Document:

EX-10.10

 Exhibit 10.10 

EXECUTION VERSION 
 FIRST
AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 APW OPCO LLC

 a Delaware limited liability company 

Dated as of February 10, 2020 
 THE
SECURITIES REPRESENTED BY THIS FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH SECURITIES MAY NOT
BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 TABLE OF CONTENTS 

ARTICLE I 
 Definitions 

ARTICLE II 
 Organizational
Matters 
  

							
	 SECTION 2.01.
	 	Formation of Company	 	 	17	 
	 SECTION 2.02.
	 	Amended and Restated Limited Liability Company Agreement	 	 	18	 
	 SECTION 2.03.
	 	Name	 	 	18	 
	 SECTION 2.04.
	 	Purpose	 	 	18	 
	 SECTION 2.05.
	 	Principal Office; Registered Agent	 	 	18	 
	 SECTION 2.06.
	 	Term	 	 	19	 
	 SECTION 2.07.
	 	No State-Law Partnership	 	 	19	 
	
	ARTICLE III	  

	
	Members; Units; Capitalization	  

			
	 SECTION 3.01.
	 	Members	 	 	19	 
	 SECTION 3.02.
	 	Units	 	 	20	 
	 SECTION 3.03.
	 	Automatic Conversion of Units	 	 	25	 
	 SECTION 3.04.
	 	Repurchase or Redemption of Shares of Common Stock	 	 	27	 
	 SECTION 3.05.
	 	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	 	 	27	 
	 SECTION 3.06.
	 	Negative Capital Accounts	 	 	28	 
	 SECTION 3.07.
	 	No Withdrawal	 	 	28	 
	 SECTION 3.08.
	 	Loans From Members	 	 	28	 
	 SECTION 3.09.
	 	Corporation Stock Incentive Plans	 	 	29	 
	 SECTION 3.10.
	 	Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Plan, Stock Incentive Plan or Other Plan	 	 	30	 
	
	ARTICLE IV	  

	
	Distributions	  

			
	 SECTION 4.01.
	 	Distributions	 	 	30	 
	 SECTION 4.02.
	 	Restricted Distributions	 	 	33	 
	
	ARTICLE V	  

	
	Capital Accounts; Allocations; Tax Matters	  

			
	 SECTION 5.01.
	 	Capital Accounts	 	 	34	 
	 SECTION 5.02.
	 	Allocations	 	 	35	 

  
 i 

							
	 SECTION 5.03.
	 	Regulatory Allocations	 	 	35	 
	 SECTION 5.04.
	 	Tax Allocations	 	 	36	 
	 SECTION 5.05.
	 	Withholding, Indemnification and Reimbursement for Payments on Behalf of a Member	 	 	38	 

 ARTICLE VI 

Management 
  

							
	 SECTION 6.01.
	 	Authority of Manager	 	 	39	 
	 SECTION 6.02.
	 	Actions of the Manager	 	 	40	 
	 SECTION 6.03.
	 	Resignation; Removal	 	 	40	 
	 SECTION 6.04.
	 	Vacancies	 	 	40	 
	 SECTION 6.05.
	 	Transactions Between Company and Manager	 	 	40	 
	 SECTION 6.06.
	 	Reimbursement for Expenses	 	 	41	 
	 SECTION 6.07.
	 	Delegation of Authority	 	 	41	 
	 SECTION 6.08.
	 	Duties; Limitation of Liability	 	 	41	 
	 SECTION 6.09.
	 	Indemnification	 	 	42	 
	 SECTION 6.10.
	 	Investment Company Act	 	 	43	 
	 SECTION 6.11.
	 	Outside Activities of the Manager	 	 	43	 
	
	ARTICLE VII	  

	
	Rights and Obligations of Members	  

			
	 SECTION 7.01.
	 	Limitation of Liability and Duties of Members	 	 	44	 
	 SECTION 7.02.
	 	Lack of Authority	 	 	44	 
	 SECTION 7.03.
	 	No Right of Partition	 	 	45	 
	 SECTION 7.04.
	 	Members Right to Act	 	 	45	 
	 SECTION 7.05.
	 	Inspection Rights	 	 	46	 
	
	ARTICLE VIII	  

	
	Books, Records, Accounting and Reports, Affirmative Covenants	  

			
	 SECTION 8.01.
	 	Records and Accounting	 	 	46	 
	 SECTION 8.02.
	 	Fiscal Year	 	 	46	 
	 SECTION 8.03.
	 	Reports	 	 	47	 
	
	ARTICLE IX	  

	
	Tax Matters	  

			
	 SECTION 9.01.
	 	Preparation of Tax Returns	 	 	47	 
	 SECTION 9.02.
	 	Tax Elections	 	 	47	 
	 SECTION 9.03.
	 	Tax Controversies	 	 	47	 

  
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 ARTICLE X 

Restrictions on Transfer of Units 
  

							
	 SECTION 10.01.
	 	General	 	 	48	 
	 SECTION 10.02.
	 	Permitted Transfers	 	 	48	 
	 SECTION 10.03.
	 	Restricted Units Legend	 	 	49	 
	 SECTION 10.04.
	 	Transfer	 	 	49	 
	 SECTION 10.05.
	 	Assignee’s Rights	 	 	49	 
	 SECTION 10.06.
	 	Assignor’s Rights and Obligations	 	 	50	 
	 SECTION 10.07.
	 	Overriding Provisions	 	 	50	 
	 SECTION 10.08.
	 	Equitized LTIP Units and Equitized Series B Rollover Profits Units	 	 	51	 
	
	ARTICLE XI	  

	
	Redemption and Exchange	  

			
	 SECTION 11.01.
	 	Redemption Right of a Member	 	 	52	 
	 SECTION 11.02.
	 	Election and Contribution of the Corporation	 	 	55	 
	 SECTION 11.03.
	 	Exchange Right of the Corporation	 	 	56	 
	 SECTION 11.04.
	 	Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation	 	 	56	 
	 SECTION 11.05.
	 	Effect of Exercise of Redemption or Exchange Right	 	 	57	 
	 SECTION 11.06.
	 	Tax Treatment	 	 	57	 
	
	ARTICLE XII	  

	
	Admission of Members	  

			
	 SECTION 12.01.
	 	Substituted Members	 	 	57	 
	 SECTION 12.02.
	 	Additional Members	 	 	57	 
	
	ARTICLE XIII	  

	
	Resignation	  

			
	 SECTION 13.01.
	 	Resignation of Members	 	 	58	 
	
	ARTICLE XIV	  

	
	Dissolution and Liquidation	  

			
	 SECTION 14.01.
	 	Dissolution	 	 	58	 
	 SECTION 14.02.
	 	Liquidation and Termination	 	 	58	 
	 SECTION 14.03.
	 	Deferment; Distribution in Kind	 	 	59	 
	 SECTION 14.04.
	 	Certificate of Cancellation	 	 	60	 
	 SECTION 14.05.
	 	Reasonable Time for Winding Up	 	 	60	 
	 SECTION 14.06.
	 	Return of Capital	 	 	60	 

  
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 ARTICLE XV 

Valuation 
  

							
	 SECTION 15.01.
	 	Determination	 	 	60	 
	 SECTION 15.02.
	 	Dispute Resolution	 	 	60	 
	ARTICLE XVI	  

	General Provisions	  

	 SECTION 16.01.
	 	 Power of Attorney
	 	 	61	 
	 SECTION 16.02.
	 	 Confidentiality
	 	 	62	 
	 SECTION 16.03.
	 	 Amendments
	 	 	63	 
	 SECTION 16.04.
	 	 Title to Company Assets
	 	 	63	 
	 SECTION 16.05.
	 	 Addresses and Notices
	 	 	63	 
	 SECTION 16.06.
	 	 Binding Effect; Intended Beneficiaries
	 	 	64	 
	 SECTION 16.07.
	 	 Creditors
	 	 	64	 
	 SECTION 16.08.
	 	 Waiver
	 	 	64	 
	 SECTION 16.09.
	 	 Counterparts
	 	 	64	 
	 SECTION 16.10.
	 	 Applicable Law
	 	 	64	 
	 SECTION 16.11.
	 	 Severability
	 	 	65	 
	 SECTION 16.12.
	 	 Further Action
	 	 	65	 
	 SECTION 16.13.
	 	 Delivery by Electronic Transmission
	 	 	65	 
	 SECTION 16.14.
	 	 Right of Offset
	 	 	65	 
	 SECTION 16.15.
	 	 Effectiveness
	 	 	65	 
	 SECTION 16.16.
	 	 Entire Agreement
	 	 	65	 
	 SECTION 16.17.
	 	 Remedies
	 	 	66	 
	 SECTION 16.18.
	 	 Descriptive Headings; Interpretation
	 	 	66	 
	 SECTION 16.19.
	 	 LTIP Agreement Conflicts
	 	 	66	 
			
	Exhibits	 		 			
			
	 Exhibit A         –
	 	 Form of Joinder Agreement
	 			
	 Exhibit B         –
	 	 Form of Unit Certificate
	 			
	 Exhibit C         –
	 	 Officers (as of the Effective Time)
	 			

  
 iv 

 FIRST AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 APW OPCO LLC 

This FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (together with the Exhibits and Schedules attached hereto and as amended,
restated, supplemented or otherwise modified from time to time, this “Agreement”), of APW OpCo LLC, a Delaware limited liability company (the “Company”), is entered into effective as of the Effective
Time (as defined below), by its Members and Landscape Acquisition Holdings Limited, a company incorporated in the British Virgin Islands with limited liability in accordance with the British Virgin Islands with number 1959763 (together with its
successors and permitted assigns, the “Corporation”). 
 RECITALS 

Capitalized terms used in these recitals without definition have the meanings set forth in Article I. 

WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Act by the filing of the
initial Certificate with the Secretary of State of the State of Delaware on November 15, 2019 (the “Formation Date”), and the entering into of the Limited Liability Company Agreement of the Company by Associated
Partners, L.P., a Guernsey limited partnership (“APLP”), as the sole member, effective as of the Formation Date (the “Original Agreement”); 

WHEREAS, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among (i) AP WIP
Investments Holdings, LP, a Delaware limited partnership (“AP WIP Holdings”), (ii) APLP, (iii) Landscape Acquisition Holdings Limited, a company incorporated in the British Virgin Islands with limited liability in
accordance with British Virgin Islands law with number 1959763 (the “Corporation”), (iv) LAH Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of the Corporation (the “Merger
Sub”), (v) the Company and (vi) AP LP, as the Company Partners’ Representative (as defined therein), dated as of November 19, 2019, the Merger Sub will be merged with and into the Company, with the Company being the
surviving entity (the “Merger”), with (a) the limited liability company interests in Merger Sub owned by the Corporation immediately prior to the Effective Time being converted into 60,025,000 Class A Common Units
and one Carry Unit and (b) the limited liability company interests in the Company owned by the partners of AP LP immediately prior to the Effective Time being converted into the right to receive either (at the election of each such partner)
(x) (A) shares of Class B Common Stock, (B) Class B Common Units and (C) Rollover Profits Units or (y) cash, in each case, in such amounts as are specified in the Merger Agreement; 

WHEREAS, in connection with the Reorganization (as defined in the Merger Agreement), the Original Agreement was amended by the Amendment to
Limited Liability Company Agreement of the Company, effective prior to the Effective Time on the same date (the Original Agreement, as amended thereby, the “Current Agreement”); 

 WHEREAS, prior to the Effective Time, the Corporation adopted and approved the Long-Term
Incentive Plan, pursuant to which the Corporation will grant to certain persons (a) Series A LTIP Units and shares of Class B Common Stock and/or (b) Series B LTIP Units and Series B Founder Preferred Shares, in each case, where the
Series A LTIP Units and the Series B LTIP Units shall be deemed to be other equity-based Awards (within the meaning of the Long-Term Incentive Plan) granted under the Long-Term Incentive Plan in accordance with Section 9 thereof; 

WHEREAS, following the Merger, the Corporation will have its Class A Common Stock admitted to the standard segment of the official list
maintained by the FCA and admitted to trading on the London Stock Exchange’s main market (the “Listing”); and 

WHEREAS, the Corporation desires to amend and restate the Current Agreement as provided herein below and continue the Company as a limited
liability company under the Delaware Act. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Members, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 Definitions 

The following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the
contrary. 
 “Additional Member” has the meaning set forth in Section 12.02. 

“Adjusted Capital Account Deficit” means, with respect to the Capital Account of any Member as of the end of any
Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be: 

(a) reduced for any items described in Treasury Regulation Section 1.704-
1(b)(2)(ii)(d)(4), (5), and (6); and 
 (b) increased for any amount such Member is obligated to contribute or is treated as
being obligated to contribute to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or
1.704-2(g)(1) and 1.704-2(i) (relating to minimum gain). 

“Admission Date” has the meaning set forth in Section 10.06. 

“Affiliate” (and, with a correlative meaning, “Affiliated”) means, with respect to a specified
Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition and the definition of Majority Member,
“control” (including 

  
 2 

 
with correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction
of management or policies (whether through ownership of voting securities or by contract or other agreement). 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Allocable Foreign Tax Credits” means, with respect to a Member for any Taxable Year, the amount of foreign tax
credits of the Company allocated to such Member in the then-current and all preceding Taxable Years; provided, that “Allocable Foreign Tax Credits” shall exclude any such foreign tax credits that the Manager reasonably determines
are not and were not available to offset such Member’s liability for Taxes in the then-current and all preceding Taxable Years (including as a result of Section 904 of the Code and the Treasury Regulations promulgated thereunder). For
purposes of the immediately preceding proviso, the Manager shall assume that such Member has no items of income, gain, expense, deduction, credit or other Tax attributes other than those arising by reason of such Member’s ownership of its
Company Interests. 
 “Annual Dividend Amount” has the meaning set forth in the Corporation’s Charter. 

“APLP” has the meaning set forth in the preamble to this Agreement. 

“AP WIP Holdings” has the meaning set forth in the recitals to this Agreement. 

“Appraisers” has the meaning set forth in Section 15.02. 

“Assignee” means a Person to whom a Company Interest has been Transferred in accordance with this Agreement but who
has not been admitted as a Member pursuant to Article XII. 
 “Base Rate” means, on any
date, a variable rate per annum equal to the rate of interest most recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Black-Out Period” means any
“black-out” or similar period under the Corporation’s policies covering trading in the Corporation’s securities to which the applicable Redeeming Member is subject, which period restricts
the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement. For purposes of this definition, a Redeeming Member shall include any
Member whose Redeemed Units are acquired by the Corporation in a Direct Exchange. 
 “Book Value” means, with
respect to any Company property, the Company’s adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation
Section 1.704-1(b)(2)(iv)(d)-(g). 

  
 3 

 “Business Day” means any day other than a Saturday or a Sunday or a
day on which banks located in New York City, New York or London, United Kingdom generally are authorized or required by Law to close. 

“Buyer’s Tax Insurance Policy” has the meaning set forth in the Merger Agreement. 

“Capital Account” means the capital account maintained for a Member in accordance with
Section 5.01. 
 “Capital Contribution” means, with respect to any Member, the amount of
any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Member contributes (or is deemed to contribute) to the Company pursuant to Article III hereof (including
Section 3.01(a)). For purposes of this definition, if the Company issues Units or if there is a Revaluation following the date hereof, each Member’s Capital Contributions (including in respect of Equitized Units) shall
be adjusted in good faith by the Manager so as to equal such Member’s current claim on the Company’s equity, as calculated based on the Class A Trading Price and such Member’s right to distributions under
Section 4.01. Equitized Units shall have the Capital Contributions specified in Section 10.08(d), Class A Common Units received by the Corporation in respect of any Equity Plan for
Class A Common Stock shall have the Capital Contributions specified in Section 3.09(c), Class A Common Units received in respect of the Carry Unit shall have the Capital Contributions specified in
Section 4.01(d) and Class B Common Units received in respect of Series A Rollover Profits Units shall have the Capital Contributions specified in Section 4.01(e). 

“Carry Amount” means, with respect to a Founder Distribution and a Member holding Series A Rollover Profits Units, an
amount equal to the product of (a) the amount of such Founder Distribution and (b) a fraction, (i) the numerator of which is the number of Series A Rollover Profits Units then held by such Member and (ii) the denominator of which
is the sum of (A) the number of then outstanding Common Units (minus (1) the number of Class A Common Units issued to the Corporation pursuant to Section 4.01(d) and Class B Common Units issued to
Members holding Series A Rollover Profits Units pursuant to Section 4.01(e) and (2) the number of then outstanding Series A Rollover Profits Units), (B) the number of then outstanding LTIP Units, (C) the number of
then outstanding Rollover Profits Units (other than Series A Rollover Profits Units) and (D) the number of then outstanding Preferred Units (as contemplated by Section 3.02(f)) then held by the other Members. 

“Carry Distributions” means Founder Distributions and Rollover Distributions. 

“Carry Unit” means the Unit designated as the “Carry Unit” pursuant to this Agreement. 

“Carry Unit Capital Account” has the meaning set forth in Section 5.01(a).

 “Cash Settlement” means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units
Equivalent. 

  
 4 

 “Certificate” means the Certificate of Formation of the Company
filed with the Secretary of State of the State of Delaware in accordance with the Delaware Act, as such Certificate has been or may be amended or amended and restated from time to time in accordance with the Delaware Act. 

“Change of Control Transaction” means (a) a transaction in which a Person or Group acquires beneficial ownership
of more than fifty percent (50%) of the outstanding Units, other than a transaction pursuant to which the holders of beneficial ownership of Units immediately prior to the transaction beneficially own, directly or indirectly, more than fifty percent
(50%) of the Units or the equity of any successor, surviving entity or direct or indirect parent of the Company, in either case, immediately following the transaction or (b) a transaction in which the Company issues Units representing more than
fifty percent (50%) of the then outstanding Units, in either case, whether by merger, other business combination or otherwise. 

“Class A Common Stock” means (i) at any time prior to the Domestication, the
Ordinary Shares of no par value in the capital of the Corporation, and (ii) at any time after the Domestication, shares of Class A Common Stock of the Corporation. 

“Class A Common Units” means the Units designated as “Class A Common”
Units pursuant to this Agreement. 
 “Class A Trading Price” means the arithmetic
average of the volume weighted average prices for a share of Class A Common Stock on the principal securities exchange or automated or electronic quotation system on which the Class A Common Stock is traded or quoted, as reported by
Bloomberg, L.P. or its successor, for each of the five (5) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Date, subject to appropriate and equitable adjustment for any stock
splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then a majority of the
Independent Directors shall determine the Class A Trading Price in good faith. 
 “Class B
Common Stock” means (i) at any time prior to the Domestication, the Class B Shares of no par value in the capital of the Corporation, and (ii) at any time after the Domestication, shares of Class B Common Stock of
the Corporation. 
 “Class B Common Units” means the Units designated as
“Class B Common” Units pursuant to this Agreement. 
 “Class B Common Units
Holder” has the meaning set forth in Section 3.02(d)(ii). 

“Class B Equivalent Amount” means, with respect to an amount of LTIP Units or Series
B Rollover Profits Units, an amount equal to (x) the LTIP Capital Account or Series B Rollover Profits Units Capital Account, as applicable, of such Units immediately following the applicable Revaluation, divided by (y) the Notional
Class A Amount. 

  
 5 

 “Code” means the U.S. Internal Revenue Code of 1986, as amended.
Unless the context requires otherwise, any reference herein to a specific section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period. 

“Common Capital Account” has the meaning set forth in Section 5.01(a). 

“Common Stock” means the Class A Common Stock and the Class B Common Stock, collectively. 

“Common Units” means the Units that are designated as “Common” Units pursuant to this Agreement and
includes, as of the Effective Time, the Class A Common Units, the Class B Common Units and the Equitized Units. 

“Common Unitholder” means a Member who is the registered holder of one or more Common Units. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Company Interest” means, with respect to any Member or Assignee, such Member’s or Assignee’s, as
applicable, entire limited liability company interest in the Company, including such Member’s or Assignee’s, as applicable, share of the profits and losses of the Company and such Member’s or Assignee’s right to receive
distributions of the Company’s assets. 
 “Contribution Notice” has the meaning set forth in
Section 11.01(b). 
 “Corporate Board” means the Board of Directors of the Corporation.

 “Corporation” has the meaning set forth in the recitals to this Agreement, together with its successors
(including pursuant to the Domestication) and permitted assigns. 
 “Corporation’s Assumed Tax
Liability” means, with respect to an applicable Taxable Year, any U.S. federal, state and local and foreign tax obligations owed by the Corporation (other than any obligations to remit any amounts withheld from payments to third
parties). 
 “Corporation’s Charter” means (a) at any time prior to the Domestication, the Amended and
Restated Memorandum and Articles of Association of the Corporation and (b) at any time after the Domestication, the Certificate of Incorporation or similar governing document of the Corporation adopted by the shareholders of the Corporation
pursuant to the Domestication, in each case described in clause (a) and (b), as in effect from time to time. 
 “Credit
Agreement” means: (a) the DWIP Loan and Security Agreement dated as of August 12, 2014 (as amended by the Amendment to the DWIP Loan and Security Agreement dated as of October 16, 2018, by that Agreement regarding
Agency and Amendment to Loan Documents, dated as of June 17, 2019, and by that Second Amendment to DWIP Loan and Security Agreement, dated as of October 18, 2019), entered into by and among: AP WIP Holdings, LLC, as borrower; certain of
its subsidiaries as asset companies, operating companies 

  
 6 

 
signatories thereto, and holdings companies; AP Service Company; Midland Loan Services, a division of PNC Bank, National Association, as backup servicer; Guggenheim Corporate Funding, LLC, as
administrative agent for the financial institutions parties thereto or that may become parties thereto as lenders; the lenders a party thereto; and Deutsche Bank Trust Company Americas, as collateral agent, calculation agent and paying agent;
(b) the Facility Agreement dated as of October 24, 2017 (as amended by the Letter Agreement dated as of November 15, 2019), entered into by and among: AP WIP Investments, LLC, as guarantor and parent; AP WIP International
Holdings, LLC, as borrower; AP Service Company, LLC, as servicer; Telecom Credit Infrastructure Designated Activity Company, as lender; Goldman Sachs Lending Partners LLC, as agent of the other finance parties; and GLAS Trust Corporation Limited, as
security agent for the secured parties; (c) the Amended and Restated Secured Loan and Security Agreement dated as of September 20, 2018, entered by and among: AP WIP Domestic Investments II, LLC, as borrower; AP WIP Investments, LLC, as
guarantor; and Rimrock High Income Plus (Master) Fund, Ltd. and Rimrock Low Volatility (Master) Fund, Ltd., as lenders (as amended by the First Amendment to Amended and Restated Secured Loan and Security Agreement, dated as of July 25, 2019);
and (d) the Subscription Agreement dated November 6, 2019, entered into by and among AP WIP Investments Borrower, LLC, as issuer; AP WIP Investments, LLC, as guarantor; GLAS Americas LLC, as registrar; and Sequoia IDF Asset Holdings SA as
original subscriber and original holder. 
 “Current Agreement” has the meaning set forth in the recitals to this
Agreement. 
 “Delaware Act” means the Delaware Limited Liability Company Act, 6
Del. C. §§ 18-101 et seq., as it may be amended from time to time, and any successor thereto. 

“Direct Exchange” has the meaning set forth in Section 11.03(a). 

“Discount” has the meaning set forth in Section 11.02. 

“Disregarded Shares” has the meaning set forth in Section 3.03(a). 

“Distributable Cash” means, as of any relevant date on which a determination is being made by the Manager regarding a
potential Distribution of cash pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in accordance with the Credit Agreement (and without otherwise violating any
applicable provisions of the Credit Agreement). 
 “Distribution” means each distribution made by the Company to a
Member with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution or otherwise; provided, however, that none of the following shall be a Distribution: (a) any
recapitalization that does not result in the distribution of cash or property to Members or any exchange of securities of the Company, and any dividend or subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or
otherwise) of any outstanding Units or (b) any other payment made by the Company to a Member that is not properly treated as a “distribution” for purposes of Section 731, 732, or 733 or other applicable provisions of the Code.

  
 7 

 “Domestication” means the change of the Corporation’s
jurisdiction from the British Virgin Islands to the State of Delaware. 
 “Effective Time” has the meaning set forth
in Section 16.15. 
 “Encumbrance” means any security interest, pledge, mortgage, lien or
other material encumbrance, except for restrictions arising under applicable securities Laws. 
 “Equitized LTIP
Unit” means an LTIP Unit the LTIP Return of which, immediately following a Revaluation, is at least equal to the Equitizing Capital Balance with respect to such LTIP Unit. 

“Equitized Series B Rollover Profits Unit” means a Series B Rollover Profits Unit the Rollover Profits Return of
which, immediately following a Revaluation, is at least equal to the Equitizing Capital Balance with respect to such Series B Rollover Profits Unit. 

“Equitized Unitholders” means a Member who is the registered owner of one or more Equitized Units. 

“Equitized Units” means the Equitized LTIP Units and the Equitized Series B Rollover Profits Units. 

“Equitizing Capital Balance” means (i) with respect to any LTIP Unit, the LTIP Notional Amount (as defined in the
applicable LTIP Agreement) with respect to such LTIP Unit and (ii) with respect to any Series B Rollover Profits Unit, $10.00. 

“Equity Plan” means any option, stock, unit, stock unit, appreciation right, phantom equity or other equity or
equity-based compensation plan, program, agreement or arrangement, in each case now or hereafter adopted by the Corporation, including the Long-Term Incentive Plan. 

“Equity Securities” means (a) Units or other equity interests in the Company or any Subsidiary of the Company
(including other classes or series thereof having such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the provisions of this Agreement, including rights, powers and/or duties senior to existing
classes and series of Units and other equity interests in the Company or any Subsidiary of the Company), (b) other securities or interests (including evidences of indebtedness) convertible or exchangeable into Units or other equity interests in the
Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests in the Company or any Subsidiary of the Company. 

“Event of Withdrawal” means the bankruptcy (as set forth in Sections 18-101(1)
and Section 18-304 of the Delaware Act) or dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member in the Company. “Event of Withdrawal”
shall not include an event that (a) terminates the existence of a Member for income tax purposes (including (i) a change in entity classification of a Member under Treasury Regulation
Section 301.7701-3, (ii) a sale of assets by, or liquidation of, a Member pursuant to an election under Section 336 or 338 of the Code or (iii) merger, severance, or allocation within

  
 8 

 
a trust or among sub-trusts of a trust that is a Member) but that (b) does not terminate the existence of such Member under applicable state law (or,
in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Company Interests of such trust that is a Member). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Exchange Act shall be deemed to include any corresponding provisions of future Law. 

“Exchange Election Notice” has the meaning set forth in Section 11.03(b). 

“Excluded Unit” means, at any time, any Common Unit or LTIP Unit that is prohibited at such time from a Redemption by
the terms of any agreement between the holder of such Unit and the Company or the Corporation (including an LTIP Agreement). 

“Fair Market Value” means, with respect to any asset, its fair market value determined according to Article XV.

 “Financial Year” means the fiscal year of the Corporation, being the twelve (12) month (or shorter) period
ending on October 31st in each year, or such other fiscal year(s) (each of which may be a twelve (12) month period or any longer or shorter period) as may be determined from time to time by
resolution of the Board of Directors of the Corporation and in accordance with any applicable laws and regulations. 

“FCA” means the Financial Conduct Authority in its capacity as competent authority under the Financial Services and
Markets Act 2000, as amended from time to time, and any successor or replacement entity. 
 “Fiscal Year” means the
Company’s annual accounting period established pursuant to Section 8.02. 
 “Formation
Date” has the meaning set forth in the recitals to this Agreement. 
 “Founder Distributions” has the
meaning set forth in Section 4.01(d). 
 “Founder Preferred Mandatory Conversion Date”
means the last day of the seventh (7th) full Financial Year after the Closing Date (as defined in the Merger Agreement), or, if such date is not a Trading Day, the first Trading Day immediately
following such date. 
 “Founder Preferred Shares” means the Series A Founder Preferred Shares and/or the Series B
Founder Preferred Shares. 
 “Future LTIP Units” means any LTIP Units that are granted to any person after the date
hereof pursuant to Section 3.02. 
 “Governmental Entity” means (a) the United States
of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or 

  
 9 

 
(b) of this definition, including any county, municipal or other local subdivision of the foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or
administrative functions of government on behalf of (a), (b) or (c) of this definition. 
 “Grant Date”, with
respect to any LTIP Unit, has the meaning set forth in the applicable LTIP Agreement. 
 “Group” means any group of
Persons formed for the purpose of acquiring, holding, voting or disposing of Units, including groups of Persons that would be required if the Company is subject to Section 13, 14 or 15(d) of the Exchange Act, Section 13(d) of the Exchange
Act to file a statement on Schedule 13D with the SEC as a “person” within the meaning of Section 13(d)(3) of the Exchange Act. 

“Indemnified Person” has the meaning set forth in Section 6.09(a). 

“Independent Directors” means the members of the Corporate Board who are “independent” under the standards
of the principal securities exchange on which shares of Class A Common Stock are traded or quoted, and, if the shares of Class A Common Stock are listed on the standard segment of the FCA’s official list, the members of the Corporate
Board who would be treated as independent were the NYSE Governance Standards to apply to the Corporation. 
 “Initial
Units” means (i) the LTIP Units that are granted to the Members as of the Effective Time and (ii) the Series B Rollover Profits Units that are granted to the Members as of the Effective Time. 

“Investment Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time. 

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this
Agreement. 
 “Landscape” has the meaning set forth in Section 6.09(g). 

“Landscape Person” has the meaning set forth in Section 6.09(d). 

“Law” means all laws, statutes, ordinances, rules and regulations of the United States, any foreign country and each
state, commonwealth, city, county, municipality, regulatory or self-regulatory body, agency or other political subdivision thereof. 

“Listing” has the meaning set forth in the recitals to this Agreement. 

“Listing Rules” means the rules and regulations made by the FCA pursuant to the Financial Services and Markets Act
2000 and contained in the FCA’s publication of the same name. 
 “Long-Term Incentive Plan” means the
Corporation’s 2019 Equity Incentive Plan, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

  
 10 

 “Losses” means items of Company loss or deduction determined
according to Section 5.01(b). 
 “LTIP Agreement” means, with respect to an LTIP Unit, the
Award Agreement (as defined in the Long-Term Incentive Plan) for the LTIP Unit entered into by and among the Corporation, the Company and the applicable LTIP Member. 

“LTIP Capital Account” has the meaning set forth in Section 5.01(a). 

“LTIP Interest” means, with respect to any LTIP Member, such Member’s rights and obligations with respect to the
Company pursuant to this Agreement, the Long-Term Incentive Plan and the applicable LTIP Agreement(s) to which the LTIP Member is a party. 

“LTIP Return” means, with respect to any LTIP Units of any Member, the balance, from time to time, in such
Member’s LTIP Capital Account with respect to such LTIP Units, increased by the amount of distributions that have been made with respect to such LTIP Units pursuant to Section 4.01(b). 

“LTIP Shortfall” means, immediately following a Revaluation with respect to LTIP Units held by a Member, the excess,
if any, of (x) the Equitizing Capital Balance of such LTIP Units, over (y) the LTIP Return of such LTIP Units. 

“LTIP Units” means the Units designated as “LTIP” Units pursuant to this Agreement and includes, as of the
Effective Time, the Series A LTIP Units and the Series B LTIP Units. 
 “LTIP Unitholder” means a Member who is the
registered holder of one or more LTIP Units. 
 “Majority Members” means the Members (which, for the avoidance of
doubt, may include the entity that is also the Manager in its capacity as a Member) holding a majority of the Voting Units then outstanding; provided that, if as of any date of determination, more than thirty-three percent (33%) of the Voting
Units are then held by the Member that is also the Manager or any of its controlled Affiliates, then “Majority Members” shall mean for all purposes under this Agreement, other than Sections 6.03 and 6.04, the Member that is
also the Manager together with the other Members (other than the Member that is also the Manager and its controlled Affiliates) holding a majority of the Voting Units (excluding Voting Units held by the Member that is also the Manager and its
controlled Affiliates) then outstanding. 
 “Manager” means the Corporation as the sole “manager” of the
Company as of the Effective Time, and includes any successor thereto designated pursuant to Section 6.04, in its capacity as a manager of the Company. The Manager shall be, and hereby is, designated as a “manager”
within the meaning of Section 18-101(10) of the Delaware Act. 

“Member” means, as of any date of determination, (a) each Person admitted as a member of the Company pursuant to
Section 3.01 and (b) any Person admitted to the Company as a Substituted Member or Additional Member in accordance with Article XII, in each case, in such Person’s capacity as a member of the Company and
only so long as such Person is shown on the Company’s books and records, including the Schedules of Members, as the owner of one or more Units. 

  
 11 

 “Merger” has the meaning set forth in the recitals to this
Agreement. 
 “Merger Agreement” has the meaning set forth in the recitals to this Agreement. 

“Merger Consideration” has the meaning set forth in the recitals to this Agreement. 

“Merger Sub” has the meaning set forth in the recitals to this Agreement. 

“Minimum Gain” means “partnership minimum gain” determined pursuant to Treasury Regulation Section 1.704-2(d). 
 “Net Loss” means, with respect to a Taxable Year, the
excess, if any, of Losses for such Taxable Year over Profits for such Taxable Year (excluding Profits and Losses specially allocated pursuant to Section 5.03). 

“Net Profit” means, with respect to a Taxable Year, the excess, if any, of Profits for such Taxable Year over Losses
for such Taxable Year (excluding Profits and Losses specially allocated pursuant to Section 5.03). 
 “Non-Equitized LTIP Unit” means an LTIP Unit that is not an Equitized LTIP Unit. 

“Nonrecourse Liability” has the meaning set forth in Treasury Regulations
Section 1.704-2(b)(3). 
 “Notional Class A
Amount” means an amount equal to (x) the Corporation’s Common Capital Account immediately following the applicable Revaluation, divided by (y) the number of Class A Common Units that are held by the
Corporation. 
 “NYSE Governance Standards” means the governance standards set forth in section 303A of the NYSE
Listed Company Manual.  
 “Officer” has the meaning set forth in
Section 6.01(b). 
 “Ordinary Distributions” has the meaning set forth in
Section 4.01(a). 
 “Ordinary Units” means the Units other than the Carry Units. 

“Original Agreement” has the meaning set forth in the recitals to this Agreement. 

“Other Agreements” has the meaning set forth in Section 10.04. 

“Partnership Representative” has the meaning set forth in Section 9.03. 

“Per-Share Exercise Price” means $10.00. 

  
 12 

 “Performance-Based LTIP Unit” means an LTIP Unit granted subject to
performance-based vesting conditions. 
 “Permitted Transfer” has the meaning set forth in
Section 10.02. 
 “Person” means an individual or any corporation, partnership, limited
liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity. 

“Pro rata,” “pro rata portion,” “according to their interests,”
“ratably,” “proportionately,” “proportional,” “in proportion to,” “based on the number of Units held,” “based upon the
percentage of Units held,” “based upon the number of Units outstanding,” and other terms with similar meanings, when used in the context of a number of Units of the Company relative to other Units, means as
amongst an individual class or series of Units, pro rata based upon the number of such Units within such class or series of Units. 

“Profits” means items of Company income and gain determined according to Section 5.01(b).

 “Redeemed Units” has the meaning set forth in Section 11.01(a). 

“Redeemed Units Equivalent” means the product of (a) the Share Settlement and (b) the Class A Trading
Price. 
 “Redeeming Member” has the meaning set forth in Section 11.01(a). 

“Redemption” has the meaning set forth in Section 11.01(a). 

“Redemption Date” has the meaning set forth in Section 11.01(a). 

“Redemption Notice” has the meaning set forth in Section 11.01(a). 

“Redemption Right” has the meaning set forth in Section 11.01(a). 

“Retraction Notice” has the meaning set forth in Section 11.01(b). 

“Revaluation” means any adjustment to the value of property of the Company in accordance with Treasury Regulation sections 1.704-1(b)(2)(iv)(f), (g), and (s). 
 “Rollover Distributions” has
the meaning set forth in Section 4.01(e). 
 “Rollover Profits Return” means, with respect
to the Series B Rollover Profits Units of any Member, the balance, from time to time, in such Member’s Series B Rollover Profits Units Capital Account with respect to such Series B Rollover Profits Units, increased by the amount of
distributions that have been made with respect to such Series B Rollover Profits Units pursuant to Section 4.01(b). 

  
 13 

 “Rollover Profits Units” means the Units designated as
“Rollover Profits” Units pursuant to this Agreement and includes the Series A Rollover Profits Units and the Series B Rollover Profits Units. 

“Rollover Profits Unitholder” means a Member who is the registered holder of one or more Rollover Profits Units. 

“Rollover Profits Shortfall” means, immediately following a Revaluation with respect to Series B Rollover Profits
Units held by a Member, the excess, if any, of (x) the Equitizing Capital Balance of such Series B Rollover Profits Units, over (y) the Rollover Profits Return of such Series B Rollover Profits Units. 

“Schedules of Members” has the meaning set forth in Section 3.01(b). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the
functions thereof. 
 “Second Amended Agreement” has the meaning set forth in the recitals to this Agreement. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations thereunder,
and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

“Series A Founder Preferred Shares” means (i) at any time prior to the Domestication, the Founder Preferred
Shares of no par value in the capital of the Corporation, and (ii) at any time after the Domestication, the shares of the series of preferred stock of the Corporation into which the Founder Preferred Shares are exchanged for or converted into
in connection with the Domestication, which for the avoidance of doubt, shall be the “Series A Founder Preferred Stock” of the Corporation immediately following the effectiveness of the Domestication. 

“Series A LTIP Units” means the Units designated as “Series A LTIP” Units pursuant to this Agreement. 

“Series A Rollover Profits Unit” means the Units designated as “Series A Rollover Profits” Units pursuant to
this Agreement. 
 “Series A Rollover Profits Units Capital Account” has the meaning set forth in
Section 5.01(a). 
 “Series A Rollover Profits Units Holder” has the meaning set forth in
Section 3.02(d)(i). 
 “Series B Founder Preferred Shares” means (i) at any time
prior to the Domestication, the Series B Founder Preferred Shares of no par value in the capital of the Corporation, and (ii) at any time after the Domestication, the shares of the series of preferred

  
 14 

 
stock of the Corporation into which the Series B Founder Preferred Shares are exchanged for or converted into in connection with the Domestication, which, for the avoidance of doubt, shall be the
“Series B Founder Preferred Stock” of the Corporation immediately following the effectiveness of the Domestication. 

“Series B LTIP Unit” means the Units designated as “Series B LTIP” Units pursuant to this Agreement. 

“Series B Rollover Profits Unit” means the Units designated as “Series B Rollover Profits” Units pursuant to
this Agreement. 
 “Series B Rollover Profits Units Capital Account” has the meaning set forth in
Section 5.01(a). 
 “Shareholders Agreement” means that certain Shareholders Agreement,
dated as of the date of this Agreement, by and among Landscape Acquisition Holding Limited, William Berkman, Berkman Family Investments, LLC, Toms Acquisition II LLC and Imperial Landscape Sponsor LLC, as Investors (as defined therein), Berkman
Family Investments, LLC, as AG Investors’ Representative (as defined therein), Toms Acquisition II LLC, as Landscape Investors’ Representative (as defined therein), and any Permitted Transferee (as defined therein) executing a joinder
thereto, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Share Settlement” means a number of shares of Class A Common Stock equal to the number of Redeemed Units. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association
or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors (or equivalent governing body) thereof
is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business
entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof,
references to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company.

 “Substituted Member” has the meaning set forth in Section 12.01. 

“Tax Distribution” has the meaning set forth in Section 4.01(b). 

“Tax Rate” means the highest aggregate marginal effective federal, state and local tax rate applicable to income
allocated to an individual taxpayer resident in New York City, New York (determined taking into account, for federal income tax purposes, the deductibility of state and local income taxes, if any, and the availability of the deduction under
Section 199A of the Code). 

  
 15 

 “Taxable Year” means the Company’s Fiscal Year as set forth in
Section 8.02, which, where the context requires, may include a portion of a Taxable Year established by the Company to the extent permitted or required by Section 706 of the Code. 

“Time-Based LTIP Unit” means an LTIP Unit other than any Performance-Based LTIP Unit. 

“Trading Day” means a day on which the principal securities exchange on which the Class A Common Stock is traded
or quoted is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“Transfer” (and, with correlative meanings, “Transferring” and
“Transferred”) means any sale, assignment, transfer, distribution or other disposition thereof, or other conveyance, creation, incurrence or assumption of a legal or beneficial interest therein, or a participation or
Encumbrance therein, or creation of a short position in any such security or any other action or position otherwise reducing risk related to ownership through hedging or other derivative instrument, whether directly or indirectly, whether
voluntarily or by operation of Law, whether in a single transaction or series of related transactions and whether to a single Person or Group (whether directly or indirectly, whether with or without consideration and whether voluntarily or
involuntarily or by operation of Law), of (a) any interest (legal or beneficial) in any Equity Securities or (b) any equity or other interest (legal or beneficial) in any Member if substantially all of the assets of such Member consist
solely of Units. 
 “Treasury Regulations” means the final, temporary and (to the extent they can be relied upon)
proposed regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) and as in effect for the relevant taxable period. 

“UK Target Companies” shall have the meaning set forth in the Merger Agreement. 

“Unit” means a Unit of Company Interest as established pursuant to Section 3.02;
provided, however, that any class or series of Units issued shall provide the members of the Company holding such Units with the relative rights, powers and duties in respect of such Units set forth in this Agreement, and the Company Interest
provided to the members of the Company holding such class or series of Units, in respect of such Units, shall be determined in accordance with such relative rights, powers and duties. The members of the Company holding Units in a particular class or
series of Units shall be treated as a class or series of Members in respect of the relative rights, powers and duties associated with such Units. 

“Unit Certificate” has the meaning set forth in Section 3.05(c). 

“Unitholder” means any Member who is the registered holder of one or more Units, and includes, as of the Effective
Time, the Common Unitholders, the LTIP Unitholders and the Rollover Unitholders. 

  
 16 

 “Unvested Corporate Shares” means shares of restricted stock issued
pursuant to an Equity Plan that are not vested pursuant to the terms thereof or any award or similar agreement relating thereto. 

“Unvested LTIP Unit” means an LTIP Unit other than a Vested LTIP Unit. 

“Unvested Performance-Based LTIP Unit” means a Performance-Based LTIP Unit that remains subject to vesting conditions
(other than the condition that such LTIP Unit become an Equitized LTIP Unit). 
 “Unvested Series B Rollover Profits
Units” means Series B Rollover Profits Units other than the Vested Series B Rollover Profits Units. 
 “Vested
Corporate Shares” means the shares of Class A Common Stock issued pursuant to an Equity Plan that are vested pursuant to the terms thereof or any award or similar agreement relating thereto. 

“Vested LTIP Unit” means an LTIP Unit (regardless of whether it is an Equitized LTIP Unit or a Non-Equitized LTIP Unit) with respect to which all vesting conditions (including performance-based vesting conditions, if any) set forth in the applicable LTIP Agreement have been satisfied. 

“Vested Performance-Based LTIP Unit” means a Performance-Based LTIP Unit with respect to which all vesting conditions
(other than the condition that such LTIP Unit become an Equitized LTIP Unit) have been satisfied. 
 “Vested Series B Rollover
Profits Units” means the Series B Rollover Profits Units that have vested in accordance with the vesting schedule set forth in Section 3.02(d)(iv). 

“Voting Units” means (a) the Common Units, (b) the LTIP Units, (c) the Rollover Profits Units, and
(d) any other class or group of Units designated as “Voting Units” pursuant to this Agreement, the Members holding which are entitled to vote on any matter presented to the Members generally under this Agreement for approval;
provided that (i) no vote by the Members holding Voting Units shall have the power to override any action taken by the Manager (unless the prior approval of the Members holding such Voting Units is required for such action), or to remove
or replace the Manager, (ii) the Members, in such capacity, have no ability to take part in the conduct or control of the Company’s business, and (iii) notwithstanding any vote by Members under this Agreement, the Manager shall retain
exclusive management power over the business and affairs of the Company in accordance with Section 6.01(a). 

ARTICLE II 
 Organizational
Matters 
 SECTION 2.01. Formation of Company. (a) Mose Hogan, III is hereby designated as an “authorized person”
within the meaning of the Delaware Act and has executed, delivered and filed the initial Certificate with the Secretary of State of the State of Delaware on the Formation Date. Upon the filing of the initial Certificate with the Secretary of State
of the 

  
 17 

 
State of Delaware on the Formation Date, his powers as an “authorized person” ceased and the Manager and each Officer thereupon became designated as an “authorized person”
within the meaning of the Delaware Act, and each shall continue as a designated “authorized person” within the meaning of the Delaware Act. 

(b) The Company, and the Manager and any Officer, for, in the name of and on behalf of the Company, may perform under and consummate the
transactions contemplated by, the Merger Agreement, and all documents, agreements, certificates or instruments contemplated thereby or related thereto, all without any further act, vote, approval or consent of any Member or any other Person
notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or other applicable Law. The foregoing authorization shall not be deemed a restriction on the Manger or any Officer to
enter into any agreements on behalf of the Company otherwise permitted by this Agreement. 
 SECTION 2.02. Amended and Restated Limited
Liability Company Agreement. The Members hereby execute this Agreement for the purpose of establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree
that during the term of the Company set forth in Section 2.06 the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement, the
Certificate and the Delaware Act. On any matter upon which this Agreement is silent, the Delaware Act shall control. No provision of this Agreement shall be in violation of the Delaware Act and to the extent any provision of this Agreement is in
violation of the Delaware Act, such provision shall be void and of no effect to the extent of such violation without affecting the validity of the other provisions of this Agreement; provided, however, that where the Delaware Act provides
that a provision of the Delaware Act shall apply “unless otherwise provided in the limited liability company agreement” or words of similar effect, the provisions of this Agreement shall in each instance control. 

SECTION 2.03. Name. The name of the Company shall be “APW OpCo LLC”. The Manager in its sole discretion may change the name
of the Company at any time and from time to time, which name change shall be effective upon the filing of a Certificate of Amendment of the Certificate or an Amended and Restated Certificate with the Secretary of State of the State of Delaware and
shall not require an amendment to this Agreement. Notification of any such change shall be given to all of the Members and, to the extent practicable, to all of the holders of any Equity Securities of the Company then outstanding. The Company’s
business may be conducted under its name and/or any other name or names deemed advisable by the Manager. 
 SECTION 2.04. Purpose.
The purpose of the Company shall be to engage in any lawful act or activity for which limited liability companies may be organized under the Delaware Act, and engaging in any and all activities necessary or incidental to the foregoing. 

SECTION 2.05. Principal Office; Registered Agent. The principal office of the Company shall be at 3 Bala Plaza East, Suite 502, Bala
Cynwyd, Pennsylvania 19004, or such other place as the Manager may from time to time designate. The initial registered agent for service of process on the Company in the State of Delaware, and the address of such agent, shall

  
 18 

 
be c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Dover, Delaware 19801. The Manager may from time to time change the Company’s registered agent, and the
address of such agent, in the State of Delaware, which change in registered agent and address shall be effective upon the filing of a Certificate of Amendment of the Certificate or an Amended and Restated Certificate with the Secretary of State of
the State of Delaware and shall not require an amendment to this Agreement. 
 SECTION 2.06. Term. The term of the Company commenced
upon the Formation Date and shall continue in existence until termination of the Company in accordance with the provisions of Section 14.04 and the Delaware Act. 

SECTION 2.07. No State-Law Partnership. The Members intend that the Company not be a
partnership (including a limited partnership or a limited liability partnership) or joint venture, and that no Member be a partner or joint venture of any other Member by virtue of this Agreement, for any purposes other than as set forth in the last
three sentences of this Section 2.07, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest otherwise. The Members
intend that the Company shall be treated as a partnership for U.S. federal and, if applicable, state or local income tax purposes. Each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting
positions in a manner consistent with such tax treatment. The Manager shall not take any action that could reasonably be expected to cause the Company to be treated as a corporation for U.S. federal and, if applicable, state and local income tax
purposes. 
 ARTICLE III 

Members; Units; Capitalization 

SECTION 3.01. Members. (a) The Corporation shall, upon its execution of a counterpart signature page to this Agreement,
automatically be admitted as a member of the Company as of the Effective Time (and be listed on the Schedule of Members as of the Effective Time). As of the Effective Time, the Corporation will be deemed to have made a Capital Contribution to the
Company in consideration of the issuance of the number of Class A Common Units and the number of Carry Units, in each case, set forth opposite the Corporation’s name on the Schedule of Members as of the Effective Time. 

(b) Each Person who receives or is entitled to receive Units either (i) in exchange for or upon conversion of limited liability company
interests in the Company held by such Person immediately prior to the Effective Time pursuant to and in accordance with the Merger Agreement or (ii) pursuant to an Award Agreement (as defined in the Long Term Incentive Plan) effective as of the
Effective Time (each of whom shall be listed on the Schedules of Members as of the Effective Time) shall, upon execution of a counterpart signature page to this Agreement, be automatically admitted as a member of the Company as of the Effective
Time. As of the Effective Time, each such Member will be deemed to have made a Capital Contribution to the Company in consideration of the issuance of the number of Units set forth opposite such Member’s name on the Schedules of Members as of
the Effective Time. 

  
 19 

 (c) The Company shall maintain a separate schedule of Members setting forth: (i) the
name and address of each Member; (ii) the aggregate number of outstanding Units and the number and class or series of outstanding Units held by each Member; (iii) the aggregate amount of cash and
non-cash Capital Contributions that have been made by the Members with respect to their Units; (iv) the Fair Market Value of any property other than cash contributed by the Members with respect to their
Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject); and (v) the aggregate amount by which the Manager has adjusted such Member’s Capital
Contributions pursuant to the second sentence of the definition thereof (such schedules, the “Schedules of Members”). To the fullest extent permitted by the Delaware Act or other applicable Law and subject to Sections
3.03, 3.04, 3.09 and 3.10, (i) the Schedules of Members shall be the definitive record of the outstanding Units, the ownership of each outstanding Unit and all relevant information with respect to each Member, (ii) any
reference in this Agreement to the Schedules of Members shall be deemed a reference to the Schedules of Members as amended, updated or amended and restated and as in effect from time to time, and (iii) Company shall be entitled to recognize the
exclusive right of a Person registered on a Schedule of Members as the owner of the outstanding Units shown on such Schedule of Members for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the
part of any other Person, whether or not it shall have express or other notice thereof. 
 (d) Upon any change in the number or ownership of
outstanding Ordinary Units or a change in Members (whether upon an issuance of Ordinary Units, a conversion of Ordinary Units into a different number of Ordinary Units, a reclassification, subdivision, combination or cancellation of Ordinary Units,
a Transfer of Ordinary Units, a repurchase or redemption or an exchange of Ordinary Units, a resignation of a Member or otherwise), in each case, in accordance with this Agreement, (i) the Schedules of Members shall automatically be deemed
(notwithstanding the failure of the Officers to take the action described in clause (ii) below) to be amended or updated to reflect such change, and (ii) the Officers shall promptly amend, update or amend and restate the Schedules of
Members to reflect such change, all without further act, vote, approval or consent of the Manager, Members or any other Person notwithstanding any other provision to this Agreement or, to the fullest extent permitted by applicable Law, the Delaware
Act or any other applicable Law. 
 (e) No Member shall be required or, except as approved by the Manager pursuant to
Section 6.01 and in accordance with the other provisions of this Agreement, permitted to loan any money or property to the Company or borrow any money or property from the Company. 

SECTION 3.02. Units. 

(a) Each Company Interest shall be represented by “Units”. As of the Effective Time, the Units are comprised of Common Units, LTIP
Units, Rollover Profits Units and one Carry Unit. 

  
 20 

 (b) Common Units. 

(i) The Class A Common Units shall be Common Units to be issued and held solely by the Corporation and are hereby
designated as “Voting Units.” As of the Effective Time, 60,025,000 Common Units shall be authorized for issuance by the Company as Class A Common Units. 

(ii) The Class B Common Units shall be Common Units to be issued and held solely by Members other than the Corporation,
shall, along with the shares of Class B Common Stock held in tandem with the Class B Common Units, be entitled to shares of Class A Common Stock in Share Settlement and are hereby designated as “Voting Units.” As of the
Effective Time, 5,389,030 Common Units shall be authorized for issuance by the Company as Class B Common Units. 
 (c) LTIP
Units. 
 (i) The Series A LTIP Units shall be LTIP Units to be issued and held solely by Members other than
the Corporation and are hereby designated as “Voting Units.” Each Series A LTIP Unit is to be issued in tandem with a share of Class B Common Stock. In the event that a Series A LTIP Unit becomes an Equitized LTIP Unit in accordance
with Section 10.08, then such Equitized LTIP Unit, along with the share of Class B Common Stock held in tandem with such Series A LTIP Unit, shall be entitled to a share of Class A Common Stock in Share
Settlement. As of the Effective Time, 5,400,000 LTIP Units shall be authorized for issuance by the Company as Series A LTIP Units. 

(ii) The Series B LTIP Units shall be LTIP Units to be issued and held by Members other than the Corporation and are hereby
designated as “Voting Units.” Each Series B LTIP Unit is to be issued in tandem with a share of Series B Founder Preferred Stock. In the event that a Series B LTIP Unit becomes an Equitized LTIP Unit in accordance with
Section 10.08, then such Equitized LTIP Unit, along with the share of Series B Founder Preferred Stock (or Class B Common Stock, if after the Mandatory Conversion Date) held in tandem with such Series B LTIP Unit,
shall be entitled to a share of Class A Common Stock in Share Settlement. As of the Effective Time, 1,386,033 LTIP Units shall be authorized for issuance by the Company as Series B LTIP Units. 

(iii) As of the Effective Time, 6,713,967 LTIP Units shall be authorized for issuance by the Company as one or more subsequent
series of LTIP Units, which subsequent series may be designated by the Manager as “Voting Units.” Such LTIP Units shall be issued and held by Members other than the Corporation, if Equitized LTIP Units, shall be entitled to shares of
Class A Common Stock in Share Settlement as provided in Section 10.08, as designated by the Company and the Corporation in the applicable LTIP Agreement. 

(iv) Intended Tax Treatment of LTIP Units. The LTIP Units are intended to be treated for tax purposes as “profits
interests” within the meaning of Rev. Proc. 93-27, 1993-2 C.B. 343, and Rev. Proc. 2001-43,
2001-2 C.B. 191. The receipt of the LTIP Units is intended to be treated as a non-taxable event for the Company and the

  
 21 

 
LTIP Member. In consideration of the receipt of the LTIP Units, the LTIP Member shall agree not to take any position inconsistent with the foregoing. The Company and the Members shall treat each
LTIP Member as a Member of the Company as of the Grant Date for all purposes (including U.S. Federal income tax purposes). Each LTIP Member shall take into account the distributive share of the Company’s income, gain, loss, deduction, and
credit associated with such LTIP Member’s LTIP Units in computing such LTIP Member’s income tax liability for the entire period during which such LTIP Member holds the LTIP Units. Upon the grant of the LTIP Units or at any time on or
before the date on which the LTIP Units become Vested LTIP Units, neither the Company nor any of the Members shall deduct any amount (as wages, compensation, or otherwise) for the fair market value of the LTIP Units (for the avoidance of doubt, said
LTIP Units shall remain subject to Section 5.05). Notwithstanding anything to the contrary in this Agreement, except as set forth in the applicable LTIP Agreement, no LTIP Member shall dispose of any portion of his or her
LTIP Units within two years of receipt without the written consent of the Manager, which consent shall not be unreasonably withheld, conditioned or delayed (for the avoidance of doubt, such LTIP Units shall remain subject to Article X);
provided, that, if the Manager concludes in good faith that such disposition would cause the applicable LTIP Units to not be governed by Rev. Proc. 93-27, 1993-2
C.B.343, the Manager’s withholding of consent shall be considered reasonable. Neither the Company nor any Member shall take any action or position, or make any filing, inconsistent with the treatment described in this
Section 3.02(c)(iv). 
 (v) Forfeiture; Reallocation of LTIP Return. In the event of a
Change of Control (as defined in the Long-Term Incentive Plan), if the Manager so determines that it is in the best interests of the Company or any of its Affiliates, any Non-Equitized LTIP Units of any Member
shall be subject to forfeiture, cancelation or termination in accordance with the applicable LTIP Agreement. In the event of the forfeiture, cancelation or termination of Non-Equitized LTIP Units pursuant to
the immediately preceding sentence, the applicable Member shall be entitled to replacement awards with similar potential fair value and the same voting and other non-economic rights both with respect to the
Company and the Corporation, as determined by the Manager reasonably and in good faith (for the avoidance of doubt, it is intended that the “similar potential fair value” of a Non-Equitized LTIP Unit
shall be determined taking into account, among other factors, the difference between the LTIP Return with respect to such LTIP Unit and the Equitizing Capital Balance). Any LTIP Units of any Member may also be forfeited, canceled or terminated under
any other circumstances as set forth in the relevant LTIP Agreement, including any failure to satisfy the relevant vesting conditions. A Member’s LTIP Capital Account with respect to an LTIP Unit that is forfeited, canceled or terminated shall
be allocated pursuant to Section 5.02. 
 (d) Rollover Profits Units. 

(i) The Series A Rollover Profits Units shall be issued and held solely by Members other than the Corporation (each, a
“Series A Rollover Profits Units Holder”) and are hereby designated as “Voting Units.” If a Member receives any Class B Common Units as a Rollover Distribution with respect to such Member’s Series A

  
 22 

 
Rollover Profits Units pursuant to Section 4.01(e)(i), then the Corporation shall, in consideration of $0.0001 per share in cash, issue to such Member a number of shares
of Class B Common Stock equal to the number of Class B Common Units so received by such Member. As of the Effective Time, 5,389,030 Rollover Profits Units shall be authorized for issuance by the Company as Series A Rollover Profits Units.
Each Series A Rollover Profits Unit shall be forfeited to the Company upon the earlier to occur of (x) the date of the conversion of all of the Series A Founder Preferred Shares into Class A Common Stock pursuant to the Corporation’s
Charter and (y) the date on which there shall be no Series A Founder Preferred Shares outstanding, for no consideration other than any Rollover Distributions then required to be made pursuant to Section 4.01(e);
provided, that no Series A Rollover Profits Unit shall be forfeited until 90 days following the date on which all accrued and unpaid Annual Dividend Amounts have been declared and paid by the Corporation. In addition, any Member holding
Series A Rollover Profits Units shall forfeit one (1) Series A Rollover Profits Unit for each Class B Common Unit that such Member redeems pursuant to Article XI (but only upon receipt by such Member of the applicable Share
Settlement or Cash Settlement), whether pursuant to a Redemption or Direct Exchange. 
 (ii) The Series B Rollover Profits
Units shall be issued and held solely by Members who are holders of Class B Common Units (each, a “Class B Common Units Holder”) and are hereby designated as “Voting Units.”
Each Series B Rollover Profits Unit is to be issued in tandem with a share of Class B Common Stock. In the event that a Series B Rollover Profits Unit becomes an Equitized Series B Rollover Profits Unit in accordance with
Section 10.08, then such Equitized Series B Rollover Profits Unit, along with the share of Class B Common Stock held in tandem with such Series B Rollover Profits Unit, shall be entitled to a share of Class A
Common Stock in a Share Settlement. As of the Effective Time, 625,000 Rollover Profits Units shall be authorized for issuance by the Company as Series B Rollover Profits Units. 

