Document:

Credit Agreement, dated as of May 13, 2011

 Exhibit 10.17 
 EXECUTION COPY 
  
  

 
 CREDIT AGREEMENT 

dated as of 

May 13, 2011, 
 among 
 PANDORA MEDIA, INC., 

The LENDERS Party Hereto 
 and 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
  

 
 J.P. MORGAN
SECURITIES LLC, 
 as Sole Lead Arranger 
 J.P. MORGAN SECURITIES LLC and 
 MORGAN STANLEY SENIOR FUNDING, INC., 

as Joint Bookrunners 
 MORGAN STANLEY SENIOR FUNDING, INC., 
 as Documentation Agent 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	  
	 SECTION 1.02.
	 	Classification of Loans and Borrowings	  	 	40	  
	 SECTION 1.03.
	 	Terms Generally	  	 	40	  
	 SECTION 1.04.
	 	Accounting Terms; GAAP; Pro Forma Calculations	  	 	41	  
	
	ARTICLE II	  
	
	The Credits	  
			
	 SECTION 2.01.
	 	Commitments	  	 	42	  
	 SECTION 2.02.
	 	Loans and Borrowings	  	 	42	  
	 SECTION 2.03.
	 	Requests for Borrowings	  	 	43	  
	 SECTION 2.04.
	 	Protective Advances	  	 	44	  
	 SECTION 2.05.
	 	Letters of Credit	  	 	45	  
	 SECTION 2.06.
	 	Funding of Borrowings	  	 	51	  
	 SECTION 2.07.
	 	Interest Elections	  	 	51	  
	 SECTION 2.08.
	 	Termination and Reduction of Commitments	  	 	53	  
	 SECTION 2.09.
	 	Repayment of Loans; Evidence of Debt	  	 	53	  
	 SECTION 2.10.
	 	Prepayment of Loans	  	 	54	  
	 SECTION 2.11.
	 	Fees	  	 	55	  
	 SECTION 2.12.
	 	Interest	  	 	56	  
	 SECTION 2.13.
	 	Alternate Rate of Interest	  	 	57	  
	 SECTION 2.14.
	 	Increased Costs	  	 	58	  
	 SECTION 2.15.
	 	Break Funding Payments	  	 	59	  
	 SECTION 2.16.
	 	Taxes	  	 	60	  
	 SECTION 2.17.
	 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	  	 	64	  
	 SECTION 2.18.
	 	Mitigation Obligations; Replacement of Lenders	  	 	66	  
	 SECTION 2.19.
	 	Defaulting Lenders	  	 	67	  
	 SECTION 2.20.
	 	Incremental Commitments	  	 	68	  
	
	ARTICLE III	  
	
	Representations and Warranties	  
			
	 SECTION 3.01.
	 	Organization; Powers	  	 	70	  
	 SECTION 3.02.
	 	Authorization; Enforceability	  	 	71	  
	 SECTION 3.03.
	 	Governmental Approvals; Absence of Conflicts	  	 	71	  
	 SECTION 3.04.
	 	Financial Condition; No Material Adverse Change	  	 	71	  
	 SECTION 3.05.
	 	Properties	  	 	72	  

							
			
	 SECTION 3.06.
	 	Litigation and Environmental Matters	  	 	72	  
	 SECTION 3.07.
	 	Compliance with Laws and Agreements	  	 	73	  
	 SECTION 3.08.
	 	Investment Company Status	  	 	73	  
	 SECTION 3.09.
	 	Taxes	  	 	73	  
	 SECTION 3.10.
	 	ERISA	  	 	73	  
	 SECTION 3.11.
	 	Subsidiaries and Joint Ventures; Ownership by the Permitted Holders; Disqualified Equity Interests	  	 	74	  
	 SECTION 3.12.
	 	Insurance	  	 	74	  
	 SECTION 3.13.
	 	Solvency	  	 	74	  
	 SECTION 3.14.
	 	Disclosure	  	 	74	  
	 SECTION 3.15.
	 	Collateral Matters	  	 	75	  
	 SECTION 3.16.
	 	Federal Reserve Regulations	  	 	76	  
	
	ARTICLE IV	  
	
	Conditions	  
			
	 SECTION 4.01.
	 	Effective Date	  	 	76	  
	 SECTION 4.02.
	 	Each Credit Event	  	 	78	  
	
	 ARTICLE V
	   

	
	 Affirmative Covenants
	   

			
	 SECTION 5.01.
	 	Financial Statements and Other Information	  	 	79	  
	 SECTION 5.02.
	 	Notices of Material Events	  	 	83	  
	 SECTION 5.03.
	 	Additional Subsidiaries	  	 	83	  
	 SECTION 5.04.
	 	Information Regarding Collateral	  	 	84	  
	 SECTION 5.05.
	 	Existence; Conduct of Business	  	 	84	  
	 SECTION 5.06.
	 	Payment of Obligations	  	 	85	  
	 SECTION 5.07.
	 	Maintenance of Properties	  	 	85	  
	 SECTION 5.08.
	 	Insurance	  	 	85	  
	 SECTION 5.09.
	 	Books and Records; Inspection and Audit Rights	  	 	85	  
	 SECTION 5.10.
	 	Compliance with Laws	  	 	86	  
	 SECTION 5.11.
	 	Use of Proceeds and Letters of Credit	  	 	86	  
	 SECTION 5.12.
	 	Further Assurances	  	 	87	  
	
	ARTICLE VI	  
	
	Negative Covenants	  
			
	 SECTION 6.01.
	 	Indebtedness; Certain Equity Securities	  	 	87	  
	 SECTION 6.02.
	 	Liens	  	 	89	  
	 SECTION 6.03.
	 	Fundamental Changes; Business Activities	  	 	91	  
	 SECTION 6.04.
	 	Investments, Loans, Advances, Guarantees and Acquisitions	  	 	91	  
	 SECTION 6.05.
	 	Asset Sales	  	 	94	  
	 SECTION 6.06.
	 	Sale/Leaseback Transactions	  	 	96	  

							
	 SECTION 6.07.
	 	Hedging Agreements	  	 	96	  
	 SECTION 6.08.
	 	Restricted Payments; Certain Payments of Indebtedness	  	 	96	  
	 SECTION 6.09.
	 	Transactions with Affiliates	  	 	98	  
	 SECTION 6.10.
	 	Restrictive Agreements	  	 	99	  
	 SECTION 6.11.
	 	Amendment of Material Documents	  	 	99	  
	 SECTION 6.12.
	 	Minimum Liquidity	  	 	99	  
	 SECTION 6.13.
	 	Fiscal Year	  	 	100	  
	
	ARTICLE VII	  
	
	Events of Default	  
	
	ARTICLE VIII	  
	
	The Administrative Agent	  
	
	ARTICLE IX	  
	
	Miscellaneous	  
			
	 SECTION 9.01.
	 	Notices	  	 	107	  
	 SECTION 9.02.
	 	Waivers; Amendments	  	 	108	  
	 SECTION 9.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	110	  
	 SECTION 9.04.
	 	Successors and Assigns	  	 	112	  
	 SECTION 9.05.
	 	Survival	  	 	116	  
	 SECTION 9.06.
	 	Counterparts; Integration; Effectiveness	  	 	116	  
	 SECTION 9.07.
	 	Severability	  	 	117	  
	 SECTION 9.08.
	 	Right of Setoff	  	 	117	  
	 SECTION 9.09.
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	117	  
	 SECTION 9.10.
	 	WAIVER OF JURY TRIAL	  	 	118	  
	 SECTION 9.11.
	 	Headings	  	 	118	  
	 SECTION 9.12.
	 	Confidentiality	  	 	118	  
	 SECTION 9.13.
	 	Interest Rate Limitation	  	 	119	  
	 SECTION 9.14.
	 	Release of Liens and Guarantees	  	 	119	  
	 SECTION 9.15.
	 	USA PATRIOT Act Notice	  	 	120	  
	 SECTION 9.16.
	 	No Fiduciary Relationship	  	 	120	  
	 SECTION 9.17.
	 	Non-Public Information	  	 	120	  
	 SECTION 9.18.
	 	Administrative Agent Controlled Account	  	 	121	  

