Document:

Sixth Amended & Restated Stockholders Agreement

 Exhibit 10.34 

EXECUTION VERSION 

SIXTH AMENDED AND RESTATED STOCKHOLDERS AGREEMENT 

This Sixth Amended and Restated Stockholders Agreement (this “Agreement”) is entered into as of the 1st day of April, 2009, by
and among FleetCor Technologies, Inc., a Delaware corporation (the “Company”), the persons identified on Exhibit A hereto under the heading entitled “Common Investors” (collectively referred to as the “Common
Investors” and individually as a “Common Investor”), the persons identified on Exhibit A hereto under the heading entitled “Preferred Investors” (collectively referred to as the “Preferred Investors”
and individually as a “Preferred Investor”), and each person who shall, after the date hereof, acquire shares of the Company’s capital stock, and join in and become a party to this Agreement by executing and delivering to the Company
an Instrument of Accession in the form of Exhibit B hereto or otherwise. The Common Investors and the Preferred Investors are collectively referred to as the “Investors.” 

WHEREAS, on or about the date hereof, the Company shall issue an aggregate of 3,400,000 shares of the Company’s Series E Convertible
Preferred Stock, $0.001 par value per share (the “Series E Preferred Stock”), to Summit Partners Private Equity Fund VII-A, L.P., Summit Partners Private Equity Fund VII-B, L.P., Summit Subordinated Debt Fund II, L.P., Summit Investors I,
LLC, Summit Investors I (UK), L.P., Summit Investors VI, L.P., Advent Partners III Limited Partnership, Advent Central & Eastern Europe III Limited Partnership, Advent Central & Eastern Europe III - A Limited Partnership, Advent
Central & Eastern Europe III - B Limited Partnership, Advent Central & Eastern Europe III - C Limited Partnership, Advent Central & Eastern Europe III - D Limited Partnership, Advent Central & Eastern Europe III -
E Limited Partnership, Advent Partners ACEE III Limited Partnership, Advantage Capital Partners VI, Limited Partnership, Advantage Capital Partners X, Limited Partnership., Advantage Capital Management Fund, LLC, Advantage Capital Financial Company,
LLC, Wm. B. Reily & Company, Inc., Nautic Partners V, L.P., Kennedy Plaza Partners III, LLC, Peter Vallis, Performance Direct Investments II, L.P., JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit
of pools PMI -127, 128, 129 and 130, HarbourVest Partners VIII-Buyout Fund L.P. and HarbourVest Partners 2007 Direct Fund L.P. (collectively, the “Series E Purchasers”) pursuant to the terms of a Series E Convertible Preferred Stock
Purchase Agreement (the “Series E Purchase Agreement”), dated as of April 1st, 2009, between the Company and the Series E Purchasers; 

WHEREAS, as of the date hereof, after giving effect to the transactions contemplated by the Series E Purchase Agreement, each Investor
shall hold that number of shares of Series E Preferred Stock, Series D Preferred Stock, $0.001 par value per share of the Company (the “Series D Preferred Stock”) and/or Common Stock, $0.001 par value per share of the Company (the
“Common Stock”) set forth opposite such Investor’s name on Exhibit A hereto; 
  

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 WHEREAS, it is a condition to the closing of the transactions contemplated by the Series E
Purchase Agreement that the Fifth Amended and Restated Stockholders Agreement dated as of December 19, 2006 (the “Original Agreement”) be amended and restated in its entirety as set forth herein; and 

WHEREAS, the Required Preferred Investors under the Original Agreement may amend the Original Agreement on behalf of all of the Investors
(provided, that, any such amendment does not adversely affect any Investor in a manner different from the effect upon the Required Preferred Investors approving such amendment). 

NOW, THEREFORE, in consideration of the foregoing, the agreements set forth below, and the parties’ desire to provide for voting of
their Shares and for continuity of ownership of the Company to further the interests of the Company and its present and future stockholders, the signatories hereto, constituting the “Required Preferred Investors” under the Original
Agreement, hereby agree that the Original Agreement is hereby amended and restated in its entirety as follows: 
 1. Certain
Defined Terms. As used in this Agreement, the following terms shall have the following respective meanings: 

(a) “Advantage” shall mean and refer to Advantage Capital Partners V Limited Partnership, Advantage Capital
Partners VI Limited Partnership, Advantage Capital Partners VIII Limited Partnership, Advantage Capital Partners X Limited Partnership, Advantage Capital Financial Company, LLC and Advantage Capital Management Fund, LLC. 

(b) “Advent” shall mean Advent Partners III Limited Partnership, Advent Central & Eastern Europe III
Limited Partnership, Advent Central & Eastern Europe III - A Limited Partnership, Advent Central & Eastern Europe III - B Limited Partnership, Advent Central & Eastern Europe III - C Limited Partnership, Advent
Central & Eastern Europe III - D Limited Partnership, Advent Central & Eastern Europe III - E Limited Partnership and Advent Partners ACEE III Limited Partnership and/or their respective Affiliates. 

(c) “Affiliate” means, with respect to any Person, any entity directly or indirectly Controlling, Controlled by
or under common Control with such Person and the stockholders, partners, members, officers, directors and managers of such Person. For the purposes of this Section 1(c), “Control” (including with correlative meanings, the terms
“Controlling,” “Controlled by” and “under common Control with”), as used with respect to any entity, shall mean the possession, directly or indirectly, of the power to direct or cause the direction or the management and
policies of such entity, whether through the ownership of voting securities or by contract or otherwise. 
  

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 (d) “Agreed Price” shall have the meaning set forth in
Section 10(b). 
 (e) “Agreement” shall have the meaning set forth in the first paragraph.

 (f) “Audit Committee” shall have the meaning set forth in Section 8(b). 

(g) “Bain” shall mean and refer to Bain Capital Fund VIII, LLC, BCIP Associates III, LLC, BCIP T Associates III,
LLC, BCIP Associates III-B, LLC, BCIP T Associates III-B, LLC, BCIP Associates-G and RGIP, LLC and/or their respective Affiliates. 

(h) “Bain Independent Director” shall have the meaning set forth in Section 7(a). 

(i) “Bain Non-Independent Directors” shall have the meaning set forth in Section 7(a). 

(j) “Charter” shall have the meaning set forth in Section 6. 

(k) “Code” shall have the meaning set forth in Section 3(f). 

(l) “Common Investor” and “Common Investors” shall have the meaning set forth in the first paragraph.

 (m) “Company” shall have the meaning set forth in the first paragraph. 

(n) “Common Stock” shall have the meaning set forth in the recitals. 

(o) “Company Sale Notice” shall have the meaning set forth in Section 11(a). 

(p) “Company Sale Transaction” shall mean a sale of the Company, whether (a) pursuant to (i) a sale by
the equity holders of the Company of all of the capital stock and other equity securities of the Company, (ii) a merger of the Company with another entity, (iii) a sale of all or substantially all of the assets of the Company or
(b) otherwise. 
 (q) “Compensation Committee” shall have the meaning set forth in
Section 8(a). 
 (r) “ERISA” shall have the meaning set forth in Section 3(f). 

(s) “HarbourVest” shall mean and refer to HarbourVest Partners VIII-Buyout Fund L.P. and HarbourVest Partners
2007 Direct Fund L.P.
 (t) “Investors” shall have the meaning set forth in the first paragraph.

  

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 (u) “Major Investor” shall mean each of Bain, Summit, Advantage,
Performance Equity, Nautic, Chestnut Hill Fuel LLC, Advent, Peter Vallis, Wm. B. Reily & Company, Inc. and HarbourVest, in each case, alone or together with one or more of its Affiliates. 

(v) “Management Rights Letter Agreements” shall mean that certain letter agreement between the Company and Bain,
dated June 29, 2006 and that certain letter agreement between the Company and Summit, dated as of the date hereof. 

(w) “Material Adverse Effect” shall mean a material and adverse effect on the assets, liabilities, properties,
business, results of operation, or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole. 

(x) “Nautic” shall mean and refer to Nautic Partners V, L.P. and Kennedy Plaza Partners III, LLC. 

(y) “Offer” shall have the meaning set forth in Section 3(a). 

(z) “Offered Shares” shall have the meaning set forth in Section 3(a). 

(aa) “Offerree Notice” shall have the meaning set forth in Section 3(b). 

(bb) “Offerrees” shall have the meaning set forth in Section 3(a). 

(cc) “Original Agreement” shall have the meaning set forth in the recitals. 

(dd) “Performance Equity” shall mean and refer to Performance Direct Investments II, L.P. and JP Morgan Chase
Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pools PMI-127, 128, 129 and 130. 

(ee) “Permitted Transferees” shall have the meaning set forth in Section 2(a). 

(ff) “Person” shall mean an individual, corporation, partnership, association, joint stock, limited liability or
other company, joint venture, business trust, trust or unincorporated organization or government agency or any agency or political subdivision thereof, or other entity. 

(gg) “Preemptive Purchase Period” shall have the meaning set forth in Section 6. 

(hh) “Preferred Investor” or “Preferred Investors” shall have the meaning set forth in the first
paragraph. 
 (ii) “Pro Rata Fraction” shall have the meaning set forth in Section 3(b).

  

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 (jj) “Proposed Transferee” shall have the meaning set forth in
Section 3(a). 
 (kk) “Registration Rights Agreement” shall have the meaning set forth in
Section 2(b). 
 (ll) “Required Preferred Investors” shall mean the holders of at least sixty
percent (60%) of the outstanding shares of Series D Preferred Stock and Series E Preferred Stock at the time of the proposed action or consent, voting together as a single class; provided, however, that, (a) so long as Summit
owns at least 50% of the shares of Series D Preferred Stock held by Summit as of the date hereof, any action requiring the consent of the Required Preferred Investors shall also require the consent of a majority of the shares of Series D Preferred
Stock held by Summit at the time of the proposed action or consent, voting together as a single class, (b) so long as Summit owns at least 50% of the Series E Preferred Stock held by Summit as of the date hereof, any action requiring the
consent of the Required Preferred Investors shall also require the consent of a majority of Series E Preferred Stock held by Summit at the time of the proposed action or consent, voting together as a single class, and (c) so long as Bain owns
at least 50% of the shares of Series D Preferred Stock held by Bain as of the date hereof, any action requiring the consent of the Required Preferred Investors shall also require the consent of a majority of the shares of Series D Preferred Stock
held by Bain at the time of the proposed action or consent, voting together as a single class. 
 (mm)
“Requisite Stockholders” shall have the meaning set forth in Section 10(b). 
 (nn) “Sale
Election” shall have the meaning set forth in Section 10(b). 
 (oo) “Sale Notice” shall have
the meaning set forth in Section 10(b). 
 (pp) “Selling Investor” shall have the meaning set
forth in Section 3(a). 
 (qq) “Series D Preferred Stock” shall have the meaning set forth in the
Charter. 
 (rr) “Series D-4 Preferred Stock” shall have the meaning set forth in the Charter.

 (ss) “Series E Preferred Stock” shall have the meaning set forth in the recitals. 

(tt) “Series E Purchase Agreement” shall have the meaning set forth in the recitals. 

(uu) “Series E Purchasers” shall have the meaning set forth in the recitals. 

 

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 (vv) “Shares” shall mean and include all capital stock (and all
warrants exercisable for any capital stock) of the Company now owned (beneficially or of record) or controlled or hereafter acquired by any Investor. 

(ww) “Specified Investor” shall mean each of Summit and Bain. 

(xx) “Stock” shall mean and include all securities of the Company. 

(yy) “Summit” shall mean and refer to Summit Partners Private Equity Fund VII-A, L.P., Summit Partners Private
Equity Fund VII-B, L.P., Summit Subordinated Debt Fund II, L.P., Summit Investors I, LLC, Summit Investors I (UK), L.P., Summit Investors VI, L.P., Summit VI Advisors Fund, L.P., Summit VI Entrepreneurs Fund, L.P., Summit Ventures VI-A, L.P., and
Summit Ventures VI-B, L.P. and/or their respective Affiliates. 
 (zz) “Summit Independent Director”
shall have the meaning set forth in Section 7(a). 
 (aaa) “Summit Non-Independent Directors”
shall have the meaning set forth in Section 7(a). 
 2. Prohibited Transfers. 

(a) No Investor shall sell, assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of all or any of his, her
or its Shares without the prior written consent of the Required Preferred Investors except to, or in favor of, the Company. Notwithstanding the foregoing sentence, Advantage shall not be prohibited from maintaining any pledges of its Shares that it
had in place as of December 19, 2006; provided, that, the beneficiary of the Shares so pledged must, as a condition precedent to foreclosing upon or taking other remedies with respect to such pledge, agree in writing with the Company and Advantage,
for the benefit of all Investors, to be bound by all of the provisions of this Agreement to the same extent as if such transferee were Advantage and any foreclosure upon, taking of remedies with respect to, or purported transfer of, such Shares in
violation hereof shall be null and void. Notwithstanding anything to the contrary contained in this Agreement, (i) each Investor who is an individual may transfer, without the necessity of prior approval, all or any of his or her Shares by way of
gift to his or her spouse, to any of his or her lineal descendants or ancestors, to any trust for the benefit of any one or more of such Investor, his or her spouse or his or her lineal descendants or ancestors, or to a charitable remainder trust
(provided such Investor retains a life interest in the Shares transferred to such charitable remainder trust), (ii) each Investor who is an individual may transfer all or any of his Shares by will or the laws of descent and distribution, (iii) each
Investor which is a trust, family limited partnership or similar entity created solely for the benefit of any individual and his or her spouse, siblings and lineal ancestors and 

 

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descendents, may transfer all or any of its Shares to such individual and/or his or her spouse, siblings, lineal ancestors and descendents, (iv) each Investor which is a fund or other
business entity may transfer all or any of its Shares to any fund or other business entity (A) under common control with such Investor or (B) which controls such Investor or is controlled by such Investor, (v) each Investor which is a
trust may transfer all or any of its Shares to any successor trust or successor trustee, (vi) in connection with any sale by any Investor of Shares which has been approved by the Required Preferred Investors, each other Investor may transfer
all or any Shares of such other Investor pursuant to the exercise of such other Investor’s “tag-along” rights under Section 4 or 5, as applicable, and (vii) any sales of Shares pursuant to Section 10 or Section 11
may be made without regard to the restrictions contained in this Agreement; provided that any such transferee under clause (i), (ii), (iii), (iv), or (v) of this Section 2(a) (referred to herein as “Permitted Transferees”) and
all other transferees of Shares not already a party to this Agreement shall agree in writing with the Company and the transferor Investor, for the benefit of all of the Investors, as a condition to such transfer, to be bound by all of the provisions
of this Agreement to the same extent as if such transferee were such Investor transferring such Shares. 
 (b) In
addition to the foregoing, if requested by the underwriters and the Company’s Board of Directors for any underwritten public offering of securities of the Company, each Investor who is not a party to that certain Sixth Amended and Restated
Registration Rights Agreement, dated as of the date hereof, as amended (the “Registration Rights Agreement”), among the Company and certain Investors shall agree not to sell, assign, transfer, pledge, hypothecate, mortgage, encumber or
otherwise dispose of all or any of his, her or its Shares, without the written consent of such underwriters, for a period of not more than (i) 180 days following the effective date of the registration statement relating to the initial
public offering of securities of the Company and (ii) ninety (90) days following the effective date of the registration statement relating to any subsequent underwritten public offering of securities of the Company. This Section 2(b)
shall expressly survive a termination of this Agreement pursuant to Section 15(a) hereof. 
 3. Right of First Refusal
on Dispositions. 
 (a) If at any time any Investor other than Bain or Summit (the “Selling
Investor”) desires to sell or otherwise transfer all or any part of his, her or its Shares pursuant to a bona fide offer from a third party (the “Proposed Transferee”), other than sales subject to the provisions of Section 5 or
Section 10 hereof, such Selling Investor shall, following the receipt of the prior written consent of the Requisite Preferred Investors, submit a written offer (the “Offer”) to the Company and to the Investors other than the Selling
Investor (the “Offerees”), to sell such Shares (the “Offered Shares”) to the Company and the Offerees on terms and conditions, including price, not less favorable than those on which such Selling Investor proposes to sell such
Offered Shares to the Proposed Transferee. The Offer shall disclose the identity of the Proposed Transferee, the 
  

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number of Offered Shares proposed to be sold, the total number of Shares owned by such Selling Investor, the terms and conditions, including price, of the proposed sale, and any other material
facts relating to the proposed sale. The Offer shall further state (i) that the Company may acquire, in accordance with the provisions of this Agreement, any of the Offered Shares for the price and upon the other terms and conditions set forth
therein, (ii) if all such Offered Shares are not purchased by the Company, the Offerees may purchase any of the Offered Shares not purchased by the Company for the price and upon the other terms and conditions set forth therein, and
(iii) if all of the Offered Shares are not purchased by the Company and the Offerees, the Major Investors may exercise their rights provided pursuant to Section 4 hereof. 

(b) The Company has fifteen (15) business days to accept the Offer. In the event that (i) the Company does not
give notice within fifteen (15) business days of receipt of the Offer of its intention to purchase all of the Offered Shares or (ii) gives notice to the Selling Investor of its intention to acquire less than all of the Offered Shares, the
Company and the Selling Investor shall give notice to the Offerees (a “Offeree Notice”), each Offeree shall have the right to purchase that number of Offered Shares not purchased by the Company as shall be equal to the number of such
Offered Shares multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock (on an as converted, as exercised basis) then owned by such Offeree and the denominator of which shall be the aggregate number of shares of
Common Stock (on an as converted, as exercised basis) then owned by all of the Offerees. The amount of such Offered Shares that each Offeree is entitled to purchase under this Section 3(b) shall be referred to as its “Pro Rata
Fraction.” Notwithstanding anything herein to the contrary, in the event that, if not for this sentence, Summit’s Pro Rata Fraction would be greater than Bain’s Pro Rata Fraction, the Investor’s respective Pro Rata Fraction shall
be calculated as if Bain owned the same number of shares of Common Stock (on an as converted, as exercised basis) as Summit; provided that, with respect to such calculation, Summit’s ownership of any shares of Series E Preferred Stock (or
Common Stock issuable upon conversion thereof) shall not be counted for purposes of determining Bain’s new Pro Rata Fraction. 

(c) The Offerees shall have a right of oversubscription such that if any Offeree fails to accept the Offer as to its full
Pro Rata Fraction, the remaining Offerees shall, among them, have the right to purchase up to the balance of the remaining Offered Shares not so purchased. The Offerees may exercise such right of oversubscription by accepting the Offer for the
remaining Offered Shares as to more than their Pro Rata Fraction. If, as a result thereof, such oversubscriptions exceed the total number of the Offered Shares available in respect of such oversubscription privilege, the oversubscribing Investors
shall be cut back with respect to oversubscriptions on a pro rata basis in accordance with their respective Pro Rata Fractions or as they may otherwise agree among themselves. 

 

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 (d) Those Offerees who desire to purchase all or any part of the remaining
Offered Shares shall communicate in writing their election to purchase to the Selling Investor, which communication shall state the number of remaining Offered Shares said Offerees desire to purchase and shall be provided to the Selling Investor
within ten (10) business days of the date of the Offeree Notice. Such communication shall, when taken in conjunction with the Offer, be deemed to constitute a valid, legally binding and enforceable agreement for the sale and purchase of such
Offered Shares (subject to the aforesaid limitations as to the right of the Offerees to purchase more than their Pro Rata Fraction). Sales of such Offered Shares to be sold to the Company and the Offerees pursuant to this Section 3 shall be
made at the offices of the Company within sixty (60) days following the date the Offer was made. 
 (e) The
right of first refusal pursuant to this Section 3 shall not apply with respect to sales of Shares by an Investor to a Permitted Transferee. 

(f) To the extent that compliance with the right of first refusal obligations set forth in this Section 3 would
result in a non-exempt “prohibited transaction” within the meaning of Section 406 of the Employee Retirement Income Security Act of 1974 (“ERISA”) or Section 4975 of the Internal Revenue Code (the “Code”) by
First Plaza Group Trust or any successor thereto or permitted assignee or transferee thereof (together “First Plaza Group Trust”), the right of first refusal set forth in this Section 3 shall not apply to such proposed sale or other
transfer by First Plaza Group Trust; provided, however, First Plaza Group Trust shall not effect such proposed sale or other transfer without the prior written consent of the Board of Directors. 

4. Major Investors’ Right of Participation in Sales. 

(a) If, following compliance with the provisions of Section 3, the Company, the Offerees or both do not purchase all
of the Offered Shares and the Selling Investor desires to sell such remaining Offered Shares to the Proposed Transferee, then each Major Investor shall have the right to sell to the Proposed Transferee, as a condition to such sale by such Selling
Investor, at the same price per share and on the same terms and conditions as involved in such sale by such Selling Investor, a pro rata portion of the amount of Shares proposed to be sold to the Proposed Transferee; provided,
however, that such right shall not apply to any sale or transfer to the Company or the Investors pursuant to Section 3. The “pro rata portion” of Shares which the Major Investor shall be entitled to sell to the
Proposed Transferee shall be that number of Shares as shall equal the number of Shares proposed to be sold to the third party by such Selling Investor multiplied by a fraction, the numerator of which is the aggregate of all shares of Common Stock
(on an as converted, as exercised basis) which are then held by the Major Investor wishing to participate in the sale, and the denominator of which is the aggregate number of all shares of Common Stock (on an as converted, as exercised basis) which
are then held by all Major Investors wishing to participate in any sale under this Section 4 plus the Shares held by the Selling Investor. 
  

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 (b) If the Selling Investor wishes to make a sale to a Proposed Transferee
which is subject to this Section 4, the Selling Investor shall, after complying with the provisions of Section 3, give to each Major Investor notice of such proposed sale, and stating that all Offered Shares were not purchased pursuant to
the Offer as discussed in Section 3. Such notice shall be given at least twenty (20) business days prior to the date of the proposed sale to the Proposed Transferee. Each Major Investor wishing to so participate in any sale under this
Section 4 shall notify the Selling Investor in writing of such intention within fifteen (15) business days after such Major Investor’s receipt of the notice described in the preceding sentence. 

(c) The Selling Investor and each participating Major Investor shall sell to the Proposed Transferee all, or at the option
of the Proposed Transferee, any part of such remaining Offered Shares proposed to be sold by them at the price and on the terms contained in the Offeree Notice; provided, however, that any purchase of less than all of such remaining
Offered Shares by the Proposed Transferee shall be made from the Selling Investor and each participating Major Investor pro rata based upon the relative number of the Shares that the Selling Investor and each participating Major
Investor is otherwise entitled to sell pursuant to Section 4(a). 
 (d) If any Shares are sold pursuant to
this Section 4 to any Person who is not a party to this Agreement, such Person shall execute a counterpart of this Agreement, agreeing to be treated as an “Investor” for the purposes of this Agreement, as a precondition to the
purchase of such Shares and such Shares shall continue to be subject to the provisions of this Agreement. 
 (e)
To the extent that the Company and the Major Investors do not elect in full to exercise their rights pursuant to Sections 3 and 4, the Selling Investor may transfer, subject to compliance with Section 4(d), all, but not less than all, of the
remaining Offered Shares to the Proposed Transferee within sixty (60) days at the price and on the terms contained in the Offeree Notice. Any remaining Offered Shares not so sold within such 60-day period shall be subject to the requirements of
a prior offer pursuant to Sections 3 and 4, as applicable. 
 (f) The right to participate in sales pursuant to
this Section 4 shall not apply with respect to sales of Shares by an Investor to a Permitted Transferee. 
 5.
Investors’ Right of Participation in Certain Sales. 
 (a) If at any time prior to the initial public
offering of the Company’s equity securities pursuant to a registration statement declared effective by the Securities and Exchange Commission, one or more of the Major Investors desire to sell at least a majority of the Shares held by all Major
Investors (on an as converted, as exercised basis) to any third party (which, for purposes of clarification, shall not include the Company) (which sale shall require prior written consent of the Required Preferred Investors), then each other
Investor 
  

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shall have the right to sell to the third party (without written consent of the Required Preferred Investors), as a condition to such sale by the Major Investors, at the same price per share and
on the same terms and conditions as involved in such sale by the Major Investors, a pro rata portion of the amount of Shares proposed to be sold to the third party. The “pro rata portion” of Shares which each
other Investor shall be entitled to sell to the third party shall be that number of Shares as shall equal the number of Shares (on an as converted, as exercised basis) proposed to be sold to the third party by the Major Investors desiring to sell
multiplied by a fraction, the numerator of which is the aggregate of all Shares (on an as converted, as exercised basis) which are then held by the Investor wishing to participate in the sale, and the denominator of which is the aggregate of all
Shares (on an as converted, as exercised basis) which are then held by all Investors wishing to participate in any sale under this Section 5 plus the Shares held by the Major Investors desiring to sell. 

(b) If any of the Major Investors wishes to make a sale to a third party which is subject to this Section 5, such
Major Investor shall give to the Company and each other Investor notice of such proposed sale. Such notice shall be given at least thirty (30) days prior to the date of the proposed sale to the third party. Each Investor wishing to so
participate in any sale under this Section 5 shall notify the Major Investors desiring to sell in writing of such intention within fifteen (15) business days after such Investor’s receipt of the notice described in the preceding
sentence. 
 (c) The participating Major Investors and each participating other Investor shall sell to the third
party all, or at the option of the third party, any part of the Shares proposed to be sold by them at not less than the price and upon other terms and conditions, if any, not more favorable to the third party than those in the notice provided by the
participating Major Investors under subparagraph (b) above; provided, however, that any purchase of less than all of such Shares by the third party shall be made from the participating Major Investors and each participating other
Investor pro rata based upon the relative number of the Shares that the participating Major Investors and each participating other Investor is otherwise entitled to sell pursuant to Section 5(a). 

(d) If any Shares are sold pursuant to this Section 5 to any Person who is not a party to this Agreement, such Person
shall execute a counterpart of this Agreement, agreeing to be treated as an “Investor” for the purposes of this Agreement, as a precondition to the purchase of such Shares and such Shares shall continue to be subject to the provisions of
this Agreement. 
 (e) If no Investor elects to exercise his, her or its rights pursuant to Section 5, the
participating Major Investors may transfer, subject to compliance with Section 5(d), the Shares proposed to be sold by them to the third party within sixty (60) days on terms and conditions no more favorable than outlined in the notice to
the other Investors. Any remaining Shares not sold within such 60-day period shall be subject to the requirements of a prior offer pursuant to Sections 3, 4 and 5 hereof, as applicable. 

 

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 (f) The right to participate in sales pursuant to this Section 5 shall
not apply with respect to sales of Shares by a Major Investor to a Permitted Transferee. 
 6. Preemptive Rights. The
Company shall, prior to any proposed issuance by the Company of any of its securities (other than debt securities with no equity feature), offer to each Major Investor by written notice the right, for a period of ten (10) business days (the
“Preemptive Purchase Period”), to purchase for cash at an amount equal to the price or other consideration for which such securities are to be issued, a number of such securities so that, after giving effect to such issuance (and the
conversion, exercise and exchange into or for (whether directly or indirectly) shares of Common Stock of all such securities that are so convertible, exercisable or exchangeable), such Major Investor will continue to maintain his, her or its same
proportionate equity ownership in the Company as of the date of such notice (treating each Major Investor, for the purpose of such computation, as the holder of the number of shares of Common Stock which would be issuable to such Major Investor upon
conversion, exercise and exchange of all securities (including but not limited to the Series D Preferred Stock and Series E Preferred Stock) held by such Major Investor on the date such offer is made, that are convertible, exercisable or
exchangeable into or for (whether directly or indirectly) shares of Common Stock and assuming the like conversion, exercise and exchange of all such other securities held by other Persons); provided, however, that the rights of the
Major Investors pursuant to this Section 6 shall not apply to securities issued (A) upon conversion of any shares of Series D Preferred Stock and Series E Preferred Stock, (B) as a stock dividend or upon any subdivision of shares of Common
Stock, provided that the securities issued pursuant to such stock dividend or subdivision are limited to additional shares of Common Stock, (C) pursuant to subscriptions, warrants, options, convertible securities, or other rights which are
listed in Schedule I as being outstanding on the date of this Agreement, (D) solely in consideration for the acquisition (whether by merger or otherwise) by the Company or any of its subsidiaries of all or substantially all of the
stock or assets of any other entity which is not an Affiliate of an Investor and provided that the transaction is approved by the Required Preferred Investors as required pursuant to the Company’s Sixth Amended and Restated Certificate of
Incorporation (as amended and restated or supplemented from time to time, the “Charter”), (E) pursuant to a firm commitment underwritten public offering, (F) to directors, officers, employees or consultants of the Company
pursuant to the Company’s stock plans (or securities issued or issuable upon exercise thereof) as may be approved from time to time by the Compensation Committee of the Company’s Board of Directors and, if applicable, by the Required
Preferred Investors as required pursuant to the Charter, and (G) upon the exercise of any security described in paragraphs (A) through (F) of this proviso. The Company’s written notice to the Major Investors shall describe the securities
proposed to be issued by the Company and specify the number, price and payment terms. Each Major Investor may accept the Company’s offer as to the full number of securities offered to him, her or it or any lesser number, by written notice
thereof given to the Company prior to the expiration of the aforesaid ten (10) business day period, in which event the Company shall promptly sell and such Major Investor shall promptly, and in

  

 12 

 
any event within fifteen (15) business days, buy, upon the terms specified, the number of securities agreed to be purchased by such Major Investor. Subject to the last sentence of this
Section 6, the Company shall be free at any time prior to 120 days after the date of its notice of offer to the Major Investors, to offer and sell to any third party or parties the remainder of such securities proposed to be issued by the
Company (including but not limited to the securities not agreed by the Major Investors to be purchased by them), at a price and on payment terms no less favorable to the Company than those specified in such notice of offer to the Major Investors. If
such third party sale or sales are not consummated within such 120-day period, however, the Company shall not sell such securities as shall not have been purchased within such period without again complying with this Section 6. Notwithstanding
anything herein to the contrary, for purposes of this Section 6, in the event that, if not for this sentence, the amount of any securities that Summit would be entitled to purchase pursuant to this Section 6 in connection with any issuance
of securities by the Company is greater than the amount of securities that Bain would be entitled to purchase in connection with such issuance, then the amount of securities that the Major Investors shall be entitled to purchase in connection with
such issuance shall be calculated as if Bain owned the same number of shares of Common Stock (on an as converted, as exercised basis) as Summit; provided that, with respect to such calculation, Summit’s ownership of any shares of Series E
Preferred Stock (or Common Stock issuable upon conversion thereof) shall not be counted for purposes of determining Bain’s new Pro Rata Fraction. Notwithstanding anything in this Agreement to the contrary, any Major Investor shall be permitted
to assign its rights under this Section 6 to an Affiliate of such Major Investor, provided that any such assignee not already a party to this Agreement shall agree in writing with the Company and such Major Investor, for the benefit of all of
the Investors, as a condition to such assignment, to be bound by all of the provisions of this Agreement to the same extent as if such transferee were such Major Investor. Notwithstanding anything to the contrary in this Section 6, in the event
(x) the Company proposes to issue securities for the purpose of financing an acquisition by the Company or any of its subsidiaries of any other entity whose principal place of business is located in a European country, which opportunity is
identified and brought to the attention of the Company by Advent, and (y) any Major Investor does not exercise its right to purchase such amount of securities as it is entitled to purchase under this Section 6 within the Preemptive
Purchase Period, then, for a period of ten (10) business days after the end of the Preemptive Purchase Period, Advent will have the right to purchase for cash up to fifty percent (50%) of the total amount of securities that all Major
Investors have chosen not to purchase, which may be exercised by written notice thereof given to the Company prior to the expiration of the aforesaid ten (10) business day period, in which event the Company shall promptly sell and Advent shall
promptly, and in any event within fifteen (15) business days, buy, upon the terms specified, the number of securities agreed to be purchased by Advent; provided that in the event there is a dispute among the Major Investors regarding the
fulfillment of condition (x), such dispute shall be determined in the sole judgment of the chief executive officer of the Company. 

7. Election of Directors. At each annual meeting of the stockholders of the Company, and at each special meeting of the
stockholders of the Company called for the purpose of electing directors of the Company, and at any time at which stockholders of 

 

 13 

 
the Company shall have the right to, or shall, vote for directors of the Company, then, and in each event, the Investors shall vote all Shares owned by them and entitled to vote thereon for the
election of a Board of Directors consisting of ten (10) directors, and for the persons designated in the manner provided below: 

(a) Preferred Stock Directors. Of the three (3) directors to be elected by the holders of Series D-3
Convertible Preferred Stock of the Company, voting separately as a class, (i) two (2) persons shall be designated by Summit (currently being Bruce Evans and John Carroll), for so long as Summit continues to hold at least 50% of the shares
of Series D Preferred Stock and Series E Preferred Stock, together on an as-converted basis, held by Summit as of the date hereof or the shares of Common Stock issued upon conversion thereof (the “Summit Non-Independent Directors”), and
(ii) one (1) person shall be a qualified, outside, independent director designated by Summit (currently being Glenn Marschel), for so long as Summit continues to hold at least 50% of the shares of Series D Preferred Stock and Series E
Preferred Stock, together on an as-converted basis, held by Summit as of the date hereof or the shares of Common Stock issued upon conversion thereof (the “Summit Independent Director”). Of the four (4) directors to be elected by the
holders of Series D-4 Convertible Preferred Stock of the Company, voting separately as a class, (A) two (2) persons shall be designated by Bain (currently being Andrew Balson and Craig Boyce), for so long as Bain continues to hold at least
50% of the shares of Series D Preferred Stock held by Bain as of the date hereof or the shares of Common Stock issued upon conversion thereof (the “Bain Non-Independent Directors”), (B) one (1) person shall be a qualified,
outside, independent director designated by Bain (currently being Mark Johnson), for so long as Bain continues to hold at least 50% of the shares of Series D Preferred Stock held by Bain as of the date hereof or the shares of Common Stock issued
upon conversion thereof (the “Bain Independent Director”) and (C) one (1) person shall be designated by Advent (and shall initially be Chris Mruck), for so long as Advent continues to hold at least 50% of the shares of Series D
Preferred Stock and the Series E Preferred Stock, together on an as-converted basis, held by Advent as of the date hereof or the shares of Common Stock issued upon conversion thereof (the “Advent Director”). The one (1) director to be
elected by the holders of Series D Preferred Stock, voting separately as a class, shall be the Chief Executive Officer of the Company (currently being Ronald F. Clarke) or, if there shall be no Chief Executive Officer, shall be designated by the
Required Preferred Investors. 
 (b) Common Stock and Preferred Stock Directors. Two (2) directors
shall be elected by a majority vote of the Common Stock, the Series D Preferred Stock and the Series E Preferred Stock voting together as a single class on an as converted basis (and shall initially be John Berylson and Steven Stull). Bain and
Summit hereby agree to vote their Shares in favor of the representative nominated by Chestnut Hill Fuel, LLC (who initially shall be John Berylson) as long as Chestnut Hill Fuel, LLC owns in excess of 10% of the Shares. 

 

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 (c) Removal and Replacement of Directors. Any director of the Company
designated pursuant to Sections 7(a) and 7(b) above may be removed at any time, either for or without cause, upon and only upon the vote or written consent of the stockholders entitled to designate such director. In the case of any vacancy in the
office of a director elected by the holders of any of the Company’s capital stock voting as a separate class or together as a single class pursuant to Sections 7(a) or 7(b) hereof, then the holders of such class shall have the exclusive right
to elect a successor or successors to hold office for the unexpired term of the director or directors whose office or offices shall be vacant. 

(d) Advent Board Observer. In addition to the Advent Director, Advent shall be entitled to designate one
(1) person to act as a board observer (the “Advent Observer”). The Advent Observer shall be entitled to participate (as a non-voting member) in all meetings of the Company’s Board of Directors and shall receive the same notice of
meetings and board materials as are given to the other members of the Company’s Board of Directors. Advent shall be entitled at any time and from time to time, by giving written notice thereof to the Company’s Board of Directors, to remove
and replace the Advent Observer with another person designated by Advent. Notwithstanding any provision of this Section 7(d), the Company shall have the right to exclude the Advent Observer from access to any meeting or portion thereof or any
material (i) if the Company believes upon written advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege to protect proprietary information or for other similar reasons or (ii) at the sole
discretion of the Chairman of the Company’s Board of Directors. 
 8. Board Committees; Board Matters. The Investors
shall take all actions, including without limitation, the voting of all their Shares, to cause the provisions of this Section 8 to be satisfied. 

(a) Compensation Committee. There shall be established at all times during the term of this Agreement a
Compensation Committee of the Board of Directors (the “Compensation Committee”) which shall be comprised of four (4) directors as follows: one (1) of whom shall be one of the Summit Non-Independent Directors, as selected by Summit;
one (1) of whom shall be one of the Bain Non-Independent Directors, as selected by Bain; one (1) of whom shall be one of either the Summit Independent Director or the Bain Independent Director, as selected by the Company’s Chief
Executive Officer and approved by Bain and Summit; and one (1) of whom shall be one of the directors designated pursuant to Section 7(b). The Compensation Committee will (i) determine the compensation of all senior employees and consultants of the
Company (including salary, bonus, equity participation and benefits) consistent with compensation of companies similar to the Company and (ii) approve the grants of any options under the Company’s stock plans; provided that no member of the
Compensation Committee may vote on his own compensation or option grant. The compensation of senior employees and consultants shall be reviewed by the 

 

 15 

 
Compensation Committee on an annual basis. The decision by a majority of the disinterested members of the Compensation Committee will control the Compensation Committee’s actions.

 (b) Audit Committee. There shall be established at all times during the term of this Agreement an Audit
Committee of the Board of Directors (the “Audit Committee”) which shall be comprised of four (4) directors as follows: one (1) of whom shall be one of the Summit Non-Independent Directors, as selected by Summit; one (1) of
whom shall be one of the Bain Non-Independent Directors, as selected by Bain; one (1) of whom shall be one of either the Summit Independent Director or the Bain Independent Director, as selected by the Company’s Chief Executive Officer and
approved by Bain and Summit; and one (1) of whom shall be one of the directors designated pursuant to Section 7(b). The Audit Committee shall determine the Company’s audit policies, review audit reports and recommendations made by the
Company’s internal audit staff and its independent auditors, meet with the Company’s independent auditors, oversee the independent auditors, and recommend the Company’s engagement of independent auditors. The decision by a majority of
the disinterested members of the Audit Committee will control the Audit Committee’s actions. 
 (c)
Additional Committees. The formation and composition of any new committee of the Board of Directors shall be unanimously approved by (1) the Bain Non-Independent Directors and (2) the Summit Non-Independent Directors. Each of Bain
and Summit shall be permitted to designate one (1) director to serve on the Acquisition Committee. 
 (d)
Compensation. The Company shall reimburse the directors and any representative designated pursuant to Section 8(f) below for all reasonable travel expenses incurred to attend and observe all meetings of the Board of Directors.

 (e) Indemnification. The Company shall indemnify the directors designated under Section 8 against
liability and absolve all directors from liability to the Company and its stockholders to the maximum extent permitted under the laws of the State of Delaware. 

(f) Observation Right. The Company shall permit each Major Investor who does not otherwise have an Affiliate
designated as a director to have one (1) representative attend each meeting of the Board of Directors of the Company and each meeting of any committee thereof; provided, however, that the Series E Purchasers together shall have
the right to only one such observer as a result of their status as Series E Purchasers, which such observer shall be determined by the majority in interest of the Series E Purchasers, and the Series E Purchasers shall have a right to have such
observer regardless of whether one or more Series E Purchaser otherwise has an Affiliate designated as a director. The Company shall send to each such Major Investor the notice of the time and place of such meeting in the same manner and at the same
time as it shall send such 
  

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notice to its directors or committee members, as the case may be. The Company shall also provide to each such Major Investor copies of all notices, reports, minutes and consents at the time and
in the manner as they are provided to the Board of Directors or any committee thereof. Notwithstanding any provision of this Section 8(f), the Company shall have the right to exclude any such Major Investor or representative thereof from access
to any meeting or portion thereof or any material if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect proprietary information or for other similar reasons.

 9. Insurance. The Company shall at all times maintain for the benefit of its officers and directors liability
insurance in scope and amount, and from an insurer, reasonably acceptable to the Major Investors holding a majority of the Shares held by all Major Investors. 

10. Drag-Along Rights. 

(a) If the Required Preferred Investors shall vote to enter into, or otherwise intend to enter into, or request that the
Company enter into, an agreement that contemplates the sale of a majority of all of the Shares (on an as converted, as exercised basis) to any Person or group of Persons who are not affiliated with any of the Preferred Investors (including by way of
merger of the Company with another entity resulting in any such Person or group of Persons owning more than fifty percent (50%) of the outstanding voting securities of the entity surviving such merger), then such Required Preferred Investors
may require that each Investor sell its “pro rata portion” of the Shares owned by such Investor, to such Person or group of Persons at the same price per share and on the same terms and conditions as are applicable to the proposed sale by
such Required Preferred Investors and/or vote such securities in favor of such a transaction, provided that the Investors shall not be required in connection with any such transaction to make any representation, warranty or covenant other
than a representation as to the Investors’ power and authority to effect such sale and as to the Investors’ title to the securities to be sold by them. Each Investor hereby grants to each of the Company’s Chief Executive Officer, the
Summit Non-Independent Directors and the Bain Non-Independent Directors, acting singly, an irrevocable proxy, coupled with an interest, to vote all Shares owned by such Investor and to take such other actions to the extent necessary to carry out the
provisions of this Section 10 and Section 12 in the event of any breach by such Investor of its obligations hereunder or thereunder. 

(b) In the event a majority of the Company’s Board of Directors and the holders of at least a majority of the shares
of Common Stock (determined on an as converted, as exercised basis but without giving effect in the numerator or the denominator to any Shares owned by Bain), including at least a majority of the Shares owned by Summit (such approving stockholders
referred to as the “Requisite Stockholders”), seek a sale of the Company to a third party, such Requisite Stockholders (or their representative) may deliver to Bain in writing a 

 

 17 

 
notice (the “Sale Notice”) specifying a price per share of Common Stock (on an as converted, as exercised basis) at which the Requisite Stockholders are willing to sell the Company for
cash (the “Agreed Price”). Bain shall within forty-five (45) days of receiving the Sale Notice from the Requisite Holders irrevocably agree in writing (such agreement, the “Sale Election”) to either (i) purchase for cash all of
the Shares not owned by Bain at the Agreed Price (to be consummated within ninety (90) days of the date of the Sale Election) or (ii) participate in a sale of the Company for cash (including voting its Shares in favor of such a transaction, if
applicable) at a price per share of Common Stock (on an as converted, as exercised basis) that equals or exceeds the greater of (A) the Agreed Price or (B) $13.00 plus accrued but unpaid dividends per share of Series D-4 Preferred Stock, as
appropriately adjusted for any stock splits, stock dividends or similar changes. Between the date on which Bain receives the Sale Notice and the later of the date on which Bain (y) purchases all of the Shares pursuant to clause (i) above or (z)
agrees (or is deemed to agree) to participate in a sale pursuant to clause (ii) above, the Company and the Investors (I) will provide Bain and its representatives with such information regarding the business, assets, financial condition, income and
prospects, and access to the sites, properties, books and records, of the Company as Bain may reasonably request, (II) will afford Bain and its representatives the opportunity to meet with management of the Company to discuss the business and
affairs of the Company and (III) will otherwise cooperate in good faith with Bain in connection with the election by Bain under the immediately preceding sentence and, if applicable, the consummation of a purchase of all the Shares pursuant to
clause (i) above and the arrangement of financing for such purchase (including participating in meetings, drafting sessions and due diligence sessions, furnishing to Bain and its financing sources such financial and other pertinent information
regarding the Company as Bain may reasonably request, assisting Bain and its financing sources in the preparation of offering documents and materials for rating agency presentations, cooperating with the marketing efforts of Bain and its financing
sources and providing and executing such documents, and taking such other actions, as Bain and its financing sources may reasonably request, in each case in connection with the financing for such purchase). If Bain shall fail to provide the Sale
Election within forty-five (45) days after receipt by Bain of the Sale Notice, Bain shall be deemed to have agreed to participate in a sale pursuant to clause (ii). The terms of any such purchase under clause (i) shall contain no representations,
warranties or covenants of the Company or the Investors except as to power and authority to enter into the transaction, capitalization and, in the case of the Investors if applicable, title of the securities to be sold by them. Bain’s agreement
to participate in a sale of the Company pursuant to clause (ii) shall provide that definitive documentation with respect to such transaction shall be executed and delivered within six (6) months of receiving the Sale Notice from the Requisite
Stockholders and that such transaction shall be closed within nine (9) months of receiving the Sale Notice from the Requisite Stockholders. Each Investor other than Bain shall also be required to sell all shares owned by it (aa) to Bain at the
Agreed Price, in the event of a sale pursuant to clause (i) above, and (bb) to the 
  

 18 

 
third party in the transaction contemplated by clause (ii) above, in the event of a sale pursuant to clause (ii) above. Notwithstanding anything to the contrary in this
Section 10(b), the Requisite Stockholders shall not have the right to deliver (or cause their representative to deliver) to Bain more than one (1) Sale Notice during any period of twelve (12) consecutive calendar months. 