(iii) The receipt of the Rollover Profits Units is intended to be treated as a
non-taxable event for the Company and the Rollover Profits Unitholder. Each holder of a Rollover Profits Unit shall take into account the distributive share of the Company’s income, gain, loss, deduction,
and credit associated with such holder’s Rollover Profits Units in computing such holder’s income tax liability for the entire period during which such holder holds the Rollover Profits Units. 

(iv) The Series B Rollover Profits Units held by each holder thereof shall be subject to the following time-based vesting
schedule: the Series B Rollover Profits Units shall cliff vest in their entirety upon the third (3rd) anniversary of the Effective Time or, if earlier, upon the occurrence of a Change of Control.
Notwithstanding anything to the contrary contained herein, any Transfer or Redemption of Class B Common Units and/or shares of Class B Common Stock held in tandem with Class B Common Units (or any interest therein) by a Class B
Common Units Holder (other than pursuant to a Permitted Transfer otherwise in compliance with Article X) prior to the third (3rd) anniversary of the Effective Time (or, if earlier, prior to
the occurrence of a Change of Control) shall result in the automatic cancellation of a proportionate number of such Class B Common Units Holder’s Series B Rollover Profits 

  
 23 

 
Units and shares of Class B Common Stock held in tandem with such Series B Rollover Profits Units for no consideration. By way of example, if a Class B Common Units Holder shall
Transfer or Redeem thirty percent (30%) of its Class B Common Units prior to the third (3rd) anniversary of the Effective Time (or, if earlier, prior to the occurrence of a Change of
Control), then thirty percent (30%) of such Class B Common Units Holder’s Series B Rollover Profits Units and shares of Class B Common Stock held in tandem with such Series B Rollover Profits Units shall automatically be cancelled for
no consideration. 
 (e) Carry Unit 

(i) The Carry Unit shall be issued to and held solely by the Corporation as of the Effective Time. The Carry Unit shall not
constitute a Voting Unit. As of the Effective Time, one (1) Carry Unit shall be authorized for issuance by the Company as a Carry Unit. 

(ii) The receipt of the Carry Unit is intended to be treated as a non-taxable event for
the Company and the Corporation. The Corporation shall take into account the distributive share of the Company’s income, gain, loss, deduction, and credit associated with the Carry Unit in computing its income tax liability for the entire
period during which the Corporation holds the Carry Unit. 
 (iii) The Carry Unit shall be forfeited to the Company upon the
earlier to occur of (x) the date of the conversion of all of the Series A Founder Preferred Shares into Class A Common Shares pursuant to the Corporation’s Charter and (y) the date on which there shall be no Series A Founder
Preferred Shares outstanding, for no consideration other than any Founder Distributions then required to be made pursuant to Section 4.01(d). 

(f) To the extent required pursuant to Section 3.03, subject to Section 3.03(g), the
Manager may, by resolution thereof, create and issue one or more classes or series of Common Units, LTIP Units, Rollover Profits Units or preferred Units solely to the extent they are in the aggregate substantially equivalent to a class of common
stock of the Corporation or class or series of preferred stock of the Corporation and the Manager shall amend this Agreement as the Manager determines, subject to Section 16.03(b), to provide for one or more such classes or
series, all without further act, vote, approval or consent of the Members or any other Person notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or any other applicable Law;
provided that as long as there are any Members of the Company (other than the Corporation), then (i) no such new class or series of Units may deprive such Members of, or dilute or reduce, the pro rata share of all Company Interests they
would have received or to which they would have been entitled if such new class or series of Units had not been created except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property or
services with a Fair Market Value in an aggregate amount, equal to the pro rata share of Company Interests allocated to such new class or series of Units and the number thereof issued by the Company and (ii) any such new class or series of
Units shall be exchangeable for cash or shares of the Corporation, pursuant to Article XI. The foregoing shall not apply to a new class or series of Units that will be issued only to persons providing services to the Company or its
subsidiaries, and which are classified as “profits interests” pursuant to IRS Revenue Procedure 93-27. 

  
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 (g) Coordination with the Merger Agreement. Notwithstanding anything herein or
in the Merger Agreement to the contrary, (i) the Corporation shall cause the proceeds, if any, received as a recovery under the Buyer Tax Insurance Policy to be transferred directly to the UK Target Companies and (ii) the Corporation shall
not be issued any Units, or be treated as having made any Capital Contribution, in respect of such transfer. 
 SECTION 3.03. Automatic
Conversion of Units. (a) The Company, the Corporation, the Manager, the Members and any other any other Person that is a party to or is otherwise bound by this Agreement hereby acknowledges and agrees that it is the intention of this
Article III to maintain at all times a one-to-one ratio between (x) the number of outstanding Common Units owned by the Corporation and (y) the number
of outstanding Series A Founder Preferred Shares and shares of Common Stock, disregarding, for purposes of maintaining such one-to-one ratio, (i) Unvested Corporate
Shares, (ii) treasury shares, (iii) non-economic voting shares, such as shares of Class B Common Stock and the Series B Founder Preferred Stock, held by other Members in respect of Common Units
(other than Class A Units), LTIP Units and Rollover Profits Units, and (iv) shares of preferred stock (other than the Series A Founder Preferred Shares) or other debt or equity securities (including warrants, options or rights) issued by
the Corporation that are convertible into or exercisable or exchangeable for shares of Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon conversion, exercise or
exchange thereof, have been contributed by the Corporation to the equity capital of the Company) (clauses (i), (ii), (iii) and (iv), collectively, the “Disregarded Shares”). In the event the Corporation issues shares of
Common Stock, transfers or delivers from treasury shares of Common Stock or repurchases or redeems shares of Common Stock, the Company and the Corporation shall undertake all necessary actions (including payments of appropriate consideration by the
Corporation to the Company for the issuance to the Corporation of Units), such that, after giving effect to all such issuances, transfers or deliveries, repurchases or redemptions, the number of outstanding Common Units owned by the Corporation
shall equal, on a one-for-one basis, the number of outstanding shares of Common Stock and Series A Founder Preferred Shares, disregarding, for purposes of maintaining
such one-to-one ratio, the Disregarded Shares. 
 (b) In the
event that the Corporation shall effect a reclassification, subdivision, combination or cancellation of outstanding shares of Common Stock (including a subdivision effected by the Corporation declaring and paying a dividend of Common Stock on
outstanding shares of Common Stock), then the number of outstanding Ordinary Units shall automatically be reclassified, subdivided, combined or cancelled in the same manner such that, after giving effect to such reclassification, subdivision,
combination or cancellation, the number of outstanding Common Units owned by the Corporation shall equal, on a one-for-one basis, the number of outstanding shares of
Common Stock and Series A Founder Preferred Shares, disregarding for such purposes, the Disregarded Shares, all without further act, vote, approval or consent of the Manager, the Members or any other Person notwithstanding any other provision of
this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or any other applicable Law; provided, that, in the event of any reclassification, subdivision, combination or cancellation of outstanding shares of Common
Stock, LTIP Units or Rollover 

  
 25 

 
Profits Units pursuant to this Section 3.03, the terms of such LTIP Units and Rollover Profits Units (including the Equitizing Capital Balance) shall be adjusted by the
Manager to preserve the claim of such LTIP Units and Rollover Profits Units on the capital and profits of the Company such that it remains unchanged immediately following such event as a result of adjustments under this
Section 3.03(b). 
 (c) In the event that the Corporation shall issue additional shares of Common Stock, or
transfer or deliver from treasury additional shares of Common Stock (including shares issued in respect of preferred stock (other than the Series A Founder Preferred Shares) or other debt or equity securities that are convertible into or exercised
for shares of Common Stock), in each case for cash or other consideration (other than pursuant to Article XI of this Agreement), then the Corporation shall contribute such consideration to the Company as a Capital Contribution and the Company
shall issue a number of Class A Common Units to the Corporation that is equal to the number of shares of Common Stock so issued, transferred or delivered, all without further act, vote, approval or consent of the Manager, the Members or any
other Person notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or any other applicable Law. 

(d) In the event the Corporation issues preferred stock (other than the Series A Founder Preferred Shares), transfers or delivers from
treasury preferred stock or repurchases or redeems the Corporation’s preferred stock (other than the Series A Founder Preferred Shares), the Company and the Corporation shall undertake all actions, if requested or directed by the Manager, such
that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) Units in
the Company which (in the good faith determination by the Manager) are in the aggregate substantially equivalent in all respects to the outstanding preferred stock of the Corporation so issued, transferred, delivered, repurchased or redeemed. 

(e) The Company shall not undertake any subdivision (by any Common Unit split, Common Unit distribution, reclassification, recapitalization or
similar event) or combination (by reverse Common Unit split, reclassification, recapitalization or similar event) of outstanding Common Units owned by the Corporation that is not accompanied by an identical reclassification, subdivision, combination
or cancellation of outstanding shares of Common Stock in order to maintain at all times a one-to-one ratio between (x) the number of Common Units owned by the
Corporation and (y) the number of outstanding Series A Founder Preferred Shares and shares of Common Stock, disregarding for such purpose, the Disregarded Shares, unless such reclassification, subdivision, combination or cancellation is
necessary to maintain at all times a one-to-one ratio between the number of Common Units owned by the Corporation and the number of outstanding Series A Founder
Preferred Shares and shares of Common Stock, disregarding for such purpose, the Disregarded Shares. 
 (f) Except with respect to a dividend
or distribution by the Corporation that is subject to Section 4.01(d), the Corporation shall not effect a dividend or other distribution of cash or other property to the holders of shares of Class A Common Stock and
Series A Founder Preferred Shares without the Manager causing the Company to effect a distribution in an aggregate amount pursuant to Section 4.01(b) such that the Corporation receives pursuant to such

  
 26 

 
distribution an aggregate amount in respect of its Class A Common Units equal to the aggregate amount paid by the Corporation in such dividend or distribution to the holders of shares of
Class A Common Stock and Series A Founder Preferred Shares. 
 (g) Notwithstanding anything contained herein to the contrary, the
Company, and the Manager, for, in the name of and on behalf of the Company, shall only be permitted to issue additional Units or other Equity Securities in the Company to the Persons and on the terms and conditions provided for in
Section 3.02(f), this Section 3.03, Section 3.09 and Section 3.10. This Section 3.03(g) shall not restrict the Company
from causing a Subsidiary of the Company to issue Equity Securities of such Subsidiary. 
 SECTION 3.04. Repurchase or Redemption of
Shares of Common Stock. If, at any time, any outstanding shares of Common Stock (or Series A Founder Preferred Shares) are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the
Corporation for cash, then a corresponding number of Common Units held by the Corporation shall automatically be redeemed for cash at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares of Common Stock (or
Series A Founder Preferred Shares) being repurchased or redeemed by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for the shares of Common Stock (or Series A Founder Preferred Shares) being repurchased
or redeemed by the Corporation, all without further act, vote, approval or consent of the Members or any other Person notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or
other applicable Law, and the Corporation shall surrender any certificates representing the Common Units so redeemed to the Company duly endorsed in blank. Notwithstanding any provision to the contrary in this Agreement, the Company shall not make
any repurchase or redemption if such repurchase or redemption would violate any applicable Law or the Manager otherwise has notified the Corporation that the Company does not have funds available for such repurchase or redemption. 

SECTION 3.05. Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units.
(a) Units shall not be certificated unless otherwise determined by the Manager. If the Manager determines that one or more class or series of Units shall be certificated, each such certificate shall be signed by or in the name of the Company,
by the Chief Executive Officer or any other officer designated by the Manager and represent the number of the class or series of Units held by such holder. Except with respect to each Unit elected to be treated as a “security” as provided
in Section 3.05(b), such certificate shall be in such form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile,
engraved or printed, to the fullest extent permitted by applicable Law. The Manager agrees that it shall not elect to treat any class or series of Unit that is “certificated” pursuant to this
Section 3.05(a) as a “security” within the meaning of Article 8 of the Uniform Commercial Code of any applicable jurisdiction unless thereafter all Units of such class or series of Units then outstanding
are represented by one or more certificates. 
 (b) If any class or series of Units are “certificated” pursuant to
Section 3.05(a), the Manager may elect to treat each Unit as a “security” within the meaning of, and governed by (i) Article 8 of the Uniform Commercial Code (including
Section 8-102(a)(15) 

  
 27 

 
thereof) as in effect from time to time in the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially
includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995 and the Company shall
have “opted-in” to such provisions for the purposes of the Uniform Commercial Code. The Units shall not be considered a “security” for any other purpose unless otherwise expressly provided
in this Agreement. 
 (c) If the Manager authorizes the Company to issue “certificates” with respect to a class or series of Units
pursuant to Section 3.05(a) and elects to treat such class or series of Units as “securities” as provided in Section 3.05(b), then the Company shall maintain books for the purpose of registering the transfer
of such class a series of Units (which books and records may be a Schedule of Members) and, notwithstanding anything in this Agreement to the contrary, the transfer of any Unit of such class or series shall require the delivery of an endorsed
certificate and any transfer of any Unit of such class or series shall not be deemed effective until the transfer is registered in the books and records of the Company (which books and records may be a Schedule of Members). If the Manager authorizes
the Company to issue certificates as provided in Section 3.05(a) and elects to treat such class or series of Units as “securities” as provided in Section 3.05(b), then a Unit of the
relevant class or series shall be represented by a certificate substantially in the form attached hereto as Exhibit B a “Unit Certificate”, and shall contain substantially the following legend: “THE TRANSFER OF
THIS CERTIFICATE AND THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED HEREBY IS RESTRICTED AS PROVIDED IN THE FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF APW OPCO LLC ENTERED INTO EFFECTIVE AS OF FEBRUARY 10, 2020, AS
THE SAME MAY BE AMENDED OR AMENDED AND RESTATED FROM TIME TO TIME.” 
 (d) If Units are certificated, the Manager may direct that a new
certificate representing one or more Units be issued in place of any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an affidavit of the owner or owners of such
certificate, setting forth such allegation. The Manager may require the owner of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify it against any claim that may
be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate. 

SECTION 3.06. Negative Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or negative
balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company). 

SECTION 3.07. No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital
Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 
 SECTION 3.08. Loans From
Members. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions of Section 3.01(e), the amount of any such advances shall be a debt of the Company to such Member and
shall be payable or collectible in accordance with the terms and conditions upon which such advances are made. 

  
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 SECTION 3.09. Corporation Stock Incentive Plans. (a) Nothing in this Agreement
shall be construed or applied to preclude or restrain the Corporation from adopting, implementing, modifying or terminating any Equity Plan or from issuing Vested Corporate Shares or Unvested Corporate Shares. The Corporation may implement any
Equity Plans and any actions taken under such Equity Plans (such as the grant or exercise of options to acquire shares of Class A Common Stock or the issuance of Unvested Corporate Shares), in a manner determined by the Corporation, in
accordance with this Section 3.09. The Members, the Manager, the Corporation and any other Person that is a party to or is otherwise bound by this Agreement hereby acknowledge and agree that, in the event that an Equity
Plan is adopted, implemented, modified or terminated by the Corporation in a manner that is not in accordance with this Section 3.09, amendments to this Section 3.09 may become necessary or
advisable and may be effected by the Manager in good faith without further act, vote, approval or consent of the Members or any other Person notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable Law,
the Delaware Act or other applicable Law. In the event that shares of Common Stock issued by the Corporation under an Equity Plan become vested pursuant to the terms thereof or any award or similar agreement relating thereto, then the number of
outstanding Common Units owned by the Corporation shall automatically be converted into and become that number of outstanding Common Units that would result if a corresponding number of outstanding Common Units were issued to the Corporation, such
that the number of outstanding Common Units owned by the Corporation shall equal, on a one-for-one basis, the number of outstanding shares of Common Stock, disregarding
for such purposes, the Disregarded Shares, all without further act, vote, approval or consent of the Manager, the Members or any other Person notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable
Law, the Delaware Act or any other applicable Law. 
 (b) For accounting and tax purposes, the Manager may cause the Company to take the
following actions in connection with equity-based awards granted pursuant to an Equity Plan: 
 (i) in the event that the
Corporation incurs any compensation expense in connection with any such award granted to an individual employed by, or engaged to provide services to, the Corporation as consideration for such employment or services, then the Company may, without
duplication of any reimbursement made pursuant to Section 6.06, reimburse or be deemed to reimburse the Corporation for a portion of the compensation expense equal to the amount includible in the taxable income of such
individual; and 
 (ii) at the time any Common Units are issued to the Corporation in accordance with
Section 3.03 in connection with any such award granted to an individual who is employed by, or engaged to provide services to, the Company or any of its Subsidiaries as consideration for such employment or services, then
the Company or its applicable Subsidiary may be deemed to (A) purchase a number of shares of Class A Common Stock equal to the number of Common Units issued from the Corporation for their Fair Market Value and (B) transfer the shares
of Class A Common Stock includible in such individual’s taxable income to such individual as compensation. 

  
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 (c) At the time any Common Units are issued to the Corporation in accordance with
Section 3.03 in connection with equity-based awards granted pursuant to an Equity Plan, the Corporation shall be deemed to have made a Capital Contribution in exchange for such Common Units in an amount equal to
(i) the number of Common Units issued multiplied by (ii) the Fair Market Value of a share of Class A Common Stock on the date upon which the event triggering the issuance of such Common Units occurred; provided that, where
applicable, the Company shall be deemed to have contributed such amount to the capital of the Subsidiary that is the recipient of the award holder’s employment or services. 

SECTION 3.10. Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Plan, Stock Incentive Plan or Other Plan. Except as may
otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, Equity Plan, stock incentive or other stock or subscription plan or
agreement (other than any amounts received in order to satisfy any tax obligations), either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects
instead to issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation
a number of Common Units equal to the number of new shares of Class A Common Stock so issued. 
 ARTICLE IV 

Distributions 
 SECTION
4.01. Distributions. (a) Distributable Cash; Other Distributions. To the fullest extent permitted by applicable Law and this Agreement, Distributions to Members may be declared by the Manager and paid by the Company out of
Distributable Cash or other funds or property legally available therefor in such amounts and on such terms (including the payment dates of such Distributions) as the Manager shall determine using such record date as the Manager may designate. Such
Distributions shall be made to the Members as of the close of business on such record date in accordance with Section 4.01(b) (“Ordinary Distributions”); provided, however, that the Manager
shall have the obligation to make Tax Distributions as set forth in Section 4.01(c), Founder Distributions as set forth in Section 4.01(d) and Rollover Distributions as set forth in
Section 4.01(e). Promptly following the designation of a record date and the declaration of a Distribution pursuant to this Section 4.01(a), the Manager shall give notice to each Member as of the
record date, the amount and the terms of the Distribution and the payment date thereof. 
 (b) Ordinary Distributions. Ordinary
Distributions shall be apportioned and allocated among the Members as follows: 
 (i) first, distributed to the
holders of the Common Units (including, for the avoidance of doubt, the Equitized Units) pro rata in proportion to the Capital 

  
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Contributions with respect to such Common Units held by such holders until such holders have received aggregate distributions under this Section 4.01(b)(i) (or, in the
case of Equitized Units, this Section 4.01(b)(i) and previously under Section 4.01(b)(ii), (iii), (iv), (v), (vi) or (vii)) of an amount equal to such Capital
Contributions; 
 (ii) second, distributed to the holders of the Initial Units (excluding, for the avoidance of doubt,
the Equitized LTIP Units and the Equitized Series B Rollover Profits Units) that are Time-Based LTIP Units or Series B Rollover Profits Units pro rata in proportion to the number of such Initial Units held by each such holder until each such
holder has received aggregate distributions under this Section 4.01(b)(ii) in an amount equal to the aggregate Equitizing Capital Balance with respect to such Initial Units owned by such holder; 

(iii) third, distributed to the holders of any Initial Units (excluding, for the avoidance of doubt, the Equitized LTIP
Units) that are Vested Performance-Based LTIP Units pro rata in proportion to the number of such Initial Units held by each such holder until each such holder has received aggregate distributions under this
Section 4.01(b)(iii) in an amount equal to the aggregate Equitizing Capital Balance with respect to such Initial Units owned by such holder; 

(iv) fourth, distributed to the holders of any Initial Units (excluding, for the avoidance of doubt, the Equitized LTIP
Units) that are Unvested Performance-Based LTIP Units pro rata in proportion to the number of such Initial Units held by each such holder until each such holder has received aggregate distributions under this
Section 4.01(b)(iv) of an amount equal to the aggregate Equitizing Capital Balance with respect to such Initial Units owned by such holder; 

(v) fifth, distributed to the holders of each series of Future LTIP Units, in the order that such series were issued to
such holders, pursuant to clauses (ii) (in the case of any Future LTIP Units that are Time-Based LTIP Units), (iii) (in the case of any Future LTIP Units that are Vested Performance-Based LTIP Units), and (iv) (in the case of any Future LTIP Units
that are Unvested Performance-Based LTIP Units), mutatis mutandis, treating each such class of Future LTIP Units as the Initial Units (but only to the extent the Company has made aggregate distributions pursuant to this
Section 4.01(b) in excess of the Hurdle Amount (as defined in the applicable LTIP Agreement) for such Future LTIP Units); and 

(vi) sixth, distributed to the holders of the Common Units (including, for the avoidance of doubt, the Equitized Units)
pro rata in proportion to the number of such Common Units held by each holder; 
 provided, that any amount that would otherwise be
distributed with respect to an Unvested LTIP Unit or an Unvested Series B Rollover Profits Unit pursuant to this Section 4.01(b) shall not be distributed and instead shall be segregated and held in escrow by the Company
unless and until (x) in the case of an Unvested LTIP Unit, such Unvested LTIP Unit becomes a Vested LTIP Unit, or vests after becoming an Equitized Unit, as applicable, or (y) in the case of an Unvested Series B Rollover Profits Unit, such
Unvested Series B Rollover Profits Unit becomes a Vested 

  
 31 

 
Series B Rollover Profits Unit, or vests after becoming an Equitized Unit, as applicable; provided, further, that any such amounts held in escrow shall be treated as distributed to
the applicable Members for all purposes of this Agreement; provided, further, that, for the avoidance of doubt, holders of any Initial Units shall not be entitled to receive distributions under Section 4.01(b)
with respect to such Initial Units until the Company has made aggregate distributions pursuant to Section 4.01(b) with respect to Common Units issued as of the date hereof in excess of the aggregate amount of Capital
Contributions as of the date hereof. 
 (c) Tax Distributions. Subject to the limitations set forth in
Section 4.01(a), no later than five (5) Business Days prior to each due date for the U.S. federal income tax return of the Corporation for a Taxable Year (as determined without regard to extensions), the Company shall
be required to make a Distribution out of Distributable Cash or other funds legally available therefor (a “Tax Distribution”) to each Member equal to the excess, if any, of (x) the product of (i) the Tax Rate and
(ii) the estimated aggregate taxable income of the Company allocated to such Member in the then-current and all preceding Taxable Years, reduced by the aggregate taxable loss of the Company allocated to such Member in the then-current
and all preceding Taxable Years (in each case, taking into account the effect of any allocations under Sections 704(c), 734 and 743(b) of the Code), over (y) the sum of (A) the aggregate amount of Distributions previously made to
such Member (other than Carry Distributions made to such Member through the issuance of Common Units) under Section 4.01 and (B) the aggregate amount of such Member’s Allocable Foreign Tax Credits;
provided, that, in no event shall the amount distributed to the Corporation for any Taxable Year pursuant to this Section 4.01(c) be less than the Corporation’s Assumed Tax Liability for such Taxable Year. Tax
Distributions shall be treated as advances of any Ordinary Distributions that Members are entitled to receive pursuant to Section 4.01(b) and shall be offset against any Ordinary Distributions that Members are entitled to
receive pursuant to or in accordance with Section 4.01(b). Notwithstanding the foregoing, the Manager may, in its discretion, make payments in respect of Tax Distributions on a quarterly basis. 

(d) Founder Distributions. Subject to the limitations set forth in Section 4.01(a), no later than two
(2) Business Days prior to the Corporation’s payment of an Annual Dividend Amount, the Company shall be required to make a Distribution to the Corporation in its capacity as the Member holding the Carry Unit out of Distributable Cash in an
amount equal to the Annual Dividend Amount; provided, that, to the extent that the Corporation elects to pay such Annual Dividend Amount in shares of Class A Common Stock, then, concurrently with the Corporation’s declaration and
payment of such Annual Dividend Amount, the Company shall instead issue to the Corporation a number of Class A Common Units that is equal to the number of shares of Class A Common Stock issued in respect of such Annual Dividend Amount (the
distributions contemplated by this Section 4.01(d), “Founder Distributions”). For the avoidance of doubt, Founder Distributions shall (x) be treated as Distributions for all purposes of this
Agreement (and each Person that is a party to or is otherwise bound by this Agreement agrees that each Founder Distribution shall reduce the balance of the Carry Unit Capital Account as and when made), and (y) not be offset against any Ordinary
Distributions that the Corporation is entitled to receive pursuant to or in accordance with Section 4.01(b). The Corporation shall be deemed to have made a Capital Contribution in respect of any Class A Common Units
issued pursuant to this Section 4.01(d) in an amount equal to the value of corresponding shares of Class A 

  
 32 

 
Common Stock issued in respect of such Founder Distribution (and each Person that is a party to or is otherwise bound by this Agreement agrees that such deemed Capital Contribution shall increase
the balance of the Corporation’s Common Capital Account as and when deemed made). 
 (e) Rollover Distributions. 

(i) Subject to the limitations set forth in Section 4.01(a), in the event that the Company makes a
Founder Distribution to the Corporation pursuant to Section 4.01(d), concurrently with the making of such Founder Distribution, the Company shall also be required to make a Distribution to each Member holding Series A
Rollover Profits Units out of Distributable Cash in an amount equal to such Member’s Carry Amount with respect to such Founder Distribution (“Rollover Distributions”); provided, that the Company shall instead
issue to such Member a number of Class B Common Units equal to the quotient of such Member’s Carry Amount with respect to such Founder Distribution and the Dividend Price (as defined in the Corporation’s Charter) for the relevant
Dividend Year (as defined in the Corporation’s Charter) with respect to the Annual Dividend Amount relevant to such Founder Distribution, rounded down to the nearest whole number, to the extent that the Corporation elects to pay the Annual
Dividend Amount in shares of Class A Common Stock. 
 (ii) For the avoidance of doubt, Rollover Distributions shall
(x) be treated as Distributions for all purposes of this Agreement (and each Person that is a party to or is otherwise bound by this Agreement agrees that each Rollover Distribution shall reduce the balance of the applicable Member’s
Series A Rollover Profits Units Capital Account as and when made), and (y) not be offset against any Ordinary Distributions that the applicable Member is entitled to receive pursuant to or in accordance with
Section 4.01(b). The applicable Member shall be deemed to have made a Capital Contribution in respect of any Class B Common Units issued pursuant to this Section 4.01(e) in an amount equal to
the Capital Contribution of the Class A Common Units issued to the Corporation in respect of the Founder Distribution relevant to such Rollover Distribution (determined on a per-Unit basis) (and each
Person that is a party to or is otherwise bound by this Agreement agrees that such deemed Capital Contribution shall increase the balance of the applicable Member’s Common Capital Account as and when deemed made). 

(iii) For the avoidance of doubt, no holder of Series A Rollover Profits Units shall receive any Distribution with respect to
such Series A Rollover Profits Units other than pursuant to Section 4.01(c) and this Section 4.01(e). 

SECTION 4.02. Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall
not make any Distribution to any Member on account of any Company Interest if such Distribution would violate any applicable Law or the terms of the Credit Agreement. 

  
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 ARTICLE V 

Capital Accounts; Allocations; Tax Matters 

SECTION 5.01. Capital Accounts. (a) The Company shall maintain a separate Capital Account for each Member according to the rules
of Treasury Regulation Section 1.704-1(b)(2)(iv) and subject to such other adjustments as are provided for in this Agreement. For this purpose, the Company shall, upon the occurrence of the events
specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of Company property. The Company shall maintain a sub-account for each Common Unitholder with respect to such
Member’s Common Units (a “Common Capital Account”), a sub-account for each LTIP Unitholder with respect to such Member’s LTIP Units (a “LTIP Capital
Account”), a sub-account for each Common Unitholder with respect to such Member’s Series A Rollover Profits Units (a “Series A Rollover Profits Units Capital
Account”), a sub-account for each Common Unitholder with respect to such Member’s Series B Rollover Profits Units (a “Series B Rollover Profits Units Capital
Account”) and a sub-account for the Corporation with respect to the Carry Unit (the “Carry Unit Capital Account”). 

(b) For purposes of computing the amount of any item of Company income, gain, loss or deduction to be allocated pursuant to this Article
V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes
(including any method of depreciation, cost recovery or amortization used for this purpose); provided, however, that: 

(i) The computation of all items of income, gain, loss and deduction shall include those items described in
Section 705(a)(l)(B) or 705(a)(2)(B) of the Code and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includible in gross income or are not
deductible for U.S. federal income tax purposes. 
 (ii) If the Book Value of any Company property is adjusted pursuant to
Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. 

(iii) Items of income, gain, loss or deduction attributable to the disposition of Company property having a Book Value that
differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. 
 (iv)
Items of depreciation, amortization and other cost recovery deductions with respect to Company property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g). 
 (v) To the
extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 732(d), 734(b) or 743(b) of the Code is required, 

  
 34 

 
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment
to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis). 

SECTION 5.02. Allocations. Except as otherwise provided in Section 5.03, Net Profits and Net Losses for any
Taxable Year shall be allocated to the Members in a manner that will, as nearly as possible, cause the Capital Account balance of each Member at the end of such Taxable Year to equal the excess (which may be negative) of: 

(b) the amount of the hypothetical distribution (if any) that such Member would receive if, on the last day of the Taxable Year, (x) all
Company assets, including cash, were sold for cash equal to their Book Values, taking into account any adjustments thereto for such Taxable Year, (y) all Company liabilities were satisfied in cash according to their terms (limited, with respect
to each Nonrecourse Liability, to the Book Values of the assets securing such liability), and (z) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant to Section 14.02(c)
of this Agreement, over 
 (c) the sum of (x) the amount, if any, without duplication, that such Member would be obligated to
contribute to the capital of the Company, (y) such Member’s share of partnership minimum gain determined pursuant to Treasury Regulations Section 1.704-2(g), and (z) such Member’s
share of partner non-recourse minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)) determined pursuant to Treasury Regulations Section 1.704-2(i)(5), all computed as of immediately prior to the hypothetical sale described in Section 5.02(b). 

SECTION 5.03. Regulatory Allocations. (a) Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in
partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the
Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

(b) Nonrecourse deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1))
for any Taxable Year shall be allocated pro rata among the Members in accordance with their share of partnership profits. Except as otherwise provided in Section 5.03 (a), if there is a net decrease in the Minimum Gain
during any Taxable Year, each Member shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f). This Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation
Section 1.704-2(f) and shall be interpreted in a manner consistent therewith. 
 (c) If any
Member that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of
the end of any Taxable Year, computed after the 

  
 35 

 
application of Sections 5.03(a) and 5.03(b) but before the application of any other provision of this Article V, then Profits for such
Taxable Year shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section 5.03(c) is intended to be a qualified income offset provision as described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 

(d) If the allocation of Net Losses to a Member as provided in Section 5.02 would create or increase an Adjusted
Capital Account Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Net Losses that would, absent the application of the preceding sentence, otherwise be
allocated to such Member shall be allocated to the other Members in accordance with their share of partnership profits, subject to this Section 5.03(d). 

(e) Profits and Losses described in Section 5.01(b)(v) shall be allocated in a manner consistent with the manner
that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

(f) The allocations set forth in Section 5.03(a) through and including Section 5.03(e)
(the “Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury
Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate Profit and Loss of the Company or for the Company to make Distributions. Accordingly, notwithstanding the other provisions of this
Article V, but subject to the Regulatory Allocations, income, gain, deduction and loss shall be reallocated among the Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective
Capital Accounts of the Members to equal the amounts (or as close thereto as possible) they would have equaled if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory
Allocations. In general, the Members anticipate that this will be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among the Members so that the net amount of the Regulatory
Allocations and such special allocations to each such Member is zero. In addition, if in any Taxable Year there is a decrease in Minimum Gain, or in partner nonrecourse debt minimum gain, and application of the minimum gain chargeback requirements
set forth in Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement among the Members, the Members may, if they do not expect that the Company will have sufficient
other income to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain
such minimum gain chargeback requirement. 
 (g) Notwithstanding anything to the contrary in this Agreement (other than Sections
5.03(a) through (f)), for the Taxable Year in which a liquidation of the Company occurs, all items of income, gain, deduction or loss of the Company for such Taxable Year shall be allocated such that the balance in each Member’s
Capital Account as of the date of liquidation equals the amount to be distributed to that Member pursuant to Section 14.02(c). 

SECTION 5.04. Tax Allocations. (a) The income, gains, losses, deductions and credits of the Company will be allocated, for U.S.
federal and state and local income tax 

  
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purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and credits pursuant to Section 5.02 and
Section 5.03; provided that if any such allocation is not permitted by the Code or other applicable Law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among the Members
so as to reflect as nearly as possible the allocation set forth in Section 5.02 and Section 5.03. 

(b) Items of Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall be
allocated among the Members in accordance with Section 704(c) of the Code so as to take account of any variation between the adjusted basis of such property to the Company for U.S. federal income tax purposes and its Book Value using the
methods permitted in Treasury Regulation Section 1.704-3, as determined by the Manager with the written consent of Members holding a majority of the Class B Common Units (such consent not to be
unreasonably withheld, conditioned or delayed). 
 (c) If the Book Value of any Company asset is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(f), subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset
for U.S. federal income tax purposes and its Book Value in the same manner as under Section 704(c) of the Code using the methods permitted in Treasury Regulation Section 1.704-3, as determined by the
Manager with the written consent of Members holding a majority of the Class B Common Units (such consent not to be unreasonably withheld, conditioned or delayed). 

(d) Allocations of tax credits, tax credit recapture and any items related thereto shall be allocated to the Members according to their
interests in such items as determined by the Manager taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii). 

(e) The Company’s “excess nonrecourse liabilities” will first be allocated to the Members that are the holders of the
Class B Common Units as of immediately after the Effective Time up to the amount of built-in gain that is allocable to such Member pursuant to the additional method and then allocated to the Members in
accordance with the Members’ share of partnership profits, in each case as described in Treasury Regulation Section 1.752-3(a)(3). Within sixty (60) calendar days after the fifth anniversary of
the date on which the Effective Time occurred, the Manager and such Members shall consult in good faith to determine whether it would be appropriate to adopt an alternative method for the allocation of excess nonrecourse liabilities in accordance
with Treasury Regulation Section 1.752-3(a)(3), and shall take into account, for purposes of such determination, whether the use of any such alternative method would result in an material adverse Tax
consequence to the Manager or such Member. To the extent agreed by the Manager and the Members entering into Rollover Agreements (as defined in the Merger Agreement) that own Class B Common Units at the time of such determination, such
alternative method shall be adopted and applied hereunder. 
 (f) Allocations pursuant to this Section 5.04 are
solely for purposes of U.S. federal and state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, Distributions or other Company items pursuant to any
provision of this Agreement. 

  
 37 

 SECTION 5.05. Withholding, Indemnification and Reimbursement for Payments on Behalf of a
Member. (a) The Company and the Corporation shall be entitled to withhold from any payments, distributions and allocations to the Members and pay over to any Governmental Entity any amounts required to be so withheld pursuant to the Code or
any provisions of any other federal, state, local or foreign law, including with respect to any transaction pursuant to Article XI (a “Withholding Tax”). Each Member hereby agrees to furnish to the Company such
information and forms as reasonably requested in order to comply with any Laws governing taxes, including withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to which the Member is legally entitled, and the
Parties shall reasonably cooperate to reduce or eliminate any amounts that would otherwise be required to be deducted and withheld hereunder. Any amount of Withholding Tax that is withheld with respect to any payment, distribution, or allocation to
the Company or the Members shall be treated as an amount distributed to the Members pursuant to Article IV or paid to the Member pursuant to Article XI, as applicable, for all purposes under this Agreement; provided, that, if
the amount required to be so withheld exceeds the amount that would have been distributed to a Member, the excess shall be treated as a loan from the Company to such Member. To the extent that the Company makes a distribution to any Member without
making any deduction for Withholding Tax that it was required to withhold under applicable Tax law, the Company shall remit such Withholding Tax to the applicable Governmental Entity and the applicable Member shall promptly reimburse the Company for
the amount so remitted. 
 (b) If the Company is required by applicable law to make any other payment to a Governmental Entity that is
specifically attributable to a Member or a Member’s status as such (including any Withholding Taxes, state or local personal property taxes, and state or local unincorporated business taxes and Taxes attributable to an imputed underpayment
under Code Section 6625 (solely to the extent relating to items that are specifically attributable to a Member as determined by the Manager in its reasonable discretion)), such Member shall indemnify the Company in full for the entire amount
paid (including any interest, penalties and related expenses with respect thereto) by the Company on behalf of such Member. 
 (c) The
Manager may offset Distributions to which a Member is otherwise entitled under this Agreement against such Member’s obligation to indemnify the Company under this Section 5.05. A Member’s obligation to indemnify
the Company under this Section 5.05 shall survive the Transfer of any Company Interests and the termination, dissolution, liquidation and winding up of the Company, and for purposes of this
Section 5.05, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.05, including
instituting a lawsuit to collect such indemnification with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). 

(d) In the event any Member transfers or otherwise disposes of an interest in the Company in a Redemption pursuant to
Section 11.01 or a Direct Exchange pursuant to Section 11.04 and the Corporation elects the Share Settlement with respect to such Redemption or Direct Exchange, then: 

  
 38 

 (i) if such Member fails to deliver an IRS Form W-9 or another validly executed certificate of non-foreign status as provided in Section 1446(f) or Proposed Treasury Regulation
Section 1.1446(f)-2(b)(2), such Member shall deliver to the Company (in the case of a Redemption) or the Corporation (in the case of a Direct Exchange), not less than three (3) Business Days prior to
the effective time of any transfer or other disposition, cash constituting ten percent (10%) of the amount realized by such Member pursuant to such transfer or other disposition that is subject to withholding under Code Section 1446(f), which
cash shall be remitted by the Company or the Corporation, as applicable, to the applicable Governmental Entity in accordance with applicable Law; provided, that if the Member cannot deliver an IRS Form
W-9 or another applicable certificate of non-foreign status, the Company shall deliver to such Member and the Corporation, not less than five (5) Business Days
prior to the effective time of any transfer or other disposition, a certificate, duly executed under penalties of perjury, conforming to the requirements of Proposed Treasury Regulations
Section 1.1446(f)-2(c)(2)(ii)(C) setting forth such transferring Member’s share of liabilities of the Company pursuant to Section 752 of the Code for purposes of determining such Member’s
amount realized that is subject to withholding under Section 1446(f) of the Code; and 
 (ii) if such Redemption or
Direct Exchange is otherwise subject to withholding taxes under applicable Law, such Member shall deliver to the Company (in the case of a Redemption) or the Corporation (in the case of a Direct Exchange) cash constituting the amount that is
required to be withheld, which cash shall be remitted by the Company or the Corporation, as applicable, to the applicable Governmental Entity in accordance with applicable Law. 

Any Redemption or Direct Exchange subject to this Section 5.05(d) shall not be completed, become effective or be recognized until
the obligation to deliver cash to the Company or Corporation, as applicable, has been satisfied. Payments under this Section 5.05(d) shall not be duplicative of any other amounts paid or withheld under
Section 5.05. The Parties shall reasonably cooperate to reduce or eliminate any amounts payable by a Member under this Section 5.05(d). 

ARTICLE VI 
 Management 

SECTION 6.01. Authority of Manager. (a) Except for situations in which the approval of any Member(s) is specifically required by
the Delaware Act or this Agreement, (i) the business and affairs of the Company shall be managed exclusively by or under the direction of the Manager, and (ii) the Manager shall conduct, direct and exercise full control over all activities
of the Company. Except as otherwise expressly provided for herein and subject to the other provisions of this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred by the Delaware Act with
respect to the management and control of the Company. The initial Manager shall be the Corporation. 

  
 39 

 (b) The
day-to-day business and operations of the Company shall be overseen and implemented, subject to the supervision and direction of the Manager, by officers of the Company
having such titles (including “chief executive officer,” “president,” “chief financial officer,” “chief operating officer,” “vice president,” “secretary,” “assistant secretary,”
“treasurer” or assistant treasurer”) as the Manager may deem advisable (each, an “Officer” and collectively, the “Officers”). An Officer may, but need not, be a Member. Each Officer
shall be appointed by the Manager and shall hold office until his or her successor shall be duly designated and qualified or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any
one individual may hold more than one office. Subject to the other provisions in this Agreement, the salaries or other compensation, if any, of the Officers shall be fixed from time to time by the Manager. The authority and responsibility of the
Officers shall include, but not be limited to, such duties as the Manager may, from time to time, delegate to them and the carrying out of the Company’s business and affairs on a
day-to-day basis. Immediately prior to the Effective Time, the Manager hereby removes the existing Officers as of such time from his offices. Effective as of the
Effective Time, the Manager hereby appoints each of the individuals listed on Exhibit C to the office or offices set forth next to his or her name. All Officers shall be, and shall be deemed to be, officers and employees of the Company. An
Officer may also fill and perform one or more roles as an officer of the Manager. 
 (c) The Manager shall have the power and authority to
effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right
available in connection with any assets at any time held by the Company) or the merger, consolidation, reorganization or other combination of the Company with or into another entity, all without further act, vote, approval or consent of the Members
or any other Person notwithstanding any other provision of this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or any other applicable Law; provided, that, for the avoidance of doubt, nothing herein shall
alter in any respect any rights under the Corporation’s organizational documents or applicable Law of a shareholder or shareholders of the Corporation to approve such sale, lease, exchange or other disposition or a Member, in its capacity as a
holder of shares of the Corporation, to vote such shares in connection therewith. 
 SECTION 6.02. Actions of the Manager. The
Manager may authorize any Officer or other Person or Persons to act on behalf of the Company pursuant to Section 6.07. 

SECTION 6.03. Resignation; Removal. The Manager may resign at any time by giving written notice to the Members. Unless otherwise
specified in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not be necessary to make it effective. The Manager may be removed or replaced by the Majority Members. 

SECTION 6.04. Vacancies. Vacancies in the position of Manager occurring for any reason shall be filled by the Majority Members. 

SECTION 6.05. Transactions Between Company and Manager. The Manager may cause the Company to contract and deal with the Manager, or any
Affiliate of the Manager; provided such contracts and dealings are on terms comparable to those available to the Company from others dealing with the Company at arm’s length or are approved by the Members and otherwise are permitted by
the Credit Agreement. 

  
 40 

 SECTION 6.06. Reimbursement for Expenses. The Manager shall not be compensated for
its services as Manager except as expressly provided in this Agreement. To the extent practicable, expenses incurred by the Manager on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the
extent any reimbursements to the Manager or any of its Affiliates by the Company pursuant to this Section 6.06 constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of
the Company), such amounts shall be treated as “guaranteed payments” within the meaning of Section 707(c) of the Code and shall not be treated as Distributions for purposes of computing the Members’ Capital Accounts. 

SECTION 6.07. Delegation of Authority. The Manager may, from time to time, delegate to one or more Officers or other Persons such
authority and duties as the Manager may deem advisable. The salaries or other compensation, if any, of agents of the Company (other than the Officers) shall be fixed from time to time by the Manager, subject to the other provisions in this
Agreement. 
 SECTION 6.08. Duties; Limitation of Liability. (a) Notwithstanding any other provision of this Agreement to the
contrary, the Manager and each Officer shall have the fiduciary duties of loyalty and care the same as a director and an officer, respectively, of a corporation organized under the General Corporation Law of the State of Delaware. 

(b) Notwithstanding any other provision of this Agreement to the contrary, the Manager and each Officer shall be fully protected in relying in
good faith upon the records of the Company and upon information, opinions, reports or statements presented by any Member, any liquidating trustee, any Officer or any employee of the Company or any committee of the Company or Members, or by any other
Persons as to matters the Manager or such Officer reasonably believes are within such other Person’s professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets,
liabilities, profits or losses of the Company, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the company or to make reasonable provision to pay
such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Members or creditors might properly be paid. 

(c) Notwithstanding any other provision of this Agreement to the contrary, the Manager shall, to the fullest extent permitted by applicable
Law, not be liable to the Company, the Members, the Officers or any other Person that is a party to or is otherwise bound by this Agreement, for monetary liability for breach of fiduciary duty as a manager of the Company, except that the foregoing
shall not eliminate or limit the liability of the Manager for any (i) breach of the Manager’s duty of loyalty to the Company and its Members, (ii) act or omission not in good faith or which involves intentional misconduct or knowing
violation of Law or (iii) transaction from which the Manager derived an improper personal benefit. 

  
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 (d) The provisions of this Section 6.08, to the extent that they
eliminate or restrict (i) the duties and liabilities of the Manager otherwise existing at law or in equity, are agreed by the Company, the Members, the Manager and any other Person that is a party to or is otherwise bound by this Agreement to
replace such other duties and liabilities of the Manager to the fullest extent permitted by applicable Law and (ii) the duties of each Officer otherwise existing at law or in equity, are agreed by the Company, the Members, the Manager and any
other Person that is a party to or is otherwise bound by this Agreement to replace such other duties of such Officer to the fullest extent permitted by applicable Law. 

SECTION 6.09. Indemnification. (a) The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable
Law, any Member, the Manager and each Officer (each, an “Indemnified Person”) to the extent that such Indemnified Person was or is made or is threatened to be made a party or is otherwise involved in any action, suit or
proceeding, whether civil, criminal, administrative or investigative (a “proceeding”), by reason of the fact that such Indemnified Person is or was a Member, the Manager or an Officer, as applicable, against all liability and
loss suffered and expenses (including attorneys’ fees) reasonably incurred by such Indemnified Person. Notwithstanding the preceding sentence, except as otherwise provided in this Section 6.09, the Company shall be
required to indemnify an Indemnified Person who is an Officer in connection with a proceeding (or part thereof) commenced by such Indemnified Person only if the Commencement of such proceeding (or part thereof) by such Indemnified Person was
authorized in the specific case by the Manager. 
 (b) The Company shall, to the fullest extent permitted by applicable Law, pay the
expenses (including reasonable attorneys’ fees) incurred by an Indemnified Person in defending any proceeding in advance of its final disposition; provided, however, that such payment in advance of the final disposition of any
proceeding shall be made to such Indemnified Person that is an Officer only upon receipt of receipt of an undertaking by such Indemnified Person to repay all amounts advanced if it should be ultimately determined that such Indemnified Person is not
entitled to be indemnified under this Section 6.09 or otherwise. 
 (c) If a claim for indemnification (following
the final disposition of such proceeding) or advancement of expenses under this Section 6.09 is not paid in full within 30 days after a written claim therefor by an Indemnified Person has been received by the Company, such
Indemnified Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense (including reasonable attorneys’ fees) of prosecuting such claim. In any such action
the Company shall have the burden of proving that the Indemnified Person is not entitled to the requested indemnification or advancement of expenses under this Agreement or applicable Law. 

(d) The right to indemnification and the advancement of expenses conferred by this Section 6.09 shall, to the
fullest extent permitted by applicable Law, not be exclusive of any other right which any Indemnified Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise. 

(e) Any amendment or modification of this Section 6.09 shall not adversely affect any right or protection hereunder
of any Indemnified Person in respect of any act or omission occurring prior to the time of such amendment or modification. 

  
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 (f) The Company shall maintain directors’ and officers’ liability insurance, or
make other financial arrangements, at its expense, to protect any Indemnified Person against any expense, liability or loss described in Section 6.09(a) and Section 6.09(b) whether or not the
Company would have the power to indemnify or advance expenses to such Indemnified Person against such expense, liability or loss under the provisions of this Section 6.09. The Company shall use its commercially reasonable
efforts to purchase directors’ and officers’ liability insurance with a carrier and in an amount determined necessary or desirable as determined in good faith by the Manager. 

(g) Notwithstanding anything contained herein to the contrary (including in this Section 6.09), the Company agrees
that any indemnification and advancement of expenses available from the Corporation or any of its Affiliates (other than the Company and any of the Company’s Subsidiaries) (collectively, “Landscape”) to any current or
former Indemnified Person by virtue of such Person’s service as a manager, member, director, officer, partner, employee or agent of Landscape prior to or following the Effective Time (any such Person, a “Landscape
Person”) shall be secondary to the indemnification and advancement of expenses to be provided by the Company pursuant to this Section 6.09, which shall be provided out of and to the extent of Company assets
only, and no Member (unless such Member otherwise agrees in writing or is found in a final decision by a court of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof nor shall be
required to make additional Capital Contributions to help satisfy such indemnity of the Company and the Company (i) shall be the primary indemnitor of first resort for such Landscape Person pursuant to this
Section 6.09 and (ii) shall be fully responsible for the advancement of all expenses and the payment of all amounts or liabilities with respect to such Landscape Person which are addressed by this
Section 6.09. 
 SECTION 6.10. Investment Company Act. The Manager shall use its reasonable best efforts to
ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 
 SECTION
6.11. Outside Activities of the Manager. The Manager shall not, directly or indirectly, enter into or conduct any business or operations, other than in connection with (a) in its capacity as a Member, the ownership, acquisition and
disposition of Common Units, (b) the management of the business and affairs of the Company and its Subsidiaries, (c) the operation of the Corporation as a reporting company with a class (or classes) of securities registered under
Section 12 of the Exchange Act, and listed on a securities exchange, (d) the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests, (e) financing or refinancing of any type
related to the Company, its Subsidiaries or their assets or activities, and (f) such activities as are incidental to the foregoing; provided, however, that, except as otherwise provided herein, the net proceeds of any financing or
refinancing raised by the Corporation pursuant to the preceding clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or otherwise, as appropriate, and, provided further, that the Corporation
may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the Corporation takes commercially reasonable measures to ensure that the
economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage, loan or otherwise or, if it is not commercially 

  
 43 

 
reasonable to vest such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct
ownership of assets by the Corporation. Nothing contained herein shall be deemed to prohibit the Corporation from executing any guarantee of indebtedness of the Company or its Subsidiaries. 

ARTICLE VII 
 Rights and
Obligations of Members 
 SECTION 7.01. Limitation of Liability and Duties of Members. (a) Except as expressly provided in this
Agreement or in the Delaware Act, no Member (including the Member that is also the Manager) shall be personally liable, whether to the Company, to any of the other Members, to the creditors of the Company or to any third party, for any debt,
obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member. Notwithstanding anything contained herein to the contrary, the failure of the Company to observe any formalities or
requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall, to the fullest extent permitted by applicable Law, not be grounds for imposing personal liability on the
Members for any debts, obligations or liabilities of the Company. 
 (b) In accordance with the Delaware Act and the laws of the State of
Delaware, a Member may, under certain circumstances, be required to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Article IV shall be
deemed a return of money or other property paid or distributed in violation of the Delaware Act. To the fullest extent permitted by applicable Law, any Member receiving any such money or property shall not be required to return any such money or
property to the Company or any other Person, unless such distribution was made by the Company to its Members in clerical error. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member
is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member. 
 (c)
Notwithstanding any other provision of this Agreement to the contrary, no Member shall, to the fullest extent permitted by applicable Law, owe any duties (including fiduciary duties) to the Company, any other Member or any other Person that is a
party to or is otherwise bound by this Agreement, other than or with respect to breaches of the implied covenant of good faith and fair dealing. The provisions of this Section 7.01(c), to the extent that they eliminate or
restrict the duties of a Member otherwise existing at law or in equity, are agreed by the Company, the Members, the Manager and any other Person that is a party to or is otherwise bound by this Agreement to replace such other duties of a Member to
the fullest extent permitted by applicable Law; provided, that, for the avoidance of doubt, this Section 7.01(c) shall not limit the duties (including fiduciary duties) of the Corporation (or any other Person serving
as Manager), in the Corporation’s (or such other Person’s) capacity as Manager, to the Company or any Member even though the Manager is also a Member. 

SECTION 7.02. Lack of Authority. No Member in its capacity as such has the authority or power to act for or on behalf of the Company,
to do any act that would be binding on 

  
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the Company or to make any expenditure on behalf of the Company. The Members hereby consent to the exercise by the Manager, the Officers and any Persons to whom the Manager delegates authority
and duties pursuant to Section 6.07 of the powers conferred on them by Law and this Agreement. 
 SECTION 7.03.
No Right of Partition. To the fullest extent permitted by applicable Law, no Member in its capacity as such shall have the right to seek or obtain partition by court decree or operation of Law of any Company property, or the right to own or
use particular or individual assets of the Company, any such right or power that such Member might have to cause the Company or any of its assets to be partition being hereby irrevocably waived. 

SECTION 7.04. Members Right to Act. For matters that require the approval or consent of the Members under this Agreement or the
Delaware Act, the Members shall act through meetings and consents as described in paragraphs (a) and (b) below: 
 (a)
Except as otherwise expressly provided by Section 16.03(a), the approval or consent of the Majority Members, voting together as a single class, shall be the approval or consent of the Members. Any Member entitled to vote at
a meeting of Members or to express consent or dissent to Company action without a meeting may authorize another Person or Persons to act for such Member by proxy. An electronic transmission or similar transmission by the Member, or a photographic,
facsimile or similar reproduction of a writing executed by the Member shall be treated as a proxy executed in writing for purposes of this Section 7.04(a). No proxy shall be voted or acted upon after eleven months from the
date thereof, unless the proxy provides for a longer period. A proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with an interest. Should a proxy designate two or more
Persons to act as proxies, unless that instrument shall provide to the contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving
consents thereby conferred, or, if only one be present, then such powers may be exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with
respect to such issue if such proxy does not specify how the votes that are the subject of such proxy are to be voted with respect to such issue. 

(b) The actions by the Members permitted hereunder may be taken at a meeting called by the Manager or by the Majority Members
on at least forty-eight (48) hours’ prior written notice to the other Members entitled to vote, which notice shall state the purpose or purposes for which such meeting is being called. The actions taken by the Members entitled to vote or
consent at any meeting (as opposed to by consent in lieu of a meeting), if improperly called and noticed, shall be as valid as though taken at a meeting duly held after regular call and notice if (but not until), either before, at or after the
meeting, the Members entitled to vote or consent as to whom it was improperly held signs a waiver of notice or a consent to the holding of such meeting or an approval of the minutes thereof. The actions by the Members entitled to vote or consent may
be taken by vote of the Members entitled to vote or consent at a meeting or by consent in lieu of a meeting, so long as such consent is in writing and is signed by Members holding not less 

  
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than the minimum number of Voting Units that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted. Prompt notice
of the action so taken without a meeting, which shall state the purpose or purposes for which such consent in lieu of a meeting was required, shall be given to those Members entitled to vote or consent who did not sign such consent (for which such
notice and consent may be delivered via electronic transmission); provided, however, that the failure to give any such notice shall not affect the validity of the action taken by such consent in lieu of a meeting. Any action taken pursuant to
such consent in lieu of a meeting of the Members shall have the same force and effect as if taken by the Members at a meeting thereof. 

SECTION 7.05. Inspection Rights. The Company shall permit each Member and each of its designated representatives, for any purpose
reasonably related to such Member’s interest as a member of the Company, to (i) visit and inspect any of the premises of the Company and its Subsidiaries, all at reasonable times and upon reasonable notice, (ii) examine the corporate
and financial records of the Company or any of its Subsidiaries and make copies thereof or extracts therefrom, during reasonable business hours and upon reasonable notice, (iii) consult with the managers, officers, employees and independent
accountants of the Company or any of its Subsidiaries concerning the affairs, finances and accounts of the Company or any of its Subsidiaries, during reasonable business hours and upon reasonable notice. The presentation of an executed copy of this
Agreement by any Member to the Company’s independent accountants shall constitute the Company’s permission to its independent accountants to participate in discussions with such Persons and their respective designated representatives.
Notwithstanding the foregoing, the Manager shall have the right to keep confidential from the Members, for such period of time as the Manager deems reasonable, any information which the Manager reasonably believes to be in the nature of trade
secrets or other information the disclosure of which the Manager in good faith believes is not in the best interest of the Company or could damage the Company or its business or which the Company is required by applicable law or by agreement with a
third party to keep confidential. 
 ARTICLE VIII 

Books, Records, Accounting and Reports, Affirmative Covenants 

SECTION 8.01. Records and Accounting. The Company shall keep, or cause to be kept, appropriate books and records with respect to the
Company’s business, including all books and records necessary to provide any information, lists and copies of documents required to be provided pursuant to Section 8.03 or pursuant to applicable Law. All matters
concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles III and IV and (b) accounting procedures and determinations, and other determinations not
specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination shall be final and conclusive as to all of the Members absent manifest clerical error. 

SECTION 8.02. Fiscal Year. The Fiscal Year of the Company shall begin on the first day of January and end on the last day of December
each year or such other date as may be established by the Manager. 