  

							
			
	 SCHEDULES:
	 	 	 	  	 
			
	 Schedule 1.01(a)
	 	 	—	  	  	Competitors
	 Schedule 1.01(b)
	 	 	—	  	  	Permitted Holders
	 Schedule 2.01
	 	 	—	  	  	Commitments
	 Schedule 3.04
	 	 	—	  	  	Specified Transactions

							
	 Schedule 3.05B
	 	 	—	  	  	Properties
	 Schedule 3.06A
	 	 	—	  	  	Litigation
	Schedule 3.09	 	 	—	  	  	Taxes
	Schedule 3.11A	 	 	—	  	  	Subsidiaries and Joint Ventures
	Schedule 3.11B	 	 	—	  	  	Ownership by Permitted Holders; Disqualified Equity Interests
	Schedule 3.12	 	 	—	  	  	Insurance
	Schedule 6.01	 	 	—	  	  	Existing Indebtedness
	Schedule 6.02	 	 	—	  	  	Existing Liens
	Schedule 6.04	 	 	—	  	  	Existing Investments
	Schedule 6.10	 	 	—	  	  	Existing Restrictions
	
	EXHIBITS:
			
	Exhibit A	 	 	—	  	  	Form of Assignment and Assumption
	Exhibit B	 	 	—	  	  	Form of Borrowing Base Certificate
	Exhibit C	 	 	—	  	  	Form of Borrowing Request
	Exhibit D	 	 	—	  	  	Form of Guarantee and Collateral Agreement
	Exhibit E	 	 	—	  	  	Form of Compliance Certificate
	Exhibit F	 	 	—	  	  	Form of Interest Election Request
	Exhibit G	 	 	—	  	  	Form of Perfection Certificate
	Exhibit H-1	 	 	—	  	  	Form of U.S. Tax Certificate for Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes
	Exhibit H-2	 	 	—	  	  	Form of U.S. Tax Certificate for Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes
	Exhibit H-3	 	 	—	  	  	Form of U.S. Tax Certificate for Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes
	Exhibit H-4	 	 	—	  	  	Form of U.S. Tax Certificate for Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes

 CREDIT AGREEMENT dated as of May 13, 2011, among PANDORA MEDIA, INC., the LENDERS party
hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The parties hereto agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate determined by reference to the
Alternate Base Rate. 
 “Account” has the meaning assigned to such term in the New York UCC, it being
understood that in the case of any Agented Advertising Arrangement, a right to payment from an Agency on behalf of the applicable Advertising Client shall not be deemed to create an Account that is separate or distinct from the Account arising from
a right to payment from such Advertising Client. 
 “Account Debtor” means any Person obligated on an Account,
it being understood that in the case of any Agented Advertising Arrangement, the Account Debtor is the applicable Advertising Client and not any Agency. 
 “Acquisition Consideration” means, with respect to any purchase or other acquisition, the aggregate consideration paid therefor, including Indebtedness assumed in connection therewith,
all obligations in respect of deferred purchase price (including obligations under any purchase price adjustment but excluding earnout payments) and all other consideration payable in connection therewith (including payment obligations in respect of
noncompetition agreements or other arrangements representing acquisition consideration), but excluding consideration in the form of Equity Interests (other than Disqualified Equity Interests) in the Borrower. 

“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent hereunder and under the other Loan Documents, and its successors in such capacity as
provided in Article VIII. 
 “Administrative Agent Controlled Account” means a deposit account of the Borrower
established with the Administrative Agent and subject to the exclusive 

  

 
dominion and control, including the exclusive right of withdrawal, of the Administrative Agent. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Advertising Client” means an advertiser for which an Agency acts as an agent under the applicable Agented Advertising
Arrangement. 
 “Affiliate” means, with respect to a specified Person, another Person that directly or
indirectly Controls or is Controlled by or is under common Control with the Person specified; provided that for purposes of Section 6.09 the term “Affiliate” also means any Person that is a director or an executive officer of
the Person specified, any Person that directly or indirectly beneficially owns Equity Interests in the Person specified representing 10% or more of the aggregate ordinary voting power or the aggregate equity value represented by the issued and
outstanding Equity Interests in the Person specified and any Person that would be an Affiliate of any such beneficial owner pursuant to this definition (but without giving effect to this proviso). 

“Agency” means an advertising agency. 
 “Agency Exposure Information” means, at any time, the aggregate amount (with respect to each of the clauses of this definition) of Accounts of the Loan Parties at such time that arise
pursuant to Agented Advertising Arrangements: 
 (a) with any Agency (i) the securities of which are (or the securities of
the Agency Parent Company of which are) rated BBB or better by S&P or Baa3 or better by Moody’s (or an equivalent rating from a rating agency of recognized standing providing credit ratings to companies organized outside the United States
of America), if the aggregate amount of Accounts arising pursuant to Agented Advertising Arrangements with such Agency (or the Agency Parent Company or any other Affiliate thereof) exceeds 25% of the aggregate amount of all Eligible Accounts of the
Loan Parties at the time of determination, or (ii) the securities of which are not (and the securities of the Agency Parent Company of which are not) rated BBB or better by S&P or Baa3 or better by Moody’s (or such an equivalent
rating) (including any Agency or Agency Parent Company none of the securities of which are rated by any such rating agency), if the aggregate amount of Accounts arising pursuant to Agented Advertising Arrangements with such Agency (or the Agency
Parent Company or any other Affiliate thereof) exceeds 15% of the aggregate amount of all Eligible Accounts of the Loan Parties at the time of determination; 
 (b) with any Agency that, to the knowledge of the Borrower, has (or the Agency Parent Company or any other Affiliate of which has) (i) applied for, suffered, or consented to the appointment of any
receiver, interim receiver, receiver-manager, custodian, trustee or liquidator of its assets, (ii) had possession of all or a material part of its property taken by any receiver, interim receiver, receiver-manager, custodian, trustee or
liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, 

  
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reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state, provincial, territorial or federal bankruptcy laws,
(iv) admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) become insolvent or (vi) ceased operation of its business; 

(c) with any Agency that (i) does not maintain its chief executive office in the United States or Canada or (ii) is not
organized under applicable law of the United States, any State thereof or the District of Columbia, or of Canada or any province thereof; or 
 (d) with any Agency that, to the knowledge of the Borrower, has (or the Agency Parent Company or any other Affiliate of which has) any pending commercial dispute with the Borrower or any Subsidiary or any
counterclaim, deduction, defense or right of setoff that, in each case, could reasonably be expected to result in a failure by such Agency to pay in full to the applicable Loan Party any funds received by such Agency from the applicable Advertising
Client in respect of such Accounts (whether or not such Agency has any legal right to fail to make such payment). 

“Agency Parent Company” means, with respect to any Agency that is a subsidiary of any other Person, such other Person.