(c) In order to exercise the rights under Section 10(a), the Required Preferred Investors must give notice to the
Investors not less than fifteen (15) business days prior to the proposed date upon which the contemplated transaction is to be effected. In addition, the Required Preferred Investors shall furnish to the Investors all such agreements, documents
and instruments to be executed in connection with such transaction and shall afford the Investors a reasonable period of time (but in any event not less than ten (10) business days) within which to review such agreements, documents and
instruments. 
 (d) To the extent that compliance with the drag-along obligations set forth in this
Section 10 would result in a non-exempt “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code by First Plaza Group Trust because such compliance would result in a non-exempt sale or
other transfer to a “party in interest” or “disqualified person” (within the meaning of ERISA and the Code, respectively) of First Plaza Group Trust, the drag-along obligations set forth in this Section 10 shall not apply to
such proposed sale or other transfer by First Plaza Group Trust. 
 11. Sale of the Company. 

(a) At any time on or after December 31, 2011, any Specified Investor may, at its option, give the Company a notice
(each, a “Company Sale Notice”) to the effect that such Specified Investor desires to seek a sale of the Company. Upon receipt of any Company Sale Notice, the Company shall take all reasonable actions (including the engagement of an
investment banker), and shall use its best efforts, to consummate a Company Sale Transaction as soon as practicable under the circumstances and in any event within six (6) months after receipt by the Company of such Company Sale Notice.

 (b) To facilitate the consummation of a Company Sale Transaction pursuant to this Section 11, the Company
shall cooperate with its investment banker in setting up an orderly sale process pursuant to which the investment banker shall market, and accept bids to purchase, the Company; provided that no such bid may be accepted from an Affiliate of any
Specified Investor. Upon receipt by the Company’s investment banker of bids to purchase the Company, the Company and the Specified Investors shall review such bids with the Company’s investment banker, and each Specified Investor shall
notify the Company and its investment banker as to which, if any such bid, such Specified Investor would like the Company to accept. If (i) any Specified Investor desires that the Company accept any bid and (ii) the other Specified Investor also
desires that the Company accept such bid, then the Company shall accept such bid. If 
  

 19 

 
(A) any Specified Investor desires that the Company accept any bid and (B) the other Specified Investor desires that the Company not accept any bid, then the Company shall accept the
bid specified by such Specified Investor pursuant to clause (A) of this sentence. If (1) any Specified Investor desires that the Company accept any bid and (2) the other Specified Investor desires that the Company accept any other
bid, then the Company (y) shall cause its investment banker to determine which of the two bids specified by the Specified Investors pursuant to clauses (1) and (2) of this sentence is more favorable to the stockholders of the Company
and (z) shall accept such bid. If neither Specified Investor desires that the Company accept any bid, then the Company shall not accept any bid. 

(c) If, pursuant to the foregoing provisions of this Section 11, the Company accepts any bid, then: 

(i) the Company shall, through its Board of Directors, recommend to each equity holder of the Company that such equity
holder: (A) if necessary, approve, and vote in favor of, the Company Sale Transaction contemplated by such bid; (B) sell his, her or its equity interests in the Company pursuant to the Company Sale Transaction contemplated by such bid on
the same terms and conditions as the Specified Investors are selling their respective equity interests in the Company pursuant to such Company Sale Transaction; provided, however, that the consideration received in such Company Sale
Transaction shall be distributed among the equity holders of the Company in accordance with Section 3 of Article FOUR of the Charter; and (C) execute and deliver such documents, and take such other actions as may be reasonably necessary to
effectuate the sale of the Company pursuant to the Company Sale Transaction contemplated by such bid; provided, however, that no equity holder of the Company shall be required to make any representation, warranty or covenant in
connection with such Company Sale Transaction except for representations as to (1) such equity holder’s power and authority to effect such sale and (2) such equity holder’s title to the securities to be sold by such equity
holder; 
 (ii) each Investor: (A) shall, if necessary, approve, and vote in favor of, the Company Sale
Transaction contemplated by such bid; (B) sell his, her or its Shares pursuant to the Company Sale Transaction contemplated by such bid on the same terms and conditions as the Specified Investors are selling their respective Shares in the Company
pursuant to such Company Sale Transaction; provided, however, that the consideration received in such Company Sale Transaction shall be distributed among the equity holders of the Company in accordance with Section 3 of Article FOUR of
the Charter; and (C) execute and deliver such documents, and take such other actions as may be reasonably necessary to effectuate the sale of the Company pursuant to the Company Sale Transaction contemplated by such bid; provided,
however, that no 
  

 20 

 
Investor shall be required to make any representation, warranty or covenant in connection with such Company Sale Transaction except for representations as to (1) such Investor’s power
and authority to effect such sale and (2) such Investor’s title to the Shares to be sold by such Investor; and 

(iii) each Specified Investor may give a Company Sale Notice to the Company on any number of occasions under this
Section 11; provided, however, that in no event shall such Specified Investor give a Company Sale Notice to the Company more than once during any period of twelve (12) consecutive calendar months. 

(d) Each Investor hereby grants to each of the Company’s Chief Executive Officer, the Summit Non-Independent
Directors, the Bain Non-Independent Directors and the Specified Investors, acting singly, an irrevocable proxy, coupled with an interest, to vote all Shares owned by such Investor, and to take such other actions as may be necessary on behalf of such
Investor, to carry out the provisions of this Section 11 and Section 12 in the event of any breach by such Investor of his, her or its obligations hereunder or thereunder. 

(d) To the extent that compliance with the sale obligations set forth in this Section 11 would result in a non-exempt
“prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code by First Plaza Group Trust because such compliance would result in a non-exempt sale or other transfer to a “party in
interest” or “disqualified person” (within the meaning of ERISA and the Code, respectively) of First Plaza Group Trust, the sale obligations set forth in this Section 11 shall not apply to such proposed sale or other transfer by
First Plaza Group Trust. 
 12. Voting Agreement. Each Investor agrees that, prior to the termination of this Agreement
in accordance with Section 15 hereof, at any meeting of the stockholders of the Company or in any action taken by the written consent of stockholders of the Company without a meeting, or in connection with any consent, approval, waiver or
modification of this Agreement or the Registration Rights Agreement, or with respect to an election or right under the Charter, each Investor will vote the Shares held by it in accordance with the terms contained in this Agreement and for any action
required in furtherance hereof. Prior to the termination of this Agreement, no Investor will enter into any agreement or understanding with any Person to vote or give instructions in any manner inconsistent with this Section 12. 

13. Information Rights; Inspection Rights. 

(a) The Company will furnish to each Major Investor the information set forth in this Section 13(a): 

(i) Within ninety (90) days after the end of each fiscal year of

  

 21 

 
the Company, a copy of the audited consolidated and consolidating balance sheet of the Company and its subsidiaries as at the end of such fiscal year, together with audited consolidated and
consolidating statements of income, stockholders’ equity and cash flow of the Company and its subsidiaries for such fiscal year, setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, all in
reasonable detail and accompanied by the unqualified report of a nationally recognized accounting firm, which firm shall be selected by the Board of Directors of the Company; 

(ii) Within forty-five (45) days after the end of the calendar quarter ending March 31, 2009 and within thirty
(30) days after the end of each calendar quarter thereafter, a letter from the management of the Company discussing, among other things, the revenues and operations of the Company and comparing the same to the budget for the same period;

 (iii) Within thirty (30) days after the end of each month, the preliminary consolidated and consolidating
income statements, balance sheets, and cash flow statements of the Company and its subsidiaries for such month, and for the period commencing at the end of the previous fiscal year and ending with the end of such month, setting forth in each case in
comparative form the corresponding figures for the corresponding period of the preceding fiscal year (to the extent available) and the budget, all in reasonable detail; 

(iv) A copy of the operating plan and budget for the next fiscal year of the Company as approved by the Board of Directors
of the Company; 
 (v) Promptly upon receipt thereof, any written report, so called “management
letter,” and any other reports submitted to the Company by its independent public accountants relating to the business, prospects or financial condition of the Company and its subsidiaries; 

(vi) Promptly after the commencement thereof, notice of (A) all actions, suits and proceedings before any court or
governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Company (or any subsidiary of the Company) which, if successful, would have a Material Adverse Effect; and (B) all material
defaults by the Company (or any of its subsidiaries) (whether or not declared) under any agreement for money borrowed (unless waived or cured within applicable grace periods); 

(vii) Promptly upon sending, making available, or filing the same, all reports and financial statements as the Company
shall send or make available generally to the stockholders of the Company as such or to the Securities and Exchange Commission; and 
  

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 (viii) Such other information with regard to the business, properties or the
condition or operations, financial or otherwise, of the Company as the Major Investors may from time to time reasonably request. 

(b) At any reasonable time during normal business hours, the Company will, and will cause each of its subsidiaries to,
permit (i) any Major Investor who continues to hold any shares of Series D Preferred Stock or Series E Preferred Stock, and (ii) any of the agents or representatives of such Major Investor, to examine and make copies of and extracts from
the records and books of account of, and visit the properties of, the Company or any of its subsidiaries and to discuss the Company’s affairs, finances and accounts with any of its officers or directors; provided that any Major Investor
exercising rights under this Section 13(b) shall (A) use all reasonable efforts to ensure that any such examination or visit results in a minimum of disruption to the operations of the Company and its subsidiaries and (B) shall agree
in writing to keep any proprietary information of the Company disclosed to him, her or it in the course of such inspection confidential in a manner consistent with prudent business practices and treatment of such Major Investor’s own
confidential information and to not use such proprietary information for any purpose in competition with the Company’s business. The rights granted under this Section 13(b) shall be in addition to any rights which any Major Investor may
have under applicable law in its capacity as a stockholder of the Company. 
 14. Related Party Transactions. The Company
will not enter into any transaction, or modify any existing relationship or transaction, with any officer or director of the Company or any subsidiary of the Company or holder of any class of capital stock of the Company, or any member of their
respective immediate families or any corporation or other entity directly or indirectly controlled by one or more of such officers, directors or stockholders or members of their immediate families, unless the interest of such person is disclosed in
advance to the Board of Directors, such transaction is on arm’s-length terms which are no less favorable to the Company or any subsidiary of the Company than those which could have been obtained from an unaffiliated third party, and such
transaction is approved by a disinterested majority of the Board of Directors of the Company, which shall include the Summit Non-Independent Directors and the Bain Non-Independent Directors. 

15. Term. Except as otherwise provided herein, this Agreement shall terminate on the earliest of (a) immediately prior to
consummation of (i) the first Qualified Public Offering (as defined in the Charter) or (ii) the first firm commitment underwritten public offering pursuant to an effective registration statement on Form S-1 (or its then equivalent) under
the Securities Act of 1933, as amended, (b) the consummation of a Liquidity Event (as defined in Article Four of the Charter) approved by the Required Preferred Investors, (c) the tenth anniversary of the date of this Agreement or
(d) the date on which all Shares owned by the Preferred Investors and their transferees have been repurchased or redeemed by the Company. 
  

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 16. Failure to Deliver Shares. If any Investor becomes obligated to sell any Shares
to another Investor under this Agreement and fails to deliver such Shares in accordance with the terms of this Agreement, such other Investor may, at its option, in addition to all other remedies it may have, send to the defaulting Investor the
purchase price for such Shares as is herein specified. Thereupon, the Company, upon written notice to the defaulting Investor shall (a) cancel on its books the certificate or certificates representing the Shares to be sold, and (b) issue,
in lieu thereof, in the name of such other Investor, a new certificate or certificates representing such Shares, and thereupon all of the defaulting Investor’s rights in and to such Shares shall terminate. 

17. Specific Enforcement. Each Investor expressly agrees that the other Investors and the Company may be irreparably damaged if
this Agreement is not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Agreement by any Investor, the other Investors and the Company shall, in addition to all other remedies, each be
entitled to apply for a temporary or permanent injunction, and/or a decree for specific performance, in accordance with the provisions hereof. 

18. Legend. Each certificate evidencing any of the Shares now owned or hereafter acquired by the Investors shall bear in addition
to any other legends required by other agreements or by law a legend substantially as follows: 
 “Any sale, assignment,
transfer or other disposition of the shares represented by this certificate is restricted by, and subject to, the terms and provisions of a certain Stockholders Agreement, as amended from time to time, by and among the Corporation and certain
stockholders of the Corporation. A copy of said Stockholders Agreement is on file with the Secretary of the Corporation.” 

19. Notices. Notices given hereunder shall be deemed to have been duly given on the date of personal delivery or on the date of
postmark if mailed by certified or registered mail, return receipt requested, to the party being notified at his or its address specified on Exhibit A hereto or such other address as the addressee may subsequently notify the other parties of
in writing. 
 20. Entire Agreement and Amendments. This Agreement, the Charter, the Registration Rights Agreement, and
the Management Rights Letter Agreements constitute the entire agreement of the parties with respect to the subject matter hereof and thereof and supersede any prior written or oral understanding among the Company and any other parties hereto with
respect to the subject matter hereof and thereof, including, without limitation, the Original Agreement. Neither this Agreement nor any provision hereof may be waived, modified, amended or terminated except by a written agreement signed by the
parties hereto; provided, however, that the Required Preferred Investors may effect any such waiver, modification, amendment or termination on behalf of all of the Investors; provided, that, any such waiver, modification, amendment or
termination does not adversely affect any Investor in a manner different from the effect upon the Required Preferred Investors approving such amendment, waiver, modification or 

 

 24 

 
termination. Each of the Investors represents that he, she or it is not a party to any other agreement which would prevent him, her or it from performing his, her or its obligations hereunder. No
waiver of any breach or default hereunder shall be considered valid unless in writing, and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature. 

21. Governing Law; Successors and Assigns. This Agreement shall be governed by the internal laws of the State of Delaware (or the
laws of such other state in which the Company is then incorporated) without giving effect to the conflicts of laws principles thereof and, except as otherwise provided herein, shall be binding upon the heirs, personal representatives, executors,
administrators, successors and assigns of the parties. 
 22. Severability. If any provision of this Agreement shall be
held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement,
and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 

23. Captions. Captions are for convenience only and are not deemed to be part of this Agreement. 

24. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. 
 25. Shares Owned by Affiliates. For the purposes of
applying all provisions of this Agreement which condition the receipt of information or access to information or exercise of any rights upon ownership of a specified number or percentage of shares, the shares owned of record by any Affiliate of an
Investor shall be deemed to be owned by such Investor. 
 26. Additional Parties. Any additional Persons who shall
execute an Instrument of Accession substantially in the form attached hereto as Exhibit B, by virtue of the execution of such Instrument of Accession, shall be deemed an Investor hereunder and thereupon Exhibit A attached hereto shall
be automatically amended without further action on the part of any of the parties hereto to reflect that such Person is to be considered an Investor hereunder. 

27. Original Agreement. Effective and contingent upon execution of this Agreement by the Company, the Series E Purchasers and the
Required Preferred Investors under the Original Agreement, the Original Agreement is hereby amended and restated in its entirety to read as set forth in this Agreement, and the Company and the Investors agree to be bound by the provisions hereof as
the agreement of the Company and the Investors with respect to the matters set forth herein. Upon execution of this Agreement, no Investor shall have any rights under the Original Agreement and the Original Agreement shall have no further force and
effect. As used herein, the phrase “date of this Agreement” shall mean April 1, 2009. 
  

 25 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date and year first above
written. 
  

			
	COMPANY:
	
	FLEETCOR TECHNOLOGIES, INC.
		
	By:	 	 /s/ Ronald F. Clarke

	Name:	 	Ronald F. Clarke
	Title:	 	Chief Executive Officer

  

			
	Address:	 	655 Engineering Drive
		 	Suite 300
		 	Norcross, GA 30092
		 	U.S.A
		 	Attn: Chief Executive Officer

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	INVESTORS:	 	
	
	The signatures below represent the Investors that constitute at least the “Required Preferred Investors” under the Original Agreement necessary to amend and
restate the Original Agreement and the lack of a signature with respect to any other Investor shall not affect the effectiveness of this Agreement.

 

			
	WM. B. REILY & COMPANY, INC.
		
	By:	 	 /s/ C. James McCarthy III

	Name:	 	C. James McCarthy III
	Title:	 	President

  

			
	Address:	 	640 Magazine Street
		 	New Orleans, LA 70130
		 	USA
		 	Attn: Wm. Boatner Reily III

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	 CHESTNUT HILL FUEL, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	Address:	 	60 William Street
		 	Suite 230
		 	Wellesley, MA 02481
		 	USA
		 	Attn: Demos Kouvaris

  

			
	RICHARD A. SMITH AND NANCY LURIE MARKS, AS TRUSTEES OF THE TRUST UNDER THE WILL OF PHILIP SMITH FBO RICHARD A. SMITH
		
	By:	 	  

	Name:	 	 Richard A. Smith, solely in his

capacity as Trustee and not individually

		
	By:	 	  

	Name:	 	 Nancy Lurie Marks, solely in her

capacity as Trustee and not individually

 

			
	Address:	 	c/o Chestnut Hill Ventures, LLC
		 	60 William Street
		 	Suite 230
		 	Wellesley, MA 02481
		 	USA
		 	Attn: Demos Kouvaris

 [Signature Page
to the Sixth Amended and Restated Stockholders Agreement] 

			
	 ADVANTAGE CAPITAL PARTNERS V

LIMITED PARTNERSHIP

		
	By:	 	Advantage Capital Advisors, L.L.C.,
		 	its general partner
		
	By:	 	 /s/ Steven T. Stull

	Name:	 	Steven T. Stull
	Title:	 	President

			
		
	Address:	 	LL&E Tower
		 	909 Poydras Street
		 	Suite 2230
		 	New Orleans, LA 70112
		 	USA
		 	Attn: Steven T. Stull

			
	
	ADVANTAGE CAPITAL PARTNERS VI LIMITED PARTNERSHIP
		
	By:	 	Advantage Capital NOLA VI, LLC,
		 	its general partner
		
	By:	 	 /s/ Steven T. Stull

	Name:	 	Steven T. Stull
	Title:	 	President

  

			
	Address:	 	LL&E Tower
		 	909 Poydras Street
		 	Suite 2230
		 	New Orleans, LA 70112
		 	USA
		 	Attn: Steven T. Stull

 [Signature
Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	ADVANTAGE CAPITAL PARTNERS VIII LIMITED PARTNERSHIP
		
	By:	 	Advantage Capital NOLA VIII, LLC,
		 	its general partner
		
	By:	 	 /s/ Steven T. Stull

	Name:	 	Steven T. Stull
	Title:	 	

  

			
	Address:	 	LL&E Tower
		 	909 Poydras Street
		 	Suite 2230
		 	New Orleans, LA 70112
		 	USA
		 	Attn: Steven T. Stull

  

			
	 ADVANTAGE CAPITAL PARTNERS X

LIMITED PARTNERSHIP

		
	By:	 	Advantage Capital NOLA X, LLC,
		 	its general partner
		
	By:	 	 /s/ Steven T. Stull

	Name:	 	Steven T. Stull
	Title:	 	

  

			
	Address:	 	LL&E Tower
		 	909 Poydras Street
		 	Suite 2230
		 	New Orleans, LA 70112
		 	USA
		 	Attn: Steven T. Stull

 [Signature
Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	 ADVANTAGE CAPITAL FINANCIAL

COMPANY, LLC

		
	By:	 	 /s/ Steven T. Stull

	Name:	 	Steven T. Stull
	Title:	 	President

  

			
	Address:	 	LL&E Tower
		 	909 Poydras Street
		 	Suite 2230
		 	New Orleans, LA 70112
		 	USA
		 	Attn: Steven T. Stull

  

			
	 ADVANTAGE CAPITAL MANAGEMENT

FUND, LLC

		
	By:	 	 /s/ Steven T. Stull

	Name:	 	Steven T. Stull
	Title:	 	President

  

			
	Address:	 	LL&E Tower
		 	909 Poydras Street
		 	Suite 2230
		 	New Orleans, LA 70112
		 	USA
		 	Attn: Steven T. Stull

 [Signature
Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	SUMMIT VI ADVISORS FUND, L.P.
		
	By:	 	Summit Partners VI (GP), L.P.
		 	Its General Partner
		
	By:	 	Summit Partners VI (GP), LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Manager Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

  

			
	SUMMIT VI ENTREPRENEURS FUND, L.P.
		
	By:	 	Summit Partners VI (GP), L.P.
		 	Its General Partner
		
	By:	 	Summit Partners VI (GP), LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Manager Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	SUMMIT VENTURES VI-A, L.P.
		
	By:	 	Summit Partners VI (GP), L.P.
		 	Its General Partner
		
	By:	 	Summit Partners VI (GP), LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Manager Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

  

			
	SUMMIT VENTURES VI-B, L.P.
		
	By:	 	Summit Partners VI (GP), L.P.
		 	Its General Partner
		
	By:	 	Summit Partners VI (GP), LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Manager Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	SUMMIT INVESTORS VI, L.P.
		
	By:	 	Summit Partners VI (GP), L.P.
		 	Its General Partner
		
	By:	 	Summit Partners VI (GP), LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Manager Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

  

			
	SUMMIT SUBORDINATED DEBT FUND II, L.P.
		
	By:	 	Summit Partners SD II, LLC
		 	Its General Partner
		
	By:	 	Stamps, Woodsum & Co. IV
		 	Its Managing Member
		
	By:	 	 /s/ John Carroll

		 	General Partner

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	 SUMMIT PARTNERS PRIVATE EQUITY

FUND VII-A, L.P.

		
	By:	 	Summit Partners PE VII, L.P.
		 	Its General Partner
	By:	 	Summit Partners PE VII, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

  

			
	 SUMMIT PARTNERS PRIVATE EQUITY

FUND VII-B, L.P.

		
	By:	 	Summit Partners PE VII, L.P.
		 	Its General Partner
	By:	 	Summit Partners PE VII, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	SUMMIT INVESTORS I, LLC
		
	By:	 	Summit Investors Management, LLC
		 	Its Manager
	By:	 	Summit Partners, L.P.
		 	Its Manager
	By:	 	Summit Master Company, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

  

			
	SUMMIT INVESTORS I (UK), L.P.
		
	By:	 	Summit Investors Management, LLC
		 	Its General Partner
	By:	 	Summit Partners, L.P.
		 	Its Manager
	By:	 	Summit Master Company, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member

  

			
	Address:	 	c/o Summit Partners
		 	222 Berkeley Street
		 	18th Floor

		 	Boston, MA 02116
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	NAUTIC PARTNERS V, L.P.
		
	By:	 	Nautic Management V, L.P.
		 	Its General Partner
		
	By:	 	 /s/ Habib Y. Gorgi

	Name:	 	Habib Y. Gorgi
	Title:	 	Managing Director

  

			
	Address:	 	50 Kennedy Plaza
		 	12th Floor
		 	Providence, RI 02903
		 	USA
		 	Attn: Habib Y. Gorgi

  

			
	KENNEDY PLAZA PARTNERS III, LLC
		
	By:	 	Nautic Management V, L.P.
	Its:	 	Manager
		
	By:	 	 /s/ Habib Y. Gorgi

	Name:	 	Habib Y. Gorgi
	Title:	 	Managing Director

  

			
	Address:	 	50 Kennedy Plaza
		 	12th Floor

		 	Providence, RI 02903
		 	USA
		 	Attn: Habib Y. Gorgi

 [Signature Page
to the Sixth Amended and Restated Stockholders Agreement] 

			
	PERFORMANCE DIRECT INVESTMENTS II, L.P.
	By:	 	Performance Direct Investors II GP, LLC, its general partner
	By:	 	Performance Equity Management, LLC, its manager

 

			
	 /s/ Marcia Haydel

	By:	 	Marcia Haydel
	Its:	 	Managing Director

 

			
	Address:	 	c/o Performance Equity Management, LLC
		 	2 Pickwick Plaza
		 	Suite 310
		 	Greenwich, CT 06830-5424
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-127 *
	
	/s/ Edward J. Petrow
	By:	 	Edward J. Petro
	Its:	 	Vice President

  

			
	Address:	 	JP Morgan Chase Bank
		 	Private Equity Fund Services
		 	1 Chase Manhattan Plaza
17th Fl.
		 	New York, NY 10005-1401
		 	USA

  

 

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-127 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza
Group Trust (“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-127, the Company’s recourse shall be limited and attributable
solely to the assets of pool PMI-127 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in
connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-127 shall inure solely to pool PMI-127 and not to FPGT generally. 

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-128 *
	
	/s/ Edward J. Petrow
	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

			
	Address:	 	JP Morgan Chase Bank
		 	Private Equity Fund Services
		 	1 Chase Manhattan Plaza
17th Fl.
		 	New York, NY 10005-1401
		 	USA

  

 

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-128 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza
Group Trust (“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-128, the Company’s recourse shall be limited and attributable
solely to the assets of pool PMI-128 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in
connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-128 shall inure solely to pool PMI-128 and not to FPGT generally. 

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-129 *
	
	/s/ Edward J. Petrow
	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

			
	Address:	 	JP Morgan Chase Bank
		 	Private Equity Fund Services
		 	1 Chase Manhattan Plaza
17th Fl.
		 	New York, NY 10005-1401
		 	USA

  

 

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-129 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza
Group Trust (“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-129, the Company’s recourse shall be limited and attributable
solely to the assets of pool PMI-129 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in
connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-129 shall inure solely to pool PMI-129 and not to FPGT generally. 

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-130 *
	
	/s/ Edward J. Petrow
	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

			
	Address:	 	JP Morgan Chase Bank
		 	Private Equity Fund Services
		 	1 Chase Manhattan Plaza
17th Fl.
		 	New York, NY 10005-1401
		 	USA

  

 

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-130 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza
Group Trust (“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-130, the Company’s recourse shall be limited and attributable
solely to the assets of pool PMI-130 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in
connection with or related to the investment in the Company made pursuant to the Series E Purchase Agreement for the benefit of pool PMI-130 shall inure solely to pool PMI-130 and not to FPGT generally. 

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

			
	BAIN CAPITAL FUND VIII, LLC
		
	By:	 	Bain Capital Fund VIII, L.P.,
		 	Its sole member
		
	By:	 	Bain Capital Partners VIII, L.P.,
		 	Its general partner
		
	By:	 	Bain Capital Investors, LLC,
		 	Its general partner
		
	By:	 	 /s/ Andrew Balson

	Name:	 	Andrew Balson
	Title:	 	Managing Director

  

			
	Address:	 	c/o Bain Capital, LLC
		 	111 Huntington Avenue
		 	Boston, MA 02199
		 	USA

  

			
	BCIP ASSOCIATES III, LLC
		
	By:	 	BCIP Associates III,
		 	Its manager
		
	By:	 	Bain Capital Investors, LLC,
		 	Its managing partner
		
	By:	 	 /s/ Andrew Balson

	Name:	 	Andrew Balson
	Title:	 	Managing Director

  

			
	Address:	 	c/o Bain Capital, LLC
		 	111 Huntington Avenue
		 	Boston, MA 02199
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	BCIP T ASSOCIATES III, LLC
		
	By:	 	BCIP Trust Associates III,
		 	Its manager
		
	By:	 	Bain Capital Investors, LLC,
		 	Its managing partner
		
	By:	 	 /s/ Andrew Balson

	Name:	 	Andrew Balson
	Title:	 	Managing Director

 

			
	Address:	 	c/o Bain Capital, LLC
		 	111 Huntington Avenue
		 	Boston, MA 02199
		 	USA

  

			
	BCIP ASSOCIATES III-B, LLC
		
	By:	 	BCIP Associates III-B,
		 	Its manager
		
	By:	 	Bain Capital Investors, LLC,
		 	Its managing partner
		
	By:	 	 /s/ Andrew Balson

	Name:	 	Andrew Balson
	Title:	 	Managing Director

 

			
	Address:	 	c/o Bain Capital, LLC
		 	111 Huntington Avenue
		 	Boston, MA 02199
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	BCIP T ASSOCIATES III-B, LLC
		
	By:	 	BCIP Trust Associates III-B
		 	Its manager
		
	By:	 	Bain Capital Investors, LLC,
		 	Its managing partner
		
	By:	 	 /s/ Andrew Balson

	Name:	 	Andrew Balson
	Title:	 	Managing Director

  

			
	Address:	 	c/o Bain Capital, LLC
		 	111 Huntington Avenue
		 	Boston, MA 02199
		 	USA

  

			
	BCIP ASSOCIATES – G
		
	By:	 	Bain Capital Investors, LLC,
		 	Its managing partner
		
	By:	 	 /s/ Andrew Balson

	Name:	 	Andrew Balson
	Title:	 	Managing Director

  

			
	Address:	 	c/o Bain Capital, LLC
		 	111 Huntington Avenue
		 	Boston, MA 02199
		 	USA

  

			
	 RGIP, LLC

		
	By:	 	 /s/ R. Newcomb Stillwell

	Name:	 	 R. Newcomb Stillwell

	Title:	 	Managing Member

  

			
	Address:	 	c/o Ropes & Gray, LLP
		 	1 International Place
		 	Boston, MA 02110
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

	
	 /s/ Peter Vallis

	 Peter Vallis

 

			
	Address:	 	Fairfields
		 	Shendish
		 	Hemel Hempstead
		 	Herts
		 	HP3 OXA
		 	United Kingdom

 [Signature Page to
the Sixth Amended and Restated Stockholders Agreement] 

			
	ADVENT PARTNERS III LIMITED PARTNERSHIP
		
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA
	
	ADVENT CENTRAL & EASTERN EUROPE III LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	ADVENT CENTRAL & EASTERN EUROPE III-A LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA

  

			
	ADVENT CENTRAL & EASTERN EUROPE III-B LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	ADVENT CENTRAL & EASTERN EUROPE III-C LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA
	
	ADVENT CENTRAL & EASTERN EUROPE III-D LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	ADVENT CENTRAL & EASTERN EUROPE III-E LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	 Address:
	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA

  

			
	ADVENT PARTNERS ACEE III LIMITED PARTNERSHIP
		
	By:	 	Advent International Corporation, General
		 	Partner
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

  

			
	Address:	 	c/o Advent International Corporation
		 	75 State Street
		 	2nd Floor

		 	Boston, MA 02109
		 	USA

 [Signature Page to the Sixth
Amended and Restated Stockholders Agreement] 

			
	HARBOURVEST PARTNERS VIII-BUYOUT FUND L.P.
		
	By:	 	HarbourVest VIII-Buyout Associates L.P.
		 	Its General Partner
	By:	 	HarbourVest VIII-Buyout Associates LLC
		 	Its General Partner
	By:	 	HarbourVest Partners, LLC
		 	Its Managing Member
		
	By:	 	 /s/ Robert M. Wadsworth

 

			
	Address:	 	c/o HarbourVest Partners,
		 	LLC
		 	One Financial Center
		 	44th Floor

		 	Boston, MA 02111
		 	Attn: Robert M. Wadsworth

  

			
	HARBOURVEST PARTNERS 2007 DIRECT FUND L.P.
		
	By:	 	HarbourVest 2007 Direct Associates L.P.
		 	Its General Partner
	By:	 	HarbourVest 2007 Direct Associates LLC
		 	Its General Partner
	By:	 	HarbourVest Partners, LLC
		 	Its Managing Member
		
	By:	 	 /s/ Robert M. Wadsworth

 

			
	Address:	 	c/o HarbourVest Partners, LLC
		 	One Financial Center
		 	44th Floor

		 	Boston, MA 02111
		 	Attn: Robert M. Wadsworth

[Signature Page to the Sixth Amended and Restated Stockholders Agreement] 

 Schedule I 

Outstanding options under Amended and Restated Stock Incentive Plan (3,333,765 shares) 

Available but unissued options under Amended and Restated Incentive Plan (90,252 shares) 

 EXHIBIT A 

 

							
	 Name of Holder
	  	Number of Shares
of Common 
Stock	  	Number of Shares
of Series 
D Preferred Stock	  	Number of Shares
of Series 
E Preferred Stock
				
	 Common Investors:
	  		  		  	
				
	 Ronald F. Clarke

*
	  	873,077	  	101,923	  	—  
				
	 Scott Ruoff

*
	  	50,519	  	19,231	  	—  
				
	 Steven Smith

*
	  	42,269	  	19,231	  	—  
				
	 Steve Harned

*
	  	31,250	  	—  	  	—  
				
	 Thomas Griffith
	  	59,635	  	9,615	  	—  
				
	 William Schmit

*
	  	58,197	  	9,615	  	—  
				
	 Robert Brandes

*
	  	31,875	  	—  	  	—  
				
	 Eric Dey

*
	  	79,219	  	—  	  	—  

							
				
	 Mark Lavin

*
	  	44,250	  	—  	  	—  
				
	 Ken Greenway

*
	  	48,000	  	—  	  	—  
				
	 Benton Routh

*
	  	25,000	  	—  	  	—  
				
	 Charles Freund

*
	  	40,000	  	—  	  	—  
				
	 Don Trosclair

*
	  	6,250	  	—  	  	—  
				
	 Morris Kagan

*
	  	2,750	  	—  	  	—  
				
	 Alice Hafkey

*
	  	10,625	  	—  	  	—  
				
	 Elliott Watts

*
	  	4,000	  	—  	  	—  
				
	 Robert Slauterbeck and Diana L. Slauterbeck

*
	  	875	  	—  	  	—  
				
	 Patrick Sharkey

*
	  	625	  	—  	  	—  
				
	 Daniel Moos
	  	—  	  	15,385	  	—  

							
				
	 Bob Phillips
	  	93,667	  	—  	  	—  
				
	 Patricia Phillips
	  	93,666	  	—  	  	—  
				
	 Chris Welsh
	  	55,600	  	—  	  	—  
				
	 Michelle Baker
	  	6,250	  	—  	  	—  
				
	 Rich McCloskey
	  	5,500	  	—  	  	—  
				
	 John Mittleman
	  	1,000	  	—  	  	—  
				
	 David Mauldin
	  	6,250	  	—  	  	—  
				
	 Frank Mann
	  	6,250	  	—  	  	—  

							
				
	 Scott Jernigan
	  	2,500	  	—  	  	—  
				
	 Stuart Cannes
	  	5,000	  	—  	  	—  
				
	 John Scargle
	  	5,000	  	—  	  	—  
				
	 Cheryl Woodall
	  	11,250	  	—  	  	—  
				
	 Matthew Finn and Michael Ann Finn
	  	6,500	  	—  	  	—  
				
	 Julia Thompson
	  	2,000	  	—  	  	—  
				
	 Andrew Buletko and Lisa J. Buletko
	  	1,250	  	—  	  	—  
				
	 Susan Miller
	  	2,500	  	—  	  	—  

							
				
	 Celia Skinner
	  	2,000	  	—  	  	—  
				
	 Patrick Sharkey
	  	625	  	—  	  	—  
				
	 Drago Dzerve and Jaime Dzerve
	  	10,000	  	—  	  	—  
				
	 Kara Mia Wray
	  	1,300	  	—  	  	—  
				
	 Wade Myers
	  	4,250	  	—  	  	—  
				
	 Shad and Katharine Gates
	  	2,100	  	—  	  	—  
				
	 Glenn Marschel
	  	100,500	  	—  	  	—  
				
	 Mark Johnson
	  	80,500	  	—  	  	—  
				
	 Addario Family Limited Partnership
	  	50,000	  	—  	  	—  

							
				
	 Texas Fleet Fuel, Ltd.
	  	11,228	  	—  	  	—  
				
	 Barney Holland Oil Company
	  	11,817	  	—  	  	—  
				
	 Guttman Oil Company
	  	2,387	  	—  	  	—  

  

							
	 Name of Holder
	  	Number of Shares
of Common 
Stock	  	Number of Shares
of Series 
D Preferred Stock	  	Number of Shares
of 
Series E Preferred Stock
				
	 Preferred Investors:
	  		  		  	
				
	 Chestnut Hill Fuel, Inc.
	  	3,263,742	  	477,625	  	—  
				
	 Richard A. Smith and Nancy Lurie Marks, as trustees of the trust under the will of Philip Smith
fbo Richard A. Smith
	  	—  	  	250,000	  	—  

							
				
	 Wm. B. Reily & Company, Inc.
	  	1,313,555	  	683,482	  	100,000
				
	 Summit VI Advisors Fund, L.P.
	  	88,644	  	48,600	  	—  
				
	 Summit VI Entrepreneurs Fund, L.P.
	  	136,098	  	74,618	  	—  
				
	 Summit Ventures VI-A, L.P.
	  	4,262,297	  	2,336,867	  	—  
				
	 Summit Ventures VI-B, L.P.
	  	1,777,548	  	974,567	  	—  

							
				
	 Summit Investors VI, L.P.
	  	35,938	  	19,196	  	—  
				
	 Summit Subordinated Debt Fund II, L.P.
	  	145,654	  	—  	  	25,208
				
	 Summit Partners Private Equity Fund VII-A, L.P.
	  	—  	  	—  	  	1,050,424
				
	 Summit Partners Private Equity Fund VII-B, L.P.
	  	—  	  	—  	  	630,901

							
				
	 Summit Investors I, LLC
	  	—  	  	—  	  	6,044
				
	 Summit Investors I (UK), L.P.
	  	—  	  	—  	  	634
				
	 Summit Investors VI, L.P.
	  	—  	  	—  	  	122
				
	 Advantage Capital Partners V Limited Partnership
	  	—  	  	144,674	  	—  
				
	 Advantage Capital Partners VI Limited Partnership
	  	—  	  	472,931	  	28,498

							
				
	 Advantage Capital Partners VIII Limited Partnership
	  	—  	  	112,441	  	—  
				
	 Advantage Capital Partners X Limited Partnership
	  	—  	  	95,784	  	36,667
				
	 Advantage Capital Management Fund, LLC
	  	—  	  	—  	  	41,668
				
	 Advantage Capital Financial Company, LLC
	  	—  	  	—  	  	26,500

							
				
	 Bain Capital Fund VIII, LLC
	  	—  	  	5,483,599	  	—  
				
	 BCIP Associates III, LLC
	  	—  	  	126,025	  	—  
				
	 BCIP T Associates III, LLC
	  	—  	  	59,077	  	—  
				
	 BCIP Associates III-B, LLC
	  		  	9,951	  	
				
	 BCIP T Associates III-B, LLC
	  	—  	  	31,429	  	—  
				
	 BCIP Associates - G
	  	—  	  	1,458	  	—  
				
	 RGIP, LLC
	  	—  	  	57,692	  	—  

							
				
	 Peter Vallis
	  	—  	  	575,854	  	76,667
				
	 Advent Partners III Limited Partnership
	  	—  	  	2,285	  	265
				
	 Advent Central & Eastern Europe III Limited Partnership
	  	—  	  	737,955	  	98,744
				
	 Advent Central & Eastern Europe III - A Limited Partnership
	  	—  	  	565,758	  	75,754

							
				
	 Advent Central & Eastern Europe III - B Limited Partnership
	  	—  	  	80,481	  	10,762
				
	 Advent Central & Eastern Europe III - C Limited Partnership
	  	—  	  	109,450	  	14,619
				
	 Advent Central & Eastern Europe III - D Limited Partnership
	  	—  	  	166,085	  	22,192
				
	 Advent Central & Eastern Europe III - E Limited Partnership
	  	—  	  	139,321	  	18,606

							
				
	 Advent Partners ACEE III Limited Partnership
	  	—  	  	17,861	  	2,391
				
	 Nautic Partners V, L.P. 
	  	—  	  	—  	  	266,400
				
	 Kennedy Plaza Partners III, LLC
	  	—  	  	—  	  	267
				
	 Performance Direct Investments II, L.P. Management, LLC
	  	—  	  	—  	  	277,174
				
	 JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of
pool PMI-127
	  	—  	  	—  	  	176,911

							
				
	 JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-128
	  	—  	  	—  	  	39,307
				
	 JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-129
	  	—  	  	—  	  	31,219
				
	 JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-130
	  	—  	  	—  	  	8,723
				
	 HarbourVest Partners VIII-Buyout Fund L.P.
	  	—  	  	—  	  	166,667
				
	 HarbourVest Partners 2007 Direct Fund L.P.
	  	—  	  	—  	  	166,666

  

			
	 *Send to:
	 	c/o FleetCor Technologies, Inc.
		 	655 Engineering Drive, Suite 300
		 	Norcross, GA 30092

 EXHIBIT B 

FLEETCOR TECHNOLOGIES, INC. 

INSTRUMENT OF ACCESSION 

The undersigned,
                    , as a condition precedent to becoming the owner or holder of record of
                     (            ) shares of the
             Stock, par value $0.001 per share, of FleetCor Technologies Inc., a Delaware corporation (the “Company”), hereby agrees to become a party to
and bound by that certain Sixth Amended and Restated Stockholders Agreement, dated as of April 1, 2009, as amended and in effect (the “Stockholders Agreement”) by and among the Company and certain stockholders of the Company and
agrees to be treated as an “             Investor” for purposes of such Stockholders Agreement. This Instrument of Accession shall take effect and shall become an integral
part of the such Stockholders Agreement immediately upon execution and delivery to the Company of this Instrument of Accession. 

IN WITNESS WHEREOF, this INSTRUMENT OF ACCESSION has been duly executed by or on behalf of the undersigned, as a sealed instrument under
the laws of the State of Delaware, as of the date below written. 
  

			
	Signature:
	  

	 (Print Name)

		
	 Address:
	 	

			
		
	 Date:
	 	  

			
		
	 Accepted:
	 	
	
	 FLEETCOR TECHNOLOGIES, INC.

			
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

			
		
	 Date:Amended and Restated Credit Agreement

 Exhibit 10.1 

 

	**	Indicates a portion of the schedule or exhibit to this Agreement has been omitted based on a request for confidential treatment submitted to the Securities and
Exchange Commission. The omitted portions have been filed separately with the Commission. 

