equity Seller Units and the Purchased Assets and the assumption of the Assumed Liabilities and the other transactions contemplated hereby (the “Closing”) will take place at 10:00 a.m., Chicago time, on the fifth business day after satisfaction or waiver of all of the conditions set forth in Article VII hereof (other than those conditions which by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions) (the “Closing Date”), at the offices of McDermott Will & Emery LLP, 227 West Monroe Street, Chicago, Illinois, 60606 (or by exchange of facsimile or PDF signatures) unless another date or place is agreed to in writing by the parties hereto.
		

		
			Section 1.3Deliveries by the Company Holders.  At the Closing, the Company Holders shall deliver, or cause to be delivered, to the Purchaser:
		

		
			(a)Instruments of transfer executed by the Equity Sellers and sufficient to vest in the Purchaser good title to the Equity Seller Units;
		

		
			(b)A general bill of sale, assignment and assumption agreement, in substantially the form of Exhibit A, executed by each Asset Seller, and effective as of 11:59 p.m. Central Time on the Closing Date;
		

		
			(c)The resignations of the members of the Board of Managers of each Target Company;
		

		
			(d)The LLC Unit record books and ledgers and minute books of each Target Company; provided, that any of the foregoing items shall be deemed to have been delivered pursuant to this Section 1.3(d) if such item has been delivered to, or is otherwise located at, the offices of a Target Company;
		

		
			(e)Originals of all of the contracts, commitments, books, records, files and other data of the Asset Sellers that (i) are included in the Purchased Assets or (ii) relate to or affect the Purchased Assets as of the Closing Date; provided, that any of the foregoing items shall be deemed to have been delivered pursuant to this Section 1.3(e) if such item has been delivered to, or is otherwise located at, the offices of a Target Company; 
		

		
			(f)Written evidence from The PrivateBank and Trust Company confirming that (i) all of the existing authorized signatories on the EFT Accounts have been removed and (ii) all of Purchaser’s designees listed on Schedule 1.3(f) have been added as authorized signatories on the EFT Accounts;
		

		 

		

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			(g)A certificate of the Secretary of each Company, dated the Closing Date, attaching and certifying the applicable required authorizing resolutions of such Company;
		

		
			(h)Good standing certificates for each of the Companies from the jurisdiction of its formation or organization, as applicable;
		

		
			(i)Payoff and release letters from the holders of the Indebtedness for Borrowed Money of the Companies that (i) reflect the amounts required in order to pay in full such indebtedness and (ii) provide that, upon payment in full of the amounts indicated, all Liens with respect to the assets of any of the Companies shall be terminated and of no further force and effect, together with UCC-3 termination statements with respect to the financing statements filed against the assets of any of the Companies by the holders of such Liens;
		

		
			(j)An exact duplicate of the Data Room in digital form stored on DVD’s or on an external hard drive; 
		

		
			(k)The Escrow Agreement in substantially the form of Exhibit B, executed by the Seller Representative;
		

		
			(l)A Termination and Release Agreement, in substantially the form of Exhibit C, executed by each of (A) RIC GP I, LLC terminating all management fee agreements and (B) COD and WG terminating the Amended and Restated Management Agreement made and entered into November 1, 2011 by and among WSILC, COD and WG (the “Management Agreement”); 
		

		
			(m)A duly executed non-foreign affidavit, dated as of the Closing Date, sworn under penalty of perjury and in form and substance required by Treasury Regulation § 1.1445-2(b), stating that each Company Holder and Asset Seller is not a “foreign person” as defined in Section 1445 of the Code; provided that, notwithstanding anything else to the contrary herein, if a Company Holder or Asset Seller, as applicable, fails to deliver such certificate and the Purchaser elects to proceed with Closing, the Purchaser shall be entitled to withhold or cause to be withheld from payments otherwise payable to such Company Holder or Asset Seller, as applicable, all amounts required to be withheld pursuant to Section 1445 of the Code; 
		

		
			(n)A Release Agreement in the form of Exhibit D, executed by each Company Holder, in which such Company Holder releases, on behalf of itself and all of its Affiliates, any and all claims, rights, causes of actions, indebtedness or other obligations (other than the obligations under this Agreement) that may be owed by any Target Company to such Company Holder, other than as relate to current employment and indemnification rights under the Target Company's limited liability company operating agreement (and as to Mark Idel the conditional note owing to IDI ATM, LLC); 
		

		
			(o)A Transition Services and Office Space Sharing Agreement in substantially the form of Exhibit E, executed by WSILC and Welch Gaming, LLC;
		

		 

		

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			(p)An amendment to the Processing Agreement between WSILC and Welch Gaming, LLC in substantially the form of Exhibit F;  
		

		
			(q)An Employment Agreement in the form of Exhibit G executed by Jeffery Hewitt (“Hewitt”); 
		

		
			(r)An Employment Agreement in the form of Exhibit H executed by Bradley Cummins (“Cummins”); 
		

		
			(s)A termination and trademark assignment of the Welch License Agreement, in the form of Exhibit I executed by authorized representatives of WSILC and Welch Systems, Inc.; 
		

		
			(t)A termination of the existing Gaming Payout Device Cash Agreement among First Premier Bank, WSILC and Welch Gaming, LLC or amendment deleting WSILC as a party, and an indemnification letter in the form of Exhibit J executed by Welching Gaming, LLC in favor of WSILC; and
		

		
			(u)All other documents required to be delivered by the Company Holders or Asset Sellers on or prior to the Closing Date pursuant to this Agreement.
		

		
			Section 1.4Deliveries by the Purchaser.  At the Closing the Purchaser shall deliver (a) to the Seller Representative, on behalf of the Equity Sellers and the Asset Sellers, the Closing Payment Amount in accordance with Section 2.2,  (b) the Escrow Agreement in the form of Exhibit B executed by the Purchaser, (c) to Hewitt an Employment Agreement in the form of Exhibit G executed by the Purchaser, and (d) to Cummins an Employment Agreement in the form of Exhibit H executed by the Purchaser, together with all other documents required to be delivered by the Purchaser on or prior to the Closing Date pursuant to this Agreement.    
		

		
			Section 1.5Escrow.  At the Closing, the Purchaser shall deposit with the Escrow Agent $16,000,000 (the “Indemnity Escrow Amount”), to be held by the Escrow Agent in accordance with the terms of the Escrow Agreement and used to satisfy any liabilities of the Equity Sellers and Asset Sellers arising under Section 2.2(c) or Section 9.2 The Equity Sellers’ and Asset Sellers’ relative interest in any amounts distributable from the Indemnity Escrow Amount shall be their Distributive Share.  The parties agree that the fees and costs of the Escrow Agent shall be borne one-half by the Purchaser and one-half by Seller Representative (on behalf of the Equity Sellers and Asset Sellers).
		

		
			Section 1.6Hewitt Holdback.  As referenced in Section 2.2(a)(iii), at the Closing, Purchaser shall withhold and retain from the Net Purchase Price an amount (the “Retention Amount”) equal to thirteen and one-half percent (13.5%) of Hewitt’s Distributive Share of the Net Purchase Price allocable solely to WSILC (before giving effect to any WC/CapX Adjustment).
		

		
			(a)For purposes of determining the portion of the Closing Payment Amount to be disbursed by the Seller Representative pursuant to Section 9.10 to each Equity Seller and Asset Seller, the following provisions shall apply:
		

		 

		

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			(i)The portion of the Closing Payment Amount to be disbursed by the Seller Representative to each Equity Seller (other than Hewitt) and Asset Seller shall be equal to their respective Distributive Share of an amount equal to the sum of (x) the Closing Payment Amount plus (y) the Retention Amount; and
		

		
			(ii)The portion of the Closing Payment Amount to be disbursed to Hewitt shall be equal to the entire remaining Closing Payment Amount that is not disbursed to the other Equity Sellers and Asset Sellers pursuant to Section 1.6(a)(i).
		

		
			(b)The Retention Amount need not be segregated or held in a separate account by the Purchaser and shall be paid, disbursed and applied by Purchaser as follows:
		

		
			(i)Purchaser shall pay (A) one-third (1/3rd) of the Retention Amount to Hewitt on the date that is five hundred forty-seven (547) days after the Closing Date (“First Installment Due Date”) if Hewitt has remained continuously employed by the Purchaser (or an Affiliate of the Purchaser) from the Closing Date through the First Installment Due Date and (B) the remaining two-thirds (2/3rds) of the Retention Amount to Hewitt on the third anniversary of the Closing Date (“Second Installment Due Date”) if Hewitt has remained continuously employed by the Purchaser (or an Affiliate of the Purchaser) from the Closing Date through and until the Second Installment Due Date; provided, however, if (x) on or before the due date of either of the foregoing installments of the Retention Amount the Purchaser has, in good faith, provided written notice to Hewitt pursuant to clauses (a) or (c) of the definition of “Cause” and (y) Hewitt’s period to cure the matter disclosed in such written notice has not yet expired as of the due date of such installment of the Retention Amount, then the Purchaser shall have the right, by notice to Hewitt, to delay the due date of such installment of the Retention Amount otherwise due on the First Installment Due Date or the Second Installment Due Date, as applicable, until the next Business Day following the expiration of such cure period.
		

		
			(ii)If Hewitt’s employment with the Purchaser and all of its Affiliates should be terminated by the Purchaser (and/or all of such Affiliates, as applicable) without Cause, by Hewitt with Good Reason or by reason of Hewitt’s death or permanent disability prior to the payment of the entirety of the Retention Amount to Hewitt in accordance with Section 1.6(b)(i), then the remaining unpaid portion of the Retention Amount shall be paid to Hewitt within five (5) business days following such termination without Cause, termination by Hewitt with Good Reason or Hewitt’s death or disability, as applicable.
		

		
			(iii)If  Hewitt’s employment with the Purchaser and all of its Affiliates should be terminated by the Purchaser (and/or all of such Affiliates, as applicable) with Cause or by Hewitt without Good Reason prior to the payment of the entirety of the Retention Amount to Hewitt in accordance with Section 1.6(b)(i), then all of the Retention Amount not otherwise disbursed to Hewitt pursuant to Section 1.6(b)(i) or Section 1.6(b)(ii) shall be paid to Hewitt on the fifth (5th) anniversary of the Closing Date.
		

		 

		

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			Article II

PURCHASE PRICE
		

		
			Section 2.1Purchase Price.  The aggregate consideration for the Equity Seller Units and the Purchased Assets (the “Purchase Price”) shall be an amount equal to One Hundred Sixty Million Dollars (U.S. $160,000,000) (the “Gross Purchase Price”) plus the assumption of the Assumed Liabilities.  The net cash consideration (“Net Purchase Price”) shall be equal to the Gross Purchase Price (i) minus the amount of the outstanding Indebtedness for Borrowed Money of the Target Companies as of the Closing Date, (ii) minus the amount of unpaid Seller Transaction Expenses, (iii) minus the Past Employee Termination Amount, (iv) minus one-half of the fees of any filings under Competition Laws (as contemplated by Section 6.3, (v) minus the amount, if any, by which the sum of Net Working Capital (excluding for this purpose Vault Cash and Vault Cash Borrowing) plus Recent CapX, as reflected on the Final Closing Statement, is less than $2,400,000 (a “Negative WC/CapX Adjustment”) (vi) minus the amount, if any, by which Vault Cash Borrowings exceed Vault Cash as of the Closing Date (“Vault Cash Deficiency”) and (vii) plus the amount, if any, by which the sum of Net Working Capital (excluding for this purpose Vault Cash and Vault Cash Borrowing) plus Recent CapX as reflected on the Final Closing Statement exceeds $2,600,000 (a “Positive WC/CapX Adjustment”).  The applicable Negative WC/CapX Adjustment and/or the Positive WC/CapX Adjustment is referred to herein as the “WC/CapX Adjustment.”
		

		
			Section 2.2Payment.
		

		
			(a)Cash Payment to Equity Sellers and Asset Sellers.  At the Closing, Purchaser shall deliver to the Seller Representative, on behalf of the Equity Sellers and Asset Sellers, an amount (“Closing Payment Amount”) equal to (i) the Net Purchase Price (before giving effect to any WC/CapX Adjustment, (ii) minus the Indemnity Escrow Amount, (iii) minus the Retention Amount, (iv) minus the amount of the outstanding Indebtedness for Borrowed Money of the Asset Sellers that is paid pursuant to Section 2.2(b), and (v) subtracting any estimated Negative WC/CapX Adjustment or adding any estimated Positive WC/CapX Adjustment, as applicable, based upon the Estimated Closing Balance Sheet. 
		

		
			(b)Other Payments.  At the Closing, Purchaser shall pay to the holders of the Indebtedness for Borrowed Money of the Target Companies the amounts set forth in their payoff letters delivered pursuant to Section 1.3(i) in accordance with the terms thereof and shall also pay, on behalf of the Asset Sellers, the holders of the Indebtedness for Borrowed Money of the Asset Sellers the amounts set forth in their payoff letters delivered pursuant to Section 1.3(i) in accordance with the terms thereof.  Additionally, the Purchaser shall pay any unpaid Seller Transaction Expenses to the required payees in accordance with the instructions delivered by the Seller Representative to the Purchaser at least two (2) Business Days prior to the Closing.    
		

		
			(c)Reconciliation of WC/CapX Adjustment.  If the WC/CapX Adjustment based upon the Final Closing Statement is different than the WC/CapX Adjustment that was estimated based on the Estimated Closing Statement, then within five (5) Business 
		
		
 

		

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		Days after the final determination of the Final Closing Statement pursuant to Section 2.4, either (i) the Equity Sellers and the Asset Sellers shall pay to Purchaser from the Indemnity Escrow Amount (A) the amount, if any, by which the estimated Positive WC/CapX Adjustment exceeds the final Positive WC/CapX Adjustment plus (B) the amount, if any, by which the final Negative WC/CapX Adjustment exceeds the estimated Negative WC/CapX Adjustment or (ii) Purchaser shall pay to the Seller Representative, on behalf of the Equity Sellers and Asset Sellers, (A) the amount, if any, by which the final Positive WC/CapX Adjustment exceeds the estimated Positive WC/CapX Adjustment plus (B) the amount, if any, by which the estimated Negative WC/CapX Adjustment exceeds the final Negative WC/CapX Adjustment.    

		
		
			(d)Vault Cash Deficiency.  The Equity Sellers and the Asset Sellers shall pay to Purchaser from the Indemnity Escrow Amount any Vault Cash Deficiency promptly following the final determination of the amount thereof.
		

		
			Section 2.3Method of Payment.  All payments under Section 2.2 shall be made by wire transfer of immediately available funds free of costs and charges to an account that the recipient, at least forty-eight (48) hours prior to the time for payment specified hereunder, has designated.
		

		
			Section 2.4Determination of Net Working Capital plus Recent CapX.
		

		
			(a)Estimated Closing Statement.  At least fifteen (15) business days prior to the Closing, the Seller Representative shall deliver to the Purchaser a schedule setting forth the Seller Representative’s best estimate of the sum of Net Working Capital plus Recent CapX, pro forma as of the Closing Date (the “Estimated Closing Statement”), prepared in accordance with the definitions of Adjusted Current Assets and Adjusted Current Liabilities and Recent CapX.
		

		
			(b)Proposed Final Closing Statement.  Within ninety (90) calendar days after the Closing Date, the Purchaser shall prepare, or cause to be prepared, and deliver to the Seller Representative an unaudited statement of the Adjusted Current Assets and Adjusted Current Liabilities as of the Closing Date and Recent CapX and any Vault Cash Deficiency (the “Proposed Final Closing Statement”), which shall be prepared in accordance with a manner consistent with the preparation of the April 30, 2014 current assets and liabilities statement attached as Schedule 10.15 (WC Statement).  If no Proposed Final Closing Statement is delivered to the Seller Representative within such ninety (90) calendar day period, then the Purchaser shall be deemed to have accepted the Estimated Closing Statement and the Estimated Closing Statement shall constitute the Final Closing Statement.
		

		
			(c)Objection to Proposed Final Closing Statement.  Within thirty (30) calendar days after the Proposed Final Closing Statement is delivered to the Seller Representative pursuant to Section 2.4(b), the Seller Representative shall complete its review of the sum of Net Working Capital plus Recent CapX and any Vault Cash Deficiency derived from the Proposed Final Closing Statement.  If the Seller Representative objects to the calculation of the sum of Net Working Capital plus Recent 
		
		
 

		

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		CapX and Vault Cash Deficiency, as set forth in the Proposed Final Closing Statement, then the Seller Representative shall inform the Purchaser on or prior to the last day of such thirty (30) calendar day period by delivering a written notice to the Purchaser (a “Closing Statement Objection”) setting forth a specific description of the basis of the Closing Statement Objection and the adjustments to the sum of Net Working Capital plus Recent CapX and Vault Cash Deficiency that the Seller Representative believes should be made.  If there is any delay in access to necessary books, records and personnel required by Section 2.4(f), such response period shall be extended by the period of delay.  If no Closing Statement Objection is delivered to the Purchaser within such thirty (30) calendar day period (as it may have been extended), then the Seller Representative shall be deemed to have accepted the Proposed Final Closing Statement and the Proposed Final Closing Statement shall constitute the Final Closing Statement.

		
		
			(d)Response to Closing Statement Objection.  If a Closing Statement Objection is delivered to the Purchaser pursuant to Section 2.4(c)Section 2.4(b), then the Purchaser shall have fifteen (15) calendar days to review and respond to the Closing Statement Objection by delivering written notice to the Seller Representative, specifying the scope of its disagreement with the information contained in it.  If no such written notice is delivered to the Seller Representative within such fifteen (15) calendar day period, then the Purchaser shall be deemed to have accepted the Closing Statement Objection.
		

		
			(e)Dispute Resolution Following Closing Statement Objection.
		

		
			(i)Negotiation.  If the Purchaser delivers a written notice to the Seller Representative in response to a Closing Statement Objection pursuant to Section 2.4(d), then the Seller Representative and the Purchaser shall promptly meet and attempt in good faith to resolve any dispute or disagreement relating to the Proposed Final Closing Statement and the calculation of the sum of Net Working Capital plus Recent Capx and Vault Cash Deficiency (the “Closing Statement Dispute”).
		

		
			(ii)Resolution by CPA Firm.  If the Seller Representative and the Purchaser are unable to resolve the Closing Statement Dispute within sixty (60) calendar days after the delivery of a Closing Statement Objection to the Purchaser, then at any time thereafter the Seller Representative or the Purchaser may elect to have the Closing Statement Dispute resolved by PricewaterhouseCoopers LLP (provided that neither Seller Representative nor Purchaser has engaged  such firm for any purpose in the last three years), or another nationally recognized firm of independent public accountants as to which the Seller Representative and Purchaser mutually agree (the “CPA Firm”), who shall, acting as experts and not as arbitrators, determine on the basis of the criteria set forth in this  Section 2.4, and only with respect to the remaining accounting-related differences so submitted to the CPA Firm (and not by independent review), whether and to what extent, if any, the sum of Net Working Capital plus Recent CapX and Vault Cash Deficiency as derived from the Proposed Final Closing Statement requires adjustment.  In connection with the engagement of the CPA Firm, each Party shall execute reasonable engagement letters in the reasonable discretion of the respective parties and supply such other documents and information as the CPA Firm reasonably requires.  Without 
		
		
 

		

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		limitation, each Party may submit such data and information to the CPA Firm as such Party deems appropriate.  The CPA Firm shall be instructed to use every reasonable effort to perform its services within fifteen (15) calendar days after submission of the Closing Statement Dispute to it and, in any case, as soon as practicable after such submission.  In resolving the Closing Statement Dispute, the CPA Firm (A) shall utilize accounting principles that are consistent with GAAP and the Companies’ historical calculation of current assets and current liabilities and (B) shall not assign a value to any item greater than the greatest value for such item claimed by any Party, or less than the smallest value for such item claimed by any Party, as presented to the CPA Firm pursuant hereto.  The Proposed Final Closing Statement, as it may be adjusted by the CPA’ Firm’s resolution of the Closing Statement Dispute shall constitute the Final Closing Statement.

		
		
			(iii)Payment of Fees of CPA Firm.  If the sum of Net Working Capital plus Recent CapX as reflected on the Final Closing Statement is closer in amount to the Net Working Capital as reflected in the Closing Statement Objection (or, if different, the last Net Working Capital proposed in writing by the Seller Representative as a part of the negotiations conducted pursuant to Section 2.4(e)(i)) than to the sum of Net Working Capital plus Recent CapX as reflected on the Proposed Final Closing Statement (or, if different, the last Net Working Capital proposed in writing by the Purchaser as a part of the negotiations conducted pursuant to Section 2.4(e)(i), then the Purchaser shall pay all fees and expenses of the CPA Firm in connection with the services provided pursuant to Section 2.4(e)(ii).  If the sum of Net Working Capital plus Recent CapX as reflected on the Final Closing Statement is closer in amount to the sum of Net Working Capital plus Recent CapX as reflected on the Proposed Final Closing Statement (or, if different, the last Net Working Capital proposed in writing by the Purchaser as a part of the negotiations conducted pursuant to Section 2.4(e)(i)) than to the sum of Net Working Capital plus Recent CapX as reflected in the Closing Statement Objection (or, if different, the last sum of Net Working Capital plus Recent CapX proposed in writing by the Seller Representative as a part of the negotiations conducted pursuant to Section 2.4(e)(i)), then the Seller Representative, on behalf of the Company Holders shall pay all fees and expenses of the CPA Firm in connection with the services provided pursuant to Section 2.4(e)(ii), which shall be paid from the Indemnity Escrow Amount.
		

		
			(f)Cooperation.  Each Party agrees that, from and after the Closing Date, it will not take any actions with respect to the accounting books, records, policies and procedures of Purchaser or any Company that would obstruct or prevent the preparation, review or evaluation of the Proposed Final Closing Statement.  Each Party shall cooperate, and shall cause its Affiliates and designees to cooperate, with the other in the preparation, review and evaluation of the Proposed Final Closing Statement, including the provision on a timely basis of all information reasonably necessary or useful in connection with the preparation, review and evaluation of the Proposed Final Closing Statement and access to necessary personnel and reasonable amounts of their time.  The Seller Representative and its accountants shall have reasonable access to all information used by the Purchaser in preparing the Proposed Final Closing Statement, including the work papers of its accountants.
		

		 

		

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			Article III

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO
THE COMPANY HOLDERS
		

		
			Each Company Holder, severally and not jointly, represents and warrants to Purchaser as to such Company Holder as follows:
		

		
			Section 3.1Ownership of LLC Units.  Such Company Holder owns, beneficially and of record, the class and number of LLC Units of the respective Company listed opposite such Company Holder’s name on Schedule 3.1, free and clear of all Liens, options, rights, calls, commitments, proxies or other contract rights.  Such Company Holder has sole voting power and sole power of disposition and sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of the LLC Units so indicated opposite such Company Holder’s name on Schedule 3.1, with no limitations, qualifications or restrictions on such rights and powers, and such Company Holder has not granted such rights and powers to any other Person.
		

		
			Section 3.2Authorization; Validity of Agreement.  Each Company Holder has the requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered hereunder, and the consummation of the transactions contemplated hereby and thereby have been duly authorized on behalf of such Company Holder, if such Company Holder is not a natural Person, and no other proceedings on the part of the Company Holder are necessary to authorize the execution and delivery of this Agreement and the other documents and instruments to be executed and delivered hereunder or the consummation of the transactions contemplated hereby and thereby.  This Agreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered hereunder by the Company Holder will constitute, valid and binding agreements of such Company Holder, except to the extent such enforcement may be subject to or limited by (i) bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (ii) the effect of general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).
		

		
			Section 3.3No Violations, Consents and Approvals.  Except as set forth on Schedule 3.3, neither the execution and delivery by the Company Holder of this Agreement or the other documents and instruments to be executed and delivered by the Company Holder hereunder, nor the consummation by the Company Holder of the transactions contemplated hereby and thereby will (i) violate any provision of the organizational documents of the Company Holder (if the Company Holder is not a natural Person), (ii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any loan agreement, note, bond, mortgage, guarantee, lease, license, agreement or other instrument or obligation to which the Company Holder is a party, (iii) require any authorization, consent or approval by, filing with or notice to any foreign, federal, state, local, municipal, county or other governmental, administrative or regulatory authority, body, agency, court, tribunal, commission or similar entity (including any branch, department or 
		
		
 

		

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		official thereof) (a “Governmental Entity”), except for (A) the requirements of any federal, state and foreign Law or Order that is designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“Competition Law”) applicable to the transactions contemplated hereby, (B) such authorizations, consents, approvals, filings or notices, the failure of which to obtain or make would not, individually or in the aggregate, have a Material Adverse Effect or a material adverse effect on the Company Holder’s ability to perform its obligations hereunder and (C) such authorizations, consents, approvals, filings or notice requirements that become applicable solely as a result of the specific regulatory status of the Purchaser or any of its Affiliates, or (iv) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Company Holder; except in the case of clauses (ii) through (iv) above for such violations, breaches or defaults which are not reasonably likely to have a Material Adverse Effect.

		
		
			Section 3.4Litigation.  Except as set forth on Schedule 3.4, as of the date of this Agreement, there is no Action pending or, to the actual knowledge of the applicable Company Holder, threatened, against any Company Holder or any of its respective assets, properties or businesses that would reasonably be expected to prevent the Closing.
		

		
			Section 3.5Brokers.  Except as set forth in Schedule 3.5, no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of a Company Holder.
		

		
			Article IV

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COMPANIES
		

		
			Each Company, severally and not jointly, represents and warrants to Purchaser as to such Company as follows:
		

		
			Section 4.1Organization.  Such Company is a limited liability company duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization or incorporation.  Such Company has all requisite limited liability company power and authority to own, lease and operate its properties and to carry on its business as it is now being conducted, and is qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so organized, existing and in good standing or to have such power and authority, or to be so qualified or licensed is not reasonably likely to have a Material Adverse Effect.  Schedule 4.1 delivered to the Purchaser as of the date of this Agreement sets forth each jurisdiction in which such Company is qualified to do business.
		

		
			Section 4.1-AAuthorization; Validity of Agreement.  Such Company has the requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered hereunder, and the consummation of the transactions contemplated hereby and thereby have been duly authorized on behalf of such 
		

		 

		

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		Company, and no other proceedings on the part of such Company are necessary to authorize the execution and delivery of this Agreement and the other documents and instruments to be executed and delivered hereunder or the consummation of the transactions contemplated hereby and thereby.  This Agreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered hereunder by such Company will constitute, valid and binding agreements of such Company, except to the extent such enforcement may be subject to or limited by (i) bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (ii) the effect of general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).
		

		
			Section 4.2Capitalization.
		

		
			(a)All the outstanding LLC Units are duly authorized, validly issued, fully paid and non-assessable and are owned, directly by the Company Holders (or, in the case of certain of the Subsidiary Interest, WSILC) in the amounts and classes, if applicable, set forth on Schedule A.  Such Company is not a party to any (i) options, warrants, calls, pre-emptive rights, subscriptions or other rights, convertible securities, agreements or commitments of any character obligating such Company to issue, transfer or sell any LLC Units in such Company or securities convertible into or exchangeable for such LLC Units or equity interests, (ii) contractual obligations to repurchase, redeem or otherwise acquire any LLC Units or other equity interests of such Company, (iii) voting trusts or similar agreements with respect to the voting of the LLC Units of such Company, or (iv) liens, claims, charges, security interests, mortgages, pledges or other restrictions or encumbrances, except for any restrictions on transfer generally arising under any applicable federal or state securities laws (collectively, “Liens”) on such LLC Units.
		

		
			(b)Except for the ownership of the Subsidiary Interest by WSILC, no such Company has any Subsidiaries.
		

		
			(c)No holder of any Company LLC Units or other Person has any statutory appraisal or dissenters’ rights in respect of the transactions contemplated by this Agreement.
		

		
			Section 4.3No Violations; Consents and Approvals.  Except as set forth on Schedule 4.3, neither the execution and delivery by such Company of this Agreement or the other documents and instruments to be executed and delivered hereunder, nor the consummation by such Company of the transactions contemplated hereby and thereby will (i) violate any provision of its articles of organization or its LLC Agreement, (ii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any loan or credit agreement, note, bond, mortgage, guarantee, lease, license, agreement or other instrument or obligation to which such Company is a party or by which it or any of its assets may be bound, (iii) require any authorization, consent or approval by, filing with or notice to any Governmental Entity, except for (A) the requirements of any Competition Law, applicable to the transactions contemplated hereby, (B) such authorizations, consents, approvals, filings or notices, the failure of which to obtain or make would not, individually or in the aggregate, have a Material Adverse Effect or a material adverse effect on such Company’s 
		
		
 

		

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		ability to perform its obligations hereunder and (C) such authorizations, consents, approvals, filings or notice requirements that become applicable solely as a result of the specific regulatory status of the Purchaser or any of its Affiliates, or (iv) violate any order, writ, injunction, decree, statute, rule or regulation applicable to such Company any of its properties or assets; except in the case of clauses (ii) through (iv) above for such violations, breaches or defaults which are not reasonably likely to have a Material Adverse Effect.

		
		
			Section 4.4Financial Statements.
		

		
			(a)Such Company’s audited (in the case of the Target Companies, consolidated with each other and with Welch Management Holdings, LLC) (i) balance sheets as of December 31, 2012 and December 31, 2013, and statements of operations and cash flows for the 12 month periods ended December 31, 2012 and December 31, 2013 (collectively, the “Year-End Financial Statements”) and (ii) unaudited balance sheet as of May 31, 2014 (the “Recent Balance Sheet”), and statement of operations for the period from January 1, 2014 through May 31, 2014 (the “Interim Financial Statement,” and, together with the Year-End Financial Statements, the “Company Financial Statements”) have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis (“GAAP”) (except as otherwise noted therein) and fairly present in all material respects the consolidated financial position and the consolidated results of operations and cash flows of such Company as at the dates thereof or for the periods presented therein (subject to normal year-end adjustments and the absence of related notes).  The Company Financial Statements are consistent with the books and records of such Company and its Subsidiaries.
		

		
			(b)All accounts receivable reflected on the Recent Balance Sheet, and all accounts receivable of such Company generated since the date of the Recent Balance Sheet (the “Receivables”), constitute bona fide receivables resulting from the sale of inventory, services or other obligations in favor of such Company.
		

		
			(c)The accounts payable of such Company reflected on the Recent Balance Sheet arose from bona fide transactions in the Ordinary Course of Business, and all such accounts payable have either been paid, are not yet due and payable in the Ordinary Course of Business, or are being contested by such Company in good faith.
		

		
			(d)Purchaser has been provided access to true, correct and complete copies of all Processor Reports.  Such Company has no Knowledge that the data set forth in the Processor Reports is inaccurate or incomplete in any material respect. 
		

		
			Section 4.5Absence of Certain Changes.  Except as (i) disclosed on Schedule 4.5 or (ii) required by applicable law, since the date of the Interim Financial Statement until the date of this Agreement:
		

		
			(a)there has not been any change in the business, results of operations or financial condition of such Company that has had or is reasonably likely to have a Material Adverse Effect;
		

		 

		

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			(b)such Company has conducted its business in all material respects in the Ordinary Course of Business;
		

		
			(c)such Company has not amended its articles of organization or LLC Agreement; 
		

		
			(d)such Company has not granted any increase in salary or bonus payable to any officer or employee, except in the Ordinary Course of Business or as required by existing Contracts; 
		

		
			(e)such Company has not made any commitment outside of the Ordinary Course of Business to be paid after the Closing other than as set forth on Schedule 4.5(e);
		

		
			(f)such Company has not made or revised any material Tax election or settled or compromised any Tax liability; and
		

		
			(g)such Company has not (i) issued, sold, transferred, pledged, disposed of or encumbered any LLC Units or securities convertible into or exchangeable for, or options, warrants, calls, commitments or rights of any kind to acquire, any LLC Units or other equity interests of such Company or (ii) redeemed, purchased or otherwise acquired directly or indirectly any of its LLC Units or other equity interests.
		

		
			Section 4.6Litigation.  Except as set forth on Schedule 4.6 and except for claims under Environmental Laws (which are the subject of Section 4.13 hereof exclusively), as of the date of this Agreement, there is no suit, claim, action, arbitration, proceeding or investigation (each, an “Action”) pending or, to the Knowledge of such Company, threatened, against such Company or any of its respective assets, properties or businesses.  There is no charge, involving such Company or its employees that has been filed with (or, to the Knowledge of such Company, threatened to be filed with), or no administrative proceeding or, to the Knowledge of such Company, investigation is being conducted by the Equal Employment Opportunity Commission or any other governmental entity (or any equivalent agency in any state or municipality), the Occupational Safety and Health Administration, or the Department of Labor.
		

		
			Section 4.7No Undisclosed Liabilities.  Except as set forth on Schedule 4.7, such Company has no liability, commitment or obligation of any kind or any nature, except for (i) such liabilities, commitments or obligations reflected on or reserved against in the Interim Financial Statement, or incurred since the date of the Interim Financial Statement in the Ordinary Course of Business, (ii) liabilities disclosed in footnotes to the Year-End Financial Statements, (iii) any contractual commitments that (A) are of a nature not required to be disclosed in a balance sheet prepared in accordance with GAAP, (B) arise pursuant to the terms of a Contract disclosed on Schedule 4.11(a) or not required to be disclosed on Schedule 4.11(a) pursuant to Section 4.11(a) and (C) do not arise from or relate to a breach or default by such Company under any Contract, and (iv) liabilities, commitments or obligations incurred in the Ordinary Course of Business since the date of the Interim Financial Statement.    
		

		 

		

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			Section 4.8Compliance with Law.
		

		
			(a)Except for Environmental Laws (which are the subject of Section 4.13 hereof exclusively), compliance of Plans with Laws (which are the subject of Section 4.10 hereof exclusively) and compliance with the New ADA Rules (which are the subject of Section 4.19 hereof exclusively) hereof, the operations of such Company are not being conducted in violation of any law, statute, regulation, award, decision, settlement, judgment, decree, order or injunction of any Governmental Entity (each, an “Order”), except where such violations are not reasonably likely to have a material impact on such Company.
		

		
			(b)Such Company holds all licenses, permits, variances and approvals of Governmental Entities (collectively, “Permits”) necessary for the lawful conduct of their respective businesses as currently conducted except for Permits under Environmental Laws (which are the subject of Section 4.13 hereof exclusively) and except where the failure to hold such Permits is not reasonably likely to have a Material Adverse Effect.  All of such material permits held by such Company are set forth on Schedule 4.8(b).
		

		
			Section 4.9Technology and Intellectual Property.
		

		
			(a)Schedule 4.9(a) sets forth an accurate and complete list of all issued Patents and pending Patent applications, registered Marks, pending applications for registration of Marks, unregistered Marks, registered Copyrights, and Internet domain names owned or filed by such Company.  Schedule 4.9(a) lists (i) the record owner of each such item of Intellectual Property, (ii) the jurisdictions in which each such item of Intellectual Property has been issued or registered or in which any such application for issuance or registration has been filed and (iii) the registration or application date, as applicable.
		

		
			(b)Such Company is the owner of all right, title and interest in and to, or has valid and continuing rights to use, sell, license and otherwise commercially exploit, as the case may be, the Company Intellectual Property, the Company Technology and the Intellectual Property licensed to such Company under the Intellectual Property Licenses as the same is used, sold, licensed and otherwise commercially exploited by such Company in its business as presently conducted, free and clear of Liens (except for those specified in the Intellectual Property Licenses listed in Schedule 4.11(a)(xxiii)).
		

		
			(c)To the Knowledge of such Company, the Company Intellectual Property, the Company Technology, the development, manufacturing, licensing, marketing, offer for sale, sale or use of any products and services in connection with the business of such Company as presently conducted, and the present business practices, methods and operations of such Company do not infringe, dilute, constitute or result from an unauthorized use or misappropriation of, or violate any Intellectual Property, or Technology of any Person.  The Company Intellectual Property, the Company Technology and the Intellectual Property licensed to such Company under the Intellectual Property Licenses include all of the Intellectual Property and Technology necessary to 
		

		 

		

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		enable such Company to conduct its business in the manner in which such business is currently being conducted.
		

		
			(d)To the Knowledge of such Company, no Person is infringing, diluting, violating, misusing or misappropriating any Company Intellectual Property or Company Technology, and no claims of infringement, dilution, violation, misuse or misappropriation of any Company Intellectual Property or Company Technology have been made against any Person by such Company.
		

		
			(e)Such Company is in compliance in all material respects with any posted privacy policies and all Laws and industry standards relating to personally identifiable information.
		

		
			(f)Such Company is not the subject of any pending or, to the Knowledge of such Company, threatened Action that involve a claim of infringement, unauthorized use, misappropriation, dilution or violation by any Person against such Company or challenging the ownership, use, validity or enforceability of any Company Intellectual Property, Company Technology or Intellectual Property licensed to such Company under any of the Intellectual Property Licenses.  Such Company has not received written notice of any such threatened Action.
		

		
			Section 4.10Employee Benefit Plans; ERISA.
		

		
			(a)Schedule 4.10(a) contains a true and complete list of each bonus, deferred compensation, incentive compensation, stock purchase, stock option, severance or termination pay, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, employment, deferred bonus, retention or divestiture award, profit sharing, pension, or retirement plan, program, agreement or arrangement or other “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), and each other material employee benefit plan, program, agreement or arrangement, sponsored, maintained or contributed to by such Company or by any trade or business, whether or not incorporated (an “ERISA Affiliate”), that together with such Company would be deemed a “single employer” within the meaning of Section 4001 of ERISA, for the benefit of any employee or former employee of such Company (collectively, the “Plans”).
		

		
			(b)With respect to each Plan, such Company has heretofore made available to the Purchaser true and complete copies of each of the following documents:
		

		
			(i)the Plan;
		

		
			(ii)the most recent annual report and actuarial report, if required under ERISA;
		

		
			(iii)the most recent Summary Plan Description required under ERISA with respect thereto;
		

		 

		

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			(iv)if the Plan is funded through a trust or any third-party funding vehicle, the trust or other funding agreement and the latest financial statements thereof; 
		

		
			(v)the most recent determination letter or opinion letter received from the Internal Revenue Service with respect to each Plan intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”);
		

		
			(vi)all plans, contracts, policies or agreements describing each bonus, deferred compensation or incentive compensation to which any of the employees of the Target Companies are entitled;
		

		
			(vii)any contract agreement, policy, or plan under which any employee of the Target Companies is entitled to any deferred bonus, retention or divestiture award;
		

		
			(viii)each stock purchase, stock option or other similar agreement under which any employee of the Target Companies is entitled to stock, stock options or other benefits; and
		

		
			(ix)any contract, agreement, policy or plan under which any of the employees of the Target Companies are entitled to hospitalization or other medical, life or other insurance benefits; 
		

		
			(x)any prior waiver of any preexisting condition, waiting period limitation, or other condition, obligation or requirement of any employee benefit plan (including those specifically referred to in the third sentence of Section 6.7(b).
		

		
			(c)All required reports and descriptions (including Form 5500 annual reports, summary annual reports, and summary plan descriptions) have been timely filed and/or distributed in accordance with the applicable requirements of ERISA and the Code with respect to each such Plan.
		

		
			(d)Except as provided on Schedule 4.10(d), each Plan has been operated and administered in all material respects in accordance with its terms and applicable law, including but not limited to ERISA and the Code.  Such Company has not engaged in a transaction or has taken or failed to take any action in connection with which such Company or any ERISA Affiliate could be subject to any material liability for either a civil penalty assessed pursuant to Section 409 or 502(i) of ERISA or a tax imposed pursuant to Section 4975, 4976 or 4980B of the Code.
		

		
			(e)There are no pending, or to the Knowledge of such Company, threatened, claims by or on behalf of any Plan, by any employee or beneficiary covered under any such Plan, or otherwise involving any such Plan (other than routine claims for benefits).
		

		
			(f)Each Plan which is an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA and which is intended to be “qualified” within the meaning of Section 401(a) of the Code has been determined by the Internal Revenue Service to be so qualified, and each trust maintained thereunder has been determined by the Internal Revenue Service to be exempt from taxation under Section 501(a) of the 
		

		 

		

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		Code.  To the knowledge of such Company, no event has occurred since the date of such determination that would materially affect such qualification.
		

		
			(g)Such Company makes the following representations and warranties:
		

		
			(i)No liability under Title IV of ERISA has been incurred by such Company or any ERISA Affiliate that has not been satisfied in full, and no condition currently exists that presents a risk to the Purchaser or any of its ERISA Affiliates of incurring a liability under such title.
		

		
			(ii)Each Plan that is a “nonqualified deferred compensation” arrangement under Section 409A of the Code meets all of the requirements of, and has been operated in compliance with, Section 409A of the Code, and no service provider is entitled to a tax gross up or similar payment from such Company for any Tax or interest that may be due under Section 409A of the Code.
		

		
			(iii)In connection with the Closing and related transactions, no payments of money or other property, acceleration of benefits, or provisions of other rights have been or will be made hereunder, under any agreement contemplated herein, or under any Plan or any other agreement that, in the aggregate, would be reasonably likely to result in sanctions under Sections 280G and 4999 of the Code, whether or not some subsequent action or event would be required to cause such payment, acceleration or provision to be triggered.
		

		
			(iv)Except as set forth on Schedule 4.10(g)(iv), with respect to each Plan that provides welfare benefits of the type described in Section 3(1) of ERISA, (A) no such plan provides medical, death or other such benefits with respect to current or former employees or partners of such Company (or their spouses or beneficiaries) beyond their termination of employment, other than coverage mandated by Sections 601-608 of ERISA and Section 4980B of the Code or applicable state law, (B) each such plan, to the extent applicable, has been administered in compliance, including applicable notice requirements, with Sections 601-609 of ERISA and 4980B of the Code and, if applicable, comparable state law, and no Taxes payable on account of Section 4980B of the Code have been or, to the Knowledge of such Company, are expected to be incurred, (C) each such plan that is subject to the Health Insurance Portability and Accountability Act of 1996, as amended (“HIPAA”), has been administered in compliance with HIPAA, including applicable notice, privacy and security requirements applicable to the plan sponsor of such a plan, and (D) each such plan that is subject to the Patient Protection and Affordable Care Act of 2010, as amended (the “Affordable Care Act”) has been maintained and administered in compliance with the Affordable Care Act, including applicable notice and coverage requirements and no Taxes or liability have been or, to the Knowledge of the Company, are expected to be incurred as a result of any violation of the Affordable Care Act to such Plan. Each group health plan” (as such term is defined in Section 5000(b)(1) of the Code or Section 607(1) of ERISA) sponsored or maintained by the Company has been administered and operated in material compliance with the applicable requirements of Part 6 of Section B of Title I of ERISA and Section 4980B of the Code.    
		

		 

		

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			(v)No person who is or was engaged by such Company as an independent contractor or in any other non-employee capacity could reasonably be characterized as an employee of such Company under applicable laws, statutes, rules, regulations or administrative proceedings covering federal, state and local income taxation, workers’ compensation, or unemployment insurance.
		

		
			Section 4.11Material Contracts.
		

		
			(a)Schedule 4.11(a) lists each of the following contracts and agreements to which such Company is a party as of the date of this Agreement (such contracts and agreements described below being “Material Contracts”):
		

		
			(i)Contracts with the Company Holders or any Affiliate thereof;
		

		
			(ii)Contracts for the sale of any of the assets of such Company other than in the Ordinary Course of Business or for the grant to any Person of any preferential rights to purchase any of its assets;
		

		
			(iii)Contracts for joint ventures, strategic alliances, partnerships, licensing arrangements, or sharing of profits or proprietary information;
		

		
			(iv)Contracts containing covenants of such Company not to compete in any line of business or with any Person in any geographical area or not to solicit or hire any person with respect to employment or covenants of any other Person not to compete with such Company in any line of business or in any geographical area or not to solicit or hire any individual with respect to employment;
		

		
			(v)Contracts relating to the acquisition by such Company of any operating business or material assets or the capital stock of any other Person;
		

		
			(vi)Contracts relating to the incurrence, assumption or guarantee of any Indebtedness or imposing a Lien on any of the assets of such Company, including indentures, guarantees, loan or credit agreements, sale and leaseback agreements, purchase money obligations incurred in connection with the acquisition of property, mortgages, pledge agreements, security agreements, or conditional sale or title retention agreements;
		

		
			(vii)any Contract pursuant to which Vault Cash is supplied to such Company for use in the Company ATMs (“Vault Cash Agreements”), such cash borrowed under such agreements being referred to herein as “Vault Cash Borrowings”;
		

		
			(viii)any Contract pursuant to which armored car services are provided to such Company;
		

		
			(ix)any Contract pursuant to which maintenance or repair services are supplied to such Company with respect to the Company ATMs;
		

		 

		

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			(x)any Contract pursuant to which such Company is provided any telecommunications services in connection with the operation of the Company ATMs;
		

		
			(xi)the twenty-five (25) largest Company Merchant Agreements, as measured by the amount of gross revenues received by all of the Companies during the most recently completed fiscal year and the current fiscal year-to-date of the Companies;
		

		
			(xii)any Contract (commonly referred to as “processor contracts”) pursuant to which ATM transactional processing services are provided to such Company with respect to such Company’s ATMs;
		

		
			(xiii)any Contract (commonly referred to as “branding contracts”) pursuant to which such Company permits a financial institution to place its name and trademarks on any of the Company ATMs and pursuant to which that institution’s cardholders are permitted to use those Company ATMs on a surcharge free basis;
		

		
			(xiv)any Contract (commonly referred to as “advance functionality contracts”) pursuant to which such Company is enabled to provide services such as bill payment, check cashing or other services at some of the Company ATMs;
		

		
			(xv)any Contract (commonly referred to as a “surcharge free agreement”) pursuant to which such Company has agreed to permit the cardholders of certain designated financial institutions to make cash withdrawals from certain Company ATMs without the assessment of a surcharge fee;
		

		
			(xvi)any Contract (commonly referred to as a “sponsorship agreement”) pursuant to which a financial institution sponsors such Company’s participation in the financial electronic payment networks such as MasterCard, Visa, Cirrus, Interlink, Maestro, Plus, Pulse, NYCE and STAR;
		

		
			(xvii)Contracts under which such Company has made advances or loans to any other Person;
		

		
			(xviii)Contracts, polices or plans which obligate the Company to pay or provide any severance or other payments or benefits upon termination of employment, change of control, sale of assets or equity, or retention, to, or for, any employee of the Target Companies;
		

		
			(xix)Contracts for the employment of any individual on a full-time, part-time or consulting basis;
		

		
			(xx)Contracts with independent contractors or consultants that are not cancelable without penalty or further payment and without more than 30 days’ notice;
		

		
			(xxi)outstanding Contracts of guaranty, surety or indemnification by such Company, other than indemnification provisions in leases, Company Merchant Agreements, branding agreements and other Contracts entered into in the Ordinary Course of Business or in business acquisition agreements described in clause (v) above;
		

		 

		

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			(xxii)each Contract under which a Company has granted a third party a power of attorney;
		

		
			(xxiii)all Intellectual Property Licenses or any other Contracts relating to any Intellectual Property or Technology (excluding licenses pertaining to Shrinkwrap Software); 
		

		
			(xxiv)any Distribution Agreement with a Dealer and the list of Distribution Agreements on Schedule 4.11(a) includes an accurate count of the number of ATMs that are being serviced by the Companies pursuant to each such Distribution Agreement; 
		

		
			(xxv)any Contract in which (I) services are provided to such Company for compensation that is based on the amount of revenues or sales generated as a result of such services, (II) such Company will be required to pay a change-of-control or similar type of fee or payment by reason of the completion of the transactions contemplated hereby or (III) such Company will have the option to terminate such Contract upon payment of a specified fee or other payment upon completion of the transactions contemplated hereby; and
		

		
			(xxvi)any Contract not listed in respect of the categories set forth above other than Company Merchant Agreements with an annual payment in excess of $100,000.
		