 “Agented Advertising Arrangement” means provision by a Loan Party of advertising services to an Advertising
Client pursuant to an agreement entered into by such Loan Party and an Agency, acting on behalf of an Advertising Client, that is governed by the Standard Terms and Conditions for Internet Advertising for Media Buys One Year or Less promulgated by
the Interactive Advertising Bureau or similar terms and conditions. 
 “Aggregate Commitment” means the sum of
the Commitments of all the Lenders. 
 “Aggregate Revolving Exposure” means the sum of the Revolving Exposures
of all the Lenders. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to
the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
 1/2 of 1% and (c) the Adjusted LIBO Rate on
such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in U.S. dollars with a maturity of one month plus 1%. For purposes of clause (c) above, the Adjusted LIBO Rate on any day shall be based on
the rate per annum appearing on the Reuters “LIBOR01” screen displaying British Bankers’ Association Interest Settlement Rates (or on any successor or substitute screen provided by Reuters, or any successor to or substitute for such
service, providing rate quotations comparable to those currently provided on such screen, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London
interbank market) at approximately 11:00 a.m., London time, on such day for deposits in U.S. dollars with a maturity of one month. Any change in the Alternate Base 

  
 3 

 
Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “Applicable Fee Rate” means, for any
day, (a) 0.50% per annum, if the amount of the Aggregate Revolving Exposure outstanding at the close of business on such day shall be greater than or equal to 50% of the Aggregate Commitment in effect at the close of business on such day,
or (b) 0.625% per annum, if the amount of the Aggregate Revolving Exposure outstanding at the close of business on such day shall be less than 50% of the Aggregate Commitment in effect at the close of business on such day. 

“Applicable Percentage” means, at any time, with respect to any Lender, the percentage of the Aggregate Commitment
represented by such Lender’s Commitment at such time; provided that if any Defaulting Lender exists at such time, the Applicable Percentages shall be calculated disregarding such Defaulting Lender’s Commitment. If the Commitments
have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination.

 “Applicable Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Loan, the applicable rate
per annum set forth below under the caption “ABR Rate” or “Eurocurrency Rate”, as the case may be, based upon the amount of the Aggregate Revolving Exposure at the close of business on such day compared to the Aggregate
Commitment at the close of business on such day: 
  

									
	 Facility Utilization
	  	ABR Rate	 	 	Eurocurrency Rate	 
	 Aggregate Revolving Exposure less than 50% of the Aggregate Commitment
	  	 	1.75	% 	 	 	2.75	% 
	 Aggregate Revolving Exposure greater than or equal to 50% of the Aggregate Commitment
	  	 	2.00	% 	 	 	3.00	% 

 “Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
 4 

 “Arrangers” means (a) J.P. Morgan Securities LLC, in its capacity as
the sole lead arranger for the credit facility provided for herein, and (b) J.P. Morgan Securities LLC and Morgan Stanley Senior Funding, Inc., as joint bookrunners for the credit facility provided for herein. 

“ASCAP” means the American Society of Composers, Authors and Publishers. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee, with
the consent of any Person whose consent is required by Section 9.04, and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Maturity Date and the date of termination of the Commitments. 
 “Bankruptcy Event” means, with respect to any
Person, that such Person has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding or
appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority, so long as such ownership interest does not
result in or provide such Person with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority) to
reject, repudiate, disavow or disaffirm any agreements made by such Person. 
 “Board of Governors” means the
Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means Pandora
Media, Inc., a Delaware corporation. 
 “Borrowing” means (a) Revolving Loans of the same Type made,
converted or continued on the same date and, in the case of Eurocurrency Revolving Loans, as to which a single Interest Period is in effect, or (b) a Protective Advance. 
 “Borrowing Base” means, at any time (subject to modification as provided below or in Section 5.09(b)), an amount equal to: 

(a) 85% of an amount equal to (i) the Eligible Accounts of the Loan Parties at such time, minus (ii) the Dilution Reserve,
minus  

  
 5 

 (b) the sum of (i) the Designated Secured Obligations Reserve at such time and
(ii) without duplication of any deductions made pursuant to clause (a) or (b)(i) of this definition, Other Reserves at such time. 

If the Administrative Agent shall have made any determination permitted to be made by it as set forth in the definition of the terms “Eligible
Accounts” and “Other Reserves” that shall have the effect of reducing the Borrowing Base, any such reduction shall be effective five Business Days after delivery of notice thereof to the Borrower and the Lenders. Subject to the
immediately preceding sentence and to the provisions of Section 5.09(b), the Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to
Section 5.01(f) (or, prior to the first such delivery, the Borrowing Base Certificate referred to in Section 4.01(m)) . 
 “Borrowing Base Certificate” means a certificate in the form of Exhibit B (with such changes thereto as may be required by the Administrative Agent from time to time to reflect the
components of and reserves against the Borrowing Base as provided for hereunder), together with all attachments contemplated thereby, signed and certified as accurate and complete by a Financial Officer of the Borrower. 

“Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03,
which shall be, in the case of any such written request, in the form of Exhibit C or any other form approved by the Administrative Agent. 
 “Business” means the commercial webcasting of audio recordings as conducted by the Borrower and the Subsidiaries as of the Effective Date or at any time thereafter, and any other business
or businesses conducted by the Borrower and the Subsidiaries on or after the Effective Date. 
 “Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Canadian dollars” refers to lawful money of the Commonwealth of Canada. 
 “Capital Expenditures” means, for any period, (a) the additions to property, plant and equipment and other capital expenditures of the Borrower and its consolidated Subsidiaries that
are (or should be) set forth in a consolidated statement of cash flows of the Borrower and its consolidated Subsidiaries for such period prepared in accordance with GAAP, excluding (i) any such expenditures made to restore, replace or rebuild
assets to the condition of such assets immediately prior to any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, such assets to the extent such expenditures are made with

  
 6 

 
insurance proceeds, condemnation awards or damage recovery proceeds relating to any such casualty, damage, taking, condemnation or similar proceeding and (ii) any such expenditures
constituting Permitted Acquisitions and (b) such portion of principal payments on Capital Lease Obligations made by the Borrower and its consolidated Subsidiaries during such period as is attributable to additions to property, plant and
equipment that have not otherwise been reflected on the consolidated statement of cash flows as additions to property, plant and equipment. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP; the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP, and the final maturity of such obligations shall be the date of the last payment of such or any other amounts due under such lease (or other arrangement) prior to the first date on which such lease (or other
arrangement) may be terminated by the lessee without payment of a premium or a penalty. For purposes of Section 6.02, a Capital Lease Obligation shall be deemed to be secured by a Lien on the property being leased and such property shall be
deemed to be owned by the lessee. 
 “Cash Dominion Account” has the meaning set forth in Section 2.09(d)
.. 
 “Cash Dominion Period” means (a) any period commencing on the date the Administrative Agent or the
Required Lenders shall deliver to the Borrower a notice stating that an Event of Default has occurred and is continuing and a Cash Dominion Period has commenced and ending on the date on which the Borrower shall have delivered to the Administrative
Agent a certificate of a Financial Officer to the effect that no Event of Default is continuing or (b) any period commencing on the date the Administrative Agent or the Required Lenders shall deliver to the Borrower a notice stating that
Liquidity has been less than $7,500,000 for each of at least three consecutive days and a Cash Dominion Period has commenced and ending on the date on which Liquidity has been greater than or equal to $7,500,000 for at least 30 consecutive days,
provided that, whether or not commenced pursuant to clause (a) or (b) above, a Cash Dominion Period shall automatically commence upon a termination of the Commitments, declaration of the Loans, or any part thereof, then outstanding
as due and payable or request for a deposit of cash collateral in respect of LC Exposure, in each case pursuant to Article VII. 

“CFC” means (a) each Person that is a “controlled foreign corporation” for purposes of the Code and
(b) each subsidiary of any such controlled foreign corporation. 
 “CFC Holding Company” means a Domestic
Subsidiary all assets of which consist of voting Equity Interests in one or more CFCs. 
 “Change in Control”
means (a) prior to an IPO, the failure by the Permitted Holders to own, beneficially and of record, Equity Interests in the Borrower 

  
 7 

 
representing at least 50.1% of each of the aggregate ordinary voting power and the aggregate equity value represented by the issued and outstanding Equity Interests in the Borrower;
(b) after an IPO, the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder), other than the Permitted Holders, of Equity
Interests in the Borrower representing more than 35% of either the aggregate ordinary voting power or the aggregate equity value represented by the issued and outstanding Equity Interests in the Borrower, unless the Permitted Holders own,
beneficially and of record, Equity Interests in the Borrower representing a greater percentage of the aggregate ordinary voting power and of the aggregate equity value represented by the issued and outstanding Equity Interests in the Borrower than
such Person or group; (c) individuals who were (i) directors of the Borrower on the date hereof, (ii) nominated by the board of directors of the Borrower or (iii) appointed by directors who were directors of the Borrower on the
date hereof or were nominated as provided in clause (ii) above, in each case other than any individual whose initial nomination or appointment occurred as a result of an actual or threatened solicitation of proxies or consents for the election
or removal of one or more directors on the board of directors of the Borrower (other than any such solicitation made by such board of directors), ceasing to occupy a majority of the seats (excluding vacant seats) on the board of directors of the
Borrower; or (d) the occurrence of any “change in control” or “fundamental change” (or any similar event, however denominated) with respect to the Borrower under and as defined in any indenture or other agreement or
instrument evidencing, governing the rights of the holders of or otherwise relating to any Material Indebtedness of the Borrower or any Subsidiary or any preferred Equity Interests in the Borrower. 

“Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the
date on which such Lender becomes a Lender), of any of the following: (a) the adoption of any rule, regulation, treaty or other law, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) of any Governmental Authority; provided that, notwithstanding anything herein
to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith are deemed to have gone into effect and been adopted 30 days after the date
of this Agreement. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to
be granted pursuant to the Security Documents as security for the Secured Obligations. 
 “Collateral
Agreement” means the Guarantee and Collateral Agreement among the Borrower, the other Loan Parties from time to time party thereto and the Administrative Agent, substantially in the form of Exhibit D, together with all supplements thereto.

  
 8 

 “Collateral and Guarantee Requirement” means, at any time, the requirement
that: 
 (a) the Administrative Agent shall have received from the Borrower and each Domestic Subsidiary
(excluding any Domestic Subsidiary that is not wholly owned and any CFC Holding Company), if any, either (i) a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Person or (ii) in the case of any Person
that becomes a Domestic Subsidiary after the Effective Date, a supplement to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Person, together with documents and opinions of the type referred to
in paragraphs (b) and (c) of Section 4.01 with respect to such Domestic Subsidiary; 
 (b) all
Equity Interests in any Subsidiary owned by or on behalf of any Loan Party shall have been pledged pursuant to the Collateral Agreement and, in the case of Equity Interests in any Foreign Subsidiary, where the Administrative Agent so requests in
connection with the pledge of such Equity Interests, a Foreign Pledge Agreement (it being agreed that the Administrative Agent shall not be entitled to, and shall not, make any such request to receive a Foreign Pledge Agreement with respect to the
Equity Interests in a Foreign Subsidiary (other than, subject to the final paragraph of this definition, any Foreign IP Holdco other than a Foreign IP Holdco organized under the laws of the Cayman Islands) the total assets of which have a book value
of $10,000,000 or less), and the Administrative Agent shall, to the extent required by the Collateral Agreement, have received certificates or other instruments representing all such Equity Interests, together with undated stock powers or other
instruments of transfer with respect thereto endorsed in blank; provided that the Loan Parties shall not be required to pledge (i) more than 65% of the outstanding voting Equity Interests in any CFC Holding Company or (ii) more than
65% of the outstanding voting Equity Interests in any “first-tier” CFC or any of the outstanding Equity Interests in any other CFC; 
 (c) all Indebtedness of any Person in a principal amount of $250,000 or more that is owing to any Loan Party and is evidenced by a promissory note shall have been pledged pursuant to the Collateral
Agreement, and the Administrative Agent shall have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank; 

(d) all documents and instruments, including Uniform Commercial Code financing statements, required by applicable law or
reasonably requested by the Administrative Agent to be filed, registered or recorded to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent required by, and with the priority required by, the
Security Documents, shall have been filed, registered or recorded or delivered to the Administrative Agent for filing, registration or recording; 

  
 9 

 (e) the Administrative Agent shall have received (i) counterparts of a
Mortgage with respect to each Mortgaged Property, if any, duly executed and delivered by the record owner or lessee of such Mortgaged Property, (ii) a lender’s policy or policies of title insurance issued by a nationally recognized title
insurance company insuring the Lien of each such Mortgage, if any, as a valid and enforceable first Lien on the Mortgaged Property described therein, free of any other Liens except as permitted under Section 6.02, together with such
endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request, and (iii) if any Mortgaged Property is located in an area determined by the Federal Emergency Management Agency (or any successor agency) to have
special flood hazards, evidence of such flood insurance as may be required under applicable law, including Regulation H issued by the Board of Governors, and (iv) such legal opinions and other documents as the Administrative Agent may
reasonably request with respect to any such Mortgage or Mortgaged Property; 
 (f) the Administrative Agent shall
have received a counterpart, duly executed and delivered by the applicable Loan Party and the applicable depositary bank or securities intermediary, as the case may be, of a Control Agreement with respect to (i) each deposit account maintained
by any Loan Party with any depositary bank (other than (A) any deposit account the funds in which are used, in the ordinary course of business, solely for the payment of salaries and wages, workers’ compensation and similar expenses,
(B) any deposit account that is a zero-balance disbursement account, (C) any deposit account the funds in which consist solely of (1) funds held by the Borrower or any Subsidiary in trust for any director, officer or employee of the
Borrower or any Subsidiary or any employee benefit plan maintained by the Borrower or any Subsidiary or (2) funds representing deferred compensation for the directors and employees of the Borrower and the Subsidiaries) and (D) other
deposit accounts the aggregate balances in which have not, for any period of three consecutive Business Days commencing after the Effective Date, exceeded $250,000) and (ii) each securities account maintained by any Loan Party with any
securities intermediary (other than any securities account the security entitlements in which consist solely of (A) security entitlements held by the Borrower or any Subsidiary in trust for any director, officer or employee of the Borrower or
any Subsidiary or any employee benefit plan maintained by the Borrower or any Subsidiary or (B) security entitlements representing deferred compensation for the directors and employees of the Borrower and the Subsidiaries) or (C) other
securities accounts holding assets which, in the aggregate, have not exceeded $250,000 for any period of three consecutive Business Days commencing after the Effective Date), and the requirements of the Collateral Agreement relating to the
concentration and application of collections shall have been satisfied; provided that so long as the sum of the aggregate amount of funds on deposit in all Controlled Deposit Accounts and the aggregate fair value of all Permitted Investments
credited to all Controlled Securities Accounts (the “Aggregate Controlled Sum”) exceeds $30,000,000, no additional Control Agreements in respect of securities accounts shall be required to be executed or delivered by the Loan
Parties; provided further 

  
 10 

 
that should the Aggregate Controlled Sum cease to exceed $30,000,000, the Loan Parties shall promptly cause additional Control Agreements to be executed and delivered in respect of each
securities account a Control Agreement with respect to which has not been theretofore delivered in reliance on the immediately preceding proviso until and unless the Aggregate Controlled Sum shall exceed $30,000,000; 

(g) the Borrower and each Loan Party shall have obtained all other consents and approvals required to be obtained by it in
connection with the execution and delivery of all Security Documents to which it is a party, the performance of its obligations thereunder and the granting by it of the Liens thereunder. 

The foregoing definition shall not require the creation or perfection of pledges of or security interests in, or the obtaining of title
insurance, legal opinions or other deliverables with respect to, particular assets of the Loan Parties, or the provision of Guarantees by any Subsidiary, if, and for so long as the Administrative Agent, in consultation with the Borrower, determines
that the cost of creating or perfecting such pledges (including pursuant to a Foreign Pledge Agreement) or security interests in such assets, or obtaining such title insurance, legal opinions or other deliverables in respect of such assets, or
providing such Guarantees (taking into account any adverse tax consequences to the Borrower and its Affiliates (including the imposition of withholding or other taxes)), shall be excessive in view of the benefits to be obtained by the Lenders
therefrom. The Administrative Agent acknowledges that as of the Effective Date, based on representations made by the Borrower, no real property owned or held by the Borrower or any Subsidiary constitutes a Mortgaged Property and no Mortgages shall
be required on any such real property on the Effective Date. The Administrative Agent may grant extensions of time for the creation and perfection of security interests in or the obtaining of title insurance, legal opinions or other deliverables
with respect to particular assets or the provision of any Guarantee by any Subsidiary (including extensions beyond the Effective Date or in connection with assets acquired, or Subsidiaries formed or acquired, after the Effective Date) where it
determines that such action cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Security Documents. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Protective Advances hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from
time to time pursuant to Section 2.08, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The
initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Facility Agreement pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders’ Commitments is $30,000,000. 