 AMENDED AND
RESTATED 
 CREDIT AGREEMENT 

dated September 23, 2004 

by and among 

URBAN OUTFITTERS, INC., 

and its Subsidiaries listed on Schedule 1 hereto, 

as Borrowers, 

the Lenders referred to herein, 

and 
 WACHOVIA
BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

 TABLE OF CONTENTS 

 

					
	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	 Section 1.1
	 	Definitions	  	1
	 Section 1.2
	 	General	  	15
	 Section 1.3
	 	Other Definitions and Provisions	  	15
		
	 ARTICLE II CREDIT FACILITY
	  	15
	 Section 2.1
	 	Loans	  	15
	 Section 2.2
	 	Procedure for Advances of Loans	  	16
	 Section 2.3
	 	Repayment of Loans	  	17
	 Section 2.4
	 	Notes	  	17
	 Section 2.5
	 	Change in Commitment	  	18
	 Section 2.6
	 	Termination of the Aggregate Commitment	  	18
	 Section 2.7
	 	Use of Proceeds	  	18
	 Section 2.8
	 	Joint and Several Obligations	  	18
	 Section 2.9
	 	Dollar Equivalent	  	19
		
	 ARTICLE III LETTERS OF CREDIT
	  	19
	 Section 3.1
	 	L/C Commitment	  	19
	 Section 3.2
	 	Terms of Letters of Credit	  	19
	 Section 3.3
	 	Existing Letters of Credit issued by Wachovia	  	20
	 Section 3.4
	 	Cash Collateral for Letters of Credit	  	20
	 Section 3.5
	 	Procedure for Issuance of Letters of Credit	  	21
	 Section 3.6
	 	Commissions and Other Charges	  	21
	 Section 3.7
	 	L/C Participations	  	21
	 Section 3.8
	 	Reimbursement Obligation of the Borrowers	  	22
	 Section 3.9
	 	Obligations Absolute	  	22
	 Section 3.10
	 	General Terms of Documentary Letters of Credit	  	23
	 Section 3.11
	 	Effect of Application	  	24
	 Section 3.12
	 	Letter of Credit Documents	  	24
		
	 ARTICLE IV GENERAL LOAN PROVISIONS
	  	24
	 Section 4.1
	 	Interest	  	24
	 Section 4.2
	 	Notice and Manner of Conversion or Continuation of Loans	  	26
	 Section 4.3
	 	Fees	  	27
	 Section 4.4
	 	Manner of Payment	  	27
	 Section 4.5
	 	Credit of Payments and Proceeds	  	27
	 Section 4.6
	 	Changed Circumstances	  	28
	 Section 4.7
	 	Indemnity	  	29
	 Section 4.8
	 	Capital Requirements	  	30
	 Section 4.9
	 	Taxes	  	30
	 Section 4.10
	 	Guaranty	  	31
	 Section 4.11
	 	Adjustments	  	31
	 Section 4.12
	 	 Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the Administrative Agent
	  	32
	 Section 4.13
	 	Currencies; Currency Equivalent and Related Provisions	  	32

  

 -i- 

					
	 ARTICLE V CLOSING; CONDITIONS OF CLOSING AND BORROWING
	  	34
	 Section 5.1
	 	Closing	  	34
	 Section 5.2
	 	Conditions to Closing and Initial Extensions of Credit	  	34
	 Section 5.3
	 	Conditions to All Extensions of Credit	  	36
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE BORROWERS
	  	37
	 Section 6.1
	 	Representations and Warranties	  	37
	 Section 6.2
	 	Survival of Representations and Warranties, Etc.	  	43
		
	 ARTICLE VII FINANCIAL INFORMATION AND NOTICES
	  	43
	 Section 7.1
	 	Financial Statements and Projections	  	43
	 Section 7.2
	 	Officer’s Compliance Certificate	  	44
	 Section 7.3
	 	Accountants’ Certificate	  	44
	 Section 7.4
	 	Other Reports	  	44
	 Section 7.5
	 	Notice of Litigation and Other Matters	  	45
	 Section 7.6
	 	Accuracy of Information	  	45
		
	 ARTICLE VIII AFFIRMATIVE COVENANTS
	  	45
	 Section 8.1
	 	Preservation of Corporate Existence and Related Matters	  	45
	 Section 8.2
	 	Maintenance of Property	  	46
	 Section 8.3
	 	Insurance	  	46
	 Section 8.4
	 	Accounting Methods and Financial Records	  	46
	 Section 8.5
	 	Payment and Performance of Obligations	  	46
	 Section 8.6
	 	Compliance With Laws and Approvals	  	46
	 Section 8.7
	 	Environmental Laws	  	46
	 Section 8.8
	 	Compliance with ERISA	  	47
	 Section 8.9
	 	Compliance With Agreements	  	47
	 Section 8.10
	 	Conduct of Business	  	47
	 Section 8.11
	 	Visits and Inspections	  	47
	 Section 8.12
	 	Additional Guarantors	  	47
	 Section 8.13
	 	Maintain Cash Collateral Account	  	47
	 Section 8.14
	 	Subsequent Credit Terms	  	47
	 Section 8.15
	 	Opinions of Counsel to Non-U.S. Borrowers	  	48
	 Section 8.16
	 	Further Assurances	  	48
	 Section 8.17
	 	Bank Accounts	  	48
		
	 ARTICLE IX FINANCIAL COVENANTS
	  	48
	 Section 9.1
	 	Fixed Charge Coverage Ratio	  	48
	 Section 9.2
	 	Adjusted Debt to EBITDAR Ratio	  	48
		
	 ARTICLE X NEGATIVE COVENANTS
	  	48
	 Section 10.1
	 	Limitations on Debt	  	48
	 Section 10.2
	 	Limitations on Guaranty Obligations	  	49
	 Section 10.3
	 	Limitations on Liens	  	50
	 Section 10.4
	 	Limitations on Loans, Advances, Investments and Acquisitions	  	50
	 Section 10.5
	 	Limitations on Mergers and Liquidation	  	51
	 Section 10.6
	 	Limitations on Sale of Assets	  	51
	 Section 10.7
	 	Limitations on Dividends and Distributions	  	52
	 Section 10.8
	 	Limitations on Exchange and Issuance of Capital Stock	  	52
	 Section 10.9
	 	Transactions with Affiliates	  	52
	 Section 10.10
	 	Certain Accounting Changes	  	52
	 Section 10.11
	 	Amendments; Payments and Prepayments of Subordinated Debt	  	53
	 Section 10.12
	 	Restrictive Agreements	  	53

  

 -ii- 

					
	 Section 10.13
	 	Capital Expenditures	  	53
		
	 ARTICLE XI DEFAULT AND REMEDIES
	  	53
	 Section 11.1
	 	Events of Default	  	53
	 Section 11.2
	 	Remedies	  	55
	 Section 11.3
	 	Rights and Remedies Cumulative; Non-Waiver, etc.	  	55
		
	 ARTICLE XII THE ADMINISTRATIVE AGENT
	  	56
	 Section 12.1
	 	Appointment	  	56
	 Section 12.2
	 	Delegation of Duties	  	56
	 Section 12.3
	 	Exculpatory Provisions	  	56
	 Section 12.4
	 	Reliance by the Administrative Agent	  	56
	 Section 12.5
	 	Notice of Default	  	57
	 Section 12.6
	 	Non-Reliance on the Administrative Agent and Other Lenders	  	57
	 Section 12.7
	 	Indemnification	  	58
	 Section 12.8
	 	The Administrative Agent in Its Individual Capacity	  	58
	 Section 12.9
	 	Resignation of the Administrative Agent; Successor Administrative Agent	  	58
		
	 ARTICLE XIII MISCELLANEOUS
	  	58
	 Section 13.1
	 	Notices	  	58
	 Section 13.2
	 	Expenses; Indemnity	  	60
	 Section 13.3
	 	Set-off	  	60
	 Section 13.4
	 	Governing Law	  	60
	 Section 13.5
	 	Consent to Jurisdiction; Service of Process	  	60
	 Section 13.6
	 	Waiver of Jury Trial; Preservation of Remedies	  	61
	 Section 13.7
	 	Reversal of Payments	  	61
	 Section 13.8
	 	Injunctive Relief; Punitive Damages	  	62
	 Section 13.9
	 	Accounting Matters	  	62
	 Section 13.10
	 	Successors and Assigns; Participations	  	62
	 Section 13.11
	 	Disclosure of Information; Confidentiality	  	64
	 Section 13.12
	 	Patriot Act Notice	  	64
	 Section 13.13
	 	Amendments, Waivers and Consents	  	64
	 Section 13.14
	 	Agreement Controls	  	64
	 Section 13.15
	 	Covenants Independent	  	65
	 Section 13.16
	 	Survival	  	65
	 Section 13.17
	 	Counterparts	  	65
	 Section 13.18
	 	Headings	  	65
	 Section 13.19
	 	Severability	  	65
	 Section 13.20
	 	Entirety	  	65
	 Section 13.21
	 	Termination	  	65
	 Section 13.22
	 	Payment of Borrowers’ Obligations	  	65
	 Section 13.23
	 	Powers of Attorney and Authorizations Irrevocable	  	65
	 Section 13.24
	 	Register	  	66
	 Section 13.25
	 	Judgment Currency	  	66

  

 -iii- 

					
	SCHEDULES	 		  	
			
	 Schedule 1
	 	-  	  	Subsidiaries that are Borrowers
	 Schedule 2
	 	-  	  	Lenders and Commitments
	 Schedule 3
	 	-  	  	Guarantors
	 Schedule 4
	 	-  	  	Existing Letters of Credit
	 Schedule 5
	 	-  	  	Import Letter of Credit Pricing
	 Schedule 6.1(a)
	 	-  	  	Jurisdictions of Organization and Qualification
	 Schedule 6.1(b)
	 	-  	  	Subsidiaries and Capitalization
	 Schedule 6.1(i)
	 	-  	  	ERISA Plans
	 Schedule 6.1(l)
	 	-  	  	Material Contracts
	 Schedule 6.1(m)
	 	-  	  	Labor and Collective Bargaining Agreements
	 Schedule 6.1(t)
	 	-  	  	Debt and Guaranty Obligations
	 Schedule 6.1(u)
	 	-  	  	Litigation
	 Schedule 10.3
	 	-  	  	Existing Liens
	 Schedule 10.4(a)
	 		  	Existing Loans, Advances and Investments
	 Schedule 10.4(b)
	 	-  	  	Investment Policy and Guidelines
			
	EXHIBITS	 		  	
			
	 Exhibit A
	 	-	  	Form of Note
	 Exhibit B
	 	-	  	Form of Notice of Borrowing
	 Exhibit C
	 	-	  	Form of Notice of Account Designation
	 Exhibit D
	 	-  	  	Form of Notice of Conversion/Continuation
	 Exhibit E
	 	-  	  	Form of Officer’s Compliance Certificate
	 Exhibit F
	 	-  	  	Form of Termination Date Extension Request
	 Exhibit G
	 	-  	  	Form of Assignment Agreement
	 Exhibit H
	 	-  	  	MLA Costs
	 Exhibit I
	 	-  	  	Form of Continuing Letter of Credit Agreement

  

 -iv- 

 AMENDED AND RESTATED CREDIT AGREEMENT (“Credit Agreement”), dated the
             day of September, 2004, by and among URBAN OUTFITTERS, INC., a Pennsylvania corporation (“Urban”), the Subsidiaries (as hereinafter defined) of Urban listed on
Schedule 1 hereto (including Urban, each individually a “Borrower” and collectively, the “Borrowers”), the Lenders who are or may become party to this Agreement, WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, as Administrative Agent for the Lenders. 
 STATEMENT OF PURPOSE 

On September 12, 2001, the Borrowers, the Administrative Agent and certain Lenders entered into a credit agreement providing for a
$25,000,000 revolving credit facility to fund working capital (including capital expenditures), to support the issuance of documentary and standby Letters of Credit and to finance the general corporate purposes of the Borrowers (the “Existing
Credit Agreement”). The Existing Credit Agreement was subsequently amended by Amendment No. 1 dated September 11, 2002, Amendment No. 2 dated November 15, 2002 and Amendment No. 3 dated September 9, 2003.

 The parties hereto have agreed to amend and restate the Existing Credit Agreement (i) to increase the Aggregate
Commitment to Thirty-five Million Dollars ($35,000,000) and (ii) to make certain other modifications as set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
and intending to be legally bound hereby, such parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. The following terms when used in this Agreement shall have the meanings assigned to them below:

 “Adjusted Debt” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, the
sum of eight times (8x) Rents plus Funded Debt. 
 “Adjusted Debt to EBITDAR Ratio” means, as of any date
of determination, as to Urban and its Consolidated Subsidiaries, Adjusted Debt divided by EBITDAR, in each case for the most recently ended Rolling Period. 

“Administration Fee” shall have the meaning assigned thereto in Section 4.3(a) hereof. 

“Administrative Agent” means Wachovia in its capacity as Administrative Agent hereunder, and any successor thereto
appointed pursuant to Section 12.1 hereof. 
 “Administrative Agent’s Office” means the office
of the Administrative Agent specified or determined in accordance with the provisions of Section 13.1(c) hereof. 

“Affiliate” means, with respect to any Person, any other Person (other than a Subsidiary) which directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person or any Subsidiary. The term control means (a) the power to vote five percent (5%) or more of the securities or other
equity interests of a Person having ordinary voting power, or (b) the possession, directly or indirectly, of any other power to direct or cause the direction of 

 
the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Aggregate Commitment” means the aggregate amount of the Lenders’ Commitments hereunder, as such amount may be
reduced or modified at any time or from time to time pursuant to the terms hereof. On the Closing Date, the Aggregate Commitment shall be Thirty-five Million Dollars ($35,000,000), as such amount may be increased in accordance with
Section 2.5(b) hereof. 
 “Agreement” means this Credit Agreement including the schedules and
exhibits attached hereto, as amended, restated or otherwise modified from time to time. 
 “Alternate Currency”
means as of the date hereof Pounds Sterling and the euro and hereafter means such currencies or such other lawful currency other than Dollars that is freely transferable and convertible into Dollars as each Lender and Administrative Agent may
mutually agree and from time to time designate as an Alternate Currency, each such Alternate Currency specified herein or hereafter designated to remain in effect as such until notice is given by any Lender or Administrative Agent that such currency
is no longer available as an Alternate Currency. 
 “Alternate Currency Loan” means a Loan denominated in an
Alternate Currency. 
 “Alternate Currency Exposure” means the aggregate outstanding principal balance of all
Alternate Currency Loans, plus the outstanding undrawn amount of, and all unreimbursed draws under, all Alternate Currency Letters of Credit. 

“Alternate Currency Letter of Credit” means a Letter of Credit denominated in an Alternate Currency. 

“Alternate Currency Sublimit” means the Dollar Equivalent of the portion of the Aggregate Commitment up to which Lenders
have agreed to make Alternate Currency Loans and/or issue Alternate Currency Letters of Credit (subject to the L/C Commitment), being Two Million Dollars ($2,000,000). 

“Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties,
regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“Applicable Margin” means with respect to the Loans (i) on the Closing Date and through the date of delivery of the
completed Officer’s Compliance Certificate for the fiscal quarter ending July 31, 2004, the percentages set forth for Level IV in the chart below and (ii) for each fiscal quarter ending after July 31, 2004, the percentages
determined by reference to the Adjusted Debt to EBITDAR Ratio as of the end of the fiscal quarter immediately preceding the delivery of the applicable Officer’s Compliance Certificate as follows: 

 

												
	 Level
	 	Adjusted Debt to
EBITDAR Ratio	 	Applicable Base
Rate Margin	 	 	Applicable LIBO
Market Rate
Index
Margin	 	 	Applicable LIBOR
and
Eurocurrency
Margin	 
	 I
	 	>4.00	 	0	% 	 	1.60	% 	 	1.50	% 
	 II
	 	> 3.50 and £ 4.00	 	0	% 	 	1.35	% 	 	1.25	% 
	 III
	 	> 3.00 and £ 3.50	 	0	% 	 	1.10	% 	 	1.00	% 
	 IV
	 	> 2.50 and £ 3.00	 	0	% 	 	0.85	% 	 	0.75	% 
	 V
	 	£ 2.50	 	0	% 	 	0.60	% 	 	0.50	% 

  

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 Adjustments, if any, in the Applicable Margin shall be made by the Administrative Agent on the fifth
(5th) Business Day after receipt by the Administrative Agent of quarterly financial statements for the Borrowers and the accompanying Officer’s Compliance Certificate setting forth the Adjusted Debt to EBITDAR Ratio of the Borrower as of
the most recent fiscal quarter end. Notwithstanding the remedies available to Lenders under Section 4.1(c) hereof, in the event the Borrowers fail to deliver such financial statements and certificate within the time required by
Section 7.1 and 7.2 hereof, the Applicable Margin shall be the percentage set forth in Level I in the above chart until the delivery of such financial statements and certificate which indicate that an adjustment is available. 

“Application” means an application, in the form specified by the Issuing Lender from time to time, requesting the
Issuing Lender to issue a Letter of Credit. 
 “Assignment Agreement” shall have the meaning assigned thereto
in Section 13.10. hereof. 
 “Base Rate” means, at any time, the higher of (a) the Prime Rate
and (b) the sum of (i) the Federal Funds Rate plus (ii) 1/2 of 1%; each change in the Base Rate applicable to the Loans bearing interest at such rate shall take effect simultaneously with the corresponding change or changes in the
Prime Rate or the Federal Funds Rate. 
 “Base Rate Loan” means any Loan bearing interest at a rate based upon
the Base Rate as provided in Section 4.1(a) hereof. 
 “Borrower” means individually, and
“Borrowers” means collectively, Urban Outfitters, Inc., a Pennsylvania corporation, and each Subsidiary set forth on Schedule 1 hereto, including without limitation each Non-U.S. Borrower, each in its capacity as a borrower
hereunder. 
 “Business Day” means (a) for all purposes other than as set forth in clause (b) below,
any day other than a Saturday, Sunday or legal holiday on which banks in Philadelphia, Pennsylvania are open for the conduct of its commercial banking business, and (b) with respect to all notices and determinations in connection with, and
payments of principal and interest on, any Alternate Currency Loan LIBOR Rate Loan or LIBO Market Index Rate Loan, any day that is a Business Day described in clause (a) and that is also a day on which commercial banks and the London foreign
exchange market set the payments in the Principal Financial Center for any Alternate Currency. 
 “Capital
Asset” means, with respect to the Borrowers and their Subsidiaries, any asset that should, in accordance with GAAP, be classified and accounted for as a capital asset on a Consolidated balance sheet of the Borrowers and their Subsidiaries.

 “Capital Expenditure Payment(s)” means capital expenditures, net of all applicable tenant improvement
allowances and any other amounts for fit-out and other capital expenditures that will be reimbursed to any Borrower or Subsidiary from any source, including state and local government grants, rebates and incentives, on the annual audited financial
statements of Urban and its Consolidated Subsidiaries as prepared in accordance with GAAP. 
  

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 “Capital Lease” means, with respect to the Borrowers and their
Subsidiaries, any lease of any property that should, in accordance with GAAP, be classified and accounted for as a capital lease on a Consolidated balance sheet of the Borrowers and their Subsidiaries. 

“Cash Taxes” means, cash taxes as calculated in accordance with GAAP. 

“Change in Control” means the occurrence of any of the following events: (i) Richard A. Hayne (“Hayne”)
shall cease to own at least twenty percent (20%) of the total shares of capital stock outstanding of Urban; (ii) any person or group of persons (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended)
shall own more of Urban’s shares of capital stock outstanding than are owned by Hayne at any one time; (iii) Hayne shall retire or be removed from active management of Urban; (iv) any person or group of persons (within the meaning of
Section 13(d) of the Securities Exchange Act of 1934, as amended), other than Hayne, shall obtain ownership or control in one or more series of transactions of more than fifty percent (50%) of the common stock or fifty percent
(50%) of the voting power of Urban entitled to vote in the election of members of the board of directors of Urban; or (v) there shall have occurred under any indenture or other instrument evidencing any Debt in excess of $2,000,000 any
change in control (as defined in such indenture or other evidence of Debt) obligating any Borrower to repurchase, redeem or repay all or any part of the Debt or capital stock provided for therein. For purposes of clause (i), Hayne shall be deemed to
own voting shares registered to members of his immediate family and trusts for the benefit of members of his immediate family, in each case, if Hayne continues to have voting control of such shares. 

“Closing Adjusted Tangible Net Worth” means 85% of the Tangible Net Worth of Urban and its Consolidated Subsidiaries on
the Closing Date based on the most recent quarterly or year-end balance sheet of Urban and its Consolidated Subsidiaries. 

“Closing Date” means the date of this Agreement or such later Business Day upon which each condition described in
Section 5.2 hereof shall be satisfied or waived in all respects in a manner acceptable to the Administrative Agent, in its sole discretion. 

“Code” means the Internal Revenue Code of 1986, and the rules and regulations thereunder, each as amended, supplemented
or otherwise modified. 
 “Commitment” means, as to any Lender, the obligation of such Lender to make Loans to,
and, subject to the L/C Commitment, to issue or participate in Letters of Credit for the account of, the Borrowers hereunder in an aggregate principal or face amount at any time outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule 2 hereto, as the same may be reduced or modified at any time or from time to time pursuant to the terms hereof. 

“Commitment Percentage” means, as to any Lender at any time, the ratio of (a) the amount of the Commitment of such
Lender to (b) the Aggregate Commitment of all the Lenders. 
 “Consolidated” means, when used with
reference to financial statements or financial statement items of the Borrowers and their Subsidiaries, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 

“Continuing Letter of Credit Agreement” means the Continuing Letter of Credit Agreement in the form of Exhibit I
hereto to be entered into by the Borrowers, Guarantors and Issuing Lender. 
  

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 “Corporate Headquarters” means the planned new corporate headquarters and
related improvements for Urban and its Subsidiaries to be located in the City of Philadelphia in an area commonly known as “The Naval Yard.” 

“Debt” means, with respect to the Borrowers and their Subsidiaries at any date and without duplication, the sum of the
following determined in accordance with GAAP: (a) all liabilities, obligations and indebtedness for borrowed money, including without limitation obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person,
provided, however, that liabilities, obligations and indebtedness under operating leases shall not constitute Debt unless and until payments thereunder become past due or accelerated in accordance with GAAP; (b) all obligations to pay the
deferred purchase price of property or services of any such Person, except trade payables arising in the ordinary course of business not more than thirty (30) days past due; (c) all obligations of any such Person as lessee under Capital
Leases and under “synthetic” or similar leases; (d) all Debt secured by any Lien upon property or assets owned by such Person, notwithstanding that such Person has not assumed or become liable for the payment of such Debt;
(e) all Guaranty Obligations of any such Person; (f) all obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or not drawn, including without limitation any Reimbursement
Obligation, and banker’s acceptances issued for the account of any such Person; (g) all obligations of any such Person to redeem, repurchase, exchange, defease or otherwise make payments in respect of capital stock or other securities of
such Person; and (h) all obligations incurred by any such Person pursuant to Hedging Agreements. 

“Default” means any of the events specified in Section 11.1 hereof which with the passage of time, the
giving of notice or any other condition, would constitute an Event of Default. 
 “Defaulting Lender” has the
meaning assigned to such term in Section 4.6(d) hereof. 
 “Distribution Center” means the planned
new distribution center and call center in Pennsylvania for Urban and its Subsidiaries. “Dollar Equivalent” means, on any date of determination with respect to any Alternate Currency Loan or Alternate Currency Letter of Credit, the amount,
as determined by Administrative Agent, of Dollars which could be purchased with the amount of the relevant Alternate Currency involved in such computation at the spot rate at which Dollars may be exchanged into such Alternate Currency as set forth
on such date on the applicable Dow Jones Telerate page (or any successor pages) or, if such rate does not appear on such pages, at the rate of exchange quoted by the Administrative Agent in Philadelphia, Pennsylvania at 11:00 a.m. on the date of
determination, to prime banks in New York City for the spot purchase in the New York foreign exchange market of such amount of Dollars with such Alternate Currency, as the case may be. 

“Dollars or $” means, unless otherwise qualified, the lawful currency of the United States of America. 

“EBIT” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, net income for such
period, plus Interest Expense and taxes, in each case as determined in accordance with GAAP and, if applicable, to the extent each has been deducted in determining net income. 

“EBITDAR” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, EBIT plus depreciation
expense, amortization expense and Rents for such period, in each case as determined in accordance with GAAP (except Rents, which shall be determined on a cash rather than an accrual basis) and, if applicable, to the extent each has been deducted in
determining net income. 
  

 -5- 

 “Eligible Assignee” means, with respect to any assignment of the rights,
interest and obligations of a Lender hereunder, a Person that is at the time of such assignment: (a) a commercial bank organized under the laws of the United States or any state thereof, having combined capital and surplus in excess of
$500,000,000; (b) a commercial bank organized under the laws of any other country that is a member of the Organization of Economic Cooperation and Development, or a political subdivision of any such country, having combined capital and surplus
in excess of $500,000,000; (c) a finance company, insurance company or other financial institution which in the ordinary course of business extends credit of the type extended hereunder and that has total assets in excess of $1,000,000,000;
(d) already a Lender hereunder (whether as an original party to this Agreement or as the assignee of the Lender); (e) the successor (whether by transfer of assets, merger or otherwise) to all or substantially all of the commercial lending
business of the assigning Lender; or (f) any other Person that has been approved in writing as an Eligible Assignee by the Borrowers and the Administrative Agent. 

“Employee Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA which
(a) is maintained for employees of any Borrower or any ERISA Affiliate or (b) has at any time within the preceding six years been maintained for the employees of any Borrower or any current or former ERISA Affiliate. 

“Environmental Laws” means any and all federal, state and local laws, statutes, ordinances, rules, regulations, permits,
licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the environment, including without limitation requirements pertaining to the manufacture, processing, distribution,
use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, each as
amended, supplemented or otherwise modified. 
 “ERISA Affiliate” means any Person who together with any
Borrower or Subsidiary is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA. 

“euro” means the single currency of the Participating Member States of the European Union. 

“Eurocurrency Rate” shall mean, with respect to any Eurocurrency Loan, a rate per annum (rounded to the next higher
1/100 of 1%) at which deposits in the relevant Alternate Currency are offered to the Administrative Agent at its principal office in London, England by prime banks in the London Interbank Market, in each case, as of 11:00 a.m. London time, on the
second Business Day prior to the commencement of the relevant Interest Period in amounts substantially equal to the Alternate Currency Loan as to which Borrowers may elect the Eurocurrency Rate to be applicable and with a maturity of comparable
duration to the Interest Period selected by Borrowers for such Alternate Currency Loan, as may be adjusted for reserves by dividing that rate by 1.00 minus the Eurodollar Reserve Percentage, and as may be further adjusted for MLA Costs. 

“Eurodollar Reserve Percentage” means, for any day, the percentage (expressed as a decimal and rounded upwards, if
necessary, to the next higher one-hundredth of one percent (1/100%)) which is in effect for such day as prescribed by the Federal Reserve Board (or any successor) for determining the maximum reserve requirement (including without limitation any
basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City. 

 

 -6- 

 “Event of Default” means any of the events specified in
Section 11.1 hereof, provided that any requirement for passage of time, giving of notice, or any other condition, has been satisfied. 

“Excluded Projects” means the acquisition, leasing, planning, development, construction (including demolition,
rehabilitation, renovation and/or expansion of existing buildings) and fit-out (but excluding any long-term and equipment financing thereof) of the Corporate Headquarters and the Distribution Center. 

“Existing Wachovia Facility” means that certain standby letter of credit facility, documentary letter of credit facility
and forward contract foreign exchange facility by and between Urban Outfitters UK Limited, as the borrower, and Wachovia, London Branch, as the lender, as in effect from time to time. 

“Existing Letters of Credit” has the meaning assigned thereto in Section 3.3 hereof. 

“Extensions of Credit” means an amount equal to the sum of: (a) the aggregate principal amount of all Loans then
outstanding, and (b) the L/C Obligations then outstanding. 
 “Executive Order” has the meaning assigned
thereto in Section 6.1(z) hereof. 
 “FDIC” means the Federal Deposit Insurance Corporation, or any
successor thereto. 
 “Federal Funds Rate” means, the rate per annum (rounded upwards, if necessary, to the
next higher one-hundredth of one percent (1/100%)) representing the daily effective federal funds rate as quoted by the Administrative Agent and confirmed in Federal Reserve Board Statistical Release H.15 (519) or any successor or
substitute publication selected by the Administrative Agent. If, for any reason, such rate is not available, then “Federal Funds Rate” shall mean a daily rate which is determined, in the opinion of the Administrative Agent, to be the rate
at which federal funds are being offered for sale in the national federal funds market at 9:00 a.m. (Philadelphia time). Rates for weekends or holidays shall be the same as the rate for the most immediate preceding Business Day. 

“Fiscal Year” means the fiscal year of the Borrowers and their Subsidiaries ending on January 31. 

“Fixed Charge Coverage Ratio” means, as of any date of determination, as to Urban and its Consolidated Subsidiaries, the
ratio of (a) EBITDAR to (b) Fixed Charges, in each case for the most recently ended Rolling Period. 
 “Fixed
Charges” means the sum of Interest Expense, Cash Taxes, Rents, stock repurchases, and dividends and other equity distributions. 

“Foreign Assets Control Regulations” has the meaning assigned thereto in Section 6.1(z) hereof. 

“Funded Debt” means, for any period of determination, the aggregate principal amount of all Debt of the Borrowers and
their Consolidated Subsidiaries for: (i) borrowed money (including without limitation the face amount of Letters of Credit whether or not drawn); (ii) installment purchases of real or personal property; (iii) the principal portion of
obligations owing under Capital Leases, determined in accordance with GAAP; (iv) “synthetic leases” and other similar lease arrangements; and (v) guaranties of Funded Debt of others, without duplication. 

 

 -7- 

 “FX Calculation Date” means (a) each date of delivery of a Notice of
Borrowing or Application, (b) each date of delivery of an Officer’s Compliance Certificate, and (c) each other date on which Administrative Agent shall, in its discretion, calculate the Dollar Equivalent of outstanding Alternate
Currency Exposure, provided, that Administrative Agent agrees to make such calculation upon receipt of written notice from any Lender that such Lender believes the Aggregate Commitment or Alternate Currency Sublimit may be exceeded as a result of
currency fluctuations affecting the Dollar Equivalent of outstanding Alternate Currency Exposure, provided further, that, except as set forth in the foregoing proviso, Administrative Agent shall have no obligation to calculate the Dollar Equivalent
of outstanding Alternate Currency Exposure other than on an FX Calculation Date as set forth in clauses (a) and (b). 

“GAAP” means generally accepted accounting principles, as recognized by the American Institute of Certified Public
Accountants and the Financial Accounting Standards Board, consistently applied and maintained on a consistent basis for the Borrowers and their Subsidiaries throughout the period indicated and consistent with the prior financial practice of the
Borrowers and their Subsidiaries. 
 “Governmental Approvals” means all authorizations, consents, approvals,
licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 

“Governmental Authority” means any nation, province, state or political subdivision thereof, and any government, agency,
instrumentality regulatory body, court, central bank or other Person exercising executive, legislative, regulatory, administrative or judicial functions of or pertaining to government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing. 
 “Guaranty Agreement” means that certain
Guaranty Agreement, dated the date of this Agreement, executed by the Guarantors in favor of the Administrative Agent for the benefit of Lenders, pursuant to which the Guarantors have agreed to unconditionally guaranty, on a joint and several basis,
the full, prompt and complete performance of all of the Borrowers’ duties, covenants and obligations under this Agreement, the Notes and the other Loan Documents. The term “Guaranty Agreement” shall also be deemed to mean and refer to
all amendments, modifications, extensions, renewals, refinancings and/or supplements to said agreement made and/or entered into subsequent to the Closing Date, including without limitation all amendments which are consummated for the purposes of
adding any new and/or additional Persons as Guarantors, as provided for in Section 8.12 of this Agreement. 

“Guarantors” means collectively those direct and indirect Subsidiaries of the Borrowers set forth on Schedule 3
hereto, and “Guarantor” means any of such Guarantors and each additional entity whether now owned or hereafter acquired that becomes a Guarantor pursuant to Section 8.12 hereof; provided, however, that Urban
Outfitters Canada, Inc., a corporation formed under the laws of Canada, shall not be a Guarantor. 
 “Guaranty
Obligation” means, with respect to the Borrowers and their Subsidiaries, without duplication, any obligation, contingent or otherwise, of any such Person pursuant to which such Person has directly or indirectly guaranteed any Debt of any
other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, with respect to such Debt: (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Debt (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement condition or otherwise), or (b) entered into for the
purpose of assuring in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, that the term “Guaranty Obligation” shall not
include (i) endorsements for collection or deposit in the ordinary 
  

 -8- 

 
course of business, or (ii) obligations under real estate leases to the extent that such obligations do not constitute Debt. 

“Hayne” has the meaning assigned thereto in the definition of Change of Control above. 

“Hazardous Materials” means any substances or materials: (a) which are or become defined as hazardous wastes,
hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Applicable Law; (b) which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise
harmful to human health or the environment and are or become regulated by any Governmental Authority; (c) the presence of which require investigation or remediation under any Applicable Law; (d) the discharge or emission or release of
which requires a permit or license under any Applicable Law or other Governmental Approval; (e) which are deemed to constitute a nuisance, a trespass or pose a health or safety hazard to persons or neighboring properties; (f) which consist
of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance; or (g) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons,
petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas. 
 “Hedging
Agreement” means any agreement with respect to an interest rate or currency exchange rate swap, collar, cap, floor or forward rate agreement or other agreement regarding the hedging of interest rate risk exposure or currency exchange rate
risk exposure executed in connection with hedging the interest rate exposure or exchange rate exposure of any Borrower, and any confirming letter executed pursuant to such hedging agreement, all as amended, restated or otherwise modified.

 “Intangible Assets” means for Urban and its Consolidated Subsidiaries, all assets which would be classified
in accordance with GAAP as intangible assets, including without limitation, all franchises, licenses, permits, patents, patent applications, copyrights, trademarks, tradenames, goodwill, experimental or organization expenses and other like
intangibles, the cash surrender value and other like intangibles of any life insurance policy, treasury stock and unamortized debt discount. 

“Interest Expense” means, for any period of determination, as to Urban and its Consolidated Subsidiaries, total interest
expense (including without limitation interest expense attributable to Capital Leases), without duplication, determined in accordance with GAAP. 

“Interest Period” shall have the meaning assigned thereto in Section 4.1(b) hereof. 

“Issuing Lender” means Wachovia in its capacity as issuer of any Letter of Credit, or any successor thereto. 

“L/C Commitment” means: (a) in the case of documentary Letters of Credit, the Aggregate Commitment, and (b) in
the case of standby Letters of Credit, the lesser of (i) the Aggregate Commitment and (ii) One Million Dollars ($1,000,000). 

“L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount
of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.8 hereof. 

“L/C Participants” means the collective reference to all Lenders participating in the issuance of Letters of Credit.

  

 -9- 

 “Lender” means each Person executing this Agreement as a Lender set forth
on the signature pages hereto and each Person that hereafter becomes a party to this Agreement as a Lender pursuant to Section 13.10 hereof. 

“Lending Office” means, with respect to any Lender, the office of such Lender maintaining such Lender’s Commitment
Percentage of the Loans. 
 “Letters of Credit” shall have the meaning assigned thereto in
Section 3.1 hereof. 
 “LIBO Market Index Rate” means for any day, [(a)] for borrowings in Dollars,
the rate for one (1) month U.S. Dollar deposits [and (b) for borrowings in an Alternate Currency, the rate for one (1) month deposits of such Alternate Currency,] as reported on the Telerate page 3750 [or similar page for
Alternate Currency] as of 11:00 a.m. London time, for such day, provided that, if such day is not a London Business Day, then the immediately preceding London Business Day (or if not so reported, then as determined by the Administrative Agent from
another recognized source or interbank quotation); each change in the LIBO Market Index Rate applicable to the Loans bearing interest at such rate shall take effect simultaneously with the corresponding change in the LIBO Market Index Rate.

 “LIBO Market Index Rate Loan” means any Loan bearing interest at a rate based upon the LIBO Market Index
Rate as provided in Section 4.1(a) hereof. 
 “LIBOR” means the rate of interest per annum determined on
the basis of the rate for deposits in Dollars, in amounts substantially equal to the amount of the LIBOR Rate Loan to which such LIBOR Rate will apply, for a period equal to the applicable Interest Period which appears on the Telerate Page 3750 at
approximately 11:00 a.m.(London time) two (2) Business Days prior to the first day of the applicable Interest Period (rounded upwards, if necessary, to the next higher one-hundredth of one percent (1/100%)). If, for any reason, such rate does
not appear on Telerate Page 3750, then LIBOR shall be determined by the Administrative Agent to be the arithmetic average (rounded upwards, if necessary, to the next higher one-hundredth of one percent (1/100%)) of the rate per annum at which
deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent approximately 11:00 a.m.(London time) two (2) Business Days prior to the first day of the applicable Interest Period for a
period equal to such Interest Period and in an amount substantially equal to the amount of the applicable Loan. 

“LIBOR Rate” means a rate per annum (rounded upwards, if necessary, to the next higher one-hundredth of one percent
(1/100%)) determined by the Administrative Agent pursuant to the following formula: 
  

							
		  	  
 LIBOR Rate =  
	 	 LIBOR
	  	
		  	 	1.00 - Eurodollar Reserve Percentage	  	

 “LIBOR Rate Loan” means any Loan bearing interest at a rate based upon the LIBOR
Rate as provided in Section 4.1(a) hereof. 
 “Lien” means, with respect to any asset, any
mortgage, lien pledge, charge, security interest or encumbrance of any kind in respect of such asset, including without limitation acquiring or holding any asset subject to the interest of a vendor, lessor or other creditor under any conditional
sale agreement, Capital Lease or other title retention agreement relating to such asset. 
  

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 “Loans” means any revolving loan made to the Borrowers pursuant to
Section 2.1 hereof, including without limitation all Alternate Currency Loans, and all such revolving loans collectively as the context requires, and “Loan” means any of such Loans. 

“Loan Documents” means, collectively, this Agreement, the Note, the Guaranty Agreement, the Applications, the Letters of
Credit and each other document, instrument, certificate and agreement executed and delivered by any Borrower, any Subsidiary, any Guarantor or their counsel in connection with this Agreement or otherwise referred to herein or contemplated hereby,
all as may be amended, restated or otherwise modified. 
 “London Business Day” means any Business Day on which
banks in London, England are open for business. 
 “Management Report” means that certain memorandum entitled
“Material Weaknesses in Internal Control” furnished to the Borrowers by their auditors, or any similar successor report, in its entirety, as required to be delivered in accordance with Generally Accepted Auditing Standards. 

“Material Adverse Effect” means, with respect to the Borrowers and their Subsidiaries taken as a whole, a material
adverse effect on the properties, business, prospects, operations or condition (financial or otherwise) of the Borrowers and their Subsidiaries or the ability of the Borrowers and their Subsidiaries to perform their obligations under the Loan
Documents or Material Contracts, in each case to which they are a party. 
 “Material Contract” means
(a) any contract or other agreement, written or oral, of any Borrower or any Subsidiary involving monetary liability of or to any such Person in an amount in excess of $5,000,000 per annum, or (b) any other contract or agreement, written
or oral, of any Borrower or any Subsidiary the failure to comply with which could reasonably be expected to have a Material Adverse Effect; provided, however, that operating leases in the aggregate, in and of themselves, shall not be
deemed a Material Contract; provided, further, however, that any single operating lease may constitute a Material Contract in accordance with the foregoing definition of Material Contract; and provided, further that no
contracts (other than contracts relating to any aspect of the financing of the Corporate Headquarters and/or the Distribution Center) entered into in connection with Excluded Projects will be deemed to be a Material Contract. 

“MLA Cost” shall mean, with respect to any Alternate Currency Loan made by any Lender, the cost imputed to such Lender
of compliance with the Mandatory Liquid Assets requirements of the Bank of England during the Interest Period applicable to such Alternate Currency Loan, expressed as a rate per annum and determined in accordance with Exhibit H hereto.

 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
to which any Borrower, any Subsidiary or any ERISA Affiliate is making, or is accruing an obligation to make, contributions within the preceding six years. 

“national currency unit” means the unit of currency (other than a euro unit) of a Participating Member State.

 “Non-U.S. Borrowers” means collectively all Borrowers formed under a jurisdiction outside of the United
States, including without limitation Urban Outfitters UK Limited, a corporation formed under the laws of England and Wales, and Urban Outfitters Ireland Limited, a corporation formed under the laws of the Republic of Ireland, and “Non-U.S.
Borrower” means any of such Non-U.S. Borrowers. 
  

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 “Non-U.S. Sublimit” means the maximum amount which may be outstanding at
any time, in the aggregate, for: (i) Loans borrowed by or on behalf of any Non-U.S. Borrower, (ii) intercompany loans to any Non-U.S. Borrower permitted under Section 10.4 (d) hereof and (iii) L/C Obligations for
Letters of Credit issued for the account of any Non-U.S. Borrower, being Eight Million Dollars ($8,000,000) on the date hereof. 

“Note(s)” means the collective reference to the Notes executed by the Borrowers payable to the order of each Lender,
substantially in the form of Exhibit A hereto, evidencing the Commitments, and any amendments and modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.

 “Note 10” shall have the meaning assigned thereto in Section 6.1(t) hereof. 

“Notice of Account Designation” shall have the meaning assigned thereto in Section 2.2(c) hereof.

 “Notice of Borrowing” shall have the meaning assigned thereto in Section 2.2 hereof. 

“Notice of Conversion/Continuation” shall have the meaning assigned thereto in Section 4.2 hereof.

 “Obligations” means, in each case, whether now in existence or hereafter arising: (a) the principal of
and interest on (including without limitation interest accruing after the filing of any bankruptcy or similar petition) the Loans; (b) the L/C Obligations; (c) all payment and other obligations owing by the Borrowers and Guarantors to any
Lender or the Administrative Agent under any Hedging Agreement with any Lender; and (d) all other fees and commissions (including without limitation attorney’s fees), charges, indebtedness, loans, liabilities, financial accommodations,
obligations, covenants and duties owing by the Borrowers and Guarantors to the Lenders or the Administrative Agent, of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious,
liquidated or unliquidated, and whether or not evidenced by any note, in each case under or in respect of this Agreement, the Note, any Letter of Credit or any of the other Loan Documents, or any Hedging Agreement with any Lender or the
Administrative Agent. 
 “Officer’s Compliance Certificate” shall have the meaning assigned thereto in
Section 7.2 hereof. 
 “Other Taxes” shall have the meaning assigned thereto in
Section 4.9(b) hereof. 
 “Participants” shall have the meaning assigned thereto in
Section 13.10 hereof. 
 “Participating Member State” means each state so described in any
legislation enacted by the European Union. “Participations” shall have the meaning assigned thereto in Section 13.10 hereof. 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor agency. 

“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of
Title IV of ERISA or Section 412 of the Code and which (a) is maintained for employees of any Borrower, Subsidiary or ERISA Affiliate or (b) has at any time within 

 

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the preceding six years been maintained for the employees of any Borrower, Subsidiary or current or former ERISA Affiliate. 

“Person” means an individual, corporation, limited liability company, partnership, association, trust, business trust,
joint venture, joint stock company, pool, syndicate, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity or group thereof. 

“Pounds Sterling” means the lawful currency of the United Kingdom. 

“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by Wachovia as its
prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by Wachovia as its Prime Rate is an index or
base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 
 “Principal
Financial Center” means, in the case of any Alternate Currency, the principal financial center with such Alternate Currency is cleared and settled, as determined by the Administrative Agent. 

“Reimbursement Obligation” means the obligation of the Borrowers to reimburse the Issuing Lender pursuant to
Section 3.8 hereof for amounts drawn under Letters of Credit. 
 “Remaining Lenders” means the
Lenders other than the Lender(s) which the Borrowers have requested to be terminated, replaced or added under this Agreement; provided, however, that such Remaining Lenders hold in the aggregate at least sixty percent (60%) of the Aggregate
Commitment immediately prior to such termination, replacement or addition. 
 “Rents” means all cash payments
made to a landlord in connection with a lease of real property, including without limitation payments for rent, utilities and taxes. 

“Required Lenders” means: (i) if there are less than three Lenders, all Lenders, or (ii) if there are three or
more Lenders, at any date, any combination of holders of at least sixty-six and two-thirds percent (66 2/3%) of the aggregate unpaid principal amount of the Notes, or if no amounts are outstanding under the Notes, any combination of Lenders whose
Commitment Percentages aggregate at least sixty-six and two-thirds percent (66 2/3%). 
 “Responsible Officer”
means any of the following: the chief executive officer, chief financial officer or treasurer of each Borrower or Guarantor or any other officer of such Borrower or Guarantor reasonably acceptable to the Administrative Agent. 

“Rolling Period” means, as of any date, the most recent four (4) consecutive fiscal quarters of Urban and its
Consolidated Subsidiaries completed on or before such date. 
 “Solvent” means, as to any Borrower or Guarantor
on a particular date, that any such Person (a) has capital sufficient to carry on its business and transactions and all business and transactions in which it is about to engage and is able to pay its debts as they mature, (b) owns property
having a value, both at fair valuation and at present fair saleable value, greater than the amount required to pay its probable liabilities (including without limitation contingencies), and (c) does not believe that it will incur debts or
liabilities beyond its ability to pay such debts or liabilities as they mature. 
  

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 “SPE” means one or more entities formed after the date of this Credit
Agreement, if any, created for the sole purpose of owning all or any portion of an Excluded Project. 
 “Subordinated
Debt” means the collective reference to Debt on Schedule 6.1(t) hereto designated as Subordinated Debt and any other Debt of any Borrower or Subsidiary subordinated in right and time of payment to the Obligations on terms
satisfactory to the Required Lenders. 
 “Subsidiary” means as to any Person, any corporation, partnership,
limited liability company or other entity of which more than fifty percent (50%) of the outstanding capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other managers of such
corporation, partnership, limited liability company or other entity is at the time, directly or indirectly, owned by or the management is otherwise controlled by such Person (irrespective of whether, at the time, capital stock or other ownership
interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified references to
“Subsidiary” or “Subsidiaries” herein shall refer to those of any Borrower. 

“Tangible Net Worth” means Urban and its Consolidated Subsidiaries’ net worth, as defined in accordance with GAAP,
minus Intangible Assets. 
 “Taxes” has the meaning assigned thereto in Section 4.9 hereof.

 “Termination Date” means the earliest of the dates referred to in Section 2.6 hereof.

 “Termination Date Extension Request” means a request by Urban to the Administrative Agent, substantially in
the form of Exhibit F hereto, which shall be submitted no earlier than one hundred fifty (150) days and no later than forty-five days (45) days prior to the Termination Date referred to in subsection (a) of
Section 2.6 hereof. 
 “Termination Event” means one or more of any of the following: (a) a
“Reportable Event” described in Section 4043 of ERISA; (b) the withdrawal of any Borrower, Subsidiary or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in
Section 4001(a)(2) of ERISA; (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination under Section 4041 of ERISA; (d) the
institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC; (e) any other event or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of,
or the appointment of a trustee to administer, any Pension Plan; (f) the partial or complete withdrawal of any Borrower, Subsidiary or ERISA Affiliate from a Multiemployer Plan; (g) the imposition of a Lien pursuant to Section 412 of
the Code or Section 302 of ERISA; (h) any event or condition which results in the reorganization or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA; or (i) any event or condition which results in the
termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA. 

“Trading With the Enemy Act” has the meaning assigned thereto in Section 6.1(z) hereto. 

“Uniform Customs” means in the case of (a) standby Letters of Credit, the International Standby
Practices—ISP98 (1998), International Chamber of Commerce Publication No. 590, as the same may be amended or revised from time to time, and (b) documentary Letters of Credit, the Uniform Customs and Practice for Documentary Credits
(1994 Revision), International Chamber of Commerce Publication No. 500, as the same may be amended or revised from time to time. 
  

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 “UCC” means the Uniform Commercial Code as in effect in the Commonwealth of
Pennsylvania, as amended, restated or otherwise modified. 
 “United States” means the United States of
America. 
 “U.S. Borrowers” means collectively all Borrowers formed under the laws of a jurisdiction within
the United States, and “U.S. Borrower” means any of such U.S. Borrowers. 
 “Wachovia” means
Wachovia Bank, a national banking association, and its successors. 
 “Wholly-Owned” means, with respect to a
Subsidiary, that all of the shares of capital stock or other ownership interests of such Subsidiary are, directly or indirectly, owned or controlled by a Borrower and/or one or more of a Borrower’s Wholly-Owned Subsidiaries. 

Section 1.2 General. Unless otherwise specified, a reference in this Agreement to a particular section, subsection, Schedule
or Exhibit is a reference to that section, subsection, Schedule or Exhibit of this Agreement. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns
stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Any reference herein to “Philadelphia time” shall refer to the applicable time of day in Philadelphia, Pennsylvania. 

Section 1.3 Other Definitions and Provisions. 

(a) Use of Capitalized Terms. Unless otherwise defined therein, all capitalized terms defined in this Agreement
shall have the defined meanings when used in this Agreement, the Note and the other Loan Documents or any certificate, report or other document made or delivered pursuant to this Agreement. 