  
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 SECTION 8.03. Reports. The Company shall deliver or cause to be delivered, within
ninety (90) days after the end of each Taxable Year, to each Person who was a Member at any time during such Taxable Year, all information reasonably necessary for the preparation of such Person’s U.S. federal and applicable state and
local income tax returns. 
 ARTICLE IX 

Tax Matters 
 SECTION 9.01.
Preparation of Tax Returns. Subject to the terms and conditions of this Agreement, in its capacity as the Partnership Representative, the Corporation shall have the authority and obligation to prepare and timely file the tax returns of the
Company at the expense of the Company using such permissible methods and elections as it determines in its reasonable discretion, including the use of any permissible method under Section 706 of the Code for purposes of determining the varying
Company Interests of the Members. The Company shall use commercially reasonable efforts to provide each Person who was a Member at any time during such Taxable Year with tax information which is reasonably required by such Members for U.S. federal
and state and income tax reporting purposes with respect to a Taxable Year (including an IRS Schedule K-l) within ninety (90) days of the close of the calendar year in which the Company’s Taxable
Year ends. Each Member shall notify the Company and the other Members upon receipt of any notice of a tax examination with respect to the Company by U.S. federal or state or local tax authorities. 

SECTION 9.02. Tax Elections. The Manager shall cause the Company and each of its Subsidiaries that is treated as a partnership for U.S.
federal income tax purposes to have in effect an election under Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for each Taxable Year. The Manager shall take commercially reasonable efforts to
cause each Person in which the Company owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year. Each Member will upon request supply any
information reasonably necessary to give proper effect to any such election. 
 SECTION 9.03. Tax Controversies. The Corporation
shall be designated and may, on behalf of the Company, at any time, and without further notice to or consent from any Member, act as the “partnership representative” of the Company (within the meaning given to such term in
Section 6223 of the Code) (the “Partnership Representative”) for purposes of the Code and shall appoint a “designated individual” in accordance with Treasury Regulations
Section 301.6223-1(b)(3), who will be the sole individual through whom the Partnership Representative will act for all purposes under Sections 6221 through 6241 of the Code and the Treasury Regulations
and other guidance relating thereto (the “BBA Audit Rules”). The Partnership Representative shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Partnership
Representative and is authorized and required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings,
and to expend Company funds for professional services and other items reasonably incurred in connection therewith. Each Member agrees to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company

  
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with respect to the conduct of such proceedings. The Partnership Representative shall keep all Members fully advised on a current basis of any contacts by or discussions with tax authorities, and
the Members shall have the right to observe and participate through representatives of their own choosing (at their sole expense) in any tax proceedings. Nothing herein shall diminish, limit or restrict the rights of any Member under the BBA Audit
Rules. 
 ARTICLE X 

Restrictions on Transfer of Units 

SECTION 10.01. General. No Member or Assignee may Transfer any Units or any interest in any Units other than (i) with the written
approval of the Manager or (ii) pursuant to and in accordance with Section 10.02, and, in either case, and notwithstanding anything to the contrary contained herein, (x) no Transfer of Common Units, LTIP Units or
Rollover Profits Units shall be made by a transferor unless such Transfer is accompanied by the Transfer of an equal number of shares of Class B Common Stock or Series B Founder Preferred Shares, as applicable, held by such transferor in tandem
with such Units, (y) no Transfer of Units shall be made by a transferor or to a transferee, in either case, that is a party to the Shareholders Agreement other than in accordance with the terms and conditions of the Shareholders Agreement, and
(z) no Transfer of LTIP Units shall be made other than in accordance with any applicable terms and conditions of the applicable LTIP Agreement. In the event of a conflict or inconsistency between the transfer restrictions of this Agreement and
any applicable transfer restrictions in an applicable LTIP Agreement, the transfer restrictions of the applicable LTIP Agreement will govern. Notwithstanding the foregoing, for purposes of the foregoing clause (ii) only, “Transfer”
shall not include an event that terminates the existence of a Member for income tax purposes (including (i) a change in entity classification of a Member under Treasury Regulation Section 301.7701-3,
(ii) a sale of assets by, or liquidation of, a Member pursuant to an election under Section 336 or 338 of the Code or (iii) a merger, severance or allocation within a trust or among sub-trusts of a
trust that is a Member), but that does not terminate the existence of such Member under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the
Company Interests of such trust that is a Member). 
 SECTION 10.02. Permitted Transfers. 

(a) The restrictions contained in clauses (i) and (ii) of Section 10.01 shall not apply to any Transfer (each
such Transfer, and together with any Transfer approved pursuant to Section 10.01, a “Permitted Transfer”) pursuant to (i)(A) a Change of Control Transaction, (B) a Redemption or exchange in
accordance with Article XI hereof or (C) a Transfer by a Member to the Corporation or the Company; (ii) a Transfer by any Member to such Member’s spouse, any lineal ascendants or descendants or trusts or other entities in which
such Member or Member’s spouse, lineal ascendants or descendants hold (and continue to hold while such trusts or other entities hold Units) 50% or more of such entity’s beneficial interests; (iii) the laws of descent and distribution
and (iv) a Transfer to an Affiliate of such Member; provided, however, that (A) in the case of the Corporation (or a Permitted Transferee thereof) such Affiliate is a wholly-owned Subsidiary of the Corporation, (B) the
restrictions contained in this Agreement will continue to apply to Units after any Permitted Transfer of such Units, and (C) in the case of the foregoing 

  
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clauses (ii), (iii) and (iv), the transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement and, the transferor will deliver a written notice
to the Company and the Members, which notice will disclose in reasonable detail the identity of the proposed transferee. In the case of a Permitted Transfer by a Member of Class B Common Units, LTIP Units or Rollover Profits Units to a
transferee in accordance with this Section 10.02, such Member (or any subsequent transferee of such Member) shall also Transfer an equal number of shares of Class B Common Stock or Series B Founder Preferred Shares, as
applicable, corresponding to the proportion of such Member’s (or subsequent transferee’s) Class B Common Units, LTIP Units or Rollover Profits Units that were Transferred in the Permitted Transfer to such transferee. All Permitted
Transfers are subject to the additional limitations set forth in Section 10.07(b). 
 (b) In any Permitted
Transfer of LTIP Units or Series B Rollover Profits Units, a Member only may Transfer (i) LTIP Units that are Equitized LTIP Units, unless set forth in the applicable LTIP Agreement, and (ii) Series B Rollover Profits Units that are
Equitized Series B Rollover Profits Units. 
 SECTION 10.03. Restricted Units Legend. The Units have not been registered under the
Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is then available. 

SECTION 10.04. Transfer. Prior to Transferring any Units (other than pursuant to a Change of Control Transaction), the transferor shall
cause the prospective transferee to agree in writing to be bound by this Agreement as provided in Section 10.02, and any other agreements executed by the holders of Units and relating to such Units in the aggregate
(collectively, the “Other Agreements”), and shall cause the prospective transferee to execute and deliver to the Company counterparts of this Agreement and any applicable Other Agreements. Any Transfer or attempted Transfer
of any Units in violation of any provision of this Agreement (including any prohibited indirect Transfers) shall, to the fullest extent permitted by applicable Law, be void, and in the event of any such Transfer or attempted Transfer, the Company
shall not record such Transfer on its books and records, including the Schedules of Members, or treat any purported transferee of such Units as the owner of such securities for any purpose. 

SECTION 10.05. Assignee’s Rights. (a) The Transfer of Units or any interest in Units in accordance with this
Agreement shall be effective as of the date of its assignment (assuming compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company in accordance with
Section 3.01(d). Profits, Losses and other Company items shall be allocated between the transferor and the Assignee according to Section 706 of the Code, using any permissible method as determined in the reasonable
discretion of the Manager. Distributions made before the effective time of such Transfer shall be paid to the transferor, and Distributions made after such date shall be paid to the Assignee. 

(b) Unless and until an Assignee becomes a Member pursuant to Article XII, the Assignee shall not be entitled to any of the rights
granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this 

  
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Agreement; provided, however, that, without relieving the transferring Member from any such limitations or obligations as more fully described in
Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member contained herein that a Member would be bound on account of the Assignee’s Company Interest (including the obligation to make
Capital Contributions on account of such Company Interest, to the extent applicable). 
 SECTION 10.06. Assignor’s
Rights and Obligations. Any Member who shall Transfer any Units in a manner in accordance with this Agreement shall cease to be a Member with respect to such Units and shall no longer have any rights or privileges, or, except as set forth in
Section 5.05 or this Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units (it being understood, however, that the applicable provisions of Sections 6.08
and 6.09 shall continue to inure to such Person’s benefit), except that unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions of Article XII (the
“Admission Date”), (i) such assigning Member shall retain all of the duties, liabilities and obligations of a Member with respect to such Company Interests, and (ii) the Manager may, in its sole discretion, reinstate all
or any portion of the rights and privileges of such Member with respect to such Company Interests for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers any Company Interests from any
liability of such Member to the Company with respect to such Company Interests that may exist on the Admission Date or that is otherwise specified in the Delaware Act and incorporated into this Agreement or for any liability of such Member to the
Company or any other Person for any materially false statement made by such Member (in its capacity as such) or for any present or future breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained
herein or in the other agreements with the Company. 
 SECTION 10.07. Overriding Provisions. (a) Any Transfer in violation of
this Article X shall, to the fullest extent permitted by applicable Law, be null and void ab initio, and the provisions of Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any
Person to whom a Transfer is made or attempted in violation of this Article X shall not be admitted as a member of the Company, shall not be entitled to vote on any matters coming before the Members and shall not have any other rights in or
with respect to any rights of a Member. The approval of any Transfer in any one or more instances shall not limit or waive the requirement for such approval in any other or future instance. 

(b) Notwithstanding anything contained in this Agreement to the contrary (including, for the avoidance of doubt, the provisions of Article
XI and Article XII and the other provisions of this Article X), in no event shall any Member Transfer any Units to the extent such Transfer could, in the reasonable determination of the Manager: 

(i) result in a violation of the Securities Act, or any other applicable federal, state or foreign Laws; 

(ii) cause an assignment under the Investment Company Act; 

(iii) be a violation of or a default (or an event that, with notice or the lapse of time or both, would constitute a default)
under, or result in an acceleration of any 

  
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(A) indebtedness under the Credit Agreement or (B) any indebtedness incurred, issued or guaranteed by the Company that, individually or in the aggregate, has an aggregate principal
amount then outstanding that is greater than $25,000,000; 
 (iv) cause the Company to lose its status as a partnership for
U.S. federal income tax purposes or, without limiting the generality of the foregoing, be a Transfer effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof”, as such
terms are used in Section 1.7704-1 of the Treasury Regulations; 
 (v) be a
Transfer to a Person who is not legally competent or who has not achieved his or her majority under applicable Law (excluding trusts for the benefit of minors); or 

(vi) cause the Company or any Member or the Manager to be treated as a fiduciary under the Employee Retirement Income Security
Act of 1974, as amended. 
 SECTION 10.08. Equitized LTIP Units and Equitized Series B Rollover Profits Units. (a)
Equitized LTIP Units and Equitized Series B Rollover Profits Units. Except as otherwise provided in this Agreement, if immediately following a Revaluation, (x) the LTIP Return of any LTIP Units is at least equal to the Equitizing
Capital Balance of such Units, such LTIP Units shall automatically become an equal number of Equitized LTIP Units and (y) the Rollover Profits Return of any Series B Rollover Profits Units is at least equal to the Equitizing Capital Balance of
such Units, such Series B Rollover Profits Units shall automatically become an equal number of Equitized Series B Rollover Profits Units. 

(b) Election to Treat as Equitized LTIP Units. Immediately following a Revaluation, a Member holding LTIP Units that are not Equitized
LTIP Units may elect to cause the Company to treat such LTIP Units as a number of Equitized LTIP Units that is equal to either (x) the lesser of the number of such LTIP Units or the Class B Equivalent Amount of such LTIP Units or
(y) if such Member makes a contribution of immediately available funds in U.S. dollars to the Company equal to the LTIP Shortfall for such LTIP Units, the number of such LTIP Units. If a Member elects to treat its LTIP Units as a number of
Equitized LTIP Units equal to the Class B Equivalent Amount pursuant to clause (x) of the immediately preceding sentence, such Member shall forfeit and deliver to the Corporation for no consideration, a number of shares of Class B
Common Stock equal to the difference between (A) the number of LTIP Units treated as Equitized LTIP Units and (B) the Class B Equivalent Amount of such LTIP Units. 

(c) Election to Treat as Equitized Series B Rollover Profits Units. Immediately following a Revaluation, a Member holding Series
B Rollover Profits Units that are not Equitized Series B Rollover Profits Units may elect to cause the Company to treat such Series B Rollover Profits Units as a number of Equitized Series B Rollover Profits Units that is equal to either
(x) the lesser of the number of such Series B Rollover Profits Units or the Class B Equivalent Amount of such Series B Rollover Profits Units or (y) if such Member makes a contribution of immediately available funds in U.S. dollars to
the Company equal to the Rollover Profits Shortfall for such Series B Rollover Profits Units, the number of such Series B Rollover Profits Units. If a Member elects to treat its Series B Rollover Profits Units as a number of

  
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Equitized Series B Rollover Profits Units equal to the Class B Equivalent Amount pursuant to clause (x) of the immediately preceding sentence, such Member shall forfeit and deliver to
the Corporation for no consideration, a number of shares of Class B Common Stock equal to the difference between (A) the number of Series B Rollover Profits Units treated as Equitized Series B Rollover Profits Units and (B) the
Class B Equivalent Amount of such Series B Rollover Profits Units. 
 (d) Treatment under this Agreement. For purposes of this
Agreement, any Equitized LTIP Units or Equitized Series B Rollover Profits Units treated as such pursuant to Section 10.08(a), Section 10.08(b) or Section 10.08(c) shall
permanently be treated for all purposes of this Agreement as an equal number of Class B Common Units; provided, that Equitized LTIP Units and Equitized Series B Rollover Profits Units shall remain subject to the vesting conditions, if
any, applicable to them prior to becoming Equitized LTIP Units or Equitized Series B Rollover Profits Units, as applicable. The Common Capital Account and Capital Contribution (i) with respect to such Equitized LTIP Units shall be equal to the
LTIP Capital Account of the applicable LTIP Units immediately following the Revaluation (which shall reflect any Capital Contribution made pursuant to Section 10.08(b)(y)) and (ii) with respect to such Equitized Series
B Rollover Profits Units shall be equal to the Series B Rollover Profits Units Capital Account of the applicable Series B Rollover Profits Units immediately following the Revaluation (which shall reflect any Capital Contribution made pursuant to
Section 10.08(c)(y)). 
 (e) Notice. The Company shall, within thirty (30) days after each Revaluation, deliver
written notice to the applicable Member setting forth the procedures and terms related to this Section 10.08. 

ARTICLE XI 
 Redemption and
Exchange 
 SECTION 11.01. Redemption Right of a Member. (a) Redemption Notice. Subject to the provisions set forth
in this Section 11.01, each Member (other than the Corporation) shall be entitled to cause the Company to redeem (a “Redemption”) its Common Units, other than any Excluded Unit (the
“Redemption Right”), at any time beginning 180 days after the Effective Time. A Member desiring to exercise its Redemption Right (the “Redeeming Member”), shall exercise such right by giving written
notice (the “Redemption Notice”) to the Company with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units (including Equitized Units) (the “Redeemed Units”) that
the Redeeming Member intends to have the Company redeem and a date, not less than seven (7) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager in its sole
discretion agrees in writing to waive such time periods), on which exercise of the Redemption Right shall be completed (the “Redemption Date”); provided that the Company, the Corporation and the Redeeming Member may
change the number of Redeemed Units and/or the Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided further that, at the election of the Redeeming
Member, a Redemption Notice may be conditioned on (x) the Redeeming Member having entered into a valid and binding agreement with a third party for the 

  
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sale of shares of Class A Common Stock that may be issued in connection with such proposed Redemption (whether in a tender or exchange offer, private sale or otherwise) and such agreement is
subject to customary closing conditions for agreements of this kind and the delivery of the Class A Common Stock by the Redeeming Member to such third party, (y) the closing of an announced merger, consolidation or other transaction in
which the shares of Class A Common Stock that may be issued in connection with such proposed Redemption would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property and/or (z) the
closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption. Unless the Redeeming Member timely has delivered a Retraction Notice as provided in
Section 11.01(b) or has revoked or delayed a Redemption as provided in Section 11.01(b), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date):
(A) the Redeeming Member shall transfer and surrender the Redeemed Units and surrender any certificates representing the Redeemed Units duly endorsed in blank, free and clear of all liens and encumbrances, in each case, to the Company, and
(B) the Company shall (x) cancel the Redeemed Units and any certificates representing the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member is entitled under
Section 11.01(b), and (z) if the Redeemed Units are certificated, issue to the Redeeming Member a certificate representing a number of Common Units equal to the difference (if any) between the number of Common Units
represented by the certificate surrendered by the Redeeming Member pursuant to clause (A) of this Section 11.01(a) and the Redeemed Units. 

(b) In exercising its Redemption Right, a Redeeming Member shall be entitled to receive the Share Settlement or the Cash Settlement, as
applicable; provided that the Corporation shall have the option (as determined solely by its Independent Directors who are disinterested) as provided in Section 11.02 and subject to
Section 11.01(d) to select whether the redemption payment for such Redeemed Units is made by means of a Share Settlement or a Cash Settlement. Within three (3) Business Days of delivery of the Redemption Notice, the
Corporation shall give written notice (the “Contribution Notice”) to the Company (with a copy to the Redeeming Member) of its intended settlement method; provided that if the Corporation does not timely deliver a
Contribution Notice, the Corporation shall be deemed to have elected the Share Settlement method. If the Corporation elects the Cash Settlement method, the Redeeming Member may retract its Redemption Notice by giving written notice (the
“Retraction Notice”) to the Company (with a copy to the Corporation) within two (2) Business Days of delivery of the Contribution Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming
Member’s, Company’s and the Corporation’ rights and obligations under this Section 11.01 arising from the Redemption Notice. 

(c) In the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeeming Member shall be entitled to revoke its
Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) to the extent that the shares of Class A Common Stock are required to be registered under the Securities Act, (A) any
registration statement pursuant to which the resale of the shares of Class A Common Stock to be registered for such Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to
any action or inaction by the SEC or no such resale registration statement has yet become effective, (B) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement

  
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necessary to effect such Redemption, (C) the Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral,
delay or suspension shall affect the ability of such Redeeming Member to have its shares of Class A Common Stock registered at or immediately following the consummation of the Redemption, (D) any stop order relating to the registration
statement pursuant to which the shares of Class A Common Stock were to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC, or (E) the Corporation shall have failed to comply
in all material respects with its obligations under the Shareholders Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the resale of shares of Class A Common Stock to be received upon such
redemption pursuant to an effective registration statement; (ii) for as long as the issued shares of Class A Common Stock are admitted to the standard segment of the FCA’s official list and admitted to trading on the London Stock
Exchange’s main market (A) the Corporation shall have failed to cause any required prospectus to be published, (B) the FCA shall have not approved the admission of the shares of Class A Common Stock to be issued pursuant to the
Redemption to the standard segment of the FCA’s official list, (C) the London Stock Exchange shall have not approved the admission of the shares of Class A Common Stock to be issued pursuant to the Redemption to trading on the main
market of the London Stock Exchange, or (D) the Corporation shall at any time have taken any action, or omitted to take any action, where such action or omission would have, or would be reasonably likely to have, an adverse effect on the
admission of the shares of Class A Common Stock to be issued pursuant to the Redemption to the standard segment of the FCA’s official or to trading on the London Stock Exchange’s main market; (iii) the Corporation shall have
disclosed to such Redeeming Member any material non-public information concerning the Corporation, the receipt of which could reasonably be determined to result in such Redeeming Member being prohibited or
restricted from selling shares of Class A Common Stock at or immediately following the Redemption without disclosure of such information, and the Corporation does not permit such Redeeming Member to disclose such information; (iv) there
shall have occurred a material disruption in the securities markets generally or in the market or markets in which the shares of Class A Common Stock are then traded; (v) there shall be in effect an injunction, a restraining order or a
decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; or (vi) the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out
Period; provided further that in no event shall the Redeeming Member seeking to revoke its Redemption Notice or delay the consummation of such Redemption in reliance on any of the matters contemplated in clauses (i) through (v) above
have controlled or intentionally materially influenced any facts, circumstances or Persons in connection therewith (except in the good faith performance of his or her duties as an officer or director of the Corporation) in order to provide such
Redeeming Member with a basis for such delay or revocation. If a Redeeming Member delays the consummation of a Redemption pursuant to this Section 11.01(b), the Redemption Date shall occur on the fifth (5th) Business Day
following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Corporation, the Company and such Redeeming Member may agree in writing). 

(d) The number of shares of Class A Common Stock or the Redeemed Units Equivalent, as applicable, that a Redeeming Member is entitled to
receive under Section 11.01(b) shall not be adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends previously paid with respect to such shares of Class A Common

  
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Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with
respect to the Redeemed Units but prior to payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member
transferred and surrendered the Redeemed Units to the Company prior to such date. 
 (e) In the event of a reclassification or other similar
transaction as a result of which the shares of Class A Common Stock are converted into another security, then in exercising its Redemption Right a Redeeming Member shall be entitled, in the case of a Redemption effected using the Share
Settlement method, to receive the amount of such security that the Redeeming Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or
other similar transaction. 
 (f) Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall
be obligated to effectuate a Redemption if such Redemption could (as determined in the sole discretion of the Manager) cause the Company to be treated as a “publicly traded partnership” or to be taxed as a corporation pursuant
Section 7704 of the Code or successor provisions of the Code. 
 SECTION 11.02. Election and Contribution of the Corporation. In
connection with the exercise of a Redeeming Member’s Redemption Rights under Section 11.01(a), the Corporation shall make a Capital Contribution to the Company either of the number of shares of Class A Common
Stock or the Cash Settlement that the Redeeming Member is entitled to receive under Section 11.01(b). The Corporation, at its option (as determined solely by its Independent Directors who are disinterested), shall determine
whether to contribute, pursuant to Section 11.01(b), the Share Settlement or the Cash Settlement. Unless the Redeeming Member has timely delivered a Retraction Notice as provided in
Section 11.01(b), or has revoked or delayed a Redemption as provided in Section 11.01(b), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption
Date) (i) the Corporation shall make its Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement) required under this Section 11.02, and (ii) the Company shall automatically
issue to the Corporation a number of Class A Common Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Corporation
elects a Cash Settlement, the Corporation shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds (after deduction of any underwriters’ discounts or commissions and
brokers’ fees or commissions (the “Discount”) from the sale by the Corporation of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed with such Cash Settlement;
provided that the Corporation’s Capital Account shall be increased by an amount equal to any Discount relating to such sale of shares of Class A Common Stock in accordance with Section 6.06. The timely
delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’ rights and obligations under this Section 11.02 arising from the Redemption Notice. 

  
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 SECTION 11.03. Exchange Right of the Corporation. (a) Notwithstanding anything
to the contrary in this Article XI, the Corporation may, in its sole and absolute discretion (as determined solely by its Independent Directors who are disinterested), elect to effect on the Redemption Date the exchange of Redeemed Units for
the Share Settlement or Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and such consideration between the Redeeming Member and the Corporation (a “Direct Exchange”). Upon such Direct
Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed Units, such Redeemed Units shall automatically be converted into and become Class A Common Units and the Corporation shall be treated
for all purposes of this Agreement as the owner of such Class A Common Units. 
 (b) The Corporation may, at any time prior to a
Redemption Date, deliver written notice (an “Exchange Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its right to consummate a Direct Exchange in lieu of a Redemption;
provided that such election does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time in its sole and absolute
discretion (as determined solely by its Independent Directors who are disinterested); provided that any such revocation does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. The
right to consummate a Direct Exchange in all events shall be exercisable for all the Redeemed Units that would have otherwise been subject to a Redemption. Except as otherwise provided by this Section 11.03, a Direct
Exchange shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice. 

SECTION 11.04. Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation. 

(a) At all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock solely for the
purpose of issuance upon a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Redemption or Direct Exchange pursuant to Share Settlements; provided that nothing contained
herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Redemption or Direct Exchange by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of
the Corporation) or the delivery of Cash pursuant to a Cash Settlement. Insofar as the shares of Class A Common Stock are required to be registered under the Securities Act, the Corporation shall deliver shares of Class A Common Stock that
have been registered under the Securities Act with respect to any Redemption or Direct Exchange to the extent a registration statement is effective and available for such shares. The Corporation shall use its commercially reasonable efforts to list
the shares of Class A Common Stock required to be delivered upon any such Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at
the time of such Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation covenants that all shares of Class A Common Stock issued upon a
Redemption or Direct Exchange will, upon issuance, be 

  
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validly issued, fully paid and non-assessable. The provisions of this Article XI shall be interpreted and applied in a manner consistent with the
corresponding provisions of the Corporation’s certificate of incorporation. 
 (b) Simultaneous with the consummation of such
Redemption (or Direct Exchange, if so elected by the Corporation), the Redeeming Member shall surrender to the Corporation, and the Corporation shall cancel for no consideration, a number of shares of Class B Common Stock or Series B Founder
Preferred Shares, as applicable, registered in the name of such Redeeming Member equal to the number of the Redeemed Units redeemed in such Redemption or exchanged in such Direct Exchange, if so elected by the Corporation. 

SECTION 11.05. Effect of Exercise of Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation of a
Redemption or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members and the Redeeming Member (to the extent of such Redeeming Member’s remaining Company Interests). No Redemption or
Direct Exchange shall relieve such Redeeming Member of any prior breach of this Agreement. 
 SECTION 11.06. Tax Treatment. The
parties hereto acknowledge and agree that each Redemption shall be treated as a direct purchase of Units by the Corporation from the Redeeming Member pursuant to Section 707(a)(2)(B) of the Code (or any similar provisions of applicable state,
local or foreign tax Law) (i.e., equivalent to a Direct Exchange). Transactions under this Article XI shall be subject to the provisions of Section 5.05. 

ARTICLE XII 
 Admission of
Members 
 SECTION 12.01. Substituted Members. Subject to the provisions of Article X hereof,
in connection with the Permitted Transfer of a Unit, the transferee shall be admitted as a substituted member of the Company (“Substituted Member”) on the effective date of such Permitted Transfer, which effective date shall
not be earlier than the date of compliance with the conditions to such Transfer. 
 SECTION 12.02. Additional Members. Subject to
the provisions of Article X hereof, any Person (other than the Members as of the Effective Time) may be admitted as an additional member of the Company (any such Person, an “Additional Member”) only upon furnishing to
the Manager (a) counterparts of this Agreement and any applicable Other Agreements and (b) such other documents or instruments as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including
entering into such documents as the Manager may deem appropriate in its reasonable discretion). Such admission shall become effective on the date on which the Manager determines in its reasonable discretion that such conditions have been satisfied;
provided, however, that as to any Person issued LTIP Units pursuant to this Agreement, such admission shall be effective on the Grant Date. 

  
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 ARTICLE XIII 

Resignation 
 SECTION
13.01. Resignation of Members. No Member shall have the power or right to resign as a member of the Company prior to the dissolution and winding up of the Company pursuant to Article XIV. Upon or after the
dissolution and winding up of the Company, a Member may resign as a member of the Company solely with the prior written consent of the Manager. The attempt by any Member to resign as a member of the Company upon or following the dissolution and
winding up of the Company pursuant to Article XIV without the prior written consent of the Manager, but prior to such Member receiving the full amount of Distributions from the Company to which such Member is entitled
pursuant to Article XIV, shall be deemed to have breached this Agreement and shall be liable to the Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the
resignation of such Member as a member of the Company. Upon a Transfer of all of a Member’s Units in a Transfer permitted by this Agreement, subject to the provisions of Section 10.06, such Member shall cease to be a
Member. 
 ARTICLE XIV 

Dissolution and Liquidation 

SECTION 14.01. Dissolution. The Company shall not be dissolved by the admission of Additional Members or Substituted Members or the
resignation or attempted resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon the first to occur of the following events: 

(a) the decision of the Manager together with the Majority Members to dissolve the Company; 

(b) a dissolution of the Company under Section 18-801(4) of the Delaware Act; or 

(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the
Delaware Act. 
 Except as otherwise set forth in this Article XIV, the Company is intended to have perpetual existence.
Notwithstanding any other provision of this Agreement, (i) an Event of Withdrawal shall not cause the relevant Member to cease to be a member of the Company and upon the occurrence of such event, the Company shall continue without dissolution,
and (ii) each of the Members waives any right it may have to agree in writing to dissolve the Company upon an Event of Withdrawal. 

SECTION 14.02. Liquidation and Termination. On dissolution of the Company, the Manager shall act as the liquidating trustee or may
appoint one or more Persons as the liquidating trustee. The liquidating trustee shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be
borne as a Company expense. Until final distribution, the liquidating trustee 

  
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shall continue to operate the Company properties with all of the power and authority of the Manager. Subject to the Delaware Act, the steps to be accomplished by the liquidating trustee are as
follows: 
 (a) as promptly as possible after dissolution and again after final liquidation, the liquidating trustee shall
cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is
completed, as applicable; 
 (b) the liquidating trustee shall pay, satisfy or discharge from Company funds, or otherwise
make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidating trustee may reasonably determine): first, all expenses incurred in
liquidation of the Company; second, all of the debts, liabilities and obligations owed to creditors of the Company, other than Members; third, all of the debts and liabilities owed to Members; and 

(c) all remaining assets of the Company shall be distributed to the Members in accordance with Article IV by the end of
the Taxable Year during which the final liquidation of the Company occurs (or, if later, by ninety (90) days after the date of the final liquidation). The distribution of cash and/or property to the Members in accordance with the provisions of
this Section 14.02 and Section 14.03 below constitutes a complete return to the Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company and
all the Company’s property and constitutes a compromise to which all Members have consented within the meaning of the Delaware Act. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those
funds. 
 SECTION 14.03. Deferment; Distribution in Kind. Notwithstanding the provisions of Section 14.02,
but subject to the order of priorities set forth therein, if upon dissolution of the Company the liquidating trustee determines that an immediate sale of part or all of the Company’s assets would be impractical or would cause undue loss (or
would otherwise not be beneficial) to the Members, the liquidating trustee may, in the liquidating trustee’s sole discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy Company liabilities (other
than loans to the Company by Members) and reserves. Subject to the order of priorities set forth in Section 14.02, the liquidating trustee may, in the liquidating trustee’s sole discretion, distribute to the Members,
in lieu of cash, either (a) all or any portion of such remaining Company assets in-kind in accordance with the provisions of Section 14.02(c), (b) as tenants in common and in
accordance with the provisions of Section 14.02(c), undivided interests in all or any portion of such Company assets or (c) a combination of the foregoing. Any such Distributions in kind shall be subject to
(y) such conditions relating to the disposition and management of such assets as the liquidating trustee deems reasonable and equitable, and (z) the terms and conditions of any agreements governing such assets (or the operation thereof or
the holders thereof) at such time. Any Company assets distributed in kind will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with
Article V. The liquidating trustee shall determine the Fair Market Value of any property distributed in accordance with the valuation procedures set forth in Article XV. 

  
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 SECTION 14.04. Certificate of Cancellation. On completion of the distribution of
Company assets as provided herein, the Company is terminated (and the Company shall not be terminated prior to such time), and the Manager shall file or cause to be filed a certificate of cancellation with the Secretary of State of the State of
Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to continue in existence for all purposes of this
Agreement until it is terminated pursuant to this Section 14.04. 
 SECTION 14.05. Reasonable Time for Winding
Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant
upon such winding up. 
 SECTION 14.06. Return of Capital. The liquidating trustee shall not be personally liable for the return of
Capital Contributions or any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 

ARTICLE XV 
 Valuation 

SECTION 15.01. Determination. “Fair Market Value” of a specific Company asset will mean the amount which the
Company would receive in an all-cash sale of such asset in an arms-length transaction with a willing, unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day
immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale), as such amount is determined by the
Manager (or, if pursuant to Section 14.02, the liquidating trustee) in its good faith judgment using all factors, information and data it deems to be pertinent. 

SECTION 15.02. Dispute Resolution. If any Member or Members dispute the accuracy of any determination of Fair Market Value in
accordance with Section 15.01, and the Manager (or, if pursuant to Section 14.02, the liquidating trustee) and such Member(s) are unable to agree on the determination of the Fair Market Value of
any asset of the Company, the Manager (or, if pursuant to Section 14.02, the liquidation trustee) and such Member(s) shall each select a nationally recognized investment banking firm experienced in valuing securities of
closely-held companies such as the Company in the Company’s industry (the “Appraisers”), who shall each determine the Fair Market Value of the asset or the Company (as applicable) in accordance with the provisions of
Section 15.01. The Appraisers shall be instructed to give written notice of their determination of the Fair Market Value of the asset or the Company (as applicable) within thirty (30) days of their appointment as
Appraisers. If Fair Market Value as determined by an Appraiser is higher than Fair Market Value as determined by the other Appraiser by ten percent (10%) or more, and the Manager (or, if pursuant to Section 14.02, the
liquidation trustee) and such Member(s) do not otherwise agree on a Fair Market Value, the 

  
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original Appraisers shall designate a third Appraiser meeting the same criteria used to select the original two Appraisers, and such third Appraiser shall determine the Fair Market Value of such
asset or the Company (as applicable) within thirty (30) days of its appointment as an Appraiser, provided that such Appraiser shall not determine the Fair Market Value of such asset or the Company (as applicable) to be lower or higher
than the determinations made by the original two Appraisers. If Fair Market Value as determined by an Appraiser is within ten percent (10%) of the Fair Market Value as determined by the other Appraiser (but not identical), and the Manager (or, if
pursuant to Section 14.02, the liquidating trustee) and such Member(s) do not otherwise agree on a Fair Market Value, the Manager (or, if pursuant to Section 14.02, the liquidating trustee) shall
select the Fair Market Value of one of the Appraisers. The fees and expenses of the Appraisers shall be borne by the Company. 
 ARTICLE XVI

 General Provisions 

SECTION 16.01. Power of Attorney. (a) Each Member who is an individual hereby constitutes and appoints the Manager (or the
liquidating trustee, if applicable) with full power of substitution, as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her
or its name, place and stead, to the same extent and with the same effect as such Member would or could do under applicable Law, to: 

(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all
certificates and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other
jurisdictions in which the Company may conduct business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its
terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of
cancellation; and (D) all instruments relating to the admission, resignation or substitution of any Member pursuant to Article XII or XIII; and 

(ii) sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments
appropriate or necessary, in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Members hereunder or is consistent with the terms of this
Agreement, in the reasonable judgment of the Manager, necessary or appropriate to effectuate the terms of this Agreement. 
 (b) The
foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member who is an individual and the transfer of all or any
portion of his, her or its Company Interest and shall extend to such Member’s heirs, successors, permitted assigns and personal representatives. 

  
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 SECTION 16.02. Confidentiality. (a) The Manager and each of the Members agree to
hold the Company’s Confidential Information in confidence and may not use such information except (i) in furtherance of the business of the Company, (ii) as reasonably necessary for compliance with applicable Law, including compliance
with disclosure requirements under the Securities Act and the Exchange Act and compliance with the listing requirements of any securities exchange on which the Class A Common Stock is traded, and securities laws of other jurisdictions or
(iii) as otherwise authorized separately in writing by the Manager. “Confidential Information” as used herein includes, but is not limited to, ideas, financial product structuring, business strategies, innovations and
materials, all aspects of the Company’s business plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners, employees and their identities, equity ownership, the methods
and means by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company’s business. With respect to the Manager and each Member, Confidential Information
does not include information or material that: (a) is rightfully in the possession of the Manager or each Member at the time of disclosure by the Company; (b) before or after it has been disclosed to the Manager or each Member by the
Company, becomes part of public knowledge, not as a result of any action or inaction of the Manager or such Member, respectively, in violation of this Agreement; (c) is approved for release by written authorization of the Manager or the Chief
Executive Officer or the President of the Company; (d) is disclosed to the Manager or such Member or their representatives by a third party not, to the knowledge of the Manager or such Member, respectively, in violation of any obligation of
confidentiality owed to the Company with respect to such information; or (e) is or becomes independently developed by the Manager or such Member or their respective representatives without use or reference to the Confidential Information. 

(b) Each of the Members may disclose Confidential Information to its Subsidiaries, Affiliates, partners, members, directors, managers,
officers, employees, counsel, advisers, consultants, outside contractors and other agents, on the condition that such Persons keep the Confidential Information confidential to the same extent as such disclosing party is required to keep the
Confidential Information confidential, solely to the extent it is reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement; provided that the disclosing party shall remain liable with
respect to any breach of this Section 16.02 by any such Person. 
 (c) Notwithstanding anything in
Section 16.02(a) or Section 16.02(b) to the contrary, each of the Members may disclose Confidential Information (i) to the extent that such party is legally compelled (by oral questions,
interrogatories, request for information or documents, subpoena, civil investigative demand or similar process) to disclose any of the Confidential Information, for purposes of reporting to its stockholders and direct and indirect equity holders the
performance of the Company and its Subsidiaries and for purposes of including applicable information in its financial statements to the extent required by applicable Law or applicable accounting standards; or (ii) to any bona fide prospective
purchaser of the equity or assets of a Member, or the Common Units held by such Member, or a prospective merger partner of such Member (provided, that (x) such Persons will be informed by such Member of the confidential nature of such
information and shall agree in writing to keep such information confidential in accordance with the contents of this Agreement, and (y) each 

  
 62 

 
Member will be liable for any breaches of this Section 16.02 by any such Persons). Nothing in this Agreement shall prevent a Member from (A) filing and, as provided
for under Section 21F of the Exchange Act, maintaining the confidentiality of, a claim with the SEC; (B) providing Confidential Information to the SEC, or providing the SEC with information that would otherwise violate any part of this
Agreement, to the extent permitted by Section 21F of the Exchange Act; (C) cooperating, participating or assisting in an SEC investigation or proceeding without notifying the Company or any of its Affiliates; or (D) receiving a
monetary award as set forth in Section 21F of the Exchange Act. Notwithstanding any of the foregoing, nothing in this Section 16.02 will restrict in any manner the ability of the Corporation to comply with its
disclosure obligations under Law or the listing requirements of any securities exchange on which the Class A Common Stock is traded, and the extent to which any Confidential Information is necessary or desirable to disclose. 

SECTION 16.03. Amendments. (a) Any amendment or modification of this Agreement shall require the affirmative consent or approval
of the Majority Members; provided, however, that any such amendment that: (i) changes the rights, powers or duties of the Members holding a class or series of Units so as to affect such rights, powers or duties adversely shall
also require the affirmative consent or approval of the Members holding a majority of the outstanding Units of such class or series; (ii) changes to this Section 16.03(a) shall also require the affirmative consent or
approval of the Manager and each Member; and (iii) changes any provision that expressly requires the approval, consent or action of a Person or Persons so as to affect such Person or Persons adversely shall also require the affirmative consent
or approval of such Person or Persons. 
 (b) Notwithstanding the foregoing, the Manager may amend or modify any provision of this Agreement
or the Schedules of Members pursuant to Sections 3.01(d), 3.02(c)(iii), 3.02(f), 3.09 and 6.01(c) without further act, vote, approval or consent of the Members or any other Person notwithstanding any other
provision of this Agreement or, to the fullest extent permitted by applicable Law, the Delaware Act or other applicable Law, so long as such amendment or modification does not change the powers, preferences or relative, participating, optional,
special or other rights, if any, or the qualifications, limitations or restrictions of the Members holding a class or series of Units so as to affect them adversely. 

SECTION 16.04. Title to Company Assets. Company assets shall be deemed to be owned by the Company as an entity, and no Member,
individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. The Company shall hold title to all of its property in the name of the Company and not in the name of any Member. All Company assets shall
be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company assets is held. The Company’s credit and assets shall be used solely for the benefit of the Company, and no asset
of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member. 
 SECTION 16.05.
Addresses and Notices. Any notice provided for in this Agreement will be in writing and will be either personally delivered, or sent by certified mail, return receipt requested, or sent by reputable overnight courier service (charges
prepaid), or sent by e-mail to the Company at the address set forth below and to any other recipient and to any 

  
 63 

 
Member at such address as indicated by the Company’s records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the
sending party. Notices will be deemed to have been given hereunder when delivered personally, three (3) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service or transmission via e-mail. Notice shall be sent to the Company at the following address: 
 APW OpCo LLC 

3 Bala Plaza East, Suite 502 

Bala Cynwyd, PA 19004 
 Fax:
(610) 660-4920 
 Email: sbruce@agrp.com 

Attention: Scott Bruce 
 with a
copy (which copy shall not constitute notice) to: 
 Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York,
New York 10019 
 Attn: Thomas E. Dunn, Esq. 

Facsimile: (212) 474-1108 

E-mail: TDunn@cravath.com 

SECTION 16.06. Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 SECTION 16.07.
Creditors. To the fullest extent permitted by applicable Law, none of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to
the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Company
Profits, Losses, Distributions, capital or property other than as a secured creditor. 
 SECTION 16.08. Waiver. No failure by any
party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty,
agreement or condition. 
 SECTION 16.09. Counterparts. This Agreement may be executed in separate counterparts, each of which will
be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 
 SECTION 16.10.
Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or
any 

  
 64 

 
other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any dispute relating hereto shall be heard in the state or federal courts of
the State of Delaware, and the parties agree to jurisdiction and venue therein. 
 SECTION 16.11. Severability. Whenever possible,
each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or
rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 SECTION 16.12. Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement. 

SECTION 16.13. Delivery by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection
with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and respects
as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument,
each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic
transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a contract and
each such party forever waives any such defense. 
 SECTION 16.14. Right of Offset. Whenever the Company is to pay any sum (other
than pursuant to Article IV) to any Member, any amounts that such Member owes to the Company which are not the subject of a good faith dispute may be deducted from that sum before payment. For the avoidance of doubt, the
distribution of Units to the Corporation shall not be subject to this Section 16.14. 
 SECTION 16.15.
Effectiveness. This Agreement shall be effective upon the effective time of the Merger (the “Effective Time”). 

SECTION 16.16. Entire Agreement. This Agreement and those documents expressly referred to herein embody the complete agreement and
understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt,
the Original Agreement, as in effect immediately prior to the Effective Time is superseded by this Agreement as of Effective Time and shall be of no further force and effect thereafter. 

  
 65 

 SECTION 16.17. Remedies. Each Member shall have all rights and remedies set forth in
this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this
Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all
other rights granted by Law. 
 SECTION 16.18. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form
of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation and shall mean, “including, without limitation”.
Reference to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the
immediately preceding sentence, no amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless
such Person has consented in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall
not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other
agreement, this Agreement shall control but solely to the extent of such conflict. 
 SECTION 16.19. LTIP Agreement Conflicts. Except
as otherwise provided in Article X and Section 16.03, in the event of any conflict between the terms of this Agreement relating to LTIP Units and any applicable LTIP Agreement, the relevant terms of the LTIP
Agreement shall take precedence. 
 [Remainder of page intentionally left blank] 

  
 66 

 The undersigned hereby agree to be bound by all of the terms and provisions of the First
Amended and Restated LLC Agreement of APW OpCo LLC as of the date first set forth above. 
  

			
	 LANDSCAPE ACQUISITION
 HOLDINGS
LIMITED, AS A MEMBER
 AND THE CORPORATION 

	
	        by
		 	 /s/ Noam Gottesman

		 	 Name: Noam Gottesman

		 	 Title:   Director

 SIGNATURE PAGE TO FIRST AMENDED AND RESTATED LLC AGREEMENT 

 The undersigned hereby agree to be bound by all of the terms and provisions of the First
Amended and Restated LLC Agreement of APW OpCo LLC as of the date first set forth above. 
  

			
	LANDSCAPE ACQUISITION HOLDINGS LIMITED, as a Member and the Corporation
		
	By:	 	/s/ Noam Gottesman
		 	Name: Noam Gottesman
		 	Title: Director

  

			
	JNB GROUP, LLC, as a Member
		
	by	 	/s/ Scott Bruce
		 	Name: Scott Bruce
		 	Title: Manager

  

			
	BB Partners, LLC, as a Member
		
	    	 	/s/ William Berkman
		 	Name: William Berkman
		 	Title: Managing Member

  

			
		 	/s/ Mara Berkman Landis
	    	 	MARA BERKMAN LANDIS, AS A MEMBER

  

			
	BB BLAH, LLC, as a Member
		
	    	 	/s/ William Berkman
		 	Name: William Berkman
		 	Title: Managing Member

 SIGNATURE PAGE TO FIRST AMENDED AND RESTATED LLC AGREEMENT 

 
			
	THE DAVID J. BERKMAN FAMILY TRUST, as a Member
		
	    	 	/s/ Richard Goldstein
		 	Name: Richard Goldstein
		 	Title: Trustee

  

			
	ROBERT J. HURST, as a Member
		
	    	 	 /s/ Robert J. Hurst

  

			
	HURST FAMILY FOUNDATION, as a Member
		
	    	 	/s/ Robert J. Hurst
	Name:	 	
	Title:	 	

  

			
	THOMAS E. TUFT, as a Member
		
	    	 	 /s/ Thomas E. Tuft

  

			
	JOSEPH H. WENDER TRUST, as a Member
		
	    	 	/s/ Joseph H. Wender
	Name:	 	Joseph H. Wender
	Title:	 	Trustee

 SIGNATURE PAGE TO FIRST AMENDED AND RESTATED LLC AGREEMENT 

 
			
	BRANCH HILL CAPITAL LLC, AS A MEMBER
		
	    	 	/s/ Ron Beller
	Name:	 	Ron Beller
	Title:	 	Managing Member

  

			
	DAVID M. SOLOMON, as a Member
		
	    	 	 /s/ David M. Solomon

  

			
	PAUL GOULD, as a Member
		
	    	 	 /s/ Paul Gould

  

			
	TUFT GS INVESTMENT PARTNERS,
LP, as a Member
		
		 	/s/ Thomas E. Tuft
	Name:	 	Thomas E. Tuft
	Title:	 	General Partner

  

			
	RJH INVESTMENT PARTNERS, L.P.,
as a Member
		
		 	/s/ Robert J. Hurst
	Name:	 	Robert J. Hurst
	Title:	 	

  

			
	JT FAMILY PARTNERSHIP, as a Member
		
		 	/s/ James S. Tisch
	Name:	 	James S. Tisch
	Title:	 	Manager

 SIGNATURE PAGE TO FIRST AMENDED AND RESTATED LLC AGREEMENT 

 
			
	THE ALEXANDER H. TISCH 2011 TRUST, as a Member
		
		 	/s/ Andrew H. Tisch
	Name:	 	Andrew H. Tisch
	Title:	 	Managing Trustee

  

			
	THE LACEY A. TISCH 2011 TRUST, as a Member
		
		 	/s/ Andrew H. Tisch
	Name:	 	Andrew H. Tisch
	Title:	 	Managing Trustee

  

			
	THE ANDREW H. TISCH 1995 ISSUE TRUST # 2, as a Member
		
		 	/s/ Andrew H. Tisch
	Name:	 	Andrew H. Tisch
	Title:	 	Managing Trustee

  

			
	MICHAEL M. KASSEN, as a Member
		
	      	 	 /s/ Michael M. Kassen

  

			
	CARP FAMILY LLC II, AS A MEMBER
		
		 	/s/ Robyn Carp
	Name:	 	Robyn Carp
	Title:	 	Managing Member

 SIGNATURE PAGE TO FIRST AMENDED AND RESTATED LLC AGREEMENT 

			
	CARP FAMILY LLC I, AS A MEMBER
		
		 	/s/ Robyn Carp
	Name:	 	Robyn Carp
	Title:	 	Managing Member

  

			
	WILLIAM BERKMAN, as a Member
		
		 	 /s/ William Berkman

  

			
	DAVID BERKMAN, as a Member
		
		 	 /s/ David Berkman

  

			
	SCOTT BRUCE, as a Member
		
		 	 /s/ Scott Bruce

  

			
	RICHARD GOLDSTEIN, as a Member
		
		 	 /s/ Richard Goldstein

  

			
	GLENN BREISINGER, as a Member
		
		 	 /s/ Glenn Breisinger

  

			
	JAY BIRNBAUM, as a Member
		
		 	 /s/ Jay Birnbaum

 SIGNATURE PAGE TO FIRST AMENDED AND RESTATED LLC AGREEMENT 

 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of [●], 20[●] (this “Joinder”), is delivered pursuant to that certain First
Amended and Restated LLC Agreement, of APW OpCo LLC, entered into effective as of [●], 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “LLC Agreement”) of APW OpCo
LLC, a Delaware limited liability company (the “Company”). Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LLC Agreement. 

 

	 	1.	 Joinder to the LLC Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof
to the Corporation, the undersigned hereby is and hereafter will be a Member under the LLC Agreement and a party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it shall comply
with and be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the date thereof. 

  

	 	2.	 Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated by
reference in this Joinder as if set forth herein in full. 

  

	 	3.	 Address. All notices under the LLC Agreement to the undersigned shall be directed to:

 [Name] 

[Address] 
 [City, State, Zip
Code] 
 Attn: 
 Facsimile:

 E-mail: 

  
 A-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the
day and year first above written. 
  

			
	 [NAME OF NEW MEMBER]

	
	        by
		 	  

		 	 Name:

		 	 Title:  

  

			
	 Accepted and agreed
 as of the date
first set forth above:

	  
 APW OPCO LLC

 
 By: Landscape Acquisition Holding Limited,

Its manager

		
	        by	 	
		 	  

		 	 Name: [●]

		 	 Title:   [●]

  
 A-2 

 CERTIFICATE FOR 

APW OPCO LLC 
  

			
	Certificate Number             	  	                  [Class A][B] [Series A] [B]
[LTIP]
 [Series A] [B] [Rollover Profits] Units

 APW OpCo LLC, a Delaware limited liability company (the “Company”), hereby certifies that
                                     (the
“Holder”) is the registered owner of                     [Class A][B] [Series A] [B] [LTIP] [Series A] [B] [Rollover
Profits] Units of limited liability company interest in the Company (the “Interests”). THE RIGHTS, POWERS, PREFERENCES, RESTRICTIONS (INCLUDING TRANSFER RESTRICTIONS) AND LIMITATIONS OF THE INTERESTS ARE SET FORTH IN, AND
THIS CERTIFICATE AND THE INTERESTS REPRESENTED HEREBY ARE ISSUED AND SHALL IN ALL RESPECTS BE SUBJECT TO THE TERMS AND PROVISIONS OF THE FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF THE COMPANY, DATED AS OF
                         , 2020, AS THE SAME MAY BE AMENDED OR AMENDED AND RESTATED FROM TIME TO TIME (THE
“AGREEMENT”). THE TRANSFER OF THIS CERTIFICATE AND THE INTERESTS REPRESENTED HEREBY IS RESTRICTED AS DESCRIBED IN THE AGREEMENT. By acceptance of this Certificate, and as a condition to being entitled to any rights and/or
benefits with respect to the Interests evidenced hereby, the Holder is deemed to have agreed to comply with and be bound by all of the terms and conditions of the Agreement. The Company will furnish a copy of the Agreement to the Holder without
charge upon written request to the Company at its principal place of business. The Company maintains books for the purpose of registering the transfer of Interests. 

Each limited liability company interest in the Company shall constitute a “security” within the meaning of, and governed by, (i) Article 8 of
the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any other applicable
jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar
Association on February 14, 1995. 
 This Certificate shall be governed by and construed in accordance with the laws of the State of Delaware without
regard to principles of conflict of laws. 
 IN WITNESS WHEREOF, the Company has caused this Certificate to be executed by
                                        
its
                                        
as of the date set forth below. 
  

					
	Dated:                      , 20    	  	      

Name:
 Title:
	  	

 Exhibit B 

REVERSE SIDE OF CERTIFICATE 

REPRESENTED INTERESTS OF 

APW OPCO LLC 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
[print or typewrite the name of the transferee],
                                        
[insert Social Security Number or other taxpayer identification number of transferee], the following specified percentage of Interests:
                                        
[identify percentage of Interests being transferred], and irrevocably constitutes and appoints
                                        
as attorney-in-fact to transfer the same on the books and records of the Company, with full power of substitution in the premises. 