  
 11 

 “Competitor” means any Person (other than the Borrower and its Affiliates)
that (a) is actively engaged as one of its significant businesses in the distribution or other dissemination of recorded music or other audio data or materials and (b)(i) is set forth on Schedule 1.01(a) on the date hereof or (ii) is
identified in writing by the Borrower, using its reasonable discretion, to the Administrative Agent from time to time after the date hereof (with the Administrative Agent agreeing to provide prompt notice thereof to the Lenders). 

“Compliance Certificate” means a Compliance Certificate in the form of Exhibit E or any other form approved by the
Administrative Agent. 
 “Consolidated Cash Interest Expense” means, for any period, the excess of (a) the
sum, without duplication, of (i) the interest expense (including imputed interest expense in respect of Capital Lease Obligations) of the Borrower and its consolidated Subsidiaries accrued for such period, determined on a consolidated basis in
accordance with GAAP, (ii) any interest or other financing costs becoming payable during such period in respect of Indebtedness of the Borrower or its consolidated Subsidiaries to the extent such interest or other financing costs shall have
been capitalized rather than included in consolidated interest expense for such period in accordance with GAAP, but only if such interest or other financing costs are recurring in respect of such Indebtedness, and (iii) any cash payments
becoming payable during such period in respect of obligations referred to in clause (b)(ii) below that were amortized or accrued in a previous period, minus (b) to the extent included in such consolidated interest expense for such
period, the sum of (i) noncash amounts attributable to amortization or write-off of capitalized interest or other financing costs previously paid and (ii) noncash amounts attributable to amortization of debt discounts or accrued interest
payable in kind for such period. 
 “Consolidated EBITDA” means, for any period, Consolidated Net Income for
such period, plus  
 (a) without duplication and to the extent deducted in determining such Consolidated Net Income, the
sum of 
 (i) consolidated interest expense for such period (including imputed interest expense in respect of
Capital Lease Obligations), 
 (ii) consolidated income tax expense for such period, 

(iii) all amounts attributable to depreciation for such period and amortization of intangible assets and capitalized
assets for such period, 
 (iv) any noncash charges for such period (excluding any additions to bad debt reserves
or bad debt expense and any noncash charge to the extent it represents an accrual of or a reserve for cash expenditures in any future period), 
 (v) any losses attributable to early extinguishment of Indebtedness or obligations under any Hedging Agreement, 

  
 12 

 (vi) any unrealized losses for such period attributable to the application
of “mark to market” accounting in respect of Hedging Agreements, and 
 (vii) the cumulative effect of
a change in accounting principles; and minus 
 (b) without duplication and to the extent included in determining such
Consolidated Net Income, 
 (i) any extraordinary gains for such period, all determined on a consolidated basis
in accordance with GAAP, 
 (ii) noncash items of income for such period (excluding any noncash items of income
(A) in respect of which cash was received in a prior period or will be received in a future period or (B) that represents the reversal of any accrual made in a prior period for anticipated cash charges, but only to the extent such accrual
reduced Consolidated EBITDA for such prior period), 
 (iii) any gains attributable to the early extinguishment
of Indebtedness or obligations under any Hedging Agreement, 
 (iv) any unrealized gains for such period
attributable to the application of “mark to market” accounting in respect of Hedging Agreements and 

(v) the cumulative effect of a change in accounting principles; 
 provided that Consolidated EBITDA shall be calculated so as to exclude the effect of any gain or loss that represents after-tax gains or losses attributable to any sale, transfer or other
disposition, other than dispositions of inventory and other dispositions in the ordinary course of business. In the event any Subsidiary shall be a Subsidiary that is not wholly owned by the Borrower, all amounts added back in computing Consolidated
EBITDA for any period pursuant to clause (a) above, and all amounts subtracted in computing Consolidated EBITDA pursuant to clause (b) above, to the extent such amounts are, in the reasonable judgment of a Financial Officer of the
Borrower, attributable to such Subsidiary, shall be reduced by the portion thereof that is attributable to the noncontrolling interest in such Subsidiary. 
 “Consolidated Fixed Charges” means, for any period, the sum, without duplication, of (a) Consolidated Cash Interest Expense for such period, (b) the aggregate amount of
scheduled principal payments made during such period in respect of Long-Term Indebtedness of the Borrower and its consolidated Subsidiaries (other than payments made by the Borrower or any Subsidiary to the Borrower or any Subsidiary), (c) the
aggregate amount of principal payments (other than scheduled principal payments) made during such period in respect of Long-Term Indebtedness of the Borrower and its consolidated Subsidiaries (other than payments made by the Borrower or any
Subsidiary to the Borrower or any Subsidiary), to the extent that such payments reduced any scheduled principal payments that would have become due within one year after the date of the applicable payment, (d) the aggregate amount of principal
payments on Capital Lease Obligations, determined in accordance with GAAP, (e) Capital 

  
 13 

 
Expenditures for such period (except to the extent attributable to the incurrence of Capital Lease Obligations or otherwise financed by incurring Long-Term Indebtedness) and (f) the
aggregate amount of income taxes paid in cash by the Borrower and the Subsidiaries during such period. In the event any Subsidiary shall be a Subsidiary that is not wholly owned by the Borrower, all amounts included in clauses (a) through
(f) above, to the extent such amounts are, in the reasonable judgment of a Financial Officer of the Borrower, attributable to such Subsidiary, shall be reduced by the portion thereof that is attributable to the noncontrolling interest in such
Subsidiary. 
 “Consolidated Net Income” means, for any period, the net income or loss of the Borrower and its
consolidated Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (for the avoidance of doubt, in the case of any Subsidiary that is not a wholly owned Subsidiary, to the extent such net income or loss is
attributed to the interest therein of the Borrower and the wholly owned Subsidiaries); provided that there shall be excluded (a) the income of any Person (other than the Borrower) that is not a consolidated Subsidiary except to the
extent of the amount of cash dividends or similar cash distributions actually paid by such Person to the Borrower or, subject to clause (b) below, any consolidated Subsidiary during such period and (b) the income of, and any amounts
referred to in clause (a) above paid to, any consolidated Subsidiary (other than any Subsidiary Loan Party) to the extent that, on the date of determination, the declaration or payment of cash dividends or similar cash distributions by such
Subsidiary is not permitted without any prior approval of any Governmental Authority that has not been obtained or is not permitted by the operation of the terms of the organizational documents of such Subsidiary, any agreement or other instrument
binding upon the Borrower or any Subsidiary or any law applicable to the Borrower or any Subsidiary, unless such restrictions with respect to the payment of cash dividends and other similar cash distributions has been legally and effectively waived.

 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies, or the dismissal or appointment of the management, of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
 “Control Agreement” means, with respect to any deposit account or securities account
maintained by any Loan Party, a control agreement in form and substance reasonably satisfactory to the Administrative Agent, duly executed and delivered by such Loan Party and the depositary bank or the securities intermediary, as the case may be,
with which such account is maintained. 
 “Controlled Deposit Account” means a deposit account of a Loan Party
subject to a Control Agreement. 
 “Controlled Securities Account” means a securities account of a Loan Party
subject to a Control Agreement. 