(b) Miscellaneous. The words hereof, herein and hereunder and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 ARTICLE II 

CREDIT FACILITY 

Section 2.1 Loans. Subject to the terms and conditions of this Agreement, each Lender severally agrees to make Loans to the
Borrowers from time to time from the Closing Date through the Termination Date as requested by the Borrowers in accordance with the terms of hereof; provided, that 

(a) the aggregate principal amount of all outstanding Loans (after giving effect to any amount requested) shall not
exceed the Aggregate Commitment less the sum of all L/C Obligations, 
 (b) the principal amount of
outstanding Loans from any Lender to the Borrowers shall not at any time exceed such Lender’s Commitment as set forth on Schedule 2 hereto less such Lender’s Commitment Percentage of outstanding L/C Obligations, 

(c) the aggregate principal amount of all outstanding Loans to Non-U.S. Borrowers (after giving effect to any amount
requested) shall not at any time exceed the Non-U.S. Sublimit less the sum of: (i) the aggregate principal amount of all outstanding intercompany loans to any 
  

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 Non-U.S. Borrower permitted under Section 10.4(d) hereof and (ii) all L/C
Obligations for Letters of Credit issued for the account of any Non-U.S. Borrower, 
 (d) Lenders may make
Alternate Currency Loans only to Non-U.S. Borrowers; and 
 (e) the Dollar Equivalent of the Alternate Currency
Exposure shall not at any time exceed the Alternate Currency Sublimit. 
 Each Loan by a Lender shall be in a principal amount equal to such
Lender’s Commitment Percentage of the aggregate principal amount of Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrowers may borrow, repay and reborrow Loans hereunder until the Termination Date.

 Section 2.2 Procedure for Advances of Loans. 

(a) Requests for Borrowing. The Borrowers shall give the Administrative Agent irrevocable prior written notice in
the form attached hereto as Exhibit B (a “Notice of Borrowing”) not later than 11:00 a.m.(Philadelphia time) (i) on the same Business Day as each Base Rate Loan or LIBO Market Index Rate Loan, (ii) at least three
(3) Business Days before each LIBOR Rate Loan, and (iii) at least three (3) London Business Days before each Alternate Currency Loan, of its intention to borrow, specifying: (A) the date of such borrowing, which shall be a
Business Day (and a London Business Day with respect to an Alternate Currency Loan); (B) the amount of such borrowing, which shall be in an amount equal to the amount of the Aggregate Commitment then available to the Borrowers, or, if less,
(w) with respect to Base Rate Loans, in an aggregate principal amount of $250,000 and increments of $250,000 in excess thereof, (x) with respect to LIBO Market Index Rate Loans, in an aggregate principal amount of $500,000
and increments of $250,000 in excess thereof, (y) with respect to LIBOR Rate Loans in an aggregate principal amount of $1,000,000 and increments of $500,000 in excess thereof and (z) with respect to Eurocurrency Loans, the
Dollar Equivalent of $100,000 and increments of $100,000 in excess thereof; (C) whether such Loans are to be Base Rate Loans, LIBO Market Index Rate Loans, LIBOR Rate Loans or Eurocurrency Loans, if a combination thereof, the amount allocated
to each; and (D) in the case of a LIBOR Rate Loan or a Eurocurrency Loan, the duration of the Interest Period applicable thereto. Notices received after 11:00 a.m.(Philadelphia time) shall be deemed received on the next Business Day. The
Administrative Agent shall promptly notify the Lenders of each Notice of Borrowing. 
 (b) Authority of
Urban. Each Borrower hereby irrevocably authorizes and requests that Urban execute all Notices of Borrowing, make all elections as to interest rates and take any other actions required of or permitted by the Borrowers under this Agreement, on
its respective behalf, in each case, with the same force and effect as if such Borrower had executed such Notice of Borrowing, made such election or taken such other action itself. Any request, application, or other communication by Urban may be
relied on by the Administrative Agent and the Lenders, and any communication by the Administrative Agent and the Lenders shall be made to Urban, and shall be binding on each Borrower, jointly and severally, as fully as if such request, application
or other communication were made directly by or to each such Borrower. 
 (c) Disbursement of Loans. Not
later than 2:00 p.m.(Philadelphia time) on the proposed borrowing date, each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the office of the Administrative Agent, in funds immediately available to the
Administrative Agent, such Lender’s Commitment Percentage of the Loans to be made on such borrowing date. The Borrowers hereby irrevocably authorize the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this
Section 2.2 in immediately available funds by 
  

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crediting or wiring such proceeds to the deposit account of the Borrowers identified in the most recent notice substantially in the form of Exhibit C hereto (a “Notice of Account
Designation”) delivered by the Borrowers to the Administrative Agent or as may be otherwise agreed upon by the Borrowers and the Administrative Agent from time to time. Subject to Section 4.12 hereof, the Administrative Agent shall
not be obligated to disburse the portion of the proceeds of any Loan requested pursuant to this Section 2.2 to the extent that any Lender has not made available to the Administrative Agent its Commitment Percentage of such Loan.

 Section 2.3 Repayment of Loans. 

(a) Repayment of Loans. The Borrowers shall repay the outstanding principal amount of all Loans in full on the
Termination Date, together with all accrued but unpaid interest thereon and fees, costs and expenses. 
 (b)
Mandatory Repayments. (i) If at any time the outstanding principal amount of all Loans exceeds the Aggregate Commitment less the sum of all L/C Obligations, the Borrowers shall repay immediately upon notice from the Administrative Agent,
by payment to the Administrative Agent for the account of the Lenders, the Loans, and shall furnish cash collateral reasonably satisfactory to the Administrative Agent and/or repay the L/C Obligations, in an amount equal to such excess with each
such repayment applied first to the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.8 hereof, second to the principal amount of outstanding Loans, and
third to the cash collateral account described in, and to be applied in accordance with the terms of, Section 11.2(b) hereof. Each such repayment shall be accompanied by any amount required to be paid pursuant to
Section 4.7 hereof, and (ii) if at any time the Dollar Equivalent of all Alternate Currency Exposure exceeds the Alternate Currency Sublimit, then the Borrowers shall make a prepayment of Alternate Currency Loans and/or furnish cash
collateral reasonably satisfactory to Administrative Agent or repay the L/C Obligations for the Alternate Currency Letters of Credit in the amount of such excess. 

(c) Optional Repayments; Limitation on Prepayment of LIBOR Rate Loans and Eurocurrency Loans. The Borrowers:
(i) may at any time and from time to time repay all or any portion of the outstanding principal balance of any Base Rate Loan or LIBO Market Index Rate Loan without premium or penalty, provided that any such repayment shall include all accrued
interest on the amount repaid; and (ii) may not repay any LIBOR Rate Loan or Eurocurrency Loan on any day other than on the last day of the Interest Period applicable thereto unless such repayment is accompanied by all accrued interest on the
amount repaid and by any amount required to be paid pursuant to Section 4.7 hereof 

(d) Survival of Hedging Agreements. Any prepayment shall not affect Borrower’s obligation to continue
making payments under any Hedging Agreement (including any swap agreement, as defined in 11 U.S.C. §101) executed by any Borrower after the date hereof (it being acknowledged that no Hedging Agreement is outstanding as of the date hereof),
which shall remain in full force and effect notwithstanding such prepayment, subject to the terms of such Hedging Agreement. 

Section 2.4 Notes. The Loans and the obligation of the Borrowers to repay such Loans shall be evidenced by a Note executed by
the Borrowers payable to the order of each Lender representing the Borrowers’ obligation to pay such Lender’s Commitment or, if less, the aggregate unpaid principal amount of all Loans made and to be made by such Lender to the Borrowers
hereunder, plus interest and all other fees, charges and other amounts due thereon. Each Note shall be dated the Closing Date and shall bear interest on the unpaid principal amount thereof at the applicable interest rate per annum specified
in Section 4.1 hereof. 
  

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 Section 2.5 Change in Commitment. 

(a) Reductions. The Borrowers shall have the right at any time and from time to time, upon at least five
(5) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the Aggregate Commitment at any time or (ii) portions of the Aggregate Commitment, from time to time, in an
aggregate principal amount not less than $1,000,000 or any whole multiple of $1,000,000 in excess thereof. Each permanent reduction permitted pursuant to this Section 2.5(a) shall be accompanied by a payment of principal sufficient to reduce
the aggregate outstanding Extensions of Credit after such reduction to the Aggregate Commitment as so reduced and if the Aggregate Commitment as so reduced is less than the aggregate amount of all outstanding and unexpired Letters of Credit, the
Borrowers shall be required to deposit collateral, of the type and in the amounts required by Section 3.4 hereof, in a cash collateral account opened by the Administrative Agent. Any reduction of the Aggregate Commitment to zero shall be
accompanied by payment of all outstanding Obligations thereunder (and furnishing of cash collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination of the Aggregate Commitment. Such cash
collateral shall be applied in accordance with Section 11.2(b) hereof. If the reduction of the Aggregate Commitment requires the repayment of any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid
pursuant to Section 4.7 hereof. 
 (b) Increases. So long as no Default or Event of Default
has occurred and is continuing hereunder, the Borrowers shall have the right at any time and from time to time, upon at least seven (7) Business Days prior written notice to the Administrative Agent, to increase the Aggregate Commitment, in one
or more tranches, by an aggregate principal amount not to exceed Fifteen Million Dollars ($15,000,000). Each such increase permitted pursuant to this Section 2.5(b) shall be conditioned upon Borrowers’ compliance, as of the
effective date of any such increase, with the requirements of Section 5.2(b) hereto, as required by the Administrative Agent, which requirements may include without limitation, the execution and delivery of an amendment agreement in form
and substance satisfactory to the Required Lenders, the delivery of replacement or additional promissory notes, and confirmations of Guaranty Agreements. 

Section 2.6 Termination of the Aggregate Commitment. The Aggregate Commitment shall terminate on the
earliest of: (a) September     , 2007 [the third
(3rd) anniversary of the date hereof]; (b) the
date of termination by the Borrowers pursuant to Section 2.5(a) hereof; and (c) the date of termination by the Administrative Agent on behalf of the Lenders pursuant to Section 11.2(a) hereof; [provided,
however, that Urban may submit to the Administrative Agent a Termination Date Extension Request (which shall be submitted without limitation with the annual business plan and financial projections required to be delivered under
Section 7.1(d) hereof), pursuant to which each Lender, at its sole discretion, may agree to extend the Termination Date of its respective Commitment set forth in subsection (a) of this Section 2.6 by an additional three
hundred sixty-four (364) day term.] 
 Section 2.7 Use of Proceeds. The Borrowers shall use the proceeds of the
Extensions of Credit: (a) to fund working capital (including expenditures for Capital Assets); (b) to support the issuance of Letters of Credit for the account of any Borrower (including for the benefit of a Guarantor); and (c) for
the general corporate requirements of the Borrowers (including without limitation the payment of certain fees and expenses incurred in connection with the transactions contemplated hereby). 

Section 2.8 Joint and Several Obligations. The obligations of the Borrowers hereunder are and shall be joint and several. It
is the intent of Borrowers and Lenders that Non-U.S. Borrowers shall not be liable hereunder, except with respect to Loans made to Non-U.S. Borrowers and L/C Obligations for Letters of Credit issued for the account of Non-U.S. Borrowers. 

 

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 Section 2.9 Dollar Equivalent. All limitations relating to the amount of
Alternate Currency Advances and Alternate Currency Letters of Credit shall be calculated from time to time based on the Dollar Equivalent thereof as of the most recent FX Calculation Date. 

ARTICLE III 

LETTERS OF CREDIT 

Section 3.1 L/C Commitment. Subject to the terms and conditions hereof, the Issuing Lender: (i) agrees to issue standby
and documentary letters of credit for the account of any Borrower or Guarantor and (ii) agrees to issue Alternate Currency Letters of Credit for the account of any Non-U.S. Borrower (collectively, “Letters of Credit”), on any Business
Day from the Closing Date through but not including the Termination Date in such form as may be approved from time to time by the Issuing Lender; provided, that the Issuing Lender shall have no obligation to issue any Letter of Credit if:

 (a) there exists a Default or an Event of Default, or the issuance of such Letter of Credit would give
rise to a Default or an Event of Default; 
 (b) after giving effect to such issuance: 

(i) the L/C Obligations would exceed the L/C Commitment, 

(ii) the Aggregate Commitment minus the Extensions of Credit would be less than zero, 

(iii) any Lender’s Commitment minus such Lender’s Extensions of Credit would be less than zero, 

(iv) (A) the L/C Obligations for all Letters of Credit issued for the account of any Non-U.S. Borrower plus
(B) the aggregate principal amount of all Loans outstanding to any Non-U.S. Borrower plus (C) the aggregate principal amount of all outstanding intercompany loans to Non-U.S. Borrowers permitted under Section 10.4(d) hereof,
would exceed the Non U.S. Sublimit, or 
 (v) at the time of issuance of any Alternate Currency Letter of
Credit, the amount available to be drawn under such Alternate Currency Letter of Credit and all other Alternate Currency Letters of Credit then outstanding hereunder plus any unreimbursed draws under Alternate Currency Letters of Credit, together
with the outstanding principal amount of all Alternate Currency Loans, shall not exceed the Alternate Currency Sublimit. 

(c) such issuance would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by,
any Applicable Law. 
 References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include
extensions or modifications of any existing Letters of Credit, unless the context otherwise requires. 
 Section 3.2
Terms of Letters of Credit. Subject without limitation to Section 3.1 hereof, each Letter of Credit shall: 

(a) be denominated in Dollars in a minimum amount of $1,500, or be denominated in an Alternate Currency in a minimum
amount of a Dollar Equivalent of $1,500; 
  

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 (b) be issued to support obligations of a Borrower or a Subsidiary,
contingent or otherwise, incurred in the ordinary course of business; 
 (c) expire on a date which shall be no
later than the earlier of: 
 (i) in the case of standby Letters of Credit one (1) year from the date of
issuance and subject to Section 3.4, the Termination Date; or 
 (ii) in the case of documentary
Letters of Credit, one hundred eighty (180) days from the date of issuance, and subject to Section 3.4, the Termination Date. 

(d) be subject to the Uniform Customs and, to the extent not inconsistent therewith the laws of the Commonwealth of
Pennsylvania. 
 Section 3.3 Existing Letters of Credit issued by Wachovia. Reference is made to the letters of
credit issued by Wachovia on behalf of one or more Borrowers prior to the date of this Agreement, the face amount, beneficiary and number of which are listed on Schedule 4 hereto (the “Existing Letters of Credit”). The Borrowers and
the Lenders hereby agree that as of the date of this Agreement: (a) all such Existing Letters of Credit shall hereinafter be deemed Letters of Credit, as if originally issued hereunder, and shall be subject to the terms of this Agreement;
provided, however, that the Borrowers shall not be obligated to pay any additional issuance fees in connection with such Existing Letters of Credit which are deemed to be Letters of Credit hereunder; and (b) each of (i) the
Existing Wachovia Facility, (ii) that certain Continuing Letter of Credit Agreement executed by Urban dated             ,
             (iii) that certain CyberImport International Operations Agreement executed by Urban on January 8, 2004, and (iv) each other master letter of credit
agreement previously executed by any Borrower or Subsidiary with Wachovia, is hereby deemed superseded in its entirety by the terms and conditions of this Agreement. 

Section 3.4 Cash Collateral for Letters of Credit. 

(a) Notwithstanding the provisions of Section 3.2 hereof requiring that the final expiry of each Letter of Credit be
on or before the Termination Date, the Issuing Lender may issue, upon the Borrowers’ request if required by a proposed beneficiary, a Letter of Credit which by its terms may be extended beyond the Termination Date. With respect to any such
Letter of Credit issued hereunder, the Borrowers hereby agree that they will deliver on or before the Termination Date collateral, of the type and in the amounts required by subparagraph (b) below and subject to subparagraph (c) below, in
an amount equal to one hundred five percent (105%) of the outstanding undrawn amount of each such Letter of Credit. 

(b) On the Termination Date, upon a reduction of the Aggregate Commitment in the manner set forth in
Section 2.5 hereof or upon the occurrence of and during the continuance of an Event of Default, the Issuing Lender may require (and in the case of an Event of Default occurring under Section 11.1(j) or
Section 11.1(k) it shall be required automatically) that the Borrowers deliver to the Issuing Lender cash or U.S. Treasury Bills with maturities of not more than ninety (90) days from the date of delivery (discounted in accordance
with customary banking practice to present value to determine amount) in an amount equal at all times to one hundred five percent (105%) of the outstanding undrawn amount of all Letters of Credit, such cash or U.S. Treasury Bills and all
interest earned thereon to constitute cash collateral for all such Letters of Credit. 
 (c) Any cash collateral
deposited under subparagraph (b) above, and all interest earned thereon, shall be held by the Issuing Lender and invested and reinvested at the expense and 

 

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the written direction of Borrowers, in U.S. Treasury Bills with maturities of no more than ninety (90) days from the date of investment. 

Section 3.5 Procedure for Issuance of Letters of Credit. The Borrowers may from time to time request that the Issuing Lender
issue a Letter of Credit, or request that a Letter of Credit be amended or extended, by delivering to the Issuing Lender at the Administrative Agent’s office, an Application therefor, completed to the satisfaction of the Issuing Lender, and
such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender shall process such Application and the certificates, documents and other papers and
information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article V hereof, promptly issue the Letter of Credit requested thereby (but in no event shall
the Issuing Lender be required to issue any standby Letter of Credit earlier than three (3) Business Days, or any documentary Letter of Credit earlier than one (1) Business Day, after its receipt of the Application therefor and all such
other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the Borrowers. The Issuing Lender
shall promptly furnish to the Borrowers a copy of such Letter of Credit. 
 Section 3.6 Commissions and Other
Charges. 
 (a) The Borrowers shall pay to the Administrative Agent for the account of the Issuing Lender and
the L/C Participants on a pro rata basis (i) fees with respect to documentary Letters of Credit as set forth on Schedule 5 attached hereto and (iii) a letter of credit fee with respect to each standby Letter of Credit in an amount equal to
the Applicable Margin for a LIBOR Rate Loan as of the date of the calculation of the fee on a per annum basis multiplied by the face amount of each standby Letter of Credit as then in effect. Each such commission shall be payable quarterly in
arrears on the last Business Day of each calendar quarter and on the Termination Date. 
 (b) In connection with
the issuance, transfer, extension, modification or other administration of any Letter of Credit, the Borrowers shall pay to the Issuing Lender upon request all customary costs and expenses of the Issuing Lender therefor. 

(c) All fees, commissions, costs, expenses or other charges paid to an Issuing Lender by Borrowers under this
Section 3.6 shall be non-refundable. 
 Section 3.7 L/C Participations. 

(a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing
Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own
account and risk an undivided interest equal to such L/C Participant’s Commitment Percentage in the Issuing Lender’s obligations and rights under each Letter of Credit issued hereunder and the amount of each draft paid by the Issuing
Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrowers in accordance with the
terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Commitment Percentage of the amount of such
draft, or any part thereof, which is not so reimbursed. 
  

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 (b) Upon becoming aware of any amount required to be paid by any L/C
Participant to the Issuing Lender pursuant to Section 3.7(a) hereof in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit, the Issuing Lender shall notify each L/C Participant of the
amount and due date of such required payment and such L/C Participant shall pay to the Issuing Lender the amount specified on the applicable due date. If any such amount is paid to the Issuing Lender after the date such payment is due, such L/C
Participant shall pay to the Issuing Lender on demand, in addition to such amount, the product of (i) such amount, times (ii) the daily average Federal Funds Rate as determined by the Administrative Agent during the period from and
including the date such payment is due to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the
denominator of which is 360. A certificate of the Issuing Lender with respect to any amounts owing under this Section 3.7(b) shall be conclusive in the absence of manifest error. With respect to payment to the Issuing Lender of the
unreimbursed amounts described in this Section 3.7(b), if the L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m.(Philadelphia time) on any Business Day, such payment shall be due that Business Day,
and (B) after 1:00 p.m.(Philadelphia time) on any Business Day, such payment shall be due on the following Business Day. 

(c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any
L/C Participant its Commitment Percentage of such payment in accordance with this Section 3.7, the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrowers or otherwise, or any payment of
interest on account thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, that in the event that any such payment received by the Issuing Lender shall be required to be
returned by the Issuing Lender, such L/C 
 Participant shall return to the Issuing Lender the portion thereof previously
distributed by the Issuing Lender to it. 
 Section 3.8 Reimbursement Obligation of the Borrowers. The Borrowers
agree to reimburse the Issuing Lender on each date on which the Issuing Lender notifies the Borrowers of the date and amount of a draft paid under any Letter of Credit for the amount of (a) such draft so paid or presented purporting to be drawn
and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the Issuing Lender at its address for notices specified herein in Dollars, (except
for payments in connection with Alternate Currency Letters of Credit which shall be repaid in the currency in which such draft was paid) and in immediately available funds. If the Borrowers fail to timely reimburse the Issuing Lender on the date the
Borrowers receive the notice referred to in this Section 3.8, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in
an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied
to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses; provided, however, that absent an Event of Default, the Borrowers may elect to convert amounts remaining unpaid by the Borrowers
(i) under any Letter of Credit denominated in Dollars to Base Rate Loans, LIBO Market Index Rate Loans, or LIBOR Rate Loans, and (ii) any Letter of Credit denominated in any Alternate Currency to Eurocurrency Loans [or LIBO Market Index
Rate Loans], subject to Section 4.2 hereof. 
 Section 3.9 Obligations Absolute. The Borrowers’
obligations under this Article III (including without limitation the Reimbursement Obligation) shall be absolute and unconditional under any and all circumstances and irrespective of any set-off, counterclaim or defense to payment which any
Borrower may have or have had against the Issuing Lender or any beneficiary of a Letter of Credit. The Borrowers also agree with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrowers’ Reimbursement
Obligation under Section 3.8 shall not be affected by, among other things, the 
  

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validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among any
Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of any Borrower against any beneficiary of such Letter of Credit or any such transferee. The Borrowers
assume all risks of the acts or omissions of the beneficiary of each Letter of Credit with respect to the use of the Letter of Credit or with respect to the beneficiary’s obligations to any Borrower. The Issuing Lender shall not be liable for
any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions caused by the Issuing Lender’s gross
negligence or willful misconduct. The Borrowers agree that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful
misconduct and in accordance with the standards of care specified in the Uniform Customs and, to the extent not inconsistent therewith, the UCC shall be binding on the Borrowers and shall not result in any liability of the Issuing Lender to the
Borrowers. The responsibility of the Issuing Lender to the Borrowers in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be
limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are in conformity with such Letter of Credit. The parties hereto expressly agree that, in the absence of gross
negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each determination of whether drafts or other documents
presented under a Letter of Credit comply with the terms thereof. In furtherance of the foregoing, and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with their terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information
to the contrary, or refuse to accept and make payment upon such documents if such documents are not in compliance with the terms of such Letter of Credit. In furtherance and not in limitation of the foregoing, in accordance with the Uniform Customs,
the Issuing Lender may accept facially conforming documents. 
 Section 3.10 General Terms of Documentary Letters of
Credit. 
 (a) To the extent any failure to comply with the provisions of this Section 3.10
would, either individually or in the aggregate, result in a Material Adverse Effect, the Borrowers agree to procure or to cause the beneficiaries of each documentary Letter of Credit to procure promptly any necessary import and export or other
licenses for the import or export or shipping of any goods referred to in or pursuant to a Letter of Credit and to comply and to use its commercially reasonable efforts to cause the beneficiaries to comply with all foreign and domestic governmental
regulations with respect to the shipment and warehousing of such goods or otherwise relating to or affecting such Letter of Credit, including without limitation governmental regulations pertaining to transactions involving designated foreign
countries or their nationals, and to furnish such certificates in that respect as the Issuing Lender may at any time reasonably require, and to keep such goods adequately covered by insurance in amounts, with carriers and for such risks as shall be
customary in the industry and to cause the Issuing Lender’s interest to be endorsed on such insurance and to furnish the Issuing Lender at its request with reasonable evidence thereof. Should such insurance (or lack thereof) upon said goods for
any reason not be reasonably satisfactory to the Issuing Lender, the Issuing Lender may (but is not obligated to) obtain, after notice, at the Borrowers’ expense, insurance satisfactory to the Issuing Lender. 

(b) In connection with each documentary Letter of Credit, neither the Issuing Lender nor any correspondent shall be
responsible for: (i) the existence, character, quality, quantity, condition, packing, value or delivery of the property purporting to be represented by documents; (ii) any 

 

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difference in character, quality, condition or value of the property from that expressed in documents; (iii) the time, place, manner or order in which shipment of the property is made;
(iv) partial or incomplete shipment referred to in such Letter of Credit; (v) the character, adequacy or responsibility of any insurer, or any other risk connected with insurance other than insurance procured by the Issuing Lender;
(vi) any deviation from instructions, delay, default or fraud by the beneficiary or anyone else in connection with the property or the shipping thereof; (vii) the solvency, responsibility or relationship to the property of any party
issuing any documents in connection with the property; (viii) delay in arrival or failure to arrive of either the property or any of the documents relating thereto; (ix) delay in giving or failure to give notice of arrival or any other
notice; (x) any breach of contract between the Letter of Credit beneficiaries and any Borrower; (xi) any laws, customs, and regulations which may be effective in any jurisdiction where any negotiation and/or payment of such Letter of
Credit occurs; (xii) failure of documents (other than documents required by the terms of the Letter of Credit) to accompany any draft at negotiation; or (xiii) failure of any entity to note the amount of any document or draft on the
reverse of such Letter of Credit or to surrender or to take up such Letter of Credit or to forward documents other than documents required by the terms of the Letter of Credit. In connection with each Letter of Credit, the Issuing Lender shall not
be responsible for any error, neglect or default of any of its correspondents. None of the above shall affect, impair or prevent the vesting of any of the Issuing Lender’s rights or powers hereunder. If a Letter of Credit provides that payment
is to be made by the Issuing Lender’s correspondent, neither the Issuing Lender nor such correspondent shall be responsible for the failure of any of the documents specified in such Letter of Credit to come into the Issuing Lender’s hands,
or for any delay in connection therewith, and the Borrowers’ obligation to make reimbursements shall not be affected by such failure or delay in the receipt of any such documents. 

(c) To the extent not inconsistent with this Agreement, the Uniform Customs are hereby made a part of this Agreement with
respect to obligations in connection with each documentary Letter of Credit. 
 Section 3.11 Effect of Application.
To the extent that any provision of any Application related to any Letter of Credit, or either of the documents referenced in clauses (i) or (ii) of Section 3.12 hereof, is inconsistent with the provisions of this Article III,
or with Article XI hereof, the provisions of this Article III or Article XI hereof, as applicable, shall apply. Article XI alone shall govern with respect to Default and Events of Default in connection with any Letter of
Credit. 
 Section 3.12 Letter of Credit Documents. Subject to Section 3.11 hereof, Letters of Credit and
amendments thereto issued by Wachovia, as Issuing Lender, shall be requested, processed and issued, and draws thereon shall be negotiated, processed and paid, in accordance with and subject to the terms and procedures of: (i) the Continuing
Letter of Credit Agreement and/or (ii) the CyberImport International Operations Agreement between Wachovia and Urban dated August     , 2004. 

ARTICLE IV 

GENERAL LOAN PROVISIONS 

Section 4.1 Interest. 

(a) Interest Rate Options. 

(i) Loans. Subject to the provisions of this Section 4.1, at the election of the Borrowers, the
aggregate principal balance of the Loans or any portion thereof shall bear interest at: 
 (A) the Base
Rate on a per annum basis; 
  

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 (B) the LIBO Market Index Rate plus the Applicable Margin on a per annum
basis; or 
 (C) the LIBOR Rate plus the Applicable Margin on a per annum basis; 

provided that the LIBOR Rate shall not be available until three (3) Business Days after the Closing Date. The Borrowers shall select the rate
of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given pursuant to Section 2.2 hereof or at the time a Notice of Conversion/Continuation is given pursuant to Section 4.2
hereof. Each Loan or portion thereof bearing interest based on: (x) the Base Rate shall be a “Base Rate Loan;” (y) the LIBO Market Index Rate shall be a “LIBO Market Index Rate Loan;” and (z) LIBOR Rate shall be a
“LIBOR Rate Loan.” Any Loan or any portion thereof as to which the Borrowers have not duly specified an interest rate as provided herein shall be deemed a Base Rate Loan. 

(ii) Alternate Currency Loans. Any Alternate Currency Loan shall bear interest at the applicable Eurocurrency Rate
plus the Applicable Margin on a per annum basis. Each Alternate Currency Loan bearing interest based on the Eurocurrency Rate shall be a “Eurocurrency Loan.” 

(b) Interest Periods. In connection with each LIBOR Rate Loan, the Borrowers, by giving notice at the times
described in Section 4.1(a) hereof, shall elect an interest period (each, an “Interest Period”) to be applicable to such Loan or Alternate Currency Loan, which Interest Period shall be a period of one (1), two (2) or three
(3) months with respect to each LIBOR Rate Loan or Eurocurrency Loan; provided that: 
 (i) the
Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan or Eurocurrency Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the
next preceding Interest Period expires; 
 (ii) if any Interest Period would otherwise expire on a day that
is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a LIBOR Rate Loan or Eurocurrency Loan would otherwise expire on a day that is not a Business
Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; 

(iii) any Interest Period with respect to a LIBOR Rate Loan or Eurocurrency Loan that begins on the last Business Day
of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;

 (iv) no Interest Period shall extend beyond the Termination Date; and 

(v) there shall be no more than six (6) Interest Periods outstanding at any time. 

(c) Default Rate. Subject to Section 11.3 hereof, at the discretion of the Administrative Agent and the
Required Lenders, upon the occurrence and during the continuance of an Event of Default: (i) the Borrowers shall no longer have the option to request LIBOR Rate Loans, Eurocurrency Loans or LIBO Market Index Rate Loans; (ii) all amounts
due and payable with respect to 
  

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LIBOR Rate Loans shall bear interest at a rate per annum two percent (2%) in excess of the rate then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and
thereafter at a rate equal to two percent (2%) in excess of the rate then applicable to Base Rate Loans; (iii) LIBO Market Index Rate Loans shall convert to Base Rate Loans; and (iv) all amounts due and payable with respect to Base
Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate then applicable to Base Rate Loans. Interest shall continue to accrue on the Notes at the rates set forth above after the filing by or against
the Borrowers of any petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state, federal or foreign, as well as before and after any judgment. 

(d) Interest Payment and Computation. Interest on each Base Rate Loan and each LIBO Market Index Rate Loan shall be
payable in arrears on the last Business Day of each calendar quarter commencing October 31, 2004, [or earlier, if such Base Rate Loan or LIBO Market Index Rate Loan is repaid by the Borrower prior to the end of any calendar quarter, on the date
of such repayment;] and interest on each LIBOR Rate Loans or Eurocurrency Loan shall be payable on the last day of each Interest Period applicable thereto. Interest on LIBOR Rate Loans, Eurocurrency Loans, LIBO Market Index Rate Loans and all fees
payable hereunder shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed, and interest on Base Rate Loans shall be computed on the basis of a 365/66-day year and assessed for the actual number of days
elapsed. 
 (e) Maximum Rate. In no contingency or event whatsoever shall the aggregate of all amounts
deemed interest hereunder or under the Notes charged or collected pursuant to the terms of this Agreement or pursuant to the Notes exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final
determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to
the maximum rate permitted by Applicable Law, and the Lenders shall at the Administrative Agent’s option: (i) promptly refund to the Borrowers any interest received by the Lenders in excess of the maximum lawful rate; or (ii) apply
such excess to the principal balance of the Obligations. It is the intent hereof that the Borrowers not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any
manner whatsoever, interest in excess of that which may be paid by the Borrowers under Applicable Law. 
 Section 4.2
Notice and Manner of Conversion or Continuation of Loans. Provided that no Event of Default has occurred and is then continuing, the Borrowers shall have the option to: (a) convert at any time, but not earlier than the third Business Day
after the Closing Date, all or any portion of its outstanding Base Rate Loans or LIBO Market Index Rate Loans in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof into one or more LIBOR Rate Loans; and
(b) upon the expiration of any Interest Period, (i) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to $250,000 or a whole multiple of $250,000 in excess thereof into Base Rate Loans,
(ii) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to $500,000 or a whole multiple of $250,000 in excess thereof into LIBO Market Index Rate Loans, or (iii) continue such LIBOR Rate Loans as LIBOR
Rate Loans and Eurocurrency Loans as Eurocurrency Loans. Whenever the Borrowers desire to convert or continue Loans as provided above, the Borrowers shall give the Administrative Agent irrevocable prior written notice in the form attached hereto as
Exhibit D (a “Notice of Conversion/Continuation”) not later than 11:00 a.m. (Philadelphia time) three (3) Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying:
(A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of the Interest Period therefor; (B) the effective date of such conversion or continuation (which shall be a
Business Day); (C) the principal amount of such Loans to be converted or continued; and (D) the Interest Period to be applicable to such converted or continued 

 

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LIBOR Rate Loan. The Administrative Agent shall promptly notify the Lenders of such Notice of Conversion/Continuation. 

Section 4.3 Fees. 

(a) Administration Fee. The Borrowers shall pay the Administrative Agent an administration fee (the
“Administration Fee”) equal to $15,000 payable on the Closing Date. 
 Section 4.4 Manner of Payment. Each
payment by the Borrowers on account of the principal of or interest on the Loans or of any fee, commission or other amounts (including without limitation the Reimbursement Obligation) payable to the Lenders under this Agreement or the Notes shall be
made not later than 1:00 p.m.(Philadelphia time) on the date specified for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders (other than as set forth below) pro rata in
accordance with their respective Commitment Percentages (except as specified below), in Dollars (except with respect to Alternate Currency Loans, as to which payments will be made in the currency in which such Alternate Currency Loan was made) in
immediately available funds and shall be made without any set-off, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m.(Philadelphia time) on such day shall be deemed a payment on such date for the purposes
of Section 11.1 hereof, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m.(Philadelphia time) shall be deemed to have been made on the next succeeding
Business Day for all purposes. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each Lender at its address for notices set forth herein its pro rata share of such payment in
accordance with such Lender’s Commitment Percentage (except as specified below) and shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent of the Issuing Lender’s fees or L/C Participants
commissions shall be made in like manner, but for the account of the Issuing Lender or the L/C Participants, as the case may be. Each payment to the Administrative Agent of Administrative Agent’s fees or expenses shall be made for the account
of the Administrative Agent, and any amount payable to any Lender under Section 4.6, Section 4.7, Section 4.8, Section 4.9 or Section 13.2 hereof shall be paid to the Administrative Agent
for the account of the applicable Lender. Subject to Section 4.1(b)(ii) hereof, if any payment under this Agreement or the Notes shall be specified to be made upon a day which is not a Business Day, it shall be made on the next
succeeding day which is a Business Day, and such extension of time shall in such case be included in computing any interest if payable along with such payment. 

Section 4.5 Credit of Payments and Proceeds. In the event that the Borrowers shall fail to pay any of the Obligations when
due and the Obligations have been accelerated pursuant to Section 11.2 hereof, all payments received by the Lenders upon the Notes and the other Obligations and all net proceeds from the enforcement of the Obligations shall be applied
first to all expenses then due and payable by the Borrowers hereunder, then to all indemnity obligations then due and payable by the Borrowers hereunder, then to all Administrative Agent’s and Issuing Lender’s fees then due and payable,
then to all commitment and other fees and commissions then due and payable, then to accrued and unpaid interest on the Notes, the Reimbursement Obligations and any termination payments due in respect of any Hedging Agreement with any Lender
(pro rata in accordance with all such amounts due), then to the principal amount of the Notes and Reimbursement Obligations (pro rata in accordance with all such amounts due) and then to the cash collateral account
described in Section 11.2(b) hereof to the extent of any L/C Obligations then outstanding, in that order. 
  

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 Section 4.6 Changed Circumstances. 

(a) Circumstances Affecting LIBOR Rate and Eurocurrency Rate Availability. If with respect to any Interest Period
the Administrative Agent or any Lender shall determine that, by reason of circumstances affecting the foreign exchange and interbank markets generally, deposits in Eurodollars in the applicable amounts are not being quoted via Telerate Page 3750 or
offered to the Administrative Agent or such Lender for such Interest Period, then the Administrative Agent shall forthwith give notice thereof to the Borrowers. Thereafter, until the Administrative Agent notifies the Borrowers that such
circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans, Eurocurrency Loans or LIBO Market Index Rate Loans and the right of the Borrowers to convert any Loan to or continue any Loan as a LIBOR Rate Loan, Eurocurrency
Loan or a LIBO Market Index Rate Loan shall be suspended, and the Borrowers shall: (i) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan or Eurocurrency Loan, together with accrued
interest thereon, on the last day of the then current Interest Period applicable to such LIBOR Rate Loan or Eurocurrency Loan; (ii) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBO Market
Index Rate Loan together with accrued interest thereon; or (iii) convert to a Base Rate Loan the then outstanding principal amount of each such LIBO Market Index Rate Loan and, as of the last day of each applicable Interest Period, the then
outstanding principal amount of each such LIBOR Rate Loan or Eurocurrency Loan. 
 (b) Laws Affecting LIBOR
Rate, Eurocurrency Rate and LIBO Market Index Rate Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such
Authority, central bank or comparable agency, shall make it unlawful or impossible for any Lender (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, Eurocurrency Loan or LIBO
Market Index Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent, and the Administrative Agent shall promptly give notice to the Borrowers and the other Lenders. Thereafter, until the Administrative Agent notifies
the Borrowers that such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans, Eurocurrency Loans, or LIBO Market Index Rate Loans and the right of the Borrowers to convert any Loan or continue any Loan as a
LIBOR Rate Loan, Eurocurrency Loan or LIBO Market Index Rate Loan shall be suspended and thereafter the Borrowers may select only Base Rate Loans hereunder, and (ii) if any of the Lenders may not lawfully continue to maintain a LIBO Market
Index Rate Loan, LIBOR Rate Loan or Eurocurrency Loan to the end of the then current Interest Period applicable thereto, the applicable LIBO Market Index Rate Loan shall immediately be converted to a Base Rate Loan or the applicable LIBOR Rate Loan
or Eurocurrency Loan shall immediately be converted to a Base Rate Loan for the remainder of the Interest Period applicable thereto. 

(c) Increased Costs. If, after the date hereof, the introduction of, or any change in, any Applicable Law, or in
the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any of their respective Lending Offices) with
any request or directive (whether or not having the force of law) of such Authority, central bank or comparable agency: 

(i) shall subject any Lender (or any of their respective Lending Offices) to any tax, duty or other charge with
respect to any Note, any Letter of Credit or any Application or shall change the basis of taxation of payments to any Lender (or any of their respective Lending Offices) of the principal of or interest on any Note, any Letter of Credit or any
Application or any other amounts due under this Agreement in respect thereof including MLA Costs (except for changes in the rate 

 

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of tax on the overall net income of any Lender or any of their respective Lending Offices imposed by the jurisdiction in which such Lender is organized or is or should be qualified to do business
or such Lending Office is located); or 
 (ii) shall impose, modify or deem applicable any reserve (including
without limitation any imposed by the Board of Governors of the Federal Reserve System), special deposit, insurance or capital or similar requirement against assets of, deposits with or for the account of, or credit extended by any Lender (or any of
their respective Lending Offices) or shall impose on any Lender (or any of their respective Lending Offices) or the foreign exchange and interbank markets any other condition affecting any Note; 

and the result of any of the foregoing is to increase the costs to any Lender of maintaining any LIBOR Rate Loan, Eurocurrency Loan or LIBO Market Index
Rate Loan or issuing Letters of Credit or to reduce the yield or amount of any sum received or receivable by any Lender under this Agreement or under the Notes in respect of a LIBOR Rate Loan, Eurocurrency Loan, LIBO Market Index Rate Loan or Letter
of Credit or Application, then such Lender shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify the Borrowers of such fact and demand compensation therefor and, within fifteen (15) days after such
notice by the Administrative Agent, the Borrowers shall pay to such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction. The Lender will promptly notify the Borrowers of any event of which it
has knowledge which will entitle such Lender to compensation pursuant to this Section 4.6(c); provided, that the Administrative Agent shall incur no liability whatsoever to the Borrowers in the event it fails to do so. The amount
of such compensation shall be determined, in the applicable Lender’s sole discretion, based upon the assumption that such Lender funded its Commitment Percentage of the LIBOR Rate Loans, Eurocurrency Loans or the LIBO Market Index Rate Loans in
the London interbank market and using any reasonable attribution or averaging methods which such Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to
compensate such Lender shall be forwarded to the Borrowers and shall be conclusively presumed to be correct save for manifest error. The Lenders shall determine the applicability of, and the amount due under, this Section 4.6 consistent
with the manner in which they apply similar provisions and calculate similar amounts payable to it by other borrowers having in their credit agreements provisions comparable to this Section 4.6. 

(d) Replacement of Defaulting Lenders. Any Lender that: (i) is unable to or is prohibited from making LIBOR
Rate Loans, Eurocurrency Loans or LIBO Market Index Rate Loans to the Borrowers as set forth in Section 4.6(a) or Section 4.6(b) above or (ii) incurs increased costs and demands compensation therefor as set forth in
Section 4.6(c) above, shall be referred to hereafter as a “Defaulting Lender.” If any Lender is a Defaulting Lender, then Borrowers may elect to remove such Defaulting Lender from this Agreement, and notwithstanding the
provisions of Section 13.13 hereof to the contrary, the consent of the Remaining Lenders shall not be required for such removal, and so long as no Default or Event of Default has occurred and is continuing, the consent of solely the
Borrowers and the Administrative Agent shall be required for the replacement bank, if any, and the requirement that the Defaulting Lender’s Commitment must be replaced, and the requisite documentation to effect such removal and replacement,
such consent not to be unreasonably withheld or delayed. 
 Section 4.7 Indemnity. The Borrowers hereby indemnify
each of the Lenders against any loss or expense which may arise or be attributable to each Lender’s obtaining, liquidating or employing deposits or other funds acquired to effect, fund or maintain any Loan: (a) as a consequence of any
failure by the Borrowers to make any payment when due of any amount due hereunder in connection with a LIBOR Rate Loan or Eurocurrency Loan; (b) due to any failure of the Borrowers to borrow on a date specified therefor in a Notice of Borrowing
or Notice of Continuation/Conversion; or (c) due to any 
  

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payment, prepayment or conversion of any LIBOR Rate Loan or Eurocurrency Loan on a date other than the last day of the Interest Period therefor. The amount of such loss or expense shall be
determined, in the applicable Lender’s sole discretion, based upon the assumption that such Lender funded the LIBOR Rate Loans or Eurocurrency Loans in the London interbank market and using any reasonable attribution or averaging methods which
such Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate the Lender shall be forwarded to the Borrowers through the Administrative Agent and
shall be conclusively presumed to be correct save for manifest error. 
 Section 4.8 Capital Requirements. If either
(a) the introduction of, or any change in, or in the interpretation of, any Applicable Law or (b) compliance with any guideline or request from any central bank or comparable agency or other Governmental Authority (whether or not having
the force of law), has or would have the effect of reducing the rate of return on the capital of, or has affected or would affect the amount of capital required to be maintained by, any Lender or any corporation controlling such Lender as a
consequence of, or with reference to the Commitments and other commitments of this type, below the rate which the Lender or such other corporation could have achieved but for such introduction, change or compliance, then within five
(5) Business Days after written demand by such Lender, the Borrowers shall pay to such Lender from time to time as specified by such Lender additional amounts sufficient to compensate such Lender or other corporation for such reduction. A
certificate as to such amounts submitted to the Borrowers and the Administrative Agent by such Lender, shall, in the absence of manifest error, be presumed to be correct and binding for all purposes. Lenders shall determine the applicability of, and
the amount due under, this Section 4.8 consistent with the manner in which it applies similar provisions and calculates similar amounts payable to it by other borrowers having in their credit agreements provisions comparable to this
Section 4.8. 
 Section 4.9 Taxes. 

(a) Payments Free and Clear. Any and all payments by the Borrowers hereunder or under the Notes or the Letters of
Credit shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholding, and all liabilities with respect thereto excluding, (i) in the case of each Lender and
the Administrative Agent, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender and the Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political
subdivision thereof and (ii) in the case of each Lender, income and franchise taxes imposed by the jurisdiction of such Lender’s Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions,
charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If the Borrowers shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or Letter of Credit to any
Lender or the Administrative Agent: (A) the sum payable shall be increased as may be necessary so that after making all required deductions (including without limitation deductions applicable to additional sums payable under this
Section 4.9) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the amount it would have received had no such deductions been made; (B) the Borrowers shall make such deductions; (C) the
Borrowers shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law; and (D) the Borrowers shall deliver to the Administrative Agent evidence of such payment to the relevant taxing
authority or other authority in the manner provided in Section 4.9(d) hereof. 
 (b) Stamp and
Other Taxes. In addition, the Borrowers shall pay any present or future stamp, registration, recordation or documentary taxes or any other similar fees or charges or excise or property taxes, levies of the United States or any state or political
subdivision thereof or any applicable foreign jurisdiction which arise from any payment made hereunder or from the execution, 
  

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delivery or registration of, or otherwise with respect to, this Agreement, the Loans, the Letters of Credit, the other Loan Documents, or the perfection of any rights or security interest in
respect thereto (hereinafter referred to as “Other Taxes”). 
 (c) Indemnity. The Borrowers
shall indemnify each Lender and the Administrative Agent for the full amount of Taxes and Other Taxes (including without limitation any Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 4.9) paid by
such Lender or the Administrative Agent (as the case may be) and any liability (including without limitation penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or
legally asserted. Such indemnification shall be made within thirty (30) days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor. 