 

					
	Dated:                      , 20    	  	Signature:
                                         
       	  	
		  	                        (Transferor)	  	
		  	Address:
                                         
               	  	

  

  
 B-1 

 Exhibit C 

Officers (as of the Effective Time) 
  

			
	 Name
	  	 Title

	 William Berkman
	  	 Chief Executive Officer

		
	 Scott Bruce
	  	 President

		
	 Richard Goldstein
	  	 Chief Operating Officer

		
	 Glenn Breisinger
	  	 Chief Financial Officer and Treasurer

		
	 Jay Birnbaum
	  	 Senior Vice President, General Counsel and Secretary

		
	 Andrew Rosenstein
	  	 Vice President, Deputy General Counsel and Assistant Secretary

		
	 John Blisard
	  	 Vice President, Finance, Controller and Assistant Treasurer

		
	 Victor Martinelli
	  	 Assistant Treasurer

		
	 Deanna Lazar
	  	 Assistant Secretary

  
 C-1EX-10.11

 Exhibit 10.11 

EXECUTION COPY 
  

 
  

DWIP LOAN AND SECURITY AGREEMENT 

Between 
 AP WIP
HOLDINGS, LLC 
 as Borrower 

AP SERVICE COMPANY, LLC 

as Servicer 
 The Lenders
party hereto 
 GUGGENHEIM CORPORATE FUNDING, LLC 

as Administrative Agent for itself and other financial institutions 

that may from time to time become parties hereto as Lenders 

MIDLAND LOAN SERVICES, 

A division of PNC Bank, National Association 

as Backup Servicer 

Deutsche Bank Trust Company Americas 

as Collateral Agent 

Deutsche Bank Trust Company Americas 

as Calculation Agent 

AND 
 Deutsche Bank
Trust Company Americas 
 as Paying Agent 

DATED AUGUST 12, 2014 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS	  

			
	 Section 1.1
	 	 Certain Defined Terms
	  	 	1	 
	 Section 1.2
	 	 Accounting Terms
	  	 	23	 
	 Section 1.3
	 	 Other Definitional Provisions
	  	 	24	 
	
	ARTICLE II	  

	
	TERMS OF THE LOAN	  

			
	 Section 2.1
	 	 Loan
	  	 	24	 
	 Section 2.2
	 	 The Advances
	  	 	24	 
	 Section 2.3
	 	 Interest
	  	 	26	 
	 Section 2.4
	 	 Fees
	  	 	27	 
	 Section 2.5
	 	 Note; Repayment of the Advances
	  	 	28	 
	 Section 2.6
	 	 Payments
	  	 	29	 
	 Section 2.7
	 	 Maturity
	  	 	30	 
	 Section 2.8
	 	 Prepayment
	  	 	30	 
	 Section 2.9
	 	 [Intentionally Omitted]
	  	 	30	 
	 Section 2.10
	 	 Outstanding Balance
	  	 	30	 
	 Section 2.11
	 	 Reasonableness of Charges
	  	 	30	 
	 Section 2.12
	 	 Agents
	  	 	31	 
	
	ARTICLE III	  

	
	CONDITIONS TO LOAN	  

			
	 Section 3.1
	 	 Conditions to the Closing and the Initial Installment of the Loan
	  	 	31	 
	 Section 3.2
	 	 Conditions to all Advances
	  	 	35	 
	 Section 3.3
	 	 [Intentionally Omitted]
	  	 	37	 
	 Section 3.4
	 	 Conditions to any additional Commitment and Installment
	  	 	37	 
	
	ARTICLE IV	  

	
	REPRESENTATIONS AND WARRANTIES	  

			
	 Section 4.1
	 	 Organization, Powers, Capitalization, Good Standing, Business
	  	 	38	 
	 Section 4.2
	 	 Authorization of Borrowing, etc
	  	 	39	 
	 Section 4.3
	 	 Financial Statements
	  	 	40	 
	 Section 4.4
	 	 Indebtedness and Contingent Obligations
	  	 	40	 
	 Section 4.5
	 	 [Intentionally Omitted]
	  	 	40	 
	 Section 4.6
	 	 [Intentionally Omitted]
	  	 	40	 

  
 i 

							
	 Section 4.7
	 	 [Intentionally Omitted]
	  	 	40	 
	 Section 4.8
	 	 [Intentionally Omitted]
	  	 	40	 
	 Section 4.9
	 	 Litigation; Adverse Facts
	  	 	40	 
	 Section 4.10
	 	 Payment of Taxes
	  	 	40	 
	 Section 4.11
	 	 Adverse Contracts
	  	 	40	 
	 Section 4.12
	 	 Performance of Agreements
	  	 	40	 
	 Section 4.13
	 	 Governmental Regulation
	  	 	41	 
	 Section 4.14
	 	 Employee Benefit Plans and ERISA Affiliates
	  	 	41	 
	 Section 4.15
	 	 Broker’s Fees
	  	 	41	 
	 Section 4.16
	 	 Solvency
	  	 	41	 
	 Section 4.17
	 	 Disclosure
	  	 	41	 
	 Section 4.18
	 	 Use of Proceeds and Margin Security
	  	 	42	 
	 Section 4.19
	 	 Insurance
	  	 	42	 
	 Section 4.20
	 	 Investments
	  	 	42	 
	 Section 4.21
	 	 No Plan Assets
	  	 	42	 
	 Section 4.22
	 	 Plans
	  	 	42	 
	 Section 4.23
	 	 Not a Foreign Person
	  	 	42	 
	 Section 4.24
	 	 No Collective Bargaining Agreements
	  	 	42	 
	 Section 4.25
	 	 Investment Company Act
	  	 	42	 
	 Section 4.26
	 	 Organization
	  	 	43	 
	 Section 4.27
	 	 [Intentionally Omitted]
	  	 	43	 
	 Section 4.28
	 	 Cash Flow Cut-Off Date
	  	 	43	 
	 Section 4.29
	 	 The Collateral Generally
	  	 	43	 
	
	ARTICLE V	  

	
	COVENANTS OF OBLIGORS	  

			
	 Section 5.1
	 	 Financial Statements and Other Reports
	  	 	43	 
	 Section 5.2
	 	 Existence; Qualification
	  	 	47	 
	 Section 5.3
	 	 Payment of Impositions and Claims
	  	 	47	 
	 Section 5.4
	 	 Maintenance of Insurance
	  	 	48	 
	 Section 5.5
	 	 [Intentionally Omitted]
	  	 	49	 
	 Section 5.6
	 	 Inspection and Audit
	  	 	50	 
	 Section 5.7
	 	 Compliance with Laws and Contractual Obligations
	  	 	50	 
	 Section 5.8
	 	 Further Assurances
	  	 	50	 
	 Section 5.9
	 	 Performance of Agreements and Contracts
	  	 	50	 
	 Section 5.10
	 	 Accounts
	  	 	51	 
	 Section 5.11
	 	 Servicing Terms
	  	 	51	 
	 Section 5.12
	 	 Deposits; Application of Receipts
	  	 	51	 
	 Section 5.13
	 	 Estoppel Certificates
	  	 	51	 
	 Section 5.14
	 	 Indebtedness
	  	 	52	 
	 Section 5.15
	 	 No Liens
	  	 	52	 
	 Section 5.16
	 	 Contingent Obligations
	  	 	52	 
	 Section 5.17
	 	 Restriction on Fundamental Changes
	  	 	52	 
	 Section 5.18
	 	 Transactions with Related Persons
	  	 	53	 
	 Section 5.19
	 	 Bankruptcy, Receivers, Similar Matters
	  	 	53	 

  
 ii 

							
	 Section 5.20
	 	 ERISA
	  	 	54	 
	 Section 5.21
	 	 Annexes
	  	 	54	 
	 Section 5.22
	 	 [Intentionally Omitted]
	  	 	54	 
	 Section 5.23
	 	 Material Adverse Change
	  	 	54	 
	 Section 5.24
	 	 [Intentionally Omitted]
	  	 	55	 
	 Section 5.25
	 	 Holding Company
	  	 	55	 
	
	 ARTICLE VI
	  

	
	RESERVES	  

			
	 Section 6.1
	 	 Security Interest in Reserve; Other Matters Pertaining to Reserve
	  	 	55	 
	 Section 6.2
	 	 Funds Deposited with Agent
	  	 	56	 
	 Section 6.3
	 	 Cash Trap Reserve
	  	 	57	 
	
	ARTICLE VII	  

	
	DEPOSIT ACCOUNT;	  

	CENTRAL ACCOUNT; GENERAL RESERVE ACCOUNT	  

			
	 Section 7.1
	 	Establishment of Lock-Box Account, Collection Accounts, Loss Proceeds Sub-Account; General Reserve Account; and the Escrow Account	  	 	57	 
	 Section 7.2
	 	 Application of Funds After Event of Default
	  	 	60	 
	
	ARTICLE VIII	  

	
	DEFAULT, RIGHTS AND REMEDIES	  

			
	 Section 8.1
	 	 Event of Default
	  	 	60	 
	 Section 8.2
	 	 Acceleration and Remedies
	  	 	63	 
	 Section 8.3
	 	 Performance by the Administrative Agent
	  	 	66	 
	 Section 8.4
	 	 Evidence of Compliance
	  	 	66	 
	
	ARTICLE IX	  

	
	LIMITED-PURPOSE, BANKRUPTCY-REMOTE	  

	REPRESENTATIONS, WARRANTIES AND COVENANTS	  

			
	 Section 9.1
	 	 Applicable to Borrower, Holding Company, and Obligors
	  	 	66	 
	 Section 9.2
	 	 Independent Directors
	  	 	69	 
	
	ARTICLE X	  

	
	PLEDGE OF OTHER COMPANY COLLATERAL	  

			
	 Section 10.1
	 	 Grant of Security Interest/UCC Collateral
	  	 	69	 

  
 iii 

							
	
	ARTICLE XI	  

	
	RESTRICTIONS ON LIENS, TRANSFERS;	  

	ASSUMABILITY; RELEASE OF PROPERTIES	  

			
	 Section 11.1
	 	 Restrictions on Transfer and Encumbrance
	  	 	71	 
	 Section 11.2
	 	 Transfers of Beneficial Interests
	  	 	72	 
	
	ARTICLE XII	  

	
	RECOURSE; LIMITATIONS ON RECOURSE	  

			
	 Section 12.1
	 	 Limitations on Recourse
	  	 	72	 
	 Section 12.2
	 	 Intentionally Omitted
	  	 	72	 
	 Section 12.3
	 	 Miscellaneous
	  	 	72	 
	
	ARTICLE XIII	  

	
	WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES	  

			
	 Section 13.1
	 	 Waivers
	  	 	73	 
	
	ARTICLE XIV	  

	
	MISCELLANEOUS	  

			
	 Section 14.1
	 	 Expenses and Attorneys’ Fees
	  	 	75	 
	 Section 14.2
	 	 Indemnity
	  	 	76	 
	 Section 14.3
	 	 Amendments and Waivers
	  	 	77	 
	 Section 14.4
	 	 Retention of the Obligors’ Documents
	  	 	77	 
	 Section 14.5
	 	 Notices
	  	 	77	 
	 Section 14.6
	 	 Survival of Warranties and Certain Agreements
	  	 	80	 
	 Section 14.7
	 	 Failure or Indulgence Not Waiver; Remedies Cumulative
	  	 	80	 
	 Section 14.8
	 	 Marshalling; Payments Set Aside
	  	 	80	 
	 Section 14.9
	 	 Severability
	  	 	81	 
	 Section 14.10
	 	 Headings
	  	 	81	 
	 Section 14.11
	 	 Applicable Law
	  	 	81	 
	 Section 14.12
	 	 Successors and Assigns
	  	 	81	 
	 Section 14.13
	 	 Sophisticated Parties, Reasonable Terms, No Fiduciary Relationship
	  	 	82	 
	 Section 14.14
	 	 Noncompliant Lender
	  	 	82	 
	 Section 14.15
	 	 Limitation of Liability
	  	 	83	 
	 Section 14.16
	 	 No Duty
	  	 	83	 
	 Section 14.17
	 	 Entire Agreement
	  	 	83	 
	 Section 14.18
	 	 Construction; Supremacy of Loan Agreement
	  	 	83	 
	 Section 14.19
	 	 Consent to Jurisdiction
	  	 	84	 
	 Section 14.20
	 	 Waiver of Jury Trial
	  	 	84	 
	 Section 14.21
	 	 Counterparts; Effectiveness
	  	 	85	 
	 Section 14.22
	 	 [Intentionally Omitted]
	  	 	85	 

  
 iv 

							
	 Section 14.23
	 	 [Intentionally Omitted]
	  	 	85	 
	 Section 14.24
	 	 Additional Inspections; Reports
	  	 	85	 
	 Section 14.25
	 	 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets
	  	 	85	 
	 Section 14.26
	 	 Customer Identification - USA Patriot Act Notice
	  	 	86	 
	 Section 14.27
	 	 Paying Agent Compliance with Applicable Anti-Terrorism and Anti-Money Laundering
Regulations
	  	 	86	 
	 Section 14.28
	 	 Confidentiality
	  	 	87	 
	
	ARTICLE XV	  

	
	THE SERVICER	  

			
	 Section 15.1
	 	 Acceptance of Appointment and Other Matters Relating to the Servicer
	  	 	87	 
	 Section 15.2
	 	 Servicing Compensation
	  	 	89	 
	 Section 15.3
	 	 Representations and Warranties of the Servicer
	  	 	89	 
	 Section 15.4
	 	 Covenants of the Servicer
	  	 	91	 
	 Section 15.5
	 	 Monthly Reports and Monthly Reconciliations
	  	 	94	 
	 Section 15.6
	 	 Notices to the Parent and the Borrower
	  	 	95	 
	 Section 15.7
	 	 Adjustments
	  	 	95	 
	 Section 15.8
	 	 Grant of License
	  	 	95	 
	
	ARTICLE XVI	  

	
	OTHER MATTERS RELATING TO THE SERVICER	  

			
	 Section 16.1
	 	 Liability of the Servicer
	  	 	96	 
	 Section 16.2
	 	 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer
	  	 	96	 
	 Section 16.3
	 	 Limitations on Liability
	  	 	96	 
	 Section 16.4
	 	 Indemnification by Servicer
	  	 	96	 
	 Section 16.5
	 	 Servicer Not to Resign
	  	 	96	 
	 Section 16.6
	 	 Examination of Records
	  	 	97	 
	
	ARTICLE XVII	  

	
	SERVICER DEFAULTS	  

			
	 Section 17.1
	 	 Servicer Defaults
	  	 	97	 
	 Section 17.2
	 	 Agent to Act; Appointment of Successor
	  	 	98	 
	 Section 17.3
	 	 Backup Servicer as Servicer; Servicing Advances
	  	 	99	 
	 Section 17.4
	 	 Backup Servicer Authority
	  	 	101	 
	 Section 17.5
	 	 Resignation
	  	 	101	 
	 Section 17.6
	 	 Delivery of Reports; Reliance on Information
	  	 	101	 
	 Section 17.7
	 	 Permitted Collateral Transfer
	  	 	102	 
	 Section 17.8
	 	 Maintenance of Insurance
	  	 	103	 
	 Section 17.9
	 	 Additional Backup Servicer Fees
	  	 	103	 
	 Section 17.10
	 	References to Servicer are deemed not to include Backup Servicer as Successor Servicer in the following Sections:	  	 	103	 

  
 v 

							
	 Section 17.11
	 	Other provisions which are modified in respect of the Backup Servicer, and Backup Servicer or any unaffiliated Servicer as Successor Servicer	  	 	104	 
	 Section 17.12
	 	 Liability of the Backup Servicer
	  	 	106	 
	 Section 17.13
	 	 Limitation on Liability of the Backup Servicer
	  	 	106	 
	
	ARTICLE XVIII	  

	
	THE ADMINISTRATIVE AGENT	  

			
	 Section 18.1
	 	 Appointment and Authority
	  	 	108	 
	 Section 18.2
	 	 Rights as a Lender
	  	 	108	 
	 Section 18.3
	 	 Exculpatory Provisions
	  	 	109	 
	 Section 18.4
	 	 Reliance by the Administrative Agent
	  	 	110	 
	 Section 18.5
	 	 [Intentionally Omitted]
	  	 	110	 
	 Section 18.6
	 	 Resignation or Removal of the Administrative Agent
	  	 	110	 
	 Section 18.7
	 	 Non-Reliance on the Administrative Agent and Other
Lenders
	  	 	111	 
	 Section 18.8
	 	 Intentionally Omitted
	  	 	111	 
	 Section 18.9
	 	 Intentionally Omitted
	  	 	111	 
	 Section 18.10
	 	 Enforcement
	  	 	111	 
	 Section 18.11
	 	 Intentionally Omitted
	  	 	111	 
	 Section 18.12
	 	 Action on Instructions of Lenders
	  	 	111	 
	
	ARTICLE XIX	  

	
	THE PAYING AGENT	  

			
	 Section 19.1
	 	 Appointment
	  	 	112	 
	 Section 19.2
	 	 Representations and Warranties
	  	 	112	 
	 Section 19.3
	 	 Limitation of Liability of Paying Agent
	  	 	112	 
	 Section 19.4
	 	 Certain Matters Affecting the Paying Agent
	  	 	112	 
	 Section 19.5
	 	 Indemnification
	  	 	115	 
	 Section 19.6
	 	 Compensation
	  	 	116	 
	 Section 19.7
	 	 Successor Paying Agent
	  	 	116	 
	 Section 19.8
	 	 Withholding Tax
	  	 	116	 
	 Section 19.9
	 	 Rights of the Collateral Agent
	  	 	118	 
	 Section 19.10
	 	 Real Property Documents
	  	 	119	 

  

  
 vi 

 DWIP LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT (this “Loan Agreement”) is dated as of AUGUST 12, 2014, and entered into
by and between AP WIP HOLDINGS, LLC, a Delaware limited liability company (the “Borrower”), certain of its subsidiaries as Asset Companies, Operating Companies signatory hereto, and Holdings Companies, AP SERVICE
COMPANY, LLC, a Delaware limited liability company, as Servicer, MIDLAND LOAN SERVICES, a division of PNC Bank, National Association, as Backup Servicer (“Backup Servicer”), GUGGENHEIM
CORPORATE FUNDING, LLC, as administrative agent (in such capacity, the “Administrative Agent”) for the financial institutions parties hereto or that may become parties hereto as lenders (each such financial institution, a
“Lender” and collectively, the “Lenders”), the Lenders a party hereto, DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (in such capacity, the “Collateral
Agent”), as calculation agent (in such capacity, the “Calculation Agent”) and as paying agent (in such capacity, the “Paying Agent”) 

RECITALS 
 WHEREAS,
all things necessary to make this Loan Agreement the valid and legally binding obligation of the Borrower in accordance with its terms, for the uses and purposes herein set forth, have been done and performed; 

WHEREAS, the parties hereto intend these recitals to be a material part of this Loan Agreement; and 

NOW, THEREFORE, in consideration of the premises and the representations, warranties, agreements, provisions and covenants herein
contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower, Lenders, Administrative Agent, Calculation Agent, the Collateral Agent, the Servicer, and Paying Agent agree as
follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Defined Terms. The terms defined below are used in this Loan
Agreement as so defined. Terms defined in the preamble and recitals to this Loan Agreement are used in this Loan Agreement as so defined. 

“Account Collateral” means, with respect to the Borrower and its Obligors, all of the Borrower’s and such
Obligors’ right, title and interest in and to the Accounts, the Reserve, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the
possession of any Lender representing or evidencing such Accounts and Reserve and all earnings and investments held therein and proceeds thereof; provided, that earnings, interest and dividends on amounts held in each Collection
Account and the General Reserve Account are excluded from, and not a part of, such Account Collateral. 

  
 1 

 “Accounts” means, with respect to the Borrower, the Aggregation
Account, the Escrow Account and the General Reserve Account, its Lock-Box Account, Collection Account, Cash Trap Reserve Account and any other accounts pledged by it or its related Obligors to the Collateral
Agent pursuant to this Loan Agreement or any other Loan Document. 
 “Additional Servicing Fee” has the meaning set
forth in the definition of “Servicing Fee”. 
 “Administrative Agent” means Guggenheim Corporate Funding,
LLC. 
 “Administrative Agent Fee” has the meaning set forth in the Fee Letter. 

“Administrative Expenses” has the meaning set forth in Section 2.12. 

“Advance” shall mean any advance by any Lenders to the Borrower, whether directly or through the Escrow Account, in
each case made pursuant to Article II of this Loan Agreement. The first Advance will be $90,000,000. 
 “Advance
Request” shall mean a request for an Advance substantially in the form of Exhibit A-1. 

“Affiliate” means as to any Person any other Person (i) which directly or indirectly controls, is controlled by,
or is under common control with, such Person; or (ii) which beneficially owns or holds, directly or indirectly, 55% or more of any class of the voting stock (or in the case of a Person that is not a corporation, 55% or more of the equity
interest) of such Person. Control, as used herein, 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 ownership of voting securities,
partnership interests, membership, voting rights, governing boards, committees, divisions or other bodies, including the power to elect a majority of the directors or trustees of a corporation or trust, as the case may be. 

“Agents” means the Administrative Agent, the Paying Agent, the Calculation Agent, and the Collateral Agent.

 “Aggregation Account” means the Eligible Account described in Section 7.1. 

“Allocated Loan Amount” means the sum of the Installments made less the amount of prepayments applied to principal.

 “Amortization Event” means (a) that the Servicer determines that as of last day of any calendar month the
Debt Service Coverage Ratio is equal to or less than 1.15 to 1.0, and shall continue to exist until the Servicer determines that the Debt Service Coverage Ratio exceeds 1.15 to 1.0 for two (2) consecutive calendar months or (b) or any time
the Minimum Contributed Equity Test is not met. 
 “Approved Accounting Firm” means KPMG LLP, Deloitte LLP,
PricewaterhouseCoopers LLP, Ernst & Young LLP, or any nationally recognized accounting firm, reasonably acceptable to Administrative Agent. 

  
 2 

 “Approved Fund” – means any Fund that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 

“Asset Company” and “Asset Companies” mean, with respect to the Borrower, entities set forth
on Schedule 4.1(C). 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and
all rules and regulations promulgated thereunder. 
 “Bona-fide IPO” a bona-fide initial public offering of the
Capital Stock of the parent of the Holding Company or the Parent which will not have an adverse effect on the Collateral or the Collateral Agent’s or the Lender’s interest therein and does not violate any of the Loan Documents. 

“Backup Servicer” means Midland Loan Services, a division of PNC Bank, National Association
(“Midland”). 
 “Backup Servicing Fee” means an amount equal to Monthly Recurring
Revenue for the related Collection Period for the Borrower multiplied by i) .04% or ii) while a Cash Trap Event has occurred and is continuing, .20%, or, on and after an Amortization Event or Servicer Default, .30%. 

“Backup Servicing Commitment Fee” means an amount equal $46,000 payable by the Borrower to the Backup Servicer
on the Closing Date. 
 “Borrower” has the meaning set forth in the preamble. References herein to Borrower shall
include the Borrower’s Asset Companies and Operating Companies where applicable. 
 “Borrower Group” means,
collectively, the Borrower, its Holding Company and any related Obligor of the Borrower. 
 “Borrower’s
Account” shall mean, (i) the Borrower’s bank account, described on Schedule 7.1 hereto, for the account of the Borrower or (ii) such other account as may be designated by the Borrower from time to time by at least ten
(10) Business Days’ prior written notice to the Administrative Agent, so long as such other account is acceptable to the Administrative Agent in its reasonable discretion. 

“Borrowing Base” means, with respect to the Borrower at any date of determination, the product of Eligible Free Cash
Flow and the Borrowing Base Lending Multiple, as set forth in the related Borrowing Base Certificate, minus excess Concentrations. 

“Borrowing Base Lending Multiple” means 7.75. 

“Borrowing Base Certificate” shall mean the certificate in the form of Exhibit
A-2 hereto. 

  
 3 

 “Borrowing Date” shall mean the Closing Date or, with respect to any
Advance from the Escrow Account, the date of the making of such Advance, which date shall in any case be a Business Day. 

“Business Day” means any day excluding (i) Saturday, (ii) Sunday, (iii) a legal holiday in the State of
New York and (iv) any day on which banking institutions located in any such state are generally not open for the conduct of regular business. 

“Calculation Agent” means Deutsche Bank Trust Company Americas in its capacity as calculation agent and any successor
appointed pursuant to the terms of the Loan Agreement. 
 “Calculation Agent Fee” means, with respect to the
Borrower, a fee payable by the Borrower to the Calculation Agent as set forth in a separate fee letter by and between the Servicer and the Calculation Agent. 

“Capital Stock” shall mean the equity securities of a corporation, the partnership interests of a partnership and the
membership interests of a limited liability company. 
 “Cash Equivalents” means any of the following:
(a) readily marketable direct obligations of the government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the government of the United States having
maturities of not more than one (1) year from the date of acquisition thereof, (b) certificates of deposit of or time deposits with any Eligible Institution, (c) commercial paper rated at least
“Prime-1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P, (d) securities issued by any state
of the United States of America or any political subdivision of any such state or any public instrumentality thereof or any subdivision of any such state or any public instrumentality thereof having maturities of not more than one (1) year from
the date of acquisition thereof and, at the time of acquisition, having a rating of “AA-” or higher from S&P or “Aa3” or higher from Moody’s (or the then equivalent grade),
(e) fully collateralized repurchase agreements for securities described in clause (a) or (d) above and entered into with an Eligible Institution, (f) investments in money market funds that are registered under the Investment
Company Act of 1940, as amended, and substantially all of the portfolios of which consist of investments of the character and quality described in clauses (a) through (e) of this definition (without regard to any term restrictions)
including, without limitation, any such fund for which a Lender or its designee serves as an investment advisor, administrator, shareholder servicing agent, custodian or sub-custodian, notwithstanding that
(A) such Person charges and collects fees and expenses from such funds for services rendered and (B) such Person charges and collects fees and expenses for services rendered, pursuant to this Loan Agreement. 

“Cash Flow Tape” shall mean, with respect to the Borrower, the tape provided by the Borrower from time to time
containing the information set forth in Annex A-5. 
 “Cash Flow Cut-Off Date” means the date of the Most Recent Report. 
 “Cash Trap
Event” means that the Servicer determines that as of last day of any calendar month the Debt Service Coverage Ratio is equal to or less than 1.3 to 1.0, and shall continue to exist until the Servicer determines that the Debt Service
Coverage Ratio exceeds 1.3 to 1.0 for two (2) consecutive calendar months. 

  
 4 

 “Cash Trap Reserve Account” means the account created pursuant to
Section 7.1(G). 
 “Change of Control” shall mean the occurrence of one or more of the following events: 

 

	 	1.	 any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of any Obligor or the Servicer to any Person or group of related Persons for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (a “Group”), together with any Affiliates
thereof; 

  

	 	2.	 the approval by the holders of Capital Stock of any Obligor or the Servicer of any plan or proposal for the
liquidation or dissolution of such Person; 

  

	 	3.	 any Person (other than the Parent or, with respect to any Obligor or the Servicer, one or more wholly owned
Subsidiaries of the Parent) shall become the owner, directly or indirectly, beneficially or of record, of any Capital Stock of any Loan Party or the Servicer except pursuant to a Permitted Ownership Interest Transfer; 

 

	 	4.	 the Holding Company ceases to own, directly or indirectly, 100% of the Borrower; 

 

	 	5.	 the Borrower ceases to own, directly or indirectly, 100% of its Obligors. 

 

	 	6.	 the replacement of a majority of the board of directors or board of managers of any of the Obligors, or
Servicer over a two-year period from the directors who constituted the board of directors of any of such parties at the beginning of such period, and such replacement shall not have been approved by a vote of
at least a majority of the board of directors of such party then still in office who either were members of such board of directors at the beginning of such period or whose election as a member of such board of directors was previously so approved;

 provided, that the preceding clauses (1) through (4) in the definition of “Change of Control” shall apply in
respect of the Servicer only if the Servicer is an Affiliate of the Borrower; and provided further a Bona-fide IPO shall not be a Change of Control. For the avoidance of doubt, the Holding Company must continue to own 100% of Borrower
and Borrower must continue to own 100% of its Obligors, as provided herein. 
 “Claims” has the meaning set forth in
Section 5.3(A). 
 “Closing” means the date of execution of the Loan Documents. 

“Closing Date” means the date on which the Closing occurs. 

  
 5 

 “Collateral” has the meaning set forth in Annex A-4; provided, however, that notwithstanding anything to the contrary contained in such Annex, this Loan Agreement or the other Loan Documents, the Collateral (and the Other Company Collateral) shall
not include any contract rights to the extent that the grant of a Lien thereon would cause a violation of the applicable contract, after taking the provisions of Sections 9-406 and 9-408 of the UCC into account. 
 “Collateral Agent Agreement” means the
Collateral Agent Agreement dated as of the date hereof, among the Collateral Agent, the Borrower, the Servicer, and the Administrative Agent, as amended, supplemented or restated. 

“Collateral Agent” means Deutsche Bank Trust Company Americas in its capacity as collateral agent and any successor
appointed pursuant to the terms of the Collateral Agent Agreement. 
 “Collateral Agent Fee” means a fee payable by
the Borrower to the Collateral Agent as set forth in a separate fee letter by and between the Servicer and the Collateral Agent. 

“Collection Account” and “Collection Account Bank” have the meanings set forth in
Section 7.1. 
 “Collection Period” means the calendar month immediately preceding a Monthly Payment Date. 

“Collections” means, the scheduled regular Monthly Recurring Revenue in respect of a Collection Period (excluding, for
the avoidance of doubt, Defaulted Contracts). 
 “Commitment” means the obligation of the Lenders to fund
Installments hereunder, as set forth on Schedule 1. The Commitment of each Lender to fund Installments hereunder shall terminate on December 31, 2014. 

“Commitment Fee” means, with respect to the Borrower, the fee payable by the Borrower to the Administrative Agent for
the Lenders as set forth in the Fee Letter. 
 “Compliance Certificate” has the meaning set forth in
Section 5.1. 
 “Concentration” means the amount of annualized Collections in excess of the
Concentration Limit multiplied by the Borrowing Base Lending Multiple. 
 “Concentration Limit” means, with respect
to the Collections from Eligible Assets of the Borrower, the portion of such Collections attributable to Eligible Assets (Sites or Contracts, as the case may be) which satisfy the criteria for Concentration set forth in the Eligibility and
Concentration Criteria Annex. 

  
 6 

 “Contingent Obligation”, as applied to any Person, means any direct
or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect
thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in
part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or
other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the
ordinary course of business), co-making (other than the Loan), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the
obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency,
financial condition or any balance sheet item or level of income of another, provided that Contingent Obligations shall not include any of the foregoing to the extent solely among the Borrower and its related Obligors. The amount of
any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed. 

“Contract” means, with respect to the Borrower or related Obligor, any lease, sublease, tenancy, license, Site
Management Agreement, antenna site agreement, assignment and/or other rental or occupancy agreement, master servicing agreement, carrier contract, site order or other agreement or arrangement (including, without limitation, any and all guaranties of
any of the foregoing) heretofore or hereafter entered into by the Borrower or related Obligor, and affecting or concerning (i) the use, enjoyment or occupancy of, or the conduct of any activity upon or in, the Sites of the Borrower or related
Obligor or any portion thereof or space thereon, including any extensions, renewals, modifications or amendments thereof, and including any ground lease where an Obligor is the landlord thereunder, and (ii) the sale or provision by the Borrower
of telecommunications and related services and facilities, including all accounts, payment intangibles and general intangibles related thereto. 

“Contractual Obligation”, as applied to any Person, means any indenture, mortgage, deed of trust, contract,
undertaking, agreement or other instrument, agreement or document to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Loan Documents. 

“Debt Service Advance” has the meaning set forth in Section 17.3. 

“Debt Service Coverage Ratio” or “DSCR Ratio” shall mean the ratio of (i) annualized
Eligible Free Cash Flow for the Borrower based on the average of the last three reporting periods (net of 12 month operating budget and administrative fees) divided by annualized interest due beginning as of the date of the Most Recent Report. For
the purposes of clarity, the DSCR Ratio assumes no principal payments on the loan. 

  
 7 

 “Default” means, with respect to the Borrower, any breach or default
by the Borrower under any of the Loan Documents, whether or not the same is an Event of Default, and also any condition or event that, after notice or lapse of time or both, would constitute an Event of Default if that condition or event were not
cured or removed within any applicable grace or cure period. 
 “Default Notification Date” means, in respect of an
Event of Default or a Potential Default, the earlier of (x) the date upon which a Person obtains actual knowledge thereof and (y) the date upon which written notice thereof has been delivered to such Person by the Administrative Agent, the
Servicer, or any other Person. 
 “Default Rate” shall mean, as of any date of determination, a rate of interest per
annum equal to the Interest Rate otherwise then applicable to such Advance or other outstanding Obligation hereunder, plus two percent (2.00%). 

“Defaulted Contract” shall mean a Contract which is or was an Eligible Contract with respect to which any of the
following occurs: 
  

	 	1.	 the Collateral Agent does not have a first priority perfected security interest, free and clear of any Liens
other than Permitted Encumbrances; or 

  

	 	2.	 the related Tenant has become, or has been deemed to become, the subject of an Insolvency Event and (1) a
liquidation, rehabilitation or reorganization plan has caused the stated amount of the payments due in respect of the related Contract to be reduced, delayed or otherwise modified, (2) a liquidation or rehabilitation plan providing for the full
payment of the related Contract has been adopted or approved by the applicable court but such order remains subject to appeal, or (3) no such liquidation, rehabilitation or reorganization plan so dealing with payment of the related Contract has
yet been adopted and approved by the applicable court; or 

  

	 	3.	 any payment due from Tenant (or any portion thereof) is more than 60 days past the due date or which has been
cancelled or terminated; or 

  

	 	4.	 the Servicer does not expect, in its good faith judgment, the next payment due under the Contract to be made or
for which the Servicer has commenced cancellation or has been or should otherwise be written off by the Servicer as uncollectible. 

“Deposit Bank” has the meaning set forth in Section 7.1. 

“Distributable Collections” has the meaning set forth in Section 2.5(B). 

“Dollars” and the sign “$” mean the lawful money of the United States of America. 

“Early Termination Fees” means, without limitation, any payments with regards to any early termination of any carrier
master servicing agreement or site order. 

  
 8 

 “Eligibility Criteria” means the eligibility criteria set forth in
the Eligibility and Concentration Criteria Annex A-1. 
 “Eligible Account”
means a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust
department of a federal depository institution or a state chartered depository institution. 
 “Eligible Assets”
means, with respect to the Borrower, the Eligible Sites and the Eligible Contracts relating to the Borrower. 
 “Eligible
Bank” means a commercial bank or trust company organized under the laws of the United States or any one of the states thereof, including the District of Columbia (or any domestic branch of a foreign bank), which at all times (i) is
a member of the FDIC, has a combined capital and surplus of at least $500,000,000 and (ii) has a certificate of deposit rating or long-term unsecured senior debt rating of at least investment grade by S&P and by Moody’s; provided,
however, that a commercial bank which does not satisfy the requirements set forth in clause (ii) shall nonetheless be deemed to be an Eligible Institution for purposes of holding any account so long as such commercial bank is a federally or
state chartered depository institution subject to regulations regarding fiduciary funds on deposit substantially similar to 12 C.F.R. § 9.10(b) and such account is maintained as a segregated trust account with the corporate trust department of
such bank. 
 “Eligible Collections” means Collections in respect of Eligible Sites or Eligible Contracts. 

“Eligibility and Concentration Criteria Annex” means Annex A-1. 

“Eligible Contracts” shall mean, with respect to the Borrower, fully executed Contracts of the Borrower or its related
Obligors, other than Defaulted Contracts, which satisfy the Eligibility Criteria set forth in the Eligibility and Concentration Criteria, are subject to a Lien under this Loan Agreement and are included in the Collateral Agent Certification
delivered pursuant to the Collateral Agent Agreement (other than as an exception). 
 “Eligible Free Cash Flow”
means, with respect to the Borrower, as of any date of determination: 
  

	 	(i)	 Collections on Eligible Assets related to the Borrower multiplied by 

 

	 	(ii)	 12, multiplied by 

  

	 	(iii)	 100% minus the Servicing Fee Rate. 

For the avoidance of doubt, (x) any Defaulted Contracts will not be Eligible Assets, and (y) for any Contract that does not pay on a monthly basis,
the amount of Collections included in clause (i) above will be the monthly equivalent as determined by the Servicer in good faith and in a commercially reasonable manner. The scheduled Monthly Recurring Revenue will be provided as part of the
Borrowing Base Certificate and included in the monthly cashflow tape to the Collateral Agent, as described in Section 3.1 as the Rent Roll and will be compared from time to time to the Borrower’s prepared quarterly financial statements and
audited annual statements when available. 

  
 9 

 “Eligible Servicer” shall mean AP Service Company, LLC, or any other
operating entity which, at the time of its appointment as Servicer, (a) is servicing one or more portfolios assets similar attributes as the Contracts and Sites and has been servicing such similar portfolios for at least three (3) years,
(b) is legally qualified and has the capacity to service the Eligible Assets, (c) has a Net Worth of at least $50,000,000 and (d) prior to such appointment, is approved in writing by the Majority Lenders as having demonstrated the
ability to professionally and competently service a portfolio of assets similar to the Eligible Assets in accordance with high standards of skill and care. 

“Eligible Sites” shall mean, with respect to the Borrower, Sites which (A) satisfy the Eligibility Criteria set
forth in the Eligibility and Concentration Criteria Annex, (B) are subject to a Mortgage and, for each Site that is a Mortgaged Site, a Title Policy (as defined in the applicable Annex) has been issued and (C) is included in the applicable
Collateral Agent Certification delivered pursuant to the Collateral Agent Agreement (other than as an exception). 
 “Employee
Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including any Multiemployer Plan) and (i) which is maintained for employees of the Obligor or any ERISA Affiliate, (ii) which has
at any time within the preceding six (6) years been maintained for the employees of any of the Obligors or any current or former ERISA Affiliate or (iii) for which any of the Obligors or any ERISA Affiliate has or may have any liability,
including contingent liability. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, and all rules
and regulations promulgated thereunder, as amended from time to time. 
 “ERISA Affiliate” means
(i) corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as the Borrower, (ii) partnership or other trade or business (whether or not
incorporated) under common control (within the meaning of Section 414(c) of the Internal Revenue Code) with the Borrower, or (iii) member of the same affiliated service group (within the meaning of Section 414(m) of the Internal
Revenue Code) as the Borrower, any corporation described in clause (i) above or any partnership, trade or business described in clause (ii) above. 

“Escrow Account” has the meaning set forth in Section 7.1, which such account shall be an Eligible Account for
the benefit of the Collateral Agent as described on Schedule 7.1 hereto. 
 “Escrow Account Bank” has the meaning
set forth in Section 7.1. 
 “Escrowed Cash Amount” means the amount in the Escrow Account. 

“Event of Default” has the meaning set forth in Section 8.1. 

“Excess Interest” has the meaning set forth in Section 2.3. 

  
 10 

 “Facility Termination Date” shall mean the earlier to occur of
(i) the Maturity Date and (ii) an unwaived Event of Default. 
 “Fee Letter” means the fee letter dated as
of August 12, 2014 among the Lenders and the Borrower. 
 “Financial Statements” means statements of operations
and retained earnings, statements of cash flow and balance sheets. 
 “Financing Statements” means the Uniform
Commercial Code Financing Statements naming the applicable Obligors as debtor, and the Collateral Agent as secured party, required under applicable state law to perfect the security interests created hereunder or under the other Loan Documents. 

“Fiscal Year End” means, with respect to any person, the end of such person’s fiscal year. 

“Fitch” means Fitch Ratings, a subsidiary of Fitch, Inc. 

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

“GAAP” means the generally accepted accounting principles as are in effect from time to time and applied on a
consistent basis (except for changes in application in which the Borrower’s independent certified public accountants and the Administrative Agent concur) both as to classification of items and amounts; provided, however, that
calculations with respect to the financial covenants contained in this Loan Agreement shall be made on the basis of GAAP lease accounting principles in effect as of the date hereof. 

“General Reserve Account” has the meaning assigned to such term in Section 7.1. 

“General Reserve Account Initial Deposit” means $2,600,000. 

“General Reserve Account Required Balance” means the greater of (i) $2,600,000 and (ii) the sum of
(A) as of any date of determination, the amount of interest payable on the Loan on the next six Monthly Payment Dates and (B) any attributable and owing tax payment on the income of any Obligor certified by the Servicer. 

“Governmental Authority” means, with respect to any Person, any federal or state government or other political
subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government, and any
arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person’s property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading. 

  
 11 

 “Governmental Contracts” means Contracts with any federal or state
government or other political subdivision thereof for space on a Tower located on a Site or other telecommunications Services, provided that such contract (by way of a lease, purchase order, request for proposal, or similar requisition
system) does not contain any provision that would materially and adversely affect Lenders’ Collateral or the priority of any Mortgage. 

“Guaranty” means collectively, the Environmental Indemnity, the HoldCo Guaranty and the Upstream Guaranties. 

“HoldCo Guaranty” means, the Guaranty by the Holding Company, dated as of the date hereof and given for the benefit of
the Collateral Agent on behalf of the Lenders. 
 “HoldCo Pledge Agreement” mean the Pledge and Security Agreement
delivered by the Holding Company, dated as of the date hereof and given for the benefit of the Collateral Agent on behalf of the Lenders. 

“Holding Company” means AP WIP Domestic Investments III, LLC. For the avoidance of doubt, Holding Company is the owner
of the Borrower. 
 “Indebtedness” or “indebtedness”, means, for any Person, without
duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable except for the purchase of assets by
an Obligor in the ordinary course of its business, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by Dollars) or other credit facility for which such Person would be liable if such amounts were
advanced thereunder, (iii) all obligations under leases that constitute capital leases for which such Person is liable, including capital leases and IRUs in connection with the acquisition or purchase of assets in the ordinary course of
business, (iv) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in
respect of which obligations such Person otherwise assures a creditor against loss and (v) all indebtedness incurred in the financing of equipment or other personal property used at any Site in the ordinary course of business, provided
that reimbursement or indemnity obligations related to surety bonds incurred in the ordinary course of business and fully secured by cash collateral shall not be considered “Indebtedness” hereunder. 

“Indemnified Liabilities” has the meaning set forth in Section 14.2. 

“Indemnitees” has the meaning set forth in Section 14.2. 

“Initial Installment” has the meaning set forth in Section 2.1(A), and for purposes hereof is fully funded. 

“Insolvency Event” shall mean, with respect to any Person, (i) such Person generally shall not pay its debts as
such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against such Person seeking to adjudicate it a
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, 

  
 12 

 
protection, relief, or composition of it or its debts under any law related to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; or (ii) such Person shall take any action to authorize any of the actions set forth in clause (i) herein. 

“Installment” has the meaning set forth in Section 2.1(A). 

“Insurance Policies” has the meaning set forth in Section 5.4. 

“Insurance Premiums” means the annual insurance premiums for the insurance policies required to be maintained by the
Obligors with respect to the Sites and the Contracts under Section 5.4. 
 “Insurance Proceeds” means all of
the proceeds received under the Insurance Policies. 
 “Intangible Assets” means (to the extent reflected in
determining the consolidated stockholders’ equity of a Person) the amount of (i) all write-ups (other than write-ups resulting from foreign currency translations and
write-ups of assets of a going concern business made within twelve months after the acquisition of such business) subsequent to the date of the Most Recent Report in the book value of any asset owned by such
Person or a consolidated subsidiary of such Person, (ii) all Investments by such Person and its consolidated subsidiaries in unconsolidated Subsidiaries of such Person and all equity Investments by such Person and its consolidated subsidiaries
in Persons which are not Subsidiaries of such Person and (iii) all unamortized debt discount and expense, unamortized deferred charges, capitalized interest, capitalized development costs, goodwill, patents, trademarks, service marks, trade
names, copyrights, organizational or developmental expenses and other intangible assets except for the purchase of Sites and Contracts in the ordinary course of business. 

“Interest Accrual Period” means, with respect to each Monthly Payment Date, the period from and including the Monthly
Payment Date immediately preceding such Monthly Payment Date, to but excluding such Monthly Payment Date. 
 “Interest
Rate” has the meaning set forth in Section 2.3(B). 
 “Investment” in any Person means any loan or
advance to such Person (excluding prepaid expenses and security deposits), any purchase or other acquisition of any equity interests or debt or the assets comprising a division or business unit or a substantial part or all of the business of such
Person, any capital contribution to such Person or any other direct or indirect investment in such Person, including, without limitation, any acquisition by way of a merger or consolidation (or similar transaction). 

“Involuntary Loan Party Bankruptcy” has the meaning set forth in Section 5.19. 

“IRC” means the Internal Revenue Code of 1986, and any rule or regulation promulgated thereunder from time to time, in
each case as amended from time to time. 

  
 13 

 “IRS” means the Internal Revenue Service or any successor thereto.

 “IRU” means an indefeasible right of use. 

“Its Obligor” and “related Obligor” shall mean, with respect to the Borrower, any Obligor that
is a direct or indirect subsidiary of the Borrower, and with respect to any Obligor which is a subsidiary of the Borrower, the Borrower and any other Obligor that is a subsidiary of the Borrower. 

“its Holding Company” and “related Holding Company” shall mean, with respect to the Borrower,
the immediate parent of the Borrower. 
 “Knowledge” whenever in this Loan Agreement or any of the Loan Documents,
or in any document or certificate executed on behalf of any Obligor pursuant to this Loan Agreement or any of the Loan Documents, reference is made to the knowledge of the Borrower or any other Obligor (whether by use of the words
“knowledge” or “known”, or other words of similar meaning, and whether or not the same are capitalized), such shall be deemed to refer to the knowledge of the executive officers or directors of, the Servicer, or the Borrower.

 “Lender” and “Lenders” have the meaning set forth in the Recitals. 

“Lien” means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind, whether voluntary or
involuntary, (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement granting any security interest). 

“Loan” means the Allocated Loan Amount for the Borrower. 

“Loan Agreement” means this Loan and Security Agreement, as same may be amended, modified or restated from time to
time (including all schedules, exhibits, annexes and appendices hereto). 
 “Loan Agreement Supplement” means a loan
agreement supplement to this Loan Agreement to be executed by the Borrower, Administrative Agent, Collateral Agent, Calculation Agent, Paying Agent and Majority Lenders. 

“Loan Documents” means this Loan Agreement, the Note, the Upstream Guaranties, the Upstream Pledge Agreements, the
Holdco Guaranties, the Holdco Pledge Agreements, the Environmental Indemnity, the Collateral Agent Agreement, the Mortgages, the Assignments, the Financing Statements, and any and all other documents and agreements from or with the Borrower, the
Obligors, the Holding Company, Servicer and evidencing and/or securing the Loan or otherwise in connection therewith. 
 “Loan
Parties” means the Obligors and the Holding Company. 
 “Lock-Box
Account” has the meaning set forth in Section 7.1. 
 “Lock-Box Account
Agreement” has the meaning set forth in Section 7.1. 

  
 14 

 “Loss Proceeds” means, with respect to the Borrower and its
Obligors, collectively, all Insurance Proceeds and all Condemnation Proceeds, in each case of the Borrower and its Obligors. 

“Loss Proceeds Sub-Account” has the meaning set forth in Section 7.1.

 “Majority Lenders” means, as of any date of determination, the Lenders that represent in excess of 50% of the sum
of the Installments funded as of such date; provided, that, with respect to each of the following, the Majority Lenders means all of the Lenders: any change in the Maturity Date, Interest Rate, Yield Maintenance, principal amount of
the Loan, prepayments, Borrowing Base Lending Multiple, Section 2.5 and this definition of “Majority Lenders”. 

“Management Fee” shall have the meaning set forth in Section 2.4(H). 

“Mandatory Prepayments” means, with respect to the Borrower, (i) 100% Early Termination Fees with respect to the
Borrower and its related Obligors, (ii) 100% Loss Proceeds received as a result of any condemnation or casualty of a Site of the Borrower or its related Obligors or proceeds of a Permitted DWIP Disposition of the Borrower or its related
Obligors and (iii) [Intentionally Omitted], (iv) net distributable proceeds of a public offering of equity pursuant to Section 11.2(A) and (v) any payment made in respect of an Amortization Event, provided that all
such amounts are net of any amounts outstanding pursuant to Section 2.5(B)(i) and any amounts already paid to the Lenders pursuant to Section 2.5(B)(v) in respect thereof due to a related reduction in the Borrowing Base and provided
further that (i) and (ii) shall not apply in respect of up to $5,000,000 of proceeds with respect to Sites or Contracts which are not and never were Eligible Sites or Eligible Contracts, respectively. 

“Material Adverse Change” means, with respect to the Borrower, (A) a material adverse effect (which may include
economic or political events) upon the business, operations, or condition (financial or otherwise) of the Borrower and its Borrowing Group (taken as a whole), or Servicer, or (B) the material impairment of the ability of the Borrower and its
other Obligors (taken as a whole), or Servicer to perform their obligations under the Loan Documents (taken as a whole) or (C) the material impairment of the ability of any Agent to enforce or collect the Obligations of the Borrower and its
Obligors under the Loan Documents as such Obligations become due, then a Material Adverse Change shall be deemed to exist. 

“Maturity Date” for the Note is the date set forth on such Note, as amended, modified or restated, on which the final
payment of principal of such Note becomes due and payable as provided herein, whether at such stated Maturity Date, by acceleration, or otherwise. For the avoidance of doubt, as of the date hereof the Maturity Date is five (5) years from the
Closing Date. 
 “Maximum Rate” has the meaning set forth in Section 2.3. 

“Midland” has the meaning set forth in Section 15.1(A). 

“Minimum Contributed Equity Test” has the meaning set forth in Section 3.1(A)(S). 

  
 15 

 “Monthly Operating Expenses” has the meaning set forth in the
definition of “Servicing Fee”. 
 “Monthly Payment Date” shall mean the fifteenth (15th) day of each calendar month or, if any such fifteenth (15th) day is not a Business Day, the next succeeding Business Day, beginning
August 15, 2014. 
 “Monthly Recurring Revenue” means, with respect to the Borrower, expected rents from
Eligible Contracts of the Borrower and its related Obligors that are fully executed, operational and the related Site is fully operational and accepted for service by the obligor, if applicable. 

“Monthly Report” has the meaning set forth in the Section 15.5(A). 

“Monthly Report Error Notice” has the meaning set forth in Section 15.5(B)(i). 

“Monthly Report Review Procedure” has the meaning set forth in Section 15.5(B)(i).
“Moody’s” means Moody’s Investors Service, Inc. 
 “Most Recent Audited Financial
Statements” means the Servicer Financial Statements available at the Closing Date. 
 “Most Recent
Report” means the Monthly Report available at the Closing Date. 
 “Multiemployer Plan” means a
“multiemployer plan” as defined in Section 3(37) or Section 4001(a)(3) of ERISA to which the Borrower or any Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to
make, contributions within the preceding six (6) years, or for which the Borrower or any Affiliate has or may have any liability, including contingent liability. 

“Net Worth” means assets minus liabilities, determined in accordance with GAAP. 

“Non-Material Modifications” means amendments or modifications which: 

 

	 	(A)	 with respect to Contracts where a telecommunications service provider or tower operator is a Tenant, consist of
(i) an increase in periodic rent or other recurring fees payable by such Tenant, (ii) modification of such Tenant’s permitted use under the Contract, (iii) modifications to utilities servicing the Tenant improvements,
(iv) any corrective amendment and (v) any extension of the term of the Contract, in each case on commercially reasonable substantive and economic terms; 

 

	 	(B)	 with respect to Ground Leases, consist of (i) extending the term thereof or adding renewal terms or option
periods, (ii) relocating or correcting a related easement, (iii) an increase in periodic rent payable by Tenant, (iv) modification of Tenant’s permitted use under the Ground Lease, (v) modifications to utilities servicing
the Tenant improvements, and/or (vi) any corrective amendment, in each case on commercially reasonable substantive and economic terms; and 

  
 16 

	 	(C)	 with respect to Easements, consist of (i) extending the term of the Easement or adding renewal terms or
option periods, (ii) relocating or correcting the Easement, (iii) an increase in periodic rent payable by Tenant, (iv) modification of Tenant’s permitted use under the Easement, (v) modifications to utilities servicing the
Tenant improvements, and/or (vi) any corrective amendment, in each case on commercially reasonable substantive and economic terms; 

provided that, in each case, such amendments or modifications do not reduce the expected cash flow of the related Borrower and do not make such
Contract, Ground Lease, or Easement materially less favorable to Borrower or its respective Obligor. 
 “Note” shall
mean the Note of the Borrower in the form of Exhibit G hereto, payable to the order of the Administrative Agent for the benefit of the Lenders in the aggregate face amount of the Commitment evidencing the aggregate indebtedness of the Borrower to
the Lenders. 
 “Obligations” means, with respect to the Borrower and its Obligors, the Borrower’s Allocated
Loan Amount and all obligations, liabilities and indebtedness of every nature to be paid or performed by the Borrower, its Obligors and the Holding Company under the Loan Documents, including without limitation, all Servicing Advances and Servicer
Advance Interest, the principal amount of all Advances to the Borrower, together with interest, charges, expenses, fees, attorneys’ and paralegals’ fees and expenses, any indemnities, any other sums chargeable to the Borrower, its Obligors
and the Holding Company, as the case may be, under this Loan Agreement or any other Loan Document, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code by or against the Borrower, its Obligors and the
Holding Company, and the performance of all other terms, conditions and covenants applicable to the Borrower, its Obligors and the Holding Company under the Loan Documents. 

“Obligor” and “Obligors” means, individually or collectively, with respect to the Borrower,
the Borrower and its direct and indirect subsidiaries, provided that for purpose of Article IV, Obligor shall also include such Obligor’s Holding Company. 

“Obligor Secretary” has the meaning set forth in Section 3.1. 

“Officer’s Certificate” means a certificate delivered to the Administrative Agent by the Borrower or the
Servicer, as applicable, which is signed on behalf of the Borrower or the Servicer by an authorized officer of the Borrower or the Servicer which states that the items set forth in such certificate are true, accurate and complete in all material
respects. 
 “Operating Company” and “Operating Companies” means, with respect to the
Borrower, the entities set forth on Schedule 4.1(C) with respect to the Borrower. 
 “Other Company Collateral” has
the meaning set forth in Section 10.1. 
 “Parent” means Associated Partners, L.P. 

  
 17 

 “Parent’s Wireless Infrastructure Businesses” means,
collectively, AP WIP International Holdings LLC, PEG Bandwidth Holdings, LLC, AP Tower Holdings, LLC, and AP WIP Holdings, LLC and all of their respective subsidiaries. 

“Patriot Act” has the meaning assigned to such term in Section 14.26. 

“Paying Agent” means Deutsche Bank Trust Company Americas in its capacity as paying agent and any successor appointed
pursuant to the terms of this Loan Agreement. 
 “Paying Agent Fee” means, with respect to the Borrower, a fee
payable by the Borrower to the Paying Agent as set forth in a separate fee letter by and between the Borrower and the Paying Agent. 

“Permitted Capitalized Leases” has the meaning set forth in Section 5.14. 

“Permitted DWIP Disposition” means a disposition by Borrower or its related Obligors of a Site or Contract and related
Other Company Collateral as permitted by and in accordance with Section 4.1(B) of Annex A-4. 

“Permitted Encumbrances” means, collectively, (i) the Mortgages and the other Liens of the Loan Documents in
favor of the Collateral Agent, (ii) the items shown in Schedule B to the Title Policies as of Closing, (iii) Liens for impositions not yet due and payable or Liens arising after the date hereof which are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted in accordance with Section 5.3(B); (iv) statutory Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens arising by operation of law, which are
incurred in the ordinary course of business and discharged by the Borrower by payment, bonding or otherwise within forty-five (45) days after the filing thereof or which are being contested in good faith in accordance with Section 5.3(B);
(v) Liens arising from reasonable and customary purchase money financing of personal property and equipment leasing to the extent the same are created in the ordinary course of business in accordance with Section 5.14(B); (vi) all
easements, rights-of-way, restrictions and other similar charges or non-monetary encumbrances against real property which are not
reasonably likely to result in a Material Adverse Change or adversely affect the priority of the Lenders’ security interest in such asset; and (vii) Liens on cash collateral accounts (other than accounts included as part of the Collateral)
accounts to secure reimbursement or indemnity obligations related to surety bonds obtained in the ordinary course of business. 

“Permitted Indebtedness” has the meaning set forth in Section 5.14. 

“Permitted Investments” shall mean any of the following investments denominated and payable solely in United States
dollars: (a) readily marketable debt securities issued by, or the full and timely payment of which is guaranteed by the full faith and credit of, the federal government of the United States of America, and (b) insured demand deposits, time
deposits and certificates of deposit of any commercial bank rated A-1 by S&P and P-1 by Moody’s. 

“Permitted Ownership Interest Transfers” has the meaning set forth in Section 11.2. 

  
 18 

 “Person” means and includes natural persons, corporations, limited
liability companies, limited partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and
governments and agencies and political subdivisions thereof and their respective permitted successors and assigns (or in the case of a governmental Person, the successor functional equivalent of such Person). 

“Potential Default” shall mean any event or condition which with notice, passage of time or both would constitute an
Event of Default. 
 “Prepayment” means a prepayment as set forth in Section 2.8 upon and in connection with
the payment of any required Yield Maintenance. 
 “Rated Legal Final Maturity Date” means 25 years after the
Maturity Date. 
 “Receipts” means, with respect to the Borrower and its related Obligors, all revenues, receipts
and other payments to such Obligors of every kind arising from ownership, operation or management of the Sites and the Contracts of such Obligor, including without limitation, early termination fees (including any amounts paid on account of early
termination), sale proceeds, prepayments, carrier contributions, incentives, recoveries on insurance, recoveries on defaulted assets, all warrants, stock options, or equity interests in any Tenant, licensee or other Person occupying space at, or
providing services related to or for the benefit of, the Sites or the Contracts received by such Obligors or any Related Person of such Obligor in lieu of rent or other payment, but excluding, (i) taxes, (ii) any other amounts received by
such Obligor or any Related Person of such Obligor that constitute the property of a Person other than such Obligor (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of
properties by Affiliates of the Obligor), and (iii) security deposits received under a Contract, unless and until such security deposits are applied to the payment of amounts due under such Contract. 

“Register” has the meaning set forth in Section 14.12. 

“Register Agent” has the meaning set forth in Section 14.12. 

“Rehabilitated” shall mean, with respect to any Defaulted Contract, the cure of the circumstances that rendered such
Contract to be a Defaulted Contract, which cure must consist of, without limitation, with respect to any Defaulted Contract described in clause (3) of the definition of “Defaulted Contract”, the receipt by the Obligors or Paying Agent
of three consecutive payments related to such Defaulted Contract on or before the respective scheduled due dates therefor; provided, that any Contract deemed to have been Rehabilitated in the manner set forth in this paragraph may only be so
Rehabilitated twice. 
 “Related Parties” shall mean, with respect to any Person, such Person’s direct and
indirect subsidiaries and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s direct and indirect subsidiaries. 

“Related Person” means any Person in which an Obligor or the Parent holds, directly or indirectly, greater than a ten
percent (10%) equity interest. 

  
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 “Release” means the release of a Site from the applicable Loan
Documents in accordance with Section 4.2 of Annex A-4. 
 “Release
Price” has the meaning set forth in Section 4.1(A)(i). 
 “Rent Roll” has the meaning set forth in
Section 3.1. 
 “Rent Roll Cut-Off Date” means, with respect to an
Advance, the last calendar day of the prior month, provided that for any Advance to be made in August 2014, the applicable Rent Roll for purposes of calculating the Borrowing Base shall be the most recent Rent Roll delivered prior to
the Closing Date. 
 “Rents” has the meaning set forth in the Mortgages. 

“Reserve” means the amounts deposited by or on behalf of the Borrower in the General Reserve Account and any other
reserves held on behalf of the Borrower pursuant to this Loan Agreement. 
 “Responsible Officer” means with respect
to any corporation, limited liability company or partnership, the chairman of the board, the president, any vice president, the secretary, the treasurer, any assistant secretary, any assistant treasurer, managing member and each other officer of
such corporation or limited liability company or the general partner of such partnership specifically authorized in resolutions of the board of directors of such corporation or managing member of such limited liability company to sign agreements,
instruments or other documents in connection with the Loan Documents on behalf of such corporation, limited liability company or partnership, as the case may be, and who is authorized to act therefor and who is identified on the list of Responsible
Officers delivered by such Person to the Paying Agent, Collateral Agent and the Administrative Agent on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 

“Security Arrangements” has the meaning set forth in Annex A-2 for the
Borrower. 
 “Servicer” means AP Service Company, LLC, as initial servicer, or any Successor Servicer. 

“Servicer Default” shall mean the occurrence of any of the following: 

1. the Servicer shall assign its duties other than as permitted under the Loan Agreement; 

2. any failure by the Servicer duly to observe or perform in any respect any other covenant or agreement by it under the Loan
Agreement or under any of the other Loan Documents, which failure (x) except for any breach of Section 15.4(B) or 15.4(H) (which shall have no cure period), continues unremedied for thirty (30) days after the earlier of (i) the
date upon which such breaching party obtained actual knowledge of such failure and (ii) the date upon which written notice of such failure shall have been given to the Servicer or the Borrower by the Administrative Agent and (y) has, or
could reasonably be expected to have, a Material Adverse Change; 

  
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 3. any representation, warranty or certification made or deemed to have been
made by the Servicer under or in connection with the Loan Agreement or any of the other Loan Documents shall prove to have been incorrect in any respect when made or deemed to have been made or remade, which incorrectness (x) continues
unremedied for thirty (30) days after the earlier of (i) the date upon which such breaching party obtained actual knowledge of such failure and (ii) the date upon which written notice of such incorrectness shall have been given to the
Servicer, or the Borrower by the Administrative Agent and (y) has, or could reasonably be expected to have, a Material Adverse Change; 

4. the Servicer shall become the subject of an Insolvency Event; 

5. the Servicer fails to have, as reported on the most recent Servicer Financial Statements, cash or Cash Equivalents in an
amount equal to $2,500,000 that is not restricted; 
 6. the Servicer fails to have, as reported on the most recent Servicer
Financial Statements, a Tangible Net Worth equal to $50,000,000; 
 7. a material adverse change in the operations or
financial condition of the Servicer shall occur; 
 8. unless a Servicer that is not an Affiliate of the Borrower is
appointed pursuant to Section 17.2, a Change of Control occurs in respect of the Servicer; 
 9. any fraudulent action
is taken by the Servicer or any officer or director of the Servicer while acting under his or her actual, apparent, implied or purported authority as an officer or director of the Servicer or within his or her actual, implied, apparent or purported
capacity as an officer or director of the Servicer; 
 10. the Servicer shall pay any Restricted Payment (not including, for
the avoidance of doubt, the Management Fee); 
 11. The total cash contributed equity in the Parent’s Wireless
Infrastructure Businesses is less than $200,000,000. 
 “Servicing Fee” shall mean an amount payable monthly to the
Servicer equal to (a) monthly operating expenses totaling $14,600.00 per month (“Monthly Operating Expenses”) and (b) (i) the product of Collections for the related Collection Period for the Borrower multiplied
by the Servicing Fee Rate less (ii) the amount of Monthly Operating Expenses already paid (“Additional Servicing Fee”), provided that, during any period where the Backup Servicer or any other entity other
than the initial Servicer is Successor Servicer, the Servicing Fee shall be the product of Collections for the related Collection Period for the Borrower multiplied by the Servicing Fee Rate, and shall be paid in the order of priority set forth in
Section 2.5 for the Backup Servicing Fee. 

  
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 “Servicing Fee Rate” shall mean 2.5%, provided that it
shall be 0.3% during any period while the Backup Servicer is the Servicer. 
 “Servicer Financial Statements” means
the combined Financial Statements of the Servicer and all the Obligors and the Parent’s Wireless Infrastructure Businesses, in the form of Exhibit L for audited or Exhibit M for company-prepared; provided that such Financial
Statements shall be prepared in accordance with U.S. generally accepted accounting principles.” 
 Servicing
Officer” shall mean, with respect to the Servicer, any officer or other employee of the Servicer or other agent of the Servicer who in any case is involved in, or responsible for, the administration and servicing of the Sites and
Contracts and whose name appears on a list of Servicing Officers furnished to the Administrative Agent in writing by the Servicer, as such list may from time to time be amended in writing. 

“Servicing Termination Event” means the issuance of a Termination Notice by the Administrative Agent. 

“Servicing Transfer” has the meaning set forth in Section 17.1(B) hereof. 

“SFASB” means Statement of Financial Accounting Standards 13 published by the Financial Accounting Standards Board.

 “Single Employer Plan” shall mean a Plan maintained by the Borrower or any ERISA Affiliate for employees of the
Borrower or any ERISA Affiliate, but excluding any Multiemployer Plan. 
 “Site Management Agreement” means any
lease (other than a Ground Lease), management agreement, or similar agreement pursuant to which an Obligor is authorized to sublease or otherwise broker space at a Managed Site. 