  
 14 

 “Controlled Accounts” means the Controlled Deposit Accounts, the Controlled
Securities Accounts and the Administrative Agent Controlled Account. 
 “Credit Party” means the Administrative
Agent, each Issuing Bank and each Lender. 
 “Credit/Rebill Transaction” means cancelation of an outstanding
invoice that has not been paid and issuance of a new invoice in replacement thereof. 
 “Default” means any
event or condition that constitutes, or upon notice, lapse of time or both would constitute, an Event of Default. 

“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be
funded or paid, (i) to fund any portion of its Loans, (ii) to fund any portion of its participations in Letters of Credit or Protective Advances or (iii) to pay to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified in
such writing, including, if applicable, by reference to a specific Default) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement, to the effect that it does not intend or expect to
comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good-faith determination that a condition precedent (specifically identified in such
writing, including, if applicable, by reference to a specific Default) to funding a Loan cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by
the Borrower or a Credit Party made in good faith to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans
and participations in then outstanding Letters of Credit and Protective Advances, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Borrower’s or such Credit Party’s receipt of
such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 
 “Designated Secured Cash Management Obligations” has the meaning set forth in the Collateral Agreement. 
 “Designated Secured Corporate Credit Card Services Obligations” has the meaning set forth in the Collateral Agreement. 

“Designated Secured Foreign Exchange Services Obligations” has the meaning set forth in the Collateral Agreement.

 “Designated Secured Hedge Obligations” has the meaning set forth in the Collateral Agreement. 

  
 15 

 “Designated Secured Other Obligations” means the Designated Secured Cash
Management Obligations, the Designated Secured Corporate Credit Card Services Obligations, the Designated Secured Foreign Exchange Services Obligations and the Designated Secured Hedge Obligations. 

“Designated Secured Obligations Reserve” means, at any time, a reserve equal to the aggregate amount of the Designated
Secured Other Obligations at such time. The Designated Secured Obligations Reserve at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(f) (or,
prior to the first such delivery, the Borrowing Base Certificate referred to in Section 4.01(m)). 
 “Dilution
Factors” means, without duplication, for any period, the aggregate amount of all deductions, credit memos, returns, adjustments, allowances, bad debt write-offs and other non-cash credits recorded to reduce accounts receivable by the Loan
Parties in a manner consistent with current accounting practices of the Borrower; provided that any credits issued in any Credit/Rebill Transaction shall be disregarded for purposes of determining the Dilution Factors except to the extent the
amount of the rebilled invoice is less than the amount of the original invoice. 
 “Dilution Ratio” means, at
any date, (a) the ratio (expressed as a percentage) equal to (i) the aggregate amount of the applicable Dilution Factors for the four most recently ended fiscal quarters divided by (ii) total gross invoiced amount (without duplication
for Credit/Rebill Transactions) for the four most recently ended fiscal quarters less (b) 5%; provided that if, at any date, the Dilution Ratio is less than 0%, the Dilution Reserve at such date shall be deemed to be zero. 

“Dilution Reserve” shall mean, at any date, the applicable Dilution Ratio multiplied by the Eligible Accounts on such
date. 
 “Disqualified Equity Interest” means, with respect to any Person, any Equity Interest in such Person
that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition: 

(a) matures or is mandatorily redeemable (other than solely for Equity Interests in such Person that do not constitute
Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise; 
 (b) is convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity Interests (other than solely for Equity Interests in such Person that do not
constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests); or 

(c) is redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity
Interests and cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by the 

  
 16 

 
Borrower or any Subsidiary, in whole or in part, at the option of the holder thereof; 

in each case, on or prior to the date 180 days after the Maturity Date; provided, however, that (i) an Equity Interest in any Person
that would not constitute a Disqualified Equity Interest but for terms thereof giving holders thereof the right to require such Person to redeem or purchase such Equity Interest upon the occurrence of an “asset sale” or a “change of
control” (or similar event, however denominated) shall not constitute a Disqualified Equity Interest if any such requirement becomes operative only after repayment in full of all the Loans and all other Loan Document Obligations that are
accrued and payable, the cancellation or expiration of all Letters of Credit and the termination or expiration of the Commitments and (ii) an Equity Interest in any Person that is issued to any employee or to any plan for the benefit of
employees or by any such plan to such employees shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by such Person or any of its subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability. 
 “Documentation Agent”
means Morgan Stanley Senior Funding, Inc., in its capacity as the documentation agent for the credit facility provided for herein. 
 “Domestic Permitted Acquisition” means any Permitted Acquisition constituting purchases or other acquisitions of any Equity Interests in a Person that is incorporated or organized under
the laws of the United States of America, any State thereof or the District of Columbia (and is not a CFC or a CFC Holding Company), or of any assets that will be owned by a Loan Party. 

“Domestic Subsidiary” means any Subsidiary incorporated or organized under the laws of the United States of America, any
State thereof or the District of Columbia. 
 “Effective Date” means the date on which the conditions specified
in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
 “Eligible Accounts”
means, with respect to any Loan Party at any time, each Account of such Loan Party that, at such time, is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to this definition. Without limiting the Administrative
Agent’s discretion or Permitted Discretion provided elsewhere herein, Eligible Accounts shall not include any Account: 
 (a) which is not subject to a first priority perfected security interest in favor of the Administrative Agent; 
 (b) which is subject to any Lien other than (i) a Lien in favor of the Administrative Agent and (ii) Liens thereon permitted by Section 6.02 that do not have priority over the Lien in favor
of the Administrative Agent; 

  
 17 

 (c) with respect to which the scheduled due date is more than 120 days after
the original invoice date, or which is unpaid more than 90 days after the original due date (it being understood that, in the case of any Credit/Rebill Transaction, the original invoice date and the original due date shall be determined without
giving effect to any change in the invoice date or the due date as a result of such Credit/Rebill Transaction), or which has been written off the books of such Loan Party or otherwise designated as uncollectible (in determining the aggregate amount
due from an Account Debtor that is unpaid there shall be excluded the amount of any net credit balances relating to Accounts owing by such Account Debtor which are unpaid more than 120 days from the date of invoice or more than 90 days from the due
date); 
 (d) which is owing by an Account Debtor for which more than 50% of the Accounts owing by such Account
Debtor and its Affiliates are ineligible pursuant to clause (c) above; 
 (e) (i) which is owing by an
Account Debtor whose securities are rated BBB or better by S&P or Baa3 or better by Moody’s to the extent the aggregate amount of Eligible Accounts owing by such Account Debtor and its Affiliates to the Loan Parties, taken as a whole,
exceeds 25% of the aggregate amount of all Eligible Accounts of the Loan Parties, or (ii) which is owing by an Account Debtor whose securities are not rated BBB or better by S&P or Baa3 or better by Moody’s (including any Account
Debtor none of the securities of which are rated by such rating agencies) to the extent the aggregate amount of Accounts owing by such Account Debtor and its Affiliates to the Loan Parties, taken as a whole, exceeds 15% of the aggregate amount of
all Eligible Accounts of the Loan Parties; 
 (f) (i) which does not arise from the sale of goods or performance
of services in the ordinary course of business, (ii) which is not evidenced by an invoice or other documentation reasonably satisfactory to the Administrative Agent and which has been sent to the Account Debtor (or, in the case of any Account
arising pursuant to an Agented Advertising Arrangement, to the applicable Agency), (iii) which represents a progress or retention billing, (iv) for which the services giving rise thereto have not been performed or which is otherwise
contingent upon any Loan Party’s completion of any further performance, (v) which relates to payments of interest, (vi) which relates to subscription services or (vii) which has been invoiced more than once (other than pursuant
to a Credit/Rebill Transaction); 
 (g) with respect to which any check or other instrument of payment has been
returned uncollected for any reason; 
 (h) which is owed by an Account Debtor that, to the knowledge of the
Borrower, has (i) applied for, suffered, or consented to the appointment of any receiver, interim receiver, receiver-manager, custodian, trustee or liquidator of its assets, (ii) had possession of all or a material part of its property
taken by any 