		
			(b)Except as set forth on Schedule 4.11(b), each Material Contract is in full force and effect and such Company is not in material breach of, or material default under, any such Material Contract, nor, to the Knowledge of the Companies, is any other party to any Material Contract in material breach of or default thereunder.    Except as disclosed on Schedule 4.11(b), no party to any Material Contract has exercised in writing any termination rights with respect thereto, and no party has given written notice of any material dispute with respect to any Material Contract.
		

		
			(c)Such Company has delivered to Buyer a correct and complete copy of each written Material Contract.  Schedule 4.11(c) contains an accurate and complete description of all material terms of all oral Material Contracts.
		

		
			(d)There is no event which, upon giving of notice or lapse of time or both, would constitute a material breach or material default under any such Material Contract or would permit the termination, modification or acceleration of such Material Contract.
		

		
			(e)With regard to the Company Merchant Agreements of the Companies:
		

		
			(i)Schedule 4.11(e) includes a copy of the current standard forms used by the Companies (the “Contract Forms”) utilized in negotiating Company Merchant Agreements since January 1, 2012, other than national contracts.  Except as shown on Schedule 4.11(e)(i), none of the Company Merchant Agreements (A) is a Contract between a Company, on the one hand, and any Company Holder, Affiliate of a Company Holder or any present or former director, officer or employee of a Company or 
		
		
 

		

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		Company Holder or Affiliate of a Company Holder, on the other hand, (B) creates any type of partnership, joint venture or profit sharing agreement or (C) imposes any non-compete, exclusivity or similar restrictions on any Company or any Affiliate thereof.  Originals or copies of all of the Company Merchant Agreements are located in the business premises and offices covered by the Leases and have been made available for inspection by Purchaser.

		
		
			(ii)Except as would not be or result in, alone or together, a Material Adverse Effect and except as otherwise shown on Schedule 4.11(e)(ii),  (A) each of the Company Merchant Agreements is valid, binding and enforceable against the parties thereto in accordance with its terms, and is in full force and effect, (B) the Companies have not violated any provision of, or failed to perform any obligation required under the provisions of, any Company Merchant Agreement, (C) to the Knowledge of the Companies, no other party is in breach, or has received written notice of breach, of any Company Merchant Agreement and (D) no event has occurred that with the lapse of time or the giving of notice or both would constitute a breach or default by any Company, or, to the Knowledge of the Companies, any other party under any Company Merchant Agreement.
		

		
			Section 4.12Tax Matters.
		

		
			(a)Each Company is and always has been classified as a partnership within the meaning of Treasury Regulation Section 301.7701-2(a) (and any corresponding provisions of state and/or local law) and has not made an election to be treated as an association within the meaning of Treasury Regulation Section 301.7701-3 (and any corresponding provisions of state and/or local law).
		

		
			(b)All Returns required to be filed or extended with any taxing authority by, or with respect to, such Company have been filed or extended in accordance with all applicable laws, and such Company has timely paid all Taxes (whether or not shown on any Returns).
		

		
			(c)No claim has ever been made by an authority in a jurisdiction where such Company does not file Returns that such Company is or may be subject to taxation by that jurisdiction.  There are no liens on any of the assets of such Company that arose in connection with any failure (or alleged failure) to pay any Taxes.
		

		
			(d)All deficiencies asserted or assessments made as a result of any examination of the Returns have been paid in full or are being challenged in good faith through appropriate proceedings.
		

		
			(e)Such Company has withheld and paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee, independent contractor, creditor and other third party, and all Forms W-2 and 1099 required with respect thereto have been properly completed and timely filed.
		

		
			(f)No statute of limitations has been waived with respect to the Taxes of such Company.
		

		 

		

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			(g)Notwithstanding anything to the contrary contained in this Agreement, nothing in this Section 4.12 shall cause such Company to be liable for any Taxes for which such Company is not expressly liable pursuant to Section 6.6 hereof.
		

		
			(h)For purposes of this Agreement, (i) “Taxes” shall mean all taxes (whether or not shown on any Returns), levies or other like assessments, charges or fees (including estimated taxes, charges and fees) applicable to and payable by such Company, including, without limitation, income, gross receipts, transfer, excise, property, sales, use, value-added, license, payroll, withholding, social security and franchise or other governmental taxes or charges, imposed by the United States or any foreign country, including any state, county or local government or subdivision or agency thereof, and such term shall include any interest, penalties or additions to tax attributable to such taxes whether disputed or not and including any obligation to indemnify or otherwise assign or succeed to the Tax liability of any other Person; and (ii) “Return” shall mean any report, return, statement or other written information (including any schedule or attachment thereto and including any amendment thereof) required to be supplied to a taxing authority in connection with Taxes.
		

		
			(i)No Company is a party to any Tax allocation or sharing agreement.
		

		
			Section 4.13Environmental Matters.
		

		
			(a)Except as set forth on Schedule 4.13(a), such Company is in compliance with all material applicable Environmental Laws, which compliance includes the possession of all permits and governmental authorizations required under applicable Environmental Laws and compliance with the terms and conditions thereof, except where such non-compliance is not reasonably likely to have a Material Adverse Effect.
		

		
			(b)Except as set forth on Schedule 4.13(b), there are no Environmental Claims pending or, to the Knowledge of such Company, threatened, against such Company that are reasonably likely to be material to such Company.
		

		
			(c)Except as set forth on Schedule 4.13(c), such Company has no Knowledge of any releases, spills or discharges of Hazardous Substances on or underneath any of the Real Property that are reasonably likely to be material to such Company.
		

		
			(d)Schedule 4.13(d) describes all pending arrangements with Governmental Entities regarding any investigatory, remedial or corrective obligation, relating to such Company or its facilities, the subject of which is unresolved.
		

		
			(e)The Purchaser acknowledges that (i) the representations and warranties contained in this Section 4.13 are the only representations and warranties being made by such Company with respect to compliance with, or liability or claims under, Environmental Laws or with respect to permits issued or required under Environmental Laws, (ii) no other representation by such Company contained in this Agreement shall apply to any such matters and (iii) no other representation or warranty, express or implied, is being made with respect thereto.
		

		 

		

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			(f)As used in this Agreement:
		

		
			(i)the term “Environmental Claim” means any claim, action, investigation or notice to such Company by any Person alleging potential liability (including, without limitation, potential liability for investigatory costs, cleanup costs, governmental response costs, natural resource damages, personal injuries, or penalties) arising out of, based on, or resulting from (a) the presence, or release into the environment, of any Hazardous Substance at any location, whether or not owned or operated by such Company or (b) circumstances forming the basis of any violation, or alleged violation, of any applicable Environmental Law;
		

		
			(ii)the term “Environmental Laws” means all federal, state, and local laws and regulations, as in effect and as interpreted as of the date of this Agreement, relating to pollution or protection of the environment, and human health and safety including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of Hazardous Substances, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, presence, transport or handling of Hazardous Substances; and
		

		
			(iii)the term “Hazardous Substance” means all substances defined as such in the National Oil and Hazardous Substances Pollution Contingency Plan, 40 C.F.R. § 300.5, or defined as such by any other Environmental Law, or regulated as such under, any Environmental Law, including, but not limited to, petroleum, lead, asbestos, or polychlorinated biphenyls.
		

		
			Section 4.14Labor Matters.    
		

		
			(a)Schedule 4.14(a) sets forth a complete and correct list of all salaried employees of such Company having total annual compensation in excess of $100,000, showing for each: (i) name, (ii) current job title, and (iii) actual base salary, bonus, commission or other remuneration paid during 2013, (iv) base salary, bonus, commission or other remuneration due or to become due to such employee during 2014, (v) all severance, termination, retention, change of control and/or other payment or benefit to which such employee is entitled, and (vi) for all Continuing Target Employees (including those whose compensation is less than $100,000), a schedule reflecting all accrued vacations and/or other benefits or accruals which Purchaser will be required to credit or allow for Continuing Target Employees pursuant to the provisions of Section 6.7(b).  Except for the Discontinued Employees, there are no employees on the payroll of any Target Company being paid for services provided to Welch Gaming, LLC or to any other Person that is not a Target Company.
		

		
			(b)Except as listed in Schedule 4.14(b),
		

		
			(i)there are no collective bargaining or other union agreements covering employees of such Company;
		

		
			(ii)there are no strikes, disputes, lockouts or work stoppages pending or, to the knowledge of such Company, threatened against such Company that have had 
		
		
 

		

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		or are reasonably likely to have a Material Adverse Effect.  There has been no petition, election or other effort by, or for, any of the employees of the Company to create a collective bargaining unit or enter into a collective bargaining agreement;

		
		
			(iii)there are no indemnification provisions and/or benefits to which any Continuing Target Employee is entitled, as described in Section 6.10, except as provided in the limited liability company agreements of the Target Companies and common law rights, if any; and
		

		
			(iv)there are no contracts, agreements or other documents containing non-compete and/or non-solicitation obligations with regard to any current employee of such Company or any former employee who is still subject to such obligations.
		

		
			Section 4.15Real Property Matters.
		

		
			(a)Schedule 4.15 lists all of the real property owned, used or occupied by such Company (the “Real Property”).
		

		
			(b)Schedule 4.15(b) contains a complete and correct list of all interests of such Company in Real Property pursuant to leases, licenses or other occupancy or use agreements (collectively, the “Leases”).  Such Company has good and valid title to the leasehold estate or other interest created under the Leases, free and clear of all Liens other than Permitted Liens.  Such Company has previously made available to the Purchaser true, correct and complete copies of all Leases, together with all amendments and modifications thereof and supplements thereto.  Other than the leasehold estates created under the Leases, such Company does not own any real property. Except as set forth on Schedule 4.15(b),  (i) each Lease is in full force and effect, (ii) such Company is not in material breach of, or material default under, any of the Leases, (iii) to the Knowledge of the Companies, no other party to any Lease is in material breach of or default thereunder and (iv) no party to any Lease has exercised in writing any termination rights with respect thereto, and no party has given written notice of any material dispute with respect to any Lease.
		

		
			(c)To the Knowledge of such Company, there is no (i) violation of any applicable building, zoning, land use or other similar Law (including, without limitation, the Americans with Disabilities Act, if applicable) in respect of the Real Property; (ii) violation of any other Law which, individually or in combination with any others, would materially and adversely affect the ability of such Company to use the affected parcel of Real Property in the manner and scope in which it is now being used or operated; (iii) operation on or use of the Real Property which constitutes non-conforming use under any applicable building, zoning, land use or other Law; and (iv) other than published notice not actually received, any pending or contemplated rezoning or special designation proceeding affecting the Real Property.
		

		
			(d)For purposes of this Agreement, “Permitted Liens” means (i) mechanics’, carriers’, workers’, repairers’, materialmen’s, warehousemen’s and other similar Liens arising or incurred in the ordinary course of business for sums not yet due and payable or 
		
		
 

		

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		interim liens for Taxes, assessments or other charges for Governmental Entities that are being contested in good faith by such Company or are not yet due and payable, (ii) liens as reflected in the title records relating to real property owned or leased by such Company, (iii) any other covenants, conditions, restrictions, reservations, rights, Liens, easements and other matters affecting title, that do not individually or in the aggregate with other such Liens, materially impair the value or marketability of the property subject to such Lien or materially interfere with use of such property in the conduct of the business of such Company as it is currently being conducted thereon, and (iv) those Liens set forth on Schedule 4.15(d).

		
		
			Section 4.16Title to Other Property; All ATM Assets.  Such Company has good and valid title to, or holds a valid and existing lease or license to use, all of the material non-real properties, contracts, rights and other assets (of every kind, character and description, whether real, personal or mixed, including the Company ATM’s), used in its business as it is currently conducted, in each case, free and clear of all Liens other than Permitted Liens.  Except for Company-Serviced ATMs, all of the material assets that are used in, useful to or otherwise associated with or related to the business of owning, operating, maintaining or exploiting ATMs, as currently being conducted by the Companies, are owned by and, except for installed ATMs,  in the possession of the Companies.
		

		
			Section 4.17Insurance.  Set forth in Schedule 4.17 is a complete and accurate list of all policies of fire, liability, product liability, workers compensation, health and other forms of insurance presently in effect with respect to the business and properties of such Company.  Schedule 4.17 includes, without limitation, the carrier, a general description of coverage, the limits of coverage, retention or deductible amounts, amount of annual premiums, and date of expiration.  All such polices currently in effect are valid, outstanding and enforceable policies, and no such policy provides for or is subject to any currently enforceable retroactive rate or premium adjustment, loss sharing arrangement or other actual or contingent liability arising wholly or partially out of events arising prior to the date hereof.  No notice of cancellation or termination has been received by such Company with respect to any such policy.  Such Company has duly and timely made all claims it has been entitled to make under each policy of insurance during the last two (2) years.
		

		
			Section 4.18Affiliate Relationships.  Except as set forth in Schedule 4.18, no Company Holder or Affiliate of a Company Holder (A) does business with such Company, (B) owns any property, asset or right that is used by such Company in the conduct of its business or (C) has any direct or indirect interest in (i) any entity that does business with such Company or (ii) any property, asset or right that is used by such Company in the conduct of its business.
		

		
			Section 4.19Tangible Personal Property.
		

		
			(a)Except for Company-Owned ATMs with GAAP zero net book value not currently installed, all of such Company’s tangible personal property (including, without limitation, all of its Company-Owned ATMs) used in the business of such Company which, individually or in the aggregate, are material to the operation of the business of the Companies is in a state of reasonable maintenance and repair (ordinary wear and tear excepted) and are suitable for the purposes used by such Company.
		

		 

		

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			(b)The following matters related to the Company ATMs are true and correct:  
		

		
			(i)Schedule 4.19(b)(i) sets forth an accurate and complete list of all of the Company-Owned ATMs, excluding those ATMs with a GAAP zero net book value that are out of service 
		

		
			(ii)Schedule 4.19(b)(ii) sets forth an accurate and complete list of all of the Company-Serviced ATMs.  
		

		
			(c)Schedule 4.19(b)(i) and Schedule 4.19(b)(ii) each includes the following information for each of the Company ATMs listed thereon: (A) the manufacturer, model number and age of such Company ATM, (B) the current location of such Company ATM, (C) the “sponsoring” financial institution for such Company ATM, (D) the operating system running on such Company ATM and (E) the Company that owns such Company ATM (if it is a Company-Owned ATM).  None of the Company-Owned ATMs are leased to the Company pursuant to any type of personal property lease but are all owned outright by the Company.  The Company ATMs installed and in use are in compliance with the New ADA Rules.
		

		
			(d)Schedule 4.19(d) sets forth an accurate and complete list of all desktop, laptop and tablet computers, computer servers, printers, mobile phones (including smart phones), audio-visual equipment, computer networking equipment and other material items of office equipment used in the operation of the business of such Company.  Except as otherwise indicated on Schedule 4.19(d), all items listed on Schedule 4.19(d) and any other items of equipment and furniture used in, or necessary for, the operation of the business of such Company, as currently conducted, are owned by and in the possession of such Company.
		

		
			Section 4.20Suppliers and Merchants.  Schedule 4.20 sets forth a correct and complete list of the 10 largest suppliers (by dollar volume) of products or services to the Companies collectively, and the 25 largest Company Merchants (by dollar volume) collectively each during calendar year 2013 and the four (4) months ended April 30, 2014.  Schedule 4.20 also sets forth, for each such supplier and Company Merchant, the aggregate payments from and to such Person by the Companies during such periods.  Except as disclosed on Schedule 4.20, since the date of the Interim Financial Statement, none of the suppliers or Company Merchants listed on Schedule 4.20 has cancelled or otherwise terminated its relationship with the Companies or materially reduced or changed the pricing or other terms of its business with the Companies and no such supplier or merchant has notified the Company in writing that it intends to cancel, terminate or materially reduce or change the pricing or other terms of its business with the Companies
		

		
			Section 4.21Business Continuity.  Except as set forth on Schedule 4.21, none of the software, computer hardware (whether general or special purpose), telecommunications capabilities (including all voice, data and video networks) and other similar or related items of automated, computerized, and/or software systems and any other networks or systems and related services that are used by or relied on by such Company in the conduct of its business (collectively, the “Systems”) have experienced bugs, failures, breakdowns, or continued 
		

		 

		

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		substandard performance in the past twelve (12) months that has caused or reasonably could be expected to cause any substantial disruption or interruption in or to the use of any such Systems by such Company.
		

		
			Section 4.22Data Privacy and Security.  Except as set forth on Schedule 4.22, such Company is in compliance in all material respects, with:
		

		
			(a)its applicable internal policies and procedures concerning data privacy and security; 
		

		
			(b)applicable industry self-regulatory standards concerning data security and/or breach notification, including the Payment Card Industry Data Security Standards (“PCI-DSS”) but solely to the extent such Company processes, stores or transmits payment card information as defined in PCI-DSS;
		

		
			(c)applicable U.S. laws and regulations relating to data privacy, security and/or breach notification; and  
		

		
			(d)provisions in its written agreements with third parties that relate to data privacy, security and/or breach notification.  
		

		
			Such Company has not since January 1, 2011 received, and is not aware of, any actual or suspected written administrative, civil or criminal complaint regarding its collection, storage, disclosure or transfer of Personally Identifiable Information. 
		

		
			Section 4.23Brokers.  Except as set forth in Schedule 4.23, no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Company.
		

		
			Section 4.24Bank Accounts.    Schedule 4.24 lists each bank account of such Company, along with the name of the applicable bank, the account number, and the authorized signatories on such account.  
		

		
			Section 4.25EFT Accounts.  All of the fees and revenues that are attributable to any use of the Company ATMs, including, without limitation, all interchange revenues and surcharge fees, are exclusively deposited into (i) one of the EFT Accounts or (ii) a bank account owned and controlled by a Target Company.
		

		
			Section 4.26Certain Financial Data.  Other than the projected financial information for all periods beginning with May 1, 2014 and thereafter within the STEAMBOAT Buyer Model FINAL (April 2014) (located at Data Room Index Number 1.2.4) as to which no representations and warranties are made, the data and other information set forth in the spreadsheets posted in the Data Room under the following Index Numbers are complete and accurate in all material respects as of the dates and for the time periods indicated therein:
		

			
					
						 

					
					
						 

				
	
					
						Data Room Index Number

					
					
						Description of Item

				
	
					
						10.5.2.1

					
					
						Steamboat_Data Tape (2011-2013)

				

		 

		

			-  28  -

		

 

		

			 

		

			
					
						10.5.2.6

					
					
						Steamboat_Data Tape (Jan-April 14)

				
	
					
						1.2.4

					
					
						STEAMBOAT Buyer Model FINAL (April 2014)

				
	
					
						2.4.1.1

					
					
						WSILC_Bank Sponsor – ATM Data Report_4Q_2013

				
	
					
						10.5.8.2

					
					
						WSILC-COD-WG TID Listing 060414

				
	
					
						10.5.8.3

					
					
						Kahuna TID Listing060414-FINALwDivAdded

				
	
					
						10.5.10

					
					
						Current Employee Matrix (names incl)

				

		
			 
		

		
			Section 4.27Vault Cash.  Such Company does not own any of its Vault Cash.  All Vault Cash is supplied by an unrelated third party pursuant to the terms of a Vault Cash Agreement.  Attached hereto as Schedule 4.27 is a schedule reflecting the aggregate daily balances of Vault Cash for each day during the most recent three months for all Company ATM’s.  
		

		
			Section 4.28Theft.  Except as set forth on Schedule 4.28, since January 1, 2011, such Company has not experienced any theft of any Company ATM and/or the theft of any Vault Cash from any Company ATM.  To the extent such Company has had any such thefts, Schedule 4.28 identifies the date of such theft, the store at which such theft occurred, a brief description of the nature of the loss, and the dollar amount of such loss.
		

		
			Section 4.29Certain Security Policy.  Navy Federal Credit Union (“CU”) has never requested a copy of WSILC's security policy pursuant to the provisions of Section 6.3.2 of that certain Modified ATM Marketing Agreement dated October 12, 2011 by and between WSILC and CU (as amended by Addendums #1-3).
		

		
			Section 4.30No Other Representations or Warranties.  Except for the representations and warranties contained in Article III and this Article IV, neither the Company Holders, the Companies nor any other Person makes any other express or implied representation or warranty on behalf of the Companies or any of their Affiliates.  Except for the representations and warranties contained in Article III and this Article IV, none of the Company Holders, the Companies and the Companies’ Affiliates makes any express or implied representation or warranty with respect to any information provided to the Purchaser or its Affiliates or representatives or any projections, forecasts or forward-looking information otherwise provided to the Purchaser.
		

		
			Article V

REPRESENTATIONS AND WARRANTIES
OF THE PURCHASER
		

		
			The Purchaser represents and warrants to the Company Holders as follows:
		

		
			Section 5.1Organization.  The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  The Purchaser has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted and is qualified or licensed to do business as a foreign corporation and is in good standing in each jurisdiction in which the nature of the business 
		
		
 

		

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		conducted by it makes such qualification or licensing necessary, except where the failure to be so organized, existing or in good standing would not (x) impair the ability of the Purchaser to perform its obligations hereunder or (y) delay the consummation of the transactions contemplated by this Agreement.

		
		
			Section 5.2Authorization; Validity of Agreement.  The Purchaser has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery by the Purchaser of this Agreement and the other documents and instruments to be executed and delivered by the Purchaser and the consummation of the transactions contemplated hereby and thereby have been duly authorized by the Board of Directors of the Purchaser, and no other corporate proceedings on the part of the Purchaser are necessary to authorize the execution and delivery of this Agreement and the other documents and instruments to be executed and delivered by the Purchaser and the consummation of the transactions contemplated hereby and thereby.  This Agreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered by the Purchaser pursuant hereto will constitute, valid and binding agreements of, except to the extent such enforcement may be subject to or limited by (i) bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (ii) the effect of general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).
		

		
			Section 5.3Consents and Approvals; No Violations.  Except as set forth on Schedule 5.3, neither the execution and delivery by the Purchaser or the other documents and instruments to be executed and delivered by the Purchaser, nor the consummation by the Purchaser of the transactions contemplated hereby will (i) violate any provision of the certificate of incorporation or bylaws of the Purchaser, (ii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, guarantee, other evidence of indebtedness, license, lease, contract, agreement or other instrument or obligation to which the Purchaser is a party or by which any of them or any of their assets may be bound, (iii) require any authorization, consent or approval by, filing with or notice to any Governmental Entity, except for (A) the requirements of any Competition Law applicable to the transactions contemplated hereby and (B) such authorizations, consents, approvals, filings or notices, the failure of which to obtain or make would not, individually or in the aggregate, have a material adverse effect on the Purchaser’s ability to perform its obligations hereunder or any of the other transactions contemplated hereby, or (iv) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Purchaser or any of its properties or assets, except in the case of clauses (ii) through (iv) for violations, breaches or defaults which would not (x) impair the ability of the Purchaser to perform its obligations hereunder or (y) delay the consummation of the transactions contemplated by this Agreement.
		

		
			Section 5.4Financing.  The Purchaser has sufficient liquid funds available (through existing credit arrangements or otherwise) to pay the Gross Purchase Price and to satisfy and perform its obligations hereunder.
		

		 

		

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			Section 5.5Brokers.  No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser.
		

		
			Section 5.6No Other Representations or Warranties.  Except for the representations and warranties contained in this Article V, neither the Purchaser nor any other Person makes any other express or implied representation or warranty on behalf of the Purchaser or any of its Affiliates.
		

		
			Article VI

COVENANTS
		

		
			Section 6.1Interim Operations of the Companies.  Each Company shall ensure that, except as (i) expressly contemplated by this Agreement, (ii) disclosed on Schedule 6.1,  (iii) required by applicable law, or (iv) agreed to in writing by the Purchaser, after the date of this Agreement and prior to the Closing:
		

		
			(a)the business of such Company shall be conducted in all material respects in the ordinary course of business (the “Ordinary Course of Business”) and such Company shall not execute or enter into, whether or not in the Ordinary Course of Business, any Contract that would be material to the business of the Companies taken as a whole;
		

		
			(b)such Company shall not acquire or enter into any lease for Real Property or agree to any material modifications of any Lease; 
		

		
			(c)such Company shall not sell any of its assets, including any of the Purchased Assets, outside of the Ordinary Course of Business;
		

		
			(d)such Company shall not merge or consolidate with, or purchase or otherwise acquire any equity interests or all or substantially all of the assets of, any other Person; 
		

		
			(e)such Company shall not guarantee the Indebtedness for Borrowed Money of any other Person; 
		

		
			(f)such Company shall not issue any membership interests and/or units unless (i) the recipient of such membership interests and/or units should agree to be bound by the terms and provisions of this Agreement and (ii) all Company Holders, including the recipient of such membership interests and/or units, should agree, in writing, as to how such issuance of membership interests and/or units will impact their respective Distributive Share and Indemnity Share;
		

		
			(g)such Company shall not redeem any membership interests and/or units unless all other Company Holders should agree, in writing, as to how such redemption will impact their respective Distributive Share and Indemnity Share;
		

		 

		

			-  31  -

		

 

		

			 

		

		
			(h)such Company shall not adopt a plan of complete or partial liquidation or dissolution;
		

		
			(i)such Company shall not permit any of its assets to become subjected to any Lien, other than (i) Liens created, with prior notice to the Purchaser, to secure Indebtedness for Borrowed Money and (ii) Permitted Liens; 
		

		
			(j)such Company shall not increase the compensation or severance benefits payable by it to any of its employees, except to the extent done in the Ordinary Course of Business and consistent with past practices;
		

		
			(k)such Company shall not adopt or amend any employee benefit plan, except as required under ERISA, the Code, or any other applicable law, or as necessary to maintain the qualified status of such plan under the Code; 
		

		
			(l)such Company shall not enter into any material settlement or release with respect to any Action affecting such Company or any settlement or release which requires such Company to make an admission of wrongdoing or abstain from engaging in any activity material to the business of such Company, or commence any litigation or other legal proceeding;
		

		
			(m)make or incur any capital expenditure that is not paid for (i) with cash or (ii) by incurring a liability characterized as a current liability pursuant to GAAP; and  
		

		
			(n)such Company shall not enter into an agreement, contract, commitment or arrangement which would cause such Company to be in breach of the foregoing.
		

		
			Notwithstanding the foregoing, nothing in this Agreement shall prohibit a Company from (i) paying or making regular, extraordinary or special cash distributions pursuant to the LLC Agreement with respect to the LLC Units or distributing the loan receivable from Welch Gaming, LLC, (ii) making, accepting, paying, repaying or settling intercompany receivables, payables, loans or advances to, from or with one another or with the Company Holders or any of their respective Affiliates, (iii) paying, repaying or settling any Indebtedness for Borrowed Money or other indebtedness owed to third parties or (iv) engaging in any transaction incident to the cash management procedures of such Company and its Affiliates, in the case of clause (iv), to the extent consistent with such Company’s past practice.
		

		
			Section 6.2Due Diligence Inspection and Reviews; Further Access to Information.
		

		
			(a)The Purchaser acknowledges that it has, prior to its execution of this Agreement, conducted due diligence inspections and reviews of the Companies and will bear all of its own costs, expenses and charges incurred in connection with its due diligence inspections and reviews.
		

		
			(b)From the date of this Agreement until the Closing, each Company shall: (i) afford to the Purchaser and its authorized representatives reasonable access during normal business hours upon reasonable prior notice to all of the books and records of such Company, and (ii) furnish to the Purchaser such other information concerning the 
		
		
 

		

			-  32  -

		

 

		

			 

		

		business, properties and personnel of such Company as the Purchaser may reasonably request, provided that nothing herein shall require any Company to furnish to Purchaser or provide Purchaser with access to information that legal counsel for any Company reasonably determines to give rise to antitrust or competition Law issues.  The Purchaser and its authorized representatives will conduct all such inspections in a manner which will minimize any disruptions of the business and operations of such Company.  Until the Closing has occurred, the Purchaser will hold any such information in accordance with the provisions of (A) the letter agreement between the Companies and Cardtronics, Inc. (as the parent of the Purchaser), dated as of January 22, 2014, (B) the Supplemental Confidentiality and “Clean Room” Agreement between the Companies and the Purchaser, dated as of March 21, 2014, and (C) the Amended and Restated Supplemental Confidentiality and “Clean Room” Agreement between the Companies and the Purchaser, dated as of May 20, 2014 (collectively, the “Confidentiality Agreements”), and will cause such information to be so held by its respective representatives.  Upon a termination of this Agreement pursuant to Section 8.1 hereof, (y) the Purchaser and its representatives shall return (and hold confidential) all information provided pursuant to this Section 6.2 and all other confidential information (as defined in the Confidentiality Agreements) pursuant to the procedures set forth in the Confidentiality Agreements, and (z) the Confidential Agreements shall terminate and be of no further force or effect.

		
		
			Section 6.3Certain Filings.  Each Company, the Company Holders and Purchaser shall make or cause to be made, as promptly as practicable (which filing shall be made in any event within ten (10) Business Days after the date of this Agreement), all filings with Governmental Entities that are necessary to obtain all authorizations, consents, orders and approvals for the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, including all filings required under applicable Competition Laws.  The Parties agree that the fees of any such filings shall be paid by the Purchaser to the Governmental Entity but that one-half of the fees shall be deducted from the Gross Purchase Price for purposes of determining the amount of the Net Purchase Price.  The Seller Representative, on behalf of the Company Holders, and the Purchaser shall use commercially reasonable efforts to (i) respond to any requests for additional information made by any Governmental Entities with respect to all filings required under applicable Competition Laws, (ii) obtain any required approvals of any Governmental Entities under applicable Competition Laws and (iii) overcome any objections which may be raised by any Governmental Entity in connection with Competition Laws; provided, however, the “commercially reasonable efforts” of any Party shall not be deemed to include (A) divesting or otherwise holding separate (including by establishing a trust or otherwise), or taking any other action (or otherwise agreeing to do any of the foregoing) with respect to any of the businesses, assets or properties of any Party or the Affiliates of any Party, or (B) entering into any settlement, undertaking, consent decree, stipulation or agreement with any Governmental Entity that would require any Party or the Affiliates of any Party to take any action listed in the preceding clause (A).  The Seller Representative, on behalf of the Company Holders, and Purchaser shall, to the extent reasonably practical, each consult with the other prior to any meetings, by telephone or in person, with the staff of any Governmental Entity regarding the transactions contemplated hereby.
		

		
			Section 6.4Further Action and Reasonable Best Efforts.  Upon the terms and subject to the conditions herein provided, each of the Parties hereto shall use its reasonable best efforts 
		
		
 

		

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		to take, or cause to be taken, all action and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the transactions contemplated by this Agreement, including using reasonable best efforts to satisfy the conditions precedent to the obligations of any of the Parties hereto, to obtain all necessary authorizations, consents and approvals, and to effect all necessary registrations and filings; provided, however, that such action shall not include any requirement on the part of Purchaser, the Company Holders, the Companies or their respective Affiliates to expend money (other than routine out-of-pocket expenses), commence, defend, or participate in any litigation or offer or grant any accommodation (financial or otherwise) to any Person (and Purchaser’s obligations under this Section 6.4 are further subject to the conditions set forth in Section 6.3).  Each of the Parties hereto will furnish to the other Parties such necessary information and reasonable assistance as such other Parties may reasonably request in connection with the foregoing and will provide the other Parties with copies of all filings made by such Party with any Governmental Entity or any other information supplied by such Party to any Governmental Entity in connection with this Agreement and the transactions contemplated hereby (other than filings required under applicable Competition Laws).

		
		
			Section 6.5Notification.  Prior to the Closing, each Company shall promptly notify the Purchaser (in writing after such Company has notice thereof), and the Purchaser shall promptly notify the Seller Representative (in writing after the Purchaser has notice thereof), and keep such other Party advised, as to any litigation or administrative proceeding pending and known to such Party or, to its Knowledge, threatened against such Party that challenges the transactions contemplated hereby or that affects or relates to the Equity Seller Units or the Purchased Assets in any manner.
		

		
			Section 6.6Tax Matters.
		

		
			(a)Transfer Taxes.  All transfer, documentary, sales, use, stamp, registration and other such Taxes and fees (including any penalties and interest) incurred in connection with transactions contemplated by this Agreement (including any real property transfer Tax and any similar Tax) shall be borne and paid by the Companies and the Seller Representative shall file, or cause to be filed, all necessary Returns and other documentation with respect to all such Taxes and fees, and, if required by applicable Law, the Company Holders and the Companies will, and will cause their Affiliates to, join in the execution of any such Returns and other documentation.
		

		
			(b)Tax Returns; Payment of Taxes.
		

		
			(i)The Seller Representative shall be responsible for preparation and filing of any Returns required to be filed by or on behalf of the Target Companies (or with respect to the assets or business of the Target Companies) for tax periods ending on or before the Closing (“Pre-Closing Returns”).  The Purchaser shall cooperate reasonably with the Seller Representative, to the extent reasonably necessary, in the preparation of such Pre-Closing Returns, including by making each Target Company’s books and records available for inspection by the Seller Representative, the Seller Representative’s accountants, auditors and attorneys upon reasonable advance notice.  The Equity Sellers, in accordance with their respective Indemnity Share, shall be responsible for the payment 
		
		
 

		

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		of all income Taxes payable by or on behalf of the Target Companies with respect to the Pre-Closing Returns.  Taxes other than income Taxes for each Target Company for tax periods beginning prior to the Closing and which are unpaid as of the Closing are to be borne by the Equity Sellers (based on the express provisions of Section 6.6(b)(ii)) except to the extent taken into account in calculating Net Working Capital.

		
		
			(ii)The Purchaser shall be responsible for preparation and filing of all other Returns required to be filed after the Closing by or on behalf of the Target Companies (or with respect to the assets or business of the Target Companies) for tax periods ending after the Closing, and, subject to the provisions below relating to Straddle Returns, the Purchaser shall be responsible for the payment of all Taxes payable by or on behalf of the Target Companies with respect to such Returns.  Any such Returns that are for tax periods beginning before and ending after the Closing (“Straddle Returns”) shall be submitted to the Seller Representative for its review at least 30 days prior to the filing date of such Return (in the case of income Tax Returns) and at least 15 days prior to the filing date of such Return (in the case of Returns other than income Tax Returns) and shall not be filed without the prior approval of the Seller Representative which approval shall not be unreasonably withheld.  If the Seller Representative and the Purchaser cannot agree on the amount of Taxes owed by any Target Company or the treatment of an item shown on such Tax Return within fifteen (15) days, the Purchaser and the Seller Representative shall refer the matter to the CPA Firm.  The Purchaser and the Seller Representative shall each bear 50% of the fees and expenses of the CPA Firm.  The determination of the CPA Firm as to the amount owing by any Target Company with respect to such Tax Returns shall be binding on both the Purchaser and the Equity Sellers for purposes of filing such Tax Returns.  Except to the extent taken into account in calculating Net Working Capital, the Seller Representative, on behalf of and for the account of the Equity Sellers (in accordance with their respective Indemnity Share), shall reimburse the Purchaser for that portion of any income Taxes payable by such Target Company with respect to Straddle Returns that relate to the period ending on the Closing Date.  For purposes of this Section 6.6(b), the portion of the Taxes payable by each Target Company with respect to a Straddle Return that relates to the period ending on the Closing Date shall be determined, in the case of Taxes based on income or receipts, based on an interim closing of the books of such Target Company, and in the case of all other Taxes, by prorating such Taxes based on a ratio of (A) the number of days in the tax period through and including the Closing Date to (B) the total number of days in the tax period; provided, however, that the Equity Sellers shall not be responsible for any Tax incurred after the Closing Date as a result of any action by any Target Company or the Purchaser other than in the ordinary course of the business of such Target Company.
		

		
			(c)Allocation of Purchase Price.  Each of the Parties further agrees and acknowledges that the Purchase Price shall be allocated among (i) the assets of the Target Companies (the portion of the Purchase Price allocated to each of the assets of the Target Companies shall be increased by the respective liabilities of the Target Companies as of the Closing) and (ii) the Purchased Assets (the portion of the Purchase Price allocated to the Purchased Assets shall be increased by the Assumed Liabilities as of the Closing), all in accordance with the methodology set forth on Schedule 6.6(c) (the “Asset Allocation”).  The portion of the Purchase Price allocated to the assets of the Target 
		
		
 

		

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		Companies and to the Purchased Assets shall be reflected on a separate Form 8594 filed for each Target Company and each Asset Seller.  Unless otherwise required by applicable Tax Law, for income Tax purposes, the Equity Sellers, the Asset Sellers and the Purchaser will not, and will cause their respective Affiliates not to, take a position in any forum that is inconsistent with this Section 6.6(c) or the Asset Allocation, including taking an inconsistent position on any Tax Return, before any Governmental Entity charged with the collection of any Tax, or in any Legal Proceeding relating to any Tax.  The Company Holders and the Purchaser will file all federal, state, local and foreign income Tax Returns in accordance with Schedule 6.6(c).

		
		
			(d)Expected Tax Treatment.  The Purchaser and Equity Sellers agree to treat the purchase and sale of the Equity Seller Units in accordance with Situation 2 of Revenue Ruling 99-6, 1999-1 C.B. 432, with the result that (i) the Equity Sellers shall be treated as selling the Equity Seller Units in a transaction in which gain or loss is reportable in accordance with Section 741 of the Code, and (ii) the Purchaser shall be treated as purchasing all of the assets of each Company for U.S. federal income tax purposes.
		

		
			(e)Pre-Closing Returns.  After the Closing Date, the Seller Representative shall have the exclusive right to represent the interests of the Target Companies in any and all Tax audits, assessments or administrative or court proceedings relating to Pre-Closing Returns; provided, however, that the Purchaser shall have the right to participate in any such audit, assessment or proceeding and to employ counsel of its choice for purposes of such participation.  In the event that the Seller Representative proposes to compromise or settle any Tax claim, or consent or agree to any Tax liability, relating to a Target Company, the Purchaser shall have the right to review such proposed compromise, settlement, consent or agreement.  Without the prior written consent of the Purchaser, which shall not be unreasonably withheld or delayed, the Seller Representative shall not agree or consent to compromise or settle any issue or claim arising in any such audit, assessment or proceeding, or otherwise agree to or consent to any Tax liability, to the extent that any such compromise, settlement, consent or agreement that would result in a cost to the Purchaser that is not indemnified pursuant to this Agreement.
		

		
			(f)Straddle Returns.  After the Closing Date, the Purchaser shall have the exclusive right to represent the interests of the Target Companies in any and all Tax audits, assessments or administrative or court proceedings relating to Tax Returns for Straddle Periods; provided, however, that the Seller Representative shall have the right to participate in any such audit, assessment or proceeding and to employ counsel of its choice for purposes of such participation to the extent that any such audit, assessment or proceeding would result in an indemnity payment to the Purchaser pursuant to this Agreement.  In the event that the Purchaser proposes to compromise or settle any Tax claim, or consent or agree to any Tax liability, relating to a Target Company that would result in an indemnity payment to the Purchaser pursuant to this Agreement, the Seller Representative shall have the right to review such proposed compromise, settlement, consent or agreement.  Without the prior written consent of the Seller Representative, which shall not be unreasonably withheld or delayed, the Purchaser shall not agree or consent to compromise or settle any issue or claim arising in any such audit, assessment 
		

		 

		

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		or proceeding, or otherwise agree to or consent to any Tax liability, to the extent that any such compromise, settlement, consent or agreement that would result in an indemnity payment to the Purchaser pursuant to this Agreement.
		

		
			(g)Amended Return.
		

		
			(i)Upon written request of the Seller Representative, the Purchaser shall file, or cause to be filed, any amended Tax Return (other than an amended income Tax Return) for a Target Company or a claim for Tax (other than income Tax) refund on behalf of such Target Company for any period ending on or prior to the Closing Date; provided that taking such position will not subject either the Purchaser or such Target Company to additional Taxes or reduce any Tax asset or Tax attribute of the Purchaser or such Target Company.  The Purchaser shall permit the Seller Representative to review and comment on such amended Tax Return prior to filing and the Purchaser shall incorporate the Seller Representative’s reasonable comments.  The cost of preparing such amended Tax Return shall be borne by the Seller Representative.  The Purchaser shall reimburse the Equity Sellers for any Tax refund received with respect to such amended Tax Return, net of any costs incurred by the Purchaser under this Section 6.6(g)(i).
		

		
			(ii)Any amended Tax Return of a Target Company or claim for Tax refund on behalf of a Target Company for any period ending after the Closing Date shall be filed, or caused to be filed, only by the Purchaser.  The Purchaser shall not make or cause to be made, any such filing, without the prior written consent of the Seller Representative (which consent shall not be unreasonably withheld, conditioned or delayed), to the extent such filing, if accepted, reasonably might increase the Tax liability of any Company Holder.
		

		
			(h)The Purchaser shall not file an election under Treasury regulation 301.7701-3 or any comparable provisions of applicable Law of state or local jurisdiction to cause a Target Company to be treated as anything other than partnership for Federal income Tax purposes (or for purposes of such state or local jurisdiction), where such election has an effective date prior to the day after the Closing Date.
		

		
			(i)The Purchaser shall cause the Target Companies to promptly to remit to the Seller Representative for the benefit of the Equity Sellers any refunds of Taxes received attributable to tax periods ending on or before the Closing except to the extent that such refunds were taken into account in the Net Working Capital.
		

		
			(j)After the Closing Date, the Purchaser and the Equity Sellers shall provide each other with such cooperation and information including reasonable access to any applicable employees relating to the Target Companies as any other Party may reasonably request in (i) filing any Tax Return, amended Tax Return or other Tax filing or claim for refund of Taxes, (ii) determining any Tax liability or right to refund of Taxes, (iii) conducting or defending any audit or other proceeding in respect of Taxes, or (iv) effectuating the terms of this Agreement.  Notwithstanding the foregoing, no Party shall be unreasonably required to prepare any document, or determine any information, not then in its possession in response to a request under this Section 6.6(j).
		

		 

		

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			(k)Adjustment for Tax Benefits.  Any amounts subject to indemnification by the Equity Sellers hereunder shall be computed net of any Tax benefits realized by the Purchaser in connection therewith.
		

		
			Section 6.7Employee Benefits.
		

		
			(a)The Parties agree to the following provisions related to the employees of the Companies: 
		

		
			(i)Those employees of any Target Company that are listed on Schedule 6.7(a)(i) hereto (“Discontinued Employees”), must be, on or before the Closing Date, (i) transferred to and employed by Welch Gaming, LLC or (ii) terminated by the Target Companies as employees of the Target Companies.  All costs, expenses, salary, severance payments, bonus amounts or other payments due or payable to any Discontinued Employee, and all other expenses or costs incurred, in connection with the transfer or discharge of the Discontinued Employees shall be Seller Transaction Expenses for all purposes of this Agreement.
		

		
			(ii)The Purchaser hereby undertakes that all individuals who are employed by a Target Company as of the Closing Date other than Discontinued Employees (each, a “Continuing Target Employee”) shall each remain an employee of the employing Target Company immediately following the Closing Date.    
		

		
			(iii)Prior to the Closing Date, the Target Companies shall terminate the 401(k) Plan effective no later than the day immediately preceding the Closing Date.  The Purchaser shall indemnify the current trustee, Cummins, for costs and liabilities incurred that may be incurred in connection with continuing to act as trustee between the Closing Date and final distribution or transfer of all plan assets, provided that such indemnification shall not cover liability for the matters disclosed in Section 4.10(d) for which the Company Holders are indemnifying Purchaser. 
		

		
			(iv)Except as provided in (i) and (iii) above, the Purchaser hereby assumes, agrees to honor without modification or contest, and agrees to cause each Target Company to honor without modification or contest, and to make required payments when due under, all contracts, agreements, arrangements, policies, plans and commitments of the Target Companies, including any compensation arrangements, employment agreements and employee or director benefit plans, programs and policies, in existence as of the date hereof which are (x) applicable with respect to any Continuing Target Employee or any officer or executive of such Target Company, or with respect to any former employee, officer, or executive of such Target Company and (y) disclosed on the appropriate Schedule to this Agreement as contemplated by the representations and warranties set forth in Article IV.  
		

		
			(v)The Purchaser further acknowledges and agrees that it shall be responsible to make all required payments when due for all amounts accrued as of the Closing Date under the Target Companies’ profit sharing and bonus plans to the extent reflected in the calculation of Net Working Capital.
		

		 

		

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			(vi)Not in limitation of the foregoing, the Purchaser shall not alter or reduce the status of any Continuing Target Employee in such a manner as would have the effect of denying any such Continuing Target Employee credit for any and all purposes for the Continuing Target Employee’s period of service with any Company prior to the Closing.  Neither this Section 6.7 nor any other provision of this Agreement shall limit the ability or right of Purchaser or a Target Company to terminate the employment of any of their respective employees after the Closing Date (subject to any rights of any such employee pursuant to any contract, agreement, arrangement, policy, plan or commitment). 
		

		
			(vii)Purchaser shall have no obligation to employ or to provide benefits to any Person after the Closing Date other than the Continuing Target Employees.  The Parties specifically acknowledge and agree that (i) the provisions of this Section are not intended to confer any rights or remedies for the benefit of any employee of the Target Companies and (ii) no Continuing Target Employee shall be retained as an employee beyond thirty (30) days after the Closing Date if the Purchaser should determine, in its sole discretion, that any such Continuing Target Employee does not satisfy the Purchaser’s minimum hiring eligibility requirements as to passing a standard background check and drug test.
		