(d) Evidence of Payment. Within thirty (30) days after the date of any payment of Taxes or Other Taxes, the
Borrowers shall furnish to the Administrative Agent, at its address referred to in Section 13.1 hereof, the original or a certified copy of a receipt evidencing payment thereof or other evidence of payment satisfactory to the
Administrative Agent. 
 (e) Survival. Without prejudice to the survival of any other agreement of the
Borrowers hereunder, the agreements and obligations of each Borrower contained in this Section 4.9 shall survive the payment in full of the Obligations and the termination of the Commitments. 

(f) Delivery of Tax Forms. Each Lender organized under the laws of a jurisdiction other than the United States or
any state thereof shall deliver to the Borrower, with a copy to the Administrative Agent, on the Closing Date or concurrently with the delivery of the relevant Assignment and Acceptance, as applicable, (i) two United States Internal Revenue
Service Forms W-8ECI or Forms W-8BEN, as applicable (or successor forms), properly completed and certifying in each case that such Lender is entitled to a complete exemption from withholding or deduction for or on account of any United States
federal income taxes, and (ii) an Internal Revenue Service Form W-8 or W-9 or successor applicable form, as the case may be, to establish an exemption from United States backup withholding taxes. Each such Lender further agrees to deliver to
the Borrower, with a copy to the Administrative Agent, a Form W-8ECI or W-8BEN and Form W-8 or W-9, or successor applicable forms or manner of certification, as the case may be, on or before the date that any such form expires or becomes obsolete or
after the occurrence of any event requiring a change in the most recent form previously delivered by it to the Borrower, certifying in the case of a Form W-8ECI or W-8BEN that such Lender is entitled to receive payments under this Agreement without
deduction or withholding of any United States federal income taxes (unless in any such case an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be
required which renders such forms inapplicable or the exemption to which such forms relate unavailable and such Lender notifies the Borrower and the Administrative Agent that it is not entitled to receive payments without deduction or withholding of
United States federal income taxes) and, in the case of a Form W-8 or W-9, establishing an exemption from United States backup withholding tax. 

Section 4.10 Guaranty. The Obligations of the Borrowers shall be guaranteed by the Guarantors as provided in the Guaranty
Agreement. 
 Section 4.11 Adjustments. If any Lender (a “Benefited Lender”) shall at any time receive any
payment of all or part of the Obligations owing to it, or interest thereon, or if any Lender shall at any time receive any collateral in respect to the Obligations owing to it (whether voluntarily or involuntarily, by set-off or otherwise) in a
greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, or interest 

 

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thereon, such Benefited Lender shall purchase for cash from the other Lenders such portion of each such other Lender’s Extensions of Credit, or shall provide such other Lenders with the
benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, that if all or any
portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned to the extent of such recovery, but without interest. The Borrowers agree
that each Lender so purchasing a portion of another Lender’s Extensions of Credit may exercise all rights of payment (including without limitation rights of set-off) with respect to such portion as fully as if such Lender were the direct holder
of such portion. 
 Section 4.12 Nature of Obligations of Lenders Regarding Extensions of Credit; Assumption by the
Administrative Agent. The obligations of the Lenders under this Agreement to make the Loans and issue or participate in Letters of Credit are several and are not joint or joint and several. Unless the Administrative Agent shall have received
notice from a Lender prior to a proposed borrowing date that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of the amount to be borrowed on such date (which notice shall not release such Lender of
its obligations hereunder), the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the proposed borrowing date in accordance with Section 2.2(c) hereof, and the Administrative
Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If such amount is made available to the Administrative Agent on a date after such borrowing date, such Lender shall pay to the
Administrative Agent on demand an amount, until paid, equal to the product of (a) the amount not made available by such Lender in accordance with the terms hereof, times (b) the daily average Federal Funds Rate during such period as
determined by the Administrative Agent, times (c) a fraction the numerator of which is the number of days that elapse from and including such borrowing date to the date on which such amount not made available by such Lender in accordance
with the terms hereof shall have become immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent with respect to any amounts owing under this Section 4.12 shall be
conclusive, absent manifest error. If such Lender’s Commitment Percentage of such borrowing is not made available to the Administrative Agent by such Lender within three (3) Business Days of such borrowing date, the Administrative Agent
shall be entitled to recover such amount made available by the Administrative Agent with interest thereon at the rate per annum applicable to Base Rate Loans hereunder, on demand, from the Borrowers. The failure of any Lender to make available its
Commitment Percentage of any Loan requested by the Borrowers shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Loan available on the borrowing date, but no Lender shall be
responsible for the failure of any other Lender to make its Commitment Percentage of such Loan available on the borrowing date. 

Section 4.13 Currencies; Currency Equivalent and Related Provisions. 

(a) Redenomination and Alternate Currencies. Each obligation of any party under this Agreement which has been
denominated in the fixed national currency unit of a Participating Member State shall be redenominated into the euro in accordance with the legislation of the European Union applicable to such currency, provided, that if and to the extent that any
such legislation provides that an amount denominated either in the euro unit or in the national currency unit of a Participating Member State and payable within the Participating Member State by crediting an account of a creditor can be paid by a
debtor either in the euro unit or in that national currency unit, each party to this Agreement shall be entitled to pay or repay any such amount either in the euro unit or in such national currency unit. 

 

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 (b) Loans. Any portion of an Alternate Currency Loan in the currency
of a Participating Member State shall be made in the euro unit, provided that any portion of such Alternate Currency Loan may, if so requested by Borrowers, be made in the national currency unit of any Participating Member State so long as such
national currency unit continues to be available as legal tender for obligations of the same type or character as the obligations set forth in this Agreement, is freely convertible and is not subject to exchange controls. 

(c) Payments by Borrowers. Those Sections of this Agreement providing for payment or repayment in a national
currency unit shall be construed so that, in relation to the payment of any amount of euro units or national currency units, such amount shall be made available to the Lenders in immediately available, freely transferable, cleared funds to such
account with Lenders (in such principal financial center) as Lenders may from time to time in good faith nominate for this purpose. 

(d) Payments by Lenders Generally. With respect to the payment of any amount denominated in the euro unit or in a
national currency unit, no Lender shall be liable to the Borrowers in any way whatsoever for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by a Lender if such Lender
has made reasonable effort to effect all relevant steps to achieve, on the date required by the Agreement, the payment of such amount in immediately available, freely transferable, cleared funds (in the euro unit or, as the case may be, in a
national currency unit) to the account with such Lender in the principal financial center in the Participating Member State which the Borrowers shall have specified for such purpose. In this paragraph, “all relevant steps” means all such
steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as the Lender may from time to time reasonably believe to be in effect for the purpose of clearing or settling payment in
the euro. 
 (e) Basis of Accrual. If the basis of accrual of interest or fees expressed in this Agreement
with respect to the currency of any state that becomes a Participating State Member, in Administrative Agent’s judgment, shall not be available because interest rate quotes for a national currency unit are no longer provided, or shall be
inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest or fees in respect of the euro, such convention or practice shall replace such expressed basis effective as of and from the date on
which such state becomes a Participating Member State; provided, however, if any or all of an Alternate Currency Loan in the currency of such state is outstanding immediately prior to such date, such replacement shall take effect, with respect to
such portion of the Alternate Currency Loan, on the last day of the current Interest Period. 
 (f) Rounding
and Other Consequential Changes. Without prejudice and in addition to any method of conversion or rounding prescribed by any applicable legislation, and without prejudice to the respective liabilities for indebtedness of the Borrowers to Lenders
and the Lenders to the Borrowers under or pursuant to this Agreement: 
 (i) each reference in this
Agreement to a minimum amount (or an integral multiple thereof) in a national currency unit to be paid to or by Lenders shall be replaced by a reference to such reasonably comparable amount (or an integral multiple thereof) in the euro unit as
Administrative Agent may from time to time specify; and 
 (ii) except as expressly provided in this
Agreement, each provision of this Agreement, including, without limitation, the right to combine currencies to effect a set off, shall be subject to such reasonable changes of interpretation as Administrative Agent, as applicable, may from time to
time specify to be necessary or appropriate to reflect the introduction of or change over to the euro in Participating Member States. 
  

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 (g) Exchange Indemnification and Increased Costs. The Borrowers
shall, upon demand from Administrative Agent, pay to Lenders the amount of: (i) any loss or cost or increased cost incurred by any Lender, (ii) any reduction in any amount payable to or in the effective return on its capital to any Lender,
(iii) interest or other return, including principal, foregone by any Lender as a result of the introduction of, change over to or operation of the euro in any Participating Member State, or (iv) any currency exchange loss that any Lender
sustains as a result of the Borrowers’ election to borrow in national currency units and repay in euro units or to borrow in euro units and repay in national currency units. A certificate of a Lender setting forth the basis for determining such
additional amount or amounts necessary to compensate such Lender shall be conclusively presumed to be correct save for manifest error. 

ARTICLE V 

CLOSING; CONDITIONS OF CLOSING AND BORROWING 

Section 5.1 Closing. The closing shall take place at the offices of Pepper Hamilton LLP at 10:00 a.m. on September
      , 2004, or on such other date and in such other manner as the parties hereto shall mutually agree. 

Section 5.2 Conditions to Closing and Initial Extensions of Credit. The obligation of the Administrative Agent and the
Lenders to close this Agreement and to make the initial Loan or to issue the initial Letter of Credit is subject to the satisfaction of each of the following conditions: 

(a) Executed Loan Documents. This Agreement, the Notes and the Guaranty Agreement shall have been duly
authorized, executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default or Event of Default shall exist thereunder, and the Borrowers and Guarantors, as applicable, shall have delivered
original counterparts thereof to the Administrative Agent. 
 (b) Closing Certificates; etc. 

(i) Certificate of the Secretary of each Borrower and Guarantor. The Administrative Agent shall have received a
certificate of the secretary or assistant secretary of each Borrower and each Guarantor certifying as to the incumbency and genuineness of the signature of each officer of such Borrower (including without limitation the Non-U.S. Borrowers) or
Guarantor executing Loan Documents to which it is a party and certifying (A) that either (1) since the last delivery of such documents to Wachovia there have been no changes to the articles, or certificate(s), of incorporation, the bylaws
or other similar formation or organizational documents of such Borrower or Guarantor as in effect on the date of such certifications or, for each such Borrower or Guarantor to which (1) does not apply, (2) that attached thereto is a true,
correct and complete copy of the articles, or certificate(s), of incorporation, the bylaws or other similar formation or organizational documents and all amendments thereto of such Borrower or Guarantor as in effect on the date of such
certifications; and (B) that attached thereto is a true, correct and complete copy of resolutions duly adopted by the board of directors of such Borrower or Guarantor authorizing the borrowings contemplated hereunder and the execution, delivery
and performance of this Agreement and the other Loan Documents to which it is a party. 
 (ii) Certificates of
Good Standing. The Administrative Agent shall have received certificates as of a recent date of the good standing of each Borrower (including without limitation the Non-U.S. Borrowers) and each Guarantor under the laws of its jurisdiction of
organization. 
  

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 (iii) Opinions of Counsel. The Administrative Agent shall have
received favorable opinions of counsel to the Borrowers and the Guarantors addressed to the Administrative Agent and the Lenders with respect to such matters as the Lenders shall request. 

(c) Hazard and Liability Insurance. The Administrative Agent shall have received certificates of current hazard,
business interruption and liability insurance, and, if requested by the Administrative Agent, evidence of payment of all insurance premiums for the current policy period of each and copies (certified by a Responsible Officer) of insurance policies
in form and substance reasonably satisfactory to the Administrative Agent. 
 (d) Consents; Defaults.

 (i) Governmental and Third Party Approvals. The Borrowers shall have obtained all necessary approvals,
authorizations and consents of any Person and of all Governmental Authorities and courts having jurisdiction with respect to the transactions contemplated by this Agreement and the other Loan Documents. 

(ii) No Injunction, Etc. No action, proceeding, investigation, regulation or legislation shall have been
instituted, threatened or proposed before any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this Agreement or the other Loan Documents or the
consummation of the transactions contemplated hereby or thereby, or which, in the Administrative Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement and such other Loan Documents.

 (iii) No Event of Default. No Default or Event of Default shall have occurred and be continuing.

 (e) Financial Matters. 

(i) Financial Statements. The Administrative Agent shall have received the most recent audited Consolidated
financial statements of Urban and its Consolidated Subsidiaries, all in form and substance satisfactory to the Administrative Agent. 

(ii) Financial Condition Certificate. The Borrowers shall have delivered to the Administrative Agent a certificate,
in form and substance satisfactory to the Administrative Agent, and certified as accurate by a Responsible Officer of Urban, that: (A) each Borrower and each Subsidiary is Solvent; (B) each Borrower’s uncontested payables are current
and not past due in excess of sixty (60) days; (C) attached thereto are the quarterly financial statements for the second quarter of the current fiscal year, ending [July 31, 2004], setting forth the financial condition of the Borrowers
and their Consolidated Subsidiaries on a Consolidated basis as of that date, and evidencing compliance with the covenants contained in Articles IX and X of the Credit Agreement and (D) attached thereto are the financial projections previously
delivered to the Administrative Agent representing the good faith opinions of the Borrowers and senior management thereof as to the projected results contained therein. 

(iii) Payments at Closing. The Borrowers shall have paid the fees due to Lenders under Section 4.3
hereof and any other accrued and unpaid fees or commissions due hereunder (including without limitation legal fees and expenses to the Administrative Agent), and to any other Person such amount as may be due thereto in connection with the
transactions contemplated hereby, 
  

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including without limitation all taxes, fees and other charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents. 

(f) Miscellaneous. 

(i) Notice of Account Designation. The Administrative Agent shall have received a Notice of Account Designation
specifying the account or accounts to which the proceeds of any Loans are to be disbursed. 
 (ii) Proceedings
and Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to the Administrative Agent. The Administrative
Agent shall have received copies of all other instruments and other evidence as the Administrative Agent may reasonably request, in form and substance satisfactory to the Administrative Agent, with respect to the transactions contemplated by this
Agreement and the taking of all actions in connection therewith. 
 (iii) Due Diligence and Other
Documents. The Borrowers shall have delivered to the Administrative Agent documentation evidencing the Existing Wachovia Facility and such other documents, certificates and opinions as the Administrative Agent may reasonably request. 

(iv) Tax Forms. Lenders shall have delivered to Administrative Agent any U.S. Internal Revenue Service tax forms
required under Section 4.9(f) hereof. 
 Section 5.3 Conditions to All Extensions of Credit. The
obligation of the Administrative Agent and the Lenders to make any Extension of Credit is subject to the satisfaction of the following conditions precedent on the relevant borrowing or issue date, as applicable: 

(a) Continuation of Representations and Warranties. The representations and warranties contained in Article
VI hereof shall be true and correct on and as of such borrowing or issuance date with the same effect as if made on and as of such date; except for any representation and warranty made as of an earlier date, which representation and warranty
shall remain true and correct as of such earlier date. 
 (b) No Existing Default. No Default or Event of
Default shall have occurred and be continuing hereunder (i) on the borrowing date with respect to such Loan or after giving effect to the Loans to be made on such date or (ii) on the issue date with respect to such Letter of Credit or
after giving effect to such Letters of Credit on such date. 
 (c) Officer’s Compliance Certificate;
Additional Documents. The Administrative Agent shall have received the current Officer’s Compliance Certificate and each additional document, instrument, legal opinion or other item of information, as reasonably requested by the
Administrative Agent. 
 (d) Conditions. Each borrowing by the Borrowers or request for the issuance of a
Letter of Credit shall constitute a representation and warranty by the Borrowers as of the date of such Loan or issuance of such Letter of Credit that the conditions of this Section 5.3 hereof have been satisfied. 

 

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 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF THE BORROWERS 

Section 6.1 Representations and Warranties. To induce the Administrative Agent and the Lenders to enter into this Agreement
and to induce the Lenders to make Extensions of Credit, the Borrowers hereby represent and warrant to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder that: 

(a) Organization; Power; Qualification. Each Borrower and each Subsidiary is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation, has the power and authority to own its properties and to carry on its business as now being and hereafter proposed to be conducted and is duly qualified and
authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization, except where the failure to obtain such qualification or authorization would not
have a Material Adverse Effect. The jurisdictions in which each Borrower and each Guarantor are organized and qualified to do business as of the Closing Date are described on Schedule 6.1(a) hereto. 

(b) Ownership. Each Subsidiary of any Borrower and each of their respective Subsidiaries, as of the Closing Date,
as depicted on the organizational chart attached hereto as Schedule 6.1(b). As of the Closing Date and unless otherwise noted on Schedule 6.1(b), each “parent” entity depicted on Schedule 6.1(b) hereto owns one hundred
percent (100%) of the outstanding equity of any entity shown to be a subsidiary. All of the outstanding shares representing the equity ownership of the parent entities have been duly authorized and validly issued and are fully paid and
nonassessable. As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise
provide for or permit the issuance of capital stock of any Borrower. 
 (c) Authorization of Agreement, Loan
Documents and Borrowing. Each Borrower, each Subsidiary and each Guarantor has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement and each
of the other Loan Documents to which it is a party in accordance with their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Borrower, each Subsidiary
and each Guarantor party thereto, and each such document constitutes the legal, valid and binding obligation of each Borrower, each Subsidiary and each Guarantor party thereto, enforceable in accordance with its terms, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors rights in general and the availability of equitable remedies.

 (d) Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and
performance by each Borrower, each Subsidiary and each Guarantor of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the borrowings hereunder and the transactions contemplated hereby do not and will
not, by the passage of time, the giving of notice or otherwise, (i) require any Governmental Approval or violate any Applicable Law relating to any Borrower, any Subsidiary or any Guarantor, (ii) conflict with, result in a breach of or
constitute a default under the articles or certificate of incorporation, bylaws or other organizational documents of any Borrower, any Subsidiary or any Guarantor or any indenture, agreement or other instrument to which such Person is a party or by
which any of its properties may be bound or any Governmental Approval relating to such Person, or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such
Person other than Liens (if any) arising under the Loan Documents. 
  

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 (e) Compliance with Law; Governmental Approvals. Each Borrower, each
Subsidiary and each Guarantor: (i) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review on appeal and is not the subject of
any pending or, to the best of its knowledge, threatened attack by direct or collateral proceeding, except where the failure to obtain any such Governmental Approvals or the existence of any potential appeals or threatened attacks in connection
therewith would not, singly or in the aggregate, have a Material Adverse Effect, and (ii) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective
properties, except for such failures to comply that would not, singly or in the aggregate, have a Material Adverse Effect. 

(f) Tax Returns and Payments. Each Borrower, each Subsidiary and each Guarantor has duly filed or caused to be
filed all federal, state, local and other tax returns required by Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all federal, state, local and other taxes, assessments and governmental charges or levies upon
it and its property, income, profits and assets which are due and payable, except such taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. No
Governmental Authority has asserted any Lien or other claim against any Borrower, any Subsidiary or any Guarantor with respect to unpaid taxes which has not been discharged or resolved. The charges, accruals and reserves on the books of each
Borrower, each Subsidiary and each Guarantor in respect of federal, state, local and other taxes for all Fiscal Years and portions thereof since the organization of each Borrower, each Subsidiary and each Guarantor are in the judgment of the
Borrowers adequate, and the Borrowers do not anticipate any additional taxes or assessments for any of such years. 

(g) Intellectual Property Matters. Each Borrower, each Subsidiary and each Guarantor owns or possesses rights to
use all franchises, licenses, copyrights, copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, trade names, trade name rights, copyrights and rights with respect to the foregoing which are
required to conduct its business. No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any such rights, and no Borrower nor any Subsidiary is liable to any Person for
infringement under Applicable Law with respect to any such rights as a result of its business operations, except to the extent any such event or liability, either singly or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. 
 (h) Environmental Matters. 

(i) To the knowledge of each Borrower, each Subsidiary and each Guarantor, the properties owned, leased or operated by
each Borrower, each Subsidiary and each Guarantor do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which (A) constitute or constituted a violation of applicable
Environmental Laws or (B) could give rise to Borrower liability under applicable Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a Material Adverse Effect; 

(ii) Each Borrower, each Subsidiary, each Guarantor and their properties and all operations conducted in connection
therewith are in compliance, and have been in compliance (other than such instances which have been cured), with all applicable Environmental Laws, except to the extent any instances of noncompliance, either singly or in the aggregate, could not
reasonably be expected to cause a Material Adverse Effect; 
 (iii) No Borrower, Subsidiary or Guarantor has
received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental 
  

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matters, Hazardous Materials, or compliance with Environmental Laws, nor does any Borrower, any Subsidiary or any Guarantor have knowledge or reason to believe that any such notice will be
received or is being threatened, except to the extent any such notices, either singly or in the aggregate, could not reasonably be expected to cause a Material Adverse Effect; 

(iv) To the knowledge of each Borrower, Subsidiary or Guarantor, Hazardous Materials have not been transported or disposed
of to or from the properties owned, leased or operated by any Borrower, any Subsidiary or any Guarantor in violation of, or in a manner or to a location which could give rise to liability under Environmental Laws which, either singly or in the
aggregate, could reasonably be expected to cause a Material Adverse Effect, nor have any Hazardous Materials been generated, treated, stored or disposed of at, on or under any of such properties in violation of, or in a manner that could give rise
to liability under, any applicable Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a Material Adverse Effect; 

(v) No judicial proceedings or governmental or administrative action is pending, or, to the knowledge of any Borrower, any
Subsidiary or any Guarantor, threatened, under any Environmental Law to which any Borrower, any Subsidiary or any Guarantor is or will be named as a party, nor are there any consent decrees or other decrees, consent orders, administrative orders or
other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to any Borrower, any Subsidiary, any Guarantor or such properties owned (or, to the knowledge of any Borrower, Subsidiary or
Guarantor, leased) by any Borrower, Subsidiary or Guarantor, or operations conducted by any Borrower, Subsidiary or Guarantor, except to the extent any such proceedings, actions, decrees, orders or requirements, either singly or in the aggregate,
could not reasonably be expected to cause a Material Adverse Effect; and 
 (vi) To the knowledge of each
Borrower, each Subsidiary and each Guarantor, there has been no release or threat of release of Hazardous Materials at or from properties owned, leased or operated by any Borrower, any Subsidiary or any Guarantor, now or in the past, in violation of
or in amounts or in a manner that could give rise to liability to any Borrower, any Subsidiary, any Guarantor or to any assignee thereof under Environmental Laws which, either singly or in the aggregate, could reasonably be expected to cause a
Material Adverse Effect. 
 (i) ERISA. 

(i) As of the Closing Date, no Borrower, Subsidiary, Guarantor or ERISA Affiliate maintains or contributes to, or has any
obligation under, any Employee Benefit Plans other than those identified on Schedule 6.1(i) hereto; 

(ii) Each Borrower, Subsidiary, Guarantor and ERISA Affiliate is in compliance with all applicable provisions of ERISA and
the regulations and published interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired. Each
Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the Internal Revenue Service to be so qualified, and each trust related to such plan has been determined to be exempt under
Section 501(a) of the Code. No liability has been incurred by any Borrower, any Subsidiary, any Guarantor or any ERISA Affiliate which remains unsatisfied for any taxes or penalties with respect to any Employee Benefit Plan or any Multiemployer
Plan; 
 (iii) No Pension Plan has been terminated, nor has any accumulated funding deficiency (as defined in
Section 412 of the Code) been incurred (without regard to any waiver granted under Section 412 of the Code), nor has any funding waiver from the Internal Revenue Service 

 

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been received or requested with respect to any Pension Plan, nor has any Borrower, any Subsidiary, any Guarantor or any ERISA Affiliate failed to make any contributions or to pay any amounts due
and owing as required by Section 412 of the Code, Section 302 of ERISA or the terms of any Pension Plan prior to the due dates of such contributions under Section 412 of the Code or Section 302 of ERISA, nor has there been any
event requiring any disclosure under Section 4041(c)(3) (C) or 4063(a) of ERISA with respect to any Pension Plan; 

(iv) No Borrower, Subsidiary, Guarantor or ERISA Affiliate has: (A) engaged in a nonexempt prohibited transaction
described in Section 406 of the ERISA or Section 4975 of the Code; (B) incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid;
(C) failed to make a required contribution or payment to a Multiemployer Plan; or (D) failed to make a required installment or other required payment under Section 412 of the Code; 

(v) No Termination Event has occurred or is reasonably expected to occur; and 

(vi) No proceeding, claim, lawsuit and/or investigation is existing or, to the best knowledge of each Borrower, each
Subsidiary and each Guarantor after due inquiry, threatened, concerning or involving any (A) employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by any Borrower, any Subsidiary, any
Guarantor or any ERISA Affiliate, (B) Pension Plan or (C) Multiemployer Plan. 
 (j) Margin
Stock. No Borrower, Subsidiary or Guarantor is engaged principally or as one of its activities in the business of extending credit for the purpose of purchasing or carrying any margin stock (as each such term is defined or used in Regulation U
of the Board of Governors of the Federal Reserve System). No part of the proceeds of any of the Loans or Letters of Credit will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with,
the provisions of Regulation T, U or X of such Board of Governors. 
 (k) Government Regulation. No
Borrower, Subsidiary or Guarantor is an investment company or a company controlled by an investment company (as each such term is defined or used in the Investment Company Act of 1940, as amended), and no Borrower, Subsidiary or Guarantor is, or
after giving effect to any Extension of Credit will be, subject to regulation under the Public Utility Holding Company Act of 1935 or the Interstate Commerce Act, each as amended, or any other Applicable Law which limits its ability to incur or
consummate the transactions contemplated hereby. 
 (l) Material Contracts. Schedule 6.1(l) hereto
sets forth a complete and accurate list of all Material Contracts of each Borrower, each Subsidiary and each Guarantor in effect as of the Closing Date not listed on any other Schedule hereto; other than as set forth in Schedule 6.1(l)
hereto, each such Material Contract is, and after giving effect to the consummation of the transactions contemplated by the Loan Documents will be, in full force and effect in accordance with the terms thereof. 

(m) Employee Relations. Each Borrower, each Subsidiary and each Guarantor enjoys good employee relations and is
not, as of the Closing Date, party to any collective bargaining agreement nor has any labor union been recognized as the representative of its employees except as set forth on Schedule 6.1(m) hereto. No Borrower, Subsidiary or Guarantor knows
of any pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving its employees or those of any Subsidiary. 
  

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 (n) Burdensome Provisions. No Borrower, Subsidiary or Guarantor is a
party to any indenture, agreement, lease or other instrument, or subject to any corporate or partnership restriction, Governmental Approval or Applicable Law which is so unusual or burdensome as in the foreseeable future could be reasonably expected
to have a Material Adverse Effect. No Borrower, Subsidiary or Guarantor presently anticipates that future expenditures needed to meet the provisions of any statutes, orders, rules or regulations of a Governmental Authority will be so burdensome as
to have a Material Adverse Effect. 
 (o) Financial Statements. The Consolidated balance sheets of Urban
and its Consolidated Subsidiaries as of January 31, 2004 and the related statements of income and retained earnings and cash flows for the Fiscal Years then ended, copies of which have been furnished to the Lenders, are complete and correct and
fairly present the assets, liabilities and financial position of the Borrowers, their Subsidiaries and the Guarantors as at such dates, and the results of the operations and changes of financial position for the periods then ended. All such
financial statements, including without limitation the related schedules and notes thereto, have been prepared in accordance with GAAP. No Borrower, Subsidiary or Guarantor has any Debt, obligation or other unusual forward or long-term commitment
which is not fairly reflected in the foregoing financial statements or in the notes thereto in accordance with GAAP. 

(p) No Material Adverse Change. Since January 31, 2004, there has been no material adverse change in the
properties, business, operations, prospects, or condition (financial or otherwise) of any Borrower, any Subsidiary or any Guarantor, and no event, including without limitation any material pending or threatened litigation, bankruptcy or other
proceeding, has occurred or condition arisen that could reasonably be expected to have a Material Adverse Effect. 

(q) Solvency. As of the Closing Date and after giving effect to each Extension of Credit made hereunder, each
Borrower, each Subsidiary and each Guarantor will be Solvent. 
 (r) Titles to Properties. Each Borrower,
each Subsidiary and each Guarantor has such title to the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, including without
limitation those reflected on the balance sheets of Urban and its Consolidated Subsidiaries delivered pursuant to Section 6.1(o) hereof, except those which have been disposed of by any Borrower, any Subsidiary or any Guarantor subsequent
to such date which dispositions have been in the ordinary course of business or as otherwise expressly permitted hereunder. 

(s) Liens. None of the properties and assets of any Borrower, any Subsidiary or any Guarantor is subject to any
Lien, except Liens permitted pursuant to Section 10.3 hereof. No financing statement under the Uniform Commercial Code of any state which names any Borrower, any Subsidiary, any Guarantor or any of their respective trade names or
divisions as debtor and which has not been terminated, has been filed in any state or other jurisdiction, and no Borrower, Subsidiary or Guarantor has signed any such financing statement or any security agreement authorizing any secured party
thereunder to file any such financing statement, except to perfect those Liens permitted by Section 10.3 hereof. 

(t) Debt and Guaranty Obligations. A complete and correct listing of all Debt and Guaranty Obligations of each
Borrower, each Subsidiary and each Guarantor as of January 31, 2004 appears at Note 10 (page F-20) of the audited financial statements included as part of Item 8 of the Form 10-K for the year ended January 31, 2004 filed with the
Securities and Exchange Commission on April 15, 2004 (“Note 10”). There is no Debt and no Guaranty Obligations of any Borrower, any Subsidiary or any Guarantor other than those listed on Note 10 and Note 10 presents, in all
material 
  

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respects, an accurate listing of the Debt and Guaranty Obligations of each Borrower, each Subsidiary and each Guarantor as of the Closing Date. Each Borrower, each Subsidiary and each Guarantor
has performed and is in compliance with all of the terms of such Debt and Guaranty Obligations and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with notice or lapse of time or both
would constitute such a default or event of default on the part of any Borrower, any Subsidiary or any Guarantor exists with respect to any such Debt or Guaranty Obligation. 

(u) Litigation. Except for matters existing on the Closing Date and set forth on Schedule 6.1(u) hereto and
those as to which the insurer has not disclaimed liability coverage, there are no actions, suits or proceedings pending nor, to the knowledge of any Borrower, any Subsidiary or any Guarantor, threatened, against or in any other way relating
adversely to or affecting any Borrower, any Subsidiary, any Guarantor or any of their respective properties in any court or before any arbitrator of any kind or before or by any Governmental Authority, which, either singly or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. 
 (v) Absence of Defaults. No event has
occurred or is continuing which constitutes a Default or an Event of Default, or which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by any Borrower, any Subsidiary or any
Guarantor under any Material Contract or judgment, decree or order to which any Borrower, any Subsidiary or any Guarantor is a party or by which any Borrower, any Subsidiary, any Guarantor or any of their respective properties may be bound or which
would require any Borrower, any Subsidiary or any Guarantor to make any payment thereunder prior to the scheduled maturity date therefor. 

(w) Accuracy and Completeness of Information. All written information, reports and other papers and data produced
by or on behalf of each Borrower, each Subsidiary and each Guarantor and furnished to the Lenders were, at the time the same were so furnished, complete and correct in all respects to the extent necessary to give the recipient a true and accurate
knowledge of the subject matter. No document, including without limitation any financial statement, furnished or written statement made to the Lenders by any Borrower, any Subsidiary and any Guarantor in connection with the negotiation, preparation
or execution of this Agreement or any of the Loan Documents contains or will contain any untrue statement of a fact material to the creditworthiness of any Borrower, any Subsidiary or any Guarantor or omits or will omit to state a fact necessary in
order to make the statements contained therein not misleading. No Borrower is aware of any facts which it has not disclosed in writing to the Lenders having a Material Adverse Effect, or insofar as such Borrower can now foresee, could reasonably be
expected to have a Material Adverse Effect. 
 (x) Fees and Commissions. No Borrower owes any fees or
commissions of any kind, and no Borrower knows of any claim for any fees or commissions, in connection with the Borrowers’ obtaining the Commitments or the Loans from the Lenders, except those provided herein. 

(y) Public Utility Holding Company Act. No Borrower is a “public utility holding company” within the
meaning of the Public Utility Holding Company Act of 1935, as amended (the “1935 Act”), nor does the execution, delivery and performance of this Agreement and the Note require any filing, authorization or consent under the 1935 Act.

 (z) Foreign Assets Control Regulations, Etc. None of the requesting or borrowing of the Loans, the
requesting or issuance, extension or renewal of any Letters of Credit or the use of the proceeds of any thereof will violate the Trading with the Enemy Act (50 U.S.C. §1 et seq., as amended) (the “Trading With the Enemy Act”) or any
of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) (the “Foreign Assets 

 

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Control Regulations”) or any enabling legislation or executive order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order
13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001) (the “Executive Order”) and (b) the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). Furthermore, none of the Borrowers nor any of their Subsidiaries or other Affiliates (a) is or will become a “blocked person”
as described in the Executive Order, the Trading with the Enemy Act or the Foreign Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated, with any such “blocked person.”

 Section 6.2 Survival of Representations and Warranties, Etc. All representations and warranties set forth in this
Article VI and all representations and warranties contained in any certificate, or any of the Loan Documents (including without limitation any such representation or warranty made in or in connection with any amendment thereto) shall
constitute representations and warranties made under this Agreement. All representations and warranties made under this Agreement shall be made or deemed to be made at and as of the Closing Date, shall survive the Closing Date and shall not be
waived by the execution and delivery of this Agreement, any investigation made by or on behalf of the Administrative Agent or the Lenders or any borrowing hereunder. 

ARTICLE VII 

FINANCIAL INFORMATION AND NOTICES 

Until all the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been obtained in the
manner set forth in Section 13.13 hereof, the Borrowers will furnish or cause to be furnished to the Administrative Agent and the Lenders at the Administrative Agent’s Office, or such other office as may be designated by the
Administrative Agent and the Lenders from time to time: 
 Section 7.1 Financial Statements and Projections.

 (a) [Intentionally Omitted] 

(b) Quarterly Financial Statements. As soon as practicable and in any event within forty-five (45) days after
the end of the first three (3) fiscal quarters of each Fiscal Year, an unaudited Consolidated balance sheet of Urban and its Consolidated Subsidiaries as of the close of such fiscal quarter and unaudited Consolidated statements of income,
retained earnings and cash flows for the fiscal quarter then ended and that portion of the Fiscal Year then ended, including without limitation the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures
for the preceding Fiscal Year and prepared by Urban in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and
practices during the period, and certified by a Responsible Officer of Urban to present fairly in all material respects the financial condition of Urban and its Consolidated Subsidiaries as of their respective dates and the results of operations of
Urban and its Consolidated Subsidiaries for the respective periods then ended, subject to normal year end adjustments. 

(c) Annual Financial Statements. As soon as practicable and in any event within ninety (90) days after the end
of each Fiscal Year, an audited Consolidated balance sheet of Urban and its Consolidated Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows for the Fiscal Year then ended,
including without limitation the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures for the preceding Fiscal Year and examined by an independent certified public accounting firm acceptable to

  

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the Administrative Agent in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operation of any change in the application of
accounting principles and practices during the year, and accompanied by a report thereon by such certified public accountants that is not qualified with respect to scope limitations imposed by any Borrower, any Subsidiary or any Guarantor or with
respect to accounting principles followed by any Borrower, any Subsidiary or any Guarantor not in accordance with GAAP. 

(d) Annual Business Plan and Financial Projections. If the Borrowers submit a Termination Date Extension Request
pursuant to Section 2.6 hereof, then as soon as practicable but not less than forty-five (45) days prior to the Termination Date, a business plan of Urban and its Consolidated Subsidiaries for the ensuing six (6) fiscal
quarters, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet and a report containing
management’s discussion and analysis of such projections, accompanied by a certificate from a Responsible Officer of Urban to the effect that, to the best of such Responsible Officer’s knowledge, such projections are good faith estimates
of the financial condition and operations of Urban and its Consolidated Subsidiaries for such six (6) quarter period. 

Section 7.2 Officer’s Compliance Certificate. At each time financial statements are delivered pursuant to
Section 7.1(b) or Section 7.1(c) hereof and at such other times as the Administrative Agent shall reasonably request, a certificate of the chief financial officer or the treasurer of Urban in the form of Exhibit E
attached hereto (an “Officer’s Compliance Certificate”). 
 Section 7.3 Accountants’
Certificate. At each time financial statements are delivered pursuant to Section 7.1(c) hereof, a certificate of the independent public accountants certifying such financial statements addressed to the Administrative Agent:

 (a) stating that in making the examination necessary to issue the report of independent public accountants of
such financial statements, nothing came to their attention that caused them to believe that Urban and its Consolidated Subsidiaries were not in compliance with any of the terms, covenants, provisions or conditions of Article IX of the
Agreement as they relate to accounting matters; and 
 (b) attaching the calculations prepared by Urban and its
Consolidated Subsidiaries that were provided to the accountants in connection with Section 7.3(a) hereof. 

Section 7.4 Other Reports. 

(a) Promptly upon receipt thereof, copies of all Management Reports, if any, submitted to any Borrower, any Subsidiary or
any Guarantor or to its respective board of directors by its independent public accountants in connection with their auditing function, and copies of any management responses thereto; and 

(b) Such other information regarding the operations, business affairs and financial condition of any Borrower, any
Subsidiary or any Guarantor as the Administrative Agent may reasonably request. 
  

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 Section 7.5 Notice of Litigation and Other Matters. Prompt (but in no event
later than ten (10) Business Days after an officer of any Borrower or any Subsidiary obtains knowledge thereof) telephonic and written notice of: 

(a) the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and
proceedings in any court or before any arbitrator against or involving any Borrower or any Subsidiary or any of their respective properties, assets or businesses, which in any such case could reasonably be expected to have a Material Adverse Effect;

 (b) any notice of any violation received by any Borrower or any Subsidiary from any Governmental Authority
including without limitation any notice of violation of Environmental Laws, which in any such case could reasonably be expected to have a Material Adverse Effect; 

(c) any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any
Borrower or any Subsidiary, which in any such case could reasonably be expected to have a Material Adverse Effect; 

(d) any attachment, judgment, levy or order exceeding $1,000,000 (in any such case, which is not covered by insurance, or
as to which the insurer has disclaimed insurance coverage, or which is not stayed or bonded) that may be assessed against any Borrower or any Subsidiary; 

(e) any Default or Event of Default, or any event which constitutes or which with the passage of time or giving of notice
or both would constitute a default or event of default under any Material Contract to which any Borrower or any Subsidiary is a party or by which any Borrower or any Subsidiary or any of their respective properties may be bound; 

(f) (i) any unfavorable determination letter from the Internal Revenue Service regarding the qualification of an
Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof), (ii) all notices received by any Borrower, any Subsidiary or any ERISA Affiliate of the PBGC’s intent to terminate any Pension Plan or to have a
trustee appointed to administer any Pension Plan, (iii) all notices received by any Borrower, any Subsidiary or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to
Section 4202 of ERISA and (iv) any Borrower obtaining knowledge or reason to know that any Borrower, any Subsidiary or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress
termination within the meaning of Section 4041(c) of ERISA; and 
 (g) any event which makes any of the
representations set forth in Section 6.1 hereof inaccurate in any material respect. 
 Section 7.6 Accuracy
of Information. All written information, reports, statements and other papers and data furnished by or on behalf of any Borrower, any Subsidiary or any Guarantor to the Administrative Agent (other than financial forecasts), whether pursuant to
this Article VII, any other provision of this Agreement or the Guaranty Agreement, shall be, at the time the same is so furnished, complete and correct in all material respects to the extent necessary to give the Lenders complete, true and
accurate knowledge of the subject matter based on the Borrowers’ knowledge thereof. 
 ARTICLE VIII 

AFFIRMATIVE COVENANTS 

Until all of the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been obtained in the
manner provided for in Section 13.13 hereof, each Borrower will, and will cause each Subsidiary and each Guarantor to: 

Section 8.1 Preservation of Corporate Existence and Related Matters. Except as permitted by Section 10.5 hereof,
preserve and maintain its separate corporate existence and all rights, 
  

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franchises, licenses and privileges necessary to the conduct of its business, and qualify and remain qualified as a foreign corporation and authorized to do business in each jurisdiction in which
the failure to so qualify would have a Material Adverse Effect. 
 Section 8.2 Maintenance of Property. Protect and
preserve all properties useful in and material to its business, including without limitation copyrights, patents, trade names and trademarks; maintain in good working order and condition all buildings, equipment and other tangible real and personal
property; and from time to time make or cause to be made all renewals, replacements and additions to such property necessary for the conduct of its business, so that the business carried on in connection therewith may be properly and advantageously
conducted at all times. 
 Section 8.3 Insurance. Maintain insurance with financially sound and reputable insurance
companies against such risks and in such amounts as are customarily maintained by similar businesses and as may be required by Applicable Law, and on the Closing Date and from time to time thereafter deliver to the Administrative Agent upon its
request a detailed list of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 

Section 8.4 Accounting Methods and Financial Records. Maintain a system of accounting, and keep such books, records and
accounts (which shall be true and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance with GAAP and in compliance with the regulations of any Governmental
Authority having jurisdiction over it or any of its properties. 
 Section 8.5 Payment and Performance of
Obligations. Pay and perform all Obligations under this Agreement and the other Loan Documents, and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and
(b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; provided, that a Borrower or Subsidiary may contest any item described in clauses (a) or (b) of this Section 8.5
in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP. 
 Section 8.6
Compliance With Laws and Approvals. Observe and remain in compliance with all Applicable Laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business, except where the failure
to do so would not have a Material Adverse Effect. 
 Section 8.7 Environmental Laws. In addition to and without
limiting the generality of Section 8.6 hereof, (a) comply with, and ensure such compliance by all tenants and subtenants with all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and
subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (b) conduct and complete all investigations, studies, sampling and testing, and
all remedial, removal and other actions required under Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental Authority regarding Environmental Laws, and (c) defend, indemnify and hold harmless the
Lenders, and their respective parents, Subsidiaries, Affiliates, employees, agents, officers and directors, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature
known or unknown, contingent or otherwise, arising out of, or in any way relating to the presence of Hazardous Materials, or the violation of, noncompliance with or liability under any Environmental Laws applicable to the operations of such Borrower
or such Subsidiary, or any orders, requirements or demands of Governmental Authorities related thereto, including without limitation 

 

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reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing
directly result from the gross negligence or willful misconduct of the party seeking indemnification therefor. 

Section 8.8 Compliance with ERISA. In addition to and without limiting the generality of Section 8.6 hereof,
(a) comply with all applicable provisions of ERISA and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (b) not take any action or fail to take action the result of which could be a
liability to the PBGC or to a Multiemployer Plan, (c) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code, (d) operate each Employee Benefit Plan in such a manner that will
not incur any tax liability under Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code and (e) furnish to the Administrative Agent upon the Administrative Agent’s request
such additional information about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent. 

Section 8.9 Compliance With Agreements. Comply with each term, condition and provision of all leases, agreements and other
instruments entered into in the conduct of its business, except to the extent any failure to comply, either singly or in the aggregate, would not have a Material Adverse Effect; provided, that a Borrower or Subsidiary may: (a) contest
any such lease, agreement or other instrument in good faith through applicable actions or proceedings so long as adequate reserves are maintained in accordance with GAAP; or (b) cancel any Material Contract so long as written notice thereof is
provided to the Administrative Agent not more than twenty-five (25) Business Days thereafter. 
 Section 8.10
Conduct of Business. Engage only in businesses in substantially the same fields as the businesses conducted by the Borrowers and their Subsidiaries on the Closing Date and in lines of business reasonably related thereto. 

Section 8.11 Visits and Inspections. Permit representatives of the Administrative Agent, from time to time, to visit and
inspect its properties; inspect, audit and make extracts from its books, records and files, including without limitation management letters prepared by independent accountants; and discuss with its principal officers, and its independent
accountants, its business, assets, liabilities, financial condition, results of operations and business prospects. 

Section 8.12 Additional Guarantors. Within ten (10) days after any Subsidiary of any Borrower with at least $20,000,000
of equity is created or acquired after the Closing Date, give notice thereof to the Administrative Agent of such creation or acquisition and whether such Subsidiary shall be formed under a jurisdiction outside of the United States, and cause to be
executed and delivered to the Administrative Agent: (a) a duly executed Guaranty Agreement or supplement thereto, with such changes as the Administrative Agent may reasonably request, and (b) favorable legal opinions addressed to the
Administrative Agent and the Lenders in form and substance satisfactory thereto with respect to such Guaranty Agreement and such other documents and closing certificates as may be requested by the Administrative Agent. 

Section 8.13 Maintain Cash Collateral Account. On the Termination Date, establish and maintain with the Issuing Lender an
account and deposit in such account cash collateral for Letters of Credit as required under Section 3.4(b) hereof. 

Section 8.14 Subsequent Credit Terms. 

(a) Notify the Administrative Agent in writing not less than ten (10) Business Days prior to its entering into any
amendment or modification of any credit arrangement other 
  

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than any construction financing in connection with any Excluded Project (but excluding long-term or permanent financing in connection with the Corporate Headquarters and/or the Distribution
Center), whether now in effect or hereafter incurred, pursuant to which any Borrower or any Subsidiary agrees to financial covenants or events of default which are more restrictive to such Borrower or Subsidiary than those contained in this
Agreement. Upon entering into any such amendment or modification, and with respect to the covenants and events of default in this Agreement, the corresponding covenants, terms and conditions of this Agreement are and shall be deemed to be
automatically and immediately amended to conform with and to include the applicable covenants, terms and/or conditions of such other agreement; provided, however, that the foregoing shall not be applicable to or be deemed to affect any
provision of this Agreement to the extent that any amendment or modification is less restrictive than the corresponding provisions of this Agreement. 