  
 18 

 
receiver, interim receiver, receiver-manager, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement,
adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state, provincial, territorial or federal bankruptcy laws (other than post-petition accounts payable of an Account Debtor that is a
debtor-in-possession under the Bankruptcy Code and reasonably acceptable to the Administrative Agent in its Permitted Discretion), (iv) admitted in writing its inability, or is generally unable to, pay its debts as they become due,
(v) become insolvent or (vi) ceased operation of its business; 
 (i) which is owed by any Account
Debtor that has sold all or substantially all of its assets (unless such Account has been assumed by a Person that shall have acquired such assets and otherwise satisfies the requirements set forth in this definition); 

(j) which is owed by an Account Debtor that (i) does not maintain its chief executive office in the United States or
Canada or (ii) is not organized under applicable law of the United States, any State thereof or the District of Columbia, or of Canada or any province thereof, unless, in any such case, such Account is backed by a Letter of Credit acceptable to
the Administrative Agent and in the possession of, and directly drawable by, the Administrative Agent; 
 (k)
which is owed in any currency other than U.S. dollars or Canadian dollars; 
 (l) which is owed by (i) any
Governmental Authority of any country other than the United States unless such Account is backed by a Letter of Credit acceptable to the Administrative Agent and in the possession of, and directly drawable by, the Administrative Agent, or
(ii) any Governmental Authority of the United States, unless the Federal Assignment of Claims Act of 1940, as amended, and any other actions necessary to perfect the Lien of the Administrative Agent in such Account have been complied with to
the Administrative Agent’s reasonable satisfaction; 
 (m) which is owed, to the knowledge of the Borrower,
by any Affiliate, employee, officer or director of any Loan Party or by any Permitted Holder; 
 (n) which is
owed by an Account Debtor to which (or, where performance by such Account Debtor of its obligations in respect of such Account could reasonably be expected to be setoff as a result of such payment obligation being owed to an Affiliate of such
Account Debtor, to an Affiliate of which) any Loan Party owes a payment obligation, but only to the extent of such payment obligation, or which is subject to any security, deposit, progress payment, retainage or other similar advance made by or for
the benefit of an Account Debtor, in each case to the extent thereof; 

  
 19 

 (o) which is subject to any counterclaim, deduction, defense, setoff or
dispute, but only to the extent of any such counterclaim, deduction, defense, setoff or dispute; 
 (p) which is
evidenced by any promissory note, chattel paper or instrument, unless such promissory note, chattel paper or instrument, together with undated instruments of transfer duly executed in blank, shall have been delivered to the Administrative Agent;

 (q) with respect to which a Loan Party has made any agreement with an Account Debtor for any reduction thereof
(to the extent of such reduction), other than discounts and adjustments given in the ordinary course of business; 
 (r) which does not comply in all material respects with the requirements of all applicable laws, including the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation Z of
the Board of Governors; 
 (s) which indicates any party other than a Loan Party (and, in the case of any Account
arising pursuant to an Agented Advertising Arrangement, the applicable Agency but only as an agent of the Advertising Client) as payee; 
 (t) which was acquired by, or the interest in which was acquired by, any Loan Party pursuant to a Permitted Acquisition or any other Material Acquisition, unless (i) the Administrative Agent shall
have completed a field examination following the date of such Material Acquisition in accordance with Section 5.09(b) or (ii) the Administrative Agent has otherwise determined, in its Permitted Discretion, not to apply with respect thereto
the ineligibility criteria set forth in this clause (t); or 
 (u) which the Administrative Agent determines may
not be paid by reason of the Account Debtor’s inability to pay or which the Administrative Agent otherwise determines, in its Permitted Discretion (including on the basis of any Agency Exposure Information provided to the Administrative Agent),
may not be collected by the applicable Loan Party. 
 In determining the amount of an Eligible Account, the face amount of an Account may, in
the Administrative Agent’s Permitted Discretion, be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional
program allowances, price adjustments, finance charges or other allowances (including any amount that any Loan Party may be obligated to rebate to an Account Debtor pursuant to the terms of any agreement or understanding (written or oral)) and
(ii) the aggregate amount of all cash received by the Loan Parties in respect of such Account but not yet applied by the Loan Parties to reduce the amount of such Account. Standards of eligibility may be made more restrictive from time to time
solely by the Administrative Agent, in its Permitted Discretion, with any such changes to be effective three days after delivery of notice thereof to the Borrower and the Lenders. 

  
 20 

 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a
Lender, (c) an Approved Fund and (d) any other Person, other than, in each case, (i) a natural person, (ii) the Borrower, any Subsidiary or any other Affiliate of the Borrower or (iii) a Competitor or an Affiliate of a
Competitor. 
 “Engagement Letter” means the Engagement Letter dated March 31, 2011, among the Borrower,
the Administrative Agent and J.P. Morgan Securities LLC. 
 “Environmental Laws” means all applicable rules,
regulations, codes, ordinances, judgments, orders, decrees and other laws, and all injunctions, notices or binding agreements, issued, promulgated or entered into by any Governmental Authority and relating in any way to the environment, to
preservation or reclamation of natural resources, to the management, Release or threatened Release of any hazardous substances, material or wastes or related to health or safety matters arising from exposure to such hazardous substances, materials
or waste. 
 “Environmental Liability” means any liability, obligation, loss, claim, action, order or cost,
contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties and indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests, beneficial interests or other ownership interests, whether voting or nonvoting, in, or
interests in the income or profits of, a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing; provided that Permitted Convertible Notes and Permitted Call Spread Hedge
Agreements shall not constitute Equity Interests of the Borrower. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414(m) or 414(o) of the Code. 
 “ERISA Event” means (a) any “reportable event”, as
defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) any failure by any Plan to satisfy the minimum funding standard (within
the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each case whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application
for a waiver of the minimum funding standard with respect to any Plan, (d) a 

  
 21 

 
determination that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code), (e) the incurrence
by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (f) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any
notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (g) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan, or (h) the receipt by Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in endangered or critical status, within the meaning of
Section 432 of the Code or Section 305 of ERISA. 
 “Eurocurrency”, when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the meaning set forth in Article VII. 

“Excess Availability” means, at any time, an amount equal to (a) the lesser of (i) the Aggregate Commitment at
such time and (ii) the Borrowing Base minus (b) the Aggregate Revolving Exposure at such time. 
 “Exchange
Act” means the United States Securities Exchange Act of 1934. 
 “Excluded Taxes” means, with respect
to any payment made by any Loan Party under this Agreement or any other Loan Document, any of the following Taxes imposed on or with respect to a Recipient: (a) income Taxes and U.S. federal backup withholding or franchise Taxes imposed on (or
measured by) net income by the United States of America or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is
located, (b) any branch profits Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction referred to in clause (a) above, (c) Other Connection Taxes, (d) in the case of a Lender (other
than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any U.S. Federal withholding Taxes resulting from any law in effect on the date such Lender becomes a party to this Agreement (or designates a new lending office) or
is attributable to such Lender’s failure to comply with Section 2.16(f), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding Taxes pursuant to Section 2.16(a) and (e) any Taxes imposed under FATCA (or any version of FATCA that is substantively comparable and not materially more onerous to
comply with). 

  
 22 

 “Existing Credit Agreement” means the Amended and Restated Loan and
Security Agreement dated as of September 10, 2009, between the Borrower and Bridge Bank, National Association. 

“Existing Preferred Stock” means (a) Series A Preferred Stock, $0.0001 par value per share, of the Borrower,
(b) Series B Preferred Stock, $0.0001 par value per share, of the Borrower, (c) Series C Preferred Stock, $0.0001 par value per share, of the Borrower, (d) Series D Preferred Stock, $0.0001 par value per share, of the Borrower,
(e) Series E Preferred Stock, $0.0001 par value per share, of the Borrower, (f) Series F Preferred Stock, $0.0001 par value per share, of the Borrower and (g) Series G Preferred Stock, $0.0001 par value per share, of the Borrower.