		
			(b)For purposes of all employee benefit plans, programs and arrangements maintained by or contributed to by the Purchaser (including, after Closing, each Target Company), the Purchaser shall cause each such plan, program or arrangement to treat the prior service with any Company and its Affiliates of each Continuing Target Employee (to the same extent such service is recognized under analogous plans, programs or arrangements of any Company or its Affiliates prior to the Closing) as service rendered to the Purchaser, as the case may be, for purposes of eligibility to participate in and vesting thereunder (but not benefit accrual); provided, however, that such crediting of service shall not operate to duplicate any benefit or the funding of such benefit.  Continuing Target Employees shall also be given credit for any deductible or co-payment amounts paid in respect of the plan year in which the Closing occurs, to the extent that, following the Closing, they participate in any other plan for which deductibles or co-payments are required.  The Purchaser shall also cause each Purchaser Plan (as hereinafter defined below) to waive any preexisting condition which was waived under the terms of any Plan immediately prior to the Closing or waiting period limitation which would otherwise be applicable to a Continuing Target Employee on or after the Closing.  The Purchaser shall recognize any accrued but unused vacation of the Continuing Target Employees as of the Closing Date, and the Purchaser shall cause each Target Company to provide such paid vacation.  For purposes of this Agreement, a “Purchaser Plan” shall mean any employee benefit plan, as defined in Section 3(3) of ERISA, or whatever nonqualified employee benefit or deferred compensation plan, stock option, bonus or incentive plan or other employee benefit or fringe benefit program, that may be in effect generally for employees of the Purchaser from time to time.
		

		
			(c)Except as provided in this Section 6.7, nothing in this Agreement shall limit or restrict in any way the rights of the Purchaser or any Company to modify, amend, 
		

		 

		

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		terminate or establish employee benefit plans or arrangements, in whole or in part, at any time after the Closing Date.
		

		
			(d)The Purchaser shall comply with, and shall be responsible for all liabilities or obligations under, the WARN Act, with respect to all Continuing Target Employees from the actions of the Purchaser or any Company following the Closing.
		

		
			(e)The Target Companies shall, prior to or within a reasonable period after the Closing, but in no event later than final distribution of the assets of the 401(k) Plan, commence a compliance statement through the Internal Revenue Service’s Voluntary Compliance Program (as set forth in Rev. Proc. 2013-12) to correct the 401(k) Plan’s compliance exceptions identified in Schedule 4.10(d).  The Target Companies shall use commercially reasonable efforts to cause the plan’s third party administrator to pay all out-of-pocket costs of the Voluntary Compliance Program application.  To the extent that the costs and expenses of preparing and submitting such application (including the application fee) are not paid by the plan’s third party administrator or another third party, the Company Holders shall pay for, from the Indemnity Escrow Fund, the cost for the preparation of the Voluntary Compliance Program application with the cooperation of the Target Companies, and the Seller Representative may designate counsel reasonably satisfactory to the Purchaser.
		

		
			Section 6.8Publicity.  None of the Company Holders, the Companies, the Purchaser or any of their respective Affiliates shall issue or cause the publication of any press release or other announcement with respect to this Agreement or the transactions contemplated hereby without the prior consultation of the other party, except as may be required by law or by any listing agreement with a national securities exchange, in which cases the other party shall be advised and the parties shall use their reasonable best efforts to cause a mutually agreeable release or announcement to be issued.
		

		
			Section 6.9Retention of and Access to Books and Records.
		

		
			(a)Following the Closing, the Purchaser shall retain all material books and records of the Companies relating to the operations of the Companies prior to the Closing Date for the period of times for each type of such books and records as are required pursuant to the Purchaser’s company-wide file retention policies or for such longer periods as may be required to satisfy applicable laws, regulations or agreements.  The books and records to be retained pursuant to this Section 6.9(a) shall include, without limitation, books and records (such books and records of each Company, collectively, the “Records”) (i) relating to Taxes, including, without limitation, accounting and tax records and information pertaining to events occurring prior to the Closing Date, (ii) required to be retained pursuant to obligations imposed by any statute, rule, regulation or pendency of any litigation or other legal proceeding (“Legal Proceeding”), (iii) relevant and necessary to defend any claim of liability under Section 6.6(a) hereof or (iv) relevant and necessary in connection with the defense or conduct of any Action with respect to the pre-Closing conduct, actions or omissions of such Company.
		

		 

		

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			(b)From and after the Closing Date and upon reasonable advance notice from the Seller Representative setting forth a reasonable purpose for requesting access, the Purchaser shall afford, and shall cause each Target Company to afford, the Seller Representative with the opportunity to examine and to make copies of all of the Records.  All such information and access by the Seller Representative and its employees and representatives shall comply with the Purchaser’s security procedures and shall be conducted in a manner which does not unreasonably interfere with the operations of the Purchaser or its Affiliates.
		

		
			(c)If originals or copies of any Records, articles, objects or things, are required to respond to legal process in connection with the conduct or defense by the Seller Representative of any Action, such party, subject to applicable laws, regulations or agreements (including the attorney-client privilege), shall be permitted to remove the Records, articles, objects or things temporarily from the other party’s premises; provided, that such party shall return such original documents to such other party as promptly as practicable after such time when such original documents are no longer required in connection with such Legal Proceeding.
		

		
			(d)If, in connection with any Action, the Seller Representative shall require the assistance of any employees of a Target Company, the Purchaser shall cause such Target Company to provide such employees to the Seller Representative as are reasonably required.  The Seller Representative shall pay such Target Company’s out-of-pocket reasonable costs incurred in connection with such use of each employee.
		

		
			(e)If the Purchaser should hereafter plan to prepare audited financial statements for any one or more of the Target Companies with respect to any period of time that begins on or before the Closing Date, then the Seller Representative will, upon request of the Purchaser, (i) provide introductions to the responsible partners at the accounting firms that provided auditing or other accounting services to such Target Companies during such period of time and (ii) provide written authorization to such accounting firms to disclose, provide or deliver to the Purchaser (or its designee), at the cost and expense of the Purchaser, copies of any and all files or other information in the possession of such accounting firms as may be useful or necessary in connection with the preparation of such audited financial statements.
		

		
			Section 6.10Indemnification of Managers and Officers.  For a period of at least six (6) years after the Closing, the Purchaser shall not, and shall cause each of the Target Companies (and any of its successors) not to, for such period, amend, or cause to be amended, any provision in the articles of organization, limited liability company operating agreement or any other organizational document of such Target Company if the effect of any such amendment would impair or inhibit any right to indemnification for acts and omissions occurring on or prior to the Closing Date now existing in favor of the current or former managers and/or officers of such Target Company. Notwithstanding the foregoing, if the Purchaser or any Target Company, or any of their respective successors or assigns, consolidates with or merges into any other Person or transfers all or substantially all of its properties or assets to any Person, then, and in each case, the Purchaser shall use commercially reasonable efforts to cause such successors and assigns of the Purchaser or the applicable Target Company, as the case may be, to honor the provisions 
		

		 

		

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		with respect to indemnification and limitations on liability set forth in each Target Company’s articles of organization, limited liability company operating agreement or any other organizational document.
		

		
			Section 6.11Compliance with WARN Act and Similar Statutes.  Purchaser shall not, and shall cause each Target Company not to, at any time within ninety days after the Closing Date, effectuate (i) a “plant closing” (as defined in the Worker Adjustment and Retraining Notification Act of 1988, and the rules and regulations promulgated thereunder (the “WARN Act”)) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of such Target Company or (ii) a “mass layoff” (as defined in the WARN Act) affecting any site of employment or facility of such Target Company; or, in the case of clauses (i) and (ii), any similar action under applicable state, local or foreign statute, common law, rule or regulation requiring notice to employees in the event of a plant closing or layoff.  Purchaser shall be responsible for notices or payments due to any Continuing Target Employees, and all notices, payments, fines or assessments due to any Governmental Entity pursuant to any applicable federal, state, local or foreign statute, common law, rule or regulation with respect to the employment, discharge or layoff of any Continuing Target Employees by Purchaser or such Target Company on or after the Closing, including but not limited to the WARN Act or any comparable state or local law and any rules or regulations as have been issued in connection with the foregoing.
		

		
			Section 6.12Further Assurances.  At any time and from time to time after the Closing Date, the Parties hereto shall (i) furnish upon reasonable request to each other such further assurances, external audit consents, information, documents, instruments of transfer or assignment, files and books and records, (ii) promptly execute, acknowledge, and deliver any such further assurances external audit consents, documents, instruments of transfer or assignment, files and books and records, and (iii) do all such further acts and things, as such other party may reasonably request for the purpose of carrying out the intent of this Agreement and the documents referred to herein.
		

		
			Section 6.13No Shop.  The Company Holders and the Companies shall not, and shall not permit any of their Affiliates to, directly or indirectly, encourage, solicit or initiate inquiries or proposals from, or provide any confidential information to, or participate in any discussions or negotiations with, or enter into any agreement with, any Person (other than the Purchaser and its Affiliates and their respective directors, officers, employees, representatives and agents) in connection with any exchange, merger, sale of material assets, sale of securities, acquisition of beneficial ownership of, or the right to vote securities, liquidation, dissolution or similar transaction involving, the Companies from the date hereof to the Closing or earlier termination of this Agreement.
		

		
			Section 6.14Non-Competition; Non-Solicitation; Confidentiality.
		

		
			(a)For a period of four (4) years after the Closing Date, the Company Holders shall not, and shall cause their Affiliates not to, directly or indirectly, own, manage, engage in, operate, control, work for, consult with, render services for, do business with, maintain any interest in or participate in the ownership, management, operation or control 
		

		 

		

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		of, any business, whether in corporate, proprietorship or partnership form or otherwise, engaged in any of the following activities (a “Restricted Business”):
		

		
			(i)owning, operating, processing or otherwise exploiting ATMs (other than Permitted Gaming Cash Dispensers) located at retail or other business locations (x) anywhere in the United States or (y) anywhere outside the United States in which the Companies currently do business; 
		

		
			(ii)developing, licensing or otherwise selling software or technology related to the use, location or function of ATMs, or for financial institutions that provides or powers (w) a map locator function, (x) loan lead generation, (y) interest rate management or (z) social media games; or 
		

		
			(iii)licensing, utilizing or permitting any other Person to license or utilize the marks set forth on Schedule 6.14(a)(iii) in connection with the advertisement, marketing, distribution, offering for sale and sale of the placement and operation of ATMs and related services; 
		

		
			provided, however, that the restrictions contained in this Section 6.14(a) shall not in any way restrict (A) the acquisition by the Company Holders or any such Affiliates, directly or indirectly, of less than five percent (5%) of the outstanding capital stock of any publicly traded company engaged in a Restricted Business; (B) the Company Holders or any such Affiliates in connection with their continued ownership and operation of Welch Management Holdings, LLC and Welch Gaming, LLC, provided that the business and operations of Welch Management Holdings, LLC and Welch Gaming, LLC do not include the ownership of, or the provision of services related to, ATMs other than Permitted Gaming Cash Dispensers; (C) Welch Systems Inc., David Welch and the other owners of Welch Systems Inc. in connection with their continued ownership and operation of the business of Welch Systems Inc. engaging in the sale, installation, maintenance and repair of banking equipment, including ATMs;  (D) HR Financial Services Inc. (“HR Financial”) and its owners in connection with their continued ownership and operation of (x) those ATMs currently owned by HR Financial and (y) up to seven additional ATMs solely for installation and use in a Country Market retail store and branded by Marine Bank (provided that HR Financial may not add more ATMs pursuant to this clause (y) at any time after any sale or transaction that results in a change of control of Country Market or Marine Bank) and only so long as the Purchaser, one of the Companies or one of its or their Affiliates has the exclusive right (without the obligation) to continue processing and management for all of those ATMs owned by HR Financial at the rates in effect as of the Closing Date; or (E) Mark Idel (“Idel”) in connection with his continued ownership and operation of ATMs set forth on Schedule 1.2(g) to that certain Asset Purchase Agreement by and among IDI ATM, LLC, its Member and WSILC, effective January 1, 2014 and only subject to the condition set forth in Section 7.4(a) of that agreement, to wit, that they are operated in their current locations (as of January 1, 2014) and branded with the current (as of January 1, 2014) financial institution branding.  As used in this Section 6.14(a), “Permitted Gaming Cash Dispenser” shall mean any cash dispensing device that is used in conjunction with a video gambling terminal, video lottery terminal or other terminal for gambling and that 
		

		 

		

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		provides solely a service for dispensing cash (or a ticket, card or other electronic code that may be converted into cash or used to purchase goods or services) as either the winnings from playing on such video gambling terminal, video lottery terminal or other terminal for gambling or from redemption of a purchased gaming ticket (“Gaming Redemption Functionality”); provided, however, that such Permitted Gaming Cash Dispenser may include a service for withdrawing cash from a user’s financial institution account ("Account Cash Functionality") only if the Account Cash Functionality is either (I) operational on the Closing Date in a Gaming Cash Dispenser installed on or prior to the Closing Date or (II) made operational in a Gaming Dispenser installed after the Closing Date at a location where one of the Companies or Purchaser does not then have an ATM installed at the same location, and if installed after the Closing Date only if the Account Cash Functionality is both (w) required by the terms of the contract governing the provision and operation of the Gaming Redemption Functionality  and (x) exclusively operated and made available at the same location as, and in connection with the operation of, the Gaming Redemption Functionality.  A Permitted Gaming Cash Dispenser with Account Cash Functionality may not be installed from and after the Closing Date through the end of the four (4) year anniversary of the Closing Date at any location where one of the Companies or Purchaser also then has an ATM installed, and any Permitted Gaming Cash Dispenser installed during that period at a location where one of the Companies or Purchaser does not then have an ATM installed at the same location may only include Account Cash Functionality if prior notice is provided to the Purchaser and during that period exclusively utilizes WSILC or its Affiliates for the processing of transactions. 
		

		
			(b)For a period of three (3) years after the Closing Date, the Company Holders shall not, and shall cause their Affiliates not to, directly or indirectly: (i) cause, solicit, induce or encourage any employees of the Purchaser or any of its subsidiaries (including the Target Companies) to leave such employment; provided, however, this restriction shall not prohibit general solicitations for employment not specifically targeted at such employees; or (ii) cause, induce or encourage any material actual customer or supplier of the Purchaser or any of its subsidiaries or any other Person who has a material business relationship with the Purchaser or any of its subsidiaries, to terminate or modify any such relationship.
		

		
			(c)For a period of three (3) years after the Closing Date, the Company Holders shall not and shall cause their Affiliates not to, directly or indirectly, disclose, reveal, divulge or communicate to any Person other than authorized officers, directors and employees of Purchaser or use or otherwise exploit for its own benefit or for the benefit of anyone other than Purchaser, any Confidential Information (as defined below).  The Company Holders shall not have any obligation to keep confidential (or cause its officers, directors or Affiliates to keep confidential) any Confidential Information if and to the extent disclosure thereof is specifically required by applicable Law, subpoena or other judicial process; provided, however, that in the event disclosure is required by applicable Law, subpoena or other judicial process, the Company Holders shall, to the extent reasonably possible, provide Purchaser with prompt notice of such requirement prior to making any disclosure so that Purchaser may seek an appropriate protective order at Purchaser’s sole cost.  For purposes of this Section 6.14(c), “Confidential Information” means any proprietary information with respect to any Company that has economic 
		
		
 

		

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		value, including methods of operation, customer lists, products, prices, fees, costs, Technology, inventions, trade secrets, know-how, Software, marketing methods, plans, personnel, suppliers, competitors, markets, any compilation of information, data, records, resources or documents that the Companies have assembled and treat as confidential, or other specialized information or proprietary matters.  “Confidential Information” does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement, (ii) becomes generally available to the public after the date of this Agreement other than as a result of a disclosure not otherwise permissible hereunder, or (iii) becomes available on a nonconfidential basis from a third party not bound by a confidentiality agreement or any legal, fiduciary or other obligation restricting disclosure.

		
		
			(d)The covenants and undertakings contained in this Section 6.14 relate to matters which are of a special, unique and extraordinary character and a violation of the terms of this Section 6.14 will cause irreparable injury to Purchaser, the amount of which will be difficult to estimate or determine and which cannot be adequately compensated.  Accordingly, the remedy at law for any breach of this Section 6.14 will be inadequate.  Therefore, Purchaser may be entitled to a temporary and permanent injunction, restraining order or other equitable relief from any court of competent jurisdiction in the event of a breach of this Section 6.14 without the necessity of proving actual damage.  The rights and remedies provided by this Section 6.14 are cumulative and in addition to any other rights and remedies which Purchaser may have hereunder or at law or in equity.
		

		
			(e)The parties hereto agree that, if any court of competent jurisdiction determines that a specified time period, a specified geographical area, or a specified business limitation of this Section 6.14 is unreasonable, arbitrary or against public policy, then a lesser period of time, geographical area, or business limitation which is determined by such court to be reasonable, not arbitrary and not against public policy may be enforced against the applicable party.
		

		
			(f)Solely for purposes of this Section 6.14, the term “Affiliates” shall mean, when applied to Rock Island Capital Fund I, L.P. and Rock Island Capital Q Fund I, L.P. (the “Rock Island Entities”), only those Affiliates of the Rock Island Entities that are controlled by one or both of the Rock Island Entities and not those Affiliates of the Rock Island Entities that control or are under common control with one or both of the Rock Island Entities. 
		

		
			Section 6.15EFT Accounts.    
		

		
			(a)The Asset Sellers expressly acknowledge that, upon completion of the Closing, Purchaser or WSILC shall acquire the sole and exclusive beneficial ownership of (i) the EFT Accounts, (ii) all Cash on Hand in the EFT Accounts as of the Closing Date and (iii) all cash amounts deposited into the EFT Accounts on or after the Closing Date.  At the Closing, the Asset Sellers shall provide, in a separate document, the login id, the password and such other access codes as may be necessary to give Purchaser or WSILC online access to the EFT Accounts.
		

		 

		

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			(b)The Asset Sellers shall use best efforts to transfer title to the EFT Accounts to WSILC by Closing.  Notwithstanding the fact that the EFT Accounts may remain titled in the name of the Asset Sellers after the Closing Date, Purchaser is expressly authorized and empowered, from and after the Closing Date, to direct the authorized signatories on the EFT Accounts to (i) transfer, withdraw or otherwise use any of such cash on deposit from time to time in the EFT Accounts as Purchaser may choose, (ii) issue checks, drafts or other payment instruments that draw upon or utilize the cash balances in the EFT Accounts and (iii) close the EFT Accounts and provide directions as to how any remaining cash balances in the EFT Accounts shall be disbursed.  
		

		
			(c)From and after the Closing Date, without the express prior written consent of the Purchaser, the Asset Sellers shall not exercise any right or power as the legally titled owner of the EFT Accounts, including, without limitation, any of the following rights or powers: (i) changing the authorized signatories on the EFT Accounts, (ii) requesting or directing the disposition of any funds on deposit in the EFT Accounts, (iii) changing the password, login id or other access code for online access to the EFT Accounts or (iv) issuing any checks, drafts or other payment documents that would draw upon or utilize the cash balances in the EFT Accounts.
		

		
			Section 6.16Mail.  Each of the Asset Sellers authorizes and empowers the Purchaser on and after the Closing Date to receive and open all mail received by the Purchaser relating to the ATM business or the Purchased Assets and to deal with the contents of such communications in any proper manner.  The Asset Sellers shall promptly deliver to the Purchaser any mail or other communication received by them after the Closing Date pertaining to the ATM business or the Purchased Assets.  The Purchaser shall promptly deliver to the Asset Sellers any mail or other communication received by it after the Closing Date pertaining to the Excluded Assets or the Excluded Liabilities.
		

		
			Section 6.17Use of Names.  After the Closing Date, each of the Company Holders and Asset Sellers agrees that (A) neither it, nor any of its Affiliates, shall use the names, trademarks, slogans, trade names, logos or labels included in the Purchased Assets and (B) any license or other right previously granted by any of the Target Companies, any of the Company Holders or any Affiliate of a Company Holder purporting to grant any right or interest in or to the names, trademarks, slogans, trade names, logos or labels owned or used by the Target Companies shall be terminated as of the Closing Date without any further action required by any party thereto.  Each of the Asset Sellers, Company Holders and their Affiliates shall take such action as necessary to (i) change its name within thirty (30) days after the Closing Date to a name that does not make use of, or that is confusingly similar to, any of the names, trademarks, slogans, trade names, logos or labels included in the Purchased Assets and (ii) maintain its corporate existence in good standing for at least one year after the Closing Date.  Notwithstanding the foregoing, Welch Systems, Inc. shall have the right to continue to use the name “Welch” in its name in a manner consistent with past practices and in connection with the business of (x) providing repair and technical services for bank equipment and ATMs and (y) engaging in the sale, installation, maintenance and repair of banking equipment, including ATMs.
		

		
			Section 6.18Non-Assigned Assets.  If the legal interest in any of the Purchased Assets, or any claim, right or benefit arising under or resulting from the Purchased Assets, cannot be 
		

		 

		

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		sold, assigned, transferred or conveyed on the Closing Date because any waiting or notice period has not expired or any required consents or approvals have not been obtained or waived, then the legal interest in such Purchased Assets will not be sold, assigned, transferred or conveyed until such waiting or notice period shall have expired or until the necessary approval, consent or waiver is obtained, and each Asset Seller will, at its expense, use commercially reasonable efforts to obtain such consents, approvals or waivers as soon as practicable.  Nothing in this Agreement may be construed as an attempt to assign to the Purchaser any legal interest in any of the Purchased Assets that, as a matter of law or by the terms of any contract to which an Asset Seller is subject, is not assignable without the consent of any other party, unless such consent is given.  Pending such assignments, conveyances and transfers, each Asset Seller will hold any such non-assigned Purchased Assets for the benefit of the Purchaser and will cooperate with the Purchaser in any lawful and reasonable arrangements designed to provide the benefits of ownership thereof to the Purchaser.
		

		
			Section 6.19Pre-Closing Transfer of Certain Automobiles.  The automobiles listed on Schedule 6.19 hereto (the “Excluded Autos”) are currently owned by a Target Company.  Prior to the Closing Date, the Target Companies and the Equity Sellers will take such actions and execute such documents as may be necessary to transfer, assign, convey and deliver the Excluded Autos to a Person other than the Target Companies, with no adjustment to the Purchase Price.  Without limiting the foregoing, each Target Company shall, prior to the Closing, take such actions as are necessary to result in the certificate of title for each Excluded Auto to be transferred and re-issued in the name of the transferee of each such Excluded Auto.
		

		
			Section 6.20Cooperation Regarding Vault Cash Borrowings.  From the date of this Agreement and continuing through and until the Closing, the Companies shall, at the request of the Purchaser, (i) provide the Purchaser with introductions to the appropriate account officers of the financial institutions that have provided the Vault Cash Borrowings and (ii) cooperate reasonably with the Purchaser’s efforts to make arrangements, in advance of the Closing, for the release at the Closing of the Liens that secure the Vault Cash Borrowings.  Purchaser will offer to provide substitute cash collateral or letters or credit to the lender under the United Community Vault Line in order to obtain a release of the Liens securing the United Community Vault Line.  If such lender declines to release such Liens, then Purchaser will repay all amounts borrowed on the United Community Vault Line and thereby acquire ownership at the Closing of all of the cash borrowed thereunder.  If the amounts borrowed under the United Community Vault Line are not repaid by the Purchaser at Closing, the Purchaser will use reasonable effort to cause the Asset Sellers and its owners to be released from liability on the United Community Vault Line, notwithstanding that Purchaser indemnifies the Asset Sellers and their owners under Section 9.3 with respect to the United Community Vault Line (except to the extent of a Vault Cash Deficiency) as an Assumed Liability.
		

		
			Section 6.21Efforts to Obtain Certain Consents.  From the date of this Agreement and continuing through and until the Closing, the Companies shall use commercially reasonable efforts to obtain a written consent to the transactions contemplated by this Agreement in a form reasonably approved by the Purchaser from the counterparties to each agreement, note, bond, mortgage, guarantee, lease, license, agreement or other instrument or obligation listed on Schedule 4.3 except to the extent (i) any such consent has been obtained prior to the date hereof or (ii) such agreement, note, bond, mortgage, guarantee, lease, license, agreement or other 
		

		 

		

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		instrument or obligation will be terminated at or before Closing in accordance with or pursuant to the provisions of this Agreement.
		

		
			Article VII

CONDITIONS
		

		
			Section 7.1Conditions to Each Party’s Obligation.  The respective obligation of each party to effect the transactions contemplated by this Agreement shall be subject to the satisfaction or, to the extent permitted by applicable law, waiver at or prior to the Closing of each of the following conditions:
		

		
			(a)No statute, rule, order, decree or regulation shall have been enacted or promulgated by any Governmental Entity of competent jurisdiction which prohibits the transactions contemplated by this Agreement or makes such transactions illegal;
		

		
			(b)There shall be no order or injunction of a Governmental Entity of competent jurisdiction in effect precluding, restraining, enjoining or prohibiting consummation of the transactions contemplated by this Agreement and there shall be no suit, action, proceeding or investigation by a Governmental Entity seeking to restrain, enjoin or prohibit the transactions contemplated by this Agreement;
		

		
			(c)All relevant waiting periods under any Competition Law applicable to the transactions contemplated hereby shall have expired or terminated, and all actions required by, or filings required to be made with, any Governmental Entity under any such Competition Law that are necessary to permit the consummation of the transactions contemplated hereby shall have been taken or made; and
		

		
			(d)All authorizations, consents and approvals (including those necessary for the continuation of all material agreements, permits and registrations) required to be obtained prior to consummation of the transactions contemplated by this Agreement shall have been obtained, except for such authorizations, consents and approvals the failure of which to be obtained is not reasonably likely to have a Material Adverse Effect.
		

		
			Section 7.2Conditions to the Obligation of the Company Holders.  The obligation of the Company Holders to effect the transactions contemplated by this Agreement is further subject to the satisfaction or, to the extent permitted by applicable law, waiver at or prior to the Closing of the following conditions:
		

		
			(a)The representations and warranties of the Purchaser contained in Article V that are qualified as to materially shall be true and correct, and those not so qualified shall be true and correct in all material respects, in each case, as of the date of this Agreement and as of the Closing as though made at and as of the Closing, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties qualified as to materially shall be true and correct, and those not so qualified shall be true and correct in all material respects, on and as of such earlier date);
		

		 

		

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			(b)The Purchaser shall have performed in all material respects each of its respective agreements and covenants contained in or contemplated by this Agreement that are required to be performed by it at or prior to the Closing pursuant to the terms hereof; and
		

		
			(c)The Company Holders shall have received a certificate signed by an executive officer of the Purchaser, dated the Closing Date, to the effect that the conditions set forth in Section 7.2(a)  and Section 7.2(b) hereof have been satisfied.
		

		
			Section 7.3Conditions to Obligation of the Purchaser.  The obligation of the Purchaser to effect the transactions contemplated hereby is further subject to the satisfaction or, to the extent permitted by applicable law, waiver at or prior to the Closing of the following conditions:
		

		
			(a)The representations and warranties of the Companies and the Company Holders contained in Article III and Article IV that are qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, in each case, as of the date of this Agreement and as of the Closing as though made at and as of the Closing, except to the extent such representations and warranties expressly speak as of an earlier date (in which case such representations and warranties qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, on and as of such earlier date); 
		

		
			(b)Each Company and Company Holder shall have performed or complied in all material respects its respective agreements and covenants contained in or contemplated by this Agreement that are required to be performed or complied with by it at or prior to the Closing pursuant to the terms hereof;
		

		
			(c)The Purchaser shall have received a certificate signed by each Company, dated the Closing Date, to the effect that the conditions set forth in Section 7.3(a) and Section 7.3(b) hereof with respect to such Company have been satisfied; 
		

		
			(d)The Purchaser shall have received a certificate signed by the Seller Representative, dated the Closing Date, to the effect that the conditions set forth in Section 7.3(a) and Section 7.3(b)  hereof with respect to the Company Holders have been satisfied; and 
		

		
			(e)Since the date of this Agreement there shall not have been any Material Adverse Effect.
		

		
			Article VIII

TERMINATION
		

		
			Section 8.1Termination.  Notwithstanding anything herein to the contrary, this Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time before the Closing occurs:
		

		 

		

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			(a)by the mutual written consent of the Companies, the Purchaser and the Seller Representative, on behalf of the Company Holders;
		

		
			(b)by any of the Companies, the Seller Representative, on behalf of the Company Holders, or the Purchaser, if any Governmental Entity shall have issued a statute, order, decree or regulation or taken any other action (which statute, order, decree, regulation or other action the parties hereto shall use their reasonable best efforts to lift), in each case permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement or making the transactions contemplated hereby illegal and such statute, order, decree, regulation or other action shall have become final and non-appealable;
		

		
			(c)by the Seller Representative, on behalf of the Company Holders, if the Purchaser breaches or fails to perform any of its covenants or agreements set forth in this Agreement, or if any representation or warranty of Purchaser contained in Article V is or becomes untrue, in either case such that the conditions set forth in  Section 7.2(a)  and Section 7.2(b) would not be satisfied and such breach is incapable of being cured or, if capable of being cured, shall not have been cured within thirty (30) days after receipt by the Purchaser of written notice specifying particularly such breach, failure or untrue representation;
		

		
			(d)by the Purchaser, if any Company or Company Holder breaches or fails to perform any of its respective covenants or agreements set forth in this Agreement, or if any representation or warranty of any Company or Company Holder contained in Article III or Article IV hereof, respectively, is or becomes untrue, in either case such that the conditions set forth in Section 7.3(a) and Section 7.3(b) would not be satisfied and such breach is incapable of being cured or, if capable of being cured, shall not have been cured within thirty (30) days after receipt by the Seller Representative of written notice specifying particularly such breach, failure or untrue representation; or
		

		
			(e)by the Companies, the Seller Representative, on behalf of the Company Holders, or the Purchaser, if the Closing shall not have occurred on or prior to October 31, 2014; provided, that such date may be extended by the Purchaser upon notice to the Seller Representative on or before October 31, 2014, for a period not to exceed sixty (60) calendar days to the extent necessary to obtain any required approvals of Governmental Entities; provided, further, that the failure of any condition (other than those conditions which by their nature are to be satisfied at the Closing) set forth in Section 6.15 hereof to be satisfied on or prior to such date did not result from the failure by the party seeking to terminate this Agreement to fulfill any obligation under this Agreement, that such party is required to fulfill prior to the Closing.
		

		
			Section 8.2Effect of Termination.
		

		
			(a)In the event of the termination of this Agreement as provided in Section 8.1 hereof, written notice thereof shall forthwith be given to the other party specifying the provision hereof pursuant to which such termination is made, and this Agreement shall forthwith become null and void, and there shall be no liability on the part of the 
		
		
 

		

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		Purchaser, any Company or any Company Holder, except for liabilities with respect to any prior breach of covenants or a willful and intentional breach of representations and warranties; provided, that the agreements contained in Article X hereof shall survive the termination of this Agreement; and provided further that the Confidentiality Agreement shall remain in full force and effect.

		
		
			(b)In the event of the termination of this Agreement as provided in Section 8.1 hereof, the Purchaser shall redeliver, and will cause its agents to redeliver to the Companies, all documents, work papers and other materials of the Companies relating to the transactions contemplated hereby, whether obtained before or after the execution hereof.  Notwithstanding the foregoing, the Purchaser may, at its option, destroy any such documents, work papers and other materials of the Companies in lieu of redelivery to the Companies provided that the Purchaser provides to the Companies a written statement signed by an authorized officer of the Purchaser certifying that such documents, work papers and other materials of the Companies have been destroyed.
		

		
			Section 8.3Fees and Expenses.  All costs and expenses incurred in connection with this Agreement and the consummation of the transactions contemplated hereby shall be paid by the party incurring such expenses, except that the Seller Transaction Expenses shall be paid by the Companies.
		

		
			Article IX

SURVIVAL AND INDEMNIFICATION
		

		
			Section 9.1Survival.  All of the representations and warranties of the parties contained in this Agreement, the Disclosure Schedule and any other certificate or document delivered pursuant to this Agreement shall survive the Closing until twenty-four (24) months after the Closing Date; provided, however, that the representations and warranties set forth in (a) Section 3.1 (Ownership of LLC Units), Section 3.2 (Authorization; Validity of Agreement), Section 3.5  (Brokers), Section 4.1 (Organization), Section 4.1-A (Authorization; Validity of Agreement), Section 4.2 (Capitalization), Section 4.16 (Title to Other Properties; All Other ATM Assets), Section 4.23 (Brokers), and Section 4.25 (EFT Accounts) (collectively, the “Fundamental Representations”) shall survive the Closing indefinitely, and (b) Section 4.10 (Employee Benefit Plans; ERISA), Section 4.12 (Tax Matters), and Section 4.13 (Environmental Matters) (collectively the “Statutory Representations”) shall survive until the 90th calendar day following expiration of the applicable statute of limitations (in each case, the expiration date applicable to any such representations and warranties is referred to herein as the “Expiration Date”).  All of the covenants, agreements, undertakings and obligations of the Parties contained in this Agreement shall survive until fully performed or fulfilled, unless non-compliance with such covenants, agreements, undertakings or obligations is waived in writing by the party entitled to such performance.
		

		
			Section 9.2Indemnification by the Company Holders.  From and after the Closing, subject to Section 9.4 and Section 9.5 hereof, the Company Holders shall severally in proportion to their Indemnity Share, indemnify and hold harmless the Purchaser and its members, managers, directors, officers, employees and agents (collectively, the “Purchaser Indemnified Parties”) 
		
		
 

		

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		from and against any and all liabilities, commitments or obligations of any kind or nature whatsoever, Actions, losses, deficiencies, expenses (including costs of investigations and defense and reasonable attorneys’ and accountants’ fees) or damages of any kind or nature whatsoever, whether or not involving a third-party claim (collectively, “Damages”) directly or indirectly arising out of or resulting from any one or more of the following: (i) any breach of any representation or warranty made by any Company Holder or any Company in Article III or Article IV of this Agreement, (ii) subject to the final sentence of this Section 9.2, any breach or violation of, or failure to perform, any covenant, agreement, undertaking or obligation of the Company Holders or the Asset Sellers set forth in this Agreement, (iii) any breach or violation of, or failure to perform, any pre-closing covenant, agreement, undertaking or obligation of the Target Companies set forth in this Agreement, (iv) the employment relationship of any Target Company with any Discontinued Employee, (v) failure of the Seller Representative to timely, properly or correctly distribute the Purchase Price to the Company Holders, (vi) the Excluded Liabilities, (vii) the Excluded Assets, (viii) the Excluded Autos or any indebtedness related to the Excluded Autos, (ix) the matters set forth on Schedule 9.2(a)(ix), as and to the extent set forth thereon, (x) the matters set forth on Schedule 9.2(a)(x), as and to the extent set forth thereon, (xi) the exceptions to compliance identified in Schedule 4.10(d), and (xii) any liability of WSILC to First Premier Bank under the Gaming Payout Device Cash Agreement among WSILC, Welch Gaming, LLC and First Premier Bank, not released by First Premier Bank.  For purposes of  Section 9.2, except for the second sentence of Section 4.16 (Title to Other Properties; All Other ATM Assets), the representations and warranties made by the Companies and the Company Holders in this Agreement shall not be deemed qualified by any references to materiality or to Material Adverse Effect. Notwithstanding the foregoing, liability for any violation of Section 6.14 by a Company Holder shall be solely that of the breaching Company Holder.    

		
		
			Section 9.3Indemnification by the Purchaser.  From and after the Closing, subject to Section 9.4 and Section 9.5 hereof, the Purchaser shall indemnify and hold harmless the Seller Representative and its members, managers, directors, officers, employees and agents, and the other Company Holders and Asset Sellers (collectively, the “Seller Indemnified Parties”) from and against any and all Damages incurred directly or indirectly arising out of or resulting from any one or more of the following: (i) any breach of any representation or warranty made by the Purchaser in Article V of this Agreement; (ii) any breach or violation of, or failure to perform, any covenant, agreement, undertaking or obligation of the Purchaser set forth in this Agreement; (iii) any breach or violation of, or failure to perform, any post-closing covenant, agreement, undertaking or obligation of the Purchaser or  a Target Company set forth in this Agreement and (iv) the Assumed Liabilities.
		

		
			Section 9.4Limitations on Indemnification Amount.
		

		
			(a)Except for breaches of the Fundamental Representations, Section 4.12 (Tax Matters) or Section 4.13 (Environmental Matters) and fraud by the Company Holders, none of the Company Holders or the Purchaser, as the case may be, shall be liable for Damages arising in connection with its indemnification obligations under  Section 9.2(i) or Section 9.3(i) hereof until the amount of Damages incurred by the Seller Indemnified Parties or the Purchaser Indemnified Parties, as the case may be, exceeds $750,000 in the aggregate and then only to the extent of such excess (i.e. a true deductible, not a “tipping basket”).
		

		 

		

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			(b)Except for breaches of Fundamental Representations, Statutory Representations, the representations and warranties made in Section 4.22 (Data Privacy and Security) and fraud of the Company Holders, the Company Holders shall in aggregate have no indemnification obligations to the Purchaser for any liability under this Agreement (including without limitation Section 2.2 and Section 9.2) in excess of $24,000,000 (the “Indemnification Cap”).  In addition to the foregoing limits, the Company Holders’ aggregate indemnification obligations to the Purchaser for any liability with respect to the matters in Schedule 9.2 alone shall not exceed the limits set forth therein, and no Company Holder shall be obligated to indemnify the Purchaser in an amount which exceeds such Company Holder’s Indemnity Share of the Indemnification Cap, except for breaches of Fundamental Representations or Statutory Representations or fraud of the Company Holders.  With respect to the Fundamental Representations and the Statutory Representations, the Company Holders shall have no indemnification obligations to the Purchaser in aggregate for any liability arising hereunder in excess of the Purchase Price, less all other payments made for indemnification obligations from the Indemnity Escrow or on account of Section 4.22.  With respect to the representations and warranties set forth in Section 4.22 (Data Privacy and Security), the Company Holders shall have no indemnification obligations to the Purchaser in aggregate for any liability arising hereunder in excess of $48,000,000.
		

		
			Section 9.5Other Limitations.
		

		
			(a)The amount of any Damages suffered by a Seller Indemnified Party or a Purchaser Indemnified Party, as the case may be, shall be reduced by any third-party insurance or other indemnification benefits which such party or any of its representatives receives in respect of or as a result of such Damages.  If any Damages for which indemnification is provided hereunder are subsequently reduced by any third-party insurance or other indemnification benefit, recovery, the amount of the reduction shall be remitted to the Seller Indemnified Party or Purchaser Indemnified Party, as the case may be.
		

		
			(b)Notwithstanding any other provision of this Agreement, in the case of any Damages or any alleged Damages arising hereunder as to which any Target Company is entitled to indemnification pursuant to any asset purchase agreement pursuant to which any Target Company acquired assets, the Purchaser shall proceed (or shall cause such Target Company to proceed) directly against the indemnitors thereunder and shall use its best efforts to enforce the rights of any Target Company under those agreements before making any claim against the Company Holders hereunder; provided, that the Seller Representative shall cooperate reasonably with the Purchaser in making any such claim thereunder.
		

		
			(c)No Action for indemnification, reimbursement or any other remedy pursuant to this Article may be brought with respect to breaches of representations and warranties contained herein after the applicable Expiration Date; provided, however, that, if, prior to the applicable Expiration Date, an Indemnified Party shall have notified the Indemnifying Party in writing of a specific claim for indemnification under this Article and such notice identifies the nature of such claim with reasonable specificity, such 
		

		 

		

			-  53  -

		

 

		

			 

		

		Indemnified Party shall be entitled to be indemnified with respect to such claim in accordance with this Article notwithstanding the occurrence of such Expiration Date.
		

		
			(d)Notwithstanding any other provision of this Agreement, in no event shall any Indemnified Party be entitled to indemnification for Damages pursuant to this Article IX to the extent any Damages were attributable to such Indemnified Party’s own gross negligence or willful misconduct.
		

		
			Section 9.6Notice and Payment of Claims.
		

		
			(a)Notice.  An Indemnified Party shall notify the Indemnifying Party (with reasonable specificity) promptly after it becomes aware of facts supporting an Action for indemnification under this Article, and shall provide to the Indemnifying Party as soon as practicable thereafter all information and documentation necessary to support and verify any Damages associated with such Action.  The failure to so notify or provide information to the Indemnifying Party shall not relieve the Indemnifying Party of any liability that it may have to any Indemnified Party, except to the extent that the Indemnifying Party demonstrates that it has been actually prejudiced by the Indemnified Party’s failure to give such notice, in which case the Indemnifying Party shall be relieved from its obligations hereunder.
		

		
			(b)Payment.  In the event an Action for indemnification under this Article shall have been Finally Determined, the amount of the related Damages shall be paid by the Company Holders, or the Purchaser, as the case may be, to the Seller Indemnified Party or the Purchaser Indemnified Party, as the case may be, in immediately available funds in U.S. dollars within five (5) business days after such Final Determination.  For purposes of this Agreement, the terms “Finally Determined,” “Final Determination” and other similar phrases shall mean with respect to any Action, and the liability for and amount of Damages therefor, when the parties to such Action have so determined by mutual agreement or, if disputed, when a final, non-appealable decision has been rendered in accordance with Article IX hereof.    
		

		
			(c)Third-Party Claims.  In the event that the Indemnifying Party may be required to indemnify an Indemnified Party pursuant to this Article against any Action made or brought by a third-party (a “Third-Party Claim”), indemnification shall be provided in accordance with the following procedures:
		

		
			(i)Upon receipt by an Indemnified Party of notice of the commencement of a Third-Party Claim against it, such Indemnified Party shall, if an Action is to be made against the Indemnifying Party under this Article, give notice to the Indemnifying Party of the commencement of such Third-Party Claim as soon as practicable, but in no event later than five (5) days after the Indemnified Party shall have been served with process, but the failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of any liability that it may have to any Indemnified Party, except to the extent that the Indemnifying Party demonstrates that its defense of such Third-Party Claim has been actually prejudiced by the Indemnified Party’s failure to give 
		

		 

		

			-  54  -

		

 

		

			 

		

		such notice, in which case the Indemnifying Party shall be relieved from its obligations hereunder.
		

		
			(ii)If a Third-Party Claim is brought against an Indemnified Party and it gives proper notice to the Indemnifying Party of the commencement of such Third-Party Claim, the Indemnifying Party will be entitled (unless the Action involves Taxes in which case defense will be handled as set forth in Section 6.6 hereof or unless the Indemnifying Party is also a party to such Third-Party Claim except if the Indemnifying Party determines in good faith that joint representation would be appropriate) to assume the control of defense of such Third-Party Claim with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such Third-Party Claim, the Indemnifying Party shall not, as long as it conducts such defense, be liable to the Indemnified Party under this Article IX for any fees of other counsel or any other expenses with respect to the defense of such Third-Party Claim, in each case subsequently incurred by the Indemnified Party in connection with the defense of such Third-Party Claim.
		

		
			(iii)If the Indemnifying Party assumes the defense of a Third-Party Claim, no compromise, discharge or settlement of or admission of liability in connection with such Third-Party Claim may be effected by the Indemnifying Party without the Indemnified Party’s consent (which consent shall not be unreasonably withheld or delayed) unless (A) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party (if such claim by the Indemnified Party for indemnification is successful) or (B) such settlement does not include terms other than monetary Damages which in the good faith judgment of the Indemnifying Party could significantly adversely affect such Target Company’s business operations after the Closing.
		

		
			Section 9.7Tax Consequences.  Any indemnity payment made under this Article shall be deemed to be an adjustment in the Purchase Price.
		

		
			Section 9.8Remedy.  Except for seeking equitable relief or claims based on fraud, from and after the Closing the sole remedy of either party in connection with a breach of the representations and warranties in this Agreement or a breach or violation of, or failure to perform, any covenant, agreement or obligation in this Agreement, shall be as set forth in this Article IX.  The eligible funds in the Indemnity Escrow account shall be the primary source of recovery with respect to any indemnity claim made hereunder by Purchaser, and no demand shall be made on Company Holders except to the extent in excess of funds available in the Indemnity Escrow.
		

		
			Section 9.9Powers of Attorney.
		

		
			(a)Each Company Holder and Asset Seller irrevocably constitutes and appoints Rock Island Capital Fund I, L.P. as such Company Holder’s true and lawful agent, proxy and attorney-in-fact and agent (the “Seller Representative”) and authorizes the Seller Representative acting for such Company Holder and in such Company Holder’s name, place and stead, in any and all capacities to do and perform every act and thing required or permitted to be done by such Company Holder or the Seller 
		

		 

		

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		Representative hereunder or otherwise in connection with the agreements and transactions contemplated by this Agreement, as fully to all intents and purposes as such Person might or could do in person, including, without limitation:
		

		
			(i)determine the presence (or absence) and direct payment of proceeds of claims for indemnification against the Purchaser pursuant to Article IX;
		

		
			(ii)deliver all notices required to be delivered by such Company Holder under this Agreement, including, without limitation, any notice of a claim for which indemnification is sought under Article IX;
		

		
			(iii)receive all notices required to be delivered to such Company Holder under this Agreement, including, without limitation, any notice of a claim for which indemnification is sought under Article IX;
		

		
			(iv)take any and all action on behalf of such Company Holder from time to time as the Seller Representative may deem necessary or desirable to defend, pursue, resolve and/or settle disputes or claims under this Agreement, including, without limitation, disputes regarding the Proposed Final Closing Statement or the calculation of the sum of the Net Working Capital plus Recent CapX and Cash Vault Deficiency under Section 2.4(e) and claims for indemnification under Article IX;
		

		
			(v)consent on behalf of the Company Holders with respect to matters under this Agreement or the transactions contemplated hereby; and
		

		
			(vi)engage and employ, at the expense of the Company Holders, agents and representatives (including accountants, legal counsel and other professionals) and to incur such other expenses as it deems necessary or prudent in connection with the administration of the foregoing.
		

		
			(b)Each Company Holder grants unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary or desirable to be done in connection with the transactions contemplated by this Agreement, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that the Seller Representative may lawfully do or cause to be done by virtue hereof.  Each Company Holder agrees that such agency, proxy and power of attorney are coupled with an interest, and are therefore irrevocable without the consent of the Seller Representative and Purchaser and shall survive the death, incapacity, or bankruptcy of such Company Holder.  Each Company Holder acknowledges and agrees that upon execution of this Agreement, any delivery by the Seller Representative of any waiver, amendment, agreement, opinion, certificate or other documents executed by the Seller Representative or any decisions made by the Seller Representative pursuant to this Section 9.9, such Company Holder shall be bound by such documents or decision as fully as if such Company Holder had executed and delivered such documents or made such decisions.  Company Holders shall reimburse, in accordance with their respective Indemnity Share, all costs incurred by the Seller Representative in acting as Seller 
		

		 

		

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		Representative and for all payments made on behalf of the Company Holders under this Agreement.
		

		
			(c)Liability.  The Seller Representative shall not have by reason of this Agreement a fiduciary relationship in respect of any Company Holder, except in respect of amounts received on behalf of such Company Holder.  The Seller Representative shall not be liable to any Company Holder for any action taken or omitted by it or any agent employed by it hereunder or under any other document or instrument contemplated hereby, or in connection therewith, except that the Seller Representative shall not be relieved of any liability imposed by law for gross negligence or willful misconduct.  The Seller Representative shall not be liable to any of the Company Holders for any apportionment or distribution of payments made by it in good faith, and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Company Holder to whom payment was due, but not made, shall be to recover from other Company Holders any payment in excess of the amount to which they are determined to have been entitled.  The Seller Representative shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement.
		