“State” shall mean any state of the United States and the District of Columbia. 

“Sub-Accounts” has the meaning set forth in Section 7.1. 

“Successor Servicer” has the meaning set forth in Section 17.2(A). 

“Successor Servicer Termination Event” has the meaning set forth in Section 17.2(D). 

“Supplemental Financial Information” means (i) commencing with the one year anniversary of the Closing Date, a
comparison of budgeted expenses and the actual expenses for the prior calendar year or corresponding calendar quarter for such prior year, and (ii) such other financial reports as the subject entity shall routinely and regularly prepare as
requested by the Administrative Agent. 
 “Tangible Net Worth” means Net Worth minus Intangible Assets, calculated
in accordance with GAAP. 

  
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 “Tenant” means a tenant, licensee or other user under a Contract.

 “Termination Notice” has the meaning set forth in Section 17.1(A) hereof. 

“Third Party Owner” means a third party with which an Obligor has entered into a lease, management or similar
agreement with respect to a Site. 
 “Title Commitment” has the meaning set forth in Annex A-4. 
 “Total Commitment Amount” means $115,000,000.00. 

“Transfer” has the meaning set forth in Section 11.2. 

“UCC” means the Uniform Commercial Code in effect in each State in which any of the Collateral or Other Company
Collateral may be located from time to time. 
 “Unfunded Liabilities” of a Plan shall mean the amount (if any) by
which the present value of all vested pension benefit obligations under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined in accordance with GAAP, including, without limitation, Financial
Accounting Standards Board Statement No. 87, “Employers’ Accounting for Pensions.” 
 “Upstream
Guaranty” means, collectively, those Guaranties delivered by Operating Companies and the Asset Companies, each dated as of the date hereof or thereafter and given for the benefit of the Collateral Agent on behalf of the Lenders. 

“Upstream Pledge Agreements” means, collectively, those Pledge and Security Agreements delivered by Operating
Companies and the Asset Companies, each dated as of the date hereof or thereafter and given for the benefit of the Collateral Agent on behalf of the Lenders. 

“Waiving Party” has the meaning set forth in Section 13.1. 

“Yield Maintenance” means, with respect to a prepayment to be made, (i) from the Closing Date to any date on or
before 12 months of the Closing Date, 4% of the amount to be repaid, (ii) from 12 months from the Closing Date and on or before 24 months of the Closing Date, 2% of the amount to be repaid, (iii) from 24 months from the Closing Date and on
or before 36 months of the Closing Date, 1% of the amount to be repaid, and (iv) from 36 months from the Closing Date and thereafter, zero. 

Section 1.2 Accounting Terms. For purposes of this Loan Agreement, all accounting terms
not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP. 

  
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 Section 1.3 Other Definitional Provisions. References to
“Annexes”, “Articles”, “Sections”, “Subsections”, “Exhibits” and “Schedules” shall be to Annexes,
Articles, Sections, Subsections, Exhibits and Schedules, respectively, of this Loan Agreement unless otherwise specifically provided. Any of the terms defined in Section 1.1 or any Annex may, unless the context otherwise requires, be used in
the singular or the plural depending on the reference. In this Loan Agreement, “hereof”, “herein”, “hereto”, “hereunder” and the like mean and refer to
this Loan Agreement as a whole and not merely to the specific article, section, subsection, paragraph or clause in which the respective word appears; words importing any gender include the other genders; references to
“writing” include printing, typing, lithography and other means of reproducing words in a tangible visible form; the words “including”, “includes” and
“include” shall be deemed to be followed by the words “without limitation”; and any reference to any statute or regulation may include any amendments of same and any successor statutes and regulations. Further,
(i) any reference to any agreement or other document may include subsequent amendments, assignments, and other modifications thereto, and (ii) any reference to any Person may include such Person’s respective permitted successors and
assigns or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons. 
 ARTICLE II 

TERMS OF THE LOAN 

Section 2.1 Loan. 

(A) The Funding. Upon the terms and conditions hereinafter set forth, including those set forth in Section 2.1(B) below:
(i) the Lenders agree to fund, within five (5) Business Days of the Closing Date, an amount necessary such that there is an aggregate principal amount of $115,000,000.00 in the Escrow Account (the “Initial Installment” and
together with any Additional Installment, the “Installments”). Subject to the other provisions of this Loan Agreement, the Borrower may repay all Advances, subject to payment of Yield Maintenance if required as set forth in
Section 2.8. Advances so repaid may not be re-borrowed. On the date of the initial Advance, the Paying Agent shall distribute to each Borrower from the Escrow Account the applicable Borrower Advances in
the amount set forth in the initial Advance Request in accordance with the terms hereof. The Paying Agent will promptly remit all funds remaining in the Escrow Account (with no payment of Yield Maintenance) at the written direction of the Servicer
(who shall provide such direction at the request of the Administrative Agent) on the earlier to occur of (x) the Facility Termination Date or (y) January 1, 2016 to the Lenders in accordance with each Lender’s pro rata share of the
total Commitment as of the close of business on the immediately preceding Business Day. 
 Section 2.2 The Advances.

 (A) In respect of any draw down of any Installment, the Borrower may, no more frequently than twice per calendar month on or prior to
December 31, 2015, request the Paying Agent to release funds from the Escrow Account to make an Advance or Advances to the Borrower by the delivery to the Paying Agent and the Lenders, not later than 1:00 P.M. (New York City time) on any
Business Day of a duly completed Advance Request (other than for the initial Advance) with an attached Borrowing Base Certificate and Advance (reflecting the Borrowing Base calculated for the Monthly Report for such Month), each signed by a
Responsible Officer of the Borrower making such request. The Paying Agent shall have no duty to verify the authenticity of the signature appearing on the Advance Request or Borrowing Base 

  
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Certificate. Any Advance Request and related Borrowing Base Certificates received by the Paying Agent after the time specified in the immediately preceding sentence shall be deemed to have been
received by the Paying Agent on the next Business Day, and the date specified in any such Advance Request as the proposed Borrowing Date of an Advance or Advances shall be deemed to be the Business Day immediately succeeding the proposed Borrowing
Date of such Advance or Advances specified in such Advance Request. The proposed Borrowing Date specified in an Advance Request shall be no earlier than three (3) Business Days after the date of such Advance Request, provided that such notice
is waived with respect to any Advances made during the three (3) Business Day period from the Closing Date. 
 (B) With respect to any
Advance, each Advance Request shall be irrevocable and specify the date and the aggregate amount of each proposed Advance, which shall be in a minimum amount of $1,000,000. The submission of the Advance Request and related Borrowing Base Certificate
shall be deemed to be certification by the Borrower as to the satisfaction of the conditions to its Advance specified in Section 3.2, and of the truth, accuracy and completeness of the calculation of the Borrowing Base as with respect to it of
the date of its Borrowing Base Certificate. 
 (C) [Intentionally Omitted]. 

(D) Upon receipt by the Paying Agent and the Lenders of an Advance Request on or prior to December 31, 2015 together with the related
Borrowing Base Certificate from the Borrower, the Paying Agent shall promptly (but in any event by 1:00 P.M. (New York City time) on the Business Day immediately after the date of its deemed receipt of the related Borrowing Base Certificate) deliver
to each of the Lenders a written notice specifying the allocated amount of such Advance or Advances from the Escrow Account. The Paying Agent shall upon receipt of written confirmation from the Administrative Agent (by electronic means or otherwise
as provided herein, for which consent of the Majority Lenders is deemed to be given if the Lenders do not object (1) Business day prior to the day such consent is due to be given) of the fulfillment of the applicable conditions set forth in
Article III (unless waived by the Majority Lenders in writing), fund such Advance or Advances to the Borrower(s) in U.S. Dollars and immediately available funds to the extent the funds are available in the Escrow Account to the Borrower’s
Account prior to 3:00 P.M. (New York City time) on the Borrowing Date specified or deemed specified in such Borrowing Base Certificate. In connection with the initial Advance or Advances, the Borrower shall, or shall cause the Paying Agent to, out
of the proceeds of the initial Advance or Advances deposit in the General Reserve Account an amount such that the amount on deposit therein is equal to the General Reserve Account Initial Balance. 

(E) Use of Proceeds. Proceeds of Advances shall only be used by the Borrower or its subsidiaries to (i) repay the Original
Loan Agreement, (ii) for general corporate purposes within 30 days of Closing and (iii) to acquire Contracts and Sites from unaffiliated third parties and to finance acquisitions of Sites and Contracts already acquired and for any other
purpose permitted by the limited liability company agreements (or comparable organizational documents for such other types of entities set forth on Schedule 4.1(C)) of the related Obligors, subject to terms of this Loan Agreement. 

  
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 Section 2.3 Interest. 

(A) Interest Due. The Borrower shall pay to the Lenders interest on the Allocated Loan Amount at the Interest Rate until the date
on which the principal amount of the Allocated Loan Amount shall be paid in full. Except as otherwise provided herein, accrued but unpaid interest on the Allocated Loan Amount, to the extent applicable, with respect to each Interest Accrual Period,
shall be payable on each Monthly Payment Date. Notwithstanding the foregoing, interest payable at the Default Rate shall be payable from time to time on demand of the Administrative Agent. Interest shall accrue on unpaid Interest. 

(B) Rate of Interest. The “Interest Rate” shall mean 4.50% for the Allocated Loan Amount, provided that,
upon the occurrence and during the continuance of an Event of Default, the Interest Rate shall be the Default Rate. 
 (C) Computation
of Interest. Interest on the Allocated Loan Amount and all other Obligations owing to Lenders shall be computed on the basis of a year of 360 days in each case for the actual number of days (including the first day but excluding the last
day) occurring in the period for which such interest or commitment fees are payable. Each determination by the Calculation Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(D) Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents,
the Borrower shall not be required to pay, and the Administrative Agent shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law (“Excess Interest”). If
any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall
govern and control; (2) the Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lenders may have received hereunder shall be, at the Administrative Agent’s option, (a) applied as a credit
against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the
foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Loan Agreement and the other
Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrower shall not have any action against the Administrative Agent or Lenders for any damages arising out of the payment or
collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate
becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lenders shall have received or accrued the amount of interest which Lenders would have
received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. 

  
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 Section 2.4 Fees. 

(A) Commitment Fee. On the Closing Date, the Borrower shall pay its Commitment Fee to the Lenders. The Commitment Fee shall be non-refundable, and shall be paid in immediately available funds. 
 (B) [Intentionally Omitted].

 (C) Servicing Fee. The Borrower shall pay the Servicing Fee to the Servicer. 

(D) Collateral Agent Fee. The Borrower shall pay the Collateral Agent Fee to the Collateral Agent. 

(E) Calculation Agent Fee. The Borrower shall pay the Calculation Agent Fee to the Calculation Agent. 

(F) Paying Agent Fee. The Borrower shall pay the Paying Agent Fee to the Paying Agent. 

(G) Administrative Expenses. The Borrower shall pay the Administrative Expenses to the relevant parties. 

(H) Management Fee. The Borrower shall (during such time as the Servicer is an Affiliate of the Parent) pay the Management Fee,
if any, to the Servicer. “Management Fee” means a fee for each year equal to 5% of Collections in aggregate for such year, such amounts payable on a monthly basis pursuant to Section 2.5(B)(viii). 

(I) Administrative Agent Fee. The Borrower shall pay the Administrative Agent Fee to the Administrative Agent. 

(J) Rating Agency Fees. The Borrower shall pay any fees of any rating agency engaged by it through the Maturity Date, whether or
not any rating obtained is withdrawn. 
 (K) Backup Servicer Fee. The Borrower shall pay the Backup Servicer Fee to the Backup
Servicer each month, provided, however, that if the Backup Servicer is acting as Successor Servicer, the Backup Servicer shall be instead paid the Servicing Fee and such Servicing Fee shall be paid to the Backup Servicer monthly in the
same priority as the Backup Servicing Fee is paid pursuant to Section 2.5(B)(i). On the Closing Date, the Borrower shall pay the Backup Servicer Commitment Fee to the Backup Servicer. 

(L) Payment of Fees. Except for the Commitment Fee, the fees (the “Fees”) set forth in this
Section 2.4 shall be payable on each Monthly Payment Date by the Borrower from available Collections as set forth and in the order of priority established pursuant to Section 2.5. 

  
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 Section 2.5 Note; Repayment of the Advances. 

(A) The Loan made by the Lenders shall be evidenced by one or more Notes each executed by the Borrower payable by the Borrower, solely in
respect of its Allocated Loan Amount and other Obligations, to the Lenders in a maximum aggregate principal face amount equal to the Loan and delivered to the Collateral Agent pursuant to Article III. Notwithstanding any other provision to the
contrary, the outstanding principal balance of the Advances and the other Obligations owing under this Loan Agreement, together with all accrued but unpaid interest thereon, shall be due and payable, if not due and payable earlier, on the Facility
Termination Date. 
 (B) On each Monthly Payment Date, the Paying Agent shall apply all Receipts deposited or transferred to each Collection
Account during the related Collection Period (the “Distributable Collections”) to the Obligations of the Borrower and to fund the Cash Trap Reserve Account in the following order of priority (such allocations to be made by
the Paying Agent based on information contained in the Monthly Report relating to such Collection Period, subject to the Monthly Report Review Procedure by the Calculation Agent): 

(i) first, (a) to the Servicer, the amount of any unreimbursed Servicing Advances and Servicer Advance Interest, then
(b) to the payment of any Monthly Operating Expenses related to the Borrower’s Collections which are due and payable at such time in respect of the preceding Collection Period, and any Monthly Operating Expenses which are accrued and
unpaid for any other Collection Periods (excluding any payments in respect of any indemnification obligations or Additional Servicing Fees) and to the Paying Agent, the Paying Agent Fees of the Borrower, to the Collateral Agent, Collateral Agent
Fees of the Borrower, to the Calculation Agent, Calculation Agent Fees of the Borrower, to the Backup Servicer, the Backup Servicing Fee, and to the Administrative Agent, the Administrative Agent Fees of the Borrower, including, with respect to each
such party, the amount of any indemnification obligations of the Loan Parties hereunder due to any such party, as well as any other expenses which are due and payable to any such party at such time; 

(ii) second, to the Lenders, the payment of interest (calculated in accordance with Section 2.3), if any, which is due and
payable with respect to the Allocated Loan Amount of the Borrower, together with any accrued and unpaid interest from any prior Monthly Payment Date and interest on such accrued and unpaid interest; 

(iii) third, to the Lenders, the payment of all other fees (other than the Management Fee) payable by the Borrower to the
Lenders hereunder or under any other Loan Document not included above; 
 (iv) fourth, if the amount on deposit in the
General Reserve Account is less than the General Reserve Account Required Balance, to the General Reserve Account until the amount on deposit in the General Reserve Account shall equal the General Reserve Account Required Balance; 

  
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 (v) fifth, ratably, in the event that the aggregate outstanding principal
amount of all the Borrower’s Advances shall exceed the Borrower’s Borrowing Base, to the Lenders, the payment and reduction of the outstanding principal amount of such Advances in an amount equal to such excess; 

(vi) sixth, ratably, in respect of all Mandatory Prepayments, to the Lenders, for prepayment and reduction of the outstanding
principal amount of the Borrower’s Advances and to the Servicer, the remaining Servicing Fee due and owing; 
 (vii)
seventh, upon the occurrence and during the continuance of a Cash Trap Event, 100% of Distributable Collections remaining in the Collection Account of the Borrower, up to the aggregate amount of all Obligations then due from the Borrower, shall be
deposited in the Cash Trap Reserve Account; 
 (viii) eighth, to the Servicer, any amounts owed by the Borrower to the
Servicer in respect of indemnification obligations and the Management Fee; 
 (ix) ninth, any Distributable Collections
remaining in the Collection Account after giving effect to the preceding distributions in this Section 2.5(B) shall be distributed to the Parent; provided, that there is no Potential Default in the payment of the current Obligations of
the Borrower which could be cured by the application of such funds. The Borrower may direct that a distribution be made to the Servicer, subject to the foregoing proviso. 

Section 2.6 Payments. 

(A) Date and Time of Payment. Two (2) Business Days prior to the applicable Monthly Payment Date, Servicer shall provide a
statement of principal and interest required to be paid on the Loan on such Monthly Payment Date. The Borrower shall receive credit for payments on the Loan which are transferred to the account of the Paying Agent as provided below (i) on the
day that such funds are received by the Paying Agent if such receipt occurs by 2:00 p.m. (New York time) on such day, or (ii) on the next succeeding Business Day after such funds are received by the Paying Agent if such receipt occurs after
2:00 p.m. (New York time). Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day. 

(B) Manner of Payment; Application of Payments. The Borrower promises to pay all of the Obligations relating to the
Borrower’s Allocated Loan Amount as such amounts become due or are declared due pursuant to the terms of this Loan Agreement. All payments by the Borrower in respect of Obligations shall be made without deduction, defense, set off or
counterclaim and in immediately available funds delivered to the Paying Agent by wire transfer to such accounts at such banks as the Paying Agent may from time to time designate. Payment shall be made in accordance with Section 2.5(B). The
Paying Agent is instructed to, and hereby agrees to, pay over all payments so received by the Paying Agent on behalf of the Lenders to the Lenders, pro-rata, by wire transfer to such accounts at such banks as
each Lender may from time to time designate, at least five (5) Business Days prior to the date of payment to such Lender, subject to Section 2.6(A); provided that all payments to be made to a Lender hereunder on any day will be
deposited by the Paying Agent into the Aggregation Account and the Paying Agent will send the Lender a single wire from the Aggregation Account in respect of all such payments on such day. 

  
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 Section 2.7 Maturity. 

(A) Maturity Date. To the extent not sooner due and payable in accordance with the Loan Documents, the then outstanding principal
balance of the Note, including all Advances, all accrued and unpaid interest thereon (and including interest through the end of the Interest Accrual Period then in effect), and any fees payable under Section 2.4 or otherwise, and all other
Obligations shall be due and payable on the Maturity Date for the Note. 
 Section 2.8 Prepayment. 

(A) Manner of Prepayment. The Borrower may prepay its Allocated Loan Amount in whole on any date (i) upon written notice to
the Paying Agent and the Lenders, which notice shall be given at least two (2) Business Days prior to the proposed date of such prepayment, (ii) subject to the priority of payments set forth in Section 2.5(B) and (iii) upon
payment of the applicable Yield Maintenance, if any; provided that in connection with a refinancing, this provision does not restrict a prepayment by the Borrower to less than all the Lenders. No Yield Maintenance is payable in
connection with any prepayment that occurs in connection with Early Termination Fees; Loss Proceeds received as a result of any condemnation or casualty of a Site, an Amortization Event or any other Mandatory Prepayment. Together with such
prepayment the Borrower also shall pay (x) all accrued and unpaid interest on the Allocated Loan Amount being prepaid through the date of such prepayment and (y) all other Obligations of the Borrower, in each case, then due and owing. 

(B) Yield Maintenance. If any prepayment of all or any portion of the Borrower’s Allocated Loan Amount shall occur, then
except as provided in clause (A) above, the Borrower shall pay the Yield Maintenance on the Allocated Loan Amount (or portion thereof) being prepaid to the Paying Agent on behalf of the Lenders together with such prepayment, as liquidated
damages (which shall be the sole and exclusive remedy of the Paying Agent on behalf of the Lenders in connection with such prepayment) and compensation for costs incurred, and in addition to all other amounts due and owing to the Paying Agent on
behalf of the Lenders. 
 Section 2.9 [Intentionally Omitted]. 

Section 2.10 Outstanding Balance. The balance on the Collateral Agent’s
books and records shall be presumptive evidence (absent manifest error) of the amounts owing to each Lender by the Borrower; provided that any failure to record any transaction affecting such balance or any error in so recording shall not
limit or otherwise affect the Borrower’s obligation to pay its Obligations. 
 Section 2.11
Reasonableness of Charges. The Borrower agrees that (i) the actual costs and damages that the Lenders would suffer by reason of an Event of Default (exclusive of the attorneys’ fees and other costs incurred
in connection with enforcement by the Administrative Agent and/or the Collateral Agent of Lenders’ rights under the Loan Documents) or a prepayment would be difficult and needlessly expensive to calculate and establish, (ii) the

  
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amount of Yield Maintenance is reasonable, taking into consideration the circumstances known to the parties at this time, (iii) such Yield Maintenance, and the Lenders’ reasonable
attorneys’ fees and other costs and expenses incurred in connection with enforcement by the Collateral Agent and the Lenders of their interests under the Loan Documents shall be due and payable as provided herein, and (iv) such Yield
Maintenance, and the obligation to pay the Lenders’ reasonable attorneys’ fees and other enforcement costs do not, individually or collectively, constitute a penalty. 

Section 2.12 Agents. The Borrower and its related Obligors expressly acknowledge
and agree that the Collateral Agent Fees, Backup Servicing Fees (including the Servicing Fee when the Backup Servicer is acting as Successor Servicer), Calculation Agent Fees and Paying Agent Fees, and any other fees, costs and expenses, including
Servicing Advances and Servicer Advance Interest, reimbursements and indemnifications to the extent incurred or payable hereunder or in connection with the making or administration of the Borrower’s Allocated Loan Amount, any rating of the
Borrower’s Allocated Loan Amount, including rating agency fees, all other reasonable out-of-pocket expenses, charges, costs and fees (including reasonable
attorneys’ fees and expenses) in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Borrower’s Allocated Loan Amount, and in the preservation and
protection of each agent’s rights hereunder and thereunder (such right to reimbursements and indemnifications, the “Administrative Expenses”), shall be payable by the Borrower and its related Obligors and shall
constitute a portion of the Obligations. The applicable agent shall use reasonable efforts to provide a reasonably detailed statement of Administrative Expenses for which the Borrower and its related Obligors are liable five (5) Business Days
prior to the date when due; provided that failure to timely provide such statement shall not relieve the Borrower and its related Obligors from the obligation to pay all such Administrative Expenses. Without limitation, the Borrower and its related
Obligors shall pay all costs and expenses, including without limitation reasonable attorneys’ fees, incurred by Administrative Agent, Backup Servicer (including in its role as Successor Servicer), Paying Agent, Calculation Agent, or Collateral
Agent, in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same) with respect to the Borrower or any of its related Obligors. The Borrower shall cooperate with any effort to have the Loan rated by any
rating agency. 
 ARTICLE III 

CONDITIONS TO LOAN 

Section 3.1 Conditions to the Closing and the Initial Installment of the
Loan. The obligations of the Administrative Agent and the Lenders to consummate the transaction contemplated by this Loan Agreement to fund the Loan are subject to the prior or concurrent satisfaction or written
waiver of the conditions set forth below, and to satisfaction of any other conditions specified herein or elsewhere in the Loan Documents. 

(A) Loan Documents. On or before the Closing Date, the Borrower shall execute and deliver and cause to be executed and delivered
by each of the applicable Loan Parties, to the Administrative Agent all of the Loan Documents together with such other documents as may be reasonably required by the Administrative Agent, each, unless otherwise noted, of even date herewith, duly
executed, in form and substance satisfactory to the Administrative Agent and in quantities designated by the Administrative Agent (except for the Note executed on the Closing Date, of which only one shall be signed), which Loan Documents shall
become effective upon the Closing. 

  
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 (B) Deposits. The deposits required herein, including without limitation, the
initial deposits into the Reserve Account, shall have been made on the Closing Date (and at the Borrower’s option, the same may be made from the proceeds of the Loan). 

(C) Receipt of Note. The Collateral Agent shall have received a duly executed, authorized and authenticated Note registered in
the name of the Lenders and stating that the principal amount thereof shall not exceed the Commitment. 
 (D) Payment of Fees.
The Borrower shall have paid all fees required to be paid by it on the Closing Date, including, without limitation, the Commitment Fee and the Backup Servicer Commitment Fee. 

(E) Enforceability of Note. The Note shall be entitled to the benefit of the security provided herein and the Note and the other
Loan Agreements which each Loan Party is a party hereto shall constitute the legal, valid and binding agreement of such Loan Party, enforceable against such Loan Party in accordance with its terms (except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally or general principals of equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law)). 
 (F) Performance of Agreements, Truth of Representations and Warranties. Each Loan Party and all other
Persons executing any agreement on behalf of any Loan Party shall have performed all agreements that this Loan Agreement provides shall be performed on or before the Closing Date. The representations and warranties contained herein and in the other
Loan Documents shall be true and correct in all material respects on and as of the Closing Date, except those made as of the specific date, which shall be true and correct as of such date. 

(G) Closing Certificate. On or before the Closing Date, the Administrative Agent shall have received certificates of even date
herewith executed on behalf of each Loan Party by the chief financial officer or other Responsible Officer of such Loan Party listed on Schedule 3.1 stating that, for such Loan Party: (i) on such date no Default exists; (ii) no material
adverse change in the financial condition or operations of the business of the Borrower or its subsidiaries or the other Obligors, taken together, or the Sites or Contracts of any Obligor has occurred since the date of the Most Recent Report of any
financial statements, budgets, pro formas, or similar materials (or if there has been any change, specifying such change in detail), and that such financial materials fairly, accurately and completely present (subject, in the case of any interim
statements, to year-end adjustments and the absence of footnotes) the financial condition and results of operations of such Loan party and its Obligors and all other materials delivered to the Administrative
Agent on behalf of Loan Party are complete and accurate in all material respects; (iii) the representations and warranties set forth in this Loan Agreement with respect to such Loan Party and its related Obligors are true and correct in all
material respects on 

  
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and as of such date with the same effect as though made on and as of such date (or if any such representations or warranties require qualification, specifying such qualification in detail); and
(iv) there is no Material Adverse Change and no event has occurred that could reasonably be expected to cause a Material Adverse Change with respect to such Loan Party and its related Obligors. 

(H) Opinions of Counsel. The Administrative Agent shall have received from legal counsel for the Loan Parties reasonably
satisfactory to the Administrative Agent, written legal opinions, each in form and substance reasonably acceptable to the Administrative Agent, as to such matters as the Administrative Agent shall request, including opinions to the effect that
(i) each of the Loan Parties is validly existing and in good standing in its state of organization, and (ii) this Loan Agreement and the Loan Documents have been duly authorized, executed and delivered and are enforceable in accordance
with their terms subject to customary qualifications for bankruptcy, general equitable principles, and other customary assumptions and qualifications. Also on or before the Closing Date, the Administrative Agent shall have received the following
legal opinions, each in form and substance reasonably acceptable to the Administrative Agent: (a) an opinion of Borrower’s counsel as to nonconsolidation (b) an opinion of the Borrower’s counsel in Delaware as to the creation and
perfection of the security interests created by this Loan Agreement and the Pledge Agreements in the collateral granted by the Borrower and other Obligors, (c) an opinion of the Borrower’s counsel in California as to the creation and
perfection of the security interests created by this Loan Agreement and the Pledge Agreements in the certificates evidencing the membership interests granted by the Borrower, the Holding Company and the Asset Companies in their respective
subsidiaries, and (d) such other legal opinions as the Administrative Agent may reasonably request. The Administrative Agent also has the right to require reasonable additional opinions of the type specified in clause (a) of the
immediately preceding sentence from counsel licensed in states in which more than 5% of Revenue of the Sites are located after the Closing Date to be delivered by the Borrower within 30 days of the date of such request. 

(I) [Intentionally Omitted]. 
 (J)
Certificates of Formation and Good Standing. On or before the Closing Date, the Administrative Agent shall have received copies of the organizational documents and filings of each Obligor, and Holding Company, together with good
standing certificates (or similar documentation) (including verification of tax status) from the state of its formation and from all states in which the laws thereof require such Person to be qualified and/or licensed to do business. Each such
certificate shall be dated not more than thirty (30) days prior to the Closing Date, as applicable, and certified by the applicable Secretary of State or other authorized governmental entity. In addition, on or before the Closing Date, as
applicable, the secretary or corresponding officer of each Obligor or Holding Company, or the secretary or corresponding officer of the partner, trustee, or other Person as required by such Obligor’s, or Holding Company’s organizational
documents (as the case may be, the “Obligor Secretary”) shall have delivered to the Administrative Agent a certificate stating that the copies of the organizational documents as delivered to the Administrative Agent are true,
complete and correct and are in full force and effect, and that the same have not been amended except by such amendments as have been so delivered to the Administrative Agent. 

  
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 (K) Certificates of Incumbency and Resolutions. On or before the Closing Date,
the Administrative Agent shall have received certificates of incumbency and resolutions of each Obligor, and Holding Company and each of their respective constituents as requested by the Administrative Agent, approving and authorizing the Loan and
the execution, delivery and performance of the Loan Documents, certified as of the Closing Date by the Obligor Secretary as being in full force and effect without modification or amendment. 

(L) Rent Roll. Prior to the Closing Date, the Administrative Agent shall have received from the Servicer a rent roll including
each of the Sites and Contracts (collectively, the “Rent Roll”), certified by the Borrower, and in form and substance satisfactory to the Administrative Agent. 

(M) Compliance with Triggers. As of the Closing Date and the date of each Installment, no Amortization Event or Cash Trap Event
shall be in effect. 
 (N) Insurance Policies and Endorsements. On or before the Closing Date, the Administrative Agent and
Backup Servicer shall have received copies of certificates of insurance (dated not more than twenty (20) days prior to the Closing Date) regarding insurance required to be maintained under this Loan Agreement and the other Loan Documents,
together with endorsements satisfactory to the Administrative Agent naming the applicable Agent as an additional insured and loss payee, as required by this Loan Agreement, under such policies. 

(O) Audited Financials. On or before the Closing Date, the Administrative Agent shall have received copies of the Most Recent
Audited Financial Statements audited by KPMG, LLP and attached hereto as Exhibit L. 
 (P) Delivery of Collateral. On or before
the Closing Date, the Collateral Agent shall have received the Capital Stock of the Borrower, the Obligors, the Holding Company and the other Collateral to be delivered on the Closing Date. 

(Q) Other Documents. Such other documents and opinions as the Administrative Agent may reasonably request. 

(R) Legal Fees; Closing Expenses. The Obligors shall have paid any and all reasonable legal fees and expenses of counsel to the
Paying Agent, Calculation Agent, Administrative Agent, Collateral Agent and the Lenders, together with all recording fees and taxes, title insurance premiums, and other reasonable costs and expenses related to the Closing. 

(S) The total cash contributed equity in the Parent’s Wireless Infrastructure Businesses is greater than or equal to $250,000,000
(“Minimum Contributed Equity Test”). 
 (T) [Intentionally Omitted]. 

(U) The acceptance by the Borrower of an Advance shall be deemed to constitute, as of the date of such Advance, (i) a representation and
warranty by the Borrower that the conditions in this Section 3.1 with respect to it have been satisfied and (ii) a confirmation and reaffirmation by the Borrower of the granting and continuance of the Collateral Agent’s Liens on its
Collateral pursuant to the Loan Documents. 

  
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 Section 3.2 Conditions to all
Advances. Except as otherwise expressly provided below, the Paying Agent shall not make Advances (other than the initial Advance) unless the Paying Agent receives written notice from the Administrative Agent (by electronic
means or otherwise as provided herein, for which consent of the Majority Lenders is deemed to be given if the Lenders do not object (1) Business day prior to the day such consent is due to be given) that the following conditions precedent are
satisfied on the date of each such Advance and after giving effect thereto: 
 (A) the following statements shall be true (and each of the
giving of the applicable notice by the Borrower requesting each such Advance and the acceptance by the Borrower of the proceeds of each such Advance shall constitute a representation and warranty by the Borrower that on the date of each such Advance
such statements, to the extent related to the Borrower or Servicer, are true): 
 (i) the outstanding principal amount of all
Advances of the Borrower shall not exceed, after giving effect to such Advance, the Borrowing Base for the Borrower; 
 (ii)
no event has occurred and is continuing, or would result from such Advance or from the application of the proceeds of such Advance or the giving of notice or the passage of time, which constitutes a Cash Trap Event, an Amortization Event, a
Potential Default or an Event of Default with respect to the Borrower; 
 (iii) the Assets related to the Advance, if any,
meet the Eligibility Criteria applicable thereto; 
 (iv) the Facility Termination Date shall not have occurred, nor shall it
occur as a result of making such Advance; 
 (v) the Borrower, the Obligors, and the Servicer shall be in compliance with all
of their respective obligations under this Loan Agreement and the other Loan Documents to which they are a party, and no breach by them of this Loan Agreement or any other Loan Document exists or shall exist; 

(vi) no event has occurred and is continuing, or would result from such Advance or from the application of the proceeds of such
Advance or the giving or notice or the passage of time, which constitutes a Servicer Default unless waived in writing by the Administrative Agent; 

(vii) no later than three (3) Business Days prior to the requested Borrowing Date, the Lenders, Paying Agent and the
Administrative Agent, shall have received a properly completed Advance Request with an attached Borrowing Base Certificate (reflecting a Borrowing Base that equals or exceeds the sum of the outstanding Advances after giving effect to such proposed
Advances) from the Borrower; 
 (viii) such Advance is in an amount not less than $1,000,000; 

(ix) such Advance will not cause there to be more than two (2) Advances in a calendar month; 

  
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 (x) the representations and warranties made by the Borrower, the other
Obligors, the Holding Company, and the Servicer in this Loan Agreement and the other Loan Documents are true and correct in all material respects as of the date of such requested Advance, with the same effect as though made on the date of such
Advance, except to the extent any of such representations and warranties are made as of a specific earlier date, in which case they shall have been true and correct in all material respects as of such earlier date; 

(xi) the amount on deposit in the General Reserve Account shall equal or exceed the General Reserve Account Required Balance,
taking into account the application of the proceeds of the proposed Advance on such date; 
 (xii) since the Closing Date, no
event or events shall have occurred and be continuing which would have, or would reasonably be expected to have, a Material Adverse Change with respect to the Borrower, any other Obligor, any Holding Company; 

(xiii) an Insolvency Event shall not have occurred with respect to the Borrower, Holding Company, or any other Obligor; 

(xiv) a Servicing Termination Event shall not have occurred; 

(xv) No Change of Control of any of the Obligors, Holding Company, or Servicer has occurred; 

(xvi) The Servicer and the Obligors fail to have cash or Cash Equivalents as reported on the Servicer Financial Statements in
an amount equal to at least $10,000,000 in the aggregate that is unrestricted, including any deal reserves, as of the most recently ended calendar month; 

(xvii) [Intentionally Omitted]; 

(xviii) the Lenders shall have received the Collateral Agent Certification from the Collateral Agent pursuant to
Section 2.2(b) of the Collateral Agent Agreement; 
 (xix) [Intentionally Omitted]; 

(xx) [Intentionally Omitted]; 

(xxi) The representations and warranties set forth in Article IV hereof and each Annex applicable to the Borrower shall
be true and correct as of the date of the Advance. 
 (B) The Administrative Agent shall have received such other approvals, opinions or
documents as may be required under any Loan Document. 
 (C) The acceptance by the Borrower of an Advance shall be deemed to constitute, as
of the date of such Advance, (i) a representation and warranty by the Borrower that the conditions in this Section 3.2 with respect to it, its related Obligors, and Servicer have been satisfied and (ii) a confirmation and
reaffirmation by the Borrower of the granting and continuance of the Collateral Agent’s Liens on the Borrower’s Collateral pursuant to the Loan Documents. 

  
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 Section 3.3 [Intentionally Omitted]. 

Section 3.4 Conditions to any additional Commitment and Installment. 

(A) The Borrower may increase the total amount of Commitments (an “Increase”) and cause additional installments to be issued
thereunder (“Additional Installments”) with confirmation from Fitch of a BBB rating upon execution of a Loan Agreement Supplement relating thereto, along with such other documents required by such Loan Agreement Supplement,
upon satisfaction of the following conditions, which shall be true after giving effect to such Increase: 
 (i) The Debt
Service Coverage Ratio shall be greater than or equal than 2.0x; 
 (ii) After giving effect to the proposed Increase, the
aggregate amount of all Installments (including the Initial Installment) outstanding shall be no more than 7.75x of the Eligible Free Cash Flow; 

(iii) each advance thereunder (a) shall rank pari passu in right of payment with the Advances and have same conditions to
prepayment, (b) shall not mature earlier than the Maturity Date, and (c) shall not contain additional or different covenants or financial covenants which are more restrictive in any material respect than the covenants in the Loan Documents
at the time of the incurrence of such Additional Installment unless either (x) such covenants benefit all of the Lenders or are otherwise consented to by the Administrative Agent or (y) such covenants apply only after the Maturity Date;

 (iv) if the weighted average interest rates applicable to the advances under the Additional Installment exceed the
interest rates set forth for the existing Advances hereunder, then the interest rates set forth in Section 2.3 with respect to the existing Advances shall increase by the Yield Differential (it being understood that any increase in the weighted
average interest rates may (i) take the form of original issue discount (“OID”) or upfront fees, with such OID or upfront fees being equated to such interest margins in a manner determined by the Administrative Agent); 

“Effective Yield” shall mean, as to any advances, the effective yield on such advances, as reasonably determined by the
Administrative Agent, taking into account the applicable interest rate margins, interest rate benchmark floors and all fees, including recurring, up-front or similar fees or OID payable generally to the
lenders making such advances, but excluding any arrangement, structuring or other fees payable in connection therewith that are not generally shared with the lenders thereunder. 

“Yield Differential” shall mean, with respect to any Additional Installment, (a) the Effective Yield applicable to the
Additional Installment, minus (b) the Effective Yield applicable to Advances set forth in Section 2.3, minus (c) 50 basis points. 

  
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 (v) the Lender giving such Commitment has executed the Loan Agreement
Supplement subject to the approval of the Majority Lenders; 
 (vi) No Event of Default or Amortization Period is then
continuing; 
 (vii) No event or condition has occurred or exists that, with the giving or notice or passage of time, would
give rise to an Event of Default; 
 (viii) The Administrative Agent shall have not received any notice from Fitch that there
has been a ratings downgrade since the Closing Date and no negative watch relating to such proposed Increase; and 
 (ix) The
representations and warranties of the Borrower set forth in Article IV hereof shall be true. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Administrative Agent and each Lender to enter into this Loan Agreement and to make the Loan, the Installments and each
Advance, the Borrower with respect to itself and its Obligors, represents and warrants to the Administrative Agent, the Collateral Agent, the Calculation Agent, the Paying Agent and to each Lender that, except as set forth on Schedule 4, the
statements set forth in this Article IV and any Annex relating to the Borrower or its Obligors, after giving effect to the Closing, each Installment and each Advance to the Borrower, will be true, correct and complete in all respects as of the
Closing Date and materially true, correct and complete as of the date of each Installment and each such Advance (except those made as of a specific date, which shall be true and correct as of such date). For the purpose of this Article IV, each
reference to an Obligor shall be deemed to include such Obligor’s Holding Company. 
 Section 4.1 Organization,
Powers, Capitalization, Good Standing, Business. 
 (A) Organization and Powers. Such Obligor is a limited liability
company duly formed and validly existing under the laws of the jurisdiction indicated for such Obligor on Schedule 4.1(C), has all requisite power and authority to conduct its business, to own its property and to execute, deliver and perform all of
its obligations under this Loan Agreement and the other Loan Documents, has the requisite power and authority and the legal right to own, pledge, mortgage or otherwise encumber the Collateral which it owns, and to conduct its business as now and
proposed to be conducted, and has all licenses, permits, consents or approvals from or by, and has made all filings with, and has given all notices to, all Governmental Authorities having jurisdiction, except where the failure to do so could not be
reasonably expected to result in a Material Adverse Change. 
 (B) Qualification. Such Obligor is duly qualified and in good
standing in the jurisdiction of its formation or incorporation. In addition, each Obligor is duly qualified and in good standing in each jurisdiction where necessary to carry on its present business and operations. 

  
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 (C) Organization. The organizational chart set forth as Schedule 4.1(C)
accurately sets forth the direct and indirect ownership structure of such Loan Parties as of the Closing Date. 
 Section 4.2
Authorization of Borrowing, etc. 
 (A) Authorization of Borrowing. Such Obligor has the power and authority to
maintain and incur the Indebtedness. The execution, delivery and performance by such Obligor of each of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all
necessary limited liability company, partnership, trustee, corporate or other action, as the case may be. 
 (B) No Conflict.
The execution, delivery and performance by such Obligor of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) any provision of law applicable to such
Obligor; (y) the partnership agreement, certificate of limited partnership, certificate of formation, certificate of incorporation, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational
documents, as the case may be, of such Obligor; or (z) any order, judgment or decree of any Governmental Authority binding on such Obligor or any of its direct or indirect subsidiaries; (2) conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of such Obligor or any of its direct or indirect subsidiaries (except where such breach will not result in a Material Adverse Change); (3) result
in or require the creation or imposition of any Lien (other than the Lien of the Loan Documents) upon the Sites or Contracts of such Obligor or any of its other Collateral; or (4) require any approval or consent of any Person under any
Contractual Obligation of such Obligor, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation, but in no event later than the Closing Date (except where the failure to obtain such
approval or consent will not have a Material Adverse Change). 
 (C) Governmental Consents. The execution and delivery by such
Obligor of the Loan Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any
Governmental Authority, except with respect to the filing or recording of Mortgages and the Financing Statements upon the closing of the transactions contemplated by the Agreement. 

(D) Binding Obligations. This Loan Agreement is, and the Loan Documents, including the Note, when executed and delivered will be,
the legally valid and binding obligations of such Obligor that is a party thereto, enforceable against such Obligor, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws
affecting creditor’s rights, generally and general principles of equity, regardless of whether such enforcement is sought at equity or at law. No such Obligor has any defense or offset to any of its obligations under the Loan Documents to which
it is a party. No such Obligor has any claim against Lender or any Affiliate of Lender. 

  
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 Section 4.3 Financial
Statements. All financial statements concerning the Borrower and its related Obligors which have been furnished by or on behalf of the Borrower to the Administrative Agent pursuant to this Loan Agreement present fairly in all
material respects the financial condition of the Persons covered thereby. 
 Section 4.4 Indebtedness
and Contingent Obligations. As of the Closing, such Obligors shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations or any other Permitted Indebtedness. 

Section 4.5 [Intentionally Omitted]. 

Section 4.6 [Intentionally Omitted]. 

Section 4.7 [Intentionally Omitted]. 

Section 4.8 [Intentionally Omitted]. 

Section 4.9 Litigation; Adverse Facts. There are no judgments outstanding against such
Obligor, or affecting any of the Collateral or any property of such Obligor, nor is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or, to such Obligor’s Knowledge,
threatened against such Obligor or any of the Collateral or any property of such Obligors that could, in the aggregate, reasonably be expected to result in a Material Adverse Change with respect to the Borrower. 

Section 4.10 Payment of Taxes. All material federal, state and local tax returns
and reports of such Obligor required to be filed have been timely filed (or such Obligor has timely filed for an extension and the applicable extension has not expired), and all material taxes, assessments, fees and other governmental charges
(including any payments in lieu of taxes) upon such Person and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent same are being contested in accordance with Section 5.3(B). 

Section 4.11 Adverse Contracts. Except for the Loan Documents, such Obligor is
not party to or bound by, nor is any property of such Person subject to or bound by, any contract or other agreement which restricts such Person’s ability to conduct its business in the ordinary course as currently conducted that, either
individually or in the aggregate, has a Material Adverse Change on such Obligor or could reasonably be expected to result in a Material Adverse Change on such Obligor. 

Section 4.12 Performance of Agreements. No such Obligor is in default in the
performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of such Obligor which could, in the aggregate, reasonably be expected to result in a Material Adverse Change, and no
condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to result in a Material Adverse Change. 

  
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 Section 4.13 Governmental
Regulation. No Obligor is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act or the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its
ability to incur indebtedness for borrowed money. 
 Section 4.14 Employee Benefit Plans and ERISA
Affiliates. No Obligor maintains or contributes to, or has any obligation (including a contingent obligation) under, or liability with respect to, any Employee Benefit Plan. No Obligor or any of their respective ERISA
Affiliates has or will have any liability relating to ERISA that could result in a Lien on any Other Pledged Site and no Lien on the assets of such Obligor in favor of the Pension Benefit Guarantee Corporation established pursuant to Subtitle A of
Title IV or ERISA (or any successor) or any Employee Benefit Plan has arisen during the six year period prior to the date on which this representation is made or deemed made. 

Section 4.15 Broker’s Fees. No broker’s or
finder’s fee, commission or similar compensation will be payable by or pursuant to any contract or other obligation of such Obligor with respect to the making of the Loan or any of the other transactions contemplated hereby or by any of the
Loan Documents as a result of any action taken by any Loan Party. Such Obligor shall indemnify, defend, protect, pay and hold the Administrative Agent, Collateral Agent and the Lenders harmless from any and all broker’s or finder’s fees
claimed to be due in connection with the making of the Loan arising from the Borrower’s and its related Obligors’ actions. 

Section 4.16 Solvency. No Obligor (a) has entered into the transactions
contemplated hereby or by any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) such Obligor received reasonably equivalent value in exchange for its obligations under the Loan Documents. After giving effect
to the Loan, the fair saleable value of such Obligor’s assets exceed and will, immediately following the making of the Loan, exceed such Obligor’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and
Contingent Obligations, but excluding its obligations under any guaranty executed by it which is part of the Loan Documents. The fair saleable value of such Obligor’s assets is and will, immediately following the making of the Loan, be greater
than the Obligor’s probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. Such Obligor’s assets do not and, immediately following the making of the Loan will
not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Such Obligor does not intend to, and does not believe that it will, incur Indebtedness and liabilities (including Contingent
Obligations and other commitments) beyond its ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by such Obligor and the amounts to be payable on or in respect of
obligations of the Obligors). 
 Section 4.17 Disclosure. No financial
statements or other information furnished to the Administrative Agent by or on behalf of the Borrower contains any untrue representation, warranty or statement of a material fact, or omits to state a material fact necessary in order to make the
statements contained therein not misleading. No Loan Document or any other document, certificate or written statement for use in connection with the Loan and prepared by or on behalf of the Borrower, or any information provided by or on behalf of
the Borrower 

  
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and contained in, or used in preparation of, any document or certificate for use in connection with the Loan, contains any untrue representation, warranty or statement of a material fact, or
omits to state a material fact necessary in order to make the statements contained therein not misleading. There is no fact known to the Borrower, or any of its related Obligors, or its Holding Company that has or is reasonably likely to cause a
Material Adverse Change on the Borrower and that has not been disclosed in writing to the Administrative Agent by the Borrower. 

Section 4.18 Use of Proceeds and Margin Security. The Borrower shall use the
proceeds of its Advances only for the purposes set forth herein and consistent with all applicable laws, statutes, rules and regulations. No portion of the proceeds of such Advances shall be used by the Borrower or its related Obligors in any manner
that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U or Regulation X or any other regulation of the Board of Governors of the Federal Reserve System. 

Section 4.19 Insurance. Set forth on Schedule 4.19 is a complete and accurate
description of all policies of insurance for such Obligor that are in effect as of the Closing Date. Such insurance policies conform to the requirements of Section 5.4. No notice of cancellation has been received with respect to such policies,
and such Obligor is in compliance with all conditions contained in such policies. 
 Section 4.20
Investments. Such Obligor has no (i) direct or indirect interest in, including without limitation stock, partnership interest or other securities of, any other Person, or (ii) direct or indirect loan,
advance or capital contribution to any other Person, including all indebtedness from that other Person, except, in each case, with respect to its subsidiary Obligors. 

Section 4.21 No Plan Assets. No such Obligor is or will be (i) an employee
benefit plan as defined in Section 3(3) of ERISA which is subject to ERISA, (ii) a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section 4975 of the IRC, or (iii) an entity whose underlying assets
constitute “plan assets” of any such employee benefit plan or plan for purposes of Title I of ERISA or Section 4975 of the IRC. 

Section 4.22 Plans. No such Obligor is or will be a “governmental plan”
within the meaning of Section 3(32) of ERISA and transactions by or with an Obligor are not and will not be subject to statutes or regulations applicable to the Obligor regulating investments of and fiduciary obligations with respect to any
employee benefit plan or similar retirement plan or arrangement (including governmental plans). 
 Section 4.23
Not a Foreign Person. Neither Borrower nor its related Obligors is a “foreign person” within the meaning of Section 1445(f)(3) of the IRC. 

Section 4.24 No Collective Bargaining Agreements. No such Obligor is a party to
any collective bargaining agreement. 
 Section 4.25 Investment Company Act.
The Borrower represents as to itself that it (i) does not own or propose to acquire investment securities, as that term is defined in Section 3(a)(2) of the Investment Company Act of 1940, as amended (the “Act”), having a value
exceeding 40% of the value of the Borrower’s total assets on an unconsolidated basis (except to 

  
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the extent that the Borrower is primarily engaged, directly or through a wholly-owned subsidiary or subsidiaries, in a business or businesses other than that of investing, reinvesting, owning,
holding or trading in securities), and (ii) does not hold itself out as engaging in, is not engaged in, and does not propose to engage in, any of the businesses or activities referred to in Section 3(a)(1) of the Act. 

Section 4.26 Organization. The Borrower, its related Obligors and its Holding
Company, have been organized in the jurisdictions indicated on Schedule 4.26. 
 Section 4.27 [Intentionally Omitted].

 Section 4.28 Cash Flow Cut-Off
Date. All Receipts received in respect of the Borrower since the Cash Flow Cut-Off Date through the date of the initial Advance will be deposited in the Borrower’s Collection Account
by the date of the initial Advance. 
 Section 4.29 The Collateral Generally. 

(A) With respect to each Eligible Asset in respect of which an Advance to the Borrower shall be made, the Borrower represents and warrants
that, as of the date of such Advance, such asset is an Eligible Asset, and if an Eligible Contract, is fully executed, enforceable and the Borrower and its related Obligor is in compliance with the terms thereof and all applicable laws. 

(B) For any calculation of the Borrowing Base, the Collateral of the Borrower included for the purposes of calculating Eligible Free Cash flow
satisfies the Eligibility Criteria set forth in the Eligibility and Concentration Criteria Annex. 
 (C) The Cash Flow Tape with respect to
the Borrower delivered to the Administrative Agent and the Collateral Agent is accurate in all material respects. 
 (D) The stratifications
provided in Schedule M with respect to the Borrower are accurate in all material respects. 
 ARTICLE V 

COVENANTS OF OBLIGORS 

The Borrower covenants and agrees that until payment in full of its Allocated Loan Amount, all accrued and unpaid interest thereon and all its
other Obligations (except for any indemnification or reimbursement Obligations for which no demand has yet been made), it shall perform and comply, and its related Obligors shall comply, with all covenants in this Article V and any Annex applicable
to such Person and in any of the other Loan Documents. 
 Section 5.1 Financial Statements and Other Reports. 

(A) Financial Statements. 

  
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 (i) Annual Reporting. Within one hundred twenty
(120) days after the end of each calendar year, the Borrower and its related Obligors shall provide true and complete copies of their Financial Statements for such year to the Administrative Agent and the Lenders. All such Financial Statements
shall be audited by an Approved Accounting Firm or by other independent certified public accountants reasonably acceptable to the Administrative Agent, and shall bear the unqualified certification of such accountants that such Financial Statements
present fairly in all material respects the financial position of the subject company. The annual Financial Statements shall be accompanied by unaudited Supplemental Financial Information for such calendar year. The annual Financial Statements for
the Borrower shall also be accompanied by a certification executed by such Person’s chief executive officer or chief financial officer (or other officer with similar duties), satisfying the criteria set forth in Section 5.1(A)(vii) below,
and a Compliance Certificate (as defined below). 
 (ii) Quarterly Reporting. Within forty-five (45) days
after the end of each of the four quarters in each year, the Borrower and its related Obligors shall, with respect to itself and all Obligors, provide copies of their Financial Statements for such quarter to the Administrative Agent and the Lenders,
together with a certification executed on behalf of such Person by their respective chief executive officers or chief financial officers (or other officer with similar duties) in accordance with the criteria set forth in Section 5.1(A)(vii)
below. Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such calendar quarter. Together with the quarterly Financial Statements delivered hereunder, such Obligors shall,
or shall cause Servicer to, deliver or make available in an online database copies of all Contracts executed by it during such calendar quarter. 

(iii) Contract Reports. Within forty-five (45) days after each calendar quarter, Borrower shall provide to
the Administrative Agent and the Lenders: (a) a certified Rent Roll, a Data Tape (in the form of Exhibit K in excel format or such other format reasonably acceptable to the Administrative Agent) and a schedule of security deposits held under
Contracts, each in form reasonably acceptable to the Administrative Agent, (b) a schedule of any Contracts that expired during such calendar quarter, (c) a schedule of Contracts scheduled to expire within the next twelve (12) months.

 (iv) Annual Servicer Forecast; Annual Operating Budget and CapEx Budgets. 

(a) Within sixty (60) days after the end of each calendar year, the Borrower shall provide, or cause Servicer to provide,
to the Administrative Agent and the Lenders the following items (a) a two (2) year pro forma projection including the Sites and Contracts of the Borrower during such calendar month and (b) such other detailed operational margin
analysis, if requested by the Administrative Agent and (c) other financial information as reasonably requested by the Administrative Agent. Along with the foregoing, the Borrower shall deliver to the Administrative Agent and the Lenders a
Compliance Certificate of the Borrower’s chief executive officer or chief financial officer (or other officer with similar duties) satisfying the criteria set forth in Section 5.1(A)(vii) below. 

  
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 (v) Additional Reporting. In addition to the foregoing, the
Borrower shall, and shall cause Servicer to, promptly provide to the Administrative Agent such further documents and information concerning the operation of a Site or Contract and its operations, properties, ownership, and finances as the
Administrative Agent or Lenders shall from time to time reasonably request upon prior written notice to the related Borrower. 

(vi) GAAP. The Borrower will, and will cause Servicer and its other Obligors to, maintain systems of accounting
established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of Financial Statements in conformity with GAAP. All annual Financial Statements shall be prepared in accordance with GAAP.

 (vii) Certifications of Financial Statements and Other Documents, Compliance Certificate. Together with the
Financial Statements and other documents and information provided to the Administrative Agent and/or the Lenders by or on behalf of the Borrower or Servicer under this Section, the Borrower also shall deliver, and shall cause Servicer to deliver, to
the Administrative Agent and/or the Lenders, as applicable, a certification to the Administrative Agent, and/or the Lenders, as applicable, executed on behalf of the Borrower or Servicer by their respective chief executive officer or chief financial
officer (or other officer with similar duties), stating that such quarterly and annual Financial Statements and information fairly present the financial condition and results of operations of the Borrower for the period(s) covered thereby (except
for year- end adjustments and the absence of footnotes with respect to the monthly and quarterly Financial Statements), and do not omit to state any material information without which the same might reasonably be misleading, and all other non-financial documents submitted to the Administrative Agent (whether monthly, quarterly or annually) are true, correct, accurate and complete in all material respects. In addition, where this Loan Agreement
requires a “Compliance Certificate”, the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by its chief executive officer or chief financial officer (or other officer with
similar duties) stating that there does not exist any Default or Event of Default under the Loan Documents (or if any exists, specifying the same in detail and the actions being taken in respect thereof). 

(viii) Fiscal Year. The Borrower represents that its fiscal year and that of its Obligors, and its Holding
Company, ends on December 31, or such other fiscal year end as determined by such Person with the consent of the Administrative Agent, such consent not to be unreasonably withheld. 

(B) Accountants’ Reports. Within a reasonable period of time, the Borrower will deliver to the Administrative Agent and the
Lenders copies of all material reports submitted by independent public accountants in connection with each annual audit of the Financial Statements or other business operations of the Borrower made by such accountants, including the comment letter
submitted by such accountants to management in connection with the annual audit. 

  
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 (C) Tax Returns. Within thirty (30) days after filing the same, the
Borrower and Servicer shall deliver to the Administrative Agent and the Lenders a copy of its executed Federal income tax returns (or the return of the applicable Person into which the Borrower’s or Servicer’s Federal income tax return is
consolidated) filed in 2014 or thereafter. 
 (D) [Intentionally Omitted]. 

(E) Material Notices. The Borrower shall promptly deliver, or cause to be delivered, copies of all notices given or received with
respect to a default under any term or condition related to any Permitted Indebtedness of the Borrower, its Obligors, or its Holding Company and shall notify the Administrative Agent and the Lenders within five (5) Business Days of any event of
default with respect to any such Permitted Indebtedness. 
 (i) Each Obligor of the Borrower shall promptly deliver to the
Administrative Agent and the Lenders copies of any and all notices of a material default or breach which is reasonably expected to result in a termination received with respect to any Contract of such Obligor. 

(F) Events of Default, etc. Promptly upon the Borrower or its Obligors obtaining Knowledge of any of the following events or
conditions relating to the Borrower or any of its related Obligors, such Obligor shall deliver to the Administrative Agent, the Collateral Agent and the Lenders a certificate executed on its behalf by its chief financial officer or similar officer
specifying the nature and period of existence of such condition or event and what action such Obligor or any Affiliate thereof has taken, is taking and proposes to take with respect thereto: (i) any condition or event that constitutes an Event
of Default or Potential Default; (ii) any Material Adverse Change; or (iii) any condition or event that could reasonably be expected to lead to a Material Adverse Change, given the passage of time; 

(G) Litigation. Promptly upon the Borrower, any of its Obligors or its Holding Company obtaining knowledge of (1) the
institution of any action, suit, proceeding, governmental investigation or arbitration against any of such Obligors, such Holding Company, or any of their Sites or Contracts not previously disclosed in writing by such Obligors to the Administrative
Agent which would be reasonably likely to result in a Material Adverse Change on the Borrower and is not covered by adequate insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at
any time pending against or affecting such Obligors, such Holding Company or any of their Sites or Contracts which, in each case, if adversely determined and not covered by adequate insurance could reasonably be expected to result in a Material
Adverse Change on the Borrower, the Obligors will give notice thereof to the Administrative Agent and the Lenders and, upon request from the Administrative Agent, provide such other information as may be reasonably available to them to enable the
Administrative Agent and its counsel to evaluate such matter. 
 (H) Insurance. Prior to the end of each insurance policy
period of an Obligor, such Obligor will deliver to the Administrative Agent and the Lenders certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Administrative Agent), (i) outlining all
material insurance coverage maintained as of the date thereof by such Obligor and all material insurance coverage planned to be maintained by such Obligor in the subsequent insurance policy period and (ii) to the extent not paid directly by the
Servicer, evidencing payment in full of the premiums for such insurance policies. 