(b) Each Borrower and Subsidiary hereby agrees promptly to execute and deliver any and all such documents and instruments
and to take all such further actions as Administrative Agent may, in its sole discretion, deem necessary or appropriate to effectuate the provisions of this Section 8.14. 

Section 8.15 Opinions of Counsel to Non-U.S. Borrowers. Deliver to Administrative Agent, within 30 days of the Closing Date,
favorable opinions of counsel to the Non-U.S. Borrowers addressed to the Administrative Agent and the Lenders with respect to such matters as the Lenders shall request. 

Section 8.16 Further Assurances. Make, execute and deliver all such additional and further acts, things, deeds and
instruments as the Administrative Agent may reasonably require to document and consummate the transactions contemplated hereby and to vest completely in and insure the Lenders their rights under this Agreement, the Notes, the Letters of Credit and
the other Loan Documents. 
 Section 8.17 Bank Accounts. Use Wachovia as its primary provider of trade/import letter
of credit services. 
 ARTICLE IX 

FINANCIAL COVENANTS 

Until all of the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been obtained in the
manner set forth in Section 13.13 hereof, no Borrower or Subsidiary will: 
 Section 9.1 Fixed Charge
Coverage Ratio. As of any fiscal quarter end, permit the Fixed Charge Coverage Ratio of Urban and its Consolidated Subsidiaries to be less than 1.3 to 1.0. 

Section 9.2 Adjusted Debt to EBITDAR Ratio. As of any fiscal quarter end, permit the Adjusted Debt to EBITDAR Ratio of Urban
and its Consolidated Subsidiaries to be more than 4.0 to 1.0. 
 ARTICLE X 

NEGATIVE COVENANTS 

Until all of the Obligations have been paid and satisfied in full and the Commitments terminated, unless consent has been obtained in the
manner set forth in Section 13.13 hereof, no Borrower has or will, and no Borrower will permit any Subsidiary to: 

Section 10.1 Limitations on Debt. Create, incur, assume or suffer to exist any Debt except: 

(a) the Obligations; 
  

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 (b) Debt incurred in connection with a Hedging Agreement with a counterparty
and upon terms and conditions (including without limitation interest rate) reasonably satisfactory to the Administrative Agent; 

(c) Subordinated Debt; 

(d) Debt existing on the Closing Date and not otherwise permitted under this Section 10.1 hereof, as set forth
on Schedule 6.1(t) hereto and the renewal and refinancing (but not the increase at the aggregate principal amount thereof) thereof; 

(e) purchase money Debt of the Borrowers and their Subsidiaries and Debt of the Borrowers and their Subsidiaries incurred
in connection with Capitalized Leases in an aggregate principal amount not to exceed $2,000,000 outstanding on any date of determination; 

(f) Debt consisting of Guaranty Obligations permitted by Section 10.2 hereof; 

(g) Debt of the Non-U.S. Borrowers to Borrowers under loans and advances permitted by Section 10.4(d);

 (h) so long as no Event of Default has occurred and is continuing or would result therefrom, unsecured Debt of
Borrowers and their Subsidiaries in an aggregate principal amount not to exceed $500,000 at any time outstanding, provided that such Debt is not senior in right of payment to the payment of the Debt arising under this Agreement and the other
Loan Documents; and 
 (i) Debt owing by an SPE in connection with the Excluded Projects, up to an aggregate
principal amount not to exceed $50,000,000; 
 provided, that no agreement or instrument with respect to Debt permitted to be incurred by
this Section 10.1 shall restrict, limit or otherwise encumber (by covenant or otherwise) the ability of any Subsidiary of any Borrower to make any payment to any Borrower or any other Subsidiary (in the form of dividends, intercompany
advances or otherwise) for the purpose of enabling the Borrowers to pay the Obligations. 
 Section 10.2 Limitations on
Guaranty Obligations. Create, incur, assume or suffer to exist any Guaranty Obligations except: 
 (a)
Guaranty Obligations in favor of the Lenders; and 
 (b) Guaranty Obligations of Urban for the benefit of any
Subsidiary of Debt permitted by Section 10.1(a), Section 10.1(b), Section 10.1(c), Section 10.1(d), Section 10.1(e), Section 10.1(f) and Section 10.1(g) and
Section 10.1(i) hereof. 
  

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 Section 10.3 Limitations on Liens. Create, incur, assume or suffer to exist, any
Lien on or with respect to any of its assets or properties (including without limitation shares of capital stock or other ownership interests or commercial tort claims), real or personal, whether now owned or hereafter acquired, except: 

(a) Liens for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of
the provisions of ERISA or Environmental Laws) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or which are being contested in good faith and by appropriate proceedings if
adequate reserves are maintained to the extent required by GAAP; 
 (b) the claims of materialmen, mechanics,
carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business: (i) each of which, as to the underlying indebtedness thereof, is not overdue for a period of more than sixty
(60) days; or (ii) which claims are being contested in good faith and by appropriate actions or proceedings or are stayed or bonded; 

(c) Liens consisting of deposits or pledges made in the ordinary course of business in connection with, or to secure
payment of, obligations under workers compensation, unemployment insurance or similar legislation or obligations under customer service contracts; 

(d) Liens constituting encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record
on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the ordinary conduct of business; 

(e) Liens of the Lenders; 

(f) Liens not otherwise permitted by this Section 10.3 and in existence on the Closing Date and described on
Schedule 10.3 hereto; and 
 (g) Liens securing Debt permitted under Section 10.1(e) or
Section 10.1(i) hereof; provided that (i) such Liens shall be created substantially simultaneously with the acquisition of the related asset or in connection with the refinancing of Liens created substantially simultaneously,
(ii) such Liens do not at any time encumber any property other than the property financed by such Debt, (iii) the amount of Debt secured thereby is not increased and (iv) the principal amount of Debt secured by any such Lien shall at
no time exceed one hundred percent (100%) of the original purchase price of such property at the time it was acquired. 

Section 10.4 Limitations on Loans, Advances, Investments and Acquisitions. Purchase, own, invest in or otherwise acquire,
directly or indirectly, any capital stock, interests in any partnership or joint venture (including without limitation the creation or capitalization of any Subsidiary), evidence of Debt or other obligation or security, substantially all or a
portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, or make or permit to exist, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash
or by delivery of property in, any Person except: 
 (a) investments not otherwise permitted by this
Section 10.4 in Subsidiaries existing on the Closing Date and the other existing loans, advances and investments not otherwise permitted by this Section 10.4 described on Schedule 10.4(a) hereto; 

(b) investments made in accordance with the Investment Policy and Guidelines attached hereto as Schedule 10.4(b) as
in effect on the date hereof, which Investment Policy and Guidelines may be updated or amended by the Borrowers without the consent of Wachovia; provided, that such updates or amendments shall not become a part of this Credit Agreement
without ten (10) days prior written notice to Wachovia; 
  

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 (c) investments by any Borrower or any Subsidiary in the form of
acquisitions of all or substantially all of the business or a line of business (whether by the acquisition of capital stock, assets or any combination thereof) of any other Person if such acquisition has been previously approved in writing by the
Required Lenders; 
 (d) the making by any Borrower or any Guarantor of loans or advances to or investments in
any Subsidiary, provided that such Subsidiary is joined as a Guarantor pursuant to Section 8.12 hereof, and provided, further, that: (i) the aggregate principal amount of intercompany loans to Non-U.S. Borrowers
may not exceed the Non-U.S. Sublimit less: (A) the amount of L/C Obligations for Letters of Credit issued for the account of Non-U.S. Borrowers and (B) the aggregate principal amount of outstanding Loans borrowed by or on behalf of any
Non-U.S. Borrower and (ii) intercompany loans and advances to Non-U.S. Borrowers from U.S. Borrowers together with investments by U.S. Borrowers in Non-U.S. Borrowers shall not exceed, in the aggregate, without duplication, $50,000,000 at any
time outstanding. 
 (e) the creation of accounts receivable in the ordinary course of business; 

(f) the making of loans and advances to employees in the ordinary course of business, which loans and advances:
(i) shall not exceed $1,000,000 in the aggregate outstanding at any one time, (ii) shall not remain outstanding in excess of 366 days, and (iii) shall otherwise be in compliance with Section 10.9 hereof; and 

(g) advances to any SPE which, in the aggregate, shall not exceed $65,000,000 less the amount of any long-term or
permanent financing obtained in connection with the Corporate Headquarters and/or the Distribution Center. 
 Section 10.5
Limitations on Mergers and Liquidation. Merge, consolidate or enter into any similar combination with any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except: 

(a) any Wholly-Owned Subsidiary of any Borrower may merge with any other Wholly-Owned Subsidiary of any Borrower;

 (b) any Wholly-Owned Subsidiary may merge into the Person such Wholly-Owned Subsidiary was formed to
acquire in connection with an acquisition permitted by Section 10.4(c) hereof; and 
 (c) any
Wholly-Owned Subsidiary of any Borrower may wind-up into any Borrower or any other Wholly-Owned Subsidiary of any Borrower. 

Section 10.6 Limitations on Sale of Assets. Convey, sell, lease, assign, transfer or otherwise dispose of any of its
property, business or assets (including without limitation the sale of any receivables and leasehold interests and any sale-leaseback or similar transaction), whether now owned or hereafter acquired except: 

(a) the sale of inventory in the ordinary course of business; 

(b) the sale of obsolete assets no longer used or usable in the business of any Borrower or any Subsidiary; 

 

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 (c) the transfer of assets to any Borrower or any Wholly-Owned Subsidiary of
any Borrower pursuant to Section 10.5(c) hereof; 
 (d) the transfer of assets to any Guarantor
pursuant to Section 10.4(d) hereof; and 
 (e) the sale or discount without recourse of accounts
receivable arising in the ordinary course of business in connection with the compromise or collection thereof. 

Section 10.7 Limitations on Dividends and Distributions. Declare or pay any dividends upon any of its capital stock;
purchase, redeem, retire or otherwise acquire, directly or indirectly, any shares of its capital stock, or make any distribution of cash, property or assets among the holders of shares of its capital stock, or make any change in its capital
structure that could reasonably be expected to have a Material Adverse Effect; provided that: 
 (a) any
Borrower or any Subsidiary may pay dividends in shares of its own capital stock; 
 (b) any Subsidiary may pay
cash dividends to any Borrower; and 
 (c) with the approval of the board of directors of Urban, Urban may:
(i) repurchase shares of its capital stock, provided that the Fixed Charge Coverage Ratio of Urban and its Consolidated Subsidiaries as of the most recently ended fiscal quarter is not less than 1.3 to 1.0, and that each such repurchase
of shares of capital stock would not cause the Fixed Charge Coverage Ratio to be less than the minimum required to be maintained for the next succeeding fiscal quarter; and (ii) repurchase fractional shares of its capital stock in connection
with any stock split or reverse stock split of Urban’s capital stock, the purchase price (based on fair market value) of which does not exceed $1,000,000 in the aggregate. 

Section 10.8 Limitations on Exchange and Issuance of Capital Stock. Issue, sell or otherwise dispose of any class or series
of capital stock that, by its terms or by the terms of any security into which it is convertible or exchangeable, is, or upon the happening of an event or passage of time would be, (a) convertible or exchangeable into Debt or (b) required
to be redeemed or repurchased, including without limitation at the option of the holder, in whole or in part, or has, or upon the happening of an event or passage of time would have, a redemption or similar payment due. 

Section 10.9 Transactions with Affiliates. Directly or indirectly: (a) make any loan or advance to, or purchase or
assume any note or other obligation to or from, any of its officers, directors, shareholders or other Affiliates, or to or from any member of the immediate family of any of its officers, directors, shareholders or other Affiliates, or subcontract
any operations to any of its Affiliates, or (b) enter into, or be a party to, any other transaction with any of its Affiliates, except pursuant to the reasonable requirements of its business and upon fair and reasonable terms that are fully
disclosed to and approved in writing by the Administrative Agent prior to the consummation thereof and are no less favorable to it than it would obtain in a comparable arm’s length transaction with a Person not its Affiliate; provided,
however, that this Section 10.9 shall not be construed to prohibit or limit the terms of employee compensation provided in the ordinary course of business, including without limitation salaries and benefits, relocation packages
and, subject to Section 10.4(f) hereof, loans and advances to employees. 
 Section 10.10 Certain Accounting
Changes. Change its Fiscal Year end, or make any change in its accounting treatment and reporting practices except as required by GAAP. 
  

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 Section 10.11 Amendments; Payments and Prepayments of Subordinated Debt. Amend
or modify (or permit the modification or amendment of) any of the terms or provisions of any Subordinated Debt, or cancel or forgive, make any voluntary or optional payment or prepayment on, or redeem or acquire for value (including without
limitation by way of depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due) any Subordinated Debt. 

Section 10.12 Restrictive Agreements. Enter into any Debt which contains any negative pledge on assets or any covenants more
restrictive than the provisions of Articles VIII, IX and X hereof, or which restricts, limits or otherwise encumbers its ability to incur Liens on or with respect to any of its assets or properties other than the assets or properties securing
such Debt. 
 Section 10.13 Capital Expenditures. Make Capital Expenditure Payments exceeding: (a) $75,000,000
in the aggregate in the Fiscal Year ending January 31, 2005; (b) $110,000,000 in the aggregate in the Fiscal Year ending January 31, 2006; and (c) $90,000,000 in the aggregate in the Fiscal Year ending January 31, 2007.

 ARTICLE XI  

DEFAULT AND REMEDIES 

Section 11.1 Events of Default. Each of the following shall constitute an Event of Default, whatever the reason for such
event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment or order of any court or any order, rule or regulation of any Governmental Authority or otherwise: 

(a) Default in Payment of Principal of Loans and Reimbursement Obligations. The Borrowers shall default in any
payment of principal of any Loan, Note or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise). 

(b) Other Payment Default. The Borrowers shall default in the payment when and as due (whether at maturity, by
reason of acceleration or otherwise) of interest on any Loan, Note or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue unremedied for three (3) Business Days. 

(c) Misrepresentation. Any representation or warranty made or deemed to be made by any Borrower or any Subsidiary
under this Agreement, any Loan Document or any amendment hereto or thereto, shall at any time prove to have been incorrect or misleading in any material respect when made or deemed made. 

(d) Default in Performance of Certain Covenants. Any Borrower shall default in the performance or observance of any
covenant or agreement contained in Section 7.1, Section 7.2 or Section 7.5(e) or Article IX or Article X of this Agreement. 

(e) Default in Performance of Other Covenants and Conditions. Any Borrower or any Subsidiary shall default in the
performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for otherwise in this Section 11.1) or any other Loan Document and such default shall continue for a
period of thirty (30) days after written notice thereof has been given to the Borrowers by the Administrative Agent. 

(f) Hedging Agreement. Any termination payment shall be due by any Borrower under any Hedging Agreement and such
amount is not paid by the due date thereof; provided, 
  

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however, that in the case of any Hedging Agreement with a counterparty other than Wachovia or any Lender, no Event of Default shall exist hereunder unless the termination payment exceeds
$5,000,000. 
 (g) Debt Cross-Default. Any Borrower or any Subsidiary shall (i) default in the
payment of any Debt (other than (x) any Note or any Reimbursement Obligation, which occurrence is governed by Section 11.1(a), and (y) any non-recourse Debt permitted pursuant to Section 10.1(i) hereof so long as such Debt has
not been guaranteed by any Borrower or Guarantor) the aggregate outstanding amount of which Debt is in excess of $5,000,000 or any of such Debt in excess of $5,000,000 shall be accelerated or demanded or declared due and payable, or
(ii) default in the observance or performance of any other agreement or condition relating to any Debt (other than any Note or any Reimbursement Obligation) the aggregate outstanding amount of which Debt is in excess of $5,000,000 or contained
in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Debt (or a
trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, any such Debt to become due prior to its stated maturity (any applicable grace period having expired). 

(h) Other Cross-Defaults. Any Borrower or any Subsidiary shall default in the payment when due, or in the
performance or observance, of any material obligation or condition of any Material Contract unless, but only as long as, the existence of any such default is being contested by such Borrower or such Subsidiary in good faith by appropriate actions or
proceedings and adequate reserves in respect thereof have been established on the books of such Borrower or such Subsidiary to the extent required by GAAP. 

(i) Change in Control. A Change in Control shall have occurred. 

(j) Voluntary Bankruptcy Proceeding. Any Borrower or any Subsidiary shall: (i) commence a voluntary case under
the federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of
debts; (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy laws or other laws; (iv) apply for or consent to, or fail to contest in a timely and
appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts
as they become due; (vi) make a general assignment for the benefit of creditors; or (vii) take any corporate action for the purpose of authorizing any of the foregoing. 

(k) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Borrower or any
Subsidiary in any court of competent jurisdiction seeking: (i) relief under the federal bankruptcy laws (as now or hereafter in effect) or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up
or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for such Borrower or Subsidiary or for all or any substantial part of their respective assets, domestic or foreign, and such case or
proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding (including without limitation an order for relief under such federal
bankruptcy laws) shall be entered. 
 (l) Termination Event. The occurrence of any of the following
events: (i) any Borrower, any Subsidiary or any ERISA Affiliate fails to make full payment when due of all amounts which, under the provisions of any Pension Plan or Section 412 of the Code, such Borrower, Subsidiary or ERISA Affiliate is
required to pay as contributions thereto; (ii) an accumulated funding deficiency in 
  

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excess of $100,000 occurs or exists, whether or not waived, with respect to any Pension Plan, (iii) a Termination Event or (iv) any Borrower, any Subsidiary or any ERISA Affiliate as
employers under one or more Multiemployer Plan makes a complete or partial withdrawal from any such Multiemployer Plan and the plan sponsor of such Multiemployer Plans notifies such withdrawing employer that such employer has incurred a withdrawal
liability requiring payments in an amount exceeding $100,000. 
 (m) Judgment. A judgment or order for the
payment of money which causes the aggregate amount of all such judgments to exceed $7,500,000 in any Fiscal Year shall be entered against any Borrower or any Subsidiary by any court and such judgment or order shall continue without discharge or stay
for a period of thirty (30) days; provided, however, that any such judgment or order shall not constitute an Event of Default if bonded or if otherwise covered by insurance which shall have not been disclaimed by the insurer.

 Section 11.2 Remedies. Upon the occurrence of an Event of Default, with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers: 

(a) Acceleration; Termination of Facilities. Declare the principal of and interest on the Loans, the Notes and the
Reimbursement Obligations at the time outstanding, and all other amounts owed to the Lenders and the Administrative Agent under this Agreement or any of the other Loan Documents (other than any Hedging Agreement) (including without limitation all
L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) and all other Obligations (other than obligations owing under any Hedging Agreement), to be forthwith
due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the other Loan Documents to the contrary
notwithstanding, and terminate the Aggregate Commitment and Commitments and any right of the Borrowers to request borrowings or Letters of Credit thereunder; provided, that upon the occurrence of an Event of Default specified in
Section 11.1 (j) or Section 11.1(k) hereof, the Aggregate Commitment and Commitments shall be automatically terminated and all Obligations (other than obligations owing under any Hedging Agreement) shall automatically
become due and payable. 
 (b) Letters of Credit. With respect to all Letters of Credit with respect to
which presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, require the Borrowers at such time to deposit in a cash collateral account opened by the Issuing Lender an amount equal to the
aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Issuing Lender to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof
after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay the other Obligations. After all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement Obligation shall
have been satisfied and all other Obligations shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrowers. 

(c) Rights of Collection. Exercise on behalf of the Lenders of all of their other rights and remedies under this
Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Borrowers’ Obligations. 

Section 11.3 Rights and Remedies Cumulative; Non-Waiver, etc. The enumeration of the rights and remedies of the
Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive, and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies,
all of which shall be cumulative, 
  

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and shall be in addition to any other right or remedy given hereunder or under the Loan Documents or that may now or hereafter exist in law or in equity or by suit or otherwise. No delay or
failure to take action on the part of the Administrative Agent or the Lenders in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude
other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Borrowers, the Administrative Agent and the Lenders or their
respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default. 

ARTICLE XII 

THE ADMINISTRATIVE AGENT 

Section 12.1 Appointment. Each of the Lenders hereby irrevocably designates and appoints Wachovia as Administrative Agent of
such Lender under this Agreement and the other Loan Documents for the term hereof, and each such Lender irrevocably authorizes Wachovia as Administrative Agent for such Lender, to take such action on its behalf under the provisions of this Agreement
and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and such other Loan Documents, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement or such other Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein,
or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the other Loan Documents or otherwise exist against the Administrative
Agent. Any reference to the Administrative Agent in this Article XII shall be deemed to refer to the Administrative Agent solely in its capacity as Administrative Agent and not in its capacity as a Lender. 

Section 12.2 Delegation of Duties. The Administrative Agent may execute any of its respective duties under this Agreement and
the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any
agents or attorneys-in-fact selected by the Administrative Agent with reasonable care. 
 Section 12.3 Exculpatory
Provisions. Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person
under or in connection with this Agreement or the other Loan Documents (except for actions occasioned solely by its or such Person’s own gross negligence or willful misconduct), or (b) responsible in any manner to any of the Lenders for
any recitals, statements, representations or warranties made by any Borrower or any Subsidiary or any officer thereof contained in this Agreement or the other Loan Documents or in any certificate, report, statement or other document referred to or
provided for in, or received by the Administrative Agent under or in connection with, this Agreement or the other Loan Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or the other
Loan Documents or for any failure of any Borrower to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of
the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books or records of any. 

Section 12.4 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully
protected in relying, upon any note, writing, resolution, notice, 
  

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consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including without limitation counsel to the Borrowers), independent accountants and other experts selected by the Administrative
Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 13.10 hereof. The Administrative Agent shall be fully
justified in failing or refusing to take any action under this Agreement and the other Loan Documents unless it shall first receive such advice or concurrence of the Required Lenders (or, when expressly required hereby or by the relevant other Loan
Document, all the Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action
except for its own gross negligence or willful misconduct. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the Notes in accordance with a request of the Required
Lenders (or, when expressly required hereby, all the Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Notes. 

Section 12.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default hereunder unless it has received notice from a Lender or the Borrowers referring to this Agreement, describing such Default or Event of Default and stating that such notice is a notice of default. In the event that
the Administrative Agent receives such a notice, it shall promptly give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required
Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interests of the Lenders, except to the extent that other provisions of this Agreement expressly require that any such action be taken or not be taken only with the consent and
authorization or the request of the Lenders or Required Lenders, as applicable. 
 Section 12.6 Non-Reliance on the
Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has made any
representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including without limitation any review of the affairs of the Borrowers, shall be deemed to constitute any representation or warranty by the
Administrative Agent to any Lender. Each Lender represents to the Administrative Agent 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 appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrowers and made its own decision to make its Loans and issue or participate in Letters of
Credit hereunder and enter into this Agreement. Each Lender also represents 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 deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the
business, operations, property, financial and other condition and creditworthiness of the Borrowers. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder or by the
other Loan Documents, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of
the Borrowers which may come into the possession of the 
  

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Administrative Agent or any of its respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates. 

Section 12.7 Indemnification. The Lenders agree to indemnify the Administrative Agent in its capacity as such and (to the
extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to the respective amounts of their Commitment Percentages, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following the payment of the Notes or any Reimbursement Obligation) be imposed on,
incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or the other Loan Documents, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby
or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the Administrative Agent’s bad faith, gross negligence or willful misconduct. The agreements in this Section 12.7 shall survive the payment
of the Notes, any Reimbursement Obligation and all other amounts payable hereunder and the termination of this Agreement. 

Section 12.8 The Administrative Agent in Its Individual Capacity. The Administrative Agent and its respective Subsidiaries
and Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrowers as though the Administrative Agent were not an Administrative Agent hereunder. With respect to any Loans made or renewed by it and
any Note issued to it and with respect to any Letter of Credit issued by it or participated in by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the
same as though it were not an Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 

Section 12.9 Resignation of the Administrative Agent; Successor Administrative Agent. Subject to the appointment and
acceptance of a successor as provided below, the Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrowers. Upon any such resignation, the Required Lenders shall have the right to appoint a successor
Administrative Agent, which successor shall be an Eligible Assignee. If no successor Administrative Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the
Administrative Agent’s giving of notice of resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which successor shall have minimum capital and surplus of at least $500,000,000. Upon
the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring
Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this
Section 12.9 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 Administrative Agent. 

ARTICLE XIII 

MISCELLANEOUS 

Section 13.1 Notices. 

(a) Method of Communication. Except as otherwise provided in this Agreement, all notices and communications
hereunder shall be in writing, or by telephone subsequently 
  

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confirmed in writing. Any notice shall be effective if delivered by hand delivery or sent via telecopy, recognized overnight courier service or certified mail, return receipt requested, and shall
be presumed to be received by a party hereto (i) on the date of delivery if delivered by hand or sent by telecopy, (ii) on the next Business Day if sent by recognized overnight courier service and (iii) on the third Business Day
following the date sent by certified mail, return receipt requested. A telephonic notice to the Administrative Agent as understood by the Administrative Agent will be deemed to be the controlling and proper notice in the event of a discrepancy with
or failure to receive a confirming written notice. 
 (b) Addresses for Notices. Notices to any party
shall be sent to it at the following addresses, or any other address as to which all the other parties are notified in writing. 
  

			
	 If to the Borrowers:
	 	Urban Outfitters, Inc.
		 	1809 Walnut Street
		 	Philadelphia, PA 19103-4997
		 	Attention: President
		 	Telephone No.: (215) 564-2313
		 	Telecopy No.: (215) 568-1549
		
	 With copies to:
	 	Urban Outfitters, Inc.
		 	1809 Walnut Street
		 	Philadelphia, PA 19103-4997
		 	Attention: General Counsel
		 	Telephone No.: (215) 564-2313
		 	Telecopy No.: (215) 568-1549
		
	 If to Wachovia:
	 	Wachovia Securities, Inc.
		 	123 South Broad Street
		 	14th
Floor (PA1202)
		 	Philadelphia, Pennsylvania 19109
		 	Attention: Stephen T. Dorosh
		 	Telephone: (267) 670-6577
		 	Telecopy No.: (267) 670-6543
		
	 With copies to:
	 	Pepper Hamilton LLP
		 	3000 Two Logan Square
		 	18th and Arch Streets
		 	Philadelphia, Pennsylvania 19107-2799
		 	Attention: Lisa R. Jacobs, Esquire
		 	Telephone No.: (215) 981-4701
		 	Telecopy No.: (215) 981-4750
	 If to any Lender:
	 	To the Address set forth on Schedule 2 hereto

(c) Administrative Agent’s Office. The Administrative Agent hereby designates its office located at the
address set forth above, or any subsequent office which shall have been specified for such purpose by written notice to the Borrowers, as the Administrative Agent’s Office referred to herein, to which payments due are to be made and at which
Loans will be disbursed and Letters of Credit issued. 
  

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 Section 13.2 Expenses; Indemnity. The Borrowers will: (a) pay all
reasonable out-of-pocket expenses of the Administrative Agent in connection with (i) the preparation, execution and delivery of this Agreement and each other Loan Document, whenever the same shall be executed and delivered, including without
limitation all out-of-pocket due diligence expenses and reasonable fees and disbursements of counsel for the Administrative Agent and (ii) the preparation, execution and delivery of any waiver, amendment or consent by the Administrative Agent
relating to this Agreement or any other Loan Document, including without limitation reasonable fees and disbursements of counsel for the Administrative Agent; (b) pay all reasonable out-of-pocket expenses of the Administrative Agent and each
Lender actually incurred in connection with the administration and enforcement of any rights and remedies of the Administrative Agent and each Lender under the Aggregate Commitment, including without limitation consulting with appraisers,
accountants, engineers, attorneys and other Persons concerning the nature, scope or value of any right or remedy of the Administrative Agent or any Lender hereunder or under any other Loan Document or any factual matters in connection therewith,
which expenses shall include without limitation the reasonable fees and disbursements of such Persons; and (c) defend, indemnify and hold harmless the Administrative Agent and any Lender and its parents, Subsidiaries, Affiliates, employees,
agents, officers and directors, from and against any losses, penalties, fines, liabilities, settlements, damages, costs and expenses, suffered by any such Person in connection with any claim, investigation, litigation or other proceeding (whether or
not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Agreement, any other Loan Document or the Loans, including without limitation reasonable
attorney’s and consultant’s fees, except to the extent that any of the foregoing directly result from the gross negligence or willful misconduct of the party seeking indemnification therefor. 

Section 13.3 Set-off. In addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of
any such rights, upon and after the occurrence of any Event of Default and during the continuance thereof, the Lenders and any assignee or participant of a Lender in accordance with Section 13.10 hereof are hereby authorized by the
Borrowers at any time or from time to time, without notice to the Borrowers or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time or demand,
including without limitation indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Lenders, or any such assignee or participant to or for the credit or the
account of any Borrower against and on account of the Obligations irrespective of whether or not (a) the Lenders shall have made any demand under this Agreement or any of the other Loan Documents or (b) the Administrative Agent shall have
declared any or all of the Obligations to be due and payable as permitted by Section 11.2 hereof and although such Obligations shall be contingent or unmatured. 

Section 13.4 Governing Law. This Agreement, the Notes and the other Loan Documents, unless otherwise expressly set forth
therein, shall be governed by, construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, without reference to the conflicts or choice of law principles thereof. 

Section 13.5 Consent to Jurisdiction; Service of Process. 

(a) Each Borrower hereby irrevocably consents to the personal jurisdiction of the state and federal courts located in
Philadelphia County, Pennsylvania, in any action, claim or other proceeding arising out of any dispute in connection with this Agreement, the Notes and the other Loan Documents, any rights or obligations hereunder or thereunder, or the performance
of such rights and obligations. Each Borrower hereby irrevocably appoints each and every officer of Urban as its attorney upon whom may be served any summons, complaint or other process or pleading in any action, claim or proceeding brought by the
Administrative Agent or any Lender in connection with this Agreement, the 
  

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Notes or the other Loan Documents, any rights or obligations hereunder or thereunder, or the performance of such rights and obligations, on behalf of itself or its property, in the manner
specified in Section 13.1 hereof, and irrevocably consents to the service of a summons and complaint in any action or proceeding brought by the Administrative Agent or any Lender by mailing copies thereof by registered or certified mail,
posted paid, to the address specified for delivery of notices herein. Nothing in this Section 13.5 shall affect the right of the Lender to serve legal process in any other manner permitted by Applicable Law or affect the right
Administrative Agent or any Lender to bring any action or proceeding against any Borrower or its properties any other jurisdictions. 

(b) To the extent that any Borrower has or hereafter may acquire: (i) any immunity from jurisdiction of the state or
federal courts located in Philadelphia County, Pennsylvania or from any legal process out of any such court (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to
itself or its property, or (ii) any objection to the laying of the venue or of an inconvenient forum or any suit, action or proceeding brought in a state or federal court located in Philadelphia County, Pennsylvania under process served in
accordance with this Agreement or any Loan Document, each Borrower hereby irrevocably waives such immunity or objection in respect of any suit, action or proceeding arising out of or relating to this Agreement, any other Loan Document or the rights
and obligations of the parties hereunder. 
 Section 13.6 Waiver of Jury Trial; Preservation of Remedies.

 (a) Jury Trial. THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH BORROWER HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING ARISING OUT OF ANY DISPUTE, CLAIM OR CONTROVERSY IN CONNECTION WITH THIS AGREEMENT, THE NOTES, THE LETTERS OF CREDIT OR THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS
HEREUNDER OR THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. 
 (b) Preservation of Certain
Remedies. The parties hereto and the other Loan Documents preserve, without diminution, certain remedies that such Persons may employ or exercise freely, either alone, in conjunction with or during a dispute, claim or controversy arising out of
this Agreement, the Notes, the Letters of Credit or any other Loan Document. Each such Person shall have and hereby reserves the right to proceed in any court of proper jurisdiction or by self help to exercise or prosecute the following remedies:
(i) all rights to foreclose against any real or personal property or other security by exercising a power of sale granted in the Loan Documents or under applicable law or by judicial foreclosure and sale; (ii) all rights of self help
including without limitation peaceful occupation of property and collection of rents, set off, and peaceful possession of property; (iii) obtaining provisional or ancillary remedies including without limitation injunctive relief, sequestration,
garnishment, attachment, appointment of receiver and in filing an involuntary bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment. 

Section 13.7 Reversal of Payments. To the extent the Borrowers make a payment or payments to the Administrative Agent for the
ratable benefit of the Lenders or the Administrative Agent receives any payment or proceeds of the collateral which payments or proceeds 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 payment or proceeds repaid, the Obligations or part thereof intended to be
satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative Agent. 
  

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 Section 13.8 Injunctive Relief; Punitive Damages. 

(a) The Borrowers recognize that, in the event the Borrowers fail to perform, observe or discharge any of their
obligations or liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrowers agree that the Lenders, at the Lenders’ option, shall be entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving actual damages. 
 (b) The Administrative
Agent, Lenders and the Borrowers (on behalf of themselves and each Subsidiary) hereby agree that no such Person shall have a remedy of punitive or exemplary damages against any other party to a Loan Document and each such Person hereby waives any
right or claim to punitive or exemplary damages that they may now have or may arise in the future in connection with any Dispute, whether such Dispute is resolved through arbitration or judicially. 

(c) The parties agree that they shall not have a remedy of punitive or exemplary damages against any other party in any
Dispute and hereby waive any right or claim to punitive or exemplary damages they have now or which may arise in the future in connection with any Dispute whether the Dispute is resolved by arbitration or judicially. 

Section 13.9 Accounting Matters. All financial and accounting calculations, measurements and computations made for any
purpose relating to this Agreement, including without limitation all computations utilized by any Borrower or any Subsidiary to determine compliance with any covenant contained herein, shall, except as otherwise expressly contemplated hereby or
unless there is an express written direction by the Administrative Agent to the contrary agreed to by the Borrowers, be performed in accordance with GAAP as in effect on the Closing Date. In the event that changes in GAAP shall be mandated by the
Financial Accounting Standards Board, or any similar accounting body of comparable standing, or shall be recommended by the Borrowers’ certified public accountants, to the extent that such changes would modify such accounting terms or the
interpretation or computation thereof, such changes shall be followed in defining such accounting terms only from and after the date the Borrowers and the Lenders shall have amended this Agreement to the extent necessary to reflect any such changes
in the financial covenants and other terms and conditions of this Agreement. 
 Section 13.10 Successors and Assigns;
Participations. 
 (a) Benefit of Agreement. This Agreement shall be binding upon and inure to the
benefit of the Borrowers, the 
 Administrative Agent and the Lenders, all future holders of the Notes, and their
respective successors and assigns, except that the Borrowers shall not assign or transfer any of their rights or obligations under this Agreement or any other Loan Document without the prior written consent of each Lender. 

(b) Assignments and Participations by the Lenders. 

(i) Assignments by the Lenders. The Borrowers hereby acknowledge and agree that each Lender may at any time with
the consent of the Borrowers (so long as no Default or Event of Default has occurred and is continuing) and the consent of the Administrative Agent, which consents shall not be unreasonably withheld, assign to one or more Eligible Assignees all or a
portion of its interests, rights and obligations under this Agreement (including without limitation all or a portion of the Extensions of Credit at the time owing to it and the Notes held by it); provided that (A) each such assignment
shall be of a constant, and not a varying percentage, of all such assigning Lender’s rights and obligations under this Agreement; (B) if less than all of the assigning Lender’s Commitment is to be assigned, the Commitment so assigned
shall not be less than $5,000,000; (C) the parties to each such 
  

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assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording, an assignment agreement (an “Assignment Agreement”) in the form of Exhibit G hereto,
together with any Note or Notes subject to such assignment; (D) such assignment shall not, without the consent of the Borrowers, require the Borrowers to file a registration statement with the Securities and Exchange Commission or apply to or
qualify the Loans or any Note under the blue sky laws of any state; (E) the assigning Lender shall pay to the Administrative Agent an assignment fee of $3,000 upon the execution by such Lender of the Assignment Agreement; provided that
no such fee shall be payable upon any assignment by a Lender to an Affiliate thereof; (F) the assignee thereunder shall be a party to this Agreement and, to the extent provided in such Assignment Agreement, have the rights and obligations of a
Lender hereunder; (G) the assigning Lender thereunder shall, to the extent provided in such Assignment Agreement, be released from its obligations under this Agreement; and (H) upon receipt of an Assignment Agreement from an assigning
Lender and an Eligible Assignee, the Administrative Agent shall promptly deliver a copy of such Assignment Agreement to the Borrowers. Within five (5) Business Days after receipt of notice, the Borrowers shall execute and deliver to the Lender,
in exchange for the Note or Notes to be surrendered in the manner set forth below, a new Note or Notes payable to the order of such Eligible Assignee in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and a new
Note payable to the order of the assigning Lender in an amount equal to the Commitment retained by it hereunder. Such new Note or Notes shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Note, shall
be dated the effective date of such Assignment Agreement and shall otherwise be in substantially the form of the surrendered Note. Each surrendered Note shall be canceled and returned to the Borrowers concurrent with the Borrowers’ delivery of
the new Note or Notes. 
 (ii) Participations by the Lenders. The Borrowers hereby acknowledge and agree
that each Lender may at any time grant participations in all or any portion the Commitment, the Loans, the Notes, the Extensions of Credit or of its right, title and interest therein or in or to this Agreement (collectively,
“Participations”) to any other lending office or to any other bank, lending institution or other entity which has the requisite sophistication to evaluate the merits and risks of investments in Participations (“Participants”);
provided, however, that: (A) each such participation shall be in an amount not less than $5,000,000; (B) all amounts payable by the Borrowers hereunder shall be determined as if Lenders had not granted such Participation;
(C) such Lender’s obligations under this Agreement (including without limitation its Commitment) shall remain unchanged); (D) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations; (E) such Lender shall remain the holder of the Notes held by it for purposes of this Agreement; (F) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement and (G) any agreement pursuant to which a Lender may grant a Participation (x) shall provide that such Lender shall retain the sole right and responsibility to
enforce the obligations of Borrowers hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provisions of this Agreement, (y) such participation agreement may provide that such Lender will not
agree to any modification, amendment or waiver of this Agreement without the consent of the Participant if such modification, amendment or waiver would reduce the principal of or rate of interest on any Loan or postpone the date fixed for any
payment of principal of or interest on any Loan, and (z) shall not relieve such Lender from its obligations, which shall remain absolute, to make Loans and to issue Letters of Credit hereunder. 

(iii) Right to Assign to Federal Reserve Bank. Notwithstanding anything herein to the contrary, Lenders may pledge
or grant a security interest in any Note, right to payment or other benefit hereunder to any Federal Reserve Bank without the consent or any party, without notice to any party, and without payment of any fees in accordance with Applicable Law.

  

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 Section 13.11 Disclosure of Information; Confidentiality. Lenders shall hold all
non-public information with respect to the Borrowers obtained pursuant to the Loan Documents in accordance with their customary procedures for handling confidential information; provided, that the Administrative Agent and Lenders may disclose
any such information: (a) to the extent such disclosure is required by law or requested by any regulatory authority, or (b) in any suit, action or proceeding for the purpose of the Administrative Agent or any Lender defending itself,
reducing its liability, or protecting or exercising any of its claims, rights, remedies or interests under or in connection with any of the Loan Documents or any Hedging Agreement. Any Lender may, in connection with any assignment, proposed
assignment, participation or proposed participation pursuant to Section 13.10 hereof, disclose to the assignee, participant, proposed assignee or proposed participant, any information relating to any Borrower, any Subsidiary or any
Guarantor furnished to such Lender by or on behalf of the Borrowers, their Subsidiaries or the Guarantors; provided, that prior to any such disclosure, each such assignee, proposed assignee, participant or proposed participant shall agree with the
Borrowers or such Lender to preserve the confidentiality of any confidential information relating to any Borrower, any Subsidiary or any Guarantor received from such Lender. 

Section 13.12 Patriot Act Notice. To help fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For purposes of this section, account shall be understood to include loan accounts. 

Section 13.13 Amendments, Waivers and Consents. Except as set forth below, any term, covenant, agreement or condition of this
Agreement or any of the other Loan Documents (other than any Hedging Agreement, the terms and conditions of which may be amended, modified or waived by the parties thereto) may be amended or waived by the Lenders, and any consent given by the
Lenders, if, but only if, such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an
amendment, signed by the Borrowers; provided, that no amendment, waiver or consent shall: (a) increase the amount or extend the time of the obligation of the Lenders to make Loans or issue or participate in Letters of Credit (including
without limitation pursuant to Section 3.7 hereof), (b) extend the originally scheduled time or times of payment of the principal of any Loan or Reimbursement Obligation or the time or times of payment of interest on any Loan or
Reimbursement Obligation, (c) reduce the rate of interest or fees payable on any Loan or Reimbursement Obligation, (d) reduce the principal amount of any Loan or Reimbursement Obligation, (e) permit any subordination of the principal
or interest on any Loan or Reimbursement Obligation, (f) permit any assignment (other than as specifically permitted or contemplated in this Agreement) of any of the Borrowers’ rights and obligations hereunder, (g) release any
Guarantor, (h) consent to a replacement bank or agree to reduce the Aggregate Commitment in connection with the replacement of a Defaulting Lender under Section 4.6(d) hereof or (i) amend the provisions of this
Section 13.13 or the definition of Required Lenders, without the prior written consent of each Lender. In addition, no amendment, waiver or consent to the provisions of (a) Article XIII hereof shall be made without the
written consent of the Administrative Agent and (b) Article III hereof without the written consent of the Issuing Lender. 

Section 13.14 Agreement Controls. In the event there is a conflict or inconsistency between this Agreement and any other Loan
Document, the terms of this Agreement shall control; provided, that any provision of the Guaranty Agreement which imposes additional burdens on any Borrower or any Subsidiary or further restricts the rights of any Borrower or any Subsidiary or gives
the Administrative Agent or the Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect. 

 

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 Section 13.15 Covenants Independent. The Borrowers expressly acknowledge and
agree that each covenant contained in Article VIII, Article IX or Article X hereof shall be given independent effect. Accordingly, the Borrowers shall not engage in any transaction or other act otherwise permitted under any
covenant contained in Article VIII, Article IX or Article X hereof if, before or after giving effect to such transaction or act, the Borrowers shall or would be in breach of any other covenant contained in Article VIII,
Article IX or Article X hereof. 
 Section 13.16 Survival. Notwithstanding any termination of this
Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of this Article XIII and any other provision of this Agreement and the Loan Documents shall continue in full force and effect and
shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before. 

Section 13.17 Counterparts. This Agreement may be executed in any number of counterparts, by facsimile and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the same
agreement. 
 Section 13.18 Headings. Titles and captions of Articles, Sections and subsections in this Agreement
are for convenience only, and neither limit nor amplify the provisions of this Agreement. 
 Section 13.19
Severability. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability
without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

Section 13.20 Entirety. This Agreement together with the other Loan Documents represents the entire agreement of the parties
hereto and thereto, and supersedes all prior agreements and understandings, oral and written, if any, including any commitment letters or correspondence relating to the Loan Documents or the transactions contemplated herein or therein, except those
obligations which survive under the commitment letter between the Borrowers and the Administrative Agent dated March 30, 2001. 

Section 13.21 Termination. This Agreement shall remain in effect from the Closing Date through and including the date upon
which all Obligations shall have been indefeasibly and irrevocably paid and satisfied in full. No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination. 

Section 13.22 Payment of Borrowers’ Obligations. The Borrowers’ Obligations under this Agreement and each of the
Loan Documents shall be performed by the Borrowers at their sole cost and expense. 
 Section 13.23 Powers of Attorney
and Authorizations Irrevocable. All powers of attorney and other authorizations granted to the Administrative Agent, the Lenders and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or
any of the other Loan Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied or the Aggregate Commitment has not been terminated. 

 

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 Section 13.24 Register. The Administrative Agent shall maintain a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the amount of the Extensions of Credit with respect to each Lender from time to time (the “Register”). The entries
in the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.
The Register shall be available for inspection by the Borrowers or Lenders at any reasonable time and from time to time upon reasonable prior notice. 

Section 13.25 Judgment Currency. 

(a) The Borrowers’ obligations under this Agreement to make payments in Dollars (the “Obligation Currency”)
shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective
receipt by the Lenders of the full amount of the Obligation Currency expressed to be payable to the Lenders under this Agreement. If for the purpose of obtaining or enforcing judgment against any Borrowers in any court or in any jurisdiction, it
becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made
at the rate of exchange (as quoted by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as
of the day immediately preceding the day on which the judgment is given (such business day being hereinafter referred to as the “Judgment Currency Conversion Date”). 