		
			(d)Replacement of the Seller Representative.  Each Company Holder acknowledges and agrees that, upon the dissolution, liquidation, termination, bankruptcy or other incapacity of the initial Seller Representative appointed pursuant to Section 9.9(a), Rock Island Capital, LLC shall be succeed to the responsibility and authority of the initial Seller Representative.
		

		
			(e)Actions of the Seller Representative.  Each Company Holder agrees that Purchaser shall be entitled to rely on any action taken by the Seller Representative, on behalf of the Company Holders, pursuant to Section 9.9(a)  above (each, an “Authorized Action”), and that each Authorized Action shall be binding on each Company Holder as fully as if such Company Holder had taken such Authorized Action.  Purchaser agrees that the Seller Representative shall have no liability to Purchaser for any Authorized Action, except to the extent that such Authorized Action is found by a final order of a court of competent jurisdiction to have constituted fraud or willful misconduct.  Company Holders agree, jointly and severally, to pay, and to indemnify and hold harmless, Purchaser from and against any losses which they may suffer, sustain, or become subject to, as the result of any claim by any Person that an Authorized Action is not binding on, or enforceable against, the Company Holders.  In addition, the Company Holders hereby release and discharge Purchaser, each Company and each of their respective Affiliates from and against any liability arising out of or in connection with the Seller Representative’s failure to distribute any amounts received by the Seller Representative on the Company Holders’ behalf to the Company Holders.
		

		
			Section 9.10Purchaser Reliance.  By execution hereof, Seller Representative agrees to accept payment of the Purchase Price and any other cash consideration hereunder, from time to time, on behalf of the Company Holders and to promptly disburse to the Equity Sellers and the Asset Sellers their respective Distributive Share thereof, net of (i) any applicable fees and expenses, including applicable fees of expenses of the Seller Representative arising out of or in 
		
		
 

		

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		connection with the acceptance or administration of the Seller Representative’s duties hereunder (and such reserves for contingencies as Seller Representative may deem necessary or appropriate) and (ii) adjustments to take account of the portion of the Net Working Capital attributable to the Target Companies (to be charged or credited to the Equity Sellers) and the Asset Sellers (to be charged or credited to the Company Holders in the Asset Sellers) as reasonably determined by the Seller Representative.  The Purchaser shall be entitled to rely on the full power and authority of Seller Representative to act hereunder and under any Exhibit or Schedule hereto on behalf of the Company Holders, and shall not be liable in any way whatsoever for any action the Purchaser takes or omits to take in reliance upon such power and authority.  The Company Holders shall look solely to the Seller Representative for payment of their Distributive Share of the cash consideration paid to Seller Representative by the Purchaser, less payments made or costs incurred by the Seller Representative on their behalf, and they shall have no recourse against Purchaser or any of its Affiliates or agents for payment thereof; provided, however, that this sentence shall in no way limit the Company Holders’ or the Seller Representative’s power to enforce any of the Company Holders’ rights hereunder.

		
		
			Article X

MISCELLANEOUS
		

		
			Section 10.1Amendment; Waiver.
		

		
			(a)This Agreement may be amended, modified or supplemented by the parties hereto, by action taken or authorized by their respective Manager or boards of directors, as applicable, at any time.  This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.
		

		
			(b)At any time prior to the Closing, the parties may (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (ii) waive any inaccuracies in the representations and warranties of the other parties contained herein or in any document, certificate or writing delivered pursuant hereto or (iii) waive compliance with any of the agreements, covenants or conditions of the other parties hereto contained herein.  Any agreement on the part of any party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.
		

		
			Section 10.2Notices.  All notices and other communications hereunder shall be in writing and shall be deemed given upon (a) transmitter’s confirmation of a receipt of a facsimile transmission, (b) confirmed delivery by a standard overnight carrier or when delivered by hand or (c) the expiration of five (5) business days after the day when mailed in the United States by certified or registered mail, postage prepaid, addressed at the following addresses (or at such other address for a party as shall be specified by like notice):
		

		 

		

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			(i)if to the Company Holders or the Selling Stockholder Representative (or any Company prior to Closing), to:
		

		
			Rock Island Capital Fund I, L.P.
		

		
			1415 W. 22nd Street
		

		
			Suite 1250
		

		
			Oak Brook, Illinois 60523
		

		
			Telephone:  (630) 413-9147
		

		
			Facsimile:  (630) 574-0213
		

		
			Attention:  Michael E. Nugent
		

		
			with a copy to:
		

		
			Neal J. White, P.C.
		

		
			McDermott Will & Emery LLP
		

		
			227 West Monroe Street
		

		
			Suite 4700
		

		
			Chicago, Illinois 60606
		

		
			Telephone:  (312) 984-7579
		

		
			Facsimile:  (312) 984-7700
		

		
			(ii)if to the Purchaser (or any Company after the Closing), to:
		

		
			Cardtronics USA, Inc.
		

		
			3250 Briarpark Drive 
		

		
			Suite 400
		

		
			Houston, Texas 77042
		

		
			Telephone:  (832) 308-4000
		

		
			Facsimile:  (832) 308-4001
		

		
			Attention:  General Counsel
		

		
			with a copy to:
		

		
			Michael F. Rogers
		

		
			Gardere Wynne Sewell LLP 
		

		
			1000 Louisiana Street
		

		
			Suite 3400
		

		
			Houston, Texas 77002 
		

		
			Telephone:  (713) 276-5769
		

		
			Facsimile:  (713) 276-6769
		

		
			 
		

		
			Section 10.3Interpretation.
		

		
			(a)Neither the specification of any dollar amount in any representation or warranty contained in this Agreement nor the inclusion of any specific item in any Schedule hereto is intended to vary the definition of “Material Adverse Effect” or to imply that such amount, higher or lower amounts, or the term so included or other items, are or are not material, and neither party shall use the fact of the setting forth of any such 
		
		
 

		

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		amount or the inclusion of any such item in any dispute or controversy between the parties as to whether any obligation, item or matter not described herein or included in any Schedule is or is not material for the purposes of this Agreement.  Unless this Agreement specifically provides otherwise, neither the specification of any item or matter in any representation or warranty contained in this Agreement nor the inclusion of any specific item in any Schedule hereto is intended to imply that such item or matter, or other items or matters, are or are not in the Ordinary Course of Business, and no party shall use the fact of the setting forth or the inclusion of any such item or matter in any dispute or controversy between the parties as to whether any obligation, item or matter not described herein or included in any Schedule is or is not in the Ordinary Course of Business for purposes of this Agreement.

		
		
			(b)For purposes of this Agreement, words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires.  Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.”  The terms “hereof,” “herein” and “hereto” shall be interpreted to refer to this Agreement in its entirety and to all of the Schedules and not to any particular provision, unless otherwise stated.  The use of the phrase “reasonable best efforts” in provisions relating to the obligations of the parties to seek required consents and approvals of any Person shall in no event contemplate payment of any amount to such Person that is more than minimal or the incurrence of any liability or the agreement to the modification of any existing obligation or arrangement in a manner that would be adverse in any material respect to any party hereto in order to obtain any such consent or approval.  The phrase “made available” when used in this Agreement shall mean that the information referred to has been made available if requested by the party to whom such information is to be made available.  The term “Affiliate” when used in this Agreement shall have the meaning ascribed to it in Rule 12b-2 under the Exchange Act.  The phrase “beneficial ownership” and words of similar import when used in this Agreement shall have the meaning ascribed to it in Rule 13d-3 under the Exchange Act.
		

		
			Section 10.4Headings; Schedules.
		

		
			(a)The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  When a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise indicated.
		

		
			(b)To the extent any matter disclosed pursuant to any Schedule of the Disclosure Schedule reasonably appears on its face to be applicable to another Schedule of the Disclosure Schedule such disclosure shall be deemed to be disclosed in such other Schedule but such disclosure shall not be deemed to be an admission or representation as to the materiality of the item so disclosed.
		

		
			(c)The Company Holders and the Companies shall have the right, by written notice to Purchaser, from time to time prior to the Closing to supplement, amend or update the Disclosure Schedule (a “Schedule Update”) to reflect facts, events or 
		
		
 

		

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		circumstances that occur after the date hereof that would have otherwise been appropriate to include in any section of the Disclosure Schedule.  Any Schedule Update shall not be effective for purposes of applying the provisions of Section 7.3(a);  however, if the Closing occurs after Purchaser’s receipt of any Schedule Update in accordance with and as permitted by the immediately preceding sentence, then such Schedule Update will be effective to cure and correct for all purposes any breach of any representation or warranty that would have existed if the Company Holders and the Companies had not made such Schedule Update.

		
		
			Section 10.5Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall be considered one and the same agreement.
		

		
			Section 10.6Entire Agreement.  This Agreement, together with the Confidentiality Agreement, constitutes the entire agreement, and supersedes all prior agreements and understandings (written and oral), among the parties with respect to the subject matter hereof.
		

		
			Section 10.7Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
		

		
			Section 10.8Damages; Specific Performance.  Notwithstanding anything to the contrary set forth herein, in no event shall any party hereto be entitled to any punitive, incidental, indirect, special or consequential damages or loss of profits resulting from or arising out of this Agreement or the transactions contemplated hereby.  Further, the parties acknowledge and agree that any breach of the terms of this Agreement would give rise to irreparable harm for which money damages would not be an adequate remedy and accordingly the parties agree that each shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of money damages as a remedy.
		

		
			Section 10.9Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.
		

		
			Section 10.10Dispute Resolution.
		

		
			(a)All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in the federal courts located in Harris County, Texas, and the Parties hereby irrevocably submit to the jurisdiction of such courts in any such action or proceeding and irrevocably waive the defense of an inconvenient forum.  Each Party irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to such Party at its address specified in Section 10.2.  Nothing in this Section 10.10 shall affect the right of any Party to serve legal process in any other manner permitted by Law.  The consents to jurisdiction set 
		
		
 

		

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		forth in this Section 10.10  shall not constitute general consents to service of process in the State of Texas and shall have no effect for any purpose except as provided in this Section 10.10 and shall not be deemed to confer rights on any person other than the Parties.

		
		
			(b)EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.10(b).
		

		
			Section 10.11Conflicts and Privilege.  It is acknowledged by each of the Parties that the Companies, the Company Holders, and the Seller Representative have retained McDermott Will & Emery LLP (“McDermott”), to act as their counsel in connection with the transactions contemplated hereby.  The Purchaser hereby agrees that, in the event that a dispute arises after the Closing between the Purchaser or any of the Companies, on the one hand, and the Seller Representative or any of the Company Holders on the other hand, McDermott may represent the Seller Representative and Company Holders in such dispute, even though the interests of the Seller Representative and Company Holders may be directly adverse to the Companies, and even though McDermott may have represented one or more of the Companies in a matter substantially related to such dispute. The Purchaser further agrees that, as to all communications among McDermott, the Companies, the Seller Representative and/or any Company Holders that relate in any way to the transactions contemplated by this Agreement, the attorney-client privilege and the expectation of client confidence belongs to the Seller Representative and the Company Holders and may be controlled by the Seller Representative and Company Holders and shall not pass to or be claimed by the Purchaser or the Companies after the Closing.  Notwithstanding the foregoing, in the event that a dispute arises between the Purchaser and the Companies on the one hand and a third party other than the Seller Representative or any Company Holder, on the other hand, the Purchaser and the Companies may assert the attorney-client privilege to prevent disclosure of confidential communications to such third party; provided, however, that neither the Purchaser or the Companies may waive such privilege without the prior written consent of the Seller Representative (which consent may not be unreasonably withheld or delayed).
		

		
			Section 10.12Construction.  The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.
		

		 

		

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			Section 10.13Disclaimer of Warranties.  EXCEPT AS TO THOSE MATTERS EXPRESSLY COVERED BY THE REPRESENTATIONS AND WARRANTIES IN THIS AGREEMENT, THE COMPANY HOLDERS AND THE COMPANIES DISCLAIM ALL OTHER WARRANTIES, REPRESENTATIONS AND GUARANTIES, WHETHER EXPRESS OR IMPLIED, AS TO THE COMPANIES AND THEIR ASSETS AND OPERATIONS.  THE COMPANY HOLDERS MAKE NO REPRESENTATIONS AS TO MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE AND NO IMPLIED WARRANTIES WHATSOEVER.  The Purchaser acknowledges that no other Person has made any representation or warranty, express or implied, as to the accuracy or completeness of any memoranda, charts, summaries or schedules heretofore made available to the Purchaser by the Company Holders or the Companies or any of their respective representatives or any other information which is not included in this Agreement or the Disclosure Schedule.  Neither the Company Holders nor any of their respective representatives nor any other Person will have or be subject to any liability to the Purchaser or any of its Affiliates or any other Person resulting from the distribution of any such information to, or use of any such information by, the Purchaser, any of its Affiliates, agents, accountants, counsel, or other representatives.
		

		
			Section 10.14Assignment.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties hereto.  Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by, the parties and their respective successors and assigns, and except to the extent necessary to enforce the provisions of Section 6.7 (Employee Benefits) and Section 6.10 (Indemnification of Managers, Directors and Officers) hereof the provisions of this Agreement are not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder.
		

		
			Section 10.15Definitions.  For purposes of this Agreement, the term:
		

		
			“401(k) Plan” means WSILC, LLC 401(k) Plan that was originally formed effective as of January 1, 2007.
		

		
			“Action” shall have the meaning set forth in Section 4.6.
		

		
			“Adjusted Current Assets” shall mean all of current assets of the Companies, including Cash on Hand, of the type reflected on, and determined in a manner consistent with the preparation of, the April 30, 2014 current assets and liabilities statement attached as Schedule 10.15 (WC Statement) but only to the extent that possession and control of such current assets is effectively transferred to Purchaser, directly or indirectly.  Notwithstanding the foregoing, Adjusted Current Assets excludes the following items referred to Schedule 10.15 (WC Statement): accounts receivable purchased, rebates receivables, inventory assets, ATM Inventory, amounts due/from Welch Gaming, LLC, prepaid tax, prepaid commissions, construction in progress and reserves for bad debt.  Consistent with Schedule 10.15 (WC Statement), Adjusted Current Assets excludes Excluded Assets other than Vault Cash in the COD/WG ATMs.
		

		

		

		 

		

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		“Adjusted Current Liabilities” shall mean all of the current liabilities of all of the Companies of the type reflected on, and determined in a manner consistent with the preparation of, the April 30, 2014 current assets and liabilities statement attached as Schedule 10.15 (WC Statement) (including Vault Cash Borrowings but excluding any current portion of all Indebtedness for Borrowed Money).  Notwithstanding the foregoing, Adjusted Current Liabilities excludes the following items referred to Schedule 10.15 (WC Statement): accrued interest, accrued income tax and the Idel Note.  Consistent with Schedule 10.15 (WC Statement), Adjusted Current Liabilities excludes Excluded Liabilities other than Vault Cash Borrowings.
		

		
			“Affiliate” shall have the meaning set forth in Section 10.3(b).
		

		
			“Affordable Care Act” shall have the meaning set forth in Section 4.10(g)(iv).
		

		
			“Agreement” shall have the meaning set forth in Section the Preamble.
		

		
			“Asset Allocation” shall have the meaning set forth in Section 6.6(c).
		

		
			“Asset Sellers” shall have the meaning set forth in the Preamble.
		

		
			“Assumed Liabilities” shall have the meaning set forth on Schedule 10.15(iii).
		

		
			“ATM” means any automated device or machine that provides (i) traditional automated teller machine functions including cash withdrawals, balance inquiries and account transfers and/or (ii) other services such as check cashing, money orders, money transfer, bill payment and telecommunications products.
		

		
			“Authorized Action” shall have the meaning set forth in Section 9.9(e).
		

		
			“Beneficial Ownership” shall have the meaning set forth in Section 10.3(b).
		

		
			“Capital Expenditures” means amounts paid for purchase or installation of ATMs or ATM upgrades (whether or not capitalized on the books of the Companies), computers, office equipment, EMV and Windows XP upgrades, other capital assets or related expenditures.
		

		
			“Cash on Hand” means the amount of cash and bank deposits of the Target Companies on the Closing Date and the amount of cash in the EFT Accounts on the Closing Date, but only to the extent that possession and control of all such cash and bank deposits are effectively transferred to Purchaser, directly or indirectly, less escrowed amounts or other restricted cash balances and less the amounts of any unpaid checks, drafts and wire transfers issued on or prior to the date of determination.  Cash on Hand includes Vault Cash, currency, bank account balances and short-term, highly-liquid instruments maturing in 90 days or less such as T-bills, short-term CDs and other short-term financial instruments.
		

		
			“Cause” means, solely for the purposes of this Agreement, a determination by Purchaser, or if disputed by Hewitt, by a final non-appealable determination of a court pursuant to an action or proceeding conducted in accordance with Section 10.9 and Section 10.10, that Hewitt (a) has engaged in gross negligence or willful misconduct in the performance of Hewitt’s duties with respect to Purchaser and, if capable of being cured, such gross negligence or willful misconduct 
		

		 

		

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		remains uncured for a period of ten (10) days after written notice to Hewitt specifying in detail the alleged actions and the required cure, (b) has refused without proper legal reason to perform Hewitt’s duties and responsibilities to Purchaser, (c) has breached any material provision of this Agreement, any written agreement between Hewitt and Purchaser or corporate policy or code of conduct established by Purchaser and, if capable of being cured, such breach remains uncured for a period of thirty (30) days after written notice to Hewitt specifying in detail the breach and the required cure, (d) has disclosed without specific authorization from Purchaser Confidential Information (as defined in Hewitt's employment agreement executed at Closing) or any of its affiliates that is materially injurious to any such entity, or (e) has been convicted of (or pleaded no contest to) a crime involving an act of theft, fraud, embezzlement, misappropriation or willful breach of a fiduciary duty of loyalty.
		

		
			“Change in Control” shall mean (a) a merger of Cardtronics, Inc., a Delaware corporation (“Parent Company”), with another entity, a consolidation involving the Parent Company, or the sale of all or substantially all of the assets of the Parent Company to another entity if, in any such case, (i) the holders of equity securities of the Parent Company immediately prior to such transaction or event do not beneficially own immediately after such transaction or event equity securities of the resulting entity entitled to 51% or more of the votes then eligible to be cast in the election of directors generally (or comparable governing body) of the resulting entity in substantially the same proportions that they owned the equity securities of the Parent Company immediately prior to such transaction or event or (ii) the persons who were members of the board of directors of the Parent Company (the “Board”) immediately prior to such transaction or event shall not constitute at least a majority of the board of directors of the resulting entity immediately after such transaction or event; (b) the dissolution or liquidation of the Parent Company; or (c) when any person or entity, including a “group” as contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power of the outstanding securities of the Parent Company. For purposes of the preceding sentence, (i) “resulting entity” in the context of a transaction or event that is a merger, consolidation or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the case of an asset sale) unless the surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity and the holders of common stock of the Parent Company receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such other entity, (ii) subsequent to the consummation of a merger or consolidation that does not constitute a Change in Control, and (iii) the term “Parent Company” shall refer to the resulting entity and the term “Board” shall refer to the board of directors (or comparable governing body) of the resulting entity.
		

		
			“Closing” shall have the meaning set forth in Section 1.2.
		

		
			“Closing Date” shall have the meaning set forth in Section 1.2.
		

		
			“Closing Payment Amount” shall have the meaning set forth in Section 2.2(a).
		

		
			“Closing Statement Dispute” shall have the meaning set forth in Section 2.4(e)(i).
		

		
			“Closing Statement Objection” shall have the meaning set forth in Section 2.4(c).
		

		

		

		 

		

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		“COD” shall have the meaning set forth in the Preamble.
		

		
			“COD/WG ATMs” shall mean those Company-Owned ATMs that are owned by an Asset Seller as indicated on Schedule 4.19(b)(i).  
		

		
			“Code” shall have the meaning set forth in Section 4.10(b)(v).
		

		
			“Companies” shall have the meaning set forth in the Preamble.
		

		
			“Company” shall have the meaning set forth in the Preamble.
		

		
			“Company ATMs” means, collectively, all of the Company-Owned ATMs and Company-Serviced ATMs.
		

		
			“Company Financial Statements” shall have the meaning set forth in Section 4.4(a).
		

		
			“Company Holder” shall have the meaning set forth in the Preamble.
		

		
			“Company Merchant” means any retailer or other business owner that authorizes any Company to (i) place one or more Company-Owned ATMs in the business premises of such retailer or other business owner or (ii) provide processing, maintenance or other services with respect to a Company-Serviced ATM located in the business premises of such retailer or other business owner.
		

		
			“Company Merchant Agreement” means any Contract with a Company Merchant whereby any Company is authorized to (i) place Company-Owned ATMs in identified retail stores or other places of business of such Company Merchant or (ii) provide processing, maintenance or other services or products with respect to a Company-Serviced ATM located in identified retail stores or other places of business of such Company Merchant.
		

		
			“Company-Owned ATM” means an ATM owned by any Company, including those ATMs that are in service at a Company Merchant’s place of business and those that are out of service (whether located in storage or in a laboratory or repair shop).
		

		
			“Company-Serviced ATM” means an ATM (i) owned by a Person other than a Company (such as a merchant or a Dealer) and (ii) for which the Company provides processing, maintenance or other services or products pursuant to a Company Merchant Agreement or a Distribution Agreement.
		

		
			“Competition Law” shall have the meaning set forth in Section 3.3.
		

		
			“Confidentiality Agreement” shall have the meaning set forth in Section 6.2(b).
		

		
			“Confidential Information” shall have the meaning set forth in Section 6.14(c).
		

		
			“Continuing Target Employee” shall have the meaning set forth in Section 6.7(a)(ii).
		

		
			“Contract” means any written contract, agreement, indenture, note, bond, mortgage, loan, instrument, lease, license, commitment or other arrangement, commitment or obligation.
		

		

		

		 

		

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		“Contract Forms” shall have the meaning set forth in Section 4.11(e)(i).
		

		
			“Copyrights” shall have the meaning set forth in the definition of Intellectual Property.
		

		
			“COD” shall have the meaning set forth in the Preamble.
		

		
			“CPA Firm” shall have the meaning set forth in Section 2.4(e)(ii).
		

		
			“Cummins” shall have the meaning set forth in Section 1.3(r).
		

		
			“Damages” shall have the meaning set forth in Section 9.2.
		

		
			“Data Room” means the virtual data room maintained by Intralinks, Inc. on behalf of the Companies and the Equity Sellers and to which the Companies have posted numerous legal documents, financial reports and other data and information related to the Companies and their respective business, legal and financial affairs for review by Purchaser.  As used herein, the “Data Room” shall refer to such virtual data room as it was constituted on the date of execution of this Agreement.
		

		
			“Dealer” means any dealer, distributor or wholesaler that has (i) made arrangements to (x) place ATMs owned by such dealer, distributor or wholesaler in third party retailer locations or (y) service and support ATMs owned by third party retailers and (ii) entered into a Distribution Agreement with any Company with respect to some or all of such ATMs.
		

		
			“Disclosure Schedule” shall mean the Disclosure Schedule delivered in connection with this Agreement.
		

		
			“Discontinued Employees” shall have the meaning set forth in Section 6.7(a)(i).
		

		
			“Distribution Agreement” means any Contract between the Company and a Dealer in which the Company agrees to provide processing, maintenance or other services or products with respect to ATM’s of merchants under contract with such Dealer.
		

		
			“Distributive Share” shall mean for an Equity Seller or an Asset Seller the percentage set forth on Schedule 10.15 (Distributive Share).
		

		
			“EFT Accounts” means the bank accounts titled and held in the name of an Asset Seller at United Community Bank under Account Numbers 951277 and 1178675, which are the only accounts, other than accounts owned and controlled by the Target Companies, into which the interchange revenues and surcharge fees, and related operating revenues attributable to the use of the Company ATMs and sale of products and related services are directly and automatically deposited.
		

		
			“Environmental Claim” shall have the meaning set forth in Section 4.13(f)(i).
		

		
			“Environmental Laws” shall have the meaning set forth in Section 4.13(f)(ii).
		

		
			“Equity Sellers” shall have the meaning set forth in the Preamble.
		

		

		

		 

		

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		“Equity Seller Units” shall have the meaning set forth in the Preamble.
		

		
			“ERISA” shall have the meaning set forth in Section 4.10(a).
		

		
			“ERISA Affiliate” shall have the meaning set forth in Section 4.10(a).
		

		
			“Escrow Agent” means JPMorgan Chase Bank, N.A.
		

		
			“Escrow Agreement” means that certain Escrow Agreement, dated as of the Closing Date, by and among the Seller Representative and the Purchaser, substantially in the form of Exhibit B.
		

		
			“Estimated Closing Statement” shall have the meaning set forth in Section 2.4(a).
		

		
			“Excluded Assets” shall have the meaning set forth on Schedule 10.15(ii).
		

		
			“Excluded Autos” shall have the meaning set forth in Section 6.19.
		

		
			“Excluded Liabilities” shall have the meaning set forth on Schedule 10.15(iv).
		

		
			“Expiration Date shall have the meaning set forth in Section 9.1.
		

		
			“Final Closing Statement” shall mean: (i) the Estimated Closing Statement if no Proposed Final Closing Statement is delivered to the Seller Representative within the ninety (90) calendar day period specified in Section 2.4(a);  (ii) the Proposed Final Closing Statement if (A) no Closing Statement Objection is delivered to Purchaser by the Seller Representative during the thirty (30) calendar day period specified in Section 2.4(b) or (B) Seller Representative and Purchaser so agree in writing; (iii) the Proposed Final Closing Statement, adjusted in accordance with the Closing Statement Objection, if Purchaser does not provide Seller Representative with a written notice of disagreement in response to the Closing Statement Objection within the fifteen (15) calendar day period specified in Section 2.4(d); or (iv) the Proposed Final Closing Statement, as adjusted by (A) the written agreement of Purchaser and Seller Representative and/or (B) the CPA Firm in accordance with Section 2.4(e)(ii).
		

		
			“Final Determination” shall have the meaning set forth in Section 9.6(b).
		

		
			“Finally Determined” shall have the meaning set forth in Section 9.6(b).
		

		
			“Fundamental Reports shall have the meaning set forth in Section 9.1.
		

		
			“GAAP” shall have the meaning set forth in Section 4.4(a).
		

		
			“Gaming Redemption Functionality” shall have the meaning set forth in Section 6.14(a).
		

		
			“Good Reason” means, solely for the purposes of this Agreement, the occurrence of (i) a material breach of Hewitt's employment agreement by Purchaser and such breach remaining uncured for a period of thirty (30) days after written notice to Purchaser of such breach (except notice and cure period shall not apply to any payment breach); (ii) Hewitt’s primary duties and/or responsibilities as Executive Vice President, U.S. Sales and Relationship Manager are 
		

		 

		

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		materially reduced; (iii) Hewitt being unable to perform Hewitt’s duties or fulfill Hewitt’s obligations under Hewitt's employment agreement executed at Closing by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months as determined by a competent medical physician selected by Hewitt; (iv) Hewitt’s death; (v) Purchaser requiring that Hewitt relocate his principal office outside of the greater St Louis, Missouri metropolitan area; or (vi) a Change of Control.  
		

		
			“Governmental Entity” shall have the meaning set forth in Section 3.3.
		

		
			“Gross Purchase Price” shall have the meaning set forth in Section 2.1.
		

		
			“Hazardous Substance” shall have the meaning set forth in Section 4.13(f)(iii).
		

		
			“Hewitt” shall have the meaning set forth in Section 1.3(q).
		

		
			“Hewitt Employment Agreement” shall mean, as of any time, the then effective Employment Agreement between the Purchaser (or one of its Affiliates), as employer, and Hewitt, as employee.
		

		
			“HIPAA” shall have the meaning set forth in Section 4.10(g)(iv).
		

		
			“HR Financial” shall have the meaning set forth in Section 6.14(a).
		

		
			“Idel” shall have the meaning set forth in Section 6.14(a).
		

		
			“Idel Note” means that certain Nontransferable Conditional Subordinated Promissory Note dated as of January 1, 2014, in the principal amount of up to $100,000, issued by WSILC and payable to IDI ATM, LLC, a Missouri limited liability company.
		

		
			“Indebtedness for Borrowed Money” means, with respect to any Person, (a) indebtedness of such Person for borrowed money, (b) obligations of such Person evidenced by notes, bonds, debentures or other similar instruments (including the Idel Note and the One Point Note), (c) obligations of such Person as lessee under leases required to be capitalized pursuant to GAAP consistently applied, (d) obligations of such Person for amounts drawn under acceptances, letters of credit or similar facilities, and (e) guarantees and similar commitments relating to any of the foregoing items; provided, however, notwithstanding the foregoing, Indebtedness for Borrowed Money shall only include interest bearing debt and/or debt requiring payment of a premium upon maturity, and shall not include, other than the Idel Note and the One Point Note, any purchase money indebtedness for goods purchased from vendors, operating leases or other trade payables and shall not include Vault Cash Borrowings. 
		

		
			“Indemnification Cap” shall have the meaning set forth in Section 9.4(b).
		

		
			“Indemnified Party” shall mean, with respect to any indemnification claim under Article IX, the Party that is entitled to be indemnified with respect to such claim in accordance with Article IX.
		

		

		

		 

		

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		“Indemnifying Party” shall mean, with respect to any indemnification claim under Article IX, the Party that is required to provide indemnification to the Indemnified Party with respect to such claim in accordance with Article IX.
		

		
			“Indemnity Escrow Amount” shall have the meaning set forth in Section 1.5.
		

		
			“Indemnity Share” shall mean for a Company Holder the percentage set forth on Schedule 10.15 (Indemnity Share).
		

		
			“Intellectual Property” means all intellectual property rights arising from or in respect of the following, whether protected, created or arising under the Laws of the United States or any other jurisdiction, including: (i) all patents and patent applications, including all continuations, divisionals, continuations-in-part and provisionals and patents issuing thereon, and all reissues, reexaminations, substitutions, renewals and extensions thereof (collectively, “Patents”); (ii) all trademarks, service marks, trade names, trade dress, logos, corporate names and other source or business identifiers, together with the goodwill associated with any of the foregoing, and all applications, registrations, renewals and extensions thereof (collectively, “Marks”); (iii) all Internet domain names; (iv) all copyrights, works of authorship and moral rights, and all registrations, applications, renewals, extensions and reversions thereof (collectively, “Copyrights”); and (v) all confidential and proprietary information, trade secrets and non-public discoveries, research and development, technology, know-how, formulae, inventions, compositions, processes, techniques, technical data and information, procedures, designs, drawings, specifications, databases, customer lists, supplier lists, pricing and cost information, and business and marketing plans and proposals (collectively, “Trade Secrets”).
		

		
			“Intellectual Property Licenses” means (excluding Shrinkwrap Software): (i) any grant by a Company to another Person of any license, sublicense, right, permission, consent or non-assertion relating to or under any Company Intellectual Property and/or Company Technology; and (ii) any grant by another Person to a Company of any license, sublicense, right, permission, consent or non-assertion relating to or under any Intellectual Property and/or Technology owned by a third Person. 
		

		
			“Interim Financial Statement” shall have the meaning set forth in Section 4.4(a).
		

		
			“Knowledge” with respect to any Company Holder or the Company Holders generally shall mean the actual knowledge of such Company Holder or Company Holders, as the case may be.  References in this Agreement to the “Knowledge” of any Company shall mean the actual knowledge of Hewitt, Cummins, Sara Heinzmann and Brian Bauer.
		

		
			“Law” means any applicable foreign, federal, state or local law, statute, code, ordinance, rule or regulation.
		

		
			“Liens” shall have the meaning set forth in Section 4.2(a).
		

		
			“Leases” shall have the meaning set forth in Section 4.15(b).
		

		
			“Legal Proceeding” shall have the meaning set forth in Section 6.9(a).
		

		

		

		 

		

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		“LLC Agreement” means, as to each Company, its limited liability company agreement or limited liability company operating agreement, with all amendments thereto.
		

		
			“LLC Units” shall have the meaning set forth in the Preamble.
		

		
			“Management Agreement” shall have the meaning set forth in Section 1.3(l).  
		

		
			“Marks” shall have the meaning set forth in the definition of Intellectual Property.
		

		
			“Material Adverse Effect” shall mean a material adverse effect on the business, assets, liabilities, capitalization, condition (financial or otherwise), the results of operations or prospects of all of the Companies, taken as a whole, after taking into effect any insurance recoveries; provided, however, that a Material Adverse Effect shall not include (a) the execution, delivery, announcement or pendency of this Agreement or the transactions contemplated by this Agreement; (b) business or political conditions or conditions generally affecting the industry or segments therein in which the Companies participate, the U.S. economy as a whole or the capital, credit or financial markets in general or the markets in which the Companies operate; (c) any action taken or statement made by Purchaser or its Affiliates or their respective representatives; (d) compliance with the terms of, or the taking of any action required by, this Agreement or approved by Purchaser; (e) any change in accounting requirements or principles or any change in applicable Laws or the interpretation or enforcement thereof by a Governmental Entity; (f) actions required to be taken under applicable Laws or Contracts; (g) any action taken in connection with obtaining regulatory or third party approvals, licenses or consents or any event, change or effect resulting therefrom; (h) any acts of war (whether or not declared), armed hostilities, sabotage or terrorism occurring after the date of this Agreement or the continuation, escalation or worsening of any such acts of war, armed hostilities, sabotage or terrorism threatened or underway as of the date of this Agreement; or (i) any earthquakes, hurricanes, floods or other natural disasters, or force majeure events.
		

		
			“Material Contracts” shall have the meaning set forth in Section 4.11(a).
		

		
			“McDermott” shall have the meaning set forth in Section 10.11.
		

		
			“Negative WC/CapX Adjustment” shall have the meaning set forth in Section 2.1.
		

		
			“Net Purchase Price” shall have the meaning set forth in Section 2.1.
		

		
			“Net Working Capital” shall mean the amount (positive or negative) in U.S. Dollars equal to (i) the aggregate Adjusted Current Assets as of the Closing Date minus (ii) the aggregate Adjusted Current Liabilities as of the Closing Date.
		

		
			“New ADA Rules” means (i) the revised Regulations issued under Title III (Public Accommodations) of the Americans with Disability Act as signed on July 23, 2010 with an effective date of March 15, 2012 and (ii) the ADA Standards for Accessible Design adopted by the United States Department of Justice in September 2010 with an effective date of March 15, 2012.
		

		

		

		 

		

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		“One Point Note” that certain Nontransferable Conditional Subordinated Promissory Note dated as of August 15, 2013, in the principal amount of up to $575,000, issued by WSILC and payable to One Point Financial, LLC, a Georgia limited liability company.
		

		
			“Order” shall have the meaning set forth in Section 4.8(a).
		

		
			“Ordinary Course of Business” shall have the meaning set forth in Section 6.1(a).
		

		
			“Party” or “Parties” shall have the meaning set forth in the Preamble.
		

		
			“Past Employee Termination Amount” shall mean the total aggregate remaining payments due and payable from and after the Closing Date from WSILC to one of its prior employees pursuant to the terms of that certain Resignation and Release Agreement dated as of August 28, 2013 and entered into by and between WSILC and such prior employee.
		

		
			“Patents” shall have the meaning set forth in the definition of Intellectual Property.
		

		
			“Permits” shall have the meaning set forth in Section 4.8(b).
		

		
			“Permitted Gaming Cash Dispenser” shall have the meaning set forth in Section 6.14(a).
		

		
			“Permitted Liens” shall have the meaning set forth in Section 4.15(d).
		

		
			“Person” shall have the meaning set forth in the definition of Subsidiary.
		

		
			“Personally Identifiable Information”  means information about an individual that either (i) contains data elements that identify the individual or (ii) with respect to which there is a reasonable basis to believe the information can be used to identify the individual.  Personally Identifiable Information includes, but is not limited to, (a) personal identifiers such as name, address, Social Security Number, date of birth, driver’s license number or state identification number, and passport number, (b) health information, including any information relating to treatment or conditions, (c) financial information, including credit or debit card numbers, account numbers, access codes, consumer report information, insurance policy number and (d) demographic information. 
		

		
			“Plans” shall have the meaning set forth in Section 4.10(a).
		

		
			“Positive WC/CapX Adjustment” shall have the meaning set forth in Section 2.1.
		

		
			“Pre-Closing Returns” shall have the meaning set forth in Section 6.6(b)(i).
		

		
			“Processor Reports” shall mean the Processor Reports issued by Purchaser, CDS, Elan, Switch Commerce, and First Data with respect to the Company ATMs during the months included in calendar year 2013 and the first four months of calendar year 2014.
		

		
			“Proposed Final Closing Statement” shall have the meaning set forth in Section 2.4(a)Section 2.4(b).
		

		
			“Purchase Price” shall have the meaning set forth in Section 2.1.
		

		

		

		 

		

			-  72  -

		

 

		

			 

		

		“Purchased Assets” shall have the meaning set forth on Schedule 10.15(i).
		

		
			“Purchaser” shall have the meaning set forth in the Preamble.
		

		
			“Purchaser Indemnified Parties” shall have the meaning set forth in Section 9.2.
		

		
			“Purchaser Plan” shall have the meaning set forth in Section 6.7(b).
		

		
			“Real Property” shall have the meaning set forth in Section 4.15(a).
		

		
			“Receivables” shall have the meaning set forth in Section 4.4(b).
		

		
			“Recent Balance Sheet” shall have the meaning set forth in Section 4.4(a).
		

		
			“Recent CapX” means the Companies’ aggregate Capital Expenditures during the period commencing April 1, 2014 and ending on the Closing Date.
		

		
			“Records” shall have the meaning set forth in Section 6.9(a).
		

		
			“Restricted Business” shall have the meaning set forth in Section 6.14(a).
		

		
			“Retention Amount” shall have the meaning set forth in Section 1.6.
		

		
			“Return” shall have the meaning set forth in Section 4.12(f)Section 4.12(h).
		

		
			“RTW” shall have the meaning set forth in the Preamble.
		

		
			“Schedule Update” shall have the meaning set forth in Section 10.4(c).
		

		
			“Seller Indemnified Parties” shall have the meaning set forth in Section 9.3.
		

		
			“Seller Representative” shall have the meaning set forth in Section 9.9(a).
		

		
			“Seller Transaction Expenses” means any and all legal fees of McDermott, accounting, consulting, investment banking, investment advisory and other third party fees, costs and expenses of the Seller Representative and the Companies relating to or arising as a result of the transactions contemplated hereby, including, without limitation, those costs, expenses and other payments identified in Section 6.7(a)(ii) with respect to Discontinued Employees. 
		

		
			“Shrinkwrap Software” means Software licensed to a Company under a shrink-wrap or click-through agreement on reasonable terms through commercial distributors or in consumer retail stores.
		

		
			“Software” means any and all: (i) computer programs, including any and all software implementations of algorithms, models and methodologies, whether in source code or object code; (ii) databases and compilations, including any and all data and collections of data, whether machine readable or otherwise; (iii) descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, 
		

		 

		

			-  73  -

		

 

		

			 

		

		firmware, development tools, templates, menus, buttons and icons; and (iv) all documentation, including user manuals and other training documentation, related to any of the foregoing.
		

		
			“Statutory Representations” shall have the meaning set forth in Section 9.1.
		

		
			“Straddle Returns” shall have the meaning set forth in Section 6.6(b)(ii).
		

		
			“Subsidiary” shall mean, with respect to any Person, any corporation or other entity of which more than 50% of the securities or other interests having by their terms ordinary voting power to elect a majority of the Board of Directors or Managers or others performing similar functions with respect to such entity is directly or indirectly owned by such Person.  “Person” shall mean an individual, partnership, joint venture, trust, corporation, unincorporated entity or Governmental Entity.
		

		
			“Subsidiary Interest” shall have the meaning set forth in the Preamble.
		

		
			“Systems” shall have the meaning set forth in Section 4.21.
		

		
			“Taxes” shall have the meaning set forth in Section 4.12(h).
		

		
			“Technology” means (excluding Shrinkwrap Software) all Software, information, designs, formulae, algorithms, procedures, methods, techniques, ideas, know-how, research and development, technical data, programs, tools, materials, specifications, processes, inventions (whether patentable or unpatentable and whether or not reduced to practice), apparatus, creations, improvements and other similar materials, and all recordings, graphs, drawings, reports, analyses, and other writings, and other embodiments of any of the foregoing, in any form or media, and all related technology that are used in, incorporated in, embodied in, displayed by or relate to, any of the foregoing.
		

		
			“Third-Party Claim” shall have the meaning set forth in Section 9.6(c).
		

		
			“Trade Secrets” shall have the meaning set forth in the definition of Intellectual Property.
		

		
			“United Community Vault Line” shall mean that certain Universal Note and Security Agreement by and between COD and United Community Bank-Chatham, dated June 30, 2013. 
		

		
			“WARN Act” shall have the meaning set forth in Section 6.11.
		

		
			“WC/CapX Adjustment” shall have the meaning set forth in Section 2.1.
		

		
			“WG” shall have the meaning set forth in the Preamble.
		

		
			“WSILC” shall have the meaning set forth in the Preamble.
		

		
			“Vault Cash” means the currency supplied by one or more third party financial institutions pursuant to the terms of a vault cash agreement for the exclusive purpose of stocking the Company ATMs, which includes currency that is (i) loaded into a Company ATM and/or (ii) in the possession of an armored carrier service under contract with a Company for the 
		

		 

		

			-  74  -

		

 

		

			 

		

		express purpose of delivering such currency to (or retrieving such currency from) a Company ATM.
		

		
			“Vault Cash Agreements” shall have the meaning set forth in Section 4.11(a)(vii).  
		

		
			“Vault Cash Borrowings” shall have the meaning set forth in Section 4.11(a)(vii).
		

		
			“Welch License Agreement” means that certain License Agreement dated July 31, 2010 and entered into by and between Welch Systems, Inc., as licensor, and WSILC.
		

		
			“Year-End Financial Statements” shall have the meaning set forth in Section 4.4(a).
		

		
			[signature pages follow]
		

		
			 
		

		
			 
		

		

		

		 

		

			-  75  -

		

 

		

			 

		

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

		
			PURCHASER:

		

		
			CARDTRONICS USA, INC.
		

		
			By:/s/ Steven A. Rathgaber
Name:Steven A. Rathgaber
		

		
			Title:Chief Executive Officer
		

		
			COMPANIES:
		

		
			
WSILC, L.L.C.
		

		
			By: /s/ Michael E. Nugent
Name:Michael E. Nugent
		

		
			Title:Manager
		

		
			RTW ATM, LLC
		

		
			By: /s/ Michael E. Nugent
Name:Michael E. Nugent
		

		
			Title:Manager
		

		
			C.O.D., LLC
		

		
			By: /s/ Steven W. Schweizer
Name:Steven W. Schweizer
		

		
			Title:President
		

		
			WG ATM, LLC
		

		
			By: /s/ Steven W. Schweizer
Name:Steven W. Schweizer
		

		
			Title:President
		

		

		

		 

		

			[Signature Pages to Welch Purchase Agreement]

		

 

		

			 

		

		

			 

		

		

			 

		

		COMPANY HOLDERS:
		

		
			ROCK ISLAND CAPITAL FUND I, L.P.
		

		
			 
		

		
			By: RIC GP I, LLC, its general partner
		

		
			By: /s/ Michael E. Nugent
Name:Michael E. Nugent
		

		
			Title:Managing Member
		

		
			ROCK ISLAND CAPITAL Q FUND I, L.P.
		

		
			 
		

		
			By: RIC GP I, LLC, its general partner
		

		
			By: /s/ Michael E. Nugent
Name:Michael E. Nugent
		

		
			Title:Managing Member
		

		
			LANIGAN HOLDINGS, LLC
		

		
			 
		

		
			By: /s/ Steven J. Bayers
Name:Steven J. Bayers
		

		
			Title:Chief Financial Officer
		

		
			COMMUNITY MERCHANT SERVICES, INC.
		

		
			By: /s/ Frank F. Lunn IV
Name:Frank F. Lunn IV
		

		
			Title:Chief Executive Officer
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Pages to Welch Purchase Agreement]

		

 

		

			 

		

		

			 

		

		

			 

		

		KAHUNA BUSINESS HOLDINGS, LLC
		

		
			By: /s/ Frank F. Lunn IV
Name:Frank F. Lunn IV
		

		
			Title:Chief Executive Officer
		

		
			HR FINANCIAL SERVICES, INC.
		

		
			By: /s/ Steven W. Schweizer
Name:Steven W. Schweizer
		

		
			Title:President
		

		
			ARCH ATM, INC.
		

		
			By: /s/ Jeffrey M. Hewitt        
Name:Jeffery M. Hewitt
		

		
			Title:President
		

		
			WELCH SYSTEMS, INC.
		

		
			By: /s/ Jeffrey A. Martin
Name:Jeffrey A. Martin
		

		
			Title:President
		

		
			/s/ Jeffery M. Hewitt
		

		
			Jeffery M. Hewitt
		

		
			 
		

		
			/s/ Jeffrey A. Martin
		

		
			Jeffrey A. Martin
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Pages to Welch Purchase Agreement]

		

 

		

			 

		

		

			 

		

		

			 

		

		/s/ David W. Welch
		

		
			David W. Welch
		

		
			 
		

		
			/s/ Brad Cummins
		

		
			Brad Cummins
		

		
			 
		

		
			 
		

		
			/s/ Sara J. Heinzmann
		

		
			Sara J. Heinzmann
		

		
			 
		

		
			/s/ Jason W. Green
		

		
			Jason W. Green
		

		
			 
		

		
			/s/ Mark Idel
		

		
			Mark Idel
		

		
			 
		

		
			/s/ Bryan Bauer
		

		
			Bryan Bauer
		

		
			 
		

		
			 
		

		
			 
		

		
			SELLER REPRESENTATIVE:
		

		
			
ROCK ISLAND CAPITAL FUND I, L.P.
		