  
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 (I) [Intentionally Omitted]. 

(J) [Intentionally Omitted]. 
 (K)
Other Information. With reasonable promptness, each Obligor will deliver such other information and data with respect to such Person and other members of its Borrower Group, the Sites or the Contracts as from time to time may be
reasonably requested by the Administrative Agent or the Collateral Agent upon prior written notice. Further, management of the Borrower will be available for calls with Lenders quarterly at the request of a Lender. 

Section 5.2 Existence; Qualification. The Borrower, its related Obligors and its
Holding Company will at all times preserve and keep in full force and effect their existence as a limited partnership, limited liability company, or corporation, as the case may be (except as permitted in connection with a Bona-fide IPO), and all
rights and franchises material to its business, including their qualification to do business in each state where it is required by law to so qualify. 

Section 5.3 Payment of Impositions and Claims. 

(A) Except for those matters being contested pursuant to clause (B) below, the Borrower and its related Obligors will pay (i) all
impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the
“Claims”); and (iii) all federal, state and local income taxes, sales taxes, excise taxes and all other taxes and assessments of the Obligors on their business, income or assets; in each instance before any penalty or
fine is incurred with respect thereto. 
 (B) Such Obligors shall not be required to pay, discharge or remove any Imposition or Claim
relating to a Site so long as such Obligors contest in good faith such Imposition, Claim or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the
applicable Site or any portion thereof, so long as: (i) no Default or Event of Default shall have occurred and be continuing, (ii) no risk of sale, forfeiture or loss of any interest in the applicable Site or any part thereof arises, in
the Administrative Agent’s reasonable judgment, during the pendency of such contest; (iii) such contest does not, in the Administrative Agent’s reasonable determination, have a Material Adverse Change; and (iv) such contest is
based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and such Obligors shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest
and penalties payable in connection therewith. The Administrative Agent shall have full power and authority, but no obligation upon three (3) Business Days prior written notice to the Paying Agent and the Servicer, to direct the Paying Agent to
apply any amount deposited with the Paying Agent to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Site for non-payment thereof, if the Administrative Agent
reasonably believes that such sale or forfeiture is threatened. 

  
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 Such Obligors shall timely pay or remit to the applicable Governmental Authority all sales or use taxes on
Rents. 
 Section 5.4 Maintenance of Insurance. The Borrower will continuously
maintain the following described policies of insurance without cost to the Lenders (the “Insurance Policies”): 

(i) Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a
combined single limit in an amount not less than one million dollars ($1,000,000) per occurrence and two million dollars ($2,000,000) in the aggregate for any policy year; 

(ii) For each Site (other than the Managed Sites) located in whole or in part in a federally designated “special flood
hazard area”, flood insurance to the extent required by law and available at federally subsidized rates; 
 (iii) An
umbrella excess liability policy with a limit of not less than five million dollars ($5,000,000) over primary insurance, which policy shall include coverage for water damage, so-called assumed and contractual
liability coverage, premises medical payment and automobile liability coverage, and coverage for safeguarding of personalty and shall also include such additional coverages and insured risks which are acceptable to the Administrative Agent; and 

(iv) Property insurance in an amount equal to $100,000 for the Borrower. 

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies,
satisfactory to the Administrative Agent from time to time and shall name Collateral Agent (on behalf of the Lenders) and its successors and assignees as their interests may appear as an “additional insured” or “loss payee” for
each of the liability policies under this Section 5.4 and shall (except for Worker’s Compensation Insurance) contain a waiver of subrogation clause reasonably acceptable to the Administrative Agent. All Insurance Policies under Sections
5.4(ii), (iv), and (v), hereof with respect to the Mortgaged Sites shall contain a Non-Contributory Standard mortgagee clause and a mortgagee’s Loss Payable Endorsement (Form 438 BFU NS), or their
equivalents (such endorsements shall entitle Collateral Agent (on behalf of the Lenders) to collect any and all proceeds payable under all such insurance. The Borrower may obtain any insurance required by this Section through blanket policies;
provided, however, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Sites and shall afford all the protections to the
Collateral Agent as are required under this Section. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to liability insurance. If a
blanket policy is issued, a copy of said policy shall be furnished, together with a certificate indicating that the Collateral Agent is an additional insured (and, if applicable, loss payee) under such policy in the designated amount. The

  
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Borrower will deliver duplicate originals of all Insurance Policies, premium prepaid for a period of one (1) year, to the Collateral Agent, the Administrative Agent and the Lenders and, in
case of Insurance Policies about to expire, the Borrower will deliver duplicate originals of replacement policies satisfying the requirements hereof to the to the Collateral Agent, the Administrative Agent and the Lenders prior to the date of
expiration; provided, however, if such replacement policy is not yet available, the Borrower shall provide to the Collateral Agent, the Administrative Agent and the Lenders with an insurance certificate executed by the insurer or its authorized
agent evidencing that the insurance required hereunder is being maintained under such policy, which certificate shall be acceptable to the to the Administrative Agent on an interim basis until the duplicate original of the policy is available. An
insurance company shall not be satisfactory unless such insurance company is licensed or authorized to issue insurance in the State where the applicable Site is located and has a claims paying ability rating by the Rating Agencies of “A-” (or its equivalent). If any insurance coverage required under this Section 5.4 is maintained by a syndicate of insurers, the preceding ratings requirements shall be deemed satisfied as long as at
least seventy-five percent (75%) of the coverage (if there are four or fewer members of the syndicate) or at least sixty percent (60%) of the coverage (if there are five or more members of the syndicate) is maintained with carriers meeting the
claims-paying ability ratings requirements by Fitch and Moody’s (if applicable) set forth above and all carriers in such syndicate have a claims-paying ability rating by Fitch of not less than “BBB” and by Moody’s of not less
than “Baa2” (to the extent rated by Moody’s). The Borrower shall furnish to the Administrative Agent and the Lenders receipts for the payment of premiums on such insurance policies or other evidence of such payment reasonably
satisfactory to the Administrative Agent. The requirements of this Section 5.4 shall apply to any separate policies of insurance taken out by the Obligors concurrent in form or contributing in the event of loss with the Insurance Policies.
Losses payable under any such property policies of insurance shall be payable to the Collateral Agent notwithstanding (1) any act, failure to act or negligence of the Obligors or their agents or employees, Collateral Agent or any other insured
party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct of the Collateral Agent knowingly in violation of the conditions of such policy, (2) the occupation or
use of the Sites or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Loan Agreement or (4) any change in title to or ownership
of the Sites or any part thereof. The property insurance described in this Section 5.4 hereof shall include “underground hazards” coverage; “time element” coverage by which the Collateral Agent shall be assured payment of
all amounts due under the Note, this Loan Agreement and the other Loan Documents; “extra expense” (i.e., soft costs), clean-up, transit and ordinary payroll coverage; and “expediting
expense” coverage to facilitate rapid repair or restoration of the Sites. The Insurance Policies shall not contain any deductible in excess of $300,000. 

The foregoing notwithstanding, the Borrower may satisfy its obligations under this Section 5.4 through coverage provided under insurance
policies obtained by Parent in existence at closing. 
 Section 5.5 [Intentionally Omitted]. 

  
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 Section 5.6 Inspection and
Audit. Each Obligor and the Holding Company shall permit any authorized representatives designated by the Collateral Agent, the Administrative Agent or any Lender to (no more than twice in any twelve month period, except during
the continuance of an Event of Default) visit and inspect its Sites and its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers
and independent public accountants (with such Obligor’s or Holding Company’s representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested, provided that same is conducted in
such a manner as to not unreasonably interfere with such Obligor’s or Holding Company’s business, and in accordance with the applicable Ground Lease or Contract, if any. Unless a Default or Event of Default has occurred and is continuing,
the Collateral Agent, the Administrative Agent or such Lender or such representative, as applicable, shall provide advance written notice of at least three (3) Business Days prior to visiting or inspecting any Site or such Obligor’s or
Holding Company’s offices. Any and all such inspections shall be at the expense of the applicable Obligor. 

Section 5.7 Compliance with Laws and Contractual Obligations. The Borrower and
its related Obligors will (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any governmental authority in all jurisdictions in which it is now doing business or may hereafter be doing
business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Change on the Borrower, (B) maintain
all licenses and permits now held or hereafter acquired by any such Obligor, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could cause a Material Adverse Change on the Borrower and (C) perform, observe,
comply and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation, if the failure to do so could reasonably be expected to result in a Material Adverse Change on the Borrower. 

Section 5.8 Further Assurances. Each Obligor shall, from time to time, execute
and/or deliver such documents, instruments, agreements, financing statements, as described in the Security Arrangements or otherwise and perform such acts as are necessary or as the Collateral Agent or the Administrative Agent at any time may
reasonably request to evidence, preserve and/or protect its Collateral and the Agents’ and the Lenders security interests and Liens in its Collateral any time securing or intended to secure the Obligations. 

Section 5.9 Performance of Agreements and Contracts. Each Obligor shall duly and
punctually perform, observe and comply with all of the material terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Loan Documents to which it is a
party, (ii) under all its Contracts (which, individually or in the aggregate, are material) and (iii) all other agreements entered into or assumed by such Person in connection with its Sites or Contracts. Notwithstanding anything in this
Loan Agreement to the contrary (other than as specifically provided in Sections 3.3, 3.4 and 4.1 of Annex A-4, which shall supersede the terms of this Section 5.9 as to the Contracts and Sites described
therein), except during an Event of Default, the Borrower and its related Obligors shall be permitted to (A) make Non Material Modifications of existing Contracts or (B) modify, terminate or assign any Contract which the Borrower and its
related Obligors reasonably deem necessary in accordance with prudent business practices, provided that (i) the Borrower and its related Obligors provide written notice to the 

  
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Administrative Agent of such determination not later than ten (10) days prior to such modification, termination or assignment, and (ii) together with such notice the Borrower and its
related Obligors provide supporting information reasonably acceptable to the Administrative Agent that all such modifications, terminations or assignments pursuant to this clause (B) shall not, in the aggregate, represent more than 10% of
Eligible Collections for such Borrower and related Obligors; provided that, for purposes of such calculation, terminations or assignments relating to Sites or Contracts which were never Eligible Sites or Eligible Contracts, respectively, shall be
disregarded and are permitted hereunder. In connection with any sale permitted pursuant to the terms of this Section 5.9, the Borrower and related Obligors may sell any Other Company Collateral associated with the applicable Contract and no
longer required in connection with the operation of the Obligors’ business. Administrative Agent shall, upon the written request of the Borrower and related Obligors, execute, acknowledge and deliver a Release for the applicable Site if the
foregoing conditions have been satisfied. 
 Section 5.10 Accounts. The
Borrower and its related Obligors may not establish any accounts other than the Lock Box Accounts and the Borrower’s Account, in each case as provided in this Loan Agreement, without the prior written consent of the Administrative Agent. 

Section 5.11 Servicing Terms. Each Obligor shall cause Servicer to manage its
Sites in accordance with the Article XV hereof (the “Servicing Terms”). Each Obligor shall (i) perform and observe all of the material terms, covenants and conditions of the Servicing Terms on the part of such Obligor to
be performed and observed, and (ii) promptly notify the Administrative Agent and the Lenders of any notice to such Obligor of any material default under the Servicing Terms of which it is aware. 

Section 5.12 Deposits; Application of Receipts. The Borrower will, and shall
cause its Obligors to, (i) deposit all Receipts into, and otherwise comply with, the Lock Box Accounts established from time to time hereunder and (ii) cause all other Receipts to be deposited into the applicable Lock-Box Account. Subject to Article VII hereof, Borrower shall promptly apply all Receipts to the repayment of all sums currently due or past due under the Loan Documents, including all payments into the Reserve.

 Section 5.13 Estoppel Certificates. (A) Within ten (10) Business
Days following a request by the Administrative Agent, the Collateral Agent, the Calculation Agent or the Paying Agent, each Obligor shall provide to such requesting party a duly acknowledged written statement confirming (i) the amount of the
outstanding principal balance of the related Borrower’s Advances, their Allocated Loan Amount, and the Loan, (ii) the terms of payment and Maturity Date of the Note, (iii) the date to which interest has been paid, (iv) whether
any offsets or defenses exist against the Obligor’s Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Loan Agreement, the Note, the Mortgages and the
other Loan Documents are legal, valid and binding obligations of such Obligor and have not been modified or amended, or if modified or amended, describing such modification or amendments. 

  
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 (B) Within ten (10) Business Days following a written request by the Borrower, the
Paying Agent shall provide to the Borrower the amount of the outstanding principal balance of the Note, the date to which interest has been paid, and whether the Paying Agent has provided the Borrower with written notice of any Event of Default.
Compliance by the Paying Agent with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Paying Agent hereunder or under any other Loan Document. 

Section 5.14 Indebtedness. The Borrower will not, and will not permit any of its
Obligors or its Holding Company, to directly or indirectly create, incur, assume, guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, “Permitted
Indebtedness”): 
 (A) The Obligations; 

(B) [Intentionally Omitted]. 
 (C)
(i) Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business, provided that the weighted average aging of such trade payables is not later than ninety
(90) days after the original invoice date and (ii) Indebtedness incurred in the financing of equipment or other personal property used at any Site in the ordinary course of business; provided that the aggregate amount of
Indebtedness relating to financing of equipment and personal property does not, at any time, exceed $10,000,000; 
 (D) Any Indebtedness
between the Borrower and its related Obligors up to $10,000,000. 
 In no event shall any Indebtedness other than the Loan and Obligations
be secured, in whole or in part, by the Sites, the Contracts, any equity or ownership interests in the Obligors, any Other Company Collateral, or any other Collateral, any portion thereof or interest therein or any proceeds of the foregoing. 

Section 5.15 No Liens. The obligations of the Borrower and its other Obligors
under this Section are in addition to and not in limitation of its obligations under Article XI herein. The Borrower and its related Obligors shall not create, incur, assume or permit to exist any Lien on or with respect to the Sites of the
Borrower, any other Collateral of the Borrower or any such direct or indirect ownership interest in such Obligors, except the Permitted Encumbrances. 

Section 5.16 Contingent Obligations. Other than Permitted Indebtedness, no
Obligor shall directly or indirectly create or become or be liable with respect to any Contingent Obligation. 

Section 5.17 Restriction on Fundamental Changes. Except as otherwise expressly
permitted in this Loan Agreement, no Obligor shall, or shall permit any other Person to, (i) amend, modify or waive any term or provision of such Obligor’s partnership agreement, certificate of limited partnership, articles of
incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to (X) alter in any way Section 8.2 (F), (G) and (H), unless required by law; or
(ii) liquidate, wind-up or dissolve such Obligor or Servicer. 

  
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 Section 5.18 Transactions with Related Persons. The Borrower and its related
Obligors and its Holding Company shall not directly or indirectly enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate or Related Person of
any Affiliate or with any director, officer or employee of any Obligor or Holding Company, except transactions in the ordinary course of business and pursuant to the reasonable requirements of the business of the Obligors or the Holding Company and
upon fair and reasonable terms and are no less favorable to any of the Obligors or the Holding Company, as the case may be, than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate or a Related
Person and except to or within the Borrower Group. The Obligors and the Holding Company shall not make any payment or permit any payment to be made on behalf of it to any Related Person when or as to any time when any Event of Default shall exist
except as may be permitted by the Administrative Agent, provided that no distribution or dividend is a transaction under this Section. 

Section 5.19 Bankruptcy, Receivers, Similar Matters. 

(A) Voluntary Cases. The Obligors and Holding Company shall not commence any voluntary case under the Bankruptcy Code or under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect. 
 (B) Involuntary Cases, Receivers,
etc. None of the Obligors or the Holding Company shall apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other collateral agent
for all or a substantial part of the assets of any Obligor, or the Holding Company. As used in this Loan Agreement, an “Involuntary Loan Party Bankruptcy” shall mean any involuntary case under the Bankruptcy Code or any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Obligor or the Holding Company is a debtor or any portion of the Collateral is property of the estate therein. Neither the Holding Company nor any of the
Obligors shall file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Loan Party Bankruptcy. In any Involuntary Loan Party
Bankruptcy, neither the Holding Company nor any Obligor shall, without the prior written consent of the Administrative Agent, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and
the Obligors or the Holding Company shall not file or support any plan of reorganization. The Obligors and the Holding Company having any interest in any Involuntary Loan Party Bankruptcy shall do all things reasonably requested by the
Administrative Agent and/or the Collateral Agent to assist the Administrative Agent and/or the Collateral Agent in obtaining such relief as the Administrative Agent shall seek, and shall in all events vote as directed by the Administrative Agent or
the Collateral Agent, as applicable. Without limitation of the foregoing, each Obligor and the Holding Company shall do all things reasonably requested by the Administrative Agent and/or the Collateral Agent to support any motion for relief from
stay or plan of reorganization proposed or supported by the Administrative Agent. 

  
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 Section 5.20 ERISA. 

(A) No ERISA Plans. None of the Obligors or the Holding Company will establish any Employee Benefit Plan or Multiemployer Plan,
will commence making contributions to (or become obligated to make contributions to) or become liable with respect to any Employee Benefit Plan or Multiemployer Plan. 

(B) Compliance with ERISA. None of the Obligors or the Holding Company will engage in any
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the IRC. 

(C) No Plan Assets. The Obligors and the Holding Company shall not at any time during the term of this Loan Agreement become
(1) an employee benefit plan defined in Section 3(3) of ERISA whether or not subject to ERISA, (2) a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section 4975 of the IRC, (3) a “governmental
plan” within the meaning of Section 3(32) of ERISA or (4) an entity any of whose underlying assets constitute “plan assets” of any such employee benefit plan, plan or governmental plan for purposes of Title I of ERISA,
Section 4975 of the IRC or any other statutes applicable to the Obligor regulating investments of plans. 
 (D) No
Employees. The Obligors shall not at any time have any employees. 
 Section 5.21 Annexes. The Borrower and each
Obligor hereby agrees to the provisions set forth in each Annex applicable to it, without limitation: 
 (A) Each of the Borrower and each
other Obligor of the Borrower agrees to the provisions set forth in Annex A-4; 
 (B) [Intentionally
Omitted]; 
 (C) [Intentionally Omitted]; 

(D) [Intentionally Omitted]; 
 (E)
Each Obligor agrees with the Draw Schedule of Annex F; 
 (F) Each Obligor agrees with the Security Arrangements in Annex A-2, applicable to such Obligor; and 
 (G) Each Obligor agrees that the Cash Flow diagram of Annex H is an
accurate depiction of the intention of the parties hereto. 
 Section 5.22 [Intentionally Omitted]. 

Section 5.23 Material Adverse Change. The Borrower agrees to disclose any fact known to the Borrower, any of its related
Obligors, or its Holding Company that has or is reasonably likely to cause a Material Adverse Change on the Borrower and that has not been previously disclosed in writing to the Administrative Agent. 

  
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 Section 5.24 [Intentionally Omitted]. 

Section 5.25 Holding Company. The Holding Company of the Borrower may not directly incur any Indebtedness other than the
Obligations of the Borrower. 
 ARTICLE VI 

RESERVES 
 Section 6.1
Security Interest in Reserve; Other Matters Pertaining to Reserve. (A) The Borrower hereby pledges, assigns and grants to the Collateral Agent a security interest in and to all of the Borrower’s right, title and interest in and
to the Account Collateral, including the Reserve, as security for payment and performance of all of its Obligations hereunder and under the Note and the other Loan Documents. The Reserve constitutes Account Collateral and is subject to the security
interest in favor of the Collateral Agent created herein and all provisions of this Loan Agreement and the other Loan Documents pertaining to Account Collateral. 

(B) In addition to the rights and remedies provided in Article VII and elsewhere herein, upon the occurrence and during the continuance of any
Event of Default with respect to the Borrower, Collateral Agent shall have all rights and remedies pertaining to the Reserve and other Account Collateral of the Borrower as are provided for in any of the Loan Documents or under any applicable law.
Without limiting the foregoing, subject to Section 17.7, upon and at all times after the occurrence and during the continuance of an Event of Default with respect to the Borrower, the Administrative Agent may (after payment of any amounts due
hereunder pursuant to Section 2.5(B)(i) direct the Collateral Agent to use the Reserve and other Account Collateral (or any portion thereof) of the Borrower for any purpose with respect to the Borrower’s Obligations, including but not
limited to any combination of the following: (i) payment of any of the Obligations of the Borrower including Administrative Expenses pursuant to Section 7.2, provided, however, that such application of funds shall not cure or be deemed to
cure any default; (ii) payment for the work or obligation for which such Reserve and other Account Collateral were reserved or were required to be reserved; and (iii) application of the Reserve and other Account Collateral in connection
with the exercise of any and all rights and remedies in respect of the Borrower’s Obligations available to the Collateral Agent, the Administrative Agent and the Lenders at law or in equity or under this Loan Agreement or pursuant to any of the
other Loan Documents. Nothing contained in this Loan Agreement shall obligate the Administrative Agent or the Lenders to apply all or any portion of the funds contained in the Reserve and other Account Collateral during the continuance of an Event
of Default to the payment of the Borrower’s Obligations under the Loan or in any specific order of priority, except as provided in this Section. 

(C) Except during the continuance of an Event of Default, the Administrative Agent will direct the Collateral Agent to apply the Reserve with
respect to the Borrower to the payment of (i) any amounts payable in respect of the Borrower under Section 2.4 or Section 2.5 and (ii) attributable and owing tax payments in respect of any Obligor certified by the Servicer. 

  
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 Section 6.2 Funds Deposited with Agent. 

(A) Interest, Offsets. Except only as expressly provided otherwise herein, all funds of the Obligors which are deposited in the
Collection Account or held in the General Reserve Account, Escrow Account or Cash Trap Reserve Account hereunder shall be held in one or more Permitted Investments pursuant to the written direction of the Servicer; provided that after the
occurrence of an Event of Default, if the Backup Servicer is acting as Successor Servicer, or if no such direction is provided, such funds shall be invested pursuant to the written direction of the Administrative Agent. All interest or dividends
which accrue on amounts in the General Reserve Account, the Escrow Account and the Collection Account shall be taxable to the Borrower and, on each Payment Date, such interest and dividends accrued as of the close of business on the last day of the
preceding calendar month (based on the valuation report furnished by the Paying Agent), shall be liquidated and the proceeds thereof shall be transferred from the General Reserve Account and each Collection Account to the Aggregation Account by the
Paying Agent for transfer to the Servicer, on behalf of the Borrower (or to the Borrower directly, if the Backup Servicer is Successor Servicer) on such Payment Date. Notwithstanding any other provision hereof, the amount of such interest or
dividends accrued, or the proceeds thereof, shall be disregarded for purposes of the calculation of Debt Service Coverage Ratio, and for Sections 2.5(B)(iv), Section 3.2(A)(xi), Section 6.1(C) and Section 15.5. The amount of actual
losses sustained on a liquidation of a Permitted Investment shall be deposited by the Borrower into its Collection Account (with regard to losses sustained in such Collection Account) or the General Reserve Account (with regard to losses sustained
therein) no later than three (3) Business Days following such liquidation. Additional provisions pertaining to investments are set forth in Article VII. After repayment of all of the Obligations of the Borrower, all funds held in the Reserve of
the Borrower will be promptly returned to, or as directed by, the Borrower. Neither the Collection Account Bank nor the bank where the General Reserve Account is held (the “Reserve Bank”) nor the Escrow Account shall have any
obligation to invest and/or reinvest any cash deposited with the Collection Account Bank or the Reserve Bank or the Escrow Account Bank or any other moneys held by either pursuant to this Loan Agreement in the absence of timely and specific written,
if the Backup Servicer is acting as Successor Servicer, investment direction from the Servicer; provided that after the occurrence of an Event of Default or if no such direction is provided, the Collection Account Bank, the Reserve Bank and
the Escrow Account Bank shall invest such funds pursuant to the written direction of the Administrative Agent. In no event shall the Collection Account Bank, the Reserve Bank or the Escrow Account Bank be liable for the selection of investments or
for investment losses incurred thereon. Neither the Collection Account Bank, the Reserve Bank, nor the Escrow Account Bank shall have any liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated
maturity or the failure of the Servicer or the Administrative Agent, as applicable, to provide timely written investment direction. 
 (B)
Funding at the initial Advance. The Borrower and its related Obligors shall deposit with Collateral Agent the amounts necessary to fund its Reserve as set forth below. Deposits into such Reserve may occur by deduction from the proceeds
of the Installments on the date of the initial Advance if the Collateral Agent receives written direction from the Borrower to do so. Notwithstanding such deductions, if any, the initial Advance shall be deemed for all purposes to be fully disbursed
at Closing and any subsequent Installment of the Loan shall be deemed for all purposes to be fully disbursed when made to the Escrow Agent and, if applicable, to the Reserve. On the date of the initial Advance or Advances, the General Reserve
Account shall be funded in the amount of $2,600,000 in aggregate for the Borrower. 

  
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 Section 6.3 Cash Trap Reserve. Upon the commencement of an Amortization Event,
the Paying Agent, at the written direction of the Servicer, will apply any amounts in the Cash Trap Reserve Account on the next Due Date as a Mandatory Prepayment of principal, provided that all Servicing Advances and Servicer Advance
Interest and any other amounts payable under 2.5(B)(i) shall be repaid first. Provided that no Event of Default exists and the Servicer determines that no Cash Trap Event is then occurring, any funds remaining in the Cash Trap Reserve Account after
payments of any amounts due under Section 2.5(B) shall be released to the Borrower. Any determinations made by the Servicer as to the existence of a Cash Trap Event shall be made by it in its reasonable good faith determination. 

ARTICLE VII 
 DEPOSIT
ACCOUNT; 
 CENTRAL ACCOUNT; GENERAL RESERVE ACCOUNT 

Section 7.1 Establishment of Lock-Box Account, Collection Accounts, Loss Proceeds
Sub-Account; General Reserve Account; and the Escrow Account. 
 (A) (i) Lock-Box Account. On or before the Closing Date, one or more deposit accounts for the Borrower, which shall be Eligible Accounts, shall be established at its Obligors’ sole cost and expense, or
designated from existing accounts of the Borrower’s Obligors, in either case with the Collateral Agent as secured party thereunder (with respect to the Borrower, said accounts, and any accounts replacing same in accordance with this Loan
Agreement and the Lock-Box Account Agreement, collectively, its “Lock-Box Account”) with one or more financial institutions reasonably approved
by the Administrative Agent (collectively, the “Deposit Bank”), pursuant to one or more agreements (collectively, the “Lock-Box Account Agreement”) in form and
substance reasonably acceptable to the Administrative Agent, and the Collateral Agent to be executed and delivered by the Borrower and its related Obligors and the Deposit Bank within 30 days of the date hereof. The
Lock-Box Account shall be under the sole dominion and control of the Collateral Agent. Among other things, the Lock-Box Account Agreement shall provide that such
Obligors shall have no access to or control over the Lock-Box Account, that all available funds on deposit in the Lock-Box Account shall be transferred by wire transfer
(or transfer via the ACH System) on each Business Day of each calendar week (or if such day is not a Business day, the next such day that is a Business Day) by the Deposit Bank into the Collection Account, for application in accordance with this
Loan Agreement. The Deposit Bank and the Collection Account Bank shall be directed to deliver to the Borrower and its related Obligors copies of bank statements and other information made available by the Deposit Bank and the Collection Account Bank
concerning its Lock-Box Account and Collection Account, respectively. 

  
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 (ii) Each Tenant occupying space at the Sites or under a Contract shall be,
or has been, instructed, by irrevocable written direction, in form and substance reasonably acceptable to the Administrative Agent, to pay all Rents and other amounts owed to Obligors directly to the applicable
Lock-Box Account, unless Administrative Agent shall otherwise direct in writing. Each Obligor shall, or shall cause Servicer to, send direction letters to each of its Tenants until each such Tenant commences
paying all required amounts to the Lock-Box Account, and, if any Tenant ceases to pay such amounts to the Lock-Box Account for three (3) consecutive months, shall
send additional direction letters to the applicable Tenant, until such Tenant complies with such irrevocable written directions. The Obligors shall cause any and all other Receipts received by it to be deposited promptly into the applicable Lock-Box Account and in no event later than two (2) Business Days after receipt thereof by the Obligors or Servicer. To the extent that the Obligors or any Person on their behalf holds any Receipts, whether in
accordance with this Loan Agreement or otherwise, the Obligors shall be deemed to hold the same in trust for the Collateral Agent for the protection of the interests of the Collateral Agent on behalf of the Lenders hereunder and under the Loan
Documents. 
 (iii) The Borrower and its Obligors shall pay all reasonable costs and expenses incurred by the Collateral
Agent, the Paying Agent, and the Administrative Agent in connection with the transactions and other matters with respect to its Accounts contemplated by this Section 7.1, including but not limited to, each such agent’s attorneys’ fees
and expenses, and all reasonable fees and expenses of the Deposit Bank and the Collection Account Bank, including without limitation their reasonable attorneys’ fees and expenses. 

(B) Collection Account. On or before the Closing Date, the Servicer shall establish Eligible Accounts for the benefit of the
Collateral Agent, as secured party hereunder, to serve as the “Collection Account” for the Borrower (said account, and any account replacing the same in accordance with this Loan Agreement, the “Collection
Account” for the Borrower; and the depositary institution in which the Collection Account is maintained, the “Collection Account Bank”). All Collections in each Collection Account shall be subject to the lien of
Collateral Agent for the benefit of the Lenders in respect of the Obligations of the Borrower. Each Collection Account shall be under the sole dominion and control of the Collateral Agent; and the Obligors shall not have the right to control or
direct the investment or payment of funds therein. Collateral Agent at the direction of the Administrative Agent may elect to change any financial institution in which any Collection Account shall be maintained if such institution is no longer an
Eligible Bank, upon not less than five (5) Business Days’ notice to the Borrower. The Collection Account shall be deemed to contain such sub-accounts as the Collateral Agent may designate
(“Sub-Accounts”), which may be maintained as separate ledger accounts and need not be separate Eligible Accounts. There shall be a “Loss Proceeds Sub-Account” of each Collection Account for the deposit of Loss Proceeds in accordance with Section 3.1 of Annex A- 4. 

(C) General Reserve Account. On or before the Closing Date, the Servicer shall establish an Eligible Account for the benefit of
the Collateral Agent, as secured party hereunder, to serve as the “General Reserve Account” (said account, and any account replacing the same in accordance with this Loan Agreement, the “General Reserve
Account”). All amounts in the General Reserve Account shall be subject to the lien of the Collateral Agent for the benefit of the Lenders. The General Reserve Account, while an Event of Default shall occur and be continuing, shall be
under the sole dominion and control of the Collateral Agent and, while an Event of Default shall occur and be continuing, the Obligors shall not have the right to 

  
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control or direct the investment or payment of funds therein. Collateral Agent, at Administrative Agent’s direction, may elect to change any financial institution in which the General
Reserve Account shall be maintained if such institution is no longer an Eligible Bank, upon not less than five (5) Business Days’ notice to the Borrower. Amounts available in the General Reserve Account shall be applied by the Collateral
Agent at the direction of the Administrative Agent consistent with the provisions of the Loan Documents, provided that no distribution in respect of taxes may be made which would reduce the amount on deposit in the General Reserve
Account below the General Reserve Account Required Balance. 
 (D) Escrow Account. On or before the Closing Date, the Servicer
shall establish an Eligible Account for the benefit of the Collateral Agent, as secured party hereunder, to serve as the “Escrow Account” for the Borrower (said account, and any account replacing the same in accordance with
this Loan Agreement, the “Escrow Account”; and the depositary institution in which the Escrow Account is maintained, the “Escrow Account Bank”). All amounts in the Escrow Account shall be subject to
the lien of the Collateral Agent for the benefit of the Lenders. The Escrow Account shall be under the sole dominion and control of the Collateral Agent, with funds contained therein disbursed at Administrative Agent’s written direction, and
the Obligors shall not have the right to control or direct the investment or payment of funds therein. Collateral Agent may elect to change any financial institution in which the Escrow Account shall be maintained if such institution is no longer an
Eligible Bank, upon not less than five (5) Business Days’ notice to the Borrower. Upon and during the continuance of an Event of Default, and after 30 days after all applicable cure periods have expired, the Administrative Agent shall
apply amounts in Escrow Account as if it were a Mandatory Prepayment of principal, provided that first such amounts will be applied to repay any outstanding Servicing Advances and Servicer Advance Interest and any other amounts payable
under 2.5(B)(i). 
 (E) Aggregation Account. On or before the Closing Date, the Servicer shall establish an Eligible Account
for the benefit of the Collateral Agent, as secured party hereunder, to serve as the “Aggregation Account” for the Lenders (said account, and any account replacing the same in accordance with this Loan Agreement, the
“Aggregation Account”; and the depositary institution in which the Aggregation Account is maintained, the “Aggregation Account Bank”). All amounts in the Aggregation Account shall be subject to the
lien of the Collateral Agent for the benefit of the Lenders. The Aggregation Account shall be under the sole dominion and control of the Collateral Agent, with funds contained therein disbursed pursuant to Section 2.6(B), and the Obligors shall
not have the right to control or direct the payment of funds therein. Administrative Agent may elect to change any financial institution in which the Aggregation Account shall be maintained if such institution is no longer an Eligible Bank, upon not
less than five (5) Business Days’ notice to the Aggregation Account Bank. Funds contained in the Aggregation Account shall remain uninvested. 

(F) Accounts. The name, location and account number of each Account is set forth on Schedule 7.1 attached hereto. 

  
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 (G) Cash Trap Reserve Account. On or before the Closing Date, the Servicer
shall establish an Eligible Account for the benefit of the Collateral Agent, as secured party hereunder, to serve as the “Cash Trap Reserve Account” (said account, and any account replacing the same in accordance with this
Loan Agreement, the “Cash Trap Reserve Account”). All amounts in the Cash Trap Reserve Account shall be subject to the lien of the Collateral Agent for the benefit of the Lenders. The Cash Trap Reserve Account shall be under
the sole dominion and control of the Collateral Agent and the Obligors shall not have the right to control or direct the investment or payment of funds therein. Collateral Agent, at Administrative Agent’s direction, may elect to change any
financial institution in which the Cash Trap Reserve Account shall be maintained if such institution is no longer an Eligible Bank, upon not less than five (5) Business Days’ notice to the Borrower. 

Section 7.2 Application of Funds After Event of Default. If any Event of Default shall occur and be continuing, then
notwithstanding anything to the contrary in this Section or elsewhere, subject, however, to Section 17.7, Collateral Agent shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the
foregoing, for so long as an Event of Default exists for the Borrower, Collateral Agent shall apply any and all funds of the Borrower held by it on behalf of Lenders, including but not limited to the Escrow Account, Reserve, Receipts in the Lock-Box Account, the Collection Account, and any other Accounts or Sub-Accounts related to the Borrower against all or any portion of any of the Borrower’s Obligations,
first, pursuant to Section 2.5(B)(i) and thereafter at the written direction of the Administrative Agent (acting pursuant to the written direction of the Majority Lenders) (but to the extent applied to any interest or principal, pro rata, with
respect to the Lenders); provided that, so long as any Servicing Advances or Servicer Advance Interest are outstanding, the Backup Servicer, in its role as Successor Servicer, shall have the right to exercise the remedies set forth herein and
in Article VIII in accordance with the Servicing Standard. Any amounts received by the Backup Servicer in its role as Successor Servicer pursuant to the exercise of its rights under this Section 7.2 or Section 17.7 shall be deposited into
the Collection Account for distribution by the Paying Agent in accordance with this Section 7.2. 
 ARTICLE VIII 

DEFAULT, RIGHTS AND REMEDIES 

Section 8.1 Event of Default. 

“Event of Default” shall mean the occurrence or existence of any one or more of the following: 

(A) Scheduled Payments. Failure of (i) the Borrower to pay any principal or interest, within two (2) Business days of
when the same is due from the Borrower under this Loan Agreement, the Note, or any other Loan Documents or (ii) the Holding Company to pay such amounts under HoldCo Guaranty, as applicable, within five (5) Business Days of when the same is
due under such HoldCo Guaranty, as applicable; or 
 (B) Other Payments. Failure of the Borrower or any related Obligor to pay
any other amount from time to time owing under this Loan Agreement, the Note, or any other Loan Documents (other than amounts subject to the preceding paragraph) within ten (10) days after such amounts become due; or 

  
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 (C) Breach of Reporting Provisions. Failure of the Borrower or any related
Obligor to perform or comply with any term or condition contained in Section 5.1, with no exceptions, which continues for a period of ten (10) days after the earlier of (i) receipt by the Borrower of notice from the Administrative
Agent or any other party hereto or (ii) the Borrower obtains Knowledge thereof; or 
 (D) Breach of Covenants. A default
shall occur in the performance of or compliance with any covenant contained in this Loan Agreement (other than a default already described in another subsection of this Section 8.1) or any other Loan Document by the Borrower, any related
Obligor, Servicer, its or Holding Company and such default is not fully cured within thirty (30) days after receipt by the Borrower or Servicer of notice from the Administrative Agent or any other party hereto; or 

(E) Breach of Warranty. Any representation, warranty, certification or other statement made by the Borrower, any related Obligor,
Servicer or Holding Company in any Loan Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Loan Document is false in any material respect as of the date made, provided that such breach
shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within thirty (30) days after receipt by the Borrower or Servicer of written notice from Administrative Agent or any other party hereto of such
default, the Borrower, related Obligor, Servicer or Holding Company takes such action as may be required to make such representation, warranty, certification or other statement to be true as made, which may include removing the affected Collateral
by effectuating a Release subject to the terms of Section 4.1 of Annex A-4, as applicable; or 

(F) Involuntary Bankruptcy; Appointment of Receiver, etc. (i) Any Insolvency Event shall occur with respect to the Borrower,
any related Obligor, its Holding Company in an Involuntary Loan Party Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law unless dismissed within sixty (60) days;
(ii) Any Insolvency Event involving the occurrence and continuance of any of the following events for sixty (60) days unless dismissed or discharged within such time: (x) an Involuntary Loan Party Bankruptcy is commenced with respect
to the Borrower, any related Obligor, its Holding Company, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any the Borrower, any
related Obligor, its Holding Company or over all or a substantial part of its or their property, is entered, or (z) an interim receiver, trustee or other custodian is appointed without the consent of the Borrower, any of related the Obligors or
Holding Company, for all or a substantial part of the property of such Person; or 
 (G) Voluntary Bankruptcy; Appointment of Receiver,
etc. (i) Any Insolvency Event involving wherein order for relief is entered with respect to the Borrower, any related Obligor, Holding Company, or the Borrower, related Obligor or Holding Company commences a voluntary case under the
Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under
any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for the Borrower, any related Obligor, its Holding Company, or for all or a 

  
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substantial part of the property of the Borrower, related Obligor or Holding Company; (ii) the Borrower, any related Obligor or Holding Company makes any assignment for the benefit of
creditors; or (iii) the Board of Directors or other governing body of the Borrower, any related Obligor or Holding Company adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this subsection 8.1(G);
or 
 (H) Change of Control. Any Change of Control of the Borrower or any of its related Obligors or Servicer shall occur; or

 (I) Solvency. The Borrower, any related Obligor or Holding Company ceases to be solvent or admits in writing its present or
prospective inability to pay its debts as they become due; or 
 (J) Other Insolvency Event. An Insolvency Event shall occur
with respect to the Servicer; or 
 (K) [Intentionally Omitted]; or 

(L) [Intentionally Omitted]; or 

(M) Transfer. Any Transfer shall occur in respect to the Borrower, any related Obligor, or its Holding Company other than a
Permitted Ownership Interest Transfer; or 
 (N) Material Adverse Change. Any Material Adverse Change shall occur in respect of
the Borrower Group. 
 (O) Judgment and Attachments. Any lien, money judgment, writ or warrant of attachment, or similar
process is entered or filed against the Borrower, any related Obligor or Holding Company or any of its assets which claim is not fully covered by insurance (other than with respect to the amount of commercially reasonable deductibles permitted
hereunder), concerning amounts in excess of $10,000,000 and remains undischarged, unvacated, unbonded or unstayed for a period of ninety (90) days; or 

(P) Injunction. The Borrower, any related Obligor or Holding Company is enjoined, restrained or in any way prevented by the order
of any court or any administrative or regulatory agency from conducting all or any material part of its business and such order continues for more than thirty (30) days; or 

(Q) Invalidity of Loan Documents. This Loan Agreement or any of the other Loan Documents for any reason ceases to be in full
force and effect or ceases to be a legally valid, binding and enforceable obligation of the Borrower or any of its related Obligors or any related Obligor denies that it has any further liability (as distinguished from denial of the existence of a
Default or Event of Default) under any Loan Documents to which it is party, or gives notice to such effect; or 
 (R) Servicing
Termination Event. A Servicing Termination Event shall occur; or 

  
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 (S) Ground Lease. Any default by the Borrower or any related Obligor beyond
any applicable grace period shall occur under any Ground Lease, where such default is reasonably likely to cause a Material Adverse Change with respect to the Borrower and the Borrower or related Obligor has not effectuated a Release of such
affected Site within thirty (30) days of the expiration of such grace period or, subject to Annex A-4 as applicable, any actual or attempted surrender, termination, modification or amendment of any Ground
Lease without Administrative Agent’s prior written consent; or 
 (T) Easements. Any default by the Borrower or any
related Obligor beyond any applicable grace period shall occur under any Easement, where such default is reasonably likely to cause a Material Adverse Change with respect to the Borrower and such Obligors have not effectuated a Release of such
affected Site within thirty (30) days of the expiration of such grace period or, subject to Annex A-4 as applicable, any actual or attempted surrender, termination, modification or amendment of any
Easement without Administrative Agent’s prior written consent. 
 If more than one of the foregoing paragraphs shall describe the same
condition or event, then Administrative Agent shall have the right to select which paragraph or paragraphs shall apply. In any such case, Administrative Agent shall have the right (but not the obligation) to designate the paragraph or paragraphs
which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure). 

Section 8.2 Acceleration and Remedies. 

(A) Upon the occurrence and during the continuance of any Event of Default described in any of Subsections 8.1(F) or 8.1(G), the unpaid
principal amount of and accrued interest and fees on the Loan and all other Obligations of the Borrower as to which such Event of Default relates shall automatically become immediately due and payable, without presentment, demand, protest, notice of
intent to accelerate, notice of acceleration or other requirements of any kind, all of which are hereby expressly waived by the Obligors. Upon and at any time after the occurrence of any other Event of Default, subject to Section 17.7, at the
option of Majority Lenders, which may be exercised with notice to the Collateral Agent but without demand to anyone, all of the Borrower’s Allocated Loan Amount and all or any portion of the Borrower’s other Obligations shall immediately
become due and payable. The Administrative Agent shall give reasonable notice to the Backup Servicer (including as Successor Servicer) and the Collateral Agent of its determinations under this Section. 

(B) Upon the occurrence and during the continuance of an Event of Default, subject to Section 17.7, at the option of the Majority Lenders,
all or any one or more of the rights, powers, privileges and other remedies available to the Administrative Agent or the Collateral Agent against the Borrower and its Obligors under this Loan Agreement (including Article X and Annex A-3 hereto) or any of the other Loan Documents, or at law or in equity, may be exercised by the Administrative Agent or the Collateral Agent at any time and from time to time, whether or not all or any of the
Obligations shall be declared due and payable, and whether or not the Collateral Agent shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the
Borrower’s Collateral. Any such actions taken by the Administrative Agent and/or 

  
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the Collateral Agent shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Administrative Agent
may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Administrative Agent and/or the Collateral Agent permitted by law, equity or contract or as
set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing with respect to the Borrower (i) to the fullest extent permitted by law, neither the Administrative Agent
nor the Collateral Agent shall be subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to the Administrative Agent and the Collateral Agent
shall remain in full force and effect until the Administrative Agent and the Collateral Agent has exhausted all of their remedies against the Borrower’s Sites, if any, Contracts and the Mortgages, if any, have been foreclosed, sold and/or
otherwise realized upon in satisfaction of the Borrower’s Obligations or such Obligations have been paid in full. For the avoidance of doubt, and notwithstanding anything contained herein or in Annex A-4
to the contrary, the Collateral Agent shall only perform its powers and/or other remedies contained in this Section 8.2(B) and Annex A-4 at the written direction of the Administrative Agent (acting
pursuant to the written direction of the Majority Lenders) and shall be entitled to request indemnity satisfactory to it against any risk or liability related to its exercise of such power or remedy. 

(C) Upon the occurrence and during the continuance of an Event of Default, subject to Section 17.7, the Collateral Agent shall, at the
direction of the Administrative Agent, have the right from time to time to partially foreclose the Mortgages on the Borrower’s Sites in any manner and for any amounts secured by such Mortgages then due and payable as directed by the
Administrative Agent including, without limitation, the following circumstances: (i) in the event the Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the
Collateral Agent may foreclose such Mortgage to recover such delinquent payments, or (ii) in the event the Collateral Agent at the direction of the Administrative Agent elects to accelerate less than the entire outstanding principal balance of
the Advances made to the Borrower, the Collateral Agent may foreclose any the Borrower’s Mortgage to recover so much of the principal balance of the Loan as the Administrative Agent may accelerate and such other sums secured by the Mortgage as
the Administrative Agent may elect. Notwithstanding one or more partial foreclosures, the Site shall remain subject to the Mortgage to secure payment of sums secured by the Mortgage and not previously recovered. 

(D) During the continuance of an Event of Default, subject to Section 17.7, Collateral Agent shall have the right from time to time to
sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents in such denominations as the Administrative Agent, shall direct for purposes of evidencing and enforcing its rights and remedies
provided hereunder. The Obligors shall execute and deliver to the Collateral Agent from time to time, within ten (10) days after the request of the Administrative Agent, a severance agreement and such other documents as the Administrative Agent
shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to the Administrative Agent. The Obligors hereby absolutely and irrevocably appoint the Administrative
Agent as their true and lawful attorney-in-fact, coupled with an interest, in their name and stead to make and execute all documents reasonably necessary to effect the
aforesaid severance if the Obligors fail to do so within ten (10) days of the Collateral Agent’s or Administrative Agent’s written request, the Obligors ratifying all that their said attorney-in-fact shall do by virtue thereof. 

  
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 (E) Any amounts recovered from the Sites, Contracts or any other Collateral for the Loan of
the Borrower after an Event of Default with respect to the Borrower shall be applied by the Paying Agent, pursuant to Section 7.2. 

(F) Upon the occurrence and during the continuance of an Event of Default, all rights of each related Obligor and each related Holding Company
to exercise the voting and other consensual rights it would otherwise be entitled to exercise in or related to the Capital Stock of any Obligor which it owns, directly or indirectly, shall immediately cease, and all such rights shall thereupon
become vested in the Collateral Agent, which shall have the sole right to exercise such voting and other consensual rights. 
 (G) Upon the
occurrence and during the continuance of an Event of Default, all rights of each related Obligor and each related Holding Company to receive Distributions which it would otherwise be authorized to receive and retain pursuant to or related to the
Capital Stock of any Obligor which it owns, directly or indirectly, shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole right to receive and hold such Distributions as Pledged
Collateral. 
 (H) Upon the occurrence and during the continuance of an Event of Default, the Borrower, its related Obligors and its Holding
Company agree that the Collateral Agent may, at any time and from time to time, subject to Section 17.7, cause such Obligor or Holding Company to distribute any cash proceeds resulting from the enforcement of rights exercised by the Collateral
Agent on behalf of the Lenders on the Collateral then held by such Obligor or Holding Company, or any other cash of such Obligor, to the Collateral Agent on behalf of the Lenders to satisfy the Borrower’s Obligations by (i) submitting a
notice to the applicable bank in respect of the applicable bank account where such proceeds are required to be held pursuant to the operating agreement of such Obligor that the Collateral Agent is exercising its rights as secured party in such bank
account to make such distribution, such notice to be in the form as the Administrative Agent, in its sole and absolute discretion, may determine or (ii) such other methods as the Administrative Agent shall determine in its sole and absolute
discretion. 
 (I) [Intentionally Omitted]. 

(J) [Intentionally Omitted]. 
 (K)
The rights, powers and remedies of the Administrative Agent and Collateral Agent under this Loan Agreement shall be cumulative and not exclusive of any other right, power or remedy which the Collateral Agent and Administrative Agent may have against
the Obligors pursuant to this Loan Agreement or the other Loan Documents, or existing at law or in equity or otherwise. The Collateral Agent’s and Administrative Agent’s rights, powers and remedies may be pursued singly, concurrently or
otherwise, at such time and in such order as either of the agents may determine in their sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or
shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to any Obligors shall not be construed
to be a waiver of any subsequent Default or Event of Default by any Obligor or to impair any remedy, right or power consequent thereon. 

  
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 Section 8.3 Performance by the Administrative
Agent. (A) Upon the occurrence and during the continuance of an Event of Default, if any of the Obligors shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Loan
Documents (subject to applicable notice and cure periods), the Administrative Agent may perform or attempt to perform such covenant, duty or agreement on behalf of such Obligor including causing the obligations of any such Obligor to be satisfied
with the proceeds of any Reserve of the Borrower. In such event, such Obligor shall, at the request of Administrative Agent, promptly pay to Administrative Agent, or reimburse, as applicable, the applicable Reserve, any actual amount reasonably
expended or disbursed by Administrative Agent in such performance or attempted performance, together with interest thereon at the Default Rate (including reimbursement of any amount from such Reserve), from the date of such expenditure or
disbursement, until paid. Any amounts advanced or expended by Administrative Agent to perform or attempt to perform any such matter shall be added to and included within the indebtedness evidenced by the Note and shall be secured by all of the
Collateral securing the Obligations of the related Borrower. Notwithstanding the foregoing, it is expressly agreed that Administrative Agent shall not have any liability or responsibility for the performance of any obligation of the Obligors under
this Loan Agreement or any other Loan Document, and it is further expressly agreed that no such performance by Administrative Agent shall cure any Event of Default hereunder. 

(B) The Administrative Agent and the Lenders may cease or suspend any and all performance required of the Administrative Agent or the Lenders
to the Loan Parties, as the case may be, under the Loan Documents upon and at any time after the occurrence and during the continuance of any Event of Default. 

Section 8.4 Evidence of Compliance. Promptly following request by the Administrative
Agent, each Obligor shall provide such documents and instruments as shall be reasonably satisfactory to the Administrative Agent to evidence compliance with any material provision of the Loan Documents applicable to the Obligors. 

ARTICLE IX 

LIMITED-PURPOSE, BANKRUPTCY-REMOTE 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 9.1 Applicable to Borrower, Holding Company, and Obligors. The Borrower hereby
represents, warrants and covenants as of the Closing Date, or since the formation date of the Borrower, Holding Company or the relevant Obligor, and until such time as all Obligations are paid in full, that absent express advance written waiver from
each Lender, which may be withheld in such Lenders’ sole discretion, that Holding Company, Borrower and each of its Obligors, except as disclosed on Schedule 9.1 hereto: 

(A) is and has been duly formed, validly existing, and in good standing in the state of its incorporation and in all other jurisdictions where
it is qualified to do business; 

  
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 (B) has and will have no judgments or liens of any nature against it except for tax liens
not yet due and those permitted by the terms of the Loan Documents; 
 (C) has been and shall be in compliance with all laws, regulations,
and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate; 

(D) has not been and will not be not involved in any dispute with any taxing authority; 

(E) has paid and shall pay all taxes which it owes; 

(F) has never owned any real property other than the property that is the subject of the current transaction
(“Property”), other similar properties that it no longer owns and personal property necessary or incidental to its development, ownership or operation of the Property, and has never engaged in any business other than the
development, ownership and operation of the Property and other similar properties that it no longer owns; 
 (G) is not now, nor has ever
been, a defendant in any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has not been paid in full; 

(H) has provided Lenders with complete financial statements that reflect a fair and accurate view of the entity’s financial condition;

 (I) has no material contingent or actual obligations not related to the Property; 

(J) from the date of its formation or incorporation to the date of this Loan Agreement and until such time as the Obligations are paid in full,
that: 
 (i) no Affiliate of Borrower has guaranteed any of Borrower’s obligations under any such separate Lease or Site
Lease; 
 (ii) except for capital contributions and distributions properly reflected on the books and records of such entity,
has not entered and shall not enter into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any of the foregoing (individually, a “Related
Party” and collectively, the “Related Parties”), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an
arm’s-length transaction with an unrelated party; 
 (iii) has paid and shall
pay all of its debts and liabilities from its own assets, except as contemplated by the Loan Documents from the date hereof with respect to its Obligors; 

  
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 (iv) has done and shall do or caused to be done and shall cause to be done
all things necessary to observe all organizational formalities applicable to it and to preserve its existence; 
 (v) has
maintained and shall maintain all of its books, records, financial statements and since the date of incorporation or formation, as the case may be, its bank accounts separate from those of any other Person; 

(vi) has been and shall be, and at all times has held and shall hold itself out to the public as, a legal entity separate and
distinct from any other Person (including any Affiliate or other Related Party); 
 (vii) has corrected and shall correct any
known misunderstanding regarding its status as a separate entity; 
 (viii) has conducted and shall conduct all of its
business and has held and shall hold all of its assets in its own name; 
 (ix) has not identified and shall not identify
itself or any of its Affiliates as a division or part of the other to the Obligors, except with respect to the Obligors hereunder; 

(x) has maintained and utilized and shall maintain and utilize separate stationery, invoices and checks bearing its own name,
except with respect to the Obligors hereunder; 
 (xi) has not commingled and shall not commingle its funds or other assets
with those of any other Person, except as contemplated by the Loan Documents from the date hereof with respect to its Obligors, and has held all of its funds or other assets in its own name other than any improper deposits by third parties which
have been promptly corrected; 
 (xii) has not guaranteed or become obligated for the debts of any other Person with respect
to debts that are still outstanding or will not be discharged as a result of the closing of the Loan, other than the Loan and shall not guaranty or become obligated for the debts of any other Person, except as contemplated by the Loan Documents from
the date hereof with respect to its Obligors; 
 (xiii) has not held itself out as being responsible for the debts or
material obligations of any other Person with respect to debts or obligations that are still outstanding or will not be discharged as a result of the Closing other than the Loan and shall not hold itself out as being responsible for the debts or
material obligations of any other Person, except as contemplated by the Loan Documents from the date hereof with respect to its Obligors; 

(xiv) has allocated and shall allocate fairly and reasonably any overhead expenses that have been shared with an Affiliate,
including paying for office space and services performed by any employee of an Affiliate or Related Party; 

  
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 (xv) has not pledged its assets to secure the obligations of any other
Person with respect to obligations that are still outstanding or will not be discharged as a result of the Initial Loan Increase other than the Loan and shall not pledge its assets to secure the obligations of any other Person, except as
contemplated by the Loan Documents from the date hereof with respect to its Obligors; 
 (xvi) has maintained and shall
maintain adequate capital in light of its contemplated business operations; 
 (xvii) has not incurred any indebtedness that
is still outstanding and shall not incur any indebtedness other than indebtedness that is permitted under the Loan Documents; and 

(xviii) has not had any of its obligations guaranteed by an affiliate, except for guarantees that have been either released or
discharged (or that will be discharged as a result of the Closing hereof) or guarantees that are expressly contemplated by the Loan Documents. 

Section 9.2 Independent Directors. In addition to its respective obligations under
Section 9.1, the Borrower hereby represents, warrants and covenants as of the Closing Date and until such time as all Obligations are paid in full, that absent express advance written waiver from Lender, which may be withheld in Lenders’
sole discretion: 
 (A) The Borrower shall not, without the prior unanimous written consent of the Borrower’s board of directors,
including its one (1) Independent Directors institute proceedings for the Borrower to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against it; file a petition seeking, or consent to,
reorganization or relief under any applicable federal or state law relating to bankruptcy; consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for itself or a substantial part of its
property; make any assignment for the benefit of creditors; or admit in writing its inability to pay its debts generally as they become due; and 

(B) The Borrower has elected and at all times shall maintain at least one (1) Independent Directors on its board of directors, who shall
be selected by the Borrower. 
 ARTICLE X 

PLEDGE OF OTHER COMPANY COLLATERAL 

Section 10.1 Grant of Security Interest/UCC Collateral. Borrower and each of its related
Obligors hereby pledges, assigns and grants to the Collateral Agent to secure the Borrower’s Advances and the Borrower’s other Obligations, a security interest in and to all of the Borrower’s and Obligor’s assets, fixtures and
personal property including, but not limited to, all (i) equipment in all of its forms, now or hereafter existing, all parts thereof and all accessions thereto, including but not limited to machinery, towers, satellite receivers, antennas,
headend electronics, furniture, motor vehicles, aircraft and rolling stock, (ii) of the Borrower’s and Obligor’s fixtures now existing or hereafter acquired, all substitutes and replacements therefor, all accessions and attachments
thereto, and all tools, parts and equipment now or hereafter added 

  
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to or used in connection with the fixtures on or above the Sites described herein and all real property now owned or hereafter acquired by the Borrower and such Obligor and all substitutes and
replacements for, accessions, attachments and other additions to, tools, parts, and equipment used in connection with, and all proceeds, products, and increases of, any and all of the foregoing Collateral (including, without limitation, proceeds
which constitute property of the types described herein), (iii) accounts now or hereafter existing and Receipts therein, (iv) inventory now or hereafter existing, (v) general intangibles (other than Contracts including Site Management
Agreements) now or hereafter existing, (vi) investment property now or hereafter existing, (vii) deposit accounts now or hereafter existing, (viii) chattel paper now or hereafter existing, (ix) instruments now owned or hereafter
existing, (x) the equity interests of any subsidiary of the Borrower now owned or hereafter existing and the proceeds of the foregoing) and (xi) Contracts including Site Management Agreements now or hereafter existing (including all rights
to payment thereunder, but excluding any other rights that cannot be assigned without third party consent as security for payment and performance of all of the Borrower’s Obligations after taking the provisions of Sections 9-406 and 9-408 of the UCC into account) (collectively, with respect to the Borrower, its “Other Company Collateral”). The Other Company Collateral is
subject to the security interest in favor of the Collateral Agent created herein and all provisions of this Loan Agreement and the other Loan Documents. The Borrower and each other Obligor hereby authorizes the Collateral Agent and the
Administrative Agent (without obligation) to file such financing statements as may be necessary to perfect the Collateral Agent’s interest in the Other Company Collateral. Upon the occurrence and during the continuance of any Event of Default
of the Borrower, the Collateral Agent shall have all rights and remedies pertaining to the Other Company Collateral of the Borrower and its related Obligors as are provided for in any of the Loan Documents or under any applicable law including,
without limitation, the Collateral Agent’s rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the
UCC as amended (or under the UCC in force in any other jurisdiction to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following: 

(A) Collateral Agent may enter upon the Borrower’s or Obligor’s premises to take possession of, assemble and collect the Other
Company Collateral or to render it unusable. 
 (B) Collateral Agent may require the Borrower or Obligor to assemble the Other Company
Collateral and make it available at a place Collateral Agent designates which is mutually convenient to allow Collateral Agent to take possession or dispose of the Other Company Collateral. 