(b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of
actual payment of the amount due, the Borrowers covenant and agree to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of
exchange prevailing on the Judgment Currency Conversion Date. 
 (c) For purposes of determining any rate of
exchange for this Section 13.25, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

 

 -66- 

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

									
		 		 	Borrowers:
			
	[CORPORATE SEAL]	 		 	URBAN OUTFITTERS, INC.,
		 		 	as a Borrower
				
		 		 	By:	 	 /s/    Richard A.
Hayne        

		 		 		 	Name:	 	Richard A. Hayne
		 		 		 	Title:	 	President
			
	[CORPORATE SEAL]	 		 	UO FENWICK, INC.,
		 		 	as a Borrower
				
		 		 	By:	 	 /s/    David A.
Hill        

		 		 		 	Name:	 	David A. Hill
		 		 		 	Title:	 	Vice President
			
	[CORPORATE SEAL]	 		 	INTER-URBAN, INC.,
		 		 	as a Borrower
				
		 		 	By:	 	 /s/    David A.
Hill        

		 		 		 	Name:	 	David A. Hill
		 		 		 	Title:	 	Vice President
			
	[CORPORATE SEAL]	 		 	URBAN OUTFITTERS (DELAWARE), INC.,
		 		 	as a Borrower
				
		 		 	By:	 	 /s/    Glen A.
Bodzy        

		 		 		 	Name:	 	Glen A. Bodzy
		 		 		 	Title:	 	Secretary
			
	[CORPORATE SEAL]	 		 	ANTHROPOLOGIE (DELAWARE), INC.,
		 		 	as a Borrower
				
		 		 	By:	 	 /s/    Glen A.
Bodzy        

		 		 		 	Name:	 	Glen A. Bodzy
		 		 		 	Title:	 	Secretary

 [Signatures Continued]

  

 -67- 

					
	[CORPORATE SEAL]	  	 URBAN OUTFITTERS UK LIMITED,

as a Borrower

			
		  	By:	  	 /s/    Richard A.
Hayne        

		  		  	Name: Richard A. Hayne
		  		  	Title:   Director
			
		  	By:	  	 /s/    Glen A.
Bodzy        

		  		  	Name: Glen A. Bodzy
		  		  	Title:   Director
		
	[CORPORATE SEAL]	  	 URBAN OUTFITTERS IRELAND LIMITED,

as a Borrower

			
		  	By:	  	 /s/    Richard A.
Hayne        

		  		  	Name: Richard A. Hayne
		  		  	Title:   Director
			
		  	By:	  	 /s/    Glen A.
Bodzy        

		  		  	Name: Glen A. Bodzy
		  		  	Title:   Director
		
		  	Lenders:
		
		  	 WACHOVIA BANK, NATIONAL ASSOCIATION

(f/k/a FIRST UNION NATIONAL BANK,)
 as a Lender,
Issuing and as Administrative Agent

			
		  	By:	  	 /s/    Stephen T.
Dorosh        

		  		  	Name: Stephen T. Dorosh
		  		  	Title:   Vice President

  

 -68- 

 Schedule 1 

Subsidiaries that are Borrowers 

UO Fenwick, Inc., a Delaware corporation 

Inter-Urban, Inc., a Delaware corporation 

Urban Outfitters (Delaware), Inc., a Delaware corporation 

Anthropologie (Delaware), Inc., a Delaware corporation 

Urban Outfitters UK Limited, a corporation formed under the laws of England and Wales 

Urban Outfitters Ireland Limited, a corporation formed under the laws of the Republic of Ireland 

 

 S-1 

 Schedule 2 

Lenders and Commitments 
  

				
	 Lender
	  	Commitment
	 Wachovia Bank, National Association

123 South Broad Street,
14th Floor (PA1202)

Philadelphia, PA 19109

Attention: Stephen T. Dorosh, Vice President
	  	$	 35,000,000
		
	 Telephone No.: (215) 670-6577

Telecopy No.: (215) 670-6543
	  		

  

 S-2 

 Schedule 3 

Guarantors 

Anthropologie, Inc., a Pennsylvania corporation 

Urban Outfitters Wholesale, Inc., a Pennsylvania corporation 

Urban Outfitters Direct, LLC, a Pennsylvania limited liability company 

Anthropologie Direct, LLC, a Pennsylvania limited liability company 

U.O.D., Inc., a Delaware corporation 
 U.O.D.
Secondary, Inc., a Delaware corporation 
 UOGC, Inc., a Florida corporation 

Urban Outfitters West LLC, a California limited liability company 

Free People LLC, a Delaware limited liability company 

Freepeople.com LLC, a Delaware limited liability company 

Urban Outfitters Holdings LLC, a Pennsylvania limited liability company 

Anthropologie Holdings LLC, a Pennsylvania limited liability company 

Urbanoutfitters.com LP, a Pennsylvania limited partnership 

Anthropologie.com LP, a Pennsylvania limited partnership 
  

 S-3 

 Schedule 4 

Existing Letters of Credit 
  

									
		 		  	Wachovia Bank, N.A.	  		  	Page: 1
		 		  	  
 Outstanding Summary Report
	  		  	Date: 09/23/2004
		 		  	For Applicant: URBAN OUTFITTERS INC.	  		  	

 Applicant Name: ANTHROPOLOGIE (DELAWARE), INC. 

 

																			
	 L/C Bank

Reference
	  	L/C Cust Reference	  	Site	  	Trans	  	 Beneficiary
	  	Ctry	  	Opening
Date	  	Expiry
Date	  	L/C Equiv
Liability 
Balance	 	 
	 878702
	  	UOXX878702	  	USA	  	IMLC	  	[**]	  	[**]	  	10/07/2002	  	12/21/2004	  	[**]	 	USD
		  		  		  		  		  		  		  		  		 	
		  		  		  		  		  		  	Appl Name Total:	  		  	[**]	 	

 Applicant Name: ANTHROPOLOGIE INC DELAWARE 

 

																			
	 L/C Bank

Reference
	  	L/C Cust Reference	  	Site	  	Trans	  	 Beneficiary
	  	Ctry	 	Opening
Date	  	Expiry
Date	  	L/C Equiv
Liability 
Balance	 	 
	 311788
	  	UOXX311788	  	HNK	  	IMLC	  	[**]	  	[**]	 	01/12/2004	  	12/31/2004	  	[**]	 	USD
	 311790
	  	UOXX311790	  	HNK	  	IMLC	  	[**]	  	[**]	 	02/04/2004	  	09/21/2004	  	[**]	 	USD
	 IC547523H
	  	II02190432ABUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	02/20/2004	  	09/22/2004	  	[**]	 	USD
	 IC548865H
	  	II0318046503UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	03/23/2004	  	11/30/2004	  	[**]	 	USD
	 IC548876H
	  	II0318046511UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	03/23/2004	  	10/30/2004	  	[**]	 	USD
	 IC550313H
	  	II0413048F6BUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/14/2004	  	10/30/2004	  	[**]	 	USD
	 IC550355H
	  	II04140491CBUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/15/2004	  	10/30/2004	  	[**]	 	USD
	 IC552616H
	  	II050704BC4FUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/10/2004	  	10/30/2004	  	[**]	 	USD
	 IC552621H
	  	II050704BC57UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/10/2004	  	10/30/2004	  	[**]	 	USD
	 IC552675H
	  	II051004BE9BUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/12/2004	  	10/30/2004	  	[**]	 	USD
	 IC553052H
	  	II051404C9BFUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/18/2004	  	11/10/2004	  	[**]	 	USD
	 IC554525H
	  	II061104F9C0UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	06/14/2004	  	10/30/2004	  	[**]	 	USD
	 IC556153H
	  	II0713043571UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	07/14/2004	  	10/21/2004	  	[**]	 	USD
	 IC556785H
	  	II0726044FF3UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	07/27/2004	  	10/21/2004	  	[**]	 	USD
	 IC556795H
	  	II0726045016UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	07/27/2004	  	09/21/2004	  	[**]	 	USD
	 IC558593H
	  	II0823048CCFUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/24/2004	  	10/30/2004	  	[**]	 	USD
	 IC558776H
	  	II0826049629UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/30/2004	  	11/21/2004	  	[**]	 	USD
	 IC561413H
	  	II090904B34FUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	09/10/2004	  	10/31/2004	  	[**]	 	USD
	 IC561839H
	  	II091604C322UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	09/17/2004	  	10/31/2004	  	[**]	 	USD
		  		  		  		  		  		 		  		  		 	
		  		  		  		  		  		 	Appl Name Total:	  		  	[**]	 	

  
  

	**	Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted
portions have been filed separately with the Commission. 

  

 S-4 

 Applicant Name: URBAN OUTFITTERS (DELAWARE), INC. 

 

																			
	 L/C Bank

Reference
	  	L/C Cust Reference	  	Site	  	Trans	  	 Beneficiary
	  	Ctry	 	Opening
Date	  	Expiry
Date	  	L/C Equiv
Liability 
Balance	 	 
	 311757
	  	UOXX311757	  	HNK	  	IMLC	  	[**]	  	[**]	 	10/08/2003	  	09/21/2004	  	[**]	 	USD
	 311764
	  	UOXX311764	  	HNK	  	IMLC	  	[**]	  	[**]	 	10/14/2003	  	10/21/2004	  	[**]	 	USD
	 311766
	  	UOXX311766	  	HNK	  	IMLC	  	[**]	  	[**]	 	10/28/2003	  	10/21/2004	  	[**]	 	USD
	 311787
	  	UOXX311787	  	HNK	  	IMLC	  	[**]	  	[**]	 	01/07/2004	  	09/21/2004	  	[**]	 	USD
	 311791
	  	UOXX311791	  	HNK	  	IMLC	  	[**]	  	[**]	 	02/09/2004	  	10/30/2004	  	[**]	 	USD
	 IC548301H
	  	II0308044FE8UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	03/09/2004	  	11/30/2004	  	[**]	 	USD
	 IC548591H
	  	II0315045CAEUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	03/17/2004	  	10/21/2004	  	[**]	 	USD
	 IC549934H
	  	II04070486E8UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/19/2004	  	12/21/2004	  	[**]	 	USD
	 IC549973H
	  	II0407048749UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/08/2004	  	11/21/2004	  	[**]	 	USD
	 IC550274H
	  	II0413048EB1UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/14/2004	  	11/10/2004	  	[**]	 	USD
	 IC550347H
	  	II04140491B2UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/15/2004	  	10/21/2004	  	[**]	 	USD
	 IC550437H
	  	II0415049469UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/16/2004	  	09/21/2004	  	[**]	 	USD
	 IC550687H
	  	II0421049E54UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/22/2004	  	09/30/2004	  	[**]	 	USD
	 IC550689H
	  	II0421049E57UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	04/22/2004	  	10/21/2004	  	[**]	 	USD
	 IC551207H
	  	II050304B186UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/04/2004	  	11/30/2004	  	[**]	 	USD
	 IC552686H
	  	II051004BEC5UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/12/2004	  	10/21/2004	  	[**]	 	USD
	 IC553255H
	  	II051804CECFUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/19/2004	  	10/21/2004	  	[**]	 	USD
	 IC553536H
	  	II052404D7BAUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	05/27/2004	  	10/21/2004	  	[**]	 	USD
	 IC554493H
	  	II061004F824UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	06/14/2004	  	10/21/2004	  	[**]	 	USD
	 IC555981H
	  	II071204313EUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	07/14/2004	  	12/21/2004	  	[**]	 	USD
	 IC556012H
	  	II071204318FUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	07/13/2004	  	11/21/2004	  	[**]	 	USD
	 IC557237H
	  	II0730045D6CUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/02/2004	  	09/21/2004	  	[**]	 	USD
	 IC557284H
	  	II0802045FCCUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/04/2004	  	11/21/2004	  	[**]	 	USD
	 IC557839H
	  	II08110474DAUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/13/2004	  	12/21/2004	  	[**]	 	USD
	 IC557840H
	  	II08110474EEUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/17/2004	  	11/21/2004	  	[**]	 	USD
	 IC557842H
	  	II08110474F2UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/13/2004	  	12/21/2004	  	[**]	 	USD
	 IC557982H
	  	II0813047AE5UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/16/2004	  	11/30/2004	  	[**]	 	USD
	 IC557990H
	  	II0813047AF9UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/16/2004	  	10/30/2004	  	[**]	 	USD
	 IC558590H
	  	II0823048CCAUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/24/2004	  	11/21/2004	  	[**]	 	USD
	 IC558622H
	  	II0823048D3FUOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/27/2004	  	09/30/2004	  	[**]	 	USD
	 IC558774H
	  	II08260495F4UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/30/2004	  	11/21/2004	  	[**]	 	USD
		  		  		  		  		  		 		  		  		 	
		  		  		  		  		  		 	Appl Name Total:	  		  	[**]	 	

  

	**	Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted
portions have been filed separately with the Commission. 

  

 S-5 

 Applicant Name: URBAN OUTFITTERS, INC. 

 

																			
	 L/C Bank

Reference
	  	L/C Cust Reference	  	Site	  	Trans	  	 Beneficiary
	  	Ctry	 	Opening
Date	  	Expiry
Date	  	L/C Equiv
Liability 
Balance	 	 
	 878700
	  	UOXX878700	  	USA	  	IMLC	  	[**]	  	[**]	 	09/11/2002	  	10/21/2004	  	[**]	 	USD
	 IC557294H
	  	II0802046012UOXX	  	HNK	  	IMLC	  	[**]	  	[**]	 	08/03/2004	  	12/31/2004	  	[**]	 	USD
	 SM416412
	  	SM416412	  	USA	  	SBLC	  	[**]	  	[**]	 	04/04/2001	  	03/31/2005	  	[**]	 	USD
		  		  		  		  		  		 		  		  		 	
		  		  		  		  		  		 	Appl Name Total:	  		  	[**]	 	
		  		  		  		  		  		 		  		  		 	
		  		  		  		  		  		 	Total:	  		  	[**]	 	
		  		  		  		  		  		 		  		  		 	
	 BA/ACCPT Summary:
	  		  		  		  		 		  		  		 	
		  		  		  		  		  		 	Total:	  		  		 	
		  		  		  		  		  		 		  		  		 	

  

	**	Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted
portions have been filed separately with the Commission. 

 *** END OF OUTSTANDING SUMMARY REPORT 

 

 S-6 

 Schedule 5 

Import Letter of Credit Pricing 

A) Letter of Credit Fees for Urban Outfitters Inc. and affiliates: 

No fees for Letter of Credit processing * 
  

	*	Assumes all Letter of Credit processing is out of Wachovia Bank Hong Kong. 

B) Letter of Credit Fees for Urban Outfitters Inc. Beneficiaries: 

For Hong Kong Beneficiaries: 
  

			
	LC Advising Fee:	  	$35**
	Commission in lieu of exchange:	  	 
1/4 % on first $50,000, 1/8% on balance
	Transit Commission:	  	Prime +1% for 10 days
	Discrepancy fee:	  	$65
	Paying Bank Charge:	  	$42.50
	Courier fee:	  	$35
	Swift/Telex:	  	$15 per page
	
	** All dollar quoted charges are U.S. dollars
		
	For non-Hong Kong Beneficiaries:	  	
		
	Discrepancy fee:	  	$65
	Paying Bank Charge:	  	$42.50
	Swift/Telex:	  	$15 –per page
	Handling Commission:	  	$30

 Wachovia Bank maintains the right to raise
Beneficiary pricing by an amount of up to 5% in the aggregate during the term of this Agreement; provided, however, that in the event that the aggregate face amount of all import Letters of Credit issued under this Agreement during any fiscal year
represents an increase of at least 20% over the aggregate face amount of all import Letters of Credit issued under this Agreement during the previous fiscal year, no such increase will be implemented for the next succeeding fiscal year. 

 

 S-7 

 Schedule 6.1(a) 

Jurisdictions of Organization and Qualification 

Urban Outfitters, Inc. 
  

			
	 Organization:
	 	Pennsylvania
		
	 Qualification:
	 	AZ, CA, CO, CT, DC, FL, GA, IL, IN, KS, LA, MA, MI, MN, NC, NV, NY, OH, OR, PA, RI, TX, VT, WA, WI

Urban Outfitters Wholesale, Inc. 

Organization: Pennsylvania 
 Qualification: CA,
NC, NY, PA 
 Inter-Urban, Inc. 

Organization: Delaware 
 Qualification: None

 U.O.D., Inc. 

Organization: Delaware 
 Qualification: None

 UO Fenwick, Inc. 

Organization: Delaware 
 Qualification: None

 U.O.D. Secondary, Inc. 

Organization: Delaware 
 Qualification: None

  

 S-8 

 Urban Outfitters Canada, Inc. 

Organization: Ontario, Canada 
 Qualification:
Quebec and British Columbia 
 Urban Outfitters UK Limited 

Organization: United Kingdom 
 Qualification:
None 
 Anthropologie, Inc. 

Organization: Pennsylvania 
 Qualification: AZ,
CA, CO, CT, FL, GA, IL, MA, MD, MI, MN, MO, NC, NJ, NV, NY, OH, OR, PA, TX, UT, VA, WA 
 Urban Outfitters Ireland Limited

 Organization: Ireland 

Qualification: None 
 Anthropologie
(Delaware), Inc. 
 Organization: Pennsylvania 

Qualification: DE, NV, PA 
 Urban
Outfitters (Delaware), Inc. 
 Organization: Pennsylvania 

Jurisdiction(s): DE, NV, PA 
  

 S-9 

 Urban Outfitters Direct LLC 

Organization: Pennsylvania 
 Qualification: PA,
WA 
 Anthropologie Direct LLC 

Organization: Pennsylvania 
 Qualification: PA,
WA 
 UOGC, Inc. 

Organization: Florida 
 Qualification: None

 Urban Outfitters West LLC 

Organization: California 
 Qualification: None

 Free People LLC 

Organization: Delaware 
 Qualification: None

 Urban Outfitters Holdings LLC 

Organization: Pennsylvania 
 Qualification: None

  

 S-10 

 Anthropologie Holdings LLC 

Organization: Pennsylvania 
 Qualification: None

 urbanoutfitters.com LP 

Organization: Pennsylvania 
 Qualification: None

 anthropologie.com LP 

Organization: Pennsylvania 
 Qualification: None

 Freepeople.com LLC 

Organization: Delaware 
 Qualification: None

  

 S-11 

 Schedule 6.1(b) 

Subsidiaries and Capitalization 
  

							
	 Corporation
	  	 Wholly Owned Corporation
	  	Number of
Shares	 	Par Value Per Share
	 Urban Outfitters, Inc.
	  	—  	  	80,945,342	 	$.0001
	 Anthropologie, Inc.
	  	Urban Outfitters, Inc.	  	100	 	$.10
	 Urban Outfitters Wholesale, Inc.
	  	Urban Outfitters, Inc.	  	1,000	 	$.10
	 Urban Outfitters UK Limited
	  	Urban Outfitters, Inc.	  	7,782,336	 	£1.00
	 Urban Outfitters (Delaware), Inc.
	  	Urban Outfitters, Inc.	  	10	 	$.01
	 Anthropologie (Delaware), Inc.
	  	Anthropologie, Inc.	  	10	 	$.01
	 U.O.D. Secondary, Inc.
	  	Inter-Urban, Inc.	  	10	 	$.01
	 UOGC, Inc.
	  	Inter-Urban, Inc.	  	1,000	 	$.01
	 Inter-Urban, Inc.
	  	Urban Outfitters, Inc.	  	1,000	 	$1.00
	 U.O.D., Inc.
	  	Inter-Urban, Inc.	  	100	 	$1.00
	 U.O. Fenwick, Inc.
	  	Inter-Urban, Inc.	  	1,000	 	$1.00
	 Urban Outfitters Canada, Inc.
	  	Inter-Urban, Inc.	  	1,000	 	$1.00
	 Urban Outfitters Ireland Limited
	  	Inter-Urban, Inc.	  	3	 	£1.00
				
	 Limited Liability

Corporation
	  	 Member

Corporation
	  	Ownership %	 	 
	 Urban Outfitters Direct LLC
	  	Urban Outfitters, Inc.	  	100.00%	 	
	 Anthropologie Direct LLC
	  	Urban Outfitters, Inc.	  	100.00%	 	
	 Freepeople.com LLC
	  	Urban Outfitters, Inc.	  	100.00%	 	
				
	 Urban Outfitters West LLC
	  	Anthropologie (Delaware), Inc.	  	66.621%	 	
		  	Urban Outfitters (Delaware), Inc.	  	33.379%	 	
				
	 Urban Outfitters Holdings LLC
	  	Urban Outfitters Direct LLC	  	100.00%	 	
	 Anthropologie Holdings LLC
	  	Anthropologie Direct LLC	  	100.00%	 	
	 Free People LLC
	  	Urban Outfitters Wholesale, Inc.	  	100.00%	 	
				
	 Limited Partnership
	  	 Partners
	  	Partnership %	 	 
	 urbanoutfitters.com LP
	  	Urban Outfitters Holdings LLC	  	  1.0%	 	
		  	Urban Outfitters Direct LLC	  	99.0%	 	
				
	 anthropologie.com LP
	  	Anthropologie Holdings LLC	  	  1.0%	 	
		  	Anthropologie Direct LLC	  	99.0%	 	

  

 S-12 

 Schedule 6.1(i) 

ERISA Plans 
  

			
	 Plan
	  	Plan Number
	 Urban Outfitters 401(k) Savings Plan (formerly Known as Urban Outfitters, Inc. Profit-Sharing Fund prior to July 1, 1999)

	  	002
		
	 Urban Outfitters Employee Health Care Plan
	  	501
		
	 Urban Outfitters Group Life and Accidental Death and Dismemberment Insurance Plan
	  	502
		
	 Urban Outfitters Long-Term Disability Plan
	  	503
		
	 Urban Outfitters Employee Dental Care Plan
	  	504

  

 S-13 

 Schedule 6.1(l) 

Material Contracts 

None 
  

 S-14 

 Schedule 6.1(m) 

Labor and Collective Bargaining Agreements 

None 
  

 S-15 

 Schedule 6.1(t) 

Debt and Guaranty Obligations 

None 
  

 S-16 

 Schedule 6.1(u) 

Litigation 
 Style: Sara
C. Miller and Laura Overley v. Anthropologie, Inc., et al. 

			
	Case No.:	 	04CC00124
	Court:	 	Superior Court of California, County of Orange
	Nature/Description:	 	Civil action brought by Plaintiffs seeking class action status, unspecified monetary damages and equitable relief against Anthropologie, Inc. The suit alleges that employees were
misclassified as being exempt from overtime. The Company believes the claim is without merit and intends to defend it vigorously.
	Status:	 	Discovery continuing.
	Amount in controversy:	 	Plaintiffs seek recovery of unpaid wages, penalties and damages.

  

 S-17 

 Schedule 10.3 

Existing Liens 

None 
  

 S-18 

 Schedule 10.4 (a) 

Existing Loans, Advances and Investments 

None 
  

 S-19 

 Schedule 10.4(b) 

Investment Policies and Guidelines: 

[**Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange
Commission. The omitted portions have been filed separately with the Commission.] 
 Table of Contents 

 

			
	 1.
	  	Purpose
		
	 2.
	  	Investment Goals and Objectives
		
	 3.
	  	Investment Authorization
		
	 4.
	  	Eligible Investment Managers
		
	 5.
	  	Eligible Investments
		
	 6.
	  	Investment/Portfolio Restrictions
		
	 7.
	  	Compliance and Investment Review
		
	 8.
	  	Other

  

 S-20 

 INTER-URBAN, INC. AND COMPANIES 

Investment Policy & Guidelines 

Purpose 
 The purpose of
this Investment Policy & Guidelines (this “Policy”) is to establish a framework for the investment of assets which represent excess working capital funds of Inter-Urban, Inc. and its non-foreign subsidiaries, which have an
identical board of directors’ membership (the “Companies”). This policy is meant to and will at all times conform to the Urban Outfitters, Inc. Corporate Investment Policy, a copy of which will be provided to all investment managers.
Specifically, this Policy shall: 
  

	 	1.	Identify investment objectives of the Companies. 

	 	2.	Establish acceptable investment guidelines 

	 	3.	Specify investment authority and responsibility. 

	 	4.	Outline overall funds management strategies and procedures for compliance and review. 

Inter-Urban, Inc. and its board of directors will oversee the aggregate investments under this Policy on behalf of the Companies and will
be responsible for: 
  

	 	•	 	 monitoring the combined investments of the Companies, 

 

	 	•	 	 ensuring compliance of aggregate investments of the Companies with this Policy, 

 

	 	•	 	 receiving recommendations for Policy updates from the Companies’ boards of directors, 

 

	 	•	 	 proposing recommended updates to the Policy to the board of directors of Urban Outfitters, Inc.; and all communications with professional investment
managers. 

 Investments will be managed by professional investment managers or in professionally managed
investment vehicles. Investment managers will have full discretion within the constraints of this Policy and any specific additional guidelines that may be imposed from time to time by the board of directors of Inter-Urban, Inc. The
investment managers will be subject to regular review by the board of directors of Inter-Urban, Inc. to ensure both compliance with this Policy and adherence to sound business judgements. 

Investment Goals and Objectives 

The goal of the Companies’ investment strategy is to keep the Companies’ cash resources productively employed, in high credit
quality instruments so as to preserve principal and capital balances. The overall investment strategy should ensure that the liquidity necessary to support the Companies’ short and long-term operating objectives and strategic goals is
maintained. 
  

 S-21 

 INTER-URBAN, INC. AND COMPANIES 

Investment Policy & Guidelines 

The specific objectives of the investment strategy in order of priority are as follows: 

 

	 	1.	Preservation of principal/capital. 

	 	2.	Maintenance of liquidity requirements. 

	 	3.	Optimum after-tax return on investment. 

Investment Authorization 

The following Companies’ personnel individually have the authority to initiate and direct investment transactions which conform to
the parameters of this Policy: 
 President 

Vice Presidents 

Treasurer 

Additionally, the professional investment managers are granted full discretion to buy, sell, invest and reinvest a portion of the
Companies’ assets consistent with this Policy. The investment managers have been chosen in part because of their particular investment strategy and emphasis. The investment managers have advised the Companies that the following investment
guidelines will not require the investment manager to deviate from that particular strategy and emphasis. 
 Eligible Investment Managers

 The Companies will periodically evaluate its investment managers and will, as necessary from time to time, select
investment managers from the list noted as Exhibit A and attached to this Policy. 
 Eligible Investments 

Investments may be made only in the following instruments: [**] 

 

	**	Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted
portions have been filed separately with the Commission. 

  

 S-22 

 INTER-URBAN, INC. AND COMPANIES 

Investment Policy & Guidelines 

Investment/Portfolio Restrictions 

Investments will be made in U.S. dollars only. Assets may be invested in securities with a maximum maturity of [**]. 

No more than
[**] may be held for investment with any one professional
investment manager. 
 At time of purchase, no one issuer will represent more than
[**] of the total professional investment manager’s
account or [**] individually, and no more than
[**] of total issue size outstanding, excluding
consideration for U.S. government obligations, money market funds and overnight securities. In order to meet short-term cash requirements, a portion of the funds, as directed by the Companies from time to time, managed in each investment
manager’s portfolio must be maintained in instruments that provide liquidity on a daily basis. 
 Each investment
manager’s portfolio shall exclude structured note activity and any derivative, with the exception of puts purchased for hedging purposes. 

For other than money market funds which are eligible investments, the Companies may not invest in mutual funds unless approved by the
board of directors of Inter-Urban, Inc. 
  
  

	**	Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted
portions have been filed separately with the Commission. 

  

 S-23 

 INTER-URBAN, INC. AND COMPANIES 

Investment Policy & Guidelines 

The Companies will not borrow funds for investment purposes or engage in short sales. The investment manager does not have authority to
borrow on behalf of the Companies. 
 The Companies may, from time to time, enter into certain financing arrangements which
require additional restrictions on the investment of its cash resources. It is understood that any such restrictions would supersede this Policy for the duration of their applicability. 

Compliance and Investment Review 

The board of directors of Inter-Urban, Inc. will meet on a regular basis to review the Companies’ aggregate investment performance
and compliance with this Policy. If necessary, the board of directors of Inter-Urban, Inc. will meet with each professional investment manager periodically. 

All investment managers retained by the Companies will certify in writing to Inter-Urban, Inc. at least quarterly that the operation of
its account has been in compliance with this Policy and all specific guidelines set forth herein. In the event a manager finds itself out of compliance at any time, through inadvertence or otherwise, the manager will promptly notify Inter-Urban,
Inc. in writing and take remedial action. Any trade or transaction which is not in compliance with this Policy at time of purchase must be reversed by the manager. The investment manager will be responsible to return to the Companies all funds
invested in the particular trade or transaction plus, if applicable, all interest or monies earned. 
 After transactions
have been placed, all investment managers will notify Inter-Urban, Inc. immediately of any downgrades in rating not in compliance with this Policy and will seek direction from Inter-Urban, Inc.’s authorized officers
regarding action(s) to be taken. 
 Other 

This Policy will be reviewed periodically by the Companies’ boards of directors and revised or confirmed as appropriate. Revisions to
the Policy recommended by the Companies will be forwarded to the board of directors of Inter-Urban, Inc. for further consideration. 

By initial and continuing acceptance of this Policy and all related specific guidelines, each manager concurs with the provisions
contained herein. Each manager is encouraged to recommend to Inter-Urban, Inc. changes to this Policy and specific guidelines which may improve performance of the portfolio. If at any time a manager believes its objectives cannot be met due to the
provisions of this Policy and specific guidelines or for any other reason, the board of directors of Inter-Urban, Inc. shall be notified in writing. 
  

 S-24 

 INTER-URBAN, INC. AND COMPANIES 

Investment Policy & Guidelines 

The investment managers will, on at least an annual basis, provide Inter-Urban, Inc. with written certification that: 

 

	 	•	 	 its current systems and related processes produce accurate financial information and data, 

 

	 	•	 	 its current systems have been tested by an outside third party and have received an unqualified opinion as to the integrity of data, and

  

	 	•	 	 that the investment managers have a disaster recovery system in place which is functioning properly so as to protect the Companies’ assets and
data. 

 In addition, investment managers will maintain appropriate insurance coverages to protect the
Companies’ assets and will provide, as required, certificates of insurance which detail the amounts of these insurance coverages currently in place. 
  

 S-25 

 INTER-URBAN, INC. AND COMPANIES 

Investment Policy & Guidelines 

EXHIBIT A 

Investment Managers Approved for Solicitation: 

[**] 
  

 

	**	Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted
portions have been filed separately with the Commission. 

  

 S-26 

 EXHIBIT A 

FORM OF NOTE 
  

			
	$                    	  	

 FOR VALUE RECEIVED, the undersigned, URBAN OUTFITTERS, INC., a corporation organized under the
laws of Pennsylvania (“Urban”), and each Subsidiary of Urban listed on Schedule 1 to the Credit Agreement referred to below (Urban and each such Subsidiary, each a “Borrower” and collectively, the “Borrowers”), jointly
and severally, promise to pay to the order of                      (the “Lender”), at the office of the Administrative Agent and
times provided in the Credit Agreement referred to below, the principal sum of                     
($             ) or, if less, the principal amount of all Loans made by the Lender from time to time pursuant to that certain Credit Agreement dated of even date herewith (as may be
amended, restated or otherwise modified from time to time, the “Credit Agreement”) by and among the Borrowers, the Lender, the other lenders referred to therein, and First Union National Bank, as Administrative Agent. Capitalized terms
used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement. 
 The unpaid principal
amount of this Note from time to time outstanding is subject to repayment from time to time as provided in the Credit Agreement and shall bear interest as provided in Section 4.1 of the Credit Agreement. All payments of principal and interest
on this Note shall be payable in lawful currency of the United States of America in immediately available funds to the account designated in the Credit Agreement. 

This Note is entitled to the benefits of, and evidences Obligations incurred under, the Credit Agreement, to which reference is made for
a description of the collateral for this Note, if any, and for a statement of the terms and conditions on which the Borrowers are permitted and required to make prepayments and repayments of principal of the Obligations evidenced by this Note and on
which such Obligations may be declared to be immediately due and payable. 
 THIS NOTE SHALL BE GOVERNED, CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 
  

 E-1 

 The Borrowers hereby waive all requirements as to diligence, presentment, demand of payment,
protest and (except as required by the Credit Agreement) notice of any kind with respect to this Note. 
 IN WITNESS WHEREOF,
the undersigned have executed this Note under seal as of the day and year first written above. 
  

							
	[CORPORATE SEAL]	  	 URBAN OUTFITTERS, INC.,

as a Borrower
	  	
				
		  	By:	 	  
	  	
		  		 	Name:	  	
		  		 	Title:	  	
			
	[CORPORATE SEAL]	  	 U.O. FENWICK, INC.,

as a Borrower
	  	
				
		  	By:	 	  
	  	
		  		 	Name:	  	
		  		 	Title:	  	
			
	[CORPORATE SEAL]	  	 INTER-URBAN, INC.,

as a Borrower
	  	
				
		  	By:	 	  
	  	
		  		 	Name:	  	
		  		 	Title:	  	
			
	 [CORPORATE SEAL]
	  	 URBAN OUTFITTERS (DELAWARE), INC.,

as a Borrower
	  	
				
		  	By:	 	  
	  	
		  		 	Name:	  	
		  		 	Title:	  	

 [Executions Continued] 

 

 E-2 

							
	 [CORPORATE SEAL]
	  	 ANTHROPOLOGIE (DELAWARE), INC.,

as a Borrower
	 	
				
		  	By:	 	  
	 	
		  		 	Name:	 	
		  		 	Title:	 	
			
	 [CORPORATE SEAL]
	  	 URBAN OUTFITTERS UK LIMITED,

as a Borrower
	 	
				
		  	By:	 	  
	 	
		  		 	Name:	 	
		  		 	Title:	 	
			
	 [CORPORATE SEAL]
	  	 URBAN OUTFITTERS IRELAND LIMITED,

as a Borrower
	 	
				
		  	By:	 	  
	 	
		  		 	Name:	 	
		  		 	Title:	 	

  

 E-3 

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

Dated:                     

 First Union National Bank, as 

Administrative Agent 
 One South Penn Square

 10th Floor Widener Building 

Philadelphia, PA 19107 
 Phone: 215-786-4363

 Fax: 215-786-7721 
 Attention: Lisa
Johnson-Keys 
 Ladies and Gentlemen: 

This irrevocable Notice of Borrowing is delivered to you under Section 2.2(a) of that certain Credit Agreement dated
September 12, 2001 (as may be amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among URBAN OUTFITTERS, INC., a corporation organized under the laws of Pennsylvania (“Urban”), and
each Subsidiary of Urban set forth on Schedule 1 to the Credit Agreement (Urban and each such Subsidiary, each a “Borrower” and collectively, the “Borrowers”), the Lenders referred to therein and First Union National Bank, as
Administrative Agent. 
 1. The Borrowers hereby request that the Lenders make [a Loan] [Loans] to the Borrowers in the
aggregate principal amount of $             [£             ]
[            ]. (Complete with an amount in accordance with Section 2.2(a) of the Credit Agreement.) 

2. The Borrowers hereby request that such Loan[s] be made on the following Business Day[s]:
                    . (Complete with a Business Day in accordance with Section 2.2(a) of the Credit Agreement.) 

3. The Borrowers hereby request that such Loan[s] bear interest in accordance with Section 4.1(a) of the Credit Agreement as [Base
Rate Loans, LIBOR Rate Loans, Eurocurrency 
  

 E-4 

 
Loans or LIBO Market Index Rate Loans, or a combination thereof], as set forth below: 
  

							
	 Component

of Loan[s]
	  	 Interest Rate
	  	 Interest Period

(LIBOR
 Rate Loans and

Eurocurrency Loans

only)
	  	 Expiration date for

Interest Period

(if applicable)

				
		  	 [Base Rate]
  

[LIBOR Rate plus 1.75% per annum]
  

[LIBO Market Index Rate plus 1.875% per annum]
  

[Eurocurrency Rate
 plus 1.75% per
annum]
	  		  	

 4. The principal amount of all Loans and L/C Obligations outstanding as of the date hereof
(including the requested Loan[s]) does not exceed the maximum amount permitted to be outstanding pursuant to the terms of the Credit Agreement. 

5. All of the conditions applicable to the Loan[s] requested herein as set forth in the Credit Agreement have been satisfied on the date
hereof and will remain satisfied to the date[s] of such Loan[s]. 
 6. The representations and warranties contained in Article
VI of the Credit Agreement are true and correct on the date of this Notice of Borrowing with the same effect as if made on and as of such date; except for any representation and warranty made as of an earlier date, which representation and warranty
remains true and correct as of such earlier date. 
 7. No Default or Event of Default has occurred or is continuing under the
Credit Agreement on the borrowing date with respect to such Loan[s] or after giving effect to the Loan[s] to be made on such date. 
  

 E-5 

 8. Capitalized terms used herein and not defined herein shall have the meanings assigned
thereto in the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this Notice of Borrowing on behalf of the
Borrowers this          day of             , 200    . 

 

					
	 URBAN OUTFITTERS, INC.,

for itself as a Borrower and for each other Borrower

			
	 By:
	 	  
	 	
		 	Name:	 	
		 	Title:	 	

  

 E-6 

 EXHIBIT C 

FORM OF NOTICE OF ACCOUNT DESIGNATION 

Dated:                    

 First Union National Bank, as 

Administrative Agent 
 One South Penn Square

 10th Floor Widener Building 

Philadelphia, PA 19107 
 Phone: 215-786-4363

 Fax: 215-786-7721 
 Attention: Lisa
Johnson-Keys 
 Ladies and Gentlemen: 

This Notice of Account Designation is delivered to you under Section 2.2(c) of that certain Credit Agreement dated
September 12, 2001 (as may be amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among URBAN OUTFITTERS, INC., a corporation organized under the laws of Pennsylvania (“Urban”), and
each Subsidiary of Urban set forth on Schedule 1 to the Credit Agreement (Urban and each such Subsidiary, each a “Borrower” and collectively, the “Borrowers”), the Lenders referred to therein and First Union National Bank, as
Administrative Agent. 
 1. The Administrative Agent is hereby authorized to disburse all Loan proceeds into the following
account(s): 
  

					
		 	  
	 	
		 	ABA Routing Number:                     	 	
		 	Account
Number:                              	 	
			
		 	  
	 	
		 	ABA Routing Number:                     	 	
		 	Account
Number:                              	 	
			
		 	  
	 	
		 	ABA Routing Number:                     	 	
		 	Account
Number:                              	 	

 2. This authorization shall remain in effect until revoked or until a subsequent Notice of Account
Designation is provided to the Administrative Agent. 
 3. Capitalized terms used herein and not defined herein shall have the
meanings assigned thereto in the Credit Agreement. 
  

 E-7 

 IN WITNESS WHEREOF, the undersigned has executed this Notice of Account Designation this
         day of             , 200    . 

 

					
	 URBAN OUTFITTERS, INC.,

for itself as a Borrower and for each other Borrower

			
	 By:
	 	  
	 	
		 	Name:	 	
		 	Title:	 	

  

 E-8 

 EXHIBIT D 

FORM OF NOTICE OF CONVERSION/CONTINUATION 

Dated:                     

 First Union National Bank, as 

Administrative Agent 
 One South Penn Square

 10th Floor Widener Building 

Philadelphia, PA 19107 
 Phone: 215-786-4363

 Fax: 215-786-7721 
 Attention: Lisa
Johnson-Keys 
 Ladies and Gentlemen: 

This irrevocable Notice of Conversion/Continuation (the “Notice”) is delivered to you under Section 4.2 of that certain
Credit Agreement dated September 12, 2001 (as may be amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among URBAN OUTFITTERS, INC., a corporation organized under the laws of Pennsylvania
(“Urban”), and each Subsidiary of Urban set forth on Schedule 1 to the Credit Agreement (Urban and each such Subsidiary, each a “Borrower” and collectively, the “Borrowers”), the Lenders referred to therein and First
Union National Bank, as Administrative Agent. 
 1. This Notice is submitted for the purpose of: (Check one and complete
applicable information in accordance with the Credit Agreement.) 
  

					
		 	(a)	  	Converting all or part of a Base Rate Loan into a LIBOR Rate Loan.

(i) The aggregate outstanding principal balance of all Base Rate Loans is
$            . 
 (ii) The principal amount of such Loan to
be converted is $            . 
 (iii) The requested
effective date of the conversion of such Loan is             . 

(iv) The requested Interest Period applicable to the converted Loan is
            . 
  

					
		 	(b)	  	Converting all or part of a LIBO Market Index Rate Loan into a LIBOR Rate Loan. 

 

 E-9 

 (i) The aggregate outstanding principal balance of all LIBO Market Index Rate Loans is
$            . 
 (ii) The principal amount of such Loan to
be converted is $            . 
 (iii) The requested
effective date of the conversion of such Loan is             . 

(iv) The requested Interest Period applicable to the converted Loan is
            . 
  

					
		 	(c)	  	Converting all or part of LIBOR Rate Loans into a Base Rate Loan. 

(i) The aggregate outstanding principal balance of all LIBOR Rate Loans is
$            . 
 (ii) The principal amount of such Loan to
be converted is $            . 
 (iii) The last day of the
current Interest Period for such Loan is             . 

(iv) The requested effective date of the conversion of such Loan is
            . 
  

					
		 	(d)	  	Converting all or part of a LIBOR Rate Loan into a LIBO Market Index Rate Loan. 

(i) The aggregate outstanding principal balance of all LIBOR Rate Loans is
$            . 
 (ii) The principal amount of such Loan to
be converted is $            . 
 (iii) The last day of the
current Interest Period for such Loan is             . 

(iv) The requested effective date of the conversion of such Loan is
            . 
  

 E-10 

					
		 	(e)	  	Continuing all or a part of a LIBOR Rate Loan as a LIBOR Rate Loan or all or part of a Eurocurrency Loan as a Eurocurrency Loan. 

(i) The aggregate outstanding principal balance of all LIBOR Rate Loans is
$            . 
 (ii) The principal amount of such Loan to
be continued is $            , £            or
            . 
 (iii) The last day of the current Interest
Period for such Loan is             . 
 (iv) The requested
effective date of the continuation of such Loan is             . 

(v) The requested Interest Period applicable to the continued Loan is
            . 
 2. The principal amount of all Loans and L/C
Obligations outstanding as of the date hereof does not exceed the maximum amount permitted to be outstanding pursuant to the terms of the Credit Agreement. 

3. All of the conditions applicable to the conversion or continuation of the Loan[s] requested herein as set forth in the Credit
Agreement have been satisfied or waived as of the date hereof and will remain satisfied or waived to the date of conversion or continuation of such Loan[s]. 

4. The representations and warranties contained in Article VI of the Credit Agreement are true and correct on the date of this Notice of
Conversion/Continuation with the same effect as if made on and as of such date; except for any representation and warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date.

 5. No Default or Event of Default has occurred or is continuing under the Credit Agreement on the borrowing date with respect
to such Loan[s] or after giving effect to the Loan[s] to be converted or continued on such date. 
 6. Capitalized terms used
herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement. 
 IN WITNESS WHEREOF, the
undersigned has executed this Notice of Conversion/Continuation this          day of             , 200    .

  

					
	 URBAN OUTFITTERS, INC.,

for itself as a Borrower and for each other Borrower

			
	 By:
	 	  
	 	
		 	Name:	 	
		 	Title:	 	

  

 E-11 

 EXHIBIT E 

FORM OF OFFICER’S COMPLIANCE CERTIFICATE 

The undersigned, on behalf of URBAN OUTFITTERS, INC., a corporation organized under the laws of Pennsylvania (“Urban”), and
each Subsidiary of Urban set forth on Schedule 1 to the Credit Agreement referred to below (Urban and each such Subsidiary, each a “Borrower” and collectively, the “Borrowers”), hereby certifies to the Administrative Agent and
the Lenders referred to below, as follows: 
 1. This Certificate is delivered to you pursuant to Section 7.2 of that
certain Credit Agreement dated September 12, 2001 (as may be amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrowers, the Lenders referred to therein and First Union National
Bank, as Administrative Agent. Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement. 

2. I have reviewed the financial statements of Urban and its Consolidated Subsidiaries dated as of
                     and for the
                     period[s] then ended and such statements fairly present in all material respects the financial condition of
Urban and its Consolidated Subsidiaries as of the dates indicated and the results of their operations and cash flows for the period[s] indicated. 

3. I have reviewed the terms of the Credit Agreement and the other Loan Documents, and I have made, or caused to be made under my
supervision, a review in reasonable detail of the transactions and the condition of Urban and its Consolidated Subsidiaries during the accounting period covered by the financial statements referred to in Paragraph 2 above. Such review has not
disclosed the existence during or at the end of such accounting period of any condition or event that constitutes a Default or an Event of Default, nor do I have any knowledge of the existence of any such condition or event as at the date of this
Officer’s Compliance Certificate [except, if such condition or event existed or exists, describe the nature and period of existence thereof and what action the Borrowers have taken, are taking and propose to take with respect
thereto]. 
 4. Urban and its Consolidated Subsidiaries are in compliance with the financial covenants contained in
Article IX of the Credit Agreement as shown on Schedule 1 hereto and the 
 [Signature Page Follows] 

 

 E-12 

 Borrowers, their Subsidiaries and the Guarantors are in compliance with each of the other covenants and
restrictions contained in the Credit Agreement and the other Loan Documents. 
 IN WITNESS WHEREOF, the undersigned has executed
this Officer’s Compliance Certificate as of the          day of             , 200     . 

 

			
	 URBAN OUTFITTERS, INC.,

for itself as a Borrower and for each other Borrower

		
	 By:
	 	  

		 	Name:
		 	Title:

  

 E-13 

 Schedule 1 

to 
 Officer’s
Compliance Certificate 
 I. Fixed Charge Coverage Ratio (Section 9.1 of the Credit Agreement) 

 

	 	A.	EBITDAR for the most recently ended Rolling Period: 

  

					
	(i)	  	net income	  	$                    
			
	(ii)	  	Interest Expense	  	(to the extent deducted in determining net income)
		  		  	$                    
			
	(iii)	  	taxes	  	(to the extent deducted in determining net income)
		  		  	$                    
			
	(iv)	  	depreciation expense	  	(to the extent deducted in determining net income)
		  		  	$                    
			
	(v)	  	amortization expense	  	(to the extent deducted in determining net income)
		  		  	$                    
			
	(vi)	  	Rents	  	(determined on a cash basis)
		  		  	$                    

(A = the sum of (i) through (vi) above)
$                     
  

	 	B.	Fixed Charges for the most recently ended Rolling Period: 

  

						
	 (i)
	  	Interest Expense	  	$	                    
			
	(ii)	  	Cash Taxes	  	$	                    
			
	(iii)	  	Rents	  	$	                    
			
	(iv)	  	stock repurchases, dividends and other equity distributions	  	$	                    

(B = the sum of (i) through (iv) above)
$                     

Fixed Charge Coverage Ratio (the ratio of A divided by B):
                     to 1.00 

Covenant: Fixed Charge Coverage Ratio must not be less than 1.40 to 1.00. 