		
			 
		

		
			By: RIC GP I, LLC, its general partner
		

		
			By: /s/ Michael E. Nugent
Name:Michael E. Nugent
		

		
			Title:Managing Member
		

		
			 
		

		 

		

			[Signature Pages to Welch Purchase Agreement]Exhibit 10.1 2014.09.30

Exhibit 10.1   

................................................
SECOND AMENDMENT, EXTENSION AND INCREMENTAL ASSUMPTION AGREEMENT
dated as of October 1, 2014
among
LPL FINANCIAL HOLDINGS INC.,
as Holdings,
LPL HOLDINGS, INC.,
as Borrower,
CERTAIN SUBSIDIARIES OF LPL FINANCIAL HOLDINGS INC.,
as Subsidiary Guarantors,
THE LENDERS AND ADDITIONAL LENDERS PARTY HERETO,
BANK OF AMERICA, N.A.,
as Administrative Agent and Current Agent
and
JPMORGAN CHASE BANK, N.A.,
as Future Agent
................................................
J.P. MORGAN SECURITIES LLC,
SUNTRUST ROBINSON HUMPHREY, INC.,
WELLS FARGO SECURITIES, LLC,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
CITIZENS BANK, N.A.,
MORGAN STANLEY SENIOR FUNDING, INC.,
GOLDMAN SACHS BANK USA
and
CITIGROUP GLOBAL MARKETS INC.,
as Joint Lead Arrangers and Joint Bookrunners,

BBVA COMPASS,
as Documentation Agent
and
J.P. MORGAN SECURITIES LLC, SUNTRUST BANK, 
WELLS FARGO SECURITIES, LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, CITIZENS BANK, N.A.,  MORGAN STANLEY SENIOR FUNDING, INC., GOLDMAN SACHS BANK USA 
and
CITIGROUP GLOBAL MARKETS INC.
 as Co-Syndication Agents

SECOND AMENDMENT, EXTENSION AND INCREMENTAL ASSUMPTION AGREEMENT
This SECOND AMENDMENT, EXTENSION AND INCREMENTAL ASSUMPTION AGREEMENT (this “Agreement”), dated as of October 1, 2014, is made by and among LPL HOLDINGS, INC., a Massachusetts corporation (the “Borrower”), LPL FINANCIAL HOLDINGS INC., a Delaware corporation (“Holdings”), each subsidiary of the Borrower listed on the signature pages hereto (the “Subsidiary Guarantors”; the Subsidiary Guarantors, together with Holdings, the “Guarantors”; and the Guarantors, together with the Borrower, the “Credit Parties”), each of the undersigned banks and other financial institutions which is a “Lender” or an “Additional Lender” under (and as defined in) the Amended Credit Agreement (as defined below), BANK OF AMERICA, N.A., as administrative agent for the Lenders under, and as defined in, the Credit Agreement (as defined below) (the “Administrative Agent”), and also as collateral agent for the Lenders (in such capacities, “Current Agent” hereunder), and JPMORGAN CHASE BANK, N.A., as the future administrative agent and future collateral agent (in such capacities, “Future Agent”; and together with the Current Agent,  the “Agents”). 
PRELIMINARY STATEMENTS:
(1)The Borrower, Holdings, the Administrative Agent, the arrangers and other agents party thereto, and the banks and other financial institutions from time to time party thereto as lenders are parties to that certain Credit Agreement, originally dated as of March 29, 2012 (as amended by that certain First Amendment and Incremental Assumption Agreement, dated as of May 13, 2013, and as otherwise amended, modified or supplemented from time to time prior to the date hereof, the “Credit Agreement”, and as further amended by this Agreement, the “Amended Credit Agreement”).  Capitalized terms not otherwise defined in this Agreement have the same meanings as specified in the Credit Agreement;  
(2)The Incremental Revolving Refinancing Facility and the Incremental Revolving Increase. Section 2.14 of the Credit Agreement provides that the Borrower, Holdings, each Lender and each Additional Lender providing Additional/Replacement Revolving Credit Commitments, as part of an Additional/Replacement Revolving Credit Facility, and the Administrative Agent, may enter into an “Incremental Agreement” to provide for the  later‐maturing Additional/Replacement Revolving Credit Facility contemplated to be made pursuant to this Agreement to refinance and replace the existing Revolving Credit Facility under the Credit Agreement.  Section 2.14 of the Credit Agreement also provides that the Borrower, Holdings, each Lender and each Additional Lender providing an Incremental Revolving Increase Commitment (as defined below) pursuant to an Incremental Revolving Credit Commitment Increase (with respect to the new Additional/Replacement Revolving Credit Facility), and the Administrative Agent, may enter into an “Incremental Agreement” to provide for the Incremental Revolving Credit Commitment Increase contemplated to be made pursuant to this Agreement.  The Borrower has requested that the Lenders and the Additional Lenders listed on Schedule 1 hereto, hereinafter collectively referred to as the “Incremental Revolving Lenders”, collectively provide, on the Second Amendment Effective Date (as defined below),  pursuant to the terms hereof (a) the Incremental Revolving Refinancing Facility (as defined below) to replace the existing Revolving Credit Facility 

with a new revolving credit facility with a maturity date extended from March 29, 2017 to September 30, 2019 (subject to a springing maturity requirement, as set forth in the Amended Credit Agreement), and (b) an Incremental Revolving Credit Commitment Increase in the revolving  commitments available under the aforementioned Incremental Revolving Refinancing Facility, in an aggregate principal amount equal to $150,000,000 (the “Incremental Revolver Increase”), and each Incremental Revolving Lender is prepared to provide a portion of such Incremental Revolving Refinancing Facility and/or  such Incremental Revolver Increase, in each case in the corresponding amounts set forth in the applicable columns opposite such Incremental Revolving Lender’s name on Schedule 1 hereto, and in each case subject to the other terms and conditions set forth herein; 
(3)The Initial Tranche A Term Loan Extension and Refinancing. Section 2.15 of the Credit Agreement provides that the Credit Parties, the Administrative Agent and the applicable Extending Lenders may establish an Extended Term Facility pursuant to an Extension Agreement.  Section 2.14 of the Credit Agreement provides that the Borrower, Holdings, each Lender and each Additional Lender providing Incremental Term Loan Commitments, as part of an Incremental Term Loan Facility, and the Administrative Agent, may enter into an “Incremental Agreement” to provide for the later-maturing Incremental Term Loan Facility contemplated to be made pursuant to this Agreement and used to ratably refinance a portion of the remaining, unextended Initial Tranche A Term Loans.  The Borrower (a) desires to extend the maturity date of all of the outstanding Initial Tranche A Term Loans from March 29, 2017 to September 30, 2019, subject to a springing maturity requirement, as set forth in the Amended Credit Agreement (the “Tranche A Extension”), and (b) has requested that, to the extent that any Initial Tranche A Term Loans remain unextended, that the Lenders and Additional Lenders listed on Schedule 2 hereto, hereinafter collectively referred to as the “Incremental Term Lenders”, provide, on the Second Amendment Effective Date, pursuant to the terms hereof, new Incremental Tranche A Term Loans to refinance a portion of the unextended Initial Tranche A Term Loans (such Incremental Tranche A Term Loans to be issued on the same terms, and subject to the same conditions, as the Extended Term Loans referenced above), in each case in a principal amount set forth opposite each such Incremental Term Lender’s name under the heading “2019 Refinancing Extended Tranche A Term Loan Amount” on Schedule 2 to this Agreement; 
(4)Agency Replacement Consents. The Borrower desires to obtain the consent of all Lenders and all Additional Lenders party hereto to the making of certain other amendments to the Credit Agreement and the other Credit Documents to facilitate the future resignation and replacement of the Current Agent by the Future Agent; 
(5)Dividend Amendment. The Borrower desires to increase the amount of the “fixed” part of the general Dividends basket in Section 10.6(h) of the Credit Agreement from $250,000,000 to $400,000,000 (the “Dividend Amendment”); and
(6)The Borrower, the other Credit Parties, the Agents, and the Lenders and Additional Lenders party hereto have agreed, subject to the terms and conditions set forth below, to amend the Credit Agreement as hereinafter set forth in accordance with Sections 2.14, 2.15 and 13.1 of the Credit Agreement.

SECTION 1.Revolver Transactions.  Pursuant to Section 2.14 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 7 hereof, on and as of the Second Amendment Effective Date:
(a)The Incremental Revolving Refinancing Facility.  (i) Each Incremental Revolving Lender hereby agrees that upon, and subject to, the occurrence of the Second Amendment Effective Date, (A) such Incremental Revolving Lender shall make, as contemplated by Section 2.14 of the Credit Agreement, a new Additional/Replacement Revolving Credit Commitment in an amount equal to the amount set forth opposite such Incremental Revolving Lender’s name under the heading “Incremental Revolving Refinancing Commitments” on Schedule 1 to this Agreement, in each case as part of a new Class of revolving credit commitments constituting an Additional/Replacement Revolving Credit Facility, which is to be made pursuant hereto, and on the terms and conditions that are applicable to the “Revolving Credit Facility” (as defined in the Amended Credit Agreement), except that the aggregate principal amount all Additional/Replacement Revolving Credit Commitments thereunder shall initially be $250,000,000, and such Additional/Replacement Revolving Credit Facility shall be referred to herein as the “Incremental Revolving Refinancing Facility”; and (B) such Incremental Revolving Lender shall (1) in the case of an Incremental Revolving Lender that is already a Lender under the Credit Agreement, continue to be a “Lender”, and shall become an “Additional/Replacement Revolving Credit Lender” for all purposes of, and subject to all the obligations of an “Additional/Replacement Revolving Credit Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents and (2) in the case of an Incremental Revolving Lender that is not an existing Lender under the Credit Agreement (immediately prior to the Second Amendment Effective Date), be deemed to be, and shall become, an “Additional Lender”, an “Additional/Replacement Revolving Credit Lender” and a “Lender” for all purposes of, and subject to all the obligations of an “Additional Lender”, an “Additional/Replacement Revolving Credit Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents.  Each Credit Party and Bank of America, N.A., in its capacity as the Administrative Agent, Letter of Credit Issuer and Swingline Lender, hereby agree that, from and after the Second Amendment Effective Date, each Incremental Revolving Lender shall be deemed to be, and shall be and/or shall become, an “Additional Lender”, an “Additional/Replacement Revolving Credit Lender” and a “Lender”, as applicable, for all purposes of, and with all the rights and remedies of an “Additional Lender”, an “Additional/Replacement Revolving Credit Lender” and a “Lender”, as applicable, under, the Amended Credit Agreement and the other Credit Documents.  
(ii)    Each Incremental Revolving Lender, each Credit Party and Bank of America, N.A., in its capacity as the Administrative Agent, Letter of Credit Issuer and Swingline Lender, hereby agree that this Agreement is an “Incremental Agreement”, as defined in Section 2.14(e) of the Credit Agreement.  
(iii)     In accordance with the provisions of Section 5.2(e)(ii) and clause (ii) of the proviso to Section 2.14(b) of the Credit Agreement, the existing Revolving Credit Commitments under the Credit Agreement shall be immediately and permanently reduced by an amount equal to the aggregate principal amount of Additional/Replacement Revolving Credit Commitments made under the Incremental Revolving Refinancing Facility, and to 

the extent that there are any Revolving Credit Loans outstanding under the Revolving Credit Facility on the Second Amendment Date, such outstanding Revolving Credit Loans shall be refinanced with Additional/Replacement Revolving Credit Loans made under the Incremental Revolving Refinancing Facility (which Additional/Replacement Revolving Credit Loans shall be funded in cash, or with respect to each Incremental Revolving Lender that is also a Revolving Credit Lender under the Credit Agreement, through the exchange of such Incremental Revolving Lender’s outstanding Revolving Credit Loans, up to the full outstanding amount of such Revolving Credit Loans (with any deficiency to be funded in cash by such Incremental Revolving Lender)).   
(iv)    The Borrower and the Letter of Credit Issuer each hereby agrees that each Letter of Credit outstanding under the Revolving Credit Facility (immediately prior to the consummation of the transactions set forth in the preceding clauses of this Section 1(a)) shall be deemed to constitute a Letter of Credit issued pursuant to the Incremental Revolving Refinancing Facility.
(v)    After giving effect to all of the transactions set forth in the preceding clauses of this Section 1(a), the Additional/Replacement Revolving Credit Facility established pursuant hereto and referred to herein as the “Incremental Revolving Refinancing Facility” shall become, and shall be referred to as, the “Revolving Credit Facility”, and the “Additional/Replacement Revolving Credit Commitments”, the  “Additional/Replacement Revolving Credit Lenders” and the “Additional/Replacement Revolving Credit Loans” thereunder shall become, and shall be referred to as, the “Revolving Credit Commitments”, the “Revolving Credit Lenders” and the “Revolving Credit Loans”, respectively, in each case under, as defined in, and for all purposes of (x) the Amended Credit Agreement, and the other Credit Documents as amended by this Agreement, and (y) Section 1(b) of this Agreement. 
(b)The Incremental Revolving Increase.  (i)  Each Incremental Revolving Lender hereby agrees that, subject to the occurrence of the Second Amendment Effective Date and immediately following the consummation of the transactions set forth in Section 1(a) above, (A) such Incremental Revolving Lender shall make, as contemplated by Section 2.14 of the Credit Agreement, an increased Revolving Credit Commitment in an amount equal to the amount set forth opposite such Incremental Revolving Lender’s name under the heading “Incremental Revolving Increase Commitments” on Schedule 1 to this Agreement (each, an “Incremental Revolving Increase Commitment”), in each case constituting part of an Incremental Revolving Credit Commitment Increase made pursuant hereto; and (B) such Incremental Revolving Lender shall (1) in the case of an Incremental Revolving Lender that is already a Lender under the Credit Agreement (including if such Incremental Revolving Lender became a Lender after giving effect to Incremental Revolving Refinancing Facility), continue to be a “Revolving Credit Lender” and a “Lender”, and shall become an “Incremental Revolving Credit Commitment Increase Lender”, in each case for all purposes of, and subject to all the obligations of a “Revolving Credit Lender”, a “Lender” and an “Incremental Revolving Credit Commitment Increase Lender” under the Amended Credit Agreement and the other Credit Documents, and (2) in the case of an Incremental Revolving Lender that is not an existing Lender under the Credit Agreement, be deemed to be, and shall become, an “Additional 

Lender”, an “Incremental Revolving Credit Commitment Increase Lender” and a “Lender” for all purposes of, and subject to all the obligations of an “Additional Lender”, an “Incremental Revolving Credit Commitment Increase Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents.  Each Credit Party and the Administrative Agent hereby agree that, from and after the Second Amendment Effective Date and immediately following the consummation of the transactions set forth in Section 1(a) above, each Incremental Revolving Lender with an Incremental Revolving Increase Commitment shall be deemed to be, and shall be, a “Revolving Credit Lender”, an “Incremental Revolving Credit Commitment Increase Lender” and a “Lender”, as applicable, for all purposes of, and with all the rights and remedies of a “Revolving Credit Lender”, an “Incremental Revolving Credit Commitment Increase Lender” and a “Lender”, as applicable, under, the Amended Credit Agreement and the other Credit Documents.  From and after the Second Amendment Effective Date and immediately following the consummation of the transactions set forth in Section 1(a) above, each reference in the Amended Credit Agreement to any Incremental Revolving Lender’s Revolving Credit Commitments shall include its Incremental Revolving Increase Commitment as acquired pursuant to this Agreement, and as set forth opposite its name on Schedule 1 to this Agreement under the heading “Incremental Revolving Increase Commitments” on such Schedule 1.  As of the Second Amendment Effective Date, and after the consummation of the transactions set forth in this Section 1(b), each Incremental Revolving Lender’s aggregate Revolving Credit Commitment under the Amended Credit Agreement shall be the amount set forth opposite its name on Schedule 1 to this Agreement under the heading “Aggregate Revolving Commitments”.
(ii)Each Incremental Revolving Lender hereby acknowledges the provisions of Section 2.14(f)(ii) of the Amended Credit Agreement, and consents and agrees to (i) the assignments and assumptions of participations in outstanding Swingline Loans and Letters of Credit which shall be made pursuant thereto, and (ii) the making of the Revolving Credit Loans by such Incremental Revolving Lender which may be required to be made pursuant thereto. 
(iii)Each Incremental Revolving Lender, each Credit Party and the Administrative Agent each hereby agree that this Agreement is an “Incremental Agreement”, as defined in Section 2.14(e) of the Credit Agreement.  
SECTION 2.The Tranche A Term Loan Transactions.
(a)The Initial Tranche A Term Loan Maturity Date Extension.  Pursuant to Section 2.15 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 7 hereof, on and as of the Second Amendment Effective Date:
(i)each Submitting Initial Tranche A Term Lender (as defined below) hereby (A) irrevocably offers for exchange into 2019 Initial Extended Tranche A Term Loans (as defined in the Amended Credit Agreement) an amount of the Initial Tranche A Term Loans held by such Lender equal to the amount set forth with respect to such Initial Tranche A Term Loans on such Submitting Initial Tranche A Term Lender’s signature page hereto, and (B) agrees that as of the Second Amendment Effective Date, (x) the amount of its Initial Tranche A Term Loans set forth on Schedule 2 hereto opposite such Submitting Initial 

Tranche A Term Lender’s name under the heading “2019 Initial Extended Tranche A Term Loan Amount” shall be exchanged for, and shall be reclassified to become, 2019 Initial Extended Tranche A Term Loans pursuant to the provisions of Section 2.15(a)(i) of the Credit Agreement, and such Submitting Initial Tranche A Term Lender shall become a 2019 Extended Tranche A Term Lender (as defined in the Amended Credit Agreement) with respect thereto, and (y) the remainder (if any) of such Submitting Initial Tranche A Term Lender’s Initial Tranche A Term Loans will remain outstanding, but shall be reclassified as 2017 Initial Tranche A Term Loans (as defined in the Amended Credit Agreement), in the amount set forth on Schedule 2 hereto opposite such Submitting Initial Tranche A Term Lender’s name under the heading “2017 Initial Tranche A Term Loan Amount”, on the same terms as in existence prior to the Second Amendment Effective Date (other than those terms that are amended pursuant to Section 2.15 of the Credit Agreement and Section 3 hereof); 
(ii)as of the Second Amendment Effective Date, the Initial Tranche A Term Loans of each Initial Tranche A Term Lender that is not a party hereto shall remain outstanding as Initial Tranche A Term Loans but shall be reclassified as 2017 Initial Term Loans in the amount set forth on Schedule 2 hereto opposite such Initial Tranche A Term Lender’s name under the heading “2017 Initial Tranche A Term Loan Amount”, on the same terms as in existence prior to the Second Amendment Effective Date (other than those terms that are amended pursuant to Section 2.15 of the Credit Agreement and Section 3 hereof);  
(iii)each Submitting Initial Tranche A Term Lender, each Credit Party and the Administrative Agent each hereby agree that (A) this Agreement is an “Extension Agreement”, as defined in Section 2.15(c) of the Credit Agreement, (B) the Initial Tranche A Term Loans constitute an “Existing Term Loan Class” for the purposes of Section 2.15(a)(i) of the Credit Agreement, (C) the 2019 Initial Extended Tranche A Term Loans are “Extended Term Loans” for the purposes of Section 2.15 of the Credit Agreement, (D) the Second Amendment Effective Date is the applicable “Extension Date” with respect to the 2019 Extended Tranche A Term Loans, (E) the 2019 Extended Tranche A Term Loan Facility (as defined in the Amended Credit Agreement) is an “Extended Term Loan Facility” for the purposes of Section 2.15 of the Credit Agreement, and (F) the 2019 Extended Tranche A Term Lenders (as defined in the Amended Credit Agreement) are “Extending Term Lenders” for the purposes of Section 2.15 of the Credit Agreement;
(iv)as used herein, “Submitting Initial Tranche A Term Lender” shall mean, each Initial Tranche A Term Lender that submits to the Administrative Agent a signature page to this Agreement offering to exchange all or a portion of such Initial Tranche A Term Lender’s Initial Tranche A Term Loans for 2019 Extended Tranche A Term Loans at or prior to the Consent Deadline (as defined below) and the “Submitted Initial Term Loan Amount” of each Lender shall mean the principal amount of such Initial Tranche A Term Loans submitted for exchange by such Lender as set forth on its signature page to this Agreement; and
(v)on and after the date of delivery of a duly executed signature page by any Submitting Initial Tranche A Term Lender, until the Second Amendment Effective Date, all Initial Tranche A Term Loans comprising the Submitted Initial Term Loan Amount of each Initial Tranche A Term Lender shall continue to be subject to the offer for exchange described 

above, notwithstanding any later transfer and/or assignment of all or a portion of such Submitted Initial Term Loan Amount to an Eligible Assignee prior to the Second Amendment Effective Date.  
(b)The Incremental Tranche A Refinancing Facility.  Pursuant to Section 2.14 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 7 hereof, on and as of the Second Amendment Effective Date:
(i)each Incremental Term Lender hereby agrees that, subject to the occurrence of the Incremental Term Loan Effective Date and immediately following the consummation of the transactions set forth in Section 2(a) above, (A) as contemplated by Section 2.14 of the Credit Agreement, such Incremental Term Lender shall have a new Incremental Term Loan Commitment, and shall make Incremental Tranche A Term Loans pursuant thereto on the Second Amendment Closing Date, in each case in an amount equal to the amount set forth opposite such Incremental Term Lender’s name under the heading “2019 Refinancing Tranche A Term Loan Amount” on Schedule 2 to this Agreement, in each case on the terms and conditions that are applicable to the “2019 Extended Tranche A Term Loan Facility” (as defined in the Amended Credit Agreement) and such Incremental Term Loan Facility shall be referred to herein as the “Incremental Tranche A Refinancing Facility”; and (B) such Incremental Term Lender shall (x) in the case of an Incremental Term Lender that is a Tranche A Lender under the Credit Agreement, continue to be a “Tranche A Lender” and a “Lender” for all purposes of, and subject to all the obligations of a “Tranche A Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents, (y) in the case of an Incremental Term Lender that is a Lender, but is not a Tranche A Lender, under the Credit Agreement, continue to be a “Lender”, and be deemed to be, and shall become, a “Tranche A Lender”, for all purposes of, and subject to all the obligations of a “Tranche A Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents, and (z) in the case of an Incremental Term Lender that is not an existing Lender under the Credit Agreement, be deemed to be, and shall become, an “Additional Lender”, a “Tranche A Lender” and a “Lender” for all purposes of, and subject to all the obligations of an “Additional Lender”, a “Tranche A Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents. Each Credit Party and the Administrative Agent hereby agree that, from and after the Second Amendment Effective Date and immediately following the consummation of the transactions set forth in Section 2(a) above, each Incremental Term Lender shall be deemed to be, and shall become, an “Additional Lender”, a “Tranche A Lender” and a “Lender”, as applicable, for all purposes of, and with all the rights and remedies of an “Additional Lender”, a “Tranche A Lender” and a “Lender”, as applicable, under, the Amended Credit Agreement and the other Credit Documents. From and after the Second Amendment Effective Date and immediately following the consummation of the transactions set forth in Section 2(a) above, each reference in the Credit Agreement to any 2019 Extended Tranche A Term Lender’s 2019 Extended Tranche A Term Loan Commitment or 2019 Extended Tranche A Term Loans shall include the Incremental Term Loan Commitment and the Incremental Term Loans made by such 2019 Extended Tranche A Term Lender (as an Incremental Term Lender hereunder) pursuant to this Section 2(b), and as set forth opposite its name on Schedule 2 to this Agreement under the heading “2019 Refinancing Extended 

Tranche A Term Loan Amount” on Schedule 2 to this Agreement.  The amount that is the sum of each 2019 Extended Tranche A Term Lender’s 2019 Initial Extended Tranche A Term Loan Amount and its 2019 Refinancing Extended Tranche A Term Loan Amount” shall be set forth opposite its name on Schedule 2 to this Agreement under the heading “2019 Extended Tranche A Total Term Loan Amount”. For the avoidance of doubt, all 2019 Initial Extended Tranche A Term Loans and all 2019 Refinancing Extended Tranche A Term Loans shall be 2019 Extended Tranche A Term Loans under the 2019 Extended Tranche A Term Loan Facility (in each case pursuant to, and as defined in, the Amended Credit Agreement) and shall be a single Class for all purposes of the Amended Credit Agreement and the other Credit Documents;
(ii)each Incremental Term Lender, each Credit Party and the Administrative Agent each hereby agree that this Agreement is an “Incremental Agreement”, as defined in Section 2.14(e) of the Credit Agreement and that the “Incremental Facility Closing Date” shall be the Second Amendment Effective Date immediately following the consummation of the transactions set forth in Section 2(a) above; and
(iii)in accordance with the provisions of Section 5.2(a)(i) and clause (i) of the proviso to Section 2.14(b) of the Credit Agreement, all of the Net Cash Proceeds from the Incremental Term Loans made by the Incremental Term Lenders pursuant to this Section 2(b) shall be immediately applied to the ratable prepayment of outstanding 2017 Initial Tranche A Term Loans (as defined in the Amended Credit Agreement).  
SECTION 3.Initial Amendments. Pursuant to Sections 2.14, 2.15 and 13.1 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 7 hereof, effective on and as of the Second Amendment Effective Date, the Credit Agreement is hereby amended (a) to delete the struck text (indicated textually in the same manner as the following example: struck text), and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Amended Credit Agreement attached as Annex I-A hereto, and (b) to replace Exhibit D previously attached to the Credit Agreement with the corresponding Exhibit D attached hereto, thereby amending and restating in its entirety such Exhibit (collectively, the “Initial Amendments”), except that any Schedule or Exhibit to the Credit Agreement not amended pursuant to the terms of this Agreement or otherwise included as part of such Annex I‐A shall remain in effect without any amendment or other modification thereto. 
SECTION 4.Dividend Amendment Consent and Other Amendments.  Pursuant to Section 13.1 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 8 hereof, each of the Lenders and Additional Lenders, the Borrower, the Administrative Agent and the Future Agent hereby each irrevocably agree that, effective on and as of the Post-Amendment Effective Date, the Credit Agreement is hereby amended to delete the struck text (indicated textually in the same manner as the following example: struck text), and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Amended Credit Agreement attached as Annex I-B hereto.

SECTION 5.Agency Replacement Consents.  Pursuant to Sections 12.8 and 13.1 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 8 hereof, each Lender party hereto, each Additional Lender party hereto, the Agents, the Swingline Lender and each Letter of Credit Issuer party hereto hereby irrevocably consents to: 
(a)the replacement of the Current Agent with the Future Agent pursuant to an agency resignation and assignment agreement (or other similar agreement), made on terms and conditions reasonably satisfactory to the Current Agent, the Future Agent and the Borrower, to be entered into among the Current Agent, the Future Agent and the Borrower (an “Agency Assignment Agreement”); and
(b)subject to the satisfaction of the conditions precedent set forth in Section 9 hereof, the amendment of the Amended Credit Agreement (i) to delete the struck text (indicated textually in the same manner as the following example: struck text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Amended Credit Agreement attached as Annex I-C hereto, and (ii) to replace Schedule 13.2 previously attached to the Credit Agreement with the corresponding Schedule 13.2 attached hereto, thereby amending and restating in its entirety such Schedule 13.2 (such amendments, the “Agency Replacement Amendments”). 
SECTION 6.Representations and Warranties.  Each of the Credit Parties hereby represents and warrants, on and as of the Second Amendment Effective Date, to the Agents, the Lenders and Additional Lenders, the Swingline Lender and each Letter of Credit Issuer, that:
(a)The representations and warranties set forth in the Credit Agreement and in the other Credit Documents are true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Second Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date; provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Second Amendment Effective Date, or on such earlier date, as the case may be (after giving effect to such qualification). 
(b)It has the corporate or other organizational power to execute, deliver and perform this Agreement, and it has taken all necessary corporate or other organizational action required to be taken by it to authorize the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.
(c)At the time of and after giving effect to this Agreement, no Default or Event of Default has occurred and is continuing.

SECTION 7.Conditions to Second Amendment Effectiveness. This Agreement, and the obligations of various Lenders and Additional Lenders party hereto to make and/or extend the maturity of their respective Commitments and Loans hereunder, as provided in Sections 1 and 2 hereof, shall become effective on and as of the first Business Day on which the following conditions shall have been satisfied or waived by the applicable Lenders and Additional Lenders party hereto (the “Second Amendment Effective Date”):
(a)the Administrative Agent shall have received, no later than September 30, 2014 (the “Consent Deadline”) counterparts of this Agreement, duly executed and delivered on behalf of (i) the Borrower, (ii) Holdings, (iii) each Subsidiary Guarantor, (iv) the Administrative Agent and Current Agent, (v) the Future Agent, (vi) each Incremental Term Lender, (vii) each Submitting Initial Tranche A Term Lender, (viii) each Incremental Revolving Lender, (ix) the Swingline Lender and (x) each Letter of Credit Issuer;
(b)the Administrative Agent shall have received (i) with respect to the Tranche A Extension, a duly executed and complete Term Loan Extension Request from the Borrower, issued with respect to the Tranche A Extension and made in compliance with Section 2.15(a)(i), (ii) with respect to the Incremental Revolving Refinancing Facility, a written notice by the Borrower of its request for Additional/Replacement Revolving Credit Commitments pursuant to Section 2.14(a) and (iii) with respect to the Incremental Tranche A Term Loans, (A) a written notice by the Borrower of its request for Incremental Tranche A Term Loans pursuant to Section 2.14(a) and (B) a Notice of Borrowing on or prior to the Second Amendment Effective Date; 
(c)the Administrative Agent shall have received (i) a certified copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors, other managers or general partner of the Borrower and each other Credit Party (or a duly authorized committee thereof) authorizing the execution, delivery and performance of this Agreement and the performance of the Amended Credit Agreement and the other Credit Documents to which such Credit Party is a party, in each case as modified by this Agreement, certified as of the Second Amendment Effective Date by an Authorized Officer of such Credit Party as being in full force and effect without modification or amendment, and (ii) good standing certificates for such Credit Party for each jurisdiction in which such Credit Party is organized;
(d)the Administrative Agent shall have received such incumbency certificates and/or other certificates of Authorized Officers of the Borrower and each other Credit Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Authorized Officer of such Credit Party authorized to act as an Authorized Officer in connection with this Agreement, the Amended Credit Agreement and the other Credit Documents to which such Credit Party is a party;
(e)the Administrative Agent shall have received from Ropes & Gray LLP, counsel to Holdings, the Borrower and the other Credit Parties, an executed legal opinion covering such matters as the Agents may reasonably request and otherwise reasonably satisfactory to the Agents;

(f)the representations and warranties contained (i) in Section 6 of this Agreement, and (ii) in Section 8 of the Credit Agreement and in the other Credit Documents, shall, in each case, be true and correct in all material respects, on and as of the Second Amendment Effective Date, except to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Second Amendment Effective Date or on such earlier date, as the case may be (after giving effect to such qualification);
(g)no Default or Event of Default exists immediately before or immediately after giving effect to this Agreement, and the consummation of the extensions of credit, extensions of maturity dates, and other transactions set forth herein;
(h)with respect to the Incremental Revolver Increase, after giving effect to any borrowings under the Incremental Revolver Increase and any Specified Transactions being consummated in connection therewith, the Borrower and the Restricted Subsidiaries would be in compliance on a Pro Forma Basis with the requirements of Sections 10.9 and 10.10 of the Credit Agreement as of the most recently ended Test Period on or prior to the incurrence such borrowings under the Incremental Revolver Increase, calculated on a Pro Forma Basis, in each case as if the Incremental Revolver Increase had been outstanding on the first day of such Test Period;
(i)the Administrative Agent shall have received a certificate, dated as of the Second Amendment Effective Date, signed by an Authorized Officer of the Borrower certifying as to compliance with the conditions precedent set forth in clauses (f), (g) and (h) of this Section 7; 
(j)the Administrative Agent shall have received all documentation and other information reasonably requested in writing at least five Business Days prior to the date hereof in order to allow any Additional Lenders to comply with applicable “know your customer” and anti‐money laundering rules and regulations, including without limitation, the PATRIOT ACT; 
(k)the Administrative Agent shall have received a solvency certificate from the chief financial officer of the Borrower as to the solvency (on a consolidated basis) of the Borrower and its Subsidiaries as of the Second Amendment Effective Date; 
(l)the Borrower shall have paid all reasonable out of pocket costs and expenses of the Agents (including the reasonable fees, disbursements and other charges of counsel) for which invoices have been presented at least two Business Days prior to the Second Amendment Effective Date; and
(m)the Borrower shall have paid to the Administrative Agent, for the account of (i) each of the “Joint Lead Arrangers and Joint Bookrunners” listed as such on the cover sheet of this Agreement (each a “JLA”), all fees payable to such JLA pursuant to each applicable fee letter made between or among the Borrower and the various JLAs, and 

(ii) the Lenders and Additional Lenders party hereto:
(i)    for each Lender or Additional Lender holding any “Revolving Credit Commitments” pursuant to, and as defined in, the Amended Credit Agreement as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement), a non-refundable fee in an amount equal to 0.20% of the aggregate principal amount of the “Revolving Credit Commitments” (as defined in the Amended Credit Agreement) of such Lender or Additional Lender as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement);
(ii)    for each Lender or Additional Lender holding any “Revolving Credit Commitments” pursuant to, and as defined in, the Amended Credit Agreement as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement), an additional non-refundable fee in an amount equal to 0.20% of the difference (if a positive number) between (x) the aggregate principal amount of the “Revolving Credit Commitments” (as defined in the Amended Credit Agreement) of such Lender or Additional Lender as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement), minus, (y) the aggregate principal amount of the Revolving Credit Commitments under the Credit Agreement held by such Lender or Additional Lender immediately prior to the Second Amendment Effective Date (and without giving effect to any of the transactions in this Agreement);
(iii)     for each Lender or Additional Lender holding any “2019 Extended Tranche A Term Loans” pursuant to, and as defined in, the Amended Credit Agreement as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement), a non-refundable fee in an amount equal to 0.20% of the aggregate principal amount of the “2019 Extended Tranche A Term Loans”  (as defined in the Amended Credit Agreement) of such Lender or Additional Lender as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement); and
(iv)     for each Lender or Additional Lender holding any “2019 Extended Tranche A Term Loans” pursuant to, and as defined in, the Amended Credit Agreement as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement), an additional non-refundable fee in an amount equal to 0.20% of the difference (if a positive number) between (x) the aggregate principal amount of the “2019 Extended Tranche A Term Loans” (as defined in the Amended Credit Agreement) of such Lender or Additional Lender as of the Second Amendment Effective Date (immediately following the effectiveness of this Agreement), minus, (y) the aggregate principal amount of the Initial Tranche A Term Loans under the Credit Agreement held by such Lender or Additional Lender immediately prior to the Second Amendment Effective Date (and without giving effect to any of the transactions in this Agreement).

SECTION 8.Conditions to Post-Amendment Effective Date. The Dividend Amendment and the other amendments to be made pursuant to Section 4 hereof (collectively, the “Delayed Amendments”) shall become effective on and as of the first Business Day on which the following conditions precedent shall have been satisfied or waived by the Required Lenders (determined as of the applicable date on which such “Required Lenders” consent is obtained) (the “Post-Amendment Effective Date”):
(a)the Second Amendment Effective Date shall have occurred prior to, or shall occur contemporaneously with, the Post-Amendment Effective Date, in each case in accordance with Section 7 of this Agreement; 
(b)the Administrative Agent (as defined in the Amended Credit Agreement as of the Post-Amendment Effective Date) shall have received counterparts of this Agreement and the duly executed and delivered originals or copies of such other agreements (including executed counterparts thereof) which constitute amendments to the Amended Credit Agreement (and which amendments specifically include the consent of the Lenders (as defined in the Amended Credit Agreement as of the Post-Amendment Effective Date) party thereto to the Delayed Amendments) as may be reasonably required by the Administrative Agent, in each case duly executed and delivered on behalf of the Required Lenders (determined after giving effect to the Initial Amendments); 
(c)the Administrative Agent shall have received from Ropes & Gray LLP, counsel to Holdings, the Borrower and the other Credit Parties, an executed legal opinion covering such matters as related to the Delayed Amendments as the Agents may reasonably request and otherwise reasonably satisfactory to the Agents;
(d)the representations and warranties contained in Section 8 of the Credit Agreement and in the other Credit Documents, shall, in each case, be true and correct in all material respects, on and as of the Post-Amendment Effective Date (and giving full effect to the Delayed Amendments), except to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Post-Amendment Effective Date or on such earlier date, as the case may be (after giving effect to such qualification);
(e)no Default or Event of Default exists immediately before, or immediately after giving full effect to the Delayed Amendments; and
(f)the Agents shall have received a certificate, dated as of the Post-Amendment Effective Date, signed by an Authorized Officer of the Borrower certifying as to compliance with the conditions precedent set forth in Sections 8(d) and (e) of this Agreement.
SECTION 9.Conditions to Agency Replacement Effective Date. The Agency Replacement Amendments to be made pursuant to Section 5 hereof shall become effective on and as of the first Business Day on which the following conditions precedent shall have been satisfied 

or waived by the Required Lenders (determined as of the applicable date on which such “Required Lenders” consent is obtained) (the “Agency Replacement Effective Date”):
(a)the Post-Amendment Effective Date shall have occurred prior to, or shall occur contemporaneously with, the Agency Replacement Effective Date, in each case in accordance with Section 8 of this Agreement; and
(b)the Administrative Agent (as defined in the Amended Credit Agreement as of the Post-Amendment Effective Date) shall have received the duly executed and delivered originals or copies of: (i) the Agency Assignment Agreement by the Current Agent, the Future Agent and the Borrower and (ii) this Agreement and such other agreements (including executed counterparts thereof) which constitute amendments to the Amended Credit Agreement (and which amendments specifically include the consent of the Lenders (as defined in the Amended Credit Agreement as of the Agency Replacement Effective Date) party thereto to the Agency Replacement Amendments) as may be reasonably required by the Administrative Agent, in each case duly executed and delivered on behalf of the Required Lenders (determined after giving effect to the Initial Amendments).
SECTION 10.Reference to and Effect on the Credit Agreement; Confirmation of Guarantors.
(a)On and after the effectiveness of this Agreement (and with respect to the Delayed Amendments, on and after the Post-Amendment Effective Date and, with respect to the Agency Replacement Amendments, the Agency Replacement Effective Date), each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by, and after giving effect to, this Agreement.
(b)Each Credit Document, after giving effect to this Agreement, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed, except that, on and after the effectiveness of this Agreement, each reference in each of the Credit Documents (including the Security Agreement and the other Security Documents) to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by, and after giving effect to, this Agreement.  Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations, including under the Credit Documents, as amended by, and after giving effect to, this Agreement, in each case subject to the terms thereof.
(c)Each Credit Party hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents to which it is a party, (ii) ratifies and reaffirms each grant of a lien on, or security interest in, its property made pursuant to the Credit Documents (including, without limitation, the grant of security made by such Credit Party pursuant to the Security Agreement) and confirms that such liens and security interests continue to secure the Obligations, including under the Credit Documents, including, without limitation, all Obligations resulting from or incurred pursuant to the Incremental Facilities made 

pursuant hereto, in each case subject to the terms thereof, and (iii) in the case of each Guarantor, ratifies and reaffirms its guaranty of the Obligations pursuant to its respective Guarantee.
(d)The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, any Additional Lender or any Agent under any of the Credit Documents, or constitute a waiver of any provision of any of the Credit Documents.
SECTION 11.Costs, Expenses.  The Borrower agrees to pay on demand all reasonable out of pocket costs and expenses of the Agents in connection with the preparation, execution and delivery of this Agreement and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Agents) in accordance with the terms of Section 13.5 of the Credit Agreement. 
SECTION 12.Execution in Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by telecopier (or other electronic transmission) shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 13.FATCA Withholding; Other Agreement. 
(a)The Credit Parties, the Administrative Agent, and the Lenders and Additional Lenders acknowledge and agree that, solely for purposes of determining the applicability of U.S. Federal withholding Taxes imposed by FATCA (as defined in the Amended Credit Agreement), from and after the Second Amendment Effective Date, the Revolving Credit Facility (as defined in the Amended Credit Agreement), the 2017 Initial Tranche A Term Loan Facility (as defined in the Amended Credit Agreement) and the 2019 Extended Tranche A Term Loan Facility (as defined in the Amended Credit Agreement) will not be treated as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
(b)Following the Second Amendment Effective Date until the Post-Effective Amendment Date, pursuant to Section 9.1(g)(ii) of the Credit Agreement, the Borrower hereby agrees to include in each certificate delivered by the Borrower under Section 9.1(d) of the Credit Agreement the amount available to the Borrower for Dividends under Section 10.6(h)(i) of the Credit Agreement as at the end of the fiscal year or fiscal quarter period, as the case may be, reported on such certificate.
SECTION 15.WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.
SECTION 16.GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE 

STATE OF NEW YORK.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment, Extension and Incremental Assumption Agreement to be executed by their respective officers thereunto duly authorized, as of October 1, 2014.
	
		
	LPL HOLDINGS, INC.
as Borrower

	By:
	/s/ Dan H. Arnold

	 
	Name: Dan H. Arnold

	 
	Title:   Chief Financial Officer

	 
	 

	LPL FINANCIAL HOLDINGS, INC.,
as Holdings

	By:
	/s/ Dan H. Arnold

	 
	Name: Dan H. Arnold

	 
	Title:   Chief Financial Officer

	 
	 

	
		
	INDEPENDENT ADVISERS GROUP CORPORATION,
as a Subsidiary Guarantor

	By:
	/s/ Dan H. Arnold

	 
	Name: Dan H. Arnold

	 
	Title:   Chief Financial Officer

	 
	 

    

	
		
	LPL INDEPENDENT ADVISOR SERVICES GROUP LLC,
as a Subsidiary Guarantor

	By:
	/s/ Dan H. Arnold

	 
	Name: Dan H. Arnold

	 
	Title:   Vice President and Treasurer

	 
	 

	
		
	LPL INSURANCE ASSOCIATES, INC.,
as a Subsidiary Guarantor

	By:
	/s/ Ryan Parker

	 
	Name: Ryan Parker

	 
	Title:   President and Treasurer

	 
	 

	
		
	BANK OF AMERICA, N.A.,
as Administrative Agent, Current Agent, Letter of 
Credit Issuer and Swingline Lender 

	By:
	/s/ Matthew C. White

	 
	Name: Matthew C. White

	 
	Title:   Vice President

	 
	 

	
		
	JPMORGAN CHASE BANK, N.A.,
as Future Agent

	By:
	/s/ Evelyn Crisci

	 
	Name: Evelyn Crisci

	 
	Title:   Vice President

	 
	 

The undersigned hereby irrevocably and unconditionally approves this Second Amendment, Extension and Incremental Assumption Agreement as of October 1, 2014.
[__________],
as a Lender or an Additional Lender

By:                                                
Name:  
Title:

Please check each of the boxes below to the extent that the statement or description immediately to the right of such box is applicable to Lender or Additional Lender that is the signatory above:
 ̈ Prior giving effect to this Second Amendment, Extension and Incremental Assumption Agreement, the signatory held Loans and/or Commitments under the Credit Agreement, and as such is a “Lender”.
 ̈ Prior giving effect to this Second Amendment, Extension and Incremental Assumption Agreement, the signatory did not hold any Loans or Commitments under the Credit Agreement, and as such is an “Additional Lender”.
 ̈ After giving effect to the Incremental Revolving Refinancing Facility only, the signatory held Loans and/or Commitments under the Credit Agreement, and as such is a “Lender” for purposes of all subsequent transactions.
 ̈ The signatory is making Additional/Replacement Revolving Credit Commitments and an Incremental Revolving Credit Commitment Increase pursuant to this Second Amendment, Extension and Incremental Assumption Agreement, and as such is an “Incremental Revolving Lender”.
 ̈ The signatory is submitting Initial Tranche A Term Loans for exchange into 2019 Extended Tranche A Term Loans pursuant to this Second Amendment, Extension and Incremental Assumption Agreement, and as such is a “Submitting Initial Tranche A Term Lender”, and the aggregate principal amount of the Initial Tranche A Loans submitted for exchange by such Submitting Initial Tranche A Term Lender is $______________.
 ̈ The signatory is making Incremental Term Loan Commitments pursuant to this Second Amendment, Extension and Incremental Assumption Agreement, and as such is an “Incremental Term Lender”.