(C) Written notice mailed to the Borrower or such Obligor as provided herein at least ten (10) days prior to the date of public sale of
the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice. 

(D) In the event of a foreclosure sale, the Other Company Collateral and the other Sites may, at the option of the Collateral Agent, be sold as
a whole. 

  
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 (E) It shall not be necessary that the Collateral Agent take possession of the Other Company
Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale. 

(F) Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations of the Borrower, such proceeds shall be
applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys’ fees and legal expenses incurred by the Collateral Agent. 

(G) Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale
hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Administrative Agent having declared all of such Obligations to be due and payable, or as to notice of time, place and terms of sale and of the
properties to be sold having been duly given, or as to any other act or thing having been duly done by the Administrative Agent, shall be taken as prima facie evidence of the truth of the facts so stated and recited. 

(H) The Collateral Agent may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale
held by the Collateral Agent, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Collateral Agent. 

Notwithstanding anything to the contrary in this Loan Agreement, each Lender acknowledges that such Lender has made the applicable portion of
the Loan to the Borrower solely based on the Collateral pledged by the Borrower and any related Obligor and its Holding Company. 

ARTICLE XI 

RESTRICTIONS ON LIENS, TRANSFERS; 

ASSUMABILITY; RELEASE OF PROPERTIES 

Section 11.1 Restrictions on Transfer and Encumbrance. Except as expressly permitted
under this Article XI or the applicable Annex regarding transfers of Sites and Contracts among the Obligors related the Borrower (provided that appropriate amendments to the Loan Documents are delivered in connection with such transfer as are
necessary to continue the Collateral Agent’s first priority perfected security interest in the Collateral), neither Borrower nor any of its Obligors shall cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily,
by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of its Sites or Contracts or any interest therein (except in connection with a
termination permitted pursuant to Annex A-4 as applicable), or (ii) (except for transfer among the Borrower and its Obligors, or mergers among its Obligors, in each case, with consent of the
Administrative Agent not to be unreasonably withheld) any direct or indirect ownership or beneficial interest in any Obligor, irrespective of the number of tiers of ownership without the Administrative Agent’s prior written consent, which may
be granted or withheld in its sole and absolute discretion. The Borrower agrees that Parent shall not transfer ownership of the Servicer. 

  
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 Section 11.2 Transfers of Beneficial
Interests. The following voluntary or involuntary sales, encumbrances, conveyances, transfers and pledges (each, a “Transfer”) of a direct, indirect or beneficial interest shall be permitted without
Administrative Agent’s consent (“Permitted Ownership Interest Transfers”): 
 (A) A Transfer by Parent of no
more than forty percent (40%) in the aggregate of the direct ownership interests in any Capital Stock of the Holding Company, provided that for the avoidance of doubt, clause (A) applies to any Transfer in respect of a Bona-fide
IPO; and 
 (B) A Transfer by Parent of no more than forty percent (40%) in the aggregate of the direct ownership interests in any Capital
Stock of the Servicer; 
 Provided that, in any case, (x) that Parent must continue to retain sixty percent (60%) of Holding Company;
and (y) the current cash equity of Holding Company is at least $30,000,000. 
 A sale, transfer, or assignment of Capital Stock of any
Loan Party (as described in clause 3 of the definition “Change of Control”), shall be a Permitted Ownership Interest Transfer; provided that the proceeds thereof are applied to a repayment of the Obligations (as a Mandatory
Prepayment) by the Borrower upon thirty (30) days from written notice from the Administrative Agent that such repayment is not waived. 

ARTICLE XII 
 RECOURSE;
LIMITATIONS ON RECOURSE 
 Section 12.1 Limitations on Recourse. Notwithstanding
anything to the contrary in this Loan Agreement, the Mortgages or any of the Loan Documents, none of the Administrative Agent or Lenders shall be deemed to have waived any right which the Administrative Agent or Lender may have under
Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations secured by the Mortgages or to require that all collateral shall continue to secure all of the Obligations
owing to the Collateral Agent on behalf of the Lenders in accordance with the Loan Documents. 
 Section 12.2
Intentionally Omitted 
 Section 12.3 Miscellaneous. No provision of this
Article shall (i) affect the enforcement of the Environmental Indemnity, the Holdco Guaranties, the Upstream Guaranties or any guaranty or similar agreement executed in connection with the Loan, (ii) release or reduce the debt evidenced by
the Note, (iii) impair the lien of any of the Mortgages or any other security document, (iv) impair the rights of the Administrative Agent or the Collateral Agent to enforce any provisions of the Loan Documents, or (v) limit the
Collateral Agent’s or Administrative Agent’s ability to obtain a deficiency judgment or judgment on the Note or otherwise against any Obligor to the extent necessary to obtain any amount for which such Obligor may be liable in accordance
with this Article or any other Loan Document. 

  
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 ARTICLE XIII 

WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES 

Section 13.1 Waivers. To the extent that any Obligor (in this Article, a
“Waiving Party”) is deemed for any reason to be a guarantor or surety of or for any other Obligor or Affiliate or to have rights or obligations in the nature of the rights or obligations of a guarantor or surety (whether by reason
of execution of a guaranty, provision of security for the obligations of another, or otherwise) then this Article shall apply. This Article shall not affect the rights of the Waiving Party other than to waive or limit rights and defenses that
Waiving Party would have (i) in its capacity as a guarantor or surety or (ii) in its capacity as one having rights or obligations in the nature of a guarantor or surety. 

Waiving Party hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of receivership or
bankruptcy of any of the other Obligors, protest or notice with respect to any of the obligations of any of the other Obligors, setoffs and counterclaims and all presentments, demands for performance, notices of nonperformance, protests, notices of
protest, notices of dishonor and notices of acceptance, the benefits of all statutes of limitation, and all other demands whatsoever (and shall not require that the same be made on any of the other Obligors as a condition precedent to the
obligations of Waiving Party), and covenants that the Loan Documents will not be discharged, except by complete payment and performance of the obligations evidenced and secured thereby, except only as limited by the express contractual provisions of
the Loan Documents. Waiving Party further waives all notices that the principal amount, or any portion thereof, and/or any interest on any instrument or document evidencing all or any part of the obligations of any of the other Obligors to the
Administrative Agent and Lenders is due, notices of any and all proceedings to collect from any of the other Obligors or any endorser or any other guarantor of all or any part of their obligations, or from any other person or entity, and, to the
extent permitted by law, notices of exchange, sale, surrender or other handling of any security or collateral given to the Collateral Agent and Lenders to secure payment of all or any part of the obligations of any of the other Obligors. 

Except only to the extent provided otherwise in the express contractual provisions of the Loan Documents, Waiving Party hereby agrees that all
of its obligations under the Loan Documents shall remain in full force and effect, without defense, offset or counterclaim of any kind, notwithstanding that any right of Waiving Party against any of the other Obligors or defense of Waiving Party
against the Administrative Agent, the Collateral Agent and Lenders may be impaired, destroyed, or otherwise affected by reason of any action or inaction on the part of the Administrative Agent, the Collateral Agent and Lenders. Waiving Party waives
all rights and defenses arising out of an election of remedies by the Administrative Agent, the Collateral Agent or Lenders, even though that election of remedies may have destroyed the Waiving Party’s rights of subrogation and reimbursement
against the other Obligors. 

  
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 The Administrative Agent is hereby authorized, without notice (except notice shall be
provided to the Collateral Agent, Paying Agent and Calculation Agent) or demand, from time to time, (a) to renew, extend, accelerate or otherwise change the time for payment of, or other terms relating to, all or any part of the obligations of
any of the other Obligors; (b) to accept partial payments on all or any part of the obligations of any of the other Obligors; (c) to take and hold security or collateral for the payment of all or any part of the obligations of any of the
other Obligors; (d) to exchange, enforce, waive and release any such security or collateral for such obligations; (e) to apply such security or collateral and direct the order or manner of sale thereof as in its discretion it may
determine; and (f) to settle, release, exchange, enforce, waive, compromise or collect or otherwise liquidate all or any part of such obligations and any security or collateral for such obligations. Any of the foregoing may be done in any
manner, and Waiving Party agrees that the same shall not affect or impair the obligations of Waiving Party under the Loan Documents. Notwithstanding the foregoing. any action by the Administrative Agent pursuant to this paragraph shall require the
prior written consent of: (i) the Collateral Agent, to the extent such action affects the rights, obligations, indemnities or protections of the Collateral Agent, (ii) the Paying Agent, to the extent such action affects the rights,
obligations, indemnities or protections of the Paying Agent, or (iii) the Calculation Agent, to the extent such action affects the rights, obligations, indemnities or protections of the Calculation Agent. 

Waiving Party hereby assumes responsibility for keeping itself informed of the financial condition of all of the other Obligors and any and
all endorsers and/or other guarantors of all or any part of the obligations of the other Obligors, and of all other circumstances bearing upon the risk of nonpayment of such obligations, and Waiving Party hereby agrees that none of the
Administrative Agent, the Collateral Agent or any Lender shall have any duty to advise Waiving Party of information known to it regarding such condition or any such circumstances. 

Waiving Party agrees that none of the Administrative Agent, the Collateral Agent or any person or entity acting for or on behalf of the
Administrative Agent or the Lenders shall be under any obligation to marshal any assets in favor of Waiving Party or against or in payment of any or all of the obligations secured hereby. Waiving Party further agrees that, to the extent that any of
the other Obligors or any other guarantor of all or any part of the obligations of the other Obligors makes a payment or payments to the Paying Agent, or the Collateral Agent receives any proceeds of collateral for any of the obligations of the
other Obligors, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid or refunded, then, to the extent of such payment or repayment, the part of
such obligations which has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the time immediately preceding such initial payment, reduction or satisfaction. 

Waiving Party (i) shall have no right of subrogation with respect to the obligations of the other Obligors until the obligations of such
Obligors are paid in full (except any indemnification or reimbursement obligation for which no unsatisfied demand has been made); (ii) waives any right to enforce any remedy that the Administrative Agent or the Collateral Agent now has or may
hereafter have against any of the other Obligors, any endorser or any guarantor of all or any part of such obligations or any other person; and (iii) waives any benefit of, and any right to participate in, any security or collateral given to
the Collateral Agent to secure the payment or performance of all or any part of such obligations or any other liability of the other parties to the Administrative Agent, Collateral Agent, Paying Agent or the Lenders. 

  
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 Waiving Party agrees that any and all claims that it may have against any of the other
Obligors, any endorser or any other guarantor of all or any part of the obligations of the other Obligors, or against any of their respective properties, shall be subordinate and subject in right of payment to the prior payment in full of all
obligations secured hereby. Notwithstanding any right of any of the Waiving Party to ask, demand, sue for, take or receive any payment from the other Obligors, all rights, liens and security interests of Waiving Party, whether now or hereafter
arising and howsoever existing, in any assets of any of the other Obligors (whether constituting part of the security or collateral given to the Collateral Agent to secure payment of all or any part of the obligations of the other Obligors or
otherwise) shall be and hereby are subordinated to the rights of the Collateral Agent Administrative Agent, and the Lenders in those assets. 

ARTICLE XIV 

MISCELLANEOUS 

Section 14.1 Expenses and Attorneys’ Fees. Whether or
not the transactions contemplated hereby shall be consummated, the Borrower agrees to promptly pay all reasonable fees, costs and expenses incurred by the Administrative Agent, the Collateral Agent, the Paying Agent, the Calculation Agent and
Lenders in connection with any matters contemplated by or arising out of this Loan Agreement and that result from an action or omission of the Borrower or any related Obligor or that are otherwise attributable to the Borrower or any related Obligor,
including the following, as applicable, with respect to the Borrower or related Obligor, and all such fees, costs and expenses shall be part of the Obligations of the Borrower, payable by the Borrower on demand: (A) reasonable fees, costs and
expenses (including reasonable attorneys’ fees, and other professionals retained by the Administrative Agent, the Collateral Agent, the Paying Agent, the Calculation Agent or Lenders) incurred in connection with the examination, review, due
diligence investigation, documentation and closing of the financing arrangements evidenced by the Loan Documents; (B) reasonable fees, costs and expenses (including reasonable attorneys’ fees and other professionals retained by the
Administrative Agent, the Collateral Agent, the Paying Agent, the Calculation Agent or Lenders) incurred in connection with the administration of the Loan Documents and the Loan and any amendments, modifications and waivers relating thereto;
(C) reasonable fees, costs and expenses (including reasonable attorneys’ fees) incurred in connection with the review, documentation, negotiation, closing and administration of any subordination or intercreditor agreements;
(D) reasonable fees, costs and expenses (including reasonable attorneys’ fees and fees of other professionals retained by the Administrative Agent, the Collateral Agent, the Paying Agent, the Calculation Agent or any Lender) incurred in
any action to enforce or interpret this Loan Agreement or the other Loan Documents or to collect any payments due from the Obligors under this Loan Agreement, the Note or any other Loan Document or incurred in connection with any refinancing or
restructuring of the credit arrangements provided under this Loan Agreement, whether in the nature of a “workout” or in connection with any insolvency or bankruptcy proceedings or otherwise; and (E) any other Administrative Expenses.
The Borrower’s payment obligations pursuant to this Section 14.1 shall survive the discharge of this Loan Agreement and the resignation or removal of the Paying Agent, the Calculation Agent and/or the Collateral Agent. 

  
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 Section 14.2 Indemnity. In addition to
the payment of expenses as required elsewhere herein, whether or not the transactions contemplated hereby shall be consummated, the Borrower agrees to indemnify, defend, protect, pay and hold each Lender, Administrative Agent, Paying Agent,
Collateral Agent, Calculation Agent, Servicer and their successors and assigns (including, without limitation, any other Person which may hereafter be the holder of the Note or any interest therein), and the officers, directors, stockholders,
partners, members, employees, agents, Affiliates and attorneys of such Lender, Administrative Agent, Paying Agent, Collateral Agent, Calculation Agent, Servicer and such successors and assigns (collectively called the
“Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, taxes, broker’s or finders fees, reasonable costs, expenses and disbursements
of any kind or nature whatsoever (including the reasonable fees and disbursements of outside counsel for such Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not such
Indemnitee shall be designated a party thereto) resulting from (x) in the case of an Agent, such Agent serving in its capacity, as applicable, as Administrative Agent, Paying Agent, Collateral Agent, or Calculation Agent for the Borrower
(opposed to in its capacity as a Lender) and (y) in the case of a Lender or Servicer, an action or omission of the Borrower or any related Obligor or otherwise attributable to the Borrower and any related Obligor in each case, that are imposed
on, incurred by, or asserted against that Indemnitee, in any manner relating to or arising out of (A) the negotiation, execution, delivery, performance, ownership, or enforcement of any of the Loan Documents; (B) any of the transactions
contemplated by the Loan Documents; (C) any breach by the Borrower or any related Obligor of any material representation, warranty, covenant, or other agreement contained in any of the Loan Documents; (D) Lenders’ agreement to make
the Loan hereunder; (E) any claim brought by any third party arising out of any condition or occurrence at or pertaining to the Sites owned by the Borrower or any related Obligor; (F) any design, construction, operation, repair,
maintenance, use, non-use or condition of the Sites or Improvements owned by the Borrower or any related Obligor, including claims or penalties arising from violation of any applicable laws or insurance
requirements, as well as any claim based on any patent or latent defect, whether or not discoverable by any Indemnitee; (G) any performance of any labor or services or the furnishing of any materials or other property in respect of the Sites
owned by the Borrower or any related Obligor or any part thereof; (H) any contest referred to in Section 5.3(B) relating to a Site owned by the Borrower or any related Obligor; (I) any obligation or undertaking relating to the
performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Contracts to which the Borrower or any related Obligor is a party; (J) any claim brought by any third party or Tenant arising out of the
Contracts to which the Borrower or any related Obligor is a party or (K) the use or intended use of the proceeds of any of the Loan (the foregoing liabilities herein collectively referred to as the “Indemnified
Liabilities”); provided, however, that notwithstanding the foregoing Indemnified Liabilities shall not include any consequential, incidental or special damages, or liability or damages relating to any claims brought by any
Lender against one or more of other Lenders arising from an act or omission of any Lender, provided that the Obligors shall not have an obligation to an Indemnitee hereunder with respect to Indemnified Liabilities arising from the gross
negligence or willful misconduct of such Indemnitee as determined by a final judgment from a court of competent jurisdiction. The obligations and liabilities of the Obligors under this Section 14.2 shall survive the termination of this Loan
Agreement, the resignation or removal of the Collateral Agent, the Calculation Agent, the Paying Agent and/or the Administrative Agent and the exercise by the Administrative Agent or the Collateral Agent of any of their rights or remedies under the
Loan Documents, including the acquisition of the Sites by foreclosure or a conveyance in lieu of foreclosure. 

  
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 Section 14.3 Amendments and
Waivers. Except as otherwise provided herein, no amendment, modification, termination or waiver of any provision of this Loan Agreement, the Note or any other Loan Document, or consent to any departure therefrom, shall in any
event be effective unless the same shall be in writing and signed by the Administrative Agent, Majority Lenders and the other parties to such document. Each amendment, modification, termination or waiver shall be effective only in the specific
instance and for the specific purpose for which it was given. No notice to or demand on the Obligors in any case shall entitle the Obligors or other Person to any other or further notice or demand in similar or other circumstances. 

Section 14.4 Retention of the Obligors’
Documents. The Administrative Agent, the Collateral Agent, the Paying Agent and the Calculation Agent each may, in accordance with its customary practices, destroy or otherwise dispose of all documents, schedules, invoices or
other papers, delivered by the Obligors to it (other than the Note and Mortgages) unless the Obligors request in writing that same be returned. Upon such request and at the Obligors’ expense, each party shall return such papers when each
party’s actual or anticipated need for same has terminated. 
 Section 14.5
Notices. Unless otherwise specifically provided herein, any notice or other communication required or permitted to be given shall be in writing and addressed to the respective party as set forth below. Notices shall
be effective (i) three (3) days after the date such notice is sent by certified mail, return receipt requested, postage prepaid, (ii) on the next Business Day if sent by a nationally recognized overnight courier service, and
(iii) on the date of delivery by personal delivery. 
 Notices shall be addressed as follows: 

 

					
	 If to Servicer and any Holding Company, Borrower or Obligor:
	 		 	Glenn Breisinger
		 		 	850 Poplar Street
		 		 	Pittsburgh, PA 15330
		 		 	Tel: (412) 922-5796 ext. 1
		 		 	Fax: (412) 281-1914
		 		 	Email: gbreisinger@agrp.com
			
		 		 	Scott Bruce
		 		 	3 Bala Plaza East, Suite 502
		 		 	Bala Cynwyd, PA 19004
		 		 	Tel: (610) 660-4910
		 		 	Fax: (610) 660-4920
		 		 	Email: sbruce@agrp.com

  
 77 

					
	 With copies to (which shall not constitute notice):
	 		 	Jay Birnbaum, Esquire
		 		 	8004 Split Oak Drive
		 		 	Bethesda, MD, US 20817
		 		 	Tel: (301) 469-4930
		 		 	Email: jbirnbaum@agrp.com
	 And to (which shall not constitute notice):
	 		 	Boris Ziser, Esq.
		 		 	 Stroock & Stroock & Lavan LLP

180 Maiden Lane

		 		 	New York, New York 10038
		 		 	Tel. (212) 806-7002
		 		 	Fax. (212) 806-6006
			
	 If to Parent:
	 		 	Glenn Breisinger
		 		 	850 Poplar Street
		 		 	Pittsburgh, PA 15330
		 		 	Tel: (412) 922-5796 ext. 1
		 		 	Fax: (412) 281-1914
		 		 	Email: gbreisinger@agrp.com
			
		 		 	Scott Bruce
		 		 	3 Bala Plaza East, Suite 502
		 		 	Bala Cynwyd, PA 19004
		 		 	Tel: (610) 660-4910
		 		 	Fax: (610) 660-4920
		 		 	Email: sbruce@agrp.com
			
	 And to (which shall not constitute notice):
	 		 	Thomas Dunn
		 		 	 Cravath, Swaine & Moore LLP
 825 Eight
Avenue

		 		 	New York, NY 10019-7475
		 		 	Tel: (212) 474-1108
		 		 	Fax: (212) 474-3700
		 		 	Email: tdunn@cravath.com
			
		 		 	With copies to:
			
		 		 	 Jay Birnbaum, Esquire
 8004 Split Oak
Drive

		 		 	Bethesda, MD 20817
		 		 	Tel: (301) 469-4930
		 		 	Email: jbirnbaum@agrp.com

  
 78 

					
	 If to the Administrative Agent:
	 		 	Guggenheim Corporate Funding, LLC
		 		 	330 Madison Avenue, 10th Floor
		 		 	New York, New York 10017
		 		 	Attention: Kaitlin Trinh
		 		 	Telephone: 212.651.0840
		 		 	Facsimile: 212.644.8396
		 		 	Email: Kaitlin.Trinh@guggenheimpartners.com
			
		 		 	With a copy to:
			
		 		 	 Guggenheim Partners, LLC
 330 Madison Avenue,
10th Floor

		 		 	New York, NY 10017
		 		 	Telephone: 212-901-9418
		 		 	Attention: Matthew Settle
		 		 	Email: Matthew.Settle@guggenheimpartners.com
			
	 If to Paying Agent:
	 		 	Deutsche Bank Trust Company Americas
		 		 	60 Wall Street, 16th Floor
		 		 	New York, New York 10005
		 		 	Attention: Lucy Hsieh/Waseem Chaudhry
		 		 	Tel: (212) 250-3098/(212) 250-7189
			
	 If to Collateral Agent:
	 		 	Deutsche Bank Trust Company Americas
		 		 	60 Wall Street, 16th Floor
		 		 	New York, New York 10005
		 		 	Attention: Lucy Hsieh/Waseem Chaudhry
		 		 	Tel: (212) 250-3098/(212) 250-7189
			
	 With a copy to:
	 		 	Deutsche Bank Trust Company Americas
		 		 	 c/o Deutsche Bank National Trust Company
 1761
St. Andrew Place

		 		 	Santa Ana, California 92705
		 		 	Attention: Mortgage Custody – Associated Partners
		 		 	Tel: (714) 247-6000
			
	 If to Calculation Agent:
	 		 	Deutsche Bank Trust Company Americas
		 		 	60 Wall Street, 16th Floor
		 		 	New York, New York 10005
		 		 	Attention: Lucy Hsieh/Waseem Chaudhry
		 		 	Tel: (212) 250-3098/(212) 250-7189
		 		 	Deutsche Bank Trust Company Americas
			
	 If to Lenders:
	 		 	See Schedule 14.5

  
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	 With a copy (which shall not constitute notice) to:
	 		 	Ingrid Olson McClintock McGuireWoods LLP
		 		 	201 N. Tryon Street
		 		 	Suite 3000
		 		 	 Charlotte, NC 28202
 704.343.2142 (Direct
Line)
 704.444.8796 (FAX)

 Any party may change the address at which it is to receive notices to another address in the United States at
which business is conducted (and not a post-office box or other similar receptacle), by giving notice of such change of address in accordance with the foregoing. This provision shall not invalidate or impose additional requirements for the delivery
or effectiveness of any notice given in accordance with applicable statutes or rules of court. Each party consents to the service of process in the manner provided for notice herein and agrees that nothing herein will affect the right of any party
hereto to serve process by any other manner in accordance with applicable law. If there is any assignment or transfer of any Lender’s interest in the Loan, then the new Lender shall give notice to the parties in accordance with this Section,
specifying the address, phone number and e-mail address at which the new Lender shall receive notice, and they shall be entitled to notice at such address in accordance with this Section. 

Section 14.6 Survival of Warranties and Certain Agreements. All agreements,
representations and warranties made herein shall survive the execution and delivery of this Loan Agreement, the making of the Loan hereunder and the execution and delivery of the Note. Notwithstanding anything in this Loan Agreement or implied by
law to the contrary, the agreements of the Obligors to indemnify or release Lender or Persons related to Lender, or to pay Lender’s costs, expenses, or taxes shall survive the payment of the Loan and the termination of this Loan Agreement. 

Section 14.7 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay
on the part of any Lender, Administrative Agent or Collateral Agent in the exercise of any power, right or privilege hereunder or under the Note or any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of
any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing under this
Loan Agreement, the Note and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

Section 14.8 Marshalling; Payments Set Aside. None of the Collateral Agent, Administrative
Agent or Lenders shall be under any obligation to marshal any assets in favor of any Person or against or in payment of any or all of the Obligations. To the extent that any Person makes a payment or payments to the Paying Agent or any Lender, or
the Administrative Agent, Collateral Agent or any Lender enforces its remedies or exercises its rights of set off, and such payment or payments or the proceeds of such enforcement or set off or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or
part thereof originally intended to be satisfied, and all Liens, if any, and rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set off had not occurred.

  
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 Section 14.9 Severability. The
invalidity, illegality or unenforceability in any jurisdiction of any provision in or obligation under this Loan Agreement, the Note or other Loan Documents shall not affect or impair the validity, legality or enforceability of the remaining
provisions or obligations under this Loan Agreement, the Note or other Loan Documents or of such provision or obligation in any other jurisdiction. 

Section 14.10 Headings. Section and subsection headings in this Loan Agreement are
included herein for convenience of reference only and shall not constitute a part of this Loan Agreement for any other purpose or be given any substantive effect. 

Section 14.11 Applicable Law. THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS WERE
NEGOTIATED IN THE STATE OF NEW YORK, AND EXECUTED AND DELIVERED IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN WERE DISBURSED FROM NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER
AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THE STATE OF NEW YORK AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA EXCEPT THAT AT ALL
TIMES THE PROVISIONS FOR THE CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE DEEDS OF TRUST AND THE ASSIGNMENT OF LEASES SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE PROPERTY IS LOCATED,
EXCEPT THAT THE SECURITY INTERESTS IN ACCOUNT COLLATERAL SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK OR THE STATE WHERE THE SAME IS HELD, AT THE OPTION OF THE MAJORITY LENDERS. 

Section 14.12 Successors and Assigns. This Loan Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns except that the Obligors may not assign their rights or obligations hereunder or under any of the other Loan Documents except as expressly provided in Article XI,
and the Lenders and their successors and assigns may not assign, sell or participate any interest in this Loan Agreement without notice to the Parent, the Borrower, the Collateral Agent and the Register Agent (as defined below), and provided
that (i) the Borrower has the right to accept or deny any such assignment (except while Event of Default has occurred and is continuing or if such assignment is to another Lender or an Approved Fund of such Lender), such acceptance (x) not
to be unreasonably withheld, and (y) to be deemed to be given if no response is given after five (5) days after receipt of notice of such assignment and (ii) such assignment must have the written consent of the Parent if the proposed
assignee is any tier 1 carrier, any obligor under a Contract, any cell site backhaul competitor of any of the Borrower, any wireless infrastructure fund or 

  
 81 

 
sponsor that owns wireless infrastructure (any such entity, a “Disqualified Entity”). The Lenders agree not to share any of the Borrower’s Information with any
Disqualified Entity without the Borrower’s consent. No Agent shall have any liability in respect of, or have any duty to investigate, any representation or warranty which any Person shall make regarding its status as a “Disqualified
Entity”. A Lender may not assign its loan hereunder unless it has: (i) received an executed instrument of assignment from such assignee which binds such assignee to the terms of this Loan Agreement or a trade ticket with a joinder and
delivers such executed instrument or trade ticket with a joinder to the Administrative Agent, the Collateral Agent and the Register Agent, (ii) such assignee provides its tax ID number and a completed W-9
form to the Administrative Agent, the Collateral Agent and the Register Agent, and (iii) such assignee provides the Administrative Agent, the Collateral Agent and the Register Agent with any additional information it may require. The Collateral
Agent shall maintain at the address referred to in Section 14.5 a register for the recordation of names and address of the Lenders and their successors and assigns and the principal amount owing to each such person from time to time (the
“Register”). Upon the assignment of an interest in this Loan Agreement, the Collateral Agent shall record the assignment in the Register, including the name and address of the assignee and the principal amount owing to the
assignee. The Administrative Agent will provide such names, addresses and amounts to the Collateral Agent and shall update such information within five (5) Business Days after any change thereof, and the Collateral Agent is entitled to rely on
such information. The Collateral Agent may appoint one or more persons to act as its agent in respect of the Register (each a “Register Agent”). The Register shall be available for inspection by any Lender or its successors
and assigns at any reasonable time and from time to time upon reasonable prior notice. 
 Section 14.13
Sophisticated Parties, Reasonable Terms, No Fiduciary Relationship. The Obligors, on behalf of themselves and all Obligors, represent, warrant and acknowledge that (i) they are sophisticated real
estate investors, familiar with transactions of this kind, and (ii) they have entered into this Loan Agreement and the other Loan Documents after conducting their own assessment of the alternatives available to them in the market, and after
lengthy negotiations in which they have been represented by legal counsel of their choice. The Obligors, on behalf of themselves and all Obligors, also acknowledge and agree that the rights of each Lender under this Loan Agreement and the other Loan
Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the Sites, and the risks incurred by each Lender in this transaction. No
provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between any Lender and the Obligors or any other Person, or
(ii) any fiduciary or similar duty by any Lender to the Obligors or any other Person. The relationship between any Lender and the Obligors are exclusively the relationship of a creditor and a debtor, and all relationships between any Lender and
any Obligor are ancillary to such creditor/debtor relationship. 
 Section 14.14 Noncompliant
Lender. If there is an assignment, sale, or participation to a Lender Transferee for which consent of the Borrower or Parent is required pursuant to Section 14.12 hereof and not received, the Borrower may prepay such
Lender Transferee at any time, along with any applicable Yield Maintenance, and is permitted as a prepayment under Section 2.8 hereof. If there is any other assignment, sale, or participation to a Lender Transferee in violation of
Section 14.12, or if any Lender shall fail to make any 

  
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Installment payment when due, such Lender Transferee or Lender, as the case may be, shall be a “Noncompliant Lender.” A Noncompliant Lender shall be disregarded for the
purposes of determining the Majority Lenders, and the Borrower may prepay such Noncompliant Lender at any time, provided that the Commitment of such Lender may not be increased or extended without the consent of such Lender and any waiver,
amendment, or modification requiring the consent of the all the Lenders that affects the rights of such Noncompliant Lender more adversely than other Lenders shall require the consent of such Noncompliant Lender. The Borrower may prepay such
Noncompliant Lender at any time, and no Yield Maintenance will be payable to such Noncompliant Lender. Any prepayment pursuant to this Section shall be made upon written notice to the Paying Agent at least two (2) Business Days prior to the
proposed date of such prepayment. 
 Section 14.15 Limitation of Liability. No party,
nor any Affiliate, officer, director, employee, attorney, or agent of such party, shall have any liability with respect to, and the other parties hereto hereby waive, release, and agree not to sue any of them upon, any claim for any special,
indirect, incidental, or consequential damages suffered or incurred by the Obligors in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by this
Loan Agreement or any of the other Loan Documents. The other parties hereto hereby waive, release, and agree not to sue any Lender or any of such Lender’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in
respect of any claim in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Loan Agreement or any of the transactions contemplated hereby,
except to the extent the same is caused by the gross negligence or willful misconduct of such Lender. 

Section 14.16 No Duty. All attorneys, accountants, appraisers, and other
professional Persons and consultants retained by Lenders shall have the right to act exclusively in the interest of Lenders and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature
whatsoever to any of the Obligors or Affiliates thereof, or any other Person. 
 Section 14.17 Entire
Agreement. This Loan Agreement, the Note, and the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and
understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral
agreements among the parties to the Loan Documents. 
 Section 14.18 Construction; Supremacy of Loan
Agreement. The Borrower and Lenders acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Loan Agreement and the other Loan Documents with its legal
counsel and that this Loan Agreement and the other Loan Documents shall be construed as if jointly drafted by the Borrower and Lenders. If any term, condition or provision of this Loan Agreement shall be inconsistent with any term, condition or
provision of any other Loan Document, then this Loan Agreement shall control. 

  
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 Section 14.19 Consent to Jurisdiction.
EACH LOAN PARTY HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK OR WITHIN THE COUNTY AND STATE IN WHICH THE PROPERTY IS LOCATED AND IRREVOCABLY AGREES THAT, ALL ACTIONS OR
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT OR EACH OF THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. THE LOAN PARTIES ACCEPT FOR THEMSELVES AND IN CONNECTION WITH THE PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS LOAN AGREEMENT, THE NOTE, SUCH OTHER LOAN DOCUMENTS OR SUCH
OBLIGATION. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR THE LENDERS TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF
ANY OTHER JURISDICTION. 
 Section 14.20 Waiver of Jury Trial. EACH LOAN PARTY AND
EACH LENDER AND EACH AGENT HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS LOAN AGREEMENT, ANY OF THE LOAN DOCUMENTS, OR ANY DEALINGS BETWEEN ANY LOAN PARTY AND LENDER OR ANY
AGENT RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION AND THE LENDER/BORROWER/AGENT RELATIONSHIP THAT IS BEING ESTABLISHED. EACH OF THE LOAN PARTIES AND EACH LENDER AND AGENT ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH
MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF IT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE LOAN PARTIES AND LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO
THIS LOAN AGREEMENT, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS LOAN AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THE FUTURE. EACH OF THE LOAN PARTIES AND LENDER FURTHER WARRANTS AND REPRESENTS THAT IT HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING,
AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS LOAN AGREEMENT, THE LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENT RELATING TO THE LOAN. IN THE EVENT OF LITIGATION, THIS LOAN AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

  
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 Section 14.21 Counterparts;
Effectiveness. This Loan Agreement and other Loan Documents and any amendments or supplements thereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. This Loan Agreement shall become effective upon the execution of a counterpart hereof by each of the parties
hereto. 
 Section 14.22 [Intentionally Omitted]. 

Section 14.23 [Intentionally Omitted]. 

Section 14.24 Additional Inspections; Reports. Notwithstanding anything contained in
this Loan Agreement to the contrary, if for any reason whatsoever the Administrative Agent suspects that any conditions exist or may exist at any Site of the Borrower which might cause a Material Adverse Change, the Administrative Agent shall have
the right, at the Borrower’s sole reasonable cost and expense, to cause such inspections and reports to be prepared and performed with respect to any Site as the Administrative Agent shall reasonably determine. 

Section 14.25 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets.
Each of the Obligors and the Holding Company acknowledges that the Lenders have made the applicable portion of the Loan to the Borrower upon the security of the Sites, the Contracts and the Other Company Collateral of the Borrower and its Obligors
and Holding Company and in reliance upon the aggregate value of the Sites, the Contracts and the Other Company Collateral of the Borrower and the Obligors and the Capital Stock of Borrower pledged by its Holding Company taken together being of
greater value as collateral security than the sum of each such Site, such Contracts and the Borrower’s and its Obligors’ in the Other Company Collateral, and Holding Company’s interest in the Capital Stock of Borrower, taken
separately. Each of the related Obligors of the Borrower agrees that the Mortgages and other security agreements given hereunder with respect to the Borrower’s Obligations are and will be cross-collateralized and cross-defaulted with each other
so that (i) an Event of Default of the Borrower hereunder shall constitute an Event of Default under each of the Mortgages and the other security agreements related to the Borrower and its other Obligors given hereunder which secure the
applicable portion of the Note related to the Borrower; (ii) subject to any limitations contained therein, each Mortgage and the other security agreements given hereunder shall constitute security for the applicable portion of the Note related
to the Borrower as if a single blanket lien were placed on all of the Sites, the Contracts, and the Other Company Collateral of the Borrower as security for the applicable portion of the Note related to the Borrower; and (iii) such
cross-collateralization of the Borrower and its related Obligors shall in no event be deemed to constitute a fraudulent conveyance. 
 (A) To
the fullest extent permitted by law, each of the Obligors and the Holding Company, for itself and its successors and assigns, waives all rights to a marshalling of the assets of each of the Obligors, each of the Obligor’s and Holding
Company’s members and others with interests in each of the Obligors, and of the Sites, the Contracts, and the Other Company Collateral, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages or
the Other Company Collateral, and agrees not to assert any right under 

  
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any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to
defeat, reduce or affect the right of the Collateral Agent or Administrative Agent, each on behalf of the Lenders under the Loan Documents, to a sale of the Sites, the Contracts and the Other Company Collateral of the Borrower or any related Obligor
for the collection of the applicable portion of the Loan of the Borrower without any prior or different resort for collection or of the right of the Collateral Agent or Administrative Agent, each on behalf of the Lenders, to the payment of the
applicable portion of the Loan of the Borrower out of the net proceeds of the Sites, the Contracts and the Other Company Collateral of the related Obligor and Holding Company and in preference to every other claimant whatsoever. In addition, each of
the Obligors and Holding Company, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages or Other Company Collateral, any equitable right otherwise available to each of the Obligors or Holding
Company which would require the separate sale of the Sites, the Contracts and the Other Company Collateral or require the Administrative Agent or Collateral Agent to exhaust its remedies against any such Sites, Contracts and the Other Company
Collateral or any combination of the Sites, the Contracts and the Other Company Collateral before proceeding against any other Sites, Contracts and the Other Company Collateral or combination of Sites, Contracts and the Other Company Collateral,
each with respect to the Borrower and its related Obligors; and further in the event of such foreclosure each of the Obligors of the Borrower and its Holding Company do hereby expressly consent to and authorize, at the option of the Administrative
Agent, the foreclosure and sale either separately or together of any combination of the Sites, the Contracts and the Other Company Collateral of the Borrower and its Obligors. 

Section 14.26 Customer Identification—USA Patriot Act Notice. The Administrative
Agent and each Lender hereby notify the Borrower and the Servicer that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001) (the
“Patriot Act”), and the Lender’s policies and practices, the Lender is required to obtain, verify and record certain information and documentation that identifies the Borrower and the Servicer, which information includes the names and
addresses of the Borrower and such other information that will allow the Administrative Agent or such Lender to identify the Borrower in accordance with the Patriot Act. 

Section 14.27 Paying Agent Compliance with Applicable Anti-Terrorism and Anti-Money
Laundering Regulations. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, but not limited to those relating to funding of terrorist
activities and money laundering, the Paying Agent, the Collateral Agent and the Calculation Agent is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the
Paying Agent, the Collateral Agent and the Calculation Agent. Accordingly, each of the parties agrees to provide to the Paying Agent, the Collateral Agent and the Calculation Agent upon its request from time to time such identifying information and
documentation as may be available for such party in order to enable the Paying Agent, the Collateral Agent and the Calculation Agent to comply with such laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including, but not limited to those relating to funding of terrorist activities and money laundering. 

  
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 Section 14.28 Confidentiality.
The Lenders, each Agent, the Servicer, each Loan Party and any Successor Servicer agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to their officers, directors, employees,
Affiliates, attorneys, auditors, accountants, agents, and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and requested to keep such Information
confidential); (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person; (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process
(in such event, so long as it is lawful and practicable, the Person requested to provide the Information shall give (A) the Borrower notice with respect to the Borrower’s Information thereof to allow the Borrower, if it chooses to do so,
to challenge such requirement or (B) the Lenders and the Administrative Agent notice thereof with respect to the Lenders’ Information to allow the Administrative Agent and/or the Lenders, if they choose to do so, to challenge such
requirement; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under any Loan Document or any action or proceeding relating to any Loan Document or the enforcement or rights or thereunder;
(f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or participant in, or any prospective assignee of or participant in, any of its rights and obligations under this Loan
Agreement; (g) with the consent of the Borrower with respect to the Borrower’s Information and with the consent of the Lenders with respect to the Lenders’ Information; or (h) to the extent such Information becomes publicly
available or as obtained from sources other than the parties hereto. For purposes of this Section 14.28, “Information” means (i) all information received from the Borrower, any Obligor or any of their Affiliates relating to any
of them or any of their respective businesses, other than any such information that is available to a Lender or the Administrative Agent on a non-confidential basis prior to disclosure to them of such
Information (the “Borrower’s Information”) and (ii) the Fee Letter and other Loan Documents, except to the extent publically available (the
“Lenders’ Information”). 
 ARTICLE XV 

THE SERVICER 

Section 15.1 Acceptance of Appointment and Other Matters Relating to the Servicer. 

(A) AP Service Company, LLC is appointed by the Administrative Agent, on behalf of the Lenders, and the Borrower to act as the initial Servicer
under this Loan Agreement (subject to Article XVII). AP Service Company, LLC accepts such appointment and shall act and be appointed as such without any further action hereunder or thereunder (subject to Article XVII). Midland Loan Services, a
division of PNC Bank, National Association (“Midland”) is appointed by the Administrative Agent, on behalf of the Lenders (and the Lenders hereby acknowledge and agree to such appointment), and the Borrower to act as the Backup
Servicer under this Loan Agreement, and Midland accepts such appointment. 

  
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 (B) Each of the Administrative Agent, each Lender and the Borrower hereby appoints as its
agent, for the benefit of the Administrative Agent, and the Lenders, separately, the Person designated or, in accordance with Section 15.1(A), deemed designated, to act as Servicer (subject to Article XVII) to enforce, at the Borrower’s
request, and with the Servicer’s consent, the Borrower’s rights and interests in, to and under the Contracts and the Sites. The Servicer shall service, administer and collect amounts due to Obligors under the Contracts and the Sites and,
in connection therewith, the Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect amount due to Obligors under the Contracts and the Sites from time to time, all in accordance with applicable laws,
rules and regulations, with reasonable care and diligence. The Servicer will advance the amount of impositions, Claims, installment payments on assets, all federal, state and local income taxes, sales taxes, excise taxes and all other taxes and
assessments of the Obligors on their business, income or assets; in each instance before any penalty or fine is incurred with respect thereto. The Servicer shall exercise the same care and apply the same policies with respect to the collection,
administration and servicing of the Sites and the Contracts that it would exercise and apply if it owned such Sites and Contracts, all in compliance with applicable law. The Servicer may use an affiliated company as a subservicer to assist the
Servicer with performing its duties hereunder, provided, however, that the use of a subservicer shall not relieve the Servicer of its obligations hereunder. 

(C) [Intentionally Omitted.] 

(D) Collections. 

(i) The Servicer shall, on behalf of the Administrative Agent, Collateral Agent and the Lenders, cause all Collections in
respect of Sites and Contracts of the Borrower to be deposited directly by the related Tenants into the designated Lock-Box Account. 

(E) Servicer Authority. The Servicer shall have full power and authority, acting alone or through any party properly designated
by it, to do any and all things in connection with its servicing and administration duties described herein which it may deem necessary or desirable, subject to the limitations set forth in the other provisions of this Article XV. Without limiting
the generality of the foregoing, the Servicer or any of its designees is hereby authorized and empowered to subcontract with any other Person with the prior written consent of the Administrative Agent (in any case, at the Servicer’s sole cost
and expense), for servicing, administering or collecting, in whole or in part, the Sites and Contracts of the Borrower whereupon such other Person with which the Servicer so subcontracts shall be entitled such rights and powers of the Servicer
hereunder as may be delegated to it; provided, however, that the Servicer shall remain fully liable for the performance of the duties and obligations of the Servicer and such subcontracted party, pursuant to the terms hereof. The
Lender shall execute any documents furnished by the Servicer which are necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder and which are acceptable in form and substance to the Lender. 

(F) The Servicer shall not extend the maturity or otherwise modify the terms of any Sites or Contracts, except that (i) to the extent no
Servicer Default or Event of Default has occurred and is outstanding, the Servicer shall in the ordinary course of Business be permitted to adjust the terms of any Contract as it may deem appropriate to attempt to increase the Collections thereon;
provided, that except as otherwise provided herein, such Contract shall remain a Defaulted Contract hereunder notwithstanding such adjustments or modifications unless and until the same shall be Rehabilitated and (ii) with respect to the
Sites, as provided herein to the extent permitted to the Borrower and the other Obligors. 

  
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 (G) Prior to an Event of Default, the Servicer (and after an Event of Default, the
Administrative Agent) may direct each banking institution at which the Borrower’s Account shall be established, in writing, to invest the funds held in such accounts in one or more Permitted Investments in accordance with the account agreements
entered into with respect thereto. All such Permitted Investments shall be held to maturity unless otherwise directed in writing by the Lender. All interest derived from such Permitted Investments shall be deemed to be “investment
proceeds” and shall be deposited in such account to be distributed in accordance with the requirements hereof. The taxpayer identification number associated with any such Account shall be that of the Servicer, and the Servicer shall report for
federal, state and local income tax purposes the income, if any, earned on funds in such accounts. 

Section 15.2 Servicing Compensation. As full compensation for its
servicing activities hereunder, and as reimbursement for any expense incurred by it in connection therewith, on each Monthly Payment Date the initial Servicer shall be entitled to receive (in accordance with the provisions of Sections 2.4(C) and
2.4(H)) the Servicing Fee for the immediately preceding Collection Period and the Management Fee. However, the initial Servicer shall not have any claim or any right of setoff or banker’s lien against, or any right to otherwise deduct from, any
funds held in any Account. Lenders acknowledge that the initial Servicer may remit the Management Fees it receives hereunder to the Parent in the form of payment for management and other services provided by Parent. On and after any date in which
the Backup Servicer is the Successor Servicer, it shall be entitled to receive the Servicing Fee each month, and such amounts shall be payable in the same order of priority as the Backup Servicer is paid the Backup Servicing Fee in
Section 2.5(B)(i). While acting as Backup Servicer, the Backup Servicer is entitled to receive the Backup Servicing Fee each month, such fee to be paid pursuant to Section 2.5(B)(i). 

Section 15.3 Representations and Warranties of the Servicer. The
Servicer hereby makes, and each successor servicer (other than Midland) by acceptance of its appointment hereunder shall make, the following representations and warranties as of the date hereof or, if later, the date of its appointment as the
Servicer (and shall be deemed to remake such representations and warranties on each day hereafter or thereafter for so long as such Person is acting as such): 

(A) Organization and Good Standing. The Servicer is a corporation, limited liability company or partnership duly organized,
validly existing and in good standing under all applicable laws of its jurisdiction of formation and has, in all material respects, full power and authority to own its properties and conduct its business as such properties are presently owned and as
such business is presently conducted, and to execute, deliver and perform its obligations under the Loan Documents to which it is a party or by which it is bound. 

  
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 (B) Due Qualification. The Servicer is duly qualified to do business and is in
good standing as a foreign corporation, limited liability company or partnership (or is exempt from such requirements), and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such
licenses or approvals would cause, or could reasonably be expected to cause, a Material Adverse Change on its ability to perform its obligations as the Servicer under the Loan Documents to which it is a party or by which it is bound. 

(C) Due Authorization. The Servicer’s execution, delivery and performance of the Loan Documents to which it is a party or by
which it is bound have been duly authorized by all necessary corporate, limited liability company or partnership, as applicable, and shareholder, member or partner, as applicable, actions on the part of the Servicer. 

(D) Binding Obligation. Each of the Loan Documents to which it is a party or by which it is bound constitutes a legal, valid and
binding obligation of the Servicer enforceable against it in accordance with its terms except as such enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights
generally, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

(E) No Conflict. The Servicer’s execution and delivery of the Loan Documents, and the performance of the transactions
contemplated by the Loan Documents to which it is a party or by which it is bound, and fulfillment of the terms hereof and thereof applicable to the Servicer, do not conflict with or violate any law applicable to the Servicer, or conflict with,
result in any breach of any of the enforceable terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the
Servicer is a party or by which it or its properties are bound. 
 (F) No Proceedings. Except as disclosed in writing to the
Administrative Agent, as of the date hereof, there are no proceedings or investigations pending or, to the best of the Servicer’s knowledge, threatened against the Servicer before any Governmental Authority (i) asserting the illegality,
invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability, of any of the Loan Documents to which it is a party or by which it is bound, (ii) seeking to
prevent the consummation of any of the transactions contemplated by any of the Loan Documents to which it is a party or by which it is bound, or (iii) seeking any determination or ruling that is reasonably likely to materially and adversely
affect the financial condition or operations of the Servicer or the performance by the Servicer of its obligations under any of the Loan Documents to which it is a party or by which it is bound. 

(G) No Consents. No authorization, consent, license, order or approval of or registration or declaration with any Governmental
Authority is required to be obtained, effected or given by the Servicer in connection with the execution and delivery by it of any of the Loan Documents or the performance by it of its obligations under the Loan Documents to which it is a party or
by which it is bound. 

  
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 (H) Information. Each certificate, information, exhibit, financial statement,
document, book or record or report furnished or to be furnished by the Servicer to the Administrative Agent, any Lender or the Borrower in connection with this Loan Agreement is accurate in all material respects as of its date, and no such document
contains or will contain any material misstatement of fact or omits or will omit to state a material fact or any fact necessary to make the statements contained therein not materially misleading as of its date. 

(I) Ownership. All of the issued and outstanding Capital Stock of the Servicer is owned by Parent. 

Section 15.4 Covenants of the Servicer. From the Closing Date until
the earlier of (a) the date of the termination and cancellation of this Loan Agreement and the termination or expiry of the Commitments and the payment in full of the Obligations and (b) the last date on which such Person acts as Servicer,
the Servicer hereby covenants, and each Successor Servicer by its acceptance of its appointment hereunder shall be deemed to covenant, that, without the prior written consent of the Administrative Agent: 

(A) Change in Accounts. The Servicer shall not add, terminate or substitute, or consent to the addition, termination or
substitution of, any Lock-Box Account, any Collection Account, the General Reserve Account without the consent of the Administrative Agent, and notice to the Collateral Agent, provided that, for the
avoidance of doubt, nothing in this covenant is meant to confer or imply any right or authority of the Servicer to make such addition, termination or substitution. 

(B) Collections. (i) The Servicer shall not instruct any Obligor to remit, or consent to any applicable Tenant’s or
other Obligor’s instructions to remit or remittance of, Collections to any Person, address or account other than to the applicable Lock-Box Account, (ii) the Servicer shall make payments, transfers
and deposits or, if applicable, give instructions and notices to the Administrative Agent to make payments, transfers or deposits, in either case, solely in accordance with the terms hereof and the other Loan Documents and (iii) in the event
that the Servicer or any Affiliate thereof receives any Collections, the Servicer agrees to hold, or cause such Affiliate to hold, all such Collections in trust for the benefit of the Collateral Agent and to deposit, or cause such affiliate to
deposit, such Collections to the applicable Collection Account in any case as soon as practicable, but in no event later than two (2) Business Days after its receipt thereof. 

(C) Preservation of Existence; Compliance with Laws. The Servicer shall: 

(i) except as permitted pursuant to Section 16.2, preserve and maintain its corporate or other existence, rights,
franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign corporation or other type of organization, as applicable, in each jurisdiction where the failure to maintain such
qualification could reasonably be expected to materially and adversely affect (a) the interests of the Administrative Agent, the Collateral Agent or the Lenders, (b) the Collateral or (c) the ability of the Servicer to perform its
obligations hereunder or any other Loan Documents to which it is a party or by which it is bound; and 
 (ii) duly satisfy in
all material respects all obligations on its part to be fulfilled under or in connection with each Contract or each Site shall maintain in effect all qualifications required under law in order properly to service each Contract or Site and shall
comply in all material respects with all other laws in connection with servicing each such Contract or Site. 

  
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 (D) Extension or Amendment of Collateral. The Servicer shall not extend, amend
or otherwise modify (or consent or fail to object to any such extension, amendment or modification by the Borrower or any Obligor) the terms of any Collateral, except as permitted in Section 15.1 (F). 

(E) Protection of Lender’s Rights. The Servicer shall not take any action which could reasonably be expected to impair the
rights of the Administrative Agent, the Collateral Agent or any of the Lenders in any Collateral. 
 (F) Deposits to Lock-Boxes or
Accounts. The Servicer shall not deposit or otherwise credit (or cause to be deposited or credited) to any Lock-Box Account, or consent or fail to object to any such deposit or credit of, cash or cash
proceeds other than Collections and payments in respect of Sites or Contracts; provided, that to the extent that any such other funds are so deposited, it shall not constitute a breach of this Section 15.4(F) if such funds are removed
from such account within three (3) Business Days after being so deposited in such account. 
 (G) Servicer Calculations.
Servicer shall make the determinations and calculations required to be made by it in a commercially reasonable manner. 
 (H) Reporting
Requirements. 
 (i) The Servicer shall furnish to the Administrative Agent and the Lenders (and with respect to (a) and
(b), also to the Collateral Agent, the Paying Agent and the Calculation Agent), or cause to be furnished: 
 (a) within two
(2) Business Days after becoming aware thereof, written notice of the occurrence of any Event of Default, Default, Servicer Default or event that, with the giving of notice or lapse of time or both, would constitute a Servicer Default, and, in
the case of such a Servicer Default or potential Servicer Default, the statement of the Servicer, signed on its behalf by the chief financial officer or chief accounting officer of the Servicer setting forth details of such occurrence or event and
the action which the Servicer has taken and proposes to take with respect thereto; 
 (b) within two (2) Business Days
after acquiring knowledge thereof, written notice of the occurrence of any Material Adverse Change with respect to the Borrower or any other Obligor and; 

(c) each financial statement, Monthly Report or other statement or report described in Section 15.5 or 5.1, at the times
and in the manner therein described. 

  
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 (I) Inspection of Books and Records. The Administrative Agent, the Collateral
Agent, independent accountants appointed by the Administrative Agent, or other agents of the Administrative Agent, and the Borrower shall have the right, upon reasonable prior written notice to the Servicer, to visit the Servicer and to discuss the
affairs, finances and accounts of the Servicer (as they relate to the Servicer’s obligations under this Loan Agreement and the other Loan Documents) with, and to be advised as to the same by, its officers, and to examine the books of account
and records of the Servicer as they relate to the Sites and Contracts or any other Collateral to make or be provided with copies and extracts therefrom, and, upon reasonable notice, to discuss the affairs, finances and accounts of the Servicer with,
and to be advised as to the same by, the independent accountants of the Servicer (and by this provision the Servicer authorizes such accountants to discuss such affairs, finances and accounts, whether or not a representative of the Servicer is
present, it being understood that nothing contained in this Section 15.4(I) is intended to confer any right to exclude any such representative from such discussions), all at such reasonable times and intervals and to such reasonable extent
during regular business hours of the Servicer as the Collateral Agent, the Administrative Agent (or designated representative thereof) or such accountants or agents appointed by any of the foregoing, as applicable, may desire at the expense of the
Servicer (but, so long as no Servicer Default is then outstanding or continuing, no more often than once in any three month period). In addition to the foregoing, the Administrative Agent, the Collateral Agent, and any independent accountants or
other parties appointed by the Administrative Agent, shall have the right, upon reasonable prior written notice to the Servicer, to conduct, at the expense of the Servicer, a review of the Collateral and all books, records and other documentation
relating thereto, including, without limitation, an operational audit (which audit shall be similar to the operational audit conducted by the Administrative Agent and its legal counsel prior to the Closing Date); provided, however,
that the right provided for in this sentence may, so long as no Servicer Default is then outstanding or continuing, be exercised no more often than twice in any twelve month period; provided, further that the Administrative Agent shall
have the right, upon reasonable prior written notice to the Servicer, to require, at the expense of the Servicer, a pro forma financial report by an Approved Accounting Firm for purposes of calculating a Cash Trap Event or Amortization Event as
needed. 
 (J) Fidelity Insurance. The Servicer shall maintain, at its own expense, a fidelity insurance policy and an errors
and omissions policy, each with insurance companies rated A-, VII or higher by A.M. Best on all officers, employees or other Persons where the Servicer has the right to direct and control such individuals
in any capacity with regard to the Sites and Contracts to handle documents and papers related thereto. Any such fidelity insurance shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, and fraud. The errors
and omissions policy shall insure against losses resulting from the errors, omissions and negligent acts of such officers, employees and other persons. Each such policy shall be maintained in an amount of at least $5,000,000 or such lower amount as
the Administrative Agent may designate in writing to the Servicer from time to time, and in a form reasonably acceptable to the Administrative Agent. No provision of this Section 15.4(J) requiring such fidelity insurance or errors and omissions
policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this Loan Agreement. The Servicer shall be deemed to have complied with this provision if one of its Affiliates has such fidelity policy coverage and
errors and omissions policy and, by the terms of such policies, the coverage afforded thereunder extends to the Servicer. Upon the request of the Administrative Agent, the Servicer shall cause to be delivered to the Administrative Agent, a
certification evidencing coverage under such fidelity policy and errors and omissions policy. Any such insurance policy shall contain a provision or endorsement providing that such policy may not be canceled without ten (10) days prior written
notice to the Lenders. 

  
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 (K) Use of Fees. The Servicer will use the Servicing Fee only to pay its
employees, maintain the Collateral, and pay the expenses of the Borrower and its subsidiaries. 
 (L) Care. The Servicer is
required to service the Collateral with the same care as if it owned the Collateral itself. 
 (M) Certain Borrower Requests.
The Servicer shall comply with all requests of the Borrower pursuant to Article V, in accordance with the terms of this Loan Agreement. 

Section 15.5 Monthly Reports and Monthly Reconciliations. 