 

			
	 Compliance?              YES
	  	             NO

  

 E-14 

 II. Adjusted Debt to EBITDAR Ratio (Section 9.2 of the Credit Agreement) 

 

	 	A.	Adjusted Debt for the most recently ended Rolling Period 

  

			
	 (i)
	 	(a) Rents $                    
		 	x8
	 (i)(a)
	 	 =    $                    
	 (ii)
	 	Funded Debt - principal amount of all Debt for:
	 (a)
	 	borrowed money (including the face amount of Letters of Credit, whether or not drawn)
$                    
	 (b)
	 	installment purchase of real or personal property $                    

	 (c)
	 	obligations owing under Capital Leases
$                    
	 (d)
	 	“synthetic leases” or other similar lease arrangements
$                    
	 (e)
	 	guaranties of Funded Debt of others, without duplication
$                    

  

	 	 	(A = the sum of (i)(a) plus (ii)(a) through (ii)(e) above)
$                     

  

	 	B.	EBITDAR for the most recently ended Rolling Period (See Section I.A. of this Schedule 1)
(B) $                     

  

	 	 	Adjusted Debt to EBITDAR Ratio (the ratio of A divided by B):
                     to 1.00 

Covenant: Adjusted Debt to EBITDAR Ratio must not be greater than 5.00 to 1.00. 

 

					
	Compliance?              YES	  	             NO	  	

  

	 	III.	Minimum Tangible Net Worth (Section 9.3 of the Credit Agreement) 

  

					
	 A.
	 	(i) Closing Adjusted Tangible Net Worth	 	$                    
			
		 	(ii) 50% of net income of Urban and Consolidated Subsidiaries of each fiscal year ending after 12/31/01	 	$                    
		 		 	

 ((A) = sum of (i) and (ii) above)
$                     
  

							
		 	B.	 	Tangible Net Worth for current fiscal quarter (B)	 	$                    

Covenant: Tangible Net Worth must be greater than Closing Adjusted Tangible 

Net Worth plus 50% of net income for each fiscal year ending after 12/31/01 (B must be greater than A): 

 

					
	Compliance?              YES	  	             NO	  	

  

 E-15 

 EXHIBIT F 

FORM OF TERMINATION DATE EXTENSION REQUEST 

Dated:             

First Union National Bank, as 
 Administrative
Agent 
 One South Penn Square 
 10th
Floor Widener Building 
 Philadelphia, PA 19107 

Phone: 215-786-4363 
 Fax: 215-786-7721

 Attention: Lisa Johnson-Keys 

Ladies and Gentlemen: 
 This
Termination Date Extension Request (this “Request”) is delivered to you under Section 2.6(a) of that certain Credit Agreement dated September 12, 2001 (as may be amended, restated or otherwise modified from time to time, the
“Credit Agreement”), by and among URBAN OUTFITTERS, INC., a corporation organized under the laws of Pennsylvania (“Urban”), and each Subsidiary of Urban set forth on Schedule 1 to the Credit Agreement (Urban and each such
Subsidiary, each a “Borrower” and collectively, the “Borrowers”), the Lenders referred to therein and First Union National Bank, as Administrative Agent. 

1. This Request is being submitted by the Borrowers to the Administrative Agent         
days prior to the Termination Date. (Complete with an amount which is not less than forty-five (45) days and not more than one hundred fifty (150) days prior to the Termination Date). 

2. The Borrowers hereby request that the each Lender extend the respective Termination Date of their Commitment by an additional three
hundred sixty-four (364) day term. 
 3. Attached hereto are the annual business plan and financial projections for the
ensuing six (6) fiscal quarters which are required to be delivered by the Borrowers under Section 7.1(d) of the Credit Agreement, along with a certificate of a Responsible Officer of Urban certifying that, to the best of such Responsible
Officer’s knowledge, such financial projections are good faith estimates of the financial condition and operations of Urban and its Consolidated Subsidiaries for such six (6) fiscal quarter period. 

4. The Borrowers hereby expressly acknowledge and agree that each Lender, in its sole discretion, may agree or decline to grant
this Request and that such Request may be agreed to by such Lender subject to such additional terms and conditions under the Credit Agreement (including without limitation any additional collateral security) as such Lender, in its sole
discretion, may determine and require. 
 4. The principal amount of all Loans and L/C Obligations outstanding as of the
date hereof does not exceed the maximum amount permitted to be outstanding pursuant to the terms of the Credit Agreement. 
  

 E-16 

 5. All of the conditions applicable to the Loans outstanding and L/C Obligations as of the
date hereof as set forth in the Credit Agreement have been satisfied on the date hereof and will remain satisfied through the Termination Date. 

6. The representations and warranties contained in Article VI of the Credit Agreement are true and correct on the date of this Request
with the same effect as if made on and as of such date; except for any representation and warranty made as of an earlier date, which representation and warranty remains true and correct as of such earlier date. 

7. No Default or Event of Default has occurred or is continuing under the Credit Agreement as of the date of this Request. 

8. Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Termination Date Extension Request on behalf of the Borrowers
this         day of             , 200     . 

 

			
	 URBAN OUTFITTERS, INC.,

for itself as a Borrower and for each other Borrower

		
	 By:
	 	  

		 	Name:
		 	Title:

  

 E-17 

 EXHIBIT G 

FORM OF ASSIGNMENT AND ACCEPTANCE 

Dated as of:              

Reference is made to the Credit Agreement dated as of September 12, 2001, as amended, restated or otherwise modified (the
“Credit Agreement”) by and among URBAN OUTFITTERS, INC., a corporation organized under the laws of Pennsylvania (“Urban”) and each such Subsidiary of Urban set forth on Schedule 1 to the Credit Agreement (Urban and each such
Subsidiary, each a “Borrower” and collectively, the “Borrowers”), the lenders party thereto (the “Lenders”) and First Union National Bank, as Administrative Agent. Capitalized terms used herein which are not defined
herein shall have the meanings assigned thereto in the Credit Agreement. 
  

			
	 (the “Assignor”) and
	  	(the “Assignee”) agree as follows:

1. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, as of the
Effective Date (as defined below), a         % interest in and to all of the Assignor’s interest, rights and obligations with respect to its Commitment and Loans [(including such percentage
of the outstanding L/C Obligations)] and the Assignor thereby retains         % of its interest therein. This Assignment and Acceptance is entered pursuant to, and authorized by,
Section 13.10 of the Credit Agreement. 
 2. The Assignor (i) represents that, as of the date hereof, its Commitment
Percentage (without giving effect to assignments thereof which have not yet become effective) under the Credit Agreement is         %, the outstanding balances of its Loans [(including its
Commitment Percentage of the outstanding L/C Obligations)] (unreduced by any assignments thereof which have not yet become effective) under the Credit Agreement is
$            ; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document furnished pursuant thereto, other than that the
Assignor is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; (iii) makes no representation or warranty and assumes no responsibility with respect to the
financial condition of the Borrowers or their Subsidiaries or the performance or observance by the Borrowers or their Subsidiaries of any of their obligations under the Credit Agreement or any other instrument or document furnished or executed
pursuant thereto; and (iv) attaches the Note delivered to it under the Credit Agreement and requests that the Borrower exchange such Note for new Notes payable to each of the Assignor and the Assignee as follows: 

 

			
	 Note Payable to

the Order of:
	  	 Principal Amount of Note:

		
	 ______            
	  	$            
		
	 ______            
	  	$            

 

 E-18 

 3. The Assignee (i) represents and warrants that it is legally authorized to enter into
this Assignment and Acceptance; (ii) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (iii) agrees that it will, independently and without reliance upon the Assignor or any other Lender or
Administrative 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 the Credit Agreement; (iv) confirms that it is an Eligible
Assignee; (v) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto; (vi) agrees that it will perform in accordance with their terms all the obligations which by the terms of the Credit Agreement and the other Loan Documents are
required to be performed by it as a Lender; (vii) agrees to hold all confidential information in a manner consistent with the provisions of Section 13.11 of the Credit Agreement; and (viii) includes herewith for the Administrative
Agent the two forms required by Section 4.9(f) of the Credit Agreement (if required and not previously delivered). 
 4.
The effective date for this Assignment and Acceptance shall be as set forth in Section 1 of Schedule 1 hereto (the “Effective Date”). Following the execution of this Assignment and Acceptance, it will be delivered to the
Administrative Agent for, to the extent required by the Credit Agreement, consent by the Borrowers and the Administrative Agent and acceptance and recording in the Register. 

5. Upon such consents, acceptance and recording, from and after the Effective Date, (i) the Assignee shall be a party to the Credit
Agreement and the other Loan Documents to which Lenders are parties and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender under each such agreement, and (ii) the Assignor shall, to the extent
provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement and the other Loan Documents. 

6. Upon such consents, acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in
respect of the interest assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments for periods prior to the Effective Date or with
respect to the making of this assignment directly between themselves. 
 7. THIS ASSIGNMENT AND ACCEPTANCE SHALL BE DEEMED TO
BE A CONTRACT UNDER SEAL AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. 

WITNESS the following signatures as of the              day of
            ,     . 
  

 E-19 

			
	ASSIGNOR:
		
	By:	 	  

	Title:	 	
	
	ASSIGNEE:
		
	By:	 	  

	Title:	 	

 Acknowledged and Consented to on
behalf of the Borrower:1 

 

			
	
	[INSERT NAME OF BORROWER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Consented to and Accepted by:
	
	 FIRST UNION NATIONAL BANK,

as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

	1
	 If applicable pursuant to Section 13.10. 

 

 E-20 

 Schedule 1 

to 
 Assignment
and Acceptance 
  

	1.	Effective Date                      ,
     

  

	2.	Assignor’s Interest 

Prior to Assignment 
  

			
	 (a)
	  	Commitment Percentage             %
		
	 (b)
	  	Outstanding balance of Loans $            
		
	 (c)
	  	 Outstanding balance of Assignor’s Commitment

Percentage of the L/C Obligations $            

 

	3.	Assigned Interest (from Section 1) of Loans             % 

 

	4.	Assignee’s Extensions of Credit 

After Effective Date 
  

			
	 (a)
	  	 Total outstanding balance of Assignee’s

Loans (line 2(b) times line 3) $            

		
	 (b)
	  	 Total outstanding balance of

Assignee’s Commitment Percentage
 of the L/C
Obligations
 (line 2(c) times line 3)
$            

  

	5.	Retained Interest of Assignor after 

Effective Date 
  

			
	 (a)
	  	 Retained Interest (from Section 1) of

Commitment Percentage             %

		
	 (b)
	  	 Outstanding balance of Assignor’s Loans

(line 2(b) times line 5(a)) $            

		
	 (c)
	  	 Outstanding balance of Assignor’s

Commitment Percentage of L/C Obligations
 (line
2(c)(i) times line 5(a)) $            

  

	6.	Payment Instructions 

  

			
	 (a)
	  	If payable to Assignor,
		  	to the account of Assignor to:

  

 E-21 

			
	 ABA No.:
                                         
                        
	  	
	 Account Name:
                                        
                
	  	
	 Account No.:
                                         
                   
	  	
	 Attn:
                                         
                                 
	  	
	 Ref:
                                         
                                  
	  	

  

	 	(b)	If payable to Assignee, to the account 

of Assignee to: 
  

			
	 ABA No.:
                                         
                        
	  	
	 Account Name:
                                         
                
	  	
	 Account No.:
                                         
                    
	  	
	 Attn:
                                         
                                 
	  	
	 Ref:
                                         
                                  
	  	

  

 E-22 

 EXHIBIT H 

Calculations of MLA Costs 

The MLA Costs for any advance made in an Alternate Currency by any Lender is calculated in accordance with the following formula: 

BY + L(Y-X) + S(Y-Z) % per annum = MLA Costs 

    100-(B+S) 

where on the day of application of the formula: 
  

	 	B	is the percentage of such Lender’s eligible liabilities which the Bank of England requires such Lender to hold on a non-interest-bearing deposit account in
accordance with its cash ratio requirements; 

  

	 	Y	is the interest rate applicable to such Alternate Currency Advance; 

  

	 	L	is the percentage of eligible liabilities which the Bank of England requires such Lender to maintain as secured money with members of the London Discount Market
Association and/or as secured call money with certain money brokers and gilt-edged primary market makers; 

  

	 	X	is the rate at which secured deposits in the relevant amount may be placed by such Lender with members of the London Discount Market Association and/or as secured call
money with certain money brokers and gilt-edged primary market makers at or about 11:00 a.m. on that day for the relevant period; 

  

	 	S	is the percentage of such Lender’s eligible liabilities which the Bank of England requires such Lender to place as a special deposit; and 

 

	 	Z	is the interest rate per annum allowed by the Bank of England on special deposits. 

For the purposes hereof “eligible liabilities” and “special deposits” have the meanings given to them at the time of application of
the formula by the Bank of England. 
  

 E-23 

 EXHIBIT I 

FORM OF CONTINUING LETTER OF CREDIT AGREEMENT 

Wachovia 
 CONTINUING
LETTER OF CREDIT AGREEMENT 
 In consideration of the Bank (as defined below) in its discretion issuing from time to time letters of
credit whether documentary or standby and all amendments thereto (hereinafter each individually, and all collectively called the “Credit”) substantially in accordance with an Application (as defined below) for a Credit tendered to the Bank
the undersigned (hereinafter, individually and collectively, the “Applicant”) agrees: 
 1. Definitions. As used
herein: (A) “Agreement” means each Application by the Applicant for a Credit and this Continuing Letter of Credit Agreement, as each may be modified; (B) “Application” means, if Applicant uses electronic
communication facilities to apply for or instruct the Bank as to the contents of a Credit, information sufficient to enable the Bank to prepare and issue or amend a Credit for Applicant’s account transmitted by electronic message (which may,
but need not, be computer generated), including facsimile, directed to the Bank by Applicant using such identification codes, passwords, and other security procedures as the Bank and Applicant may agree are commercially reasonable from time to time;
or a written and signed application with sufficient information delivered to the Bank to enable it to prepare and issue or amend a Credit for Applicant’s account; (C) “Bank” means Wachovia Bank, National Association and
all of its branches, whether in the United States or foreign and any of Bank’s affiliates that issue letters of credit; Applicant authorizes and directs the Bank to select the branch or affiliate which will issue or process any Credit; and for
the purposes of Sections 4, 7 and 9, “Bank” includes correspondents of Bank; (D) “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks are authorized or required to close
at the place where Bank is obligated to honor a presentation or otherwise act under the Credit or this Agreement; (E) “Collateral” means (i) all Applicant’s Property (as hereinafter defined) now or hereafter in
possession or control of Bank or its agents, affiliates or representatives (for any purpose) or in transit to or from Bank, (ii) all Property shipped or warehoused under or in connection with any Credit or any Draft; (iii) all documents,
Drafts, bills of exchange, certificates of origin, inspection certificates, consular documents, invoices, bills of lading, warehouse receipts and other documents of title, whether negotiable or non-negotiable, respecting such Property or otherwise
related to any Credit or any Draft; (iv) all policies and certificates of insurance respecting such Property, or otherwise related to the Credit or any Draft; (v) all other Property which is related to the Credit or any Draft;
(vi) other Property described on an Exhibit hereto or in any other security agreement from Applicant to the Bank, if any; and (vii) all proceeds and products of the foregoing, now or later existing; (F) “Draft” means
any draft (sight or time), receipt, acceptance, cable, SWIFT or other written demand for payment; (G) “Event of Default” means (i) failure to pay or perform any of the Obligations when due; (ii) termination of
Applicant’s existence; (iii) institution of any proceeding under any law relating to bankruptcy, insolvency or reorganization by or against Applicant, or the appointment of a receiver or similar official for Applicant or any of
Applicant’s property; (iv) seizure or forfeiture of Applicant or any of its property; (v) a change in control of Applicant; (vi) attachment or restraint of or other legal process against property in which Applicant has an
interest in the control of Bank or any third party on behalf of Bank; (vii) any statement to Bank made by Applicant or on its behalf is incorrect or misleading; (viii) Applicant’s failure to provide Bank on request any books and
records; (ix) Applicant’s failure to withhold, collect or pay any tax when assessed or due; (x) occurrence of any of the above with respect to any guarantor of any Obligations and if there is more than one party as Applicant, the
occurrence of any of the foregoing regarding any one, some, or all of such parties; or (xi) any other act or circumstance leading Bank in good faith to deem itself insecure; (H) “Good Faith” means honesty in fact in the
conduct or transaction concerned; (I) “ISP 98” means the International Standby Practices, International Chamber of Commerce (“ICC”) Publication No. 590, or any subsequent revisions or restatement thereof which
may be adopted by the ICC and in use by the Bank; (J) “Jurisdiction” means the state in the United States where the Bank’s branch which maintains Applicant’s major deposits is located, or if Applicant does not have
deposits with the Bank, the Bank’s office in a state of the United States where Applicant’s major banking relationship with it is conducted; if neither of the foregoing apply, then jurisdiction shall mean New York City, New York;
(K) “Obligations” means all obligations of any, some or all of parties comprising the Applicant to Bank now or hereafter existing under the Agreement or otherwise; (L) “Prime Rate” means that changing rate
of interest announced publicly from time to time by Bank as its Prime Rate; (M) “Property” means all present and future inventory, equipment, farm products and other goods, documents, policies and certificates of insurance,
securities, securities entitlements, securities accounts, financial assets, investment property, instruments, letters-of-credit and letter-of-credit rights, chattel paper, accounts, general intangibles, money, and any and all other types of property
(including, but not limited to, deposit accounts and certificates of deposit), together with all cash and non cash proceeds and products thereof, and all Applicant’s rights thereto and all documents relative thereto; and
(N) “UCP” means the Uniform Customs and Practice for Documentary Credits, ICC Publication Number 500, or any subsequent revision or restatement thereof adopted by the ICC and in use by the Bank. Terms not defined herein will,
if defined therein, have the same meaning as given in the Uniform Commercial Code as amended from time to time. 
 2. Applicant’s
Reimbursement of Bank: (A) Applicant shall pay Bank on demand in immediately available funds (in United States currency) (i) the amount of each Draft drawn or purporting to be drawn under the Credit (whether drawn before, on or after
the expiry date stated in the Credit); provided that if the Credit provides for acceptance of a time draft or incurrence of a deferred payment obligation, reimbursement shall be due sufficiently in advance of its maturity to enable the Bank to
arrange for its cover in same day funds to reach the place where it is payable no later than the date of its maturity; (ii) any amount by which Bank’s cost of payment under the Credit exceeds the amount paid by Applicant;
(iii) interest on all amounts not paid when due at a fluctuating rate per annum equal to the Prime Rate plus 2%, but in no event at an interest rate exceeding the highest rate permitted by applicable law. (B) Foreign Currency. If
the Draft is payable in other than U.S. currency, Applicant will pay Bank the amount in U.S. currency from Bank at Bank’s current selling rate of exchange for delivery to the place of payment in the currency and amount in which such Draft was
drawn. If there is no current selling rate of exchange generally offered by Bank for effecting such payment, Applicant will 
  

 E-24 

 
pay Bank on demand an amount which Bank deems necessary to pay or provide for the payment of the Obligations, and Applicant shall remain liable for any deficiency which may result if such amount
in U.S. currency proves to be insufficient to effect full payment or reimbursement to Bank at the time when such rate of exchange shall again be current. (C) Fees Costs and Expenses. Applicant will pay Bank (i) fees in respect of
the Credit at such rates and times as Applicant and Bank may agree in writing or, in the absence of such an agreement, in accordance with Bank’s standard fees then in effect (including, if applicable, application fees, issuance fees,
maintenance fees, amendment fees, drawing fees, discrepancy fees, acceptance or deferred payment obligation fees, transfer fees and assignment of letter of credit proceeds fees); and (ii) on demand, all costs and expenses that Bank incurs in
connection with the Credit or this Agreement, including (a) reasonable attorneys’ fees and disbursements and other dispute resolution expenses to protect or enforce Bank’s rights or remedies under or in connection with the Credit,
this Agreement or any separate security agreement, guaranty or other agreement or undertaking supporting this Agreement or to respond to any notice of forgery, fraud, abuse or illegality in connection with this Agreement, the Credit, any
presentation under the Credit or any transaction underlying the Credit (including an active defense by Bank in any action in which an injunction is sought or obtained against presentation or honor), (b) costs and expenses in connection with any
requested amendment to or waiver under the Credit or this Agreement, (c) costs and expenses in complying with any governmental exchange, currency control or other laws, rules or regulations of any country now or hereafter applicable to the
purchase or sale of, or dealings in, foreign currency, (d) any stamp taxes, recording taxes, or similar taxes or fees payable in connection with the Credit or this Agreement, and (e) any adviser, confirmer, or other nominated person fees
and expenses that are chargeable to Applicant or Bank. References in this Agreement to attorneys’ fees and disbursements shall include any reasonably allocated costs of internal counsel. (D) Increased Costs and Taxes. Applicant
shall pay Bank on demand increased costs or Bank’s reduction in yield from any new or changed reserve, capital, special deposit, tax, insurance or other requirement or guideline affecting the Bank’s or its parent’s contingent or
absolute rights or obligations under or in connection with this Agreement or any Credit provided the Bank acts reasonably to avoid or minimize the increased costs or reduction in the yield and computes the same on a reasonable basis. Applicant
agrees that all payments hereunder shall be made without withholding, deduction or set-off and shall be made free and clear of taxes other than federal and state income and franchise taxes imposed on the Bank. (E) Automatic Debit for
Payment. Applicant authorizes Bank to debit any of Applicant’s accounts at Bank for any payments due under this Agreement, Applicant further certifies that it holds legitimate ownership of each of these accounts and preauthorizes this debit
as part of its ownership rights. 
 3. Independence; Applicant Responsibility. Applicant is responsible for preparing or approving the
text of the Credit as issued by Bank and as received by any Beneficiary, including responsibility for any terms and conditions thereof that are ineffective, ambiguous, inconsistent, unduly complicated, or reasonably impossible to satisfy.
Applicant’s ultimate responsibility for the final text shall not be affected by any assistance Bank may provide such as drafting or recommending text or by Bank’s use or refusal to use text submitted by Applicant. Bank does not represent
or warrant that the Credit will satisfy Applicant’s requirements or intentions. Applicant is responsible for the suitability of the Credit for Applicant’s purposes. Applicant will examine the copy of the Credit, and any other documents
sent by Bank in connection with the Credit, and shall notify Bank of any non-compliance with Applicant’s instructions, and of any discrepancy in any document under any presentment or other irregularity, within 3 Business Days after Applicant
receives or should have received any of such documents (the “Required Time”); provided, however, if the end of the Required Time falls on a weekend or Bank holiday, the deadline shall be extended to the end of the next Business Day.
Applicant’s failure to give timely and specific notice during the Required Time of objection shall automatically waive Applicant’s objection, authorize or ratify Bank’s action or inaction, and preclude Applicant from raising the
objection as a defense or claim against Bank 
 4. Claims Against Bank; Waivers; Exculpations; Limitations of Liability, Ratification;
Accounting. (A) Applicant’s Obligations shall be irrevocable and unconditional and performed strictly in accordance with the terms of this Agreement, irrespective of: (i) any change or waiver in the time, manner or place of
payment of or any other term of the Obligations (including any release) of any other party who, if applicable, has guaranteed or is jointly and severally liable for any of the Obligations or granted any security therefore; (ii) any exchange,
change or release of any Collateral or other collateral (including any failure of Bank to perfect any security interest therein), for any of the Obligations, (iii) any presentation under the Credit being forged, fraudulent or any statement
therein being untrue or inaccurate, (iv) any agreement by Bank and any Beneficiary extending or shortening Bank’s time after presentation to examine documents or to honor or give notice of discrepancies. (B) Without limiting the
foregoing, it is expressly agreed that the Obligations of Applicant to reimburse or to pay Bank pursuant to this Agreement will not be excused by ordinary negligence, gross negligence, wrongful conduct or willful misconduct of Bank. However, the
foregoing shall not excuse Bank from liability to Applicant in any independent action or proceeding brought by Applicant against Bank following such reimbursement or payment by Applicant to the extent of any unavoidable direct damages suffered by
Applicant that are caused directly by Bank’s gross negligence or willful misconduct; provided that (i) Bank shall be deemed to have acted with due diligence and reasonable care if it acts in accordance with standard letter of credit
practice of commercial banks located in the place that the Credit is issued; and (ii) Applicant’s aggregate remedies against Bank for wrongfully honoring a presentation or wrongfully retaining honored documents shall in no event exceed the
aggregate amount paid by Applicant to Bank with respect to the honored presentation, plus interest. (C) Without limiting any other provision of the Agreement, Bank and, as applicable, its correspondents: (i) may rely upon any oral,
telephonic, telegraphic, facsimile, electronic, written or other communication believed in good faith to have been authorized by Applicant, whether or not given or signed by an authorized person; (ii) shall not be responsible for any acts or
omissions by, or the solvency of, any Beneficiary, any nominated person or any other person; (iii) May honor any presentation or drawing under the Credit that appears on its face substantially to comply with the terms and conditions of the
Credit; (iv) (a) may permit partial shipment under the Credit, except as otherwise expressly stated in the Credit, and may honor the relative Drafts without inquiry regardless of any apparent disproportion between the quantity shipped and
the amount of the relative Draft and the total amount of the Credit and the total quantity to be shipped under the Credit, and (b) if the Credit specifies shipments in installments within stated periods and the shipper fails to ship in any
designated period, shipments of subsequent installments may nevertheless be made in their respective designated periods, and the relative Drafts may be honored; (v)may disregard any requirement of the Credit that presentation be made to it at a
particular place or by a particular time of day (but not any requirement for presentation by a particular day) or that notice of dishonor be given in a particular manner, and Bank may amend or specify any such requirement in the Credits;
(vi) may accept as a draft any written or electronic demand or request for payment under the Credit, even if nonnegotiable or not in the form of a draft, and may disregard any requirement that such draft, demand or request bear any or adequate
reference to the Credit; (vii)
  

 E-25 

 
may discount or authorize the discount of any accepted draft or deferred payment obligation incurred under any Credit; (viii) may honor, before or after its expiration, a previously
dishonored presentation under the Credit, whether pursuant to court order, to settle or compromises any claim that is wrongfully dishonored or otherwise, and shall be entitled to reimbursement to the same extent (if any) as if it had initially
honored plus reimbursement of any interest paid by it; (ix) may honor, upon receipt, any drawing that is payable upon presentation of a statement advising negotiation or payment (even if such statement indicates that a draft or other document
is being separately delivered) and shall not be liable for any failure of any Draft or document to arrive or to conform with the Draft or document referred to in the statement or any underlying transaction; (x) may retain proceeds of the Credit
based on a valid exercise of Bank’s set off rights or an apparently applicable attachment order or blocking regulation; (xi) may select any branch or affiliate of Bank or any other bank to act as advising, transferring, confirming and/or
nominated bank under the law and practice of the place where it is located; (xii) shall not be responsible for any other action or inaction taken or suffered by Bank or its correspondents under or in connection with the Credit, with any
presentation thereunder or with any Collateral, if required or permitted under any applicable domestic or foreign law or letter of credit practice. Examples of laws or practice that may be applicable, depending upon the terms of the Credit and where
and when it is issued, include the UCC, the Uniform Rules for Demand Guarantees (“URG”) the UCP, the ISP, published rules of practice, applicable standard practice of banks that regularly issue letters of credit, and published statements
or interpretations on matters of standard bank practice. (D) Applicant’s taking control, possession or retention of any documents presented under or in connection with the Credit (whether or not the documents are genuine) or of any
Property for which payment is supported by the Credit, shall ratify Bank’s honor of the documents and preclude Applicant from raising a defense, set-off or claim with respect to Bank’s honor of the documents. (E) Neither Bank nor any
of its correspondents shall be liable in contract, tort, or otherwise, for any punitive, exemplary, consequential, indirect or special damages. Any claim by Applicant under or in connection with this Agreement or the Credit shall be reduced by an
amount equal to the sum of (i) the amount (if any) saved by Applicant as a result of the breach or other wrongful conduct complained of; and (ii) the amount (if any) of the loss that would have been avoided had Applicant taken all
reasonable steps to mitigate any loss, including by enforcing its rights in the transaction(s) underlying the Credit, and in case of a claim of wrongful dishonor, by specifically and timely authorizing Bank to effect a cure. 

5. Security Agreement. The provisions of this Section shall only supplement, not supersede, provisions of any other security agreement in favor of
Bank which are inconsistent herewith. (A) Security Interest. As security for the payment and performance of the Obligations, Applicant assigns, pledges and grants to Bank a security interest in the Collateral. The security interest of
Bank in Collateral shall continue until all Obligations are repaid, and shall not be invalidated by reason of the delivery or possession of the Property to Applicant or anyone else. (B) Subrogation. As additional security for the
Obligations, Bank shall be subrogated to the Applicant’s rights in respect of any transaction in any way related to the Credit or any Drafts, including rights against Beneficiary or any collateral. (C) Additional Collateral. If at
any time Bank, in its discretion, requires additional collateral for any Obligations, Applicant will, on demand, provide additional collateral of a type and value satisfactory to Bank, and/or make such cash payment as Bank may require. If Applicant
has executed or, at any time, executes another security agreement with Bank, the collateral described therein, unless specifically excluded, shall constitute additional collateral for the Obligations. (D) Actions Regarding Collateral.
Applicant will execute and deliver to Bank any documents, and take any action, which Bank deems necessary or desirable to evidence or perfect any security interest in favor of Bank, to acquire possession of any Property, or to protect Bank’s
interests with respect to any Collateral, including, without limitation, transferring or registering Property in the name of Bank; in order to accomplish any of the foregoing, Bank may, at its option, at any time and without notice to Applicant,
transfer to, or register in the name of, Bank or its nominees any Collateral; and further, Bank is irrevocably appointed as attorney-in-fact for Applicant and authorized, without notice to Applicant, to execute and deliver all such documents and to
take all such actions on behalf of Applicant, including, without limitation, the execution, delivery and/or filing of collateral control agreements, financing statements and trust receipt statements. This appointment is coupled with an interest.
(E) Care of Property; Modification. Bank will exercise care in the preservation of Collateral if such Property is in the custody of Bank; provided, however, its standard of care for Property in its custody is the lesser of that required
by applicable law or that requested by Applicant in writing. Applicant shall remain obligated under the terms of the Agreement notwithstanding the release or substitution of any Collateral at any time(s), or any delay, extension of time, renewal,
compromise or other indulgence granted by Bank related to any Obligations, or to any promissory note, Draft, bill of exchange or other instrument related to any Obligations. Applicant waives notice of any such delay, extension, release,
substitution, renewal, compromise or other indulgence, and consents to be bound thereby as fully as if Applicant had expressly agreed thereto in advance. The proceeds of any Collateral may be applied, in whole or in part, by Bank to pay any matured,
or to anticipate the payment of any unmatured, Obligations. 
 6. Communications. (A) Internet. Applicant may
electronically initiate the issuance and amendment of any Credit and retrieve or send information about any outstanding Credit by accessing an internet site maintained by the Bank (the “Web Site”) through Applicant’s computer
equipment and web browser software. Applicant is responsible to provide its own computer equipment and web browser software and shall be responsible for all acquisition, installation, repair and maintenance costs associated therewith. Applicant
shall select its own internet service provider. Applicant shall comply promptly with all instructions on the Web Site governing its use and the security measures to be maintained in connection with its use. Applicant authorizes the Bank to receive
data and act upon Applicant’s requests which Bank receives over the Web Site. Applicant agrees that Bank may rely on the authenticity and accuracy of messages and information received by Bank on the Web Site purporting to be from the Applicant.
Applicant agrees: (i) to protect all assigned operator identification passwords and accepts full responsibility for any compromise of security;(ii) to limit access to the Web Site to those persons authorized by Applicant through the use of
security procedures implemented and enforced by the Applicant; (iii) accurately to input any data fields necessary to initiate, release or cancel any transaction; (iv) to access the Web Site as often as necessary consistent with
Applicant’s business activities it conducts on the Web Site, which may be daily, and retrieve and review outstanding Credit detail reports; and (v) to notify the Bank promptly of any error or defect in the report. Applicant acknowledges
and understands that the instructions sent by it through the internet to the Bank and the information retrieved by the Applicant from the Web Site through the internet will be encrypted, but that such encryption is not completely secure and is not
free from errors, poor transmissions, interception, forgery, viruses, tampering, destruction, deciphering or other delay or casualty. The Bank shall not be liable for any loss, claim or liability, cost or expense arising from: (a) any of the
foregoing; (b) failure of any internet service provider to provide its services; 
  

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(c) failure of communications media, legal restrictions; (d) act of God, fire or other catastrophe, computer failure or any other cause or circumstance beyond the Bank’s control;
(e) any unauthorized person’s use of or access to the Web Site; or (f) failure of Applicant to report errors or defects promptly. (B) Electronic Systems. Applicant may desire to transmit and receive by means of facsimile,
open internet communication, or other unguarded electronic communications (hereinafter collectively the “electronic systems”) Applications and other paper-writings to or from the Bank. To induce the Bank to accept communication via
electronic systems, Applicant shall: i) ensure that its officers, agents and employees, will at all times follow and maintain the integrity of any security established by the Applicant and the Bank; ii) immediately notify the Bank in the event that
Applicant should have reason to believe that the security established for electronic systems transmission has been breached or compromised in any manner; iii) ensure that only authorized personnel selected and controlled by the Applicant request
action(s) by transmittal of document(s) by electronic systems; iv) ensure that any documents transmitted to the Bank by means of electronic systems shall be a complete and accurate copy and if signed be executed by personnel authorized by the
Applicant; and v) maintain its software and equipment and any privacy control device within such software or equipment without any reliance on or responsibility by the Bank. The Applicant acknowledges and agrees that the Bank shall: i) not be
responsible to the Applicant for any loss or damage arising from the use of unguarded electronic systems, including access or misuse of Applicant’s confidential information, transmission of a virus, or failed, incomplete or inaccurate
transmission; ii) not be responsible to assure that, its software and equipment for receiving messages or documents from electronic systems will be compatible with that of Applicant or available at all times for Applicant’s use; iii) have
absolute discretion but without liability, for any reason whatsoever, not to act upon documentation received by electronic systems; provided, however, that the Bank shall notify the undersigned promptly should it elect to defer action until the
original documentation is physically presented to the Bank; iv) without any liability on its part to do so, have the right at its discretion to make further inquiries and demand further verification to determine the validity of any document prior to
taking any action; and v) have the right to assume that any reproduction of documentation received by electronic systems constitutes a full, complete and accurate reproduction of the original documentation and that all signatures are authorized and
genuine. (C) Indemnity. Separate and independent from any other indemnity set forth in this Agreement, the Applicant hereby indemnifies and holds the Bank harmless against any and all loss, liability, damage or expenses of whatever kind
and nature arising from Bank’s acceptance and/or delivery of information and Applications over its Web Site or by electronic systems. 

7. Two Parties Signing Agreement. (A) Co-Applicants. If the Agreement is signed by two or more Applicants, it shall be the
joint and several obligation of each. Bank shall designate      in the Credit as account party and          as Applicant, who without joinder of the account party shall have
the exclusive right to issue all instructions on any matters relating to the Credit. If the foregoing information is left blank or incomplete, the Bank at its discretion may accept an Application, or seek instruction, from any Applicant regarding a
Credit, including, without limitation, any amendment thereto or waiver of any discrepancy thereunder, and until Bank at the office at which the relevant Credit is issued actually receives written notice of revocation, each Applicant shall be bound
by and hereby affirms the instructions of the other. (B) Financial Institution as Customer. If the Agreement is signed as Applicant or co-Applicant by a bank, trust company or other financial institution for its customer, such Applicant
appoints Bank as its agent to issue the Credit. Such Applicant and its customer agree to act in accordance with and be subject to the Agreement. If such Applicant is required (i) to reimburse Bank; (ii) to pay Bank in the Event of Default;
(iii) to indemnify Bank; or (iv) to provide collateral, then its customer agrees to reimburse, pay or indemnify Applicant for the full amount of those payments and to provide the requisite collateral. In addition, the customer agrees to
obtain such Applicant’s consent before agreeing to waive any discrepancy in the documents related to the Credit or to waive or amend any terms of the Agreement or the Credit. 

8. Event of Default. On and after any Event of Default: (A) the amount of the Credit, as well as any other Obligations, shall, at
Bank’s option, become due and payable immediately without demand or notice to Applicant or if contingent, may be treated by Bank as due and payable for its maximum face amount; (B) Bank may set off and apply any deposits or any other
indebtedness at any time owing by Bank to or for Applicant’s credit or account against any matured or unmatured Obligations, irrespective of whether or not Bank shall have made any demand under the Agreement and although such deposits,
indebtedness or Obligations may be unmatured or contingent; (C) Bank may exercise all rights and remedies available to it in law or equity; and (D) in respect of any Collateral, Bank may exercise all the rights and remedies of a secured
party under the Uniform Commercial Code or any other applicable law and also may, without notice except as required by law, sell such Property or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future
delivery, and on such other terms as Bank may deem commercially reasonable. Written notice mailed or delivered to Applicant at the address specified in the Agreement at least five business days prior to the date of public sale or prior to the date
after which private sale is to be made shall be reasonable, adequate notice. Applicant will pay on demand all costs and expenses (including reasonable attorneys fees and legal expenses, incurred prior to or after a bankruptcy filing) related to the
custody, preservation or sale of, or collection from, or realization upon, any of such Property and related to the collections of the Obligations and the enforcement of Bank’s rights against Property. In the event of sale of or collection from
the Collateral, Bank may in its discretion hold the proceeds as Collateral or apply the proceeds as Bank deems appropriate to the payment of costs and expenses or to one or more of the Obligations, whether or not then due. 

9. Indemnification. Applicant will indemnify and hold harmless Bank and its officers, directors, affiliates, employees, attorneys and agents
(each, an “Indemnified Party”) from and against any and all claims, liabilities, losses, damages, costs and expenses (including reasonable attorneys’ fees and disbursements and other dispute resolution expenses (including fees and
expenses in preparation for a defense of any investigation, litigation or proceeding) and costs of collection) that arise out of or in connection with: (A) the Credit or any pre-advice of its issuance; (B) any payment or action taken or
omitted to be taken in connection with the Credit or this Agreement (including any action or proceeding to (i) restrain any presentation, (ii) compel or restrain any payment or the taking of any other action under the Credit,
(iii) obtain damages for wrongful dishonor or honor of the Credit or for breach of any other duty arising out of or related to the Credit, (iv) compel or restrain the taking of any action under this Agreement or (v) obtain similar
relief (including by way of interpleader, declaratory judgment, attachment or otherwise), regardless of who the prevailing party is in any such action or proceeding); (C) an adviser or a confirmer or other nominated person seeking to be
reimbursed, indemnified or compensated, (D) any beneficiary requested to issue its own undertaking seeking to be reimbursed, indemnified or compensated or (E) any third party seeking to enforce the rights of an applicant, beneficiary,
nominated person, transferee, assignee of letter of credit proceeds, or holder of an instrument or document; (F) the enforcement of this Agreement or any rights or remedies under or in connection with this Agreement, the Collateral or the
Credit; (G) the release by Applicant of any Credit to any third party prior to its issuance by the Bank; or (H) any act or 

 

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omission, whether rightful or wrongful, of any present or future de jure or de facto government or governmental authority (including with respect to any document or property received under this
Agreement or the Credit ) or any other cause beyond the Bank’s control, except to the extent such liability, loss, damage, cost or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted
directly from such Indemnified party’s gross negligence or willful misconduct. Applicant will pay on demand from time to time all amounts owing under this section. If and to the extent that the obligations of Applicant under this section are
unenforceable for any reason, Applicant agrees to make the maximum contribution to the payment of such obligation that is permissible under applicable law. 

10. Governing Law; UCP, ISP 98. The UCP or ISP 98 as applicable to each Credit governs this Agreement and is incorporated herein. Subject to the
other provisions of the Agreement, the Agreement shall be governed by and construed in accordance with the substantive laws of the Jurisdiction, without regard to conflicts of law principles, except to the extent that such law is inconsistent with
the UCP or ISP 98, as applicable. In the event any provision of the UCP or ISP 98, as applicable, is or is construed to vary from or be in conflict with any provision of any applicable law of the Jurisdiction or the federal law of the United States,
to the extent permitted by law, the UCP or the ISP 98, as applicable, shall govern or be read to explain the applicable law. Unless Applicant specifies otherwise in its application for the Credit, Applicant agrees that Bank may issue the Credit
subject to the UCP or ISP 98 or, at Bank’s option, such later revision of either thereof as is in effect at the time of issuance of the Credit. Bank’s privileges, rights and remedies under the UCP, ISP 98 or such later revision shall be in
addition to, and not in limitation of, its privileges, rights, and remedies expressly provided for herein. The UCP and ISP 98 shall serve, in the absence of proof to the contrary, as evidence of standard practice with respect to the subject matter
thereof. 
 11. Savings Clause. Whenever possible, each provision of the Agreement shall be interpreted in a manner as to be effective
and valid under applicable law, but if any provision of the Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of the Agreement. 
 12. Bankruptcy and Forfeiture Reinstatement. If any
consideration transferred to Bank in payment of, or as collateral for, or in satisfaction of the Obligations, shall be voided in whole or in part as a result of (A) a subsequent bankruptcy or insolvency proceeding; (B) any forfeiture or in
rem seizure action or remedy; (C) any fraudulent transfer or preference action or remedy; or (D) any other criminal or equitable proceeding or remedy, then Bank may at its option recover the Obligations or the consideration so voided from
Applicant. In such event, Bank’s claim to recover the voided consideration shall be a new and independent claim arising under the Agreement, and shall be jointly and severally due and payable immediately by Applicant. 

13. Miscellaneous. The rights and remedies granted to Bank in the Agreement are in addition to all other rights or remedies afforded to Bank under
applicable law, equity or other agreements. The terms of the Agreement may not be waived or amended, unless the parties consent in writing. The Agreement shall be binding on Applicant’s heirs, executors, administrators, successors and permitted
assigns, and shall inure to the benefit of Bank’s successors and assigns. Bank can assign this Agreement and its rights to reimbursement regarding any Credit without Applicant’s consent. Applicant shall not assign any rights or remedies
related to the Agreement or the Credit without written consent of the Bank. Any notice to Applicant, if mailed, shall be deemed given when mailed, postage paid, addressed to Applicant at the address on the Application or such other address furnished
by Applicant to Bank. This Section shall not be deemed to be an exclusive list of each means of notice from one party to the other. The Agreement will continue in full force and effect until the expiration or cancellation of each Credit and all
outstanding Obligations have been satisfied in a manner satisfactory to Bank, and Applicant requests termination in writing. Applicant will comply with all laws, regulations and customs now or hereafter applicable to the Agreement or to the
transaction related to the Credit, and will furnish evidence of compliance as Bank may require. Applicant shall maintain or cause to be maintained insurance covering any Property for which payment is supported by a Credit in amounts, from insurers,
or through parties satisfactory to the Bank and will furnish such evidence of insurance as and when Bank may require. This Agreement contains the final, complete and exclusive understanding of, and supersedes all prior or contemporaneous, oral or
written, agreements, understandings, representations and negotiations between, the parties relating to the subject matter of this Agreement. 

14. Consent to Jurisdiction and Venue. IN ANY PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER ARISING OUT OF OR RELATED TO THE AGREEMENT
OR THE RELATIONSHIP ESTABLISHED HEREUNDER, APPLICANT IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN ANY COUNTY IN THE JURISDICTION AND AGREES NOT TO RAISE ANY OBJECTION TO THE JURISDICTION OR TO THE
LAYING OR MAINTAINING OF THE VENUE OF ANY SUCH PROCEEDING IN THE JURISDICTION. APPLICANT AGREES THAT SERVICE OF PROCESS IN ANY SUCH PROCEEDING MAY BE DULY EFFECTED UPON IT BY MAILING A COPY THEREOF, BY REGISTERED MAIL, POSTAGE PREPAID, TO IT.

 15. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, APPLICANT AND WHEN IT ISSUES A CREDIT, BANK KNOWINGLY AND
VOLUNTARILY WAIVE ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON, ARISING OUT OF, OR RELATING TO THE AGREEMENT OR THE CREDIT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY WITH
RESPECT THERETO. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BANK TO ISSUE THE CREDIT. 
 16. Effectiveness of Agreement. Applicant
agrees that the terms and conditions of this Continuing Letter of Credit Agreement shall be continuing and shall apply to any Credit currently, or in the future, issued by the Bank on Applicant’s behalf. 

 

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 Very truly yours, 
  

									
	
	  

	(Corporation or Firm Name of Applicant)
					
	By:	 		 		 	Date:	 	
	
	  

	(Authorized Signature and Title)
					
	By:	 		 		 	Date:	 	
	
	  

	(Authorized Signature and Title)	 	
	
	  

	(Corporation or Firm Name of Applicant)	 	
					
	By:	 		 		 	Date:	 	
	
	  

	
	(Authorized Signature and Title)
					
	By:	 		 		 	Date:	 	
	
	  

	(Authorized Signature and Title)

  

 E-29

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