Schedule 1
Incremental Revolving Refinancing Commitments 
and 
Incremental Revolving Increase Commitments

[On file with the Administrative Agent]

Schedule 2
Submitted Initial Term Loan Amounts,
 2019 Refinancing Tranche A Term Loan Amounts
and
2017 Initial Tranche A Term Loan Amounts

[On file with the Administrative Agent]

Annex I-A
Initial Amendments to Credit Agreement

[See attached]

[ANNEX 1-A]

Execution VersionFINAL CONFORMED COPY 
CONFORMED TO AMENDMENTS 
EFFECTUATED PURSUANT TO 
AMENDMENT NO. 12

CREDIT AGREEMENT 
Dated as of March 29, 2012 
among
LPL INVESTMENT HOLDINGS INC., 
as Holdings,
LPL HOLDINGS, INC., 
as Borrower,
The Several Lenders 
from Time to Time Parties Hereto,
BANK OF AMERICA, N.A. 
as Administrative Agent, Collateral Agent, Letter of Credit Issuer and Swingline Lender

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED AND GOLDMAN 
SACHS BANK USA 
as Joint Lead Arrangers,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, GOLDMAN 
SACHS BANK USA, J.P. MORGAN SECURITIES LLC, MORGAN STANLEY SENIOR 
FUNDING, INC. AND SUNTRUST ROBINSON HUMPHREY, INC. 
as Joint Bookrunners,
GOLDMAN SACHS BANK USA, J.P. MORGAN SECURITIES LLC AND MORGAN 
STANLEY SENIOR FUNDING, INC. 
as Syndication Agents and
SUNTRUST BANK 
as Documentation Agent

NYDOC SO2/996722.8

CREDIT AGREEMENT, dated as of March 29, 2012, among LPL INVESTMENT HOLDINGS INC., a Delaware corporation (“Holdings”; as hereinafter further defined), LPL HOLDINGS, INC., a Massachusetts corporation (the “Borrower”), the banks, financial institutions and other investors from time to time parties hereto as lenders (each a “Lender” and, collectively, the “Lenders”; each as hereinafter further defined), and BANK OF AMERICA, N.A., as Administrative Agent, Collateral Agent, a Letter of Credit Issuer and Swingline Lender.
RECITALS:
WHEREAS, capitalized terms used in these Recitals and the preamble to this Agreement shall have the respective meanings set forth for such terms in Section 1.1 hereof;
WHEREAS, Holdings, the Borrower, the lending institutions party thereto (the “Original Lenders”), Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley & Co., as collateral agent, are parties to that certain Third Amended and Restated Credit Agreement, dated as of May 24, 2010 (as heretofore amended, supplemented or otherwise modified from time to time, the “Original Credit Agreement”), pursuant to which the Original Lenders extended or committed to extend certain credit facilities to the Borrower;
WHEREAS, the Borrower has requested that, immediately upon the satisfaction in full of the applicable conditions precedent set forth in Section 6 below, the Lenders and Letter of Credit Issuers extend a total of $1,600,000,000 of credit to the Borrower in the form of (i) $735,000,000 in aggregate principal amount of tranche A term loans to be borrowed on the Closing Date (the “2017 Initial Tranche A Term Loan Facility” (referred to as the “Initial TrancheA Term Loan Facility” prior to the Amendment No. 2 Effective Date (as defined below)), (ii) $615,000,000 in aggregate principal amount of tranche B term loans to be borrowed on the Closing Date (the “Initial Tranche B Term Loan Facility”) and (iii) $250,000,000 in aggregate principal amount of Revolving Credit Commitments, which amount was increased to $400,000,000 as of the Amendment No. 2 Effective Date (the “Revolving Credit Facility”);
WHEREAS, the Borrower intends to use the proceeds of the Initial Term Loans (as defined below) to repay existing indebtedness under the Original Credit Agreement in an aggregate principal amount of approximately $1,337,777,559.51, at which time all existing commitments, security interests and guarantees in respect of the Original Credit Agreement and the related documents and obligations thereunder will be terminated, released and discharged in full (other than contingent obligations, which by their terms survive such termination) (the “Refinancing”);
WHEREAS, the Borrower intends to pay a special dividend to Holdings from available cash on hand in an amount up to $230,000,000 (the “Special Dividend”) to fund a one-time special dividend by Holdings to its common stockholders, which was announced by Holdings on March 6, 2012;
WHEREAS, in connection with the foregoing and as an inducement for the Lenders and the Letter of Credit Issuers to extend the credit contemplated hereunder, the Borrower has agreed to secure all of its Obligations by granting to the Collateral Agent, for the benefit of the benefit of the Secured Parties, a first priority lien on substantially all of its assets 

(except for Liens permitted pursuant to Section 10.2), including a pledge of all of the Capital Stock (other than Excluded Capital Stock) of each of its Subsidiaries; and
WHEREAS, in connection with the foregoing and as an inducement for the Lenders and Letter of Credit Issuers to extend the credit contemplated hereunder, the Guarantors have agreed to guarantee the Obligations and to secure their respective guarantees by granting to the Collateral Agent, for the benefit of the Secured Parties, a first priority lien on their respective assets (except for Liens permitted pursuant to Section 10.2), including a pledge of all of the Capital Stock (other than Excluded Capital Stock) of each of their respective Subsidiaries.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION 1.    Definitions
1.1    Defined Terms.  As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires:
“100% Non-Guarantor Pledgee” shall mean any Restricted Subsidiary of the Borrower for which 100% of the Capital Stock of which has been pledged as Collateral to secure the Obligations.
“2013 Incremental Term Lenders” shall have the meaning provided in the Preliminary Statements to Amendment No. 1.
“2013 Incremental Tranche B Term Loan Commitment” shall have the meaning provided to “Incremental Term Loan Commitment” in Amendment No. 1.
“2013 Incremental Tranche B Term Loan” shall mean the Incremental Tranche B Term Loan provided pursuant to Section 1 of Amendment No. 1.
“2013 Incremental Tranche B Term Loan Maturity Date” shall mean the Initial Tranche B Term Loan Maturity Date.
“2013 Incremental Tranche B Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(ce).
“2013 Incremental Tranche B Term Loan Repayment Date” shall have the meaning provided in Section 2.5(ce).
“2017 Initial Tranche A Term Lender” shall mean each Lender with a 2017 Initial Tranche A Term Loan Commitment or holding a 2017 Initial Tranche A Term Loan. 
NYDOCS02/996722.801/1378372.11            2

“2017 Initial Tranche A Term Loan Commitment” shall mean the “Initial Tranche A Term Loan Commitment” (as defined in this Agreement as in effect immediately prior to the Amendment No. 2 Effective Date), in each case as the same may be changed from time to time pursuant to the terms hereof.
“2017 Initial Tranche A Term Loan Facility” shall have the meaning provided in the recitals to this Agreement.
“2017 Initial Tranche A Term Loan Maturity Date” shall mean March 29, 2017; provided that if such date is not a Business Day, the “2017 Initial Tranche A Term Loan Maturity Date” will be the Business Day immediately following such date.
“2017 Initial Tranche A Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(b).
“2017 Initial Tranche A Term Loan Repayment Date” shall have the meaning provided in Section 2.5(b).
“2017 Initial Tranche A Term Loans” shall have the meaning provided in Section 2.1(a)(ii).
“2019 Extended Tranche A Term Lender” shall mean each Lender with a 2019 Extended Tranche A Term Loan Commitment or holding a 2019 Extended Tranche A Term Loan.
“2019 Extended Tranche A Term Loan Commitment” shall mean, (a) in the case of each Lender that is a Lender on the Amendment No. 2 Effective Date, the amount, if any, set forth opposite such Lender’s name on Schedule 2 to Amendment No. 2 as such Lender’s respective “2019 Extended Tranche A Total Term Loan Amount”, and (b) in the case of any Lender that becomes a Lender after the Amendment No. 2 Effective Date, the amount specified as such Lender’s “2019 Extended Tranche A Term Loan Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total 2019 Extended Tranche A Term Loan Commitment, in each case as the same may be changed from time to time pursuant to the terms hereof.  The aggregate amount of all 2019 Extended Tranche A Term Loan Commitments as of the Amendment No. 2 Effective Date is $459,375,000.
 “2019 Extended Tranche A Term Loan Facility” shall mean the term loan facility providing for, and consisting of, the 2019 Extended Tranche A Term Loans.
 “2019 Extended Tranche A Term Loan Maturity Date” shall mean September 30, 2019, provided, that if such date is not a Business Day, then the “2019 Extended Tranche A Term Loan Maturity Date” will be the Business Day immediately following such date (the “Scheduled 2019 Extended Tranche A Term Loan Maturity Date”); provided, however, that to the extent that there are any outstanding Tranche B Loans maturing prior to, or within the 91 day period immediately following, the Scheduled 2019 Extended Tranche A Term Loan Maturity Date (as determined as of any date that is 91 days prior to the scheduled Maturity Date of any then-outstanding Tranche B Loans), then the “2019 Extended Tranche A Term Loan Maturity Date” shall be the date that is the day occurring 91 days immediately prior to the earliest scheduled
NYDOCS02/996722.801/1378372.11            3

Maturity Date of any then-outstanding Tranche B Loans, provided that if such date is not a Business Day, then the “2019 Extended Tranche A Term Loan Maturity Date” will be the Business Day immediately preceding such date.
“2019 Extended Tranche A Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(c).
“2019 Extended Tranche A Term Loan Repayment Date” shall have the meaning provided in Section 2.5(c).
“2019 Extended Tranche A Term Loans” shall have the meaning provided in Section.
“2019 Initial Extended Tranche A Term Loans” shall have the meaning provided in Section 2.1(a)(ii).
“2019 Refinancing Extended Tranche A Term Loans” shall have the meaning provided in Section 2.1(a)(ii).
“ABR” shall mean, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate,” (c) the Eurodollar Rate plus 1.00% and (d) solely with respect to (i) prior to the Amendment No. 1 Effective Date, the Initial Tranche B Term Loans and, (ii) on and after the Amendment No. 1 Effective Date, the 2013 Incremental Tranche B Term Loans, 1.75%.  The “prime rate” is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  If the Administrative Agent shall have determined (which determination should be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate due to its inability to obtain sufficient quotations in accordance with the terms of the definition thereof, after notice is provided to the Borrower, the ABR shall be determined without regard to clause (b) of the preceding sentence until the circumstances giving rise to such inability no longer exist.  Any change in the ABR due to a change in the “prime rate”, the Federal Funds Effective Rate or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the “prime rate”, the Federal Funds Effective Rate or the Eurodollar Rate, respectively.
“ABR Loan” shall mean each Loan bearing interest at the rate provided in Section 
2.8(a) and, in any event, shall include all Swingline Loans.
“Acceptable Reinvestment Commitment” shall mean a binding commitment of the Borrower or any Restricted Subsidiary entered into at any time prior to the end of the Reinvestment Period to reinvest the proceeds of an Asset Sale Prepayment Event, Permitted Sale Leaseback or Recovery Prepayment Event.
“Acquired EBITDA” shall mean, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any period, the amount for such period of 
NYDOCS02/996722.801/1378372.11            4

as the Administrative Agent may hereafter designate in writing as such to the other parties hereto.
“Affiliate” shall mean, 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.  The term “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  The terms “Controlling” and “Controlled” have meanings correlative thereto.
“Affiliated Lender” shall mean a Non‐Debt Fund Affiliate or a Debt Fund Affiliate.
“Affiliated Lender Assignment and Acceptance” shall have the meaning provided in Section 13.6(g)(C).
“Affiliated Lender Register” shall have the meaning provided in Section 13.6(j).
“Agency Effective Date” shall mean the “Agency Replacement Effective Date” (as defined in Amendment No. 2).
“Agency Fee Letter” shall mean that certain Agency Fee Letter, dated as of March 16, 2012, between the Borrower and the Administrative Agent.
“Agent Parties” shall have the meaning provided in Section 13.2.
“Agents” shall mean each of (i) the Administrative Agent and (ii) the Collateral Agent.
“Aggregate Debit Items” shall have the meaning set forth in SEC Rule 15c3-1(a)(1)(ii) and items 10-14 of Exhibit A to SEC Rule 15c3-3.
“Agreement” shall mean this Credit Agreement.
“Amendment No. 1” shall mean the First Amendment and Incremental Assumption Agreement to this Agreement, dated as of May 13, 2013.
“Amendment No. 1 Effective Date” shall mean the “Amendment Effective Date” (as defined in Amendment No. 1).   
“Amendment No. 2” shall mean the Second Amendment, Extension and Incremental Assumption Agreement to this Agreement, dated as of October 1, 2014.
“Amendment No. 2 Effective Date” shall mean the “Second Amendment Effective Date” (as defined in Amendment No. 2).

NYDOCS02/996722.801/1378372.11            6

“Amendment No. 2 Financial Statement Delivery Date” shall mean the date on which Section 9.1 Financials are delivered to the Administrative Agent under Section 9.1(a) for the fiscal year of the Borrower ending December 31, 2014.  
 “Anti-Terrorism Laws” shall have the meaning provided in Section 8.19.
“Applicable Laws” shall mean, as to any Person, any international, foreign, federal, state and local law (including common law and Environmental Laws), statute, regulation, ordinance, treaty, rule, order, code, regulation, decree, guideline, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental Authority, in each case applicable to or binding on such Person or any of its property or assets or to which such Person or any of its property or assets is subject.
“Applicable Margin” shall mean a percentage per annum equal to:
 (a) with respect to the Tranche B Term Loans (A) for Eurodollar Loans, 2.50% and (B) for ABR Loans, 1.50% and;
(b) with respect to (x) the 2017 Initial Tranche A Term Loans, Revolving Credit Loans and Swingline Loans (it being understood that all Swingline Loans shall be ABR Loans) and (y) prior to the Amendment No. 2 Effective Date, the 2019 Extended Tranche A Term Loans, (i) initially, (A) for Eurodollar Loans, 2.50% and (B) for ABR Loans, 1.50% and (ii) following the Initial Financial Statement Delivery Date, as set forth on the grid below:
	
				
	Pricing Level
	Consolidated Total Debt to Consolidated 
EBITDA Ratio
	Applicable Margin for 2019 Extended Tranche A Term Loans* and 2017 Initial Tranche A Term Loans that are Eurodollar Loans
	Applicable Margin for 2019 Extended Tranche A Term Loans* and 2017 Initial Tranche A Term Loans that are ABR Loans

	1
	Greater than 2.25:1.00
	2.50%
	1.50%

	2
	Less than or equal to 2.25:1.00
but greater than 1.50:1.00
	2.25%
	1.25%

	3
	Less than or equal to 1.50:1.00
but greater than 1.00:1.00
	2.00%
	1.00%

	4
	Less than or equal to 1.00:1.00
	1.75%
	0.75%

*prior to the Amendment No. 2 Effective Date.

NYDOCS02/996722.801/1378372.11            7

(c) at all times on and after the Amendment No. 2 Effective Date, with respect to the 2019 Extended Tranche A Term Loans, the Revolving Credit Loans and the Swingline Loans (it being understood that all Swingline Loans shall be ABR Loans), (i) initially, (A) for Eurodollar Loans, 2.50% and (B) for ABR Loans, 1.50% and (ii) following the Amendment No. 2 Financial Statement Delivery Date, as set forth on the grid below:

	
				
	Pricing Level
	Consolidated Total Debt to Consolidated 
EBITDA Ratio
	Applicable Margin for Revolving Credit Loans and Initial2019 Extended Tranche A Term Loans that are Eurodollar Loans
	Applicable Margin for Revolving Credit 
Loans and Initial2019 Extended Tranche A Term Loans that are ABR Loans, and Swingline Loans

	1
	Greater than 2.252.50:1.00
	2.50%
	1.50%

	2
	Less than or equal to 2.252.50:1.00
but greater than 1.501.75:1.00
	2.25%
	1.25%

	3
	Less than or equal to 1.501.75:1.00
but greater than 1.001.25:1.00
	2.00%
	1.00%

	4
	Less than or equal to 1.001.25:1.00
	1.75%
	0.75%

Any increase or decrease in the Applicable Margin for the 2017 Initial Tranche A Term Loans, the 2019 Extended Tranche A Term Loans, Revolving Credit Loans or Swingline Loans resulting from a change in the Consolidated Total Debt to Consolidated EBITDA Ratio shall become effective as of the first Business Day immediately following the date Section 9.1 Financials are delivered to the Administrative Agent pursuant to Sections 9.1(a) and 9.1(b) (provided, that with respect to the 2019 Extended Tranche A Term Loans, the Revolving Credit Loans and the Swingline Loans, such increases or decreases shall only commence pursuant to clause (c)(ii) above following the Amendment No. 2 Financial Statement Delivery Date); provided that at the option of the Required Credit Facility Lenders with respect to the 2017 Initial Tranche A Term Loans, the 2019 Extended Tranche A Term Loans and Revolving Credit Loans, the highest pricing level (as set forth in the table above) shall apply (a) as of the first Business Day after the date on which Section 9.1 Financials were required to have been delivered but have not been delivered pursuant to Section 9.1 and shall continue to so apply to and including the date on which such Section 9.1 Financials are so delivered (and thereafter the pricing level otherwise determined in accordance with this definition shall apply) and (b) as of the first Business Day after an Event of Default under Section 11.1 or Section 11.5 shall have occurred and be continuing and the Administrative Agent has notified the Borrower that the highest pricing level applies, and shall continue to so apply to but excluding the date on which such Event of Default shall cease to be continuing (and thereafter the pricing level otherwise determined in accordance with this definition shall apply).

NYDOCS02/996722.801/1378372.11            8

have, at such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the members of the Board of Directors of Holdings;
		
	(b)
	at any time Continuing Directors shall not constitute at least a majority of the Board of Directors of Holdings;

		
	(c)
	a “change of control” or any comparable term under any documentation governing any Indebtedness for borrowed money owed to a third party by the Borrower or any of its Restricted Subsidiaries with an aggregate outstanding principal amount in excess of $35,000,000 shall have occurred; 

		
	(d)
	Holdings shall cease to beneficially own and control 100% of the Voting Stock of the Borrower; and/or

		
	(e)
	the Borrower shall cease to beneficially own and control 100% of the Voting Stock of LPL Financial LLC.

provided that, at any time when at least a majority of the outstanding Voting Stock of Holdings is directly or indirectly owned by a Parent Entity, all references in clause (a) and (b) above to “Holdings” (other than in this proviso) shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock of Holdings.
“Class”, when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans, 2017 Initial Tranche A Term Loans, 2019 Extended Tranche A Term Loans, Initial Tranche B Term Loans, 2013 Incremental Tranche B Term Loans, Incremental Term Loans (of a Class), Extended Term Loans (of the same Extension Series), Extended Revolving Credit Loans (of the same Extension Series and any related swingline loans thereunder), Additional/Replacement Revolving Credit Loans (and any related swingline loans thereunder) or Swingline Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, ana 2017 Initial Tranche A Term Loan Commitment, a 2019 Extended Tranche A Term Loan Commitment, an Initial Tranche B Term Loan Commitment, a 2013 Incremental Tranche B Term Loan Commitment, an Incremental Term Loan Commitment (of a Class), an Extended Revolving Credit Commitment (of the same Extension Series and any related swingline commitment thereunder), an Additional/Replacement Revolving Credit Commitment (and any related swingline commitment thereunder) or a Swingline Commitment, and when used in reference to any Lender, refers to whether such Lender has a Loan or Commitment of any such Class.
“Clearing Broker-Dealer Minimum Capital” shall mean, for any Subsidiary of the Borrower that is a broker-dealer subject to SEC Rule 15c(3)-3, as of any date of determination, the greater of (a) $40,000,000 and (b) 15% of Aggregate Debit Items on such date.
“Closing Date” shall mean the date upon which the conditions set forth in Section  6 are satisfied, which date is March 29, 2012.
NYDOCS02/996722.801/1378372.11            17

“Closing Date Indebtedness” shall mean Indebtedness described on Schedule 10.1.
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.  Section references to the Code are to the Code, as in effect on the Closing Date, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor.
“Collateral” shall have the meaning provided for such term or a similar term in each of the Security Documents; provided that with respect to any Mortgages, “Collateral” shall mean “Mortgaged Property” as defined therein.
“Collateral Agent” shall mean Bank of America or any successor appointed in accordance with the provisions of Section 12.8, together with its Affiliates, as the collateral agent for the Secured Parties.
“Commitment” shall mean, with respect to each Lender (to the extent applicable), such Lender’s Revolving Credit Commitment, 2017 Initial Tranche A Term Loan Commitment, 2019 Extended Tranche A Term Loan Commitment, Initial Tranche B Term Loan Commitment, Incremental Term Loan Commitment, Extended Revolving Credit Commitment, Additional/Replacement Revolving Credit Commitment or any combination thereof (as the context requires) and (b) with respect to the Swingline Lender or swingline lender under any Extended Revolving Credit Commitments or Additional/Replacement Revolving Credit Commitment, its Swingline Commitment or swingline commitment, as applicable.
“Commitment Fee” shall have the meaning provided in Section 4.1(a).
“Commitment Fee Rate” shall mean a rate equal to (a) initially, 0.50% per annum, and (b) following the InitialAmendment No. 2 Financial Statement Delivery Date, the rate per annum determined in accordance with the grid set forth below.  Any increase or decrease in the Commitment Fee Rate resulting from a change in the Consolidated Total Debt to Consolidated EBITDA Ratio shall become effective as of the first Business Day immediately following the date Section 9.1 Financials are delivered to the Administrative Agent pursuant to Sections 9.1(a) and 9.1(b):
	
		
	Consolidated Total Debt to Consolidated EBITDA Ratio
	Applicable Revolving Commitment Fee Percentage

	> 2.252.50:1.00
	0.50%

	< 2.252.50:1.00 but >1.001.25:1.00
	0.375%

	<1.001.25:1.00
	0.25%

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Confidential Information” shall have the meaning provided in Section 13.16.
NYDOCS02/996722.801/1378372.11            18

mandatory prepayments that are on terms not more favorable to the lenders or holders providing such Indebtedness than those applicable to the Refinanced Debt) prior to the 91st day after the maturity date of the Refinanced Debt.
“Credit Documents” shall mean this Agreement, the Guarantee, the Security Documents, the Agency Fee Letter, each Letter of Credit, any promissory notes issued by the Borrower hereunder, any Incremental Agreement, any Extension Agreement, Amendment No. 1, Amendment No. 2, and any Customary Intercreditor Agreement entered into after the Closing Date to which the Collateral Agent and/or Administrative Agent is a party.
“Credit Event” shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance, or increase in the amount, of a Letter of Credit.
“Credit Facility” shall mean any of the 2017 Initial Tranche A Term Loan Facility, the 2019 Extended Tranche A Term Loan Facility, Initial Tranche B Term Loan Facility, any Incremental Term Loan Facility, the Revolving Credit Facility, any Additional/Replacement Revolving Credit Facility, any Extended Term Loan Facility or any Extended Revolving Credit Facility, as applicable.
“Credit Party” shall mean the Borrower and each of the Guarantors.
“Cumulative Consolidated Net Income” shall mean, as at any date of determination, Consolidated Net Income for the period (taken as one accounting period) commencing on January 1, 2012 and ending on the last day of the most recent fiscal quarter for which Section 9.1 Financials have been delivered.
“Cure Amount” shall have the meaning provided in Section 11.12(a).
“Cure Deadline” shall have the meaning provided in Section 11.12(a).
“Cure Right” shall have the meaning provided in Section 11.12(a).
“Customary Intercreditor Agreement” shall mean (a) to the extent executed in connection with the incurrence of secured Indebtedness, the security of which is not intended to rank junior or senior to the Liens securing the Obligations (but without regard to the control of remedies), at the option of the Borrower and the Administrative Agent acting together, either (i) 
any intercreditor agreement substantially in the form of the Senior Priority Lien Intercreditor Agreement or (ii) a customary intercreditor agreement in a form reasonably acceptable to the Administrative Agent and the Borrower, which agreement shall provide that the Liens securing such Indebtedness shall not rank junior or senior to the Lien securing the Obligations (but 
without regard to the control of remedies) and (b)  to the extent executed in connection with the incurrence of secured Indebtedness, the security of which is intended to rank junior to the Liens securing the Obligations, at the option of the Borrower and the Administrative Agent acting together, either (i) an intercreditor agreement substantially in the form of the Junior Priority Lien Intercreditor Agreement or (ii) a customary intercreditor agreement in a form reasonably acceptable to the Administrative Agent and the Borrower, which agreement shall provide that the Liens securing such Indebtedness shall rank junior to the Lien securing the Obligations.
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“Existing Revolving Credit Class” shall have the meaning provided in Section 2.15(a)(ii).
“Existing Revolving Credit Commitments” shall have the meaning provided in Section 2.15(a)(ii).
“Existing Revolving Credit Loans” shall have the meaning provided in Section 2.15(a)(ii).
“Existing Term Loan Class” shall have the meaning provided in Section 2.15(a).
“Expected Cure Amount” shall have the meaning provided in Section 11.12(b)
“Extended Loans/Commitments” shall mean Extended Term Loans, Extended Revolving Credit Loans and/or Extended Revolving Credit Commitments.
“Extended Repayment Date” shall have the meaning provided in Section 2.5(df).
“Extended Revolving Credit Commitments” shall have the meaning provided in Section 2.15(a)(ii).
“Extended Revolving Credit Facility” shall mean each Class of Extended Revolving Credit Commitments established pursuant to Section 2.15(a)(ii).
“Extended Revolving Credit Loans” shall have the meaning provided in Section 2.15(a)(ii).
“Extended Term Loan Class” shall have the meaning provided in Section 2.15(a), and shall include the Class made up of the 2019 Extended Tranche A Term Loans under the 2019 Extended Tranche A Term Loan Facility.
“Extended Term Loan Facility” shall mean each Class of Extended Term Loans made pursuant to Section 2.152.15, and shall include the 2019 Extended Tranche A Term Loan Facility.
“Extended Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(df), and shall include the 2019 Extended Tranche A Term Loan Repayment Amount.
“Extended Term Loans” shall have the meaning provided in Section 2.15(a), and shall include the 2019 Extended Tranche A Term Loans.
“Extending Lender” shall have the meaning provided in Section 2.15(b), and shall include the 2019 Extended Tranche A Term Lenders.
“Extension Agreement” shall have the meaning provided in Section 2.15(c).
“Extension Date” shall have the meaning provided in Section 2.15(d).

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“Incremental Facility Closing Date” shall have the meaning provided in Section 2.14(e).
“Incremental Limit” shall have the meaning provided in Section 2.14(b).
“Incremental Revolving Credit Commitment Increase” shall have the meaning provided in Section 2.14(a).
“Incremental Revolving Credit Commitment Increase Lender” shall have the meaning provided in Section 2.14(f).
“Incremental Term Loan Commitment” shall mean the Commitment of any Lender to make Incremental Term Loans of a particular Class pursuant to Section 2.14(a).
“Incremental Term Loan Effective Date” shall mean the “Incremental Term Loan Effective Date” (as defined in Amendment No. 1).
“Incremental Term Loan Facility” shall mean each Class of Incremental Term Loans made pursuant to Section 2.14.
“Incremental Term Loan Maturity Date” shall mean, with respect to any Class of Incremental Term Loans made pursuant to Section 2.14, the final maturity date thereof and shall include, with respect to the 2013 Incremental Tranche B Term Loan, the 2013 Incremental Tranche B Term Loan Maturity Date.
“Incremental Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(df) and shall include any 2013 Incremental Tranche B Term Loan Repayment Amount.
“Incremental Term Loan Repayment Date” shall have the meaning provided in Section 2.5(df) and shall include any 2013 Incremental Tranche B Term Loan Repayment Date.
“Incremental Term Loans” shall have the meaning provided in Section 2.14(a).
“Incremental Tranche A Term Loans” shall have the meaning provided in Section 2.14(a).
“Incremental Tranche B Term Loans” shall have the meaning provided in Section 2.14(a). 
“Indebtedness” shall mean, 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 indebtedness of such Person for borrowed money and all indebtedness of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

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amount of such Indebtedness and (ii) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.
“Indemnified Parties” shall have the meaning provided in Section 13.5(a).
“Initial Financial Statement Delivery Date” shall mean the date on which Section 
9.1 Financials are delivered to the Administrative Agent under Section 9.1(a) or (b) for the first 
full fiscal quarter of the Borrower commencing after the Closing Date.
“Initial Term Loan Repayment Amount” shall mean ana 2017 Initial Tranche A Term Loan Repayment Amount or an Initial Tranche B Term Loan Repayment Amount, as the case may be.
“Initial Term Loan Repayment Date” shall mean ana 2017 Initial Tranche A Term Loan Repayment Date or an Initial Tranche B Term Loan Repayment Date, as the case may be.
“Initial Term Loans” shall mean the 2017 Initial Tranche A Term Loans and the Initial Tranche B Term Loans.
 “Initial Tranche A Term Lender” shall mean each Lender with an Initial Tranche A Term Loan Commitment or holding an Initial Tranche A Term Loan.
“Initial Tranche A Term Loan” shall have the meaning provided in Section 2.1(a).
“Initial Tranche A Term Loan Commitment” shall mean, (a) in the case of each Lender that is a Lender on the Closing Date, the amount, if any, set forth opposite such Lender’s name on Schedule 1.1(a) as such Lender’s “Initial Tranche A Term Loan Commitment” and (b) in the case of any Lender that becomes a Lender after the Closing Date, the amount specified as such Lender’s “Initial Tranche A Term Loan Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total Initial Tranche A Term Loan Commitment, in each case as the same may be changed from time to time pursuant to the terms hereof.  The aggregate amount of the Initial Tranche A Term Loan Commitments as of the Closing Date is $735,000,000.
“Initial Tranche A Term Loan Facility” shall have the meaning provided in the recitals to this Agreement.
“Initial Tranche A Term Loan Maturity Date” shall mean March 29, 2017; provided that if such date is not a Business Day, the “Initial Tranche A Term Loan Maturity Date” will be the Business Day immediately following such date.
“Initial Tranche A Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(b).

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“Initial Tranche A Term Loan Repayment Date” shall have the meaning provided in Section 2.5(b).
“Initial Tranche B Term Lender” shall mean each Lender with an Initial Tranche B Term Loan Commitment or holding an Initial Tranche B Term Loan.
“Initial Tranche B Term Loan” shall have the meaning provided in Section 2.1(b).
“Initial Tranche B Term Loan Commitment” shall mean, (a) in the case of each Lender that is a Lender on the Closing Date, the amount, if any, set forth opposite such Lender’s name on Schedule 1.1(a) as such Lender’s “Initial Tranche B Term Loan Commitment” and (b) in the case of any Lender that becomes a Lender after the Closing Date, the amount specified as such Lender’s “Initial Tranche B Term Loan Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total Initial Tranche B Term Loan Commitment, in each case as the same may be changed from time to time pursuant to the terms hereof.  The aggregate amount of the Initial Tranche B Term Loan Commitments as of the Closing Date is $615,000,000.
“Initial Tranche B Term Loan Facility” shall have the meaning provided in the recitals to this Agreement.
“Initial Tranche B Term Loan Maturity Date” shall mean March 29, 2019; provided that if such date is not a Business Day, the “Initial Tranche B Term Loan Maturity Date” will be the Business Day immediately following such date.  
“Initial Tranche B Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(cd).
“Initial Tranche B Term Loan Repayment Date” shall have the meaning provided in Section 2.5(cd). 
“Intellectual Property” shall have the meaning provided for such term or a similar term in the Security Agreement.
“Intercompany Note” shall mean the Amended and Restated Intercompany Subordinated Note, dated as of the Amendment No. 1 Effective Date, substantially in the form of Exhibit N, executed by Holdings, the Borrower and each other Subsidiary of the Borrower party thereto.
“Interest Period” shall mean, with respect to any Eurodollar Loans, the interest period applicable thereto, as determined pursuant to Section 2.9.
“Introducing Broker-Dealer Minimum Capital” shall mean for those Subsidiaries 
of the Borrower that are broker-dealers exempt from the provisions of SEC Rule 15c3-3, as of any date of determination, the greater of (a) 120% of such Subsidiaries’ consolidated minimum dollar Net Capital required (as defined in SEC Rule 15c3-1), and (b) the consolidated Aggregate Indebtedness (as defined in SEC Rule 15c3-1) of such Subsidiaries, divided by ten.

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“Material Adverse Effect” shall mean a circumstance or condition that materially and adversely affects (a) the business, assets, operations, properties or financial condition of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Credit Parties (taken as a whole) to perform their payment obligations under the Credit Documents or (c) the rights and remedies of the Administrative Agent, the Collateral Agent or the Lenders under the Credit Documents.
“Maturity Date” shall mean the 2017 Initial Tranche A Term Loan Maturity Date, the 2019 Extended Tranche A Term Loan Maturity Date, the Initial Tranche B Term Loan Maturity Date, any Incremental Term Loan Maturity Date, the Revolving Credit Maturity Date, any maturity date related to any Class of Extended Revolving Credit Commitments, any maturity date related to any Class of Additional/Replacement Revolving Credit Commitments, any maturity date related to any Class of Extended Term Loans, or the Swingline Maturity Date, as applicable.
“Minimum Borrowing Amount” shall mean (a) with respect to a Borrowing of Term Loans or Revolving Credit Loans, $1,000,000 and (b) with respect to a Borrowing of Swingline Loans, $100,000.
“Minority Investment” shall mean any Person (other than a Subsidiary) in which the Borrower or any Restricted Subsidiary owns Capital Stock.
“Moody’s” shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.
“Mortgage” shall mean a mortgage or a deed of trust, deed to secure debt, trust deed or other security document entered into by the owner of a Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured Parties evidencing a Lien on such Mortgaged Property, substantially in the form of Exhibit O (with such changes thereto as may be necessary to account for local law matters) or otherwise in such form as reasonably agreed between the Borrower and the Collateral Agent.
“Mortgaged Property” shall mean (a) Real Property identified on Schedule 1.1(d) and (b) Real Property owned in fee with respect to which a Mortgage is required to be granted pursuant to Section 9.13(b)
“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, a Restricted Subsidiary or an ERISA Affiliate had an obligation to contribute over the five preceding calendar years.
“Necessary Cure Amount” shall have the meaning provided in Section 11.12(b)
“Net Cash Proceeds” shall mean, with respect to any Prepayment Event, any issuance of Capital Stock, any capital contribution or any Disposition of any Investment, (a) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received and, with respect to any Recovery Event, any insurance proceeds or condemnation awards in respect of such Recovery Event) received by or

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“Present Fair Saleable Value” shall mean the amount that could be obtained by an independent willing seller from an independent willing buyer if the assets (both tangible and intangible) of the applicable Person and its subsidiaries taken as a whole are sold on a going-concern basis with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.
“Previous Holdings” shall have the meaning provided in the definition of the term “Holdings.”
“Prior Initial Tranche A Term Lender” shall have the meaning provided in Section 2.1(a).
“Prior Initial Tranche A Term Loan” shall have the meaning provided in Section 
2.1(a).
“Pro Forma Adjustment” shall mean, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Transaction Period with respect to the Acquired EBITDA of the applicable Pro Forma Entity or the Consolidated EBITDA of the Borrower, the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (a) reasonably identifiable and factually supportable cost savings, operating expense reductions or other synergies realized or expected to be realized prior to or during such Post-Transaction Period or (b) any additional costs, expenses or charges, accruals or reserves (collectively, “Costs”) incurred prior to or during such Post-Transaction Period in connection with the combination of the operations of a Pro Forma Entity with the operations of the Borrower and its Restricted Subsidiaries or otherwise in connection with, as a result of or related to such Specified Transaction; provided that, so long as such cost savings, operating expense reductions or other synergies are realized or expected to be realized prior to or during such Post-Transaction Period, or such Costs are incurred prior to or during such Post-Transaction Period, it may be assumed, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that such cost savings, operating expense reductions or other synergies will be realizable during the entirety of such Test Period and/or such Costs will be incurred during the entirety of such Test Period, as applicable; and provided, further, that any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, shall be without duplication for cost savings, operating expense reductions or other synergies or Costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test Period.
“Pro Forma Adjustment Certificate” shall mean any certificate of an Authorized Officer of the Borrower delivered pursuant to Section 9.1(h) or setting forth the information described in clause (iv) to Section 9.1(d). 
“Pro Forma Basis,” “Pro Forma Compliance” and “Pro Forma Effect” shall mean, with respect to compliance with any test or covenant hereunder, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first
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“Resignation Effective Date” shall have the meaning provided in Section 12.8.
“Restoration Certification” shall mean, with respect to any Recovery Prepayment Event, a certification made by an Authorized Officer of the Borrower or a Restricted Subsidiary, as applicable, to the Administrative Agent prior to the end of the Reinvestment Period certifying (a) that the Borrower or such Restricted Subsidiary intends to use the proceeds received in connection with such Recovery Prepayment Event to repair, restore or replace the property or assets in respect of which such Recovery Prepayment Event occurred, or otherwise invest in assets useful to the business, (b) the approximate costs of completion of such repair, restoration or replacement and (c) that such repair, restoration, reinvestment or replacement will be completed within the later of (x) twelve months after the date on which cash proceeds with respect to such Recovery Prepayment Event were received and (y) 180 days after delivery of such Restoration Certification.
“Restricted Foreign Subsidiary” shall mean each Restricted Subsidiary that is also a Foreign Subsidiary.
“Restricted Subsidiary” shall mean any Subsidiary of the Borrower other than an Unrestricted Subsidiary.  Unless otherwise expressly provided herein, all references herein to a “Restricted Subsidiary” shall mean a Restricted Subsidiary of the Borrower.
“Retained Refused Proceeds” shall have the meaning provided in Section 5.2(c)(ii).
“Revolving Credit Commitment” shall mean, (a) with respect to each Lender that is a Lender on the ClosingAmendment No. 2 Effective Date, the amount set forth opposite such Lender’s name on Schedule 1.1(a)1 to Amendment No. 2 as such Lender’s “Aggregate Revolving Credit Commitment,”, (b) in the case of any Lender that becomes a Lender after the Closing Date, the amount specified as such Lender’s “Revolving Credit Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total Revolving Credit Commitment and (c) in the case of any Lender that increases its Revolving Credit Commitment or becomes an Incremental Revolving Credit Commitment Increase Lender, in each case pursuant to Section 2.14, the amount specified in the applicable Incremental Agreement, in each case as the same may be changed from time to time pursuant to terms hereof.  TheAfter giving effect to Amendment No. 2, the aggregate amount of the Revolving Credit Commitments as of the ClosingAmendment No. 2 Effective Date is $250,000,000400,000,000.
“Revolving Credit Commitment Percentage” shall mean at any time, for each Lender, the percentage obtained by dividing (a) such Lender’s Revolving Credit Commitment by (b) the aggregate amount of the Revolving Credit Commitments; provided that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender’s Revolving Credit Commitment Percentage shall be its Revolving Credit Commitment Percentage as in effect immediately prior to such termination.
“Revolving Credit Exposure” shall mean, with respect to any Lender at any time, the sum of (a) the aggregate principal amount of the Revolving Credit Loans of such Lender then

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outstanding and (b) such Lender’s Letter of Credit Exposure at such time and (c) such Lender’s Swingline Exposure at such time.
“Revolving Credit Extension Request” shall have the meaning provided in Section 2.15(a)(ii).
“Revolving Credit Facility” shall have the meaning provided in the recitals to this Agreement.
“Revolving Credit Lender” shall mean, at any time, any Lender that has a Revolving Credit Commitment at such time.
“Revolving Credit Loan” shall have the meaning provided in Section 2.1(c).
“Revolving Credit Maturity Date” shall mean March 29, 2017;September 30, 2019, provided, that if such date is not a Business Day, then the  “Revolving Credit Maturity Date” will be the Business Day immediately following such date (the “Scheduled Revolving Credit Maturity Date”); provided, however, that to the extent that there are any outstanding Tranche B Loans maturing prior to, or within the 91 day period immediately following, the Scheduled Revolving Credit Maturity Date (as determined as of any date that is 91 days prior to the scheduled Maturity Date of any then-outstanding Tranche B Loans), then the “Revolving Credit Maturity Date” shall be the date that is the day occurring 91 days immediately prior to the earliest scheduled Maturity Date of any then-outstanding Tranche B Loans, provided that if such date is not a Business Day, then the “Revolving Credit Maturity Date” will be the next Business Day immediately followingpreceding such date.
“Revolving Credit Termination Date” shall mean, following the Amendment No. 2 Effective Date, the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letter of Credit Obligations shall have been reduced to zero or Cash Collateralized.
“S&P” shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.
“Sale Leaseback” shall mean any transaction or series of related transactions pursuant to which the Borrower or any of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed of; provided that any transaction described above that is consummated within 270 days of the date of acquisition of the applicable property by the Borrower or any of its Restricted Subsidiaries shall not constitute a “Sale Leaseback” for purposes of this Agreement.
“SDN List” shall have the meaning provided in Section 8.21.
“SEC” shall mean the Securities and Exchange Commission or any successor thereto.
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“Section 9.1 Financials” shall mean the financial statements delivered, or required to be delivered, pursuant to Section 9.1(a) or (b) together with the accompanying officer’s certificate delivered, or required to be delivered, pursuant to Section 9.1(d).
“Secured Cash Management Agreement” shall mean any agreement relating to Cash Management Services that is entered into by and between Holdings, the Borrower or any Restricted Subsidiary and a Cash Management Bank.
“Secured Hedging Agreement” shall mean any Hedging Agreement that is entered into by and between any Credit Party or any Restricted Subsidiary and any Hedge Bank.
“Secured Parties” shall mean, collectively, (a) the Lenders, (b) the Letter of Credit Issuers, (c) the Swingline Lender, (d) the Administrative Agent, (e) the Collateral Agent, (f) each Hedge Bank, (g) each Cash Management Bank, (h) the beneficiaries of each indemnification obligation undertaken by any Credit Party under the Credit Documents and (i) any successors, endorsees, transferees and assigns of each of the foregoing.
“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Security Agreement” shall mean the Security Agreement, dated as of the Closing Date, among Holdings, the Borrower, the other grantors party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of Exhibit B.
“Security Documents” shall mean, collectively, (a) the Security Agreement, (b) the Pledge Agreement, (c) the Mortgages, if any, and (d) each other security agreement or other instrument or document executed and delivered pursuant to Section 9.11, 9.12 or 9.14 or Customary Intercreditor Agreement executed and delivered pursuant to Section 10.2 or pursuant to any of the Security Documents, Permitted Additional Debt Documents or documentation governing Credit Agreement Refinancing Indebtedness to secure or perfect the security interest in any property as collateral for any or all of the First Lien Obligations.
“Segregated Cash” shall mean, as of any date of determination, all cash and “qualified” cash equivalents segregated on the balance sheet of the Broker-Dealer Regulated Subsidiary as of such date under SEC Rule 15c3-3.
“Senior Priority Lien Intercreditor Agreement” means the Senior Priority Lien Intercreditor Agreement substantially in the form of Exhibit I-1 among the Administrative Agent and/or the Collateral Agent and one or more representatives for holders of one or more classes of Permitted Additional Debt and/or Permitted First Priority Refinancing Debt, with such modifications thereto as the Administrative Agent and the Borrower may reasonably agree.
“Scheduled 2019 Extended Tranche A Term Loan Maturity Date” shall have the meaning provided in the definition of “2019 Extended Tranche A Term Loan Maturity Date”.
“Scheduled Revolving Credit Maturity Date” shall have the meaning provided in the definition of “Revolving Credit Maturity Date”.

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“Syndication Agents” shall mean the Persons identified on the cover page of this Agreement as such, in their respective capacities as syndication agent under this Agreement.
“Taxes” shall have the meaning provided in Section 5.4(a).
“Term Loan” shall mean ana 2017 Initial Tranche A Term Loan, a 2019 Extended Tranche A Term Loan, an Initial Tranche B Term Loan, an Incremental Term Loan or any Extended Term Loans, as applicable.
“Term Loan Extension Request” shall have the meaning provided in Section 2.15(a).
“Term Loan Facility” shall mean any of the 2017 Initial Tranche A Term Loan Facility, the 2019 Extended Tranche A Term Loan Facility, the Initial Tranche B Term Loan Facility, any Incremental Term Loan Facility and any Extended Term Loan Facility.
“Test Period” shall mean, for any determination under this Agreement, the most recent period of four consecutive fiscal quarters of the Borrower ended on or prior to such date of determination (taken as one accounting period) in respect of which Section 9.1 Financials shall have been (or were required by Section 9.1(a) or Section 9.1(b) to have been) delivered to the Administrative Agent for each fiscal quarter or fiscal year in such period; provided that, prior to the first date that Section 9.1 Financials shall have been delivered pursuant to Section 9.1(a) or (b), the Test Period in effect shall be the period of four consecutive fiscal quarters of the Borrower ended December 31, 2011.  A Test Period may be designated by reference to the last day thereof, i.e., the December 31, 2011 Test Period refers to the period of four consecutive fiscal quarters of the Borrower ended December 31, 2011, and a Test Period shall be deemed to end on the last day thereof.
“Total Revolving Credit2017 Initial Tranche A Term Loan Commitment” shall mean, on any date, the sum of the Revolving Credit2017 Initial Tranche A Term Loan Commitments on such date of all Revolving Creditof all the Lenders. 
“Total 2019 Extended Tranche A Term Loan Commitment” shall mean the sum of the 2019 Extended Tranche A Term Loan Commitments of all the Lenders.
“Total Additional/Replacement Revolving Credit Commitment” shall mean the sum of Additional/Replacement Revolving Credit Commitments of all the Lenders providing any tranche of Additional/Replacement Revolving Credit Commitments.
“Total Commitment” shall mean the sum of the Total 2017 Initial Tranche A Term Loan Commitment, the Total 2019 Extended Tranche A Term Loan Commitment, the Total Initial Tranche B Term Loan Commitment, the Total Incremental Term Loan Commitment, the Total Revolving Credit Commitment, the Total Extended Revolving Credit Commitment of each Extension Series and the Total Additional/Replacement Revolving Credit Commitment.
“Total Credit Exposure” shall mean, at any date, the sum of the Total Commitment at such date and the outstanding principal amount of all Term Loans at such date.