(A) Monthly Report. The Servicer shall deliver to the Administrative Agent, the Paying Agent, the Calculation Agent and the
Collateral Agent a report (the “Monthly Report”) (including in electronic format or via secure web-access) in respect of the immediately preceding Collection Period as soon as available
and in any event no later than six (6) Business Days before each Monthly Payment Date in the form of Exhibit H attached hereto or such other form satisfactory to the Administrative Agent, the Paying Agent, the Calculation Agent and the
Collateral Agent in their commercially reasonable discretion. The Administrative Agent, the Paying Agent, the Calculation Agent and the Collateral Agent and the Lenders shall be entitled to conclusively rely upon each such Monthly Report and the
information contained therein, subject to the Monthly Report Review Procedure. The Monthly Report shall set forth, including all Sites and Contracts as of the last day of the immediately preceding Collection Period, (a) each delinquent Contract
(with an explanation for such status) as of the end of such month, (b) each Defaulted Contract (with an explanation for such status) as of the end of such month, (c) any Contract or Site which has been removed or Released, (d) a
certification from the Servicer, on the date such Monthly Report is furnished, of each of the following: (1) the quarterly Tangible Net Worth of the Servicer (if the Servicer is an Affiliate of the Borrower); (2) that the representations
and warranties of the Servicer contained in Section 15.3 of this Loan Agreement are true and correct in all material respects on such date, except for changes to the Schedules to this Loan Agreement and the other Loan Documents reflecting
events, conditions or transactions permitted by or not in violation of this Loan Agreement and except to the extent any such representation or warranty speaks expressly only as of a different date, (3) that the Servicer is in compliance with
its covenants under Sections 15.4 and 15.5 of this Loan Agreement or a description of any non-compliance, (4) that there has occurred no event which constitutes a Servicer Default (or a description of any
Servicer Default), (5) that there has occurred no Cash Trap Event or Amortization Event; and (6) that there has occurred no event which constitutes an Event of Default, Change of Control, or any breach of the representations of Article IV
or the covenants of Article V (or a description of any such event or breach), (e) the amount on deposit in the General Reserve Account as of the last day of the preceding Collection Period, (f) the Borrowing Base for such month calculated
as of the last day of the preceding Collection Period, and (g) the distributions to be made pursuant to Section 2.6 for the next Monthly Payment Date. 

  
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 (B) The Calculation Agent shall, within two (2) Business Days after receipt of the
Monthly Report, review such Monthly Report (the “Monthly Report Review Procedure”) and, if the Calculation Agent determines that there are any errors in such Monthly Report, the Calculation Agent shall to deliver written notice of
such errors to the Borrower, the Servicer, the Paying Agent, the Collateral Agent, the Administrative Agent and the Lenders (a “Monthly Report Error Notice”). In the event that the Calculation Agent delivers a Monthly Report Error
Notice, the Servicer shall work with the Calculation Agent to resolve the errors described in such Monthly Report Error Notice and Servicer shall prepare and deliver a revised Monthly Report to the Calculation Agent, the Administrative Agent, the
Paying Agent, the Collateral Agent and the Lenders with respect to the related Monthly Payment Date no later than the Business Day before the Monthly Payment Date. The determination of the Calculation Agent shall be binding on the Servicer, the
Administrative Agent, the Collateral Agent and the Borrower. For the avoidance of doubt, the Calculation Agent’s sole duty with respect to the Monthly Report Review Procedure is to review the Allocated Loan Amounts outstanding by Borrower, as
well as the amounts contained in the Collection Account, Reserve Account and Escrow Account, and confirm each against such amounts listed in the Monthly Report and it is acknowledged and agreed that the Calculation Agent shall in no way be
responsible or liable for verifying the veracity, correctness, completeness or basis of any other data contained in the Monthly Report. 

(C) The Servicer shall provide the Financial Statements required under Section 5.1, at the times required therein, to the same extent
required of the Borrower. 
 Section 15.6 Notices to the Parent and the
Borrower. In the event that the initial Servicer or an Affiliate thereof is no longer acting as the Servicer, any Successor Servicer shall deliver or make available to the Parent and the Borrower, each certificate and report
required to be delivered thereafter pursuant to Section 15.5. 
 Section 15.7
Adjustments. If the Servicer makes a mistake with respect to the amount of any Collections or payment and deposits, pays or causes to be deposited or paid, an amount that is less than or more than the actual
amount thereof, the Servicer shall appropriately adjust the amounts subsequently deposited into the applicable account or lockbox or paid out to reflect such mistake and account for such adjustment in the Monthly Report for the date of such
adjustment. Any Site or Contract in respect of which a dishonored check is received shall be deemed not to have been paid. 

Section 15.8 Grant of License. The Servicer hereby grants the
Administrative Agent and the Collateral Agent an irrevocable license (with respect to the services, computer hardware and software that it owns) or sublicense (with respect to all other such services, hardware and software) to use such services,
hardware or software in connection with the servicing, collection and monitoring of the Sites and Contracts and any accounts related thereto (subject to reasonable confidentiality restrictions and restrictions limiting such use to the collection,
servicing and monitoring of the Sites and Contracts and the accounts related thereto). As of the Closing Date, all such computer software and hardware is currently owned by the Servicer or is licensed to the Servicer or the Servicer otherwise has
the right to use such software and hardware (except as may be otherwise expressly provided in the related licensing agreement) until the termination hereof. The license granted hereby shall be irrevocable, and shall terminate on the Business Day
following the date on which all Obligations have been paid in full. 

  
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 ARTICLE XVI 

OTHER MATTERS RELATING TO THE SERVICER 

Section 16.1 Liability of the Servicer. The Servicer shall be
liable under this Loan Agreement and the other applicable Loan Documents only to the extent of the obligations specifically undertaken by it in its capacity as Servicer. 

Section 16.2 Merger or Consolidation of, or Assumption of the Obligations
of, the Servicer. The Servicer shall not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person. 

Section 16.3 Limitations on Liability. None of the members,
managers, officers, directors, partners, employees, agents, shareholders, or holders of limited liability company interests, as applicable, of or in the Servicer, past, present or future, shall be under any liability to the Borrower, Lender,
Administrative Agent or any other Person for any action taken or for refraining from the taking of any action in such capacities or otherwise pursuant to this Loan Agreement or for any obligation or covenant under this Loan Agreement, it being
understood that, with respect to the Servicer, this Loan Agreement and the obligations created hereunder shall be, to the fullest extent permitted under applicable law, solely the corporate, partnership or limited liability company, as applicable,
obligations of the Servicer. The Servicer and any member, manager, officer, director, partner, employee, agent, shareholder or holder of limited liability company interest of or in the Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person (other than any Affiliate thereof) respecting any matters arising hereunder. The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not
incidental to its duties as Servicer in accordance with this Loan Agreement and which in its reasonable judgment may involve it in any material expense or liability. 

Section 16.4 Indemnification by Servicer. The Servicer shall
defend, indemnify, hold harmless and reimburse the Lenders, the Administrative Agent, the Paying Agent, the Collateral Agent, the Calculation Agent and their respective officers, directors, employees, attorneys and agents from and against any and
all costs, expenses, losses, damages, claims, and liabilities, suffered or sustained by any such person arising out of or resulting from any breach of the Servicer’s obligations contained herein, (except those resulting solely from the gross
negligence or willful misconduct of any such person claiming indemnification hereunder) and any breach of the Servicer representations and warranties and covenants contained herein. The obligations of the Servicer set forth in this Section 16.4
shall survive the payment in full of all amounts due and owing hereunder, the termination and discharge of this Agreement and the other Loan Documents or the earlier resignation or removal of the Administrative Agent, the Paying Agent, the
Collateral Agent or the Calculation Agent. 
 Section 16.5 Servicer Not to
Resign. The Servicer shall not resign from the obligations and duties imposed on it hereby and under any applicable Loan Documents except upon determination that (a) its performance of its duties hereunder and thereunder
is no longer permissible under applicable law and (b) there is no reasonable action which the Servicer could take to make its performance of its duties hereunder permissible under applicable law. Any

  
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determination permitting the resignation of the Servicer shall be evidenced by an opinion of counsel who is not an employee of the Servicer or any Affiliate of the Servicer delivered to, and in
form reasonably satisfactory to, the Lenders. No resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 17.2 hereof. If within 60 days of
the date of the determination that the Servicer may no longer act as the Servicer hereunder for any reason the Lenders have not appointed a Successor Servicer, the Servicer may, at its own expense, petition a court of competent jurisdiction to
appoint any established institution that is an Eligible Servicer as the Successor Servicer hereunder. 

Section 16.6 Examination of Records. The Servicer shall indicate in
its records that the Obligor has granted to the Collateral Agent, for the benefit of the Lenders, a security interest in its interest in the Sites, the Contracts and the other Collateral, pursuant to this Loan Agreement and each other applicable
Loan Document. 
 ARTICLE XVII 

SERVICER DEFAULTS 

Section 17.1 Servicer Defaults. Upon the occurrence of a Servicer
Default, and for so long as such Servicer Default shall not have been remedied or waived by the Administrative Agent: 
 (A) By notice then
given in writing to the Servicer (such notice being a “Termination Notice”), the Administrative Agent may terminate all but not less than all of the rights and obligations of the Servicer as servicer under this Loan Agreement
and any related Loan Document with respect to which such notice was so given. None of Administrative Agent, Collateral Agent, the Paying Agent or the Calculation Agent shall be deemed to have knowledge of a Servicer Default until a Responsible
Officer thereof has received written notice thereof. 
 (B) After receipt by the Servicer of a Termination Notice, and on the date that a
Successor Servicer shall have been appointed by the Administrative Agent pursuant to Section 17.2, all authority and power of the Servicer under this Loan Agreement and each other Loan Document shall pass to and be vested in such Successor
Servicer (a “Servicing Transfer”); and, without limitation, the Administrative Agent is hereby authorized, empowered and instructed (upon the failure of the Servicer to cooperate or to execute or deliver such documents or
instruments) to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other
acts or things necessary or appropriate to effect the purposes of such Servicing Transfer including, without limitation, all actions necessary or advisable to collect and direct payments in respect of Collections and to enforce the Collateral
Agent’s rights and remedies with respect to the Collateral. The initial Sucessor Servicer shall be the Backup Servicer, subject to the conditions set forth herein and the ability of the Backup Servicer to appoint a subservicer for certain
functions. The Servicer hereby agrees to cooperate, at its sole cost and expense, with the Administrative Agent and such Successor Servicer in (i) effecting the termination of the responsibilities and rights of the Servicer to conduct servicing
hereunder and under the applicable Loan Documents, including, without limitation, the transfer to such Successor Servicer of all authority of the Servicer to 

  
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service on behalf of the Administrative Agent the Sites and the Contracts as provided under this Loan Agreement and under the other applicable Loan Documents, including such authority over all
Collections which shall on the date of such Servicing Transfer be held in trust by the Servicer for deposit to any of the Accounts hereunder or any other account, or which shall thereafter be received with respect to the Sites and the Contracts, and
(ii) assisting the Successor Servicer. The Servicer shall, at its sole cost and expense, as soon as practicable, and in any event within three (3) Business Days of such Servicing Transfer, (A) assemble such documents, instruments and
other records (including computer tapes and disks), which evidence the affected Collateral, and which are necessary or desirable to collect the affected Sites or Contracts and shall make the same available to the Successor Servicer or the
Administrative Agent or its designee at a place selected by the Successor Servicer or the Administrative Agent and in such form as the Successor Servicer or the Administrative Agent may reasonably request, and (B) segregate all cash, checks and
other instruments received by it from time to time constituting Collections in respect of the Sites or the Contracts in a manner acceptable to the Successor Servicer and the Administrative Agent, and, promptly upon receipt, remit all such cash,
checks and instruments to the Successor Servicer or the Administrative Agent or its designee. 
 Section 17.2 Agent to Act;
Appointment of Successor. 
 (A) On and after the receipt by the Servicer of a Termination Notice pursuant to Section 17.1 or
upon a resignation by the Servicer pursuant to Section 16.5, the Servicer shall continue to perform all servicing functions under this Loan Agreement and the applicable Loan Documents, until (i) in the case of any such receipt, the date
specified in such Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by
the Servicer and the Administrative Agent, and (ii) in the case of any such resignation, until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer pursuant to this Section 17.2. The Administrative
Agent shall as promptly as possible after the giving of a Termination Notice or such a resignation appoint the Backup Servicer subject to the conditions set forth herein and the ability of the Backup Servicer to appoint a subservicer for certain
functions (or, in the case of the termination or resignation of the Backup Servicer as Servicer, an Eligible Servicer) as a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its
appointment by a written assumption in a form acceptable to the Administrative Agent. In the event that a Successor Servicer has not been appointed or has not accepted its appointment by the earlier of 60 days after the date of such Termination
Notice or at the time when such terminated or resigning Servicer ceases to act as the Servicer hereunder, the Administrative Agent shall petition a court of competent jurisdiction to appoint any established institution that is an Eligible Servicer
as the Successor Servicer hereunder. 
 (B) Upon its appointment, the Successor Servicer shall be the successor in all respects to the
terminated or resigning Servicer with respect to servicing functions under this Loan Agreement and each related Loan Document and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the
terms and provisions hereof and thereof accruing from and after the effective date of such appointment. From and after such appointment, all references in this Loan Agreement and any such related Loan Document to the Servicer shall be deemed to
refer to such Successor Servicer. 

  
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 (C) Notwithstanding anything else herein to the contrary, in no event shall the
Administrative Agent or the Lenders be liable for any servicing fee or for any differential in the amount of the servicing fee paid hereunder and the amount necessary to induce any Successor Servicer to act as successor Servicer under this Loan
Agreement and the transactions set forth or provided for herein. 
 (D) All authority and power granted to the Successor Servicer under this
Loan Agreement shall automatically terminate upon the later of (x) the termination and cancellation of this Loan Agreement and the termination or expiry of the Commitments and (y) the payment in full in cash of all Obligations owing to all
Persons under the Loan Documents (a “Successor Servicer Termination Event”), and (except any agency grant on behalf of the Lenders or Administrative Agent) shall thereafter pass to and be vested in the Borrower (or its
designee) and, without limitation, the Borrower is hereby authorized and empowered to execute and deliver, on behalf of the Successor Servicer, as attorney-in-fact or
otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. Upon the occurrence of such Successor Servicer Termination Event,
the Successor Servicer agrees (i) to cooperate with the Borrower (or its designee) in effecting the termination of the responsibilities and rights of the Successor Servicer to conduct servicing of the Sites and the Contracts and (ii) to
transfer its electronic records relating to the Collateral to the Borrower (or their designee) in such electronic form as the Borrower (or its designee) may reasonably request and shall transfer all other records, correspondence and documents to
Borrower (or their designee) in the manner and at such times as the Borrower (or its designee) shall reasonably request at Borrower’s sole expense. 

Section 17.3 Backup Servicer as Servicer; Servicing Advances. 

(A) For any period where the Backup Servicer is acting as Successor Servicer, the Servicer will be required to make an advance (each, a
“Debt Service Advance”), so long as it does not determine such advance to be a Nonrecoverable Servicing Advance, on the Business Day preceding each Monthly Payment Date in an amount equal to the excess of (i) the amount
of accrued interest due and payable on such Monthly Payment Date (not including any Yield Maintenance) (the “Monthly Payment Amount”) over (ii) the amount of Distributable Collections available to pay such Monthly
Payment Amount on such date. The Servicer will not be required to advance any principal, Yield Maintenance, default interest, interest on interest, or any amount to any Reserve Account. For any period where the Backup Servicer is acting as Successor
Servicer, it will be required to make Collateral Protection Advances so long as it does not determine such advance to be a Nonrecoverable Servicing Advance. The Backup Servicer as Successor Servicer will be entitled to interest (compounded monthly)
on any Servicing Advance that it makes, which interest will accrue at the Prime Rate +3% (“Servicer Advance Interest”) from the date the Servicing Advance is made until the date it is reimbursed. Servicing Advances and
accrued interest thereon will be reimbursed and paid to the Servicer as set forth in Section 2.5(B)(i). The Servicer will not be required to make any Servicing Advance which it determines would be a Nonrecoverable Servicing Advance. The
determination by the Servicer that it has made a Nonrecoverable Servicing Advance or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, must be evidenced by an officer’s certificate delivered to
the Administrative Agent specifying the reasons for such determination. 

  
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 “Collateral Protection Advance” means all customary, reasonable and
necessary out-of-pocket costs and expenses (excluding costs and expenses of the Servicer’s overhead) incurred by the Servicer from time to time in the performance
of its servicing obligations, including the costs and expenses incurred in connection with, (a) the preservation, ownership and protection of the Collateral which, in the Servicer’s sole discretion exercised in good faith and in accordance
with the terms of this Agreement, are necessary to prevent an immediate or material loss to the Borrower’s or any Obligor’s interest in such Collateral, (b) the payment of premiums for Insurance Policies, (c) any enforcement or
judicial proceedings, including court costs, attorneys’ fees and expenses, costs for third party experts, including environmental consultants and (d) any other item specifically identified as a Collateral Protection Advance herein;
provided, however, the Servicer will not be responsible for advancing (i) the cost to cure any failure of the Collateral to comply with any applicable law, including any environmental laws, or to contain, clean up or remedy an
environmental condition present at any Site; (ii) any losses arising with respect to defects in the title to any Collateral, or lack of a survey or updated survey; (iii) any costs of capital improvements to any Site other than those
necessary to prevent an immediate or material loss to the Borrower’s interest in such Site; (iv) amounts required to cure any damages resulting from causes not required to be insured under this Agreement, and not so insured; (v) any
premiums for any Insurance Policies to the extent it did not have actual notice of the nonpayment by the Borrower of such premiums at least 30 days prior to the date such Insurance Premiums would lapse or (vi) any amounts necessary to fund any
reserve or escrow account. 
 “Nonrecoverable Servicing Advance” shall mean any portion of a Servicing Advance
previously made or to be made that, together with any then outstanding Servicing Advances, as determined by the Servicer, in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from subsequent payments or
collections (including condemnation proceeds or proceeds from the operation or disposition of the Collateral) or from any funds on deposit in the Collection Account, giving due consideration to the limited assets of the Obligors. In making such
determination, the Servicer may consider only the obligations of the Obligors under the terms of the Loan Documents as they may have been modified, the related Collateral in “as is” or then-current condition and the timing and availability
of anticipated cash flows as modified by such party’s assumptions regarding the possibility and effect of future adverse changes, together with such other factors, including an estimate of future expenses, timing of recovery, the inherent risk
of a protracted period to complete liquidation or the potential inability to liquidate collateral as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor and the effect thereof on the existence, validity and
priority of any security interest encumbering the Collateral, the direct and indirect equity interests in the Obligors, available cash on deposit in the Lock-Box Accounts attributable to the Eligible Contracts
and the Collection Account attributed to the Borrower and the net proceeds derived from any of the foregoing. The Servicer may update or change its nonrecoverability determination at any time. Any such determination made by the Servicer will be
conclusive and binding on the Lenders so long as it was made in accordance with the Servicing Standard. 
 “Servicing
Advance” shall mean any Debt Service Advance or Collateral Protection Advance. 

  
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 Servicing Standard” means (i) the same care, skill, prudence and
diligence with which the Backup Servicer (including, for purposes of this definition in each case, while it is acting as Successor Servicer) generally services and administers comparable obligations for other third parties, giving due consideration
to customary and usual standards of practice of prudent servicing by institutional servicers; (ii) with a view to timely payment of all scheduled payments of interest and, if the Loans come into and continue in default, the maximization of the
recovery on the Loan to the Lenders, on a net present value basis (the relevant discounting of anticipated collections that will be distributable to Lenders to be performed at the Interest Rate); (iii) in accordance with applicable law and
(iv) without regard to (A) any relationship that the Backup Servicer or any affiliate thereof may have with the Borrower, the Parent, or any Tenant, any of their respective affiliates or any other party to the Loan Documents; (B) the
ownership of any Note by the Servicer or any affiliate thereof; (C) the obligation of the Backup Servicer to make Servicing Advances; (D) the right of the Servicer or any affiliate thereof to receive compensation for its services or
reimbursement of costs, generally under the Loan Documents or with respect to any particular transaction and (E) any debt of the Obligors or any affiliate thereof held by the Backup Servicer or any affiliate thereof. 

Section 17.4 Backup Servicer Authority. 

(A) As Successor Servicer, the Backup Servicer may appoint a subservicer to assist it with performing its duties under this Loan Agreement and
the costs and fees in connection with any such subservicer acting in such capacity shall be paid by the Backup Servicer as a Collateral Protection Advance. Such subservicer may be appointed to perform property management functions, and the Servicer
shall not be liable for the actions of any such subservicer, so long as they were hired in good faith in accordance with the Servicing Standard. 

Section 17.5 Resignation. 

(A) The Backup Servicer, including in its role as Successor Servicer, may assign its rights and obligations hereunder (i) if a qualified
replacement Backup Servicer, satisfactory to the Borrower and Administrative Agent(and upon confirmation of no downgrade of a rating from Fitch), accepts and assumes such rights and obligations or (ii) upon an Increase to which the Backup
Servicer, including in its role as Successor Servicer, did not consent. 
 Section 17.6 Delivery of Reports; Reliance on
Information. 
 (A) The Backup Servicer, including in its role as Successor Servicer, shall receive a copy the Monthly Report Error
Notice, and all reports delivered pursuant to 15.4(H). 
 (B) In connection with the performance of its obligations under this Loan Agreement
and the other Loan Documents, the Backup Servicer, including in its role as Successor Servicer, shall be entitled to conclusively rely upon written information or any certification provided to it by the Borrower, the initial Servicer and any other
Loan Party, without the obligation to investigate the accuracy or completeness of any such information or any certification, and shall have no liability in reliance thereon. 

  
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 Section 17.7 Permitted Collateral Transfer. 

(A) Notwithstanding anything to the contrary herein or in the other Loan Documents, none of the Collateral Agent, Paying Agent, Administrative
Agent or Lender, nor any other party, will be able to prevent the Backup Servicer, as Successor Servicer, from transferring ownership of all or any portion of the Collateral, or exercising any other rights or remedies under Article VIII with respect
to the Collateral, if any Servicing Advance or Servicer Advance Interest is outstanding, and the Backup Servicer, as Successor Servicer, determines in accordance with the Servicing Standard, that such transfer of ownership or other exercise of any
such rights or remedies would be in the best interest of the Lenders. Notwithstanding anything to the contrary herein or in the other Loan Documents, no advice, direction or objection from or by Collateral Agent, Paying Agent, Administrative Agent
or any Lender or any other party may: (i) require or cause the Backup Servicer (including in its role as Successor Servicer) to violate applicable law, the terms of the Notes or the Loan Documents or any other provision of this Loan Agreement,
including the Backup Servicer’s obligation to act in accordance with the Servicing Standard; (ii) expose the Backup Servicer (including in its role as Successor Servicer), or any of its respective Affiliates, officers, directors, members,
managers, employees, agents or partners, to any material claim, suit or liability; or (iii) materially expand the scope of the Backup Servicer’s (including in its role as Successor Servicer) responsibilities under the Loan Documents. The
Borrower and Obligors hereby grant to the Backup Servicer (in its role as Successor Servicer) all rights, powers and remedies granted to the Collateral Agent, Paying Agent, Administrative Agent and/or Lenders pursuant to this Loan Agreement,
including Article VIII, in order to enable Backup Servicer (in its role as Successor Servicer) to carry out its rights pursuant to this Section 17.7, and each of the Collateral Agent, Paying Agent, Administrative Agent and Lenders hereby agrees
to the grant of such rights, powers and remedies and to the Backup Servicer’s (in its role as Successor Servicer) ability to exercise them pursuant to this Section 17.7. Each of the parties hereto (subject to any rights and protections it
may have under this Agreement or the related Loan Documents) agrees to execute and deliver to the Backup Servicer any documents or powers of attorney prepared by and reasonably requested in writing by the Backup Servicer (in its role as Successor
Servicer) to perform its rights, remedies, duties and obligations under this Loan Agreement (the form of which such documents must be satisfactory to the party delivering such document or power of attorney). Any amounts received by the Backup
Servicer (in its role as Successor Servicer) pursuant to the exercise of its rights under this Section 17.7 shall be deposited into the Collection Account for distribution by the Paying Agent in accordance with Section 7.2. Notwithstanding
anything contained herein to the contrary: (i) each party to this Agreement: (A) may conclusively assume that it is authorized and permitted to perform any action requested by the Backup Servicer (in its role as Successor Servicer)
pursuant to this Section 17.7, and (B) shall incur no liability to any other party hereto or any other Person for acting in accordance with the request of the Backup Servicer (in its role as Successor Servicer) pursuant to this
Section 17.7, and (ii) in no event shall the Paying Agent, the Calculation Agent, the Collateral Agent or the Administrative Agent be responsible for or incur any liability with respect to the actions of the Backup Servicer (in its role as
Successor Servicer) performed pursuant this Section 17.7. 

  
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 Section 17.8 Maintenance of Insurance. 

(A) The Backup Servicer (including, for purposes of this section, while it is a Successor Servicer) shall, at all times during the term of this
Loan Agreement, keep in force with insurers that possess a claims paying ability rated at least equal to any one of the following: (1) “A-” by S&P, (2) “A3” by Moody’s,
(3) “A ” by Fitch or (4) “A:X” by A.M. Best, (i) a fidelity bond providing coverage against losses that may be sustained as a result of its officers or employees misappropriation of funds, and (ii) a
policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the Notes, in each case, which bond or policies shall be in such form and amount as would
be required for the Backup Servicer to be a qualified Fannie Mae or Freddie Mac seller-servicer of multifamily mortgage loans. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the Backup Servicer or its direct or
indirect parent are rated at least “A” by Fitch, the Backup Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and errors and omissions policy. The coverage shall be in the form and amount that would meet
the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Backup Servicer under a policy or bond by the terms thereof obtained by an Affiliate of the Backup Servicer and providing the
required coverage shall satisfy the requirements of this Section. 
 Section 17.9 Additional Backup Servicer Fees. 

(A) The Backup Servicer, including in its role as Successor Servicer, is to be paid $1000 plus reasonable expenses, including attorney’s
fees, for any request it is required to review, to be paid pursuant to Section 2.5(B)(i). 
 Section 17.10
References to Servicer are deemed not to include Backup Servicer as Successor Servicer in the following Sections: 
 (A) Definition of
“Material Adverse Change”, “Servicer Financial Statements”, “Servicer Default” items 5-8, 10 and 11; 

(B) Section 3.2(A)(xvi); 

(C) Section 3.3(A); 
 (D)
Section 5.1(A), (C) and (H); 
 (E) Section 6.1(C); 

(F) Section 6.2(A); 
 (G)
[Intentionally Omitted] 
 (H) Section 8.1(D), (E), (H), (J), and (R); 

(I) Section 11.1, last sentence; 

  
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 (J) Section 11.2; 

(K) Section 15.1(B), (D), (E), (F) and (G); and the Borrower shall perform the relevant duties described therein, to the extent no
subservicer is appointed by the Backup Servicer as Successor Servicer; 
 (L) Section 15.3; 

(M) Section 15.4; and the Borrower shall make such representations as applicable; 

(N) Section 15.5(C); 
 (O)
Section 15.8, and, the initial Servicer hereby extents the grant of license to the Backup Servicer, including as a Successor Servicer; 

(P) Section 16.2; 
 (Q)
Section 16.4; 
 (R) Section 16.5; and 

(S) Section 16.6; 

Section 17.11 Other provisions which are modified in respect of the Backup Servicer, and Backup Servicer or any
unaffiliated Servicer as Successor Servicer. To the extent the Backup Servicer is granted the same rights or obligations as another party as set forth in a specified provision, it is subject to the same conditions as such rights or obligations. 

(A) Borrower shall deliver to Backup Servicer (including in its role of Successor Servicer) (i) copies of all notices, certificates and
requests for advances at the same time it delivers the same to the Paying Agent, Administrative Agent and/or Lenders, as applicable, pursuant to the provisions of Article II, and any such party’s approval or denial of any such request and
(ii) copies of bank statements showing the balances in the Accounts. 
 (B) Section 2.5(B)(i), the references to the Backup
Servicer in (i) include payment of all fees, including as Successor Servicer, and payments in respect of any then outstanding indemnification obligations and all other expenses owed to Backup Servicer (in its role as both Backup Servicer and/or
Successor Servicer). 
 (C) Section 2.5(B), the references in items (vi) and (viii) to the Servicer do not apply to Midland as
Successor Servicer, and amounts related there are instead paid in item (i) thereof to Midland. 
 (D) Section 3.1(R) is deemed to
include the reasonable legal fees and expenses of the Backup Servicer. 

  
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 (E) In Article IV, the representations of the Borrower are deemed to also be made to the
Backup Servicer. 
 (F) The Borrower shall deliver each of the reports, documents and other information set forth in Section 5.1 and
Section 15.4(H) to the Backup Servicer, including in its role as Successor Servicer, at the same time such information is required to be delivered to the other parties therein. 

(G) Section 5.4- all notices, documents, copies of insurance policies, evidence of payment and all
other deliveries required under Section 5.4 shall also be also delivered by the Borrower or Obligors to the Backup Servicer, including in its role as Successor Servicer, at the same time such information is required to be delivered to the other
parties therein. 
 (H) Section 5.6, the Backup Servicer, including in its role as Successor Servicer, is also authorized to require
inspections as described therein for the Collateral Agent. 
 (I) Section 5.8 and Section 5.13, the Backup Servicer, including in
its role as Successor Servicer, also has the rights of the Collateral Agent and Administrative Agent as described therein; 
 (J)
Section 7.2 the reference to “after payment of any amounts due from the Borrower” includes to the Backup Servicer, including when it is a Successor Servicer; 

(K) Sections 14.1 and 14.2, the Backup Servicer, including when it is a Successor Servicer, is hereby granted the same rights as the
Administrative Agent with respect to Sections 14.1 and 14.2. 
 (L) Section 14.3 includes the Backup Servicer including when it is a
Successor Servicer, as a party required for an effective amendment, modification, termination or waiver of any provision which affects its rights or obligations hereunder, provided that it may resign if any such amendment, modification,
termination, or waiver it has not consented to adversely affects its rights or obligations as a Successor Servicer. 
 (M)
Section 14.15, with respect to the limitation of liability of Lender, includes the Backup Servicer, including when it is a Successor Servicer. 

(N) Section 14.16, with respect to the no duty of a professional person or consultant, includes the Backup Servicer, including when it is
a Successor Servicer. 
 (O) Section 15.4(I)- Backup Servicer shall also have the inspection rights set forth in Section 15.4(I).

 (P) Section 15.5, only applies to the Backup Servicer, as Successor Servicer, to the extent it receives such reports, certification
or other information from a subservicer (if one is appointed) or any Obligor (if no such appointment is made), and, in which case, its only obligation thereunder is to then deliver such reports to the parties set forth in such section; also, all
such reports to be provided pursuant to Section 15.5 shall also be delivered by the Obligors or the initial Servicer (or, with respect to Section 15.5(B), the Calculation Agent), to the Backup Servicer at the same time they are delivered
to the other parties thereto. 

  
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 (Q) Section 16.3, with respect to the limitation of liability of the Servicer, shall
apply to the Backup Servicer, including when it is a Successor Servicer. 
 (R) The Backup Servicer, including when it is a Successor
Servicer, is included as an “indemnified party” in Section 19.5, and all amounts due to it with respect thereto are to be paid as set forth in Section 2.5(B)(i). 

(S) The Borrower hereby agrees to pay to Midland all amounts due to it as Backup Servicer and/or Successor Servicer hereunder, at the times and
in the amounts as set forth in this Loan Agreement. The Paying Agent is instructed to, and hereby agrees to, pay over all payments so received by the Paying Agent on behalf of the Backup Servicer to the Backup Servicer. Payment shall be made in
accordance with Section 2.5(B). 
 (T) The Administrative Agent, the Servicer, and the Borrower agree and direct the Collateral Agent to
provide copies to the Backup Servicer, at the expense of the Borrower, of any documentation relating to the Collateral which such Backup Servicer may reasonably request. 

Section 17.12 Liability of the Backup Servicer. The Backup Servicer (including, for purposes of this section,
while it is a Successor Servicer) shall be liable in accordance herewith only to the extent of the respective obligations specifically imposed upon and undertaken by the Backup Servicer under this Loan Agreement. Notwithstanding the foregoing, the
Backup Servicer shall indemnify and hold harmless the Borrower, the Lenders, the Administrative Agent, the Collateral Agent, the Paying Agent, or the Calculation Agent against any loss, liability, cost or expense incurred by the Borrower arising
from the Backup Servicer’s fraud, bad faith, negligence or willful misconduct in the Backup Servicer’s performance of its duties hereunder. The obligations of the Backup Servicer under this Section 17.12 shall survive the termination
of this Loan Agreement and the resignation or removal of the Backup Servicer. 
 Section 17.13 Limitation on Liability of the
Backup Servicer. 
 (A) Neither the Backup Servicer (including, for purposes of this Section 17.13, while it is a Successor
Servicer) nor any of its directors, managers, members, officers, employees or agents shall be under any liability to the Borrower, the Holding Company, the Obligors, the Lenders, the Administrative Agent, the Collateral Agent, the Paying Agent or
the Calculation Agent, or any of their officers, directors, employees, affiliates or agents, for any action taken, or not taken, in good faith pursuant to this Loan Agreement, or for errors in judgment; provided, however, that this provision shall
not protect the Backup Servicer against liability that would otherwise be imposed by reason of fraud, bad faith, negligence or willful misconduct in the performance of its obligations or duties hereunder. The Backup Servicer and any of its
directors, officers, managers, members, employees or agents may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder or under the Loan Documents.
The Backup Servicer may consult with counsel and real estate experts or advisors (including any subservicer it engages pursuant to Section 17.4), and any written advice or opinion of any such party, provided that such party is selected in
accordance with the standard of care set forth in this Section 17.13, shall be full and complete authorization and protection with respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such
advice or opinion of any such party. 

  
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 (B) No recourse may be taken, directly or indirectly, with respect to the obligations of the
Backup Servicer under this Loan Agreement or any other Loan Document or any certificate or other writing delivered in connection herewith or therewith, against any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Backup Servicer, in its individual capacity, any holder of equity in the Backup Servicer or in any successor or assign of the Backup Servicer in its individual capacity, except as any such Person may have expressly agreed. 

(C) This Section 17.13 shall survive the termination of this Loan Agreement or the termination or resignation of the Backup Servicer as
regards its rights and obligations prior to such termination or resignation. 
 Section 17.14
Representations and Warranties of the Backup Servicer. The Backup Servicer hereby represents and warrants to the parties hereto as of the date hereof that: 

(i) The Backup Servicer (A) is a national banking association, duly organized, validly existing and in good standing,
under the laws of the United States, with full power and authority to conduct its business as presently conducted by it and (B) is and will remain in compliance with the laws of each state in which a Site is located to the extent necessary to
avoid any material adverse effect on the Backup Servicer’s ability to perform its obligations under this Loan Agreement. 

(ii) The Backup Servicer has the full power, authority and legal right to execute and deliver this Loan Agreement and to
perform its obligations in accordance herewith. 
 (iii) This Loan Agreement has been duly and validly authorized, executed
and delivered by the Backup Servicer and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes the legal, valid and binding obligation of the Backup Servicer, enforceable in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless of whether
such enforcement is considered in a proceeding in equity or at law). 
 (iv) The execution and delivery of this Loan
Agreement by the Backup Servicer and its performance of or compliance with the terms and conditions of this Loan Agreement does not and will not conflict with, result in a breach of, or constitute a default under: (a) any term, condition or
provision of the Backup Servicer’s organizational documents; (b) any term or provision of any material indenture, deed of trust, contract or other agreement or instrument to which the Backup Servicer is a party or by which the Backup
Servicer or any of its subsidiaries is bound; or (c) any law, rule, regulation, order, judgment or decree of any court or governmental authority having jurisdiction over the Backup Servicer if compliance therewith is necessary (A) to
ensure the enforceability of this Loan Agreement or any Loan or (B) for the Backup Servicer to perform its obligations under this Loan Agreement in accordance with the terms hereof. 

  
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 (v) There is no action, suit or proceeding before or by any court or
governmental agency or body now pending or, to the Backup Servicer’s knowledge, threatened, which is likely to materially and adversely affect the execution, delivery or enforceability of this Loan Agreement or the ability of the Backup
Servicer to perform its obligations under and in accordance with the terms of this Loan Agreement. 
 (vi) No material
consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body is required for the execution, delivery and performance by the Backup Servicer of or compliance by the Backup
Servicer with this Loan Agreement or the consummation of the transactions contemplated by this Loan Agreement, or (x) to the extent required, such consent, approval, authorization, order, registration, filing or notice has been obtained, made
or given, as applicable. 
 ARTICLE XVIII 

THE ADMINISTRATIVE AGENT 

Section 18.1 Appointment and Authority. Each of the Lenders hereby irrevocably
appoints Guggenheim Corporate Funding, LLC, to act on its behalf as the Administrative Agent hereunder and under each other Loan Document and authorizes such Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to such Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The Administrative Agent hereby acknowledges and agrees that, in its capacity as successor
administrative agent to UBS Stamford Branch, it shall be bound by the terms and conditions of the Collateral Agent Agreement as if it were originally named as a party therein.The provisions of this Article are solely for the benefit of the
Administrative Agent, the Collateral Agent, the Paying Agent, the Calculation Agent and the Lenders, and neither the Borrower nor the Loan Parties shall have rights as third party beneficiaries of any of such provisions. 

Section 18.2 Rights as a Lender. The Administrative Agent 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 each person serving as the Administrative Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

  
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 Section 18.3 Exculpatory
Provisions. The Administrative Agent shall have no duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its judgment or the judgment of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or requirements of any applicable Governmental Authority; and 
 (iii)
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or
obtained by the person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 No Agent shall be liable for any
action taken or not taken by it (x) with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 14.3) or (y) in the absence of its own gross negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default unless and until notice describing such
Default is given to such Agent by the Borrower or a Lender. 
 The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Loan Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Loan Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than
to confirm receipt of items expressly required to be delivered to the Administrative Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this Loan Agreement 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 us used merely as a matter of market custom and is intended to create or reflect only an
administrative relationship between independent contracting parties. 

  
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 Section 18.4 Reliance by the Administrative
Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any Note, notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms
must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the
making of such Loan. The Administrative Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall be entitled to rely upon the advice of any such counsel, accountants or experts and shall not be liable
for any action taken or not taken by it in accordance with such advice. 
 Section 18.5 [Intentionally Omitted]. 

Section 18.6 Resignation or Removal of the Administrative Agent. The
Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. The Servicer may request to the Lenders in writing that the Administrative Agent be removed, which removal shall be effective with the written
consent of the Majority Lenders, such consent not the be unreasonably withheld, or the Majority Lenders may also request to the Servicer in writing that the Administrative Agent be removed, which removal shall be effective with the written consent
of the Servicer (in either case, a “Removal”). Upon receipt of any such notice of resignation or upon a Removal, the Majority Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30
days after the retiring Administrative Agent gives notice of its resignation or Removal, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above
provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying person has accepted such appointment, then such resignation or Removal shall nonetheless become effective in accordance with such notice and
(1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender directly, until such time as the Majority Lenders appoint a successor Administrative Agent as provided for above in this paragraph.    Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation or Removal hereunder and under the other Loan Documents, the provisions of this
Article XVIII and Section 19.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

  
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 Section 18.7
Non-Reliance on the Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Loan Agreement. Each Lender further represents and warrants that it has had the opportunity to review the
Loan Documents and each other document made available to it in connection with this Loan Agreement and has acknowledged and accepted the terms and conditions applicable to the recipients thereof. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under
or based upon this Loan Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

Section 18.8 Intentionally Omitted. 

Section 18.9 Intentionally Omitted. 

Section 18.10 Enforcement. Notwithstanding anything to the contrary contained
herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in
connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent, or as the Majority Lenders may require or otherwise direct, for the benefit of all the Lenders; provided, however, that the
foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents,
(b) any Lender from exercising setoff rights in accordance with, and subject to, the terms of this Loan Agreement, or (C) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Loan Party under any bankruptcy or insolvency law. 
 Section 18.11 Intentionally Omitted.

 Section 18.12 Action on Instructions of Lenders. In all cases where the
Administrative Agent makes a decision or determination hereunder or may give a notice or take or forbear from taking similar action, it shall do so at the written direction (which may be by email) of the Majority Lenders. The Administrative Agent
shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Lenders, and such instructions and any action taken or failure to act
pursuant thereto shall be binding on all of the Lenders and on all holders of the Notes. The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be
indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 

  
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 ARTICLE XIX 

THE PAYING AGENT 

Section 19.1 Appointment. Deutsche Bank Trust Company Americas is hereby
appointed by the other parties hereto as the initial Paying Agent, and accepts such appointment. 

Section 19.2 Representations and Warranties. The Paying Agent represents to the
other parties hereto as follows: 
 (A) The Paying Agent is a banking corporation validly existing under the laws of the State of New York.

 (B) The Paying Agent has the requisite power and authority to execute, deliver and perform its obligations under this Loan Agreement, and
has taken all necessary action to authorize the execution, delivery and performance by it of this Loan Agreement. 
 (C) This Loan Agreement
has been duly executed and delivered by the Paying Agent and constitutes a legal, valid and binding obligation of the Paying Agent, enforceable against the Paying Agent in accordance with its respective terms, except that such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity, including, without limitation, concepts of
materiality, reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or at law. 

Section 19.3 Limitation of Liability of Paying Agent. Notwithstanding anything
contained herein to the contrary, this Loan Agreement has been executed by Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as the Paying Agent and in no event shall Deutsche Bank Trust Company Americas have any
liability for the representations, warranties, covenants, agreements or other obligations of the other parties hereto or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the party responsible therefor. 
 Section 19.4 Certain Matters Affecting the Paying
Agent. Notwithstanding anything herein to the contrary: 
 (A) The Paying Agent undertakes to perform such duties and
only such duties as are specifically set forth in this Loan Agreement. The Paying Agent shall not have any duties or responsibilities except those expressly set forth in this Loan Agreement and no implied covenants or obligations shall be read into
this Loan Agreement against the Paying Agent. 
 (B) The Paying Agent shall not be liable for any error of judgment made in good faith by an
officer or officers of the Paying Agent, unless it shall be conclusively determined by the final judgment of a court of competent jurisdiction not subject to appeal or review that the Paying Agent was grossly negligent in ascertaining the pertinent
facts. 

  
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 (C) The Paying Agent shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with any direction given or certificate or other document delivered to the Paying Agent under this Loan Agreement. 

(D) None of the provisions of this Loan Agreement shall require the Paying Agent to expend or risk its own funds or otherwise to incur any
liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it. 
 (E) The Paying Agent may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties. 
 (F) Whenever in the administration of the provisions of this Loan Agreement the Paying Agent shall deem it necessary or
desirable that a matter be proved or established prior to taking or suffering any action to be taken hereunder, such matter may, be deemed to be conclusively proved and established by a certificate delivered to the Paying Agent hereunder and such
certificate, shall be full warrant to the Paying Agent for any action taken, suffered or omitted by it under the provisions of this Loan Agreement. 

(G) The Paying Agent may consult with counsel and the advice or any opinion of counsel shall be full and complete authorization and protection
in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel. 
 (H) The
Paying Agent shall not be bound to make any investigation into (i) the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, entitlement order, approval or other paper or document
(ii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in this Loan Agreement or the other Loan Documents, (iii) the occurrence of any Default, Event of Default, Servicer Default,
Amortization Event, Cash Trap Event, or the validity, enforceability, effectiveness or genuineness of this Loan Agreement, the Loan Documents or any other agreement, instrument or document related thereto, (iv) the creation, perfection or
priority of any lien purported to be created by this Loan Agreement or the other Loan Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in this Loan Agreement or the other
Loan Documents. 
 (I) The Paying Agent shall have no obligation to invest and reinvest any cash held in any of the accounts hereunder in the
absence of a timely and specific written investment direction pursuant to the terms of this Loan Agreement. In no event shall the Paying Agent be liable for the selection of investments or for investment losses incurred thereon. The Paying Agent
shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of another party to timely provide a written investment direction pursuant to the terms of this Loan
Agreement. 

  
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 (J) The Paying Agent may execute any of the powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, custodians or nominees appointed with due care, and shall not be responsible for the monitoring of or any willful misconduct or negligence on the part of any agent, attorney, custodian or nominee
so appointed. 
 (K) Any corporation or entity into which the Paying Agent may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Paying Agent shall be a party, or any corporation or entity succeeding to the business of the Paying Agent shall be the successor of the Paying Agent hereunder
without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the
contrary notwithstanding. 
 (L) In no event shall the Paying Agent be liable for special, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to, lost profits), even if the Paying Agent has been advised of such loss or damage and regardless of the form of action. 

(M) In no event shall the Paying Agent be liable for any failure or delay in the performance of its obligations under this Loan Agreement or
any related documents because of circumstances beyond the Paying Agent’s control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in
any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake,
terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay,
restrict or prohibit the providing of the services contemplated by this Loan Agreement or any related documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer
facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Paying Agent’s control whether or not of the same class or kind as specified above. 

(N) The rights, privileges, protections, immunities indemnities and benefits given to the Paying Agent under this Loan Agreement are extended
to and shall be enforceable by the Calculation Agent, the Collateral Agent, and the Paying Agent in each of their capacities hereunder and the other Loan Documents (including but not limited to any future or successor capacities), and each agent,
custodian, co-trustee and other Person employed by any of them to act hereunder. 
 (O) The Paying
Agent shall not be liable for failing to comply with its obligations under this Loan Agreement in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other person that
are not received or not received by the time required. 

  
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 (P) The Paying Agent shall be under no obligation to exercise any of the rights or powers
vested in it by this Loan Agreement at the request or direction of any of the Lenders or the Administrative Agent unless such Lenders and/or the Administrative Agent shall have offered to the Paying Agent security,
pre-funding or indemnity satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or
direction. 
 (Q) The Paying Agent shall not be deemed to have knowledge of any Default, Event of Default, Amortization Event, Cash Trap
Event, or Servicer Default, except any Default, Event of Default, Amortization Event, Cash Trap Event, or Servicer Default of which a responsible officer of the Paying Agent has received written notification at the address specified in
Section 14.5 and such notice references the Loans and this Loan Agreement. None of the Paying Agent, Calculation Agent, Collateral Agent (including in its capacity as Register Agent) shall be deemed to have knowledge of any “Noncompliant
Lender” designations, except any “Noncompliant Lender” designations of which a responsible officer of the Paying Agent, Calculation Agent, Collateral Agent, as applicable, has received written notification at the address specified in
Section 14.5 and such notice references the Loan and this Loan Agreement. 
 (R) The right of the Paying Agent to perform any
discretionary act enumerated in this Loan Agreement shall not be construed as a duty. 
 (S) The Paying Agent shall have no duty (A) to
see to any recording or filing of any document or instrument referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or to any re-recording or re-filing of any thereof, (B) to see to any insurance, or (C) to see to the payment or discharge of any tax, assessment, or other governmental charge
or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral. 
 (T) Each Lender
acknowledges that it has, independently and without reliance upon the Paying Agent and based on the financial statements prepared by or on behalf of the Borrower, the Servicer, the other Obligors and the Holding Company and such other documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Loan Agreement and the other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Paying Agent
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Loan Agreement and the other Loan Documents. 

Section 19.5 Indemnification. The Borrower and the Servicer (if the Servicer is an Affiliate of
the Borrower) agree to indemnify, defend and hold harmless each of the Paying Agent, the Collateral Agent, the Calculation Agent, and each of their officers, directors, employees, affiliates and agents (collectively, the “Indemnified
Parties”) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including but 

  
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not limited to reasonable attorneys’ fees and expenses) and disbursements of any kind and nature whatsoever, regardless of the merit, which may be imposed on, incurred by or demanded,
claimed or asserted against the Indemnified Party in any way directly or indirectly relating to or arising out of this Loan Agreement or any other document delivered in connection herewith or the transactions contemplated hereby, or the enforcement
of any of the terms hereof or of any such other documents, provided, that none of the Borrower or the Servicer shall be liable for any of the foregoing to the extent arising from the gross negligence or willful misconduct of an Indemnified
Party as determined by the final judgment of a court of competent jurisdiction, no longer subject to appeal or review. The provisions of this Section 19.5 shall survive the termination of this Loan Agreement or any related agreement or the
earlier of the resignation or removal of the Paying Agent, the Collateral Agent, or the Calculation Agent. 
 Section 19.6
Compensation. The Borrower shall pay each of the Paying Agent, the Collateral Agent and the Calculation Agent, from time to time, such compensation for their services as the Servicer, the Collateral Agent, the
Calculation Agent and the Paying Agent shall agree in writing. 
 Section 19.7 Successor Paying
Agent. The Paying Agent may resign at any time by giving at least thirty (30) days prior written notice thereof to the other parties hereto; provided, that no such resignation shall become effective until a
successor Paying Agent has been appointed hereunder. The Paying Agent may be removed at any time for cause by written notice received by the Paying Agent from the Administrative Agent. Upon any such resignation or removal, the Administrative Agent
shall have the right to appoint a successor Paying Agent. If no successor Paying Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the exiting Paying Agent’s giving notice of
resignation or receipt of notice of removal, then the exiting Paying Agent may petition a court of competent jurisdiction to appoint a successor Paying Agent. Upon the acceptance of any appointment as the Paying Agent hereunder by a successor Paying
Agent, such successor Paying Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the exiting Paying Agent, and the exiting Paying Agent shall be discharged from its duties and obligations
hereunder. After any exiting Paying Agent’s resignation hereunder, the provisions of this Article XIX shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Paying Agent
hereunder. 
 Section 19.8 Withholding Tax. 

(A) Withholding. To the extent required by any applicable law, the Borrower or the Paying Agent (for purposes of this
Section 19.8, a “Payor”) may withhold from any payment to any Lender, Administrative Agent, Paying Agent or any other recipient of any payment under this Loan Agreement (for purposes of this Section 19.8, a
“Recipient”) an amount equivalent to any applicable withholding Tax. Without limiting the provisions of Section 4.10, (x) each Lender shall, and does hereby, indemnify any Payor, and shall make payable in respect thereof
within 30 days after demand therefor, against any and all Excluded Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent or the Paying Agent)
incurred by or asserted against the Payor by the IRS or any other Governmental Authority as a result of the failure of the Payor to properly withhold Tax from amounts paid to or for the account of any Lender because the

  
 116 

 
appropriate form was not delivered or not property executed, or because such Lender failed to notify the Paying Agent of a change in circumstance that rendered the exemption from, or reduction of
withholding Tax ineffective and (y) each Borrower shall, and does hereby, indemnify each Recipient, and shall make payable in respect thereof within 30 days after demand therefor, against any and all Indemnified Taxes and any and all related
losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent or the Paying Agent) incurred by or asserted against such Recipient by the IRS or any other Governmental Authority
arising therefrom. A certificate as to the amount of such payment or liability delivered to any Recipient by the Payor shall be conclusive absent manifest error. Each Lender hereby authorizes the Paying Agent to set off and apply any and all amounts
at any time owing to such Lender under this Loan Agreement or any other Loan Document against any amount due the Paying Agent under this Section 19.8. The agreements in this Section 19.8 shall survive the resignation and/or replacement of
the Paying Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

(B) Non-U.S. Lender or Administrative Agent. Each Recipient that is not a “United
States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (each, a “Non-U.S. Recipient”), agrees that it will deliver to each
Payor an original United States Internal Revenue Service (“IRS”) Form W-8 entitling such Recipient as of the date hereof (or as of the date such
Non-U.S. Recipient becomes a Recipient hereunder) and any other form required, including but not limited to IRS Form W-8BEN-E to
receive payments under this Loan Agreement without deduction of U.S. Withholding Taxes (or, in the case of a Recipient that is an assignee or successor, entitling such Recipient to receive payments under this Loan Agreement subject to a U.S.
Withholding Tax rate that is less than or equal to the U.S. Withholding Tax rate to which its assignor or predecessor was subject immediately prior to such assignment). Except as provided in the following sentence, each Non-U.S. Recipient further undertakes to deliver to each Payor renewals or additional copies of such form (or any successor form) (x) on or before the date that such form expires or becomes obsolete,
(y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, and (z) as may be reasonably requested by Payor. 

(C) U.S. Lender Administrative Agent. Each Recipient that is a “United States person” within the meaning of
Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended, agrees that it will deliver to each Payor an original IRS Form W-9 entitling such Recipient as of the date hereof (or as of the date
such U.S. Recipient becomes a Recipient hereunder) to receive payments under this Loan Agreement without deduction of U.S. backup withholding tax. 

For purposes hereof, the following terms have the following meanings: 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its lending office located in, the jurisdiction imposing such Tax (or any political 

  
 117 

 
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender
with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Advance or Commitment or (ii) such Lender changes its Lending Office, except
in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Sections 19.8.(b) or (c) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986, as of the date of this Loan
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code of 1986. 
 “Indemnified Taxes” means (a) Taxes,
other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or
former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Taxes” means all
present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

Section 19.9 Rights of the Collateral Agent. The Collateral Agent shall be
entitled to all of the same rights, privileges, protections, immunities and indemnities in this Loan Agreement as are contained in the Collateral Agent Agreement, all of which are incorporated herein mutatis mutandis, in addition to any such rights,
privileges, protections, immunities and indemnities contained herein. 

  
 118 

 Section 19.10 Real Property
Documents. Each Lender acknowledges and agrees that the Collateral Agent will have no obligation or liability with respect to any actions or liabilities contained in or with respect to any Mortgages or any related filings
(collectively, the “Real Property Documents”), recorded in connection with the transaction contemplated by this Loan Agreement, notwithstanding that the Collateral Agent is the named mortgagee or beneficiary, as applicable, or assignee
thereunder. Notwithstanding the foregoing, in the event that the Administrative Agent or Lenders direct the Collateral Agent to take any action in connection with such Real Property Documents, or the property related thereto, the Collateral Agent
shall cooperate to give effect to such directions but, unless indemnity acceptable to the Collateral Agent (in its sole discretion) has been provided to it, shall have no obligation to take any such action with respect to such Real Property
Documents in the event that it determines, in its sole discretion, that the taking of such action would expose itself to liability, financial or otherwise, pursuant to the provisions of such Real Property Document or the laws of the applicable
governing jurisdiction. In such case, the Collateral Agent will cooperate with the Administrative Agent and the Lenders to effect an assignment of such Real Property Documents upon direction of the Administrative Agent or the Majority Lenders, as
applicable. Pending any such assignment, the Collateral Agent shall have no obligation to take any action in connection with such Real Property Document. Notwithstanding the foregoing, but without limitation thereof, and in addition to any right or
remedy available to the Collateral Agent thereunder or under applicable law, the Borrower hereby indemnifies, defends and holds the Collateral Agent and each of its officers, directors, employees and agents harmless from any losses or liabilities
incurred in connection with any Real Property Documents with respect to its Collateral, prior to the Collateral Agent’s affirmative agreement to take action in connection therewith in accordance with the written direction of the Administrative
Agent and/or the Lenders. 
 [signatures follow on next page] 

  
 119 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Loan
Agreement as of the date first written above. 
  

			
	BORROWER:
	
	AP WIP Holdings, LLC
		
	By:	 	             /s/ Scott G. Bruce

		 	Name: Scott G. Bruce
		 	Title:   Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	HOLDING COMPANY:
	
	AP WIP Domestic Investments III, LLC
			
	By:	 	 	 	/s/ Scott G. Bruce
		 	Name:	 	Scott G. Bruce
		 	Title:	 	Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	OBLIGORS:
	
	AP WIP Tower, LLC
			
	By:	 	 	 	/s/ Scott G. Bruce
		 	Name:	 	Scott G. Bruce
		 	Title:	 	Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	AP Wireless Investments I, LLC
			
	By:	 	 	 	/s/ Scott G. Bruce
		 	Name:	 	Scott G. Bruce
		 	Title:	 	Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	AP WIP Union Holdings, LLC
			
	By:	 	 	 	/s/ Scott G. Bruce
		 	Name:	 	Scott G. Bruce
		 	Title:	 	Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	175 E. Union Road, LLC
			
	By:	 	 	 	/s/ Scott G. Bruce
		 	Name:	 	Scott G. Bruce
		 	Title:	 	Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	SERVICER:
	
	AP SERVICE COMPANY, LLC
			
	By:	 	 	 	/s/ Scott G. Bruce
		 	Name:	 	Scott G. Bruce
		 	Title:	 	Secretary

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	BACKUP SERVICER:
	
	MIDLAND LOAN SERVICES, a division of PNC BANK, NATIONAL ASSOCIATION
	as Backup Servicer
			
	By:	 	 	 	/s/ David A. Eckels
		 	Name:	 	David A. Eckels
		 	Title:	 	Senior Vice President

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	ADMINISTRATIVE AGENT:
	
	Guggenheim Corporate Funding, LLC,
	as Administrative Agent
			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	CALCULATION AGENT:
	
	Deutsche Bank Trust Company Americas, as Calculation Agent
			
	By:	 	 	 	/s/ Lucy Hsieh
		 	Name:	 	LUCY HSIEH
		 	Title:	 	ASSISTANT VICE PRESIDENT

  

					
			
	By:	 	 	 	/s/ Waseem A. Chaudhry
		 	Name:	 	WASEEM A. CHAUDHRY
		 	Title:	 	ASSISTANT VICE PRESIDENT

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	COLLATERAL AGENT:
	
	Deutsche Bank Trust Company Americas, as Calculation Agent
			
	By:	 	 	 	/s/ Lucy Hsieh
		 	Name:	 	LUCY HSIEH
		 	Title:	 	ASSISTANT VICE PRESIDENT
			
	By:	 	 	 	/s/ Waseem A. Chaudhry
		 	Name:	 	WASEEM A. CHAUDHRY
		 	Title:	 	ASSISTANT VICE PRESIDENT

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	PAYING AGENT:
	
	Deutsche Bank Trust Company Americas, as Calculation Agent
			
	By:	 	 	 	/s/ Lucy Hsieh
		 	Name:	 	LUCY HSIEH
		 	Title:	 	ASSISTANT VICE PRESIDENT
			
	By:	 	 	 	/s/ Waseem A. Chaudhry
		 	Name:	 	WASEEM A. CHAUDHRY
		 	Title:	 	ASSISTANT VICE PRESIDENT

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	MIDLAND NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	NORTH AMERICAN COMPANY FOR LIFE AND HEALTH INSURANCE
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	HORACE MANN LIFE INSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	SECURITY BENEFIT LIFE INSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	FIRST SECURITY BENEFIT LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	GUGGENHEIM LIFE AND ANNUITY COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	EQUITRUST LIFE INSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT

  
 [Signature Page to DWIP
Loan Agreement] 

 
					
	WILTON REASSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	WILTON REASSURANCE COMPANY OF NEW YORK
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	TEXAS LIFE INSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT
	
	FIRST SECURITY BENEFIT LIFE AND ANNUITY COMPANY OF NEW YORK
		
	By:	 	 Guggenheim Partners Investment

Management, LLC

			
	By:	 	 	 	/s/ William Hagner
		 	Name:	 	WILLIAM HAGNER
		 	Title:	 	ATTORNEY-IN-FACT

  
 [Signature Page to DWIP
Loan Agreement]

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