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“Total Extended Revolving Credit Commitment” shall mean the sum of all Extended Revolving Credit Commitments of all Lenders under each Extension Series.
“Total Incremental Term Loan Commitment” shall mean the sum of the Incremental Term Loan Commitments of any Class of Incremental Term Loans of all the Lenders providing such Class of Incremental Term Loans.
“Total Initial Tranche A Term Loan Commitment” shall mean the sum of the Initial Tranche A Term Loan Commitments of all the Lenders.
 “Total Initial Tranche B Term Loan Commitment” shall mean the sum of the Initial Tranche B Term Loan Commitments of all the Lenders.
“Total Revolving Credit Commitment” shall mean the sum of the Revolving Credit Commitments of all the Lenders.
“Tranche A Lender” shall mean any Lender holding Tranche A Loans and/or any commitment thereunder.
“Tranche A Loans” shall mean the 2017 Initial Tranche A Term Loans, the 2019 Extended Tranche A Term Loans, any Incremental Tranche A Term Loans or any Extended Term Loans for which 2017 Initial Tranche A Term Loans, 2019 Extended Tranche A Term Loans or Incremental Tranche A Term Loans were exchanged.
“Tranche B Lender” shall mean any Lender holding Tranche B Loans and/or any commitment thereunder.
“Tranche B Loans” shall mean the Initial Tranche B Term Loans, Incremental Tranche B Term Loans (including the 2013 Incremental Tranche B Term Loans) or any Extended Term Loans for which Initial Tranche B Term Loans or Incremental Tranche B Term Loans were exchanged.
“Transaction Expenses” shall mean any fees or expenses incurred or paid by the Sponsors, Holdings, the Borrower or any of its Restricted Subsidiaries or any of their Affiliates in connection with the Transactions and the transactions contemplated hereby and thereby.
“Transactions” shall mean, collectively, (a) the Refinancing, (b) the entering into of the Credit Documents and the funding of the Initial Term Loans and, to the extent applicable, the Revolving Credit Loans on the Closing Date, (c) the declaration and payment of the Special Dividend, (d) the consummation of any other transactions connected with the foregoing and (e) 
the payment of fees and expenses in connection with any of the foregoing (including the Transaction Expenses).
“Transferee” shall have the meaning provided in Section 13.6(f).
“Type” shall mean (a) as to any Term Loan, its nature as an ABR Loan or a Eurodollar Loan, (b) as to any Revolving Credit Loan, its nature as an ABR Loan or a Eurodollar Loan, (c) as to any Extended Revolving Credit Loan, its nature as an ABR Loan or a Eurodollar

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1.12Guaranties of Hedging Obligations. Notwithstanding anything else to the contrary in any Credit Document, no Specified Credit Party shall be required to guarantee or provide security for Excluded Swap Obligations, and any reference in any Credit Document with respect to such Specified Credit Party guaranteeing or providing security for the Obligations shall be deemed to be all Obligations other than the Excluded Swap Obligations.
SECTION 2.    Amount and Terms of Credit Facilities
2.1    Loans.  (a)  (i)     Subject to and upon the terms and conditions herein set forth, each Initial Tranche A Term Lender severally agrees to make a loan or loans (each,of this Agreement as in effect immediately prior to the Amendment No. 2 Effective Date, each  Lender having an “Initial Tranche A Term Loan”) to the Borrower, which Commitment” (as defined in this Agreement as in effect immediately prior to the Amendment No. 2 Effective Date) (each such Lender, a “Prior Initial Tranche A Term Lender”) severally made a loan or loans pursuant thereto (each, a “Prior Initial Tranche A Term Loan” and collectively the “Prior Initial Tranche A Term Loans (i) shall not exceed, for any such Lender, the Initial Tranche A Term Loan Commitment of such Initial Tranche A Term Lender, (ii) shall not exceed, in the aggregate, the Total Initial Tranche A Term Loan Commitment, (iii) shall be made on the Closing Date and”) to the Borrower on the Closing Date.
(ii)  As of the Amendment No. 2 Effective Date, in accordance with, and upon the terms and conditions set forth in, Amendment No. 2, (A) (x) the Prior Initial Tranche A Term Loans of each Prior Initial Tranche A Term Lender outstanding on such date shall be extended as a new series of Extended Term Loans (the “2019 Initial Extended Tranche A Term Loans”) on such date, in the principal amount with respect to each such Prior Initial Tranche A Term Lender as is set forth on Schedule 2 to Amendment No. 2 opposite such Lender’s name under the heading “2019 Extended Tranche A Term Loan Amount” and (y) certain Lenders shall make Incremental Tranche A Term Loans to the Borrower on the same terms and conditions as the 2019 Initial Extended Tranche A Term Loans (the “2019 Refinancing Extended Tranche A Term Loans”)  for the purpose of refinancing a portion of the then-outstanding 2017 Initial Tranche A Term Loans (such 2019 Refinancing Extended Tranche A Term Loans, together with the 2019 Initial Extended Tranche A Term Loans, the “2019 Extended Tranche A Term Loans”), and each Lender making any 2019 Extended Tranche A Term Loans shall become a 2019 Extended Tranche A Term Lender with respect thereto; provided that all such 2019 Extended Tranche A Term Loans made by each of the 2019 Extended Tranche A Term Lenders on the Amendment No. 2 Effective Date shall, unless otherwise provided herein, consist entirely of 2019 Extended Tranche A Term Loans of the same Class; and (B) the Prior Initial Tranche A Term Loans of each Prior Initial Tranche A Term Lender that are not extended as 2019 Extended Tranche A Term Loans pursuant to clause (A) above shall be re-designated, but otherwise continued unchanged hereunder on the Amendment No. 2 Effective Date as the “2017 Initial Tranche A Term Loans”, and each such non-extending Prior Initial Tranche A Term Lender shall be re-designated as a 2017 Initial Tranche A Term Lender with respect to such Lender’s 2017 Initial Tranche A Term Loans.
(iii) The 2017 Initial Tranche A Term Loans and the 2019 Extended Tranche A Term Loans (A) shall be denominated in U.S. Dollars, (ivB) may at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or Eurodollar
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Loans;, provided that all such 2017 Initial Tranche A Term Loans or 2019 Extended Tranche A Term Loans made by each of the 2017 Initial Tranche A Term Lenders or 2019 Extended Tranche A Term Lenders, as applicable, pursuant to the same Borrowing shall, unless otherwise provided herein, consist entirely of 2017 Initial Tranche A Term Loans or 2019 Extended Tranche A Term Loans, as applicable, of the same Type and (vC) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed.  On the 2017 Initial Tranche A Term Loan Maturity Date, all outstanding 2017 Initial Tranche A Term Loans shall be repaid in full.  On the 2019 Extended Tranche A Term Loan Maturity Date, all outstanding 2019 Extended Tranche A Term Loans shall be repaid in full.
(b) (i) Subject to and upon the terms and conditions herein set forth, each Initial Tranche B Term Lender severally agrees to make a loan or loans (each, an “Initial Tranche B Term Loan”) to the Borrower, which Initial Tranche B Term Loans (i) shall not exceed, for any such Lender, the Initial Tranche B Term Loan Commitment of such Initial Tranche B Term Lender, (ii) shall not exceed, in the aggregate, the Total Initial Tranche B Term Loan Commitment, (iii) shall be made on the Closing Date and shall be denominated in U.S. Dollars, (iv) may at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or Eurodollar Loans; provided that all such Initial Tranche B Term Loans made by each of the Initial Tranche B Term Lenders pursuant to the same Borrowing shall, unless otherwise provided herein, consist entirely of Initial Tranche B Term Loans of the same Type and (v) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed.  On the Initial Tranche B Term Loan Maturity Date, all outstanding Initial Tranche B Term Loans shall be repaid in full.
(ii)    Subject to and upon the terms and conditions herein set forth and in Amendment No. 1, each 2013 Incremental Term Lender severally agrees to make a 2013 Incremental Tranche B Term Loan to the Borrower, which 2013 Incremental Tranche B Term Loan (i) shall not exceed, for any such Lender, the Incremental Term Loan Commitment of such 2013 Incremental Term Lender, (ii) shall not exceed, in the aggregate, the Total Incremental Term Loan Commitment, (iii) shall be made on the Incremental Term Loan Effective Date and shall be denominated in U.S. Dollars, (iv) may at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or Eurodollar Loans; provided that all such 2013 Incremental Tranche B Term Loans made by each of the 2013 Incremental Term Lenders pursuant to the same Borrowing shall, unless otherwise provided herein, consist entirely of 2013 Incremental Tranche B Term Loans of the same Class and (v) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed.  On the 2013 Incremental Tranche B Term Loan Maturity Date, all outstanding 2013 Incremental Tranche B Term Loans shall be repaid in full.
(c)    Subject to and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make a loan or loans (each, a “Revolving Credit Loan”) to the Borrower in U.S. Dollars, which Revolving Credit Loans (i) shall not exceed, for any such Lender, the Revolving Credit Commitment of such Lender, (ii) shall not, after giving effect thereto and to the application of the proceeds thereof, result in such Lender’s Revolving Credit Exposure at such time exceeding such Lender’s Revolving Credit Commitment at such time, (iii) shall not, after giving effect thereto and to the application of the proceeds thereof, at any time result in the aggregate amount of all Lenders’ Revolving Credit Exposures exceeding
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thereto (except that Mandatory Borrowings shall be made in the amounts required by Section 2.1(f) and Revolving Credit Loans to reimburse the Letter of Credit Issuer with respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4, as applicable).  More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than 20 Borrowings of Eurodollar Loans under this Agreement.  For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.
2.3    Notice of Borrowing.  (a)  The Borrower shall give the Administrative Agent at the Administrative Agent’s Office (i) prior to 1:00 p.m. (New York City time) at least three Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of the Borrowing of Initial Term Loans or any Borrowing of Incremental Term Loans (unless otherwise set forth in the applicable Incremental Agreement), as the case may be, if all or any of such Term Loans are to be initially Eurodollar Loans, and (ii) prior written notice (or telephonic notice promptly confirmed in writing) prior to 10:00 a.m. (New York City time) on the date of the Borrowing of Initial Term Loans or any Borrowing of Incremental Term Loans, as the case may be, if all such Term Loans are to be ABR Loans.  Such notice (together with each notice of a Borrowing of Revolving Credit Loans pursuant to Section 2.3(b) and each notice of a Borrowing of Swingline Loans pursuant to Section 2.3(d), a “Notice of Borrowing”) shall specify substantially in the form of Exhibit D (i) the aggregate principal amount of the Initial Term Loans or Incremental Term Loans, as the case may be, to be made, (ii) the date of the Borrowing (which shall be (x) in the case of Initial Term Loans, the Closing Date and (y) in the case of Incremental Term Loans, the applicable Incremental Facility Closing Date in respect of such Class), (iii) whether the Initial Term Loans or Incremental Term Loans, as the case may be, shall consist of ABR Loans and/or Eurodollar Loans and, if the Initial Term Loans or Incremental Term Loans, as the case may be, are to include Eurodollar Loans, the Interest Period to be initially applicable thereto and (iv) whether the Initial Term Loans are being borrowed under the 2017 Initial Tranche A Term Loan Facility or Initial Tranche B Term Loan Facility.  The Administrative Agent shall promptly give each Lender written notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing of Term Loans, of such Lender’s proportionate share thereof and of the other matters covered by the related Notice of Borrowing. 
(b)    Whenever the Borrower desires to incur Revolving Credit Loans hereunder (other than Mandatory Borrowings or borrowings to repay Unpaid Drawings under Letters of Credit), it shall give the Administrative Agent at the Administrative Agent’s Office, (i) prior to 1:00 p.m. (New York City time) at least three Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing of Revolving Credit Loans that are to be Eurodollar Loans, and (ii) prior to 1:00 p.m. (New York City time) at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing of Revolving Credit Loans that are to be ABR Loans.  Each such Notice of Borrowing, except as otherwise expressly provided in Section 2.10, shall specify (i) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (ii) the date of Borrowing (which shall be a Business Day) and (iii) whether the respective Borrowing shall consist of ABR Loans or Eurodollar Loans and, if Eurodollar Loans, the Interest Period to be initially applicable thereto.  The Administrative Agent shall promptly give each Lender written notice (or telephonic notice promptly confirmed in writing) of each
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Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Letter of Credit Issuer, 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 Federal Funds Effective Rate.
2.5    Repayment of Loans; Evidence of Debt.  
(a)(a)The Borrower agrees to repay to the Administrative Agent, for the benefit of the applicable Lenders, (i) on the 2017 Initial Tranche A Term Loan Maturity Date, all then outstanding 2017 Initial Tranche A Term Loans, (ii) on the 2019 Extended Tranche A Term Loan Maturity Date, all then outstanding 2019 Extended Tranche A Term Loans, (iii) on the Initial Tranche B Term Loan Maturity Date, all then outstanding Initial Tranche B Term Loans, (iiiiv) on the relevant Incremental Term Loan Maturity Date for any Class of Incremental Term Loans, any then outstanding Incremental Term Loans of such Class, (ivv) on the Revolving Credit Maturity Date, all then outstanding Revolving Credit Loans, (vvi) on the relevant maturity date for any Class of Additional/Replacement Revolving Credit Commitments, all then outstanding Additional/Replacement Revolving Credit Loans of such Class, (vivii) on the relevant maturity date for any Class of Extended Term Loans, all then outstanding Extended Term Loans of such Class, (viiviii) on the relevant maturity date for any Class of Extended Revolving Credit Commitments, all then outstanding Extended Revolving Credit Loans of such Class and (viiiix) on the Swingline Maturity Date, all then outstanding Swingline Loans.
(b)The Borrower shall repay to the Administrative Agent, for the benefit of the 2017 Initial Tranche A Term Lenders, on each date set forth below (each, with respect to the 2017 Initial Tranche A Term Lenders, ana “2017 Initial Tranche A Term Loan Repayment Date”), a principal amount of the 2017 Initial Tranche A Term Loans (each such amount, ana “2017 Initial Tranche A Term Loan Repayment Amount”) (as such principal amount may be reduced by, and after giving effect to, any voluntary and mandatory prepayments made in accordance with Section 5 (including all such prepayments made prior to the Amendment No. 2 Effective Date), or as contemplated by Section 2.15), in each case as set forth below opposite such 2017 Initial Tranche A Term Loan Repayment Date:  
	
		
	2017 Initial Tranche A Term Loan Repayment Date
	2017 Initial Tranche A Term Loan Repayment Amount 13

	June 30, 2012
	$9,187,500

	September 30, 2012
	$9,187,500

	December 31, 2012
	$9,187,500

	March 31, 2013
	$9,187,500

	June 30, 2013
	$9,187,500

	September 30, 2013
	$9,187,500

	December 31, 2013
	$9,187,500

___________________________
13 Repayment amounts from December 31, 2014 through December 31, 2016 will be reduced in the same proportion as the amount of 2017 Initial Tranche A Term Loans are reduced in the Second Amendment.

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	2017 Initial Tranche A Term Loan Repayment Date
	2017 Initial Tranche A Term Loan Repayment Amount 13

	March 31, 2014
	$9,187,500

	June 30, 2014
	$18,375,000

	September 30, 2014
	$18,375,000

	December 31, 2014
	$0

	March 31, 2015
	$0

	June 30, 2015
	$0

	September 30, 2015
	$0

	December 31, 2015
	$0

	March 31, 2016
	$0

	June 30, 2016
	$0

	September 30, 2016
	$0

	December 31, 2016
	$0

	2017 Initial Tranche A Term Loan Maturity Date
	Balance of outstanding 2017 Initial Tranche A Term Loans

(c)The Borrower shall repay to the Administrative Agent, for the benefit of the 2019 Extended Tranche A Term Lenders, on each date set forth below (each, with respect to the 2019 Extended Tranche A Term Lender, a “2019 Extended Tranche A Term Loan Repayment Date”), a principal amount of the 2019 Extended Tranche A Term Loans  (as such principal amount may be reduced by, and after giving effect to, any voluntary and mandatory prepayments made in accordance with Section 5 or as contemplated by Section 2.15), in each case as set forth below opposite such 2019 Extended Tranche A Term Loan Repayment Date (each such amount, a “2019 Extended Tranche A Term Loan Repayment Amount”): 
	
		
	Initial2019 Extended Tranche A Term Loan Repayment Date
	Initial2019 Extended Tranche A Term Loan Repayment Amount

	June 30, 2012
	$9,187,500

	September 30, 2012
	$9,187,500

	December 31, 20122017
	$$9,187,5008,613,281.25

	March 31, 20132018
	$$9,187,5008,613,281.25

	June 30, 20132018
	$$9,187,5008,613,281.25

	September 30, 20132018
	$$9,187,5008,613,281.25

	December 31, 20132018
	$$9,187,5008,613,281.25

	March 31, 20142019
	$$9,187,5008,613,281.25

	June 30, 20142019
	$$9,187,5008,613,281.25

	September 30, 2014
	$18,375,000

	December 31, 2014
	$18,375,000

	March 31, 2015
	$18,375,000

	June 30, 2015
	$18,375,000

_________________________________
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	Initial2019 Extended Tranche A Term Loan Repayment Date
	Initial2019 Extended Tranche A Term Loan Repayment Amount

	September 30, 2015
	$18,375,000

	December 31, 2015
	$18,375,000

	March 31, 2016
	$18,375,000

	June 30, 2016
	$18,375,000

	September 30, 2016
	$18,375,000

	December 31, 2016
	$18,375,000

	Initial2019 Extended Tranche A Term Loan Maturity Date
	Balance of outstanding Initial2019 Extended Tranche A Term Loans

Each 2019 Extended Tranche A Term Lender acknowledges and agrees that otherwise applicable amortization payments prior to December 31, 2017 have been reduced to zero as a result of voluntary prepayments made prior to the Amendment No. 2 Effective Date. 
(d)(c) The Borrower shall repay to the Administrative Agent, for the benefit of the Initial Tranche B Term Lenders, on each date set forth below (each, an “Initial Tranche B Term Loan Repayment Date”), a principal amount of the Initial Tranche B Term Loans (each such amount, an “Initial Tranche B Term Loan Repayment Amount”) (as such principal amount may be reduced by, and after giving effect to, any voluntary and mandatory prepayments made in accordance with Section 5 or as contemplated by Section 2.15), in each case as set forth below opposite such Initial Tranche B Term Loan Repayment Date:
	
		
	Initial Tranche B Term Loan Repayment Date
	Initial Tranche B Term Loan Repayment Amount

	June 30, 2012
	$1,537,500

	September 30, 2012
	$1,537,500

	December 31, 2012
	$1,537,500

	March 31, 2013
	$1,537,500

	June 30, 2013
	$1,537,500

	September 30, 2013
	$1,537,500

	December 31, 2013
	$1,537,500

	March 31, 2014
	$1,537,500

	June 30, 2014
	$1,537,500

	September 30, 2014
	$1,537,500

	December 31, 2014
	$1,537,500

	March 31, 2015
	$1,537,500

	June 30, 2015
	$1,537,500

	September 30, 2015
	$1,537,500

	December 31, 2015
	$1,537,500

	March 31, 2016
	$1,537,500

	June 30, 2016
	$1,537,500

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	2013 Incremental  Tranche B Term Loan Repayment Date
	2013 Incremental Tranche B Term Loan Repayment Amount

	September 30, 2017
	$2,709,625

	December 31, 2017
	$2,709,625

	March 31, 2018
	$2,709,625

	June 30, 2018
	$2,709,625

	September 30, 2018
	$2,709,625

	December 31, 2018
	$2,709,625

	2013 Incremental Tranche B Term Loan Maturity Date
	Balance of 2013 Incremental Tranche B Term Loans

(e)(d) In the event any Incremental Term Loans are made, such Incremental Term Loans shall mature and be repaid in amounts (each such amount, an “Incremental Term Loan Repayment Amount”) and on dates as agreed between the Borrower and the relevant Lenders of such Incremental Term Loans in the applicable Incremental Agreement (each an “Incremental Term Loan Repayment Date”), subject to the requirements set forth in Section 2.14.  In the event that any Extended Term Loans are established, such Extended Term Loans shall, subject to the requirements of Section 2.15, mature and be repaid by the Borrower in the amounts (each such amount, an “Extended Term Loan Repayment Amount”) and on the dates (each an “Extended Repayment Date”) set forth in the applicable Extension Agreement.  In the event any Extended Revolving Credit Commitments are established, such Extended Revolving Credit Commitments shall, subject to the requirements of Section 2.15, be terminated (and all Extended Revolving Credit Loans of the same Extension Series repaid) on the dates set forth in the applicable Extension Agreement.
(f)(e) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.
(g)(f) The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 13.6(b) and a subaccount for each Lender, in which the Register and the subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is ana 2017 Initial Tranche A Term Loan, a 2019 Extended Tranche A Term Loan, an Initial Tranche B Term Loan, an Incremental Term Loan (and the relevant Class thereof), a Revolving Credit Loan, an Additional/Replacement Revolving Credit Loan (and the relevant Class thereof), an Extended Term Loan (and the relevant Class thereof), an Extended Revolving Credit Loan (and the relevant Class thereof) or a Swingline Loan, as applicable, the Type of each Loan made and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender or the Swingline Lender hereunder, (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof and (iv) any cancellation or retirement of Loans contemplated by Section 13.6(i).
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(h)(g) The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (ef) and (fg) of this Section 2.5 shall, to the extent permitted by Applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.
2.6    Conversions and Continuations.  (a)  The Borrower shall have the option on any Business Day, subject to Section 2.11, to convert all or a portion equal to at least the Minimum Borrowing Amount of the outstanding principal amount of Term Loans, Revolving Credit Loans, Additional/Replacement Revolving Credit Loans or Extended Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type and except as otherwise provided herein the Borrower shall have the option on the last day of an Interest Period to continue the outstanding principal amount of any Eurodollar Loans as Eurodollar Loans for an additional Interest Period; provided that (i) no partial conversion of Eurodollar Loans shall reduce the outstanding principal amount of Eurodollar Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into Eurodollar Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has, or the Required Credit Facility Lenders with respect to any such Credit Facility have, determined in its or their sole discretion not to permit such conversion, (iii) Eurodollar Loans may not be continued as Eurodollar Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has, or the Required Credit Facility Lenders with respect to any such Credit Facility have, determined in its or their sole discretion not to permit such continuation and (iv) Borrowings resulting from conversions pursuant to this Section 2.6 shall be limited in number as provided in Section 2.2. Each such conversion or continuation shall be effected by the Borrower giving the Administrative Agent at the Administrative Agent’s Office prior to 1:00 p.m. (New York City time) at least (i) three Business Days’, in the case of a continuation of, or conversion to, Eurodollar Loans or (ii) one Business Day’s, in the case of a conversion into ABR Loans, prior written notice (or telephonic notice promptly confirmed in writing) (each, a “Notice of Conversion or Continuation”) specifying the Loans to be so converted or continued, the Type of Loans to be converted into or continued, the requested date of the conversion or continuation, as the case may be (which shall be a Business Day), the principal amount of Loans to be converted or continued, as the case may be, and, if such Loans are to be converted into, or continued as, Eurodollar Loans, the Interest Period to be initially applicable thereto.  If the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans, Revolving Credit Loans, Additional/Replacement Revolving Credit Loans or Extended Revolving Credit Loans shall be made or continued as the same Type of Loan, which, if a Eurodollar Loan, shall have the same Interest Period as that of the Loans being continued or converted (subject to the definition of Interest Period).   Any such automatic continuation shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Loans.  If the Borrower requests a conversion to, or continuation of Eurodollar Loans in any such Notice of Conversion of Continuation, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month’s duration. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a Eurodollar Loan.  The Administrative Agent shall give each 

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applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.
(b)    If an Event of Default is in existence at the time of any proposed continuation of any Eurodollar Loans and the Administrative Agent has, or the Required Lenders with respect to any such continuation have, determined in its or their sole discretion not to permit 
such continuation, Eurodollar Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans.  
2.7    Pro Rata Borrowings.  Each Borrowing of 2017 Initial Tranche A Term Loans or 2019 Extended Tranche A Term Loans under this Agreement shall be granted by the 2017 Initial Tranche A Term Lenders or the 2019 Extended Tranche A Term Lenders, as applicable, pro rata on the basis of their then-applicable 2017 Initial Tranche A Term Loan Commitments or 2019 Extended Tranche A Term Loan Commitments, respectively, and each Borrowing of Initial Tranche B Term Loans under this Agreement shall be granted by the Initial Tranche B Term Lenders pro rata on the basis of their then-applicable Initial Tranche B Term Loan Commitments.  Each Borrowing of Revolving Credit Loans under this Agreement shall be granted by the Revolving Credit Lenders pro rata on the basis of their then-applicable Revolving Credit Commitment Percentages with respect to the applicable Class.  Each Borrowing of Incremental Term Loans under this Agreement shall be granted by the Lenders of the relevant Class thereof pro rata on the basis of their then-applicable Incremental Term Loan Commitments for such Class.  Each Borrowing of Additional/Replacement Revolving Credit Loans under this Agreement shall be granted by the Lenders of the relevant Class thereof pro rata on the basis of their then-applicable Additional/Replacement Revolving Credit Commitments for such Class.  Each Borrowing of Extended Revolving Credit Loans under this Agreement shall be granted by the Lenders of the relevant Class thereof pro rata on the basis of their then-applicable Extended Revolving Credit Commitments for such Class.  It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender, severally and not jointly, shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder, and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligations under any Credit Document.
2.8    Interest.  (a)  The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin in effect from time to time plus the ABR in effect from time to time.
(b)The unpaid principal amount of each Eurodollar Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin in effect from time to time plus the Eurodollar Rate in effect from time to time. 
(c)If all or a portion of the principal amount of any Loan or any interest payable thereon or any fees or other amounts due hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest
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equal to the aggregate amount of Additional/Replacement Revolving Credit Commitments so provided.
(c)(i)  (A) The Incremental Tranche A Term Loans (i) shall rank pari passu in right of payment and of security with the 2017 Initial Tranche A Term Loans and the 2019 Extended Tranche A Term Loans, (ii) shall not mature earlier than the 2017 Initial Tranche A Term Loan Maturity Date, (iii) shall not have a shorter Weighted Average Life to Maturity than the 2017 Initial Tranche A Term Loan Facility,  (iv) shall have an amortization schedule (subject to clause (iii) above), and interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment premiums for the Incremental Tranche A Term Loans as determined by the Borrower and the lenders of the Incremental Tranche A Term Loans, and (v) may otherwise have terms and conditions different from those of the 2017 Initial Tranche A Term Loans  and (B) the Incremental Tranche B Term Loans (i) shall rank pari passu in right of payment and of security with the Initial Tranche B Term Loans, (ii) shall not mature earlier than the Initial Tranche B Term Loan Maturity Date, (iii) shall not have a shorter Weighted Average Life to Maturity than the Initial Tranche B Term Loan Facility, (iv) shall have an amortization schedule (subject to clause (iii) above), and interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment premiums for the Incremental Tranche B Term Loans as determined by the Borrower and the lenders of the Incremental Tranche B Term Loans and (v) may otherwise have terms and conditions different from those of the Initial Tranche B Term Loans; provided that (except with respect to matters contemplated by subclauses (ii), (iii) and (iv) in clauses (A) and (B) above) any differences shall be reasonably satisfactory to the Administrative Agent.
(ii)    The Incremental Revolving Credit Commitment Increase shall be treated the same as the Revolving Credit Commitments (including with respect to maturity date thereof) and shall be considered to be part of the Revolving Credit Facility.  
(iii)    The Additional/Replacement Revolving Credit Commitments (i) shall rank pari passu in right of payment and of security with the Revolving Credit Loans, (ii) shall not mature earlier than the Revolving Credit Maturity DateMarch 29, 2017 and shall require no mandatory commitment reduction prior to the Revolving Credit Maturity DateMarch 29, 2017, (iii) shall have interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, undrawn commitment fees, funding discounts, original issue discounts and prepayment premiums as determined by the Borrower and the lenders of such commitments, (iv) shall contain borrowing, repayment and termination of Commitment procedures as determined by the Borrower and the lenders of such commitments, (v) may include provisions relating to swingline loans and/or letters of credit, as applicable, issued thereunder, which issuances shall be on terms substantially similar (except for the overall size of such subfacilities, the fees payable in connection therewith and the identity of the swingline lender and letter of credit issuer, as applicable, which shall be determined by the Borrower, the lenders of such commitments and the applicable letter of credit issuers and swingline lenders and borrowing, repayment and termination of commitment procedures with respect thereto, in each case which shall be specified in the applicable Incremental Agreement) to the terms relating to Swingline Loans and Letters of Credit with respect to the Revolving Credit Commitments or otherwise reasonably acceptable to the Administrative Agent and (vi) may otherwise have terms and
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3.11    Existing Letters of Credit.  Subject to the terms and conditions hereof, each Existing Letter of Credit that is outstanding on the Closing Date, listed on Schedule 1.1(c) shall, effective as of the Closing Date and without any further action by the Borrower, be continued as a Letter of Credit hereunder, from and after the Closing Date be deemed a Letter of Credit for all purposes hereof and be subject to and governed by the terms and conditions hereof.
3.12    Applicability of ISP and UCP.  Unless otherwise expressly agreed by the Letter of Credit Issuer and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit.  Notwithstanding the foregoing, the Letter of Credit Issuer shall not be responsible to the Borrower for, and the Letter of Credit Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Letter of Credit Issuer required or permitted under any Applicable Law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Applicable Law or any order of a jurisdiction where the Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.
SECTION 4.    Fees; Commitment Reductions and Terminations.
4.1    Fees.  (a)  The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Revolving Credit Lenders) a commitment fee (the “Commitment Fee”) that shall accrue from and including the ClosingAmendment No. 2 Effective Date to but excluding the Revolving Credit Termination Date.  Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each March, June, September and December (for the three-month period (or portion thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day to be calculated based on the actual amount of the  Available Revolving Credit Commitment (assuming for this purpose that there is no reference to “Swingline Loans” in clause (b)(i) of the definition of Available Revolving Credit Commitment) in effect on such day. 
(b)    The Borrower agrees to pay (i) directly to the Letter of Credit Issuer for its own account a fronting fee (the “Fronting Fee”) with respect to each Letter of Credit, computed at the rate for each day equal to 0.125% per annum or such other amount as is agreed in a separate writing between any Letter of Credit Issuer and the Borrower times the average daily Stated Amount of such Letter of Credit and (ii) any other letter of credit fee agreed to in writing by any Letter of Credit Issuer and the Borrower.  The Fronting Fee shall be due and payable quarterly in arrears on the first Business Day after the end of each March, June, September and December, in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such
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effect to such repayment or reduction, the Existing Revolving Credit Loans of such Class are held by the Lenders of such Class on a pro rata basis in accordance with their Existing Revolving Credit Commitments of such Class after giving effect to such reduction) (provided that (x) after giving effect to any such reduction and to the repayment of any Loans made on such date, the aggregate amount of the revolving credit exposure of any such Lender does not exceed the Existing Revolving Credit Commitment thereof (such revolving credit exposure and Existing Revolving Credit Commitment being determined in each case, for the avoidance of doubt, exclusive of such Lender’s Extended Revolving Credit Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt, any such repayment of Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 5.3(a) with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any exchange pursuant to Section 2.15 of Existing Revolving Credit Commitments and Existing Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans respectively, and prior to any reduction being made to the Commitment of any other Lender), (c) any partial reduction pursuant to this Section 4.2 shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (d) after giving effect to such termination or reduction and to any prepayments of Revolving Credit Loans or cancellation or Cash Collateralization of Letters of Credit made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposures for such Class shall not exceed the Total Revolving Credit Commitment for such Class, (e) after giving effect to such termination or reduction and to any prepayments of Additional/Replacement Revolving Credit Loans of any Class or cancellation or cash collateralization of letters of credit made on the date thereof in accordance with the Agreement, the aggregate amount of such Lender’s revolving credit exposure shall not exceed the Total Additional/Replacement Revolving Credit Commitment for such Class and (f) if, after giving effect to any reduction hereunder, the Letter of Credit Commitment or the Swingline Commitment exceeds the sum of the Total Revolving Credit Commitment and the Total Additional/Replacement Revolving Credit Commitment (if any), such Commitment shall be automatically reduced by the amount of such excess.
(b)    Upon at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent and the Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the applicable Revolving Credit Lenders), the Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitment in whole or in part; provided that, after giving effect to such termination or reduction, the Letter of Credit Obligations shall not exceed the Letter of Credit Commitment.
(c)    The Borrower may terminate the unused amount of the Commitment of a Defaulting Lender upon not less than two Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions of Section 2.16(a)(iv) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts), provided that such termination will not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any Letter of Credit Issuer, the Swingline Lender or any Lender may have against such Defaulting Lender.
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4.3    Mandatory Termination of Commitments.  (a)  The Total2017 Initial Tranche A Term Loan Commitment and Total Initial Tranche B Term Loan Commitment shall each terminate at 5:00 p.m. (New York City time)each terminated on the Closing Date.
(b)The Total Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.
(c)The Swingline Commitment shall terminate at 5:00 p.m. (New York City time) on the Swingline Maturity Date.
(d)The Incremental Term Loan Commitment for any Class shall, unless otherwise provided in the documentation governing such Incremental Term Loan Commitment, terminate at 5:00 p.m. (New York City time) on the Incremental Facility Closing Date for such Class.
(e)The Additional/Replacement Revolving Credit Commitment for any Class shall terminate at 5:00 p.m. (New York City time) on the maturity date for such Class specified in the documentation governing such Class.
(f)The Extended Loan/Commitment for any Extension Series shall terminate at 5:00 p.m. (New York City time) on the maturity date for such tranche specified in the Extension Agreement.
(g)The Total 2019 Extended Tranche A Term Loan Commitment shall terminate at 5:00 p.m. (New York City time) on Amendment No. 2 Effective Date.
SECTION 5.    Payments
5.1    Voluntary Prepayments.  (a)  The Borrower shall have the right to prepay Term Loans, Revolving Credit Loans, Extended Revolving Credit Loans, Additional/Replacement Revolving Credit Loans and Swingline Loans, without, except as set forth in Section 5.1(b), premium or penalty, in whole or in part from time to time on the following terms and conditions:  (a) the Borrower shall give the Administrative Agent at the Administrative Agent’s Office written notice (or telephonic notice promptly confirmed in writing) of its intent to make such prepayment, the amount of such prepayment and in the case of Eurodollar Loans, the specific Borrowing(s) pursuant to which made, which notice shall be given by the Borrower no later than (i) in the case of Term Loans, Extended Revolving Credit Loans, Additional/Replacement Revolving Credit Loans or Revolving Credit Loans, 1:00 p.m. (New York City time) (x) one Business Day prior to (in the case of ABR Loans) or (y) three Business Days prior to (in the case of Eurodollar Loans), or (ii) in the case of Swingline Loans, 1:00 p.m. (New York City time) on, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the relevant Lenders or the Swingline Lender, as the case may be; (b) each partial prepayment of any Borrowing of Term Loans or Revolving Credit Loans shall be in a multiple of $100,000 and in an aggregate principal amount of at least $1,000,000 and each partial prepayment of Swingline Loans shall be in a multiple of $100,000 and in an aggregate principal amount of at least $100,000; provided that no partial prepayment of Eurodollar Loans made pursuant to a single Borrowing shall reduce the outstanding Eurodollar Loans made pursuant to such Borrowing to an amount less than the
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to evidence that each Credit 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 (x) in the case of the Borrower, the State of Massachusetts and (y) in the case of each Guarantor, the State of Delaware.
6.7    Fees and Expenses.  The fees in the amounts previously agreed in writing by the Agents to be received on the Closing Date and all reasonable out-of-pocket expenses (including the reasonable fees, disbursements and other charges of counsel) for which invoices have been presented at least three Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower), shall have been, or will be substantially simultaneously with the initial Credit Event, paid in full (which amounts may be offset against the proceeds of the “Initial Tranche A Term Loan” (as defined in this Agreement as in effect immediately prior to the Amendment No. 2 Effective Date) and/or the Initial Tranche B Term Loan).
6.8    Solvency Certificate.  The Administrative Agent shall have received a certificate from the chief financial officer of the Borrower substantially in the form of Exhibit L, with appropriate attachments and demonstrating that after giving effect to the consummation of the Transactions and other transactions contemplated hereby, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.
6.9    Refinancing.  The Refinancing shall have been consummated, or shall be consummated simultaneously with the funding of the Initial Term Loans hereunder and the Administrative Agent shall have received reasonably satisfactory evidence of the repayment of all Indebtedness for borrowed money to be repaid on the Closing Date pursuant to the Refinancing, including one or more duly executed payoff letters, terminations and releases in form and substance reasonably satisfactory to the Administrative Agent.
6.10    Insurance Certificates.  The Administrative Agent shall have received copies of insurance certificates evidencing the insurance required to be maintained by the Borrower and the Restricted Subsidiaries pursuant to Section 9.3, each of which shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s additional loss payable or additional mortgagee endorsement (as applicable) and shall name the Collateral Agent, on behalf of the Secured Parties, as additional insured on any liability policy and the Collateral Agent, on behalf of the Secured Parties, as additional loss payee and/or mortgagee on any casualty policy, in form and substance reasonably satisfactory to the Administrative Agent.
6.11    PATRIOT ACT.  The Administrative Agent and the Joint Lead Arrangers shall have received all documentation and other information concerning the Borrower and the Guarantors as has been reasonably requested in writing at least 10 Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead Arrangers (on behalf of itself and/or any Lender) that either reasonably determines is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act.
Without limiting the generality of the provisions of the last paragraph of Section 12.3, for purposes of determining compliance with the conditions specified in this Section 6,
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Collateral Agent, (2) dated or re-certificated not earlier than three months prior to the date of such delivery, (3) certified to the Administrative Agent, the Collateral Agent and the title insurance company issuing the title insurance policy for such Mortgaged Property pursuant to clause (ii), which certification shall be reasonably acceptable to the Collateral Agent and (4) complying with the “Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys,” jointly established and adopted by American Land Title Association, the American Congress on Surveying and Mapping and the National Society of Professional Surveyors in 2005 (except for such deviations as are acceptable to the Collateral Agent) or (B) coverage under the title insurance policy or policies referred to in clause (ii) above that does not contain a general exception for survey matters and which contains survey-related endorsements reasonably acceptable to the Collateral Agent, (y) a local opinion of counsel to the Borrower (or in the event a Subsidiary of the Borrower is the mortgagor, to such Subsidiary) with respect to the enforceability, perfection, due authorization, execution and delivery of the applicable Mortgages and any related fixture filings, and (z) such other documents as the Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Collateral Agent.
(c)    Notwithstanding anything herein to the contrary, if the Collateral Agent and the Borrower reasonably determine in writing that the cost of creating or perfecting any Lien on any property is excessive in relation to the benefits afforded to the Lenders thereby, then such property may be excluded from the Collateral for all purposes of the Credit Documents.
(d)    Notwithstanding anything herein to the contrary, the Borrower shall not be required to take any actions outside the United States to (i) create any security interest in assets titled or located outside the United States or (ii) perfect or make enforceable any security interests in any Collateral.
9.15    Use of Proceeds.  The proceeds of the “Initial Tranche A Term Loans and” (as defined in this Agreement as in effect immediately prior to the Amendment No. 2 Effective Date), the Initial Tranche B Term Loans and the Revolving Credit Loans, if any, borrowed on the Closing Date, together with cash on hand at the Borrower and its Subsidiaries, will be used on the Closing Date (i) to consummate the Refinancing and/or (ii) to pay the Transaction Expenses.  After the Closing Date, Revolving Credit Loans available under the Revolving Credit Facility will be used for working capital requirements and other general corporate purposes of the Borrower or its Subsidiaries, including the financing of acquisitions permitted hereunder and other investments and dividends.  The proceeds of the Incremental Term Loan Facility, the proceeds of any Revolving Credit Loans made pursuant to any Incremental Revolving Credit Commitment Increase and the proceeds of any Additional/Replacement Revolving Credit Loans made pursuant to any Additional/Replacement Revolving Credit Commitments may be used for working capital requirements and other general corporate purposes of the Borrower and its Subsidiaries including the financing of acquisitions permitted hereunder, other investments and dividends and other distributions permitted hereunder on account of the Capital Stock of the Borrower (or any Parent Entity thereof).  The proceeds of the 2013 Incremental Tranche B Term Loans will be used to fund the 2013 Tranche A Term Loan Repayment (as defined in Amendment No. 1), the 2013 Tranche B Term Loan Repayment (as defined in Amendment No. 1) and for working capital requirements and other general corporate purposes of the Borrower and its Subsidiaries, including the financing of 
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consent to any assignment if, in order for such assignment to comply with Applicable Law, the Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority, and
(B)the Administrative Agent and, in the case of Revolving Credit Commitments or Revolving Credit Loans, the Swingline Lender and each Letter of Credit Issuer; provided that no consent of the Administrative Agent shall be required for an assignment of any Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or to any Purchasing Borrower Party or any Affiliated Lender.
Notwithstanding the foregoing or anything to the contrary set forth herein, any assignment of any Loans to a Purchasing Borrower Party or any Affiliated Lender shall also be subject to the requirements of Section 13.6(g).
(ii)Assignments shall be subject to the following additional conditions:
(A)except in the case of (i) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, in the case of Revolving Credit Commitments or Revolving Credit Loans, Additional/Replacement Revolving Credit Commitments or Additional/Replacement Revolving Credit Loans, $5,000,000 or, in the case of 2017 Initial Tranche A Term Loan Commitments, 2019 Extended Tranche A Term Loan Commitments, Initial Tranche B Term Loan Commitments, Incremental Term Loan Commitments or Term Loans, $1,000,000, unless each of the Borrower and the Administrative Agent otherwise consents; provided that no such consent of the Borrower shall be required if an Event of Default under Section 11 has occurred and is continuing; and provided, further, that contemporaneous assignments to a single assignee made by affiliated Lenders or related Approved Funds or by a single assignor to related Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above;
(B)subject to the terms of Section 13.7(c), the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance;
(C)the parties to each assignment shall e xecute and deliver to the Administrative Agent an Assignment and Acceptance together with a processing fee of $3,500 (it being understood that such processing fee shall not apply to any assignment by any of the Joint Lead Arrangers, the Joint Bookrunners or any of their respective affiliates hereunder); provided that (x) a single processing fee of $3,500 will be payable for multiple assignments by Lenders permitted hereunder that comprise one transaction and are implemented substantially concurrently with one another and (y) the Administrative Agent may, in its sole discretion, elect to waive or reduce such processing fee in the case of any assignment, including assignments effected pursuant to the provisions of Section 13.7; 
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(D)the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax form required by Section 5.4 and an administrative questionnaire in a form approved by the Administrative Agent in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non‐public information about the Credit Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and Applicable Laws, including Federal and state securities laws; and 
(E)each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (E) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches of Loans (if any) on a non-pro rata basis.
Notwithstanding the foregoing or anything to the contrary set forth herein (i) any assignment of any Loans or Commitments to an Affiliated Lender shall also be subject to the requirements set forth in Section 13.6(g) and (ii) no natural person may be an assignee or Participant with respect to any Loans or Commitments.
(iii)Subject to acceptance and recording thereof pursuant to Section 13.6(b)(vi), from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance 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 and subject to the requirements of Sections 2.10, 2.11, 5.4 and 13.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 13.6 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 13.6(d).
(iv)By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows:  (A) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its 2017 Initial Tranche A Term Loan Commitment, Initial 2019 Extended Tranche A Term Loan Commitment, Incremental Term Loan Commitment, Revolving Credit Commitment and Additional/Replacement Revolving Credit Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (B) except as set forth in (A) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Credit Document or any other instrument or document furnished pursuant hereto, or the financial condition of Holdings, the Borrower or any 
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information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act.
13.18    Legend.  The 2017 Initial Tranche A Term Loans, 2019 Extended Tranche A Term Loans, Initial Tranche B Term Loans and 2013 Incremental Tranche B Term Loans may be issued with original issue discount (“OID”) for U.S. Federal income tax purposes.  The issue price, amount of OID, issue date and yield to maturity of these 2017 Initial Tranche A Term Loans, 2019 Extended Tranche A Term Loans, Initial Tranche B Term Loans and 2013 Incremental Tranche B Term Loans may be obtained by writing to the Administrative Agent at the address set forth in Section 13.2.
13.19    Release of Collateral and Guarantee Obligations; Subordination of Liens.
(a)The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, as set forth in clause (b) below, (ii) upon the sale, transfer or other disposition of such Collateral (including as part of or in connection with any other sale, transfer or other disposition permitted hereunder) to any Person other than another Credit Party, to the extent such sale, transfer or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party by a Person that is not a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 13.1), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the Guarantee (in accordance with the second succeeding sentence and Section 25 of the Guarantee), (vi) as required by the Collateral Agent to effect any sale, transfer or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents and (vii) to the extent such Collateral otherwise becomes Excluded Capital Stock or Excluded Property (as defined in the Security Agreement).  Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents.  Additionally, the Lenders hereby irrevocably agree that the Guarantors shall be released from the Guarantees upon consummation of any transaction permitted hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary, or otherwise becoming an Excluded Subsidiary, or, in the case of a Previous Holdings, in accordance with the conditions set forth in the definition of Holdings.  The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.  Any

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Annex I-B
Delayed Amendments to the Amended Credit Agreement

[See attached]

[ANNEX 1-B]

Execution VersionFINAL CONFORMED COPY 
CONFORMED TO AMENDMENTS 
EFFECTUATED PURSUANT TO 
AMENDMENT NO. 12

CREDIT AGREEMENT 
Dated as of March 29, 2012 
among
LPL INVESTMENT HOLDINGS INC., 
as Holdings,
LPL HOLDINGS, INC., 
as Borrower,
The Several Lenders 
from Time to Time Parties Hereto,
BANK OF AMERICA, N.A. 
as Administrative Agent, Collateral Agent, Letter of Credit Issuer and Swingline Lender

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED AND GOLDMAN 
SACHS BANK USA 
as Joint Lead Arrangers,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, GOLDMAN 
SACHS BANK USA, J.P. MORGAN SECURITIES LLC, MORGAN STANLEY SENIOR 
FUNDING, INC. AND SUNTRUST ROBINSON HUMPHREY, INC. 
as Joint Bookrunners,
GOLDMAN SACHS BANK USA, J.P. MORGAN SECURITIES LLC AND MORGAN 
STANLEY SENIOR FUNDING, INC. 
as Syndication Agents and
SUNTRUST BANK 
as Documentation Agent

NYDOC SO2/996722.8

		
	(i)
	any other Domestic Subsidiary acquired pursuant to a Permitted Acquisition and financed with secured Indebtedness incurred pursuant to Section 10.1(j) or 10.1(k) and permitted by the proviso to subclause (z) and (y) of each such Section, respectively, and each Restricted Subsidiary acquired in such Permitted Acquisition that guarantees such Indebtedness to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Restricted Subsidiary is a party prohibits such Restricted Subsidiary from guaranteeing the Obligations (so long as such prohibition is not incurred in contemplation of such acquisition), 

		
	(j)
	any Subsidiary that is a captive insurance company, and

		
	(k)
	(j) any Subsidiary to the extent that the guarantee of the Obligations would result in material adverse tax consequences to Holdings, the Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Administrative Agent and notified in writing to the Collateral Agent.

“Excluded Swap Obligation” shall mean, with respect to any Credit Party, any obligation (a “Swap Obligation”) to pay or perform under any agreement, contract, or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 9.18 hereof and any other “keepwell, support or other agreement” for the benefit of such Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act) at the time the Guarantee of such Credit Party, or a grant by such Credit Party of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition.
“Exclusive IP Licenses” shall mean any exclusive intellectual property license, sublicense or cross-license granted by the Borrower or any of its Restricted Subsidiaries to another Person, which license, sublicense or cross-license was not made in the ordinary course of business and which materially limits the ability of the Borrower or its Restricted Subsidiaries to continue to use such intellectual property in its business.
“Existing Class” shall mean Existing Term Loan Classes and each Class of Existing Revolving Credit Commitments.
“Existing Letters of Credit” shall mean the Letters of Credit listed on Schedule 1.1(c).

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Consolidated EBITDA Ratio as of the Test Period most recently ended on or prior to the incurrence of any such Incremental Facility, calculated on a Pro Forma Basis, as if such incurrence (and transaction) had occurred on the first day of such Test Period, that is no greater than 2.25:1.0 (the “Incremental Limit”); provided that (i) Incremental Term Loans may be incurred without regard to the Incremental Limit, without regard to the requirement set forth in the proviso to Section 2.14(a) that the Borrower and the Restricted Subsidiaries be in compliance on a Pro Forma Basis with the requirements of Sections 10.9 and 10.10 as of the most recently ended Test Period, and without regard to whether an Event of Default has occurred and is continuing, to the extent that the Net Cash Proceeds from such Incremental Term Loans are used on the date of incurrence of such Incremental Term Loans to prepay Term Loans in accordance with the procedures set forth in Section 5.2(a)(i) and subject to the payment of premiums set forth in Section 5.1(b), if applicable, and (ii) Additional/Replacement Revolving Credit Commitments may be provided without regard to the Incremental Limit, without regard to the requirement set forth in the proviso to Section 2.14(a) that the Borrower and the Restricted Subsidiaries be in compliance on a Pro Forma Basis with the requirements of Sections 10.9 and 10.10 as of the most recently ended Test Period, and without regard to whether an Event of Default has occurred and is continuing, to the extent that the existing Revolving Credit Commitments shall be permanently reduced in accordance with Section 5.2(e)(ii) by an amount equal to the aggregate amount of Additional/Replacement Revolving Credit Commitments so provided.
(c)(i)  (A) The Incremental Tranche A Term Loans (i) shall rank pari passu in right of payment and of security with the 2017 Initial Tranche A Term Loans and the 2019 Extended Tranche A Term Loans, (ii) shall not mature earlier than the 2017 Initial Tranche A Term Loan Maturity Datethe 2019 Extended Tranche A Term Loan Maturity Date, (iii) shall not have a shorter Weighted Average Life to Maturity than the 2017 Initial Tranche A Term Loan Facility2019 Extended Tranche A Term Loan Facility,  (iv) shall have an amortization schedule (subject to clause (iii) above), and interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment premiums for the Incremental Tranche A Term Loans as determined by the Borrower and the lenders of the Incremental Tranche A Term Loans, and (v) may otherwise have terms and conditions different from those of the 2017 Initial Tranche A Term Loans  and (B) the Incremental Tranche B Term Loans (i) shall rank pari passu in right of payment and of security with the Initial Tranche B Term Loans, (ii) shall not mature earlier than the Initial Tranche B Term Loan Maturity Date, (iii) shall not have a shorter Weighted Average Life to Maturity than the Initial Tranche B Term Loan Facility, (iv) shall have an amortization schedule (subject to clause (iii) above), and interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment premiums for the Incremental Tranche B Term Loans as determined by the Borrower and the lenders of the Incremental Tranche B Term Loans and (v) may otherwise have terms and conditions different from those of the Initial Tranche B Term Loans; provided that (except with respect to matters contemplated by subclauses (ii), (iii) and (iv) in clauses (A) and (B) above) any differences shall be reasonably satisfactory to the Administrative Agent.
(ii)The Incremental Revolving Credit Commitment Increase shall be treated the same as the Revolving Credit Commitments (including with respect to maturity date thereof) and shall be considered to be part of the Revolving Credit Facility.

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(iii)The Additional/Replacement Revolving Credit Commitments (i) shall rank pari passu in right of payment and of security with the Revolving Credit Loans, (ii) shall not mature earlier than March 29, 2017the Revolving Credit Maturity Date and shall require no mandatory commitment reduction prior to March 29, 2017the Revolving Credit Maturity Date, (iii) shall have interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, undrawn commitment fees, funding discounts, original issue discounts and prepayment premiums as determined by the Borrower and the lenders of such commitments, (iv) shall contain borrowing, repayment and termination of Commitment procedures as determined by the Borrower and the lenders of such commitments, (v) may include provisions relating to swingline loans and/or letters of credit, as applicable, issued thereunder, which issuances shall be on terms substantially similar (except for the overall size of such subfacilities, the fees payable in connection therewith and the identity of the swingline lender and letter of credit issuer, as applicable, which shall be determined by the Borrower, the lenders of such commitments and the applicable letter of credit issuers and swingline lenders and borrowing, repayment and termination of commitment procedures with respect thereto, in each case which shall be specified in the applicable Incremental Agreement) to the terms relating to Swingline Loans and Letters of Credit with respect to the Revolving Credit Commitments or otherwise reasonably acceptable to the Administrative Agent and (vi) may otherwise have terms and conditions different from those of the Revolving Credit Facility; provided that (except with respect to matters contemplated by clauses (ii), (iii), (iv) and (v) above) any differences shall be reasonably satisfactory to the Administrative Agent.  
(d)Each notice from the Borrower pursuant to this Section 2.14 shall be given in writing and shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans, Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving Credit Commitments.  Incremental Term Loans may be made, and Incremental Revolving Credit Commitment Increases and Additional/Replacement Revolving Credit Commitments may be provided, subject to the prior written consent of the Borrower (not to be unreasonably withheld), by any existing Lender (it being understood that no existing Lender will have an obligation to make a portion of any Incremental Term Loan, no existing Lender with a Revolving Credit Commitment will have any obligation to provide a portion of any Incremental Revolving Credit Commitment Increase and no existing Lender with an Revolving Credit Commitment will have an obligation to provide a portion of any Additional/Replacement Revolving Credit Commitment) or by any other bank, financial institution, other institutional lender or other investor (any such other bank, financial institution or other investor being called an “Additional Lender”); provided that (i) the Administrative Agent shall have consented (not to be unreasonably withheld) to such Lender’s or Additional Lender’s making such Incremental Term Loans or providing such Incremental Revolving Credit Commitment Increases or such Additional/Replacement Revolving Credit Commitments if such consent would be required under Section 13.6(b) for an assignment of Loans or Commitments, as applicable, to such Lender or Additional Lender; provided further that, solely with respect to any Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving Credit Commitments, the Swingline Lender and each Letter of Credit Issuer shall have consented (not to be unreasonably withheld) to such Additional Lender’s providing such Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving Credit Commitments if such consent would be required under Section 13.6(b) for an assignment of Loans or Commitments, as applicable, to such Lender or Additional Lender.

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5.4    Net Payments.  (a)   Except as required by Applicable Law, all payments made by or on behalf of the Borrower under this Agreement or any other Credit Document shall be made free and clear of, and without deduction or withholding for or on account of, any current or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority (including any interest, additions to tax and penalties) (collectively, “Taxes”), excluding in the case of each Lender and each Agent and except as otherwise provided in Section 5.4(f), (A) net income Taxes (and franchise Taxes imposed in lieu of net income Taxes) that would not have been imposed on such Agent or such Lender but for a present or former connection between such Agent or such Lender and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or Governmental Authority thereof or therein (other than any such connection arising from such Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, received or perfected a security interest under, or engaged in any other transactions pursuant to, this Agreement or any other Credit Document), (B) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction described in clause (A) and (C) any U.S. federal withholding Tax pursuant to FATCA (all non‐excluded Taxes, “Non‐Excluded Taxes” and all such excluded Taxes, “Excluded Taxes”). If any Taxes are required to be withheld by a Withholding Agent from any amounts payable under this Agreement or any other Credit Document, the applicable Withholding Agent shall so withhold (pursuant to the information and documentation to be delivered pursuant to Section 5.4(d), 5.4(e) and 5.4(g)) and shall remit the amount withheld to the appropriate Taxing Authority. In addition, where an amount has been withheld in respect of a Non-Excluded Tax, the applicable Credit Party shall increase the amounts payable to the Administrative Agent or such Lender to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non‐Excluded Taxes or Other Taxes including those applicable to any amounts payable under this Section 5.4) interest or any such other amounts payable hereunder at the rates or in the amounts specified in such Credit Document.  Whenever any Taxes are payable by any Credit Party, as promptly as possible thereafter the applicable Credit Party shall send to the Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt, if available (or other evidence acceptable to such Lender, acting reasonably) received by the applicable Credit Party showing payment thereof. The Credit Parties, the Administrative Agent and the Lenders acknowledge and agree that, solely for purposes of determining the applicability of U.S. Federal withholding Taxes imposed by FATCA, from and after the Second Amendment Effective Date, the Revolving Credit Facility, the 2017 Initial Tranche A Term Loan Facility and the 2019 Extended Tranche A Term Loan Facility will not be treated as a “grandfathered obligation” within the meaning of Treasury Regulation 1.1471-2(b)(2)(i).
(b)    In addition, each Credit Party shall pay, or at the option of the 
Administrative Agent timely reimburse it for the payment for, any present or future stamp, documentary, filing, mortgage, recording, excise, property or intangible taxes (including any 
interest, additions to tax and penalties) that arise from any payment made by such Credit Party hereunder or under any other Credit Documents or from the execution, delivery or registration or recordation of, performance under, or otherwise with respect to, this Agreement or the other 
Credit Documents (hereinafter referred to as “Other Taxes”).
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fees and (iv, (iv) the amount available to the Borrower for Dividends under Section 10.6(h)(i) as 
at the end of such fiscal year or quarter period, as the case may be and (v) the amount of any Pro Forma Adjustment not previously set forth in a Pro Forma Adjustment Certificate or any change 
in the amount of a Pro Forma Adjustment set forth in any Pro Forma Adjustment Certificate previously provided and, in either case, in reasonable detail, the calculations and basis therefor.  
At the time of the delivery of the financial statements provided for in Section 9.1(a), beginning 
with the fiscal year ended December 31, 2012, a certificate of an Authorized Officer of 
the Borrower setting forth in reasonable detail the calculation of Excess Cash Flow, the Available Amount and the Available Equity Amount as at the end of the fiscal year to which such financial statements relate and the information required pursuant to Section 1 and Section 2 of the 
Perfection Certificate, or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this Section 9.1(d), 
as the case may be.
(e)Notice of Default or Litigation.  Promptly after an Authorized Officer of the Borrower or any of its Restricted Subsidiaries obtains actual knowledge thereof or should have obtained such knowledge thereof through customary due diligence, notice of (i) the occurrence of any event that constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental proceeding pending against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to result in a Material Adverse Effect and (iii) if the Borrower is no longer a public reporting company, any Material Adverse Effect.
(f)Environmental Matters.  Promptly after obtaining knowledge of any one or more of the following environmental matters, unless such environmental matters could not, individually or when aggregated with all other such matters, be reasonably expected to result in a Material Adverse Effect, notice of:
(i)any pending or threatened Environmental Claim against Holdings, the Borrower or any of the Restricted Subsidiaries or any Real Property;
(ii)any condition or occurrence on any Real Property that (x) results in noncompliance by Holdings, the Borrower or any of the Restricted Subsidiaries with any applicable Environmental Law or (y) could reasonably be anticipated to form the basis of an Environmental Claim against Holdings, the Borrower or any of the Restricted Subsidiaries or any Real Property;
(iii)any condition or occurrence on any Real Property that could reasonably be anticipated to cause such Real Property to be subject to any restrictions on the ownership, occupancy, use or transferability of such Real Property under any Environmental Law; and
(iv)the taking of any removal or remedial action in response to the actual or alleged Release or presence of any Hazardous Material on any Real Property.

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(ii)the proceeds of which shall be used to pay (or to make Dividends to allow any Parent Entity of the Borrower to pay) its operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), which are reasonable and customary and incurred in the ordinary course of business, in an aggregate amount not to exceed $3,000,000 in any fiscal year plus any actual, reasonable and customary indemnification claims made by directors or officers of any Parent Entity of the Borrower;
(iii)the proceeds of which shall be used to pay (or to make Dividends to allow any Parent Entity of the Borrower to pay) franchise taxes and other fees, taxes and expenses required to maintain any of the Borrower’s Parent Entities’ corporate existence;
(iv)the proceeds of which shall be used to pay (or to make Dividends to any Parent Entity thereof) to make Investments contemplated by Section 10.5(c) and Dividends contemplated by Section 10.6(b));
(v)the proceeds of which shall be used to pay (or to make Dividends to allow any Parent Entity of the Borrower to pay) fees and expenses (other than to Affiliates) related to any unsuccessful equity or debt offering, refinancing, issuance, incurrence, Disposition or acquisition or Investment transaction permitted by this Agreement;
(vi)the proceeds of which shall be used to pay customary salary, bonus and other benefits payable to officers, employees and consultants of any Parent Entity thereof to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;
(vii)the proceeds of which shall be distributed in connection with the Transactions (including the Special Dividend, all or a portion of which may be paid after the Closing Date but in no event later than June 15, 2012);
(h)in addition to the foregoing Dividends, the Borrower may make additional Dividends, provided that any such Dividend shall not cause the aggregate amount of all such Dividends made pursuant to this Section 1.1(h) on or after the Amendment No. 1 Effective Date measured at the time such Dividend is paid to exceed, after giving effect to such Dividend, the sum of (i) so long as no Event of Default has occurred and is continuing or would result therefrom, the greater of (x) $250,000,000400,000,000 and (y) 6.75% of Consolidated Total Assets (measured as of the date such Dividend is paid based upon the Section 9.1 Financials most recently delivered on or prior to such date), plus (ii) so long as no Event of Default has occurred and is continuing or would result therefrom, an amount equal to the Available Amount at the time such Dividend is paid plus (iii) an amount equal to the Available Equity Amount at the time such Dividend is paid plus (iv) an amount equal to the Incremental Dividend Amount;
(i)the Borrower may make additional Dividends pursuant to this clause (i) if, after giving Pro Forma Effect to such Dividends, the Borrower would be in compliance with a Consolidated Total Debt to Consolidated EBITDA Ratio as of the most recently ended Test Period 
on or prior to date of the making of any such Dividends, calculated on a Pro Forma Basis, as if such Dividends had occurred on the first day of such Test Period, that is no greater than 2.0:1.0;

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Notwithstanding anything to the contrary contained in this Section 13.1, Holdings, the Borrower, the Collateral Agent and the Administrative Agent may (in its or their respective sole discretion, or shall, to the extent required by any Credit Document), without the input or consent of any other Person, (i) effect amendments, supplements or waivers to any of the Security Documents, guarantees, intercreditor agreements or related documents executed by any Credit Party or any other Subsidiary in connection with this Agreement if such amendment, supplement or waiver is delivered in order (x) to comply with Applicable Law or advice of local counsel, (y) to cure ambiguities, omissions, mistakes or defects or (z) to cause such Security Documents, guarantees, intercreditor agreements or related documents to be consistent with this Agreement and the other Credit Documents, (ii) enter into any amendment or waiver of any Security Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by Applicable Law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable Applicable Law and (iii) effect changes to this Agreement that are necessary and appropriate to provide for the mechanics contemplated by the offering process described in Section 13.6(g)(i)(H) herein.
13.2    Notices.  
(a)    Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in clause (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, the Administrative Agent, the Letter of Credit Issuer or the Swingline Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 13.2 or to such other address, telecopier number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and
(ii)if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its administrative questionnaire or to such other address, telecopier number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties.
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 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).

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Notwithstanding the foregoing or anything to the contrary set forth herein, any assignment of any Loans to a Purchasing Borrower Party or any Affiliated Lender shall also be subject to the requirements of Section 13.6(g).
(ii)Assignments shall be subject to the following additional conditions:
(A)except in the case of (i) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, in the case of Revolving Credit Commitments or Revolving Credit Loans, Additional/Replacement Revolving Credit Commitments or Additional/Replacement Revolving Credit Loans, $5,000,000 or, in the case of 2017 Initial Tranche A Term Loan Commitments, 2019 Extended Tranche A Term Loan Commitments, Initial Tranche B Term Loan Commitments, Incremental Term Loan Commitments or Term Loans, $1,000,000, unless each of the Borrower and the Administrative Agent otherwise consents; provided that no such consent of the Borrower shall be required if an Event of Default under Section 11 has occurred and is continuing; and provided, further, that contemporaneous assignments to a single assignee made by affiliated Lenders or related Approved Funds or by a single assignor to related Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above;
(B)subject to the terms of Section 13.7(c), the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance;
(C)the parties to each assignment shall e xecuteexecute and deliver to the Administrative Agent an Assignment and Acceptance together with a processing fee of $3,500 (it being understood that such processing fee shall not apply to any assignment by any of the Joint Lead Arrangers, the Joint Bookrunners or any of their respective affiliates hereunder); provided that (x) a single processing fee of $3,500 will be payable for multiple assignments by Lenders permitted hereunder that comprise one transaction and are implemented substantially concurrently with one another and (y) the Administrative Agent may, in its sole discretion, elect to waive or reduce such processing fee in the case of any assignment, including assignments effected pursuant to the provisions of Section 13.7; 
(D)    the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax form required by Section 5.4 and an administrative questionnaire in a form approved by the Administrative Agent in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non‐public information about the Credit Parties and their Related Parties or their respective securities) will be made available and who may receive such

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information in accordance with the assignee’s compliance procedures and Applicable Laws, including Federal and state securities laws; and 
(E)each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (E) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches of Loans (if any) on a non-pro rata basis.
Notwithstanding the foregoing or anything to the contrary set forth herein (i) any assignment of any Loans or Commitments to an Affiliated Lender shall also be subject to the requirements set forth in Section 13.6(g) and (ii) no natural person may be an assignee or Participant with respect to any Loans or Commitments.
(iii)Subject to acceptance and recording thereof pursuant to Section 13.6(b)(vi), from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance 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 and subject to the requirements of Sections 2.10, 2.11, 5.4 and 13.5).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 13.6 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 13.6(d).
(iv)    By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows:  (A) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its 2017 Initial Tranche A Term Loan Commitment, 2019 Extended Tranche A Term Loan Commitment, Initial Tranche AB Term Loan Commitment, Incremental Term Loan Commitment, Revolving Credit Commitment and Additional/Replacement Revolving Credit Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (B) except as set forth in (A) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Credit Document or any other instrument or document furnished pursuant hereto, or the financial condition of Holdings, the Borrower or any Subsidiary or the performance or observance by Holdings, the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Credit Document or any other instrument or document furnished pursuant hereto; (C) such assignee represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (D) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred to
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Annex I-C 
Agency Replacement Amendments to the Amended Credit Agreement

[See attached]

Execution VersionFINAL CONFORMED COPY 
CONFORMED TO AMENDMENTS 
EFFECTUATED PURSUANT TO 
AMENDMENT NO. 12

CREDIT AGREEMENT 
Dated as of March 29, 2012 
among
LPL INVESTMENT HOLDINGS INC., 
as Holdings,
LPL HOLDINGS, INC., 
as Borrower,
The Several Lenders 
from Time to Time Parties Hereto,
JPMORGAN CHASE BANK OF AMERICA, N.A.
as Administrative Agent, Collateral Agent, Letter of Credit Issuer and Swingline Lender

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED AND GOLDMAN 
SACHS BANK USA 
as Joint Lead Arrangers,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, GOLDMAN 
SACHS BANK USA, J.P. MORGAN SECURITIES LLC, MORGAN STANLEY SENIOR 
FUNDING, INC. AND SUNTRUST ROBINSON HUMPHREY, INC. 
as Joint Bookrunners,
GOLDMAN SACHS BANK USA, J.P. MORGAN SECURITIES LLC AND MORGAN 
STANLEY SENIOR FUNDING, INC. 
as Syndication Agents and
SUNTRUST BANK 
as Documentation Agent

NYDOC SO2/996722.8

CREDIT AGREEMENT, dated as of March 29, 2012, among LPL INVESTMENT HOLDINGS INC., a Delaware corporation (“Holdings”; as hereinafter further defined), LPL HOLDINGS, INC., a Massachusetts corporation (the “Borrower”), the banks, financial institutions and other investors from time to time parties hereto as lenders (each a “Lender” and, collectively, the “Lenders”; each as hereinafter further defined), and JPMORGAN CHASE  BANK-OF-AMERICA, N.A., as Administrative Agent, Collateral Agent, a Letter of Credit Issuer and Swingline Lender.
RECITALS:
WHEREAS, capitalized terms used in these Recitals and the preamble to this Agreement shall have the respective meanings set forth for such terms in Section ý1.1 hereof;
WHEREAS, Holdings, the Borrower, the lending institutions party thereto (the “Original Lenders”), Morgan Stanley Senior Funding, Inc., as administrative agent, and Morgan Stanley & Co., as collateral agent, are parties to that certain Third Amended and Restated Credit Agreement, dated as of May 24, 2010 (as heretofore amended, supplemented or otherwise modified from time to time, the “Original Credit Agreement”), pursuant to which the Original Lenders extended or committed to extend certain credit facilities to the Borrower;
WHEREAS, the Borrower has requested that, immediately upon the satisfaction in full of the applicable conditions precedent set forth in Section 6 below, the Lenders and Letter of Credit Issuers extend a total of $1,600,000,000 of credit to the Borrower in the form of (i) $735,000,000 in aggregate principal amount of tranche A term loans to be borrowed on the Closing Date (the “2017 Initial Tranche A Term Loan Facility” (referred to as the “Initial Tranche A Term Loan Facility” prior to the Amendment No. 2 Effective Date (as defined below)), (ii) $615,000,000 in aggregate principal amount of tranche B term loans to be borrowed on the Closing Date (the “Initial Tranche B Term Loan Facility”) and (iii) $250,000,000 in aggregate principal amount of Revolving Credit Commitments, which amount was increased to $400,000,000 as of the Amendment No. 2 Effective Date (the “Revolving Credit Facility”);
WHEREAS, the Borrower intends to use the proceeds of the Initial Term Loans (as defined below) to repay existing indebtedness under the Original Credit Agreement in an aggregate principal amount of approximately $1,337,777,559.51, at which time all existing commitments, security interests and guarantees in respect of the Original Credit Agreement and the related documents and obligations thereunder will be terminated, released and discharged in full (other than contingent obligations, which by their terms survive such termination) (the “Refinancing”);
WHEREAS, the Borrower intends to pay a special dividend to Holdings from available cash on hand in an amount up to $230,000,000 (the “Special Dividend”) to fund a one-time special dividend by Holdings to its common stockholders, which was announced by Holdings on March 6, 2012;
WHEREAS, in connection with the foregoing and as an inducement for the Lenders and the Letter of Credit Issuers to extend the credit contemplated hereunder, the Borrower has agreed to secure all of its Obligations by granting to the Collateral Agent, for the benefit of the 

NYDOC SO2/996722.8    

Consolidated EBITDA of such Pro Forma Entity (determined as if references to the Borrower and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” were references to such Pro Forma Entity and its subsidiaries that will become Restricted Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity in accordance with GAAP.
“Acquired Entity or Business” shall have the meaning provided in the definition of the term “Consolidated EBITDA”.
“Additional Lender” shall have the meaning provided in Section 2.14(d).
 “acquired Person” shall have the meaning provided in Section 10.1(k).
“Additional/Replacement Revolving Credit Commitment” shall have the meaning provided in Section 2.14(a).
“Additional/Replacement Revolving Credit Facility” shall mean each Class of Additional/Replacement Revolving Credit Commitments made pursuant to Section 2.14(a).
“Additional/Replacement Revolving Credit Lender” shall mean, at any time, any Lender that has an Additional/Replacement Revolving Credit Commitment.
“Additional/Replacement Revolving Credit Loans” shall mean any loan made to the Borrower under a Class of Additional/Replacement Revolving Credit Commitments.
“Adjusted Total Additional/Replacement Revolving Credit Commitment” shall mean, at any time, with respect to any Class of Additional/Replacement Revolving Credit Commitments, the Total Additional/Replacement Revolving Credit Commitment for such Class less the aggregate Additional/Replacement Revolving Credit Commitments of all Defaulting Lenders in such Class.
“Adjusted Total Extended Revolving Credit Commitment” shall mean, at any time, with respect to any Class of Extended Revolving Credit Commitments, the Total Extended Revolving Credit Commitment for such Class less the aggregate Extended Revolving Credit Commitments of all Defaulting Lenders in such Class.
“Adjusted Total Revolving Credit Commitment” shall mean, at any time, the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.
“Administrative Agent” shall mean Bank of AmericaJPMorgan or any successor to Bank of AmericaJPMorgan appointed in accordance with the provisions of Section 12.8, together with its Affiliates, as the administrative agent for the Lenders under this Agreement and the other Credit Documents.
“Administrative Agent's Office” shall mean the address and, as appropriate, account of the Administrative Agent set forth on Schedule 13.2 or such other address or account

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“Affiliate” shall mean, 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. The term “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled” have meanings correlative thereto.
“Affiliated Lender” shall mean a Non-Debt Fund Affiliate or a Debt Fund Affiliate.
“Affiliated Lender Assignment and Acceptance” shall have the meaning provided in Section 13.6(g)(C).
“Affiliated Lender Register” shall have the meaning provided in Section 13.6(j).
“Agency Effective Date” shall mean the “Agency Replacement Effective Date” (as defined in Amendment No. 2).
“Agency Fee Letter” shall mean that certain Agency Fee Letter, dated as of March 16, 2012,the Second Amendment Effective Date, between the Borrower and the Administrative Agent.
“Agent Parties” shall have the meaning provided in Section 13.2.
“Agents” shall mean each of (i) the Administrative Agent and (ii) the Collateral Agent.
“Aggregate Debit Items” shall have the meaning set forth in SEC Rule 15c3-1(a)(1)(ii) and items 10-14 of Exhibit A to SEC Rule 15c3-3.
“Agreement” shall mean this Credit Agreement.
“Amendment No. 1” shall mean the First Amendment and Incremental Assumption Agreement to this Agreement, dated as of May 13, 2013.
“Amendment No. 1 Effective Date” shall mean the “Amendment Effective Date” (as defined in Amendment No. 1).
“Amendment No. 2” shall mean the Second Amendment, Extension and Incremental Assumption Agreement to this Agreement, dated as of October 1, 2014.
“Amendment No. 2 Effective Date” shall mean the “Second Amendment Effective Date” (as defined in Amendment No. 2).
“Amendment No. 2 Financial Statement Delivery Date” shall mean the date on which Section 9.1 Financials are delivered to the Administrative Agent under Section 9.1(a) for the fiscal year of the Borrower ending December 31, 2014.
“Anti-Terrorism Laws” shall have the meaning provided in Section 8.19.

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“Closing Date Indebtedness” shall mean Indebtedness described on Schedule 10.1.
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. Section references to the Code are to the Code, as in effect on the Closing Date, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor.
“Collateral” shall have the meaning provided for such term or a similar term in each of the Security Documents; provided that with respect to any Mortgages, “Collateral” shall mean “Mortgaged Property” as defined therein.
“Collateral Agent” shall mean Bank of AmericaJPMorgan or any successor appointed in accordance with the provisions of Section 12.8, together with its Affiliates, as the collateral agent for the Secured Parties.
“Commitment” shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment, 2017 Initial Tranche A Term Loan Commitment, 2019 Extended Tranche A Term Loan Commitment, Initial Tranche B Term Loan Commitment, Incremental Term Loan Commitment, Extended Revolving Credit Commitment,
Additional/Replacement Revolving Credit Commitment or any combination thereof (as the context requires) and (b) with respect to the Swingline Lender or swingline lender under any Extended Revolving Credit Commitments or Additional/Replacement Revolving Credit Commitment, its Swingline Commitment or swingline commitment, as applicable.
“Commitment Fee” shall have the meaning provided in Section 4.1(a).
“Commitment Fee Rate” shall mean a rate equal to (a) initially, 0.50% per annum, (b) following the Amendment No. 2 Financial Statement Delivery Date, the rate per annum determined in accordance with the grid set forth below. Any increase or decrease in the Commitment Fee Rate resulting from a change in the Consolidated Total Debt to Consolidated EBITDA Ratio shall become effective as of the first Business Day immediately following the date Section 9.1 Financials are delivered to the Administrative Agent pursuant to Sections 9.1(a) and 9.1(b):
	
		
	Consolidated Total Debt 
to Consolidated EBITDA 
Ratio
	Applicable Revolving 
Commitment Fee 
Percentage

	> 2.50:1.00
	0.50%

	< 2.50:1.00 but >1.25:1.00
	0.375%

	<1.25:1.00
	0.25%

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 
1 et seq.), as amended from time to time, and any successor statute.
“Confidential Information” shall have the meaning provided in Section 13.16.

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	(a)
	(a)    for any Interest Period with respect to a Eurodollar Loan, the rate per annum equal to (i) the British Bankers Association LIBOR Rate (“BBALondon interbank offered rate as administered by ICE Benchmark Administration or such other rate per annum as is widely recognized as the successor thereto if the ICE Benchmark Administration is no longer making a London interbank offered rate available (“LIBOR”), as published by Reuters (Bloomberg or such other commercially available source providing quotations of BBA LIBOR as may be designatedinformation service that publishes such rate from time to time as selected by the Administrative Agent from time to time)in its reasonable discretion, in each case, at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or, (ii) if such rateLIBOR is not available at such time for any reason, then the “Eurodollar Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Loan being made, continued or converted by Bank of Americathe Administrative Agent and with a term equivalent to such Interest Period would be offered by Bank of Americathe Administrative Agent’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; and, or (iii) if for any reason sub-clauses (i) and (ii) of this clause (a) are not available, as reasonably determined by the Administrative Agent, then the “Eurodollar Rate” for such Interest Period  (an “Impacted Interest Period”) shall be the Interpolated Rate; and

		
	(b)
	(b)    for any interest calculation with respect to an ABR Loan on any date, the rate per annum equal to (i) BBA LIBOR, as published by Reuters (or such other commercially available source providing quotations of BBA LIBOR as may be designated by the Administrative Agent from time to time)LIBOR at approximately 11:00 a.m., London time, determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not if such rateLIBOR is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same-day funds in the approximate amount of the ABR Loan being made or maintained and with a term equal to one month would be offered by Bank of Americathe Administrative Agent’s London Branch to major banks in the London interbank eurodollar loan market at their request at the date and time of determination;, or (iii) if for any reason sub-clauses (i) and (ii) of this

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clause (b) are not available, as reasonably determined by the Administrative Agent, then the “Eurodollar Rate” for such purpose shall be the Interpolated Rate for Dollars, with an Interest Period of one month;  
provided that in the event the Eurodollar Rate for any Eurodollar Borrowing of Initial Tranche B Term Loans prior to the Incremental Term Loan Effective Date or 2013 Incremental Tranche B Term Loans on and after the Incremental Term Loan Effective Date, determined in accordance with clause (a) above would be less than 0.75%, then the Eurodollar Rate for the applicable Eurodollar Borrowing of Initial Tranche B Term Loans or 2013 Incremental Tranche B Term Loans shall instead be 0.75%.
“Event of Default” shall have the meaning provided in Section 11.
“Excess Cash Flow” shall mean, for any period, an amount equal to the excess of
		
	(a)
	the sum, without duplication, of:

(i)    Consolidated Net Income for such period;
(ii)    an amount equal to the amount of all Non‐Cash Charges to the extent deducted in arriving at such Consolidated Net Income;
(iii)    decreases in Net Working Capital (except as a result of the reclassification of items from short‐term to long‐term or vice versa), decreases in long‐term accounts receivable and increases in the long‐term portion of deferred revenue for such period (other than any such decreases or increases, as applicable, arising from acquisitions or Dispositions outside the ordinary course of property by the Borrower or any of its Restricted Subsidiaries completed during such period or the application of purchase accounting);
(iv)    an amount equal to the aggregate net non‐cash loss on the Disposition of assets, business units or property by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income;
(v)    cash payments received in respect of Hedging Agreements during such period to the extent not included in arriving at such Consolidated Net Income; and
(vi)    income tax expense to the extent deducted in arriving at such Consolidated Net Income; minus
(b)the sum, without duplication, of:
(i)    an amount equal to the amount of all non‐cash credits included in 
arriving at such Consolidated Net Income and cash charges included in clauses (a) through (h) of the definition of the term “Consolidated Net Income”;

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“Extension Request” shall mean Term Loan Extension Requests and Revolving Credit Extension Requests.
“Extension Series” shall mean all Extended Term Loans or Extended Revolving Credit Commitments (as applicable) that are established pursuant to the same Extension Agreement (or any subsequent Extension Agreement to the extent such Extension Agreement expressly provides that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, if any, and amortization schedule.
“Fair Market Value” shall mean, with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as reasonably determined by the Borrower.
“Fair Value” shall mean the amount at which the assets (both tangible and intangible), in their entirety, of a Person and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.
“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the Closing Date (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof.
“FCPA” shall mean Foreign Corrupt Practices Act of 1977, as amended,
“Federal Funds Effective Rate” shall mean, 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 Effective 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 Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of Americathe Administrative Agent on such day on such transactions as determined by the Administrative Agent.  
“Fees” shall mean all amounts payable pursuant to, or referred to in, Section 4.1.
“Final Refused Proceeds” shall have the meaning provided in Section 5.2(c)(ii).
“Financial Performance Covenants” shall mean the covenants of the Borrower set forth in Sections 10.9 and 10.10.

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“HUD-Regulated Subsidiary Required Cash” shall mean, as of any date of determination, the greater of (a) $100,000 and (b) the difference of (i) all cash and cash equivalents on the balance sheet of the HUD-Regulated Subsidiary as of such date and (ii) the Adjusted Net Worth (as referenced in 12 CFR Section 202.5(n)) of the HUD-Regulated Subsidiary as of such date above $500,000.
“Identified Contingent Liabilities” shall mean the maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of a Person and its Subsidiaries taken as a whole after giving effect to the Transactions (including the execution and delivery of this Agreement, the making of the Loans and the use of proceeds of such Loans on the Closing Date) (including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated Liabilities), as identified and explained in terms of their nature and estimated magnitude by an Authorized Officer of such Person.
“Immaterial Subsidiary” shall mean, at any date of determination, any Restricted Subsidiary of the Borrower (a) whose total assets (when combined with the assets of such Restricted Subsidiary's Subsidiaries, after eliminating intercompany obligations) at the last day of the most recent Test Period ended on or prior to such determination date were less than 5% of the aggregate of total assets of the Borrower and its Domestic Subsidiaries that are Restricted Subsidiaries at such date and (b) whose gross revenues (when combined with the revenues of such Restricted Subsidiary's Subsidiaries, after eliminating intercompany obligations) for such Test Period were less than 5% of the consolidated gross revenues of the Borrower and its Domestic Subsidiaries that are Restricted Subsidiaries for such period, in each case determined in accordance with GAAP.
“Impacted Interest Period” shall have the meaning provided in the definition of  “Eurodollar Rate” 
“Incremental Agreement” shall have the meaning set forth in Section 2.14(e). “Incremental Commitments” shall have the meaning provided in Section 2.14(a).
“Incremental Dividend Amount” shall mean an amount equal to the aggregate principal amount of the 2013 Incremental Tranche B Term Loans, minus the aggregate amount of the 2013 Tranche A Term Loan Repayment (as defined in Amendment No. 1) and the 2013 Tranche B Term Loan Repayment (as defined in Amendment No. 1).
“Incremental Facilities” shall have the meaning provided in Section 2.14(a).
“Incremental Facility Closing Date” shall have the meaning provided in Section 2.14(e).
“Incremental Limit” shall have the meaning provided in Section 2.14(b).
“Incremental Revolving Credit Commitment Increase” shall have the meaning provided in Section 2.14(a).

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“Initial Tranche B Term Loan Commitment” shall mean, (a) in the case of each Lender that is a Lender on the Closing Date, the amount, if any, set forth opposite such Lender’s name on Schedule 1.1(a) as such Lender’s “Initial Tranche B Term Loan Commitment” and (b) in the case of any Lender that becomes a Lender after the Closing Date, the amount specified as such Lender’s “Initial Tranche B Term Loan Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total Initial Tranche B Term Loan Commitment, in each case as the same may be changed from time to time pursuant to the terms hereof.  The aggregate amount of the Initial Tranche B Term Loan Commitments as of the Closing Date is $615,000,000.
“Initial Tranche B Term Loan Facility” shall have the meaning provided in the recitals to this Agreement.
“Initial Tranche B Term Loan Maturity Date” shall mean March 29, 2019; provided that if such date is not a Business Day, the “Initial Tranche B Term Loan Maturity Date” will be the Business Day immediately following such date.  
“Initial Tranche B Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(d).
“Initial Tranche B Term Loan Repayment Date” shall have the meaning provided in Section 2.5(d).
“Intellectual Property” shall have the meaning provided for such term or a similar term in the Security Agreement.
“Intercompany Note” shall mean the Amended and Restated Intercompany Subordinated Note, dated as of the Amendment No. 1 Effective Date, substantially in the form of Exhibit N, executed by Holdings, the Borrower and each other Subsidiary of the Borrower party thereto.
“Interest Period” shall mean, with respect to any Eurodollar Loans, the interest period applicable thereto, as determined pursuant to Section 2.9.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the relevant LIBOR) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable LIBOR (for the longest period for which the applicable LIBOR is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the applicable LIBOR for the shortest period (for which such LIBOR is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, as at such time for such Interest Period. When determining the rate for a period which is less than the shortest period for which the relevant LIBOR is available, the applicable LIBOR for purposes of clause (a) above shall be deemed to be the overnight screen rate where “overnight screen rate” means, in relation to any currency, the overnight rate for such currency determined by the Administrative Agent from such service as the Administrative Agent may select.
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“Introducing Broker-Dealer Minimum Capital” shall mean for those Subsidiaries of the Borrower that are broker-dealers exempt from the provisions of SEC Rule 15c3-3, as of any date of determination, the greater of (a) 120% of such Subsidiaries’ consolidated minimum dollar Net Capital required (as defined in SEC Rule 15c3-1), and (b) the consolidated Aggregate Indebtedness (as defined in SEC Rule 15c3-1) of such Subsidiaries, divided by ten.
“Investment” shall have the meaning provided in Section 10.5.
“Investors” shall mean the Sponsors, the Management Investors and certain other investors arranged by and/or designated by the Sponsors and identified to the Administrative Agent prior to the Closing Date.
“ISP” shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).
“Issuer Documents” shall mean with respect to any Letter of Credit, any Letter of Credit Request, and any other document, agreement and instrument entered into by the Letter of Credit Issuer and the Borrower (or any Restricted Subsidiary) or in favor of the Letter of Credit Issuer and relating to such Letter of Credit.
“JPMorgan” shall mean JPMorgan Chase Bank, N.A.
“Joint Bookrunners” shall mean the Persons listed on the cover page of this Agreement as such in their capacities as Joint Bookrunners under this Agreement.
“Joint Lead Arrangers” shall mean the Persons listed on the cover page of this Agreement as such in their capacities as Joint Lead Arrangers under this Agreement.
“Junior Priority Lien Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit I-2 among the Administrative Agent and/or the Collateral Agent and one or more representatives for the holders of one or more classes of Indebtedness permitted by this Agreement and that is intended (and/or required) to be secured on a junior lien basis to the Liens securing the Obligations, with such modifications thereto as the Administrative Agent and Borrower may reasonably agree.
“Latest Maturity Date” shall mean, with respect to any Indebtedness or Capital Stock, the latest Maturity Date applicable to any Credit Facility that is outstanding hereunder as determined on the date such Indebtedness is issued or incurred or such Capital Stock is issued.
“Lender” shall mean (a) the Persons listed on Schedule 1.1(a), (b) any other Person that shall become a party hereto as a “lender” pursuant to Section 13.6 and (c) each Person that becomes a party hereto as a “lender” pursuant to the terms of Section 2.14, in each case other than a Person who ceases to be a “Lender.”
“Letter of Credit” shall have the meaning provided in Section 3.1(a).

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“Letter of Credit Borrowing” shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.
“Letter of Credit Commitment” shall mean $125,000,000, as the same may be reduced from time to time pursuant to Section 4.2.
“Letter of Credit Exposure” shall mean, with respect to any Lender, at any time, the sum of (a) the amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) Revolving Credit Loans pursuant to Section 3.4 at such time and (b) such Lender’s Revolving Credit Commitment Percentage of the Letter of Credit Obligations at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) Revolving Credit Loans pursuant to Section 3.4).
“Letter of Credit Fee” shall have the meaning provided in Section 4.1(c).
“Letter of Credit Issuer” shall mean (a) Bank of America, (b) JPMorgan, (c) with respect to the Existing Letters of Credit, the applicable issuing bank under the Existing Letter of Credit or an Affiliate thereof, and (cd) any one or more Persons who shall become a Letter of Credit Issuer pursuant to Section 3.6.  Any Letter of Credit Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Letter of Credit Issuer, and in each such case the term “Letter of Credit Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.  In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.
“Letter of Credit Maturity Date” shall mean the date that is threefive Business Days prior to the Revolving Credit Maturity Date.
“Letter of Credit Obligations” shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unpaid Drawings, including all Letter of Credit Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.8.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms, but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.
“Letter of Credit Participant” shall have the meaning provided in Section 3.3(a).
“Letter of Credit Participation” shall have the meaning provided in Section 3.3(a).
“Letter of Credit Request” shall have the meaning provided in Section 3.2(b).

.

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“LIBOR” shall have the meaning provided in the definition of “Eurodollar Rate”.
“Lien” shall mean any mortgage, pledge, security interest, hypothecation, assignment, lien (statutory or other) or similar encumbrance, and any easement, right-of-way, license, restriction (including zoning restrictions), defect, exception or irregularity in title or similar charge or encumbrance (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof); provided that in no event shall an operating lease be deemed to be a Lien.
“Loan” shall mean any Revolving Credit Loan, Additional/Replacement Revolving Credit Loan, Extended Revolving Credit Loan, Swingline Loan (including any swingline loan pursuant to an Extended Revolving Credit Facility or an Additional/Replacement Revolving Credit Facility) or Term Loan made by any Lender hereunder.
“London Banking Day” shall mean any day on which dealings in Dollar deposits are conducted by and among banks in the London interbank eurodollar market.
“Management Investors” shall mean the officers, directors and employees of Holdings, the Borrower and the Subsidiaries who become investors in Holdings or any of its Parent Entities or in the Borrower.
“Mandatory Borrowing” shall have the meaning provided in Section 2.1(f).
“Margin Lines of Credit” shall mean any lines of credit established and used by the Borrower and its Subsidiaries consistent with ordinary course practice and to fund or support Margin Loans of customers of the Borrower and its Subsidiaries and any replacement lines established on substantially similar terms and conditions.
“Margin Loans” as defined in Regulation T.
“Master Agreement” shall have the meaning provided in the definition of the term “Hedging Agreement.”
“Material Adverse Effect” shall mean a circumstance or condition that materially and adversely affects (a) the business, assets, operations, properties or financial condition of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Credit Parties (taken as a whole) to perform their payment obligations under the Credit Documents or (c) the rights and remedies of the Administrative Agent, the Collateral Agent or the Lenders under the Credit Documents.
“Maturity Date” shall mean the 2017 Initial Tranche A Term Loan Maturity Date, the 2019 Extended Tranche A Term Loan Maturity Date, the Initial Tranche B Term Loan Maturity Date, any Incremental Term Loan Maturity Date, the Revolving Credit Maturity Date, any maturity date related to any Class of Extended Revolving Credit Commitments, any maturity date related to any Class of Additional/Replacement Revolving Credit Commitments, any maturity date related to any Class of Extended Term Loans, or the Swingline Maturity Date, as applicable.

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“Swap Obligation” has the meaning specified in the definition of “Excluded Swap Obligation.”
 “Swap Termination Value” shall mean, in respect of any one or more Hedging Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedging Agreements, (a) for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedging Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedging Agreements (which may include a Lender or any Affiliate of a Lender).
“Swingline Commitment” shall mean $125,000,000.
“Swingline Exposure” shall mean, with respect to any Lender, at any time, such Lender’s Revolving Credit Commitment Percentage of the Swingline Loans outstanding at such time.
“Swingline Lender” shall mean each of Bank of America in its capacity as lenderand JPMorgan in their respective capacities as lenders of Swingline Loans hereunder, and/or such other financial institution who, after the Closing Date,institutions who shall agree to act in the capacity of a lender of Swingline Loans hereunder., from time to time.  
“Swingline Loan” shall have the meaning provided in Section 2.1(c).
“Swingline Maturity Date” shall mean, with respect to any Swingline Loan, the date that is five Business Days prior to the Revolving Credit Maturity Date.
“Syndication Agents” shall mean the Persons identified on the cover page of this Agreement as such, in their respective capacities as syndication agent under this Agreement.
“Taxes” shall have the meaning provided in Section 5.4(a).
“Term Loan” shall mean a 2017 Initial Tranche A Term Loan, a 2019 Extended Tranche A Term Loan, an Initial Tranche B Term Loan, an Incremental Term Loan or any Extended Term Loans, as applicable.
“Term Loan Extension Request” shall have the meaning provided in Section 2.15(a).
“Term Loan Facility” shall mean any of the 2017 Initial Tranche A Term Loan Facility, the 2019 Extended Tranche A Term Loan Facility, the Initial Tranche B Term Loan Facility, any Incremental Term Loan Facility and any Extended Term Loan Facility.
“Test Period” shall mean, for any determination under this Agreement, the most recent period of four consecutive fiscal quarters of the Borrower ended on or prior to such date of determination (taken as one accounting period) in respect of which Section 9.1 Financials shall

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(e)Borrowings of Revolving Credit Loans to reimburse Unpaid Drawings under Letters of Credit shall be made upon the terms set forth in Section 3.3 or Section 3.4(a).
(f)Without in any way limiting the obligation of the Borrower to confirm in writing any notice it may give hereunder by telephone, the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Borrower. In each such case, the Borrower hereby waives the right to dispute the Administrative Agent's record of the terms of any such telephonic notice.
(g)If the Borrower fails to specify a Type of Loan in a Notice of Borrowing then the applicable Term Loans or Revolving Credit Loans shall be made as Eurodollar Loans with an Interest Period of one (1) month. If the Borrower requests a Borrowing of Eurodollar Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month.
2.4    Disbursement of Funds. (a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing (including Mandatory Borrowings and Borrowings to reimburse Unpaid Drawings under Letters of Credit), each Lender will make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; provided that on the Closing Date (or with respect to any Incremental Facilities, on the relevant Incremental Facility Closing Date), such funds may be made available at such earlier time as may be agreed among the relevant Lenders, the Borrower and the Administrative Agent for the purpose of consummating the Transactions; provided, further, that all Swingline Loans shall be made available to the Borrower in the full amount thereof by the Swingline Lender no later than 34:3000 p.m. (New York City time) on the date requested.
(b)    Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments in immediately available funds to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will (except in the case of Mandatory Borrowings and Borrowings to repay Unpaid Drawings under Letters of Credit) make available to the Borrower, by depositing to an account designated by the Borrower to the Administrative Agent in writing, the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available same to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower, as the case may be, interest on such corresponding amount in

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such difference may be used for the purposes of determining any baskets (other than any previously contributed Cure Amounts), with respect to the covenants contained in the Credit Documents, the Available Amount or the Available Equity Amount and (ii) less than the Necessary Cure Amount, then not later than the applicable Cure Deadline, the Borrower must receive the cash proceeds from the issuance of Capital Stock or a cash capital contribution to Holdings, which cash proceeds received by Borrower shall be equal to the shortfall between such Expected Cure Amount and such Necessary Cure Amount.
SECTION 12.     The Administrative Agent and the Collateral Agent
12.1    Appointment. (a) Each of the Lenders and the Letter of Credit 
Issuers hereby irrevocably appoints Bank of America, N.A.JPMorgan to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions 
and powers as are reasonably incidental thereto. It is understood and agreed that the use of the 
term “agent” herein or in any other Credit Documents (or any other similar term) with reference 
to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
(b)    The Administrative Agent shall also act as the “Collateral Agent”
under the Credit Documents, and each of the Lenders (including in its capacities as a potential 
Hedge Bank and a potential Cash Management Bank) and the Letter of Credit Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender 
and the Letter of Credit Issuer for purposes of acquiring, holding and enforcing any and all Liens 
on Collateral granted under the Security Documents 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 12.2 for purposes of holding or 
enforcing any Lien on the Collateral (or any portion thereof) granted under the Security 
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 Section 12 and Section 13 (including Section 13.5(a), as though such co-agents, sub-agents and attorneys-in-fact were the “Collateral Agent” under the Credit Documents) as if set forth in full herein with 
respect thereto.
12.2     Delegation of Duties. The Administrative Agent and the Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or 
under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent, the Collateral Agent and any such sub-agent may perform any and all of its duties and exercise their respective rights and powers by or through their respective Related Parties. The exculpatory provisions of this Section 12 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent, the Collateral Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein

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them while the retiring Administrative Agent or Collateral Agent, as applicable, was acting as Administrative Agent or Collateral Agent, as applicable.
Any resignation or replacement by Bank of AmericaJPMorgan as Administrative Agent pursuant to this Section shall also constitute its resignation or replacement as Letter of Credit Issuer and Swingline Lender. If Bank of AmericaJPMorgan resigns or is replaced as a Letter of Credit Issuer, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation or replacement as Letter of Credit Issuer and all Letter of Credit Obligations with respect thereto, including the right to require the Lenders to make Revolving Credit Loans or fund risk participations in Unpaid Drawings pursuant to Section 3.3. If Bank of AmericaJPMorgan resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Revolving Credit Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.1(f). Upon the appointment by the Borrower of a successor Letter of Credit Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer or Swingline Lender, as applicable, (b) the retiring Letter of Credit Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of AmericaJPMorgan to effectively assume the obligations of Bank of AmericaJPMorgan with respect to such Letters of Credit.
12.9     Withholding Tax. To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax, except taxes imposed as a result of a current or former connection unrelated to this Agreement between the Administrative Agent and any jurisdiction outside of the United States imposing such tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses.
12.10     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. Such Person and its Affiliates may accept deposits from, lend money to,

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Schedule 13.2
Addresses for Notices
To the Administrative Agent: 
JPMorgan Chase Bank, N A 
Loan and Agency Services Group 
500 Stanton Christiana Road, Ops 2, Floor 3  Newark, DE 19713-2107 
Attention: Pranay Tyagi 
Tel: (302) 634-8799 
Fax: (302) 634-8459 
Email: pranay.tyagi@jpmorgan.com 
With a copy to: 
Evelyn Crisci 
Tel: (212) 270-9854 
Email: evelyn.x.crisci@jpmorgan.com 383 Madison Avenue, Floor 23 
New York, NY 10179

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