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement, and any regulations
or official interpretations thereof. 
 “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person. 
 “Fixed Charges Coverage Ratio” means, as of any date, the ratio of (a) Consolidated EBITDA to (b) Consolidated Fixed Charges, in each case for the period of four consecutive
fiscal quarters ending on such date (or, if such date is not the last day of a fiscal quarter, ending on the last day of the fiscal quarter most recently ended prior to such date). 

“Foreign IP Holdco” has the meaning set forth in Section 6.05. 

“Foreign Lender” means any Lender that is not a U.S. Person. 

“Foreign Pledge Agreement” means a pledge or charge agreement granting a Lien on Equity Interests in a Foreign
Subsidiary to secure the Secured Obligations, governed by the law of the jurisdiction of organization of such Foreign Subsidiary and in form and substance reasonably satisfactory to the Administrative Agent. 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America, applied in accordance with the
consistency requirements thereof. 

  
 23 

 “Governmental Approvals” means all authorizations, consents, approvals,
permits, licenses and exemptions of, registrations and filings with, and reports to, Governmental Authorities. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or
pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation;
provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount, as of any date of determination, of any Guarantee shall be the principal amount outstanding
on such date of Indebtedness or other obligation guaranteed thereby (or, in the case of (i) any Guarantee the terms of which limit the monetary exposure of the guarantor or (ii) any Guarantee of an obligation that does not have a principal
amount, the maximum monetary exposure as of such date of the guarantor under such Guarantee (as determined, in the case of clause (i), pursuant to such terms or, in the case of clause (ii), reasonably and in good faith by the chief financial officer
of the Borrower)). 
 “Hazardous Materials” means all explosive, radioactive, hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 “Hedging Agreement” means any agreement with respect to any swap, forward, future or derivative transaction,
or any option or similar agreement, involving, or settled by reference to, one or more rates, currencies, commodities, prices of equity or debt securities or instruments, or economic, financial or pricing indices or measures of economic, financial
or pricing risk or value, or any similar transaction or combination of the foregoing transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors,
officers, 

  
 24 

 
employees or consultants of the Borrower or the Subsidiaries shall be a Hedging Agreement. 
 “Incremental Commitment” means, with respect to any Lender, the commitment, if any, of such Lender, established pursuant to an Incremental Facility Agreement and Section 2.20, to
make Loans and to acquire participations in Letters of Credit and Protective Advances hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Exposure under such Incremental Facility
Agreement. 
 “Incremental Facility Agreement” means an Incremental Facility Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Lenders, establishing Incremental Commitments and effecting such other amendments hereto and to the other Loan Documents as
are contemplated by Section 2.20. 
 “Incremental Lender” means a Lender with an Incremental Commitment.

 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for
borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person (excluding trade accounts payable incurred in the ordinary course of business), (d) all obligations of such Person in respect of the deferred purchase price of property or
services (including payments in respect of non-competition agreements or other arrangements representing acquisition consideration, in each case entered into in connection with an acquisition, but excluding (i) accounts payable incurred in the
ordinary course of business, (ii) deferred compensation payable to directors, officers or employees of Borrower or any Subsidiary and (iii) any purchase price adjustment or earnout incurred in connection with an acquisition, except to the
extent that the amount payable pursuant to such purchase price adjustment or earnout is, or becomes, reasonably determinable), (e) all Capital Lease Obligations of such Person, (f) the maximum aggregate amount of all letters of credit and
letters of guaranty in respect of which such Person is an account party, (g) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (h) all Disqualified Equity Interests in such Person, valued, as
of the date of determination, at the greater of (i) the maximum aggregate amount that would be payable upon maturity, redemption, repayment or repurchase thereof (or of Disqualified Equity Interests or Indebtedness into which such Disqualified
Equity Interests are convertible or exchangeable) and (ii) the maximum liquidation preference of such Disqualified Equity Interests, (i) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person, and (j) all Guarantees by such Person of Indebtedness of
others. The Indebtedness of any Person shall include the Indebtedness of any other Person (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership
interest in 

  
 25 

 
or other relationship with such other Person, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
any Loan Party under this Agreement or any other Loan Document and (b) Other Taxes. 
 “Indemnitee” has
the meaning set forth in Section 9.03(b). 
 “Intellectual Property” has the meaning set forth in the
Collateral Agreement. 
 “Intercompany Subordination Agreement” means an intercompany subordination agreement
in form and substance customary for such agreements and reasonably satisfactory to the Administrative Agent. 

“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance
with Section 2.07, which shall be, in the case of any such written request, in the form of Exhibit F or any other form approved by the Administrative Agent. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurocurrency Loan, the last
day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, such day or days prior to the last day of such
Interest Period as shall occur at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or, if agreed to by each Lender participating therein, nine or twelve months thereafter), as the Borrower may elect;
provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in
the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Investment” means, with respect to a specified Person, any Equity Interests, evidences of Indebtedness or other
securities (including any option, warrant or other right to acquire any of the foregoing) of, or any capital contribution or loans or advances (other than advances made in the ordinary course of business that would be

  
 26 

 
recorded as accounts receivable on the balance sheet of the specified Person prepared in accordance with GAAP) to, Guarantees of any Indebtedness or other obligations of, or any other investment
(including any investment in the form of transfer of property for consideration that is less than the fair value thereof (as determined reasonably and in good faith by the chief financial officer of the Borrower)) in, any other Person that are held
or made by the specified Person. The amount, as of any date of determination, of (a) any Investment in the form of a loan or an advance shall be the principal amount thereof outstanding on such date of determination, without any adjustment for
write-downs or write-offs (including as a result of forgiveness of any portion thereof) with respect to such loan or advance after the date thereof, (b) any Investment in the form of a Guarantee shall be determined in accordance with the
definition of the term “Guarantee”, (c) any Investment by the specified Person in the form of a purchase or other acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any other Person shall
be the fair value (as determined reasonably and in good faith by the chief financial officer of the Borrower) of the consideration therefor (including any Indebtedness assumed in connection therewith), plus the fair value (as so determined) of all
additions, as of such date of determination, thereto, and minus the amount, as of such date, of any portion of such Investment repaid to the investor in cash as a repayment of principal or a return of capital, as the case may be, but without any
other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the time of such Investment, (d) any Investment (other than any Investment referred to in clause (a),
(b) or (c) above) in the form of a transfer of Equity Interests or other property by the investor to the investee, including any such transfer in the form of a capital contribution, shall be the fair value (as determined reasonably and in
good faith by the chief financial officer of the Borrower) of such Equity Interests or other property as of the time of such transfer (less, in the case of any investment in the form of transfer of property for consideration that is less than the
fair value thereof, the fair value (as so determined) of such consideration as of the time of the transfer), minus the amount, as of such date of determination, of any portion of such Investment repaid to the investor in cash as a return of capital,
but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the time of such transfer, and (e) any Investment (other than any Investment referred to in
clause (a), (b), (c) or (d) above) by the specified Person in any other Person resulting from the issuance by such other Person of its Equity Interests to the specified Person shall be the fair value (as determined reasonably and in good
faith by the chief financial officer of the Borrower) of such Equity Interests at the time of the issuance thereof. 

“IPO” means the initial underwritten public offering of common Equity Interests in the Borrower pursuant to an effective
registration statement filed with the SEC pursuant to the Securities Act. 
 “IRS” means the United States
Internal Revenue Service. 
 “Issuing Bank” means (a) JPMorgan Chase Bank, N.A. and (b) each Lender
that shall have become an Issuing Bank hereunder as provided in Section 2.05(j) (other than any Person that shall have ceased to be an Issuing Bank as provided in Section 2.05(k)), each in its capacity as an issuer of Letters of Credit
hereunder. Each 

  
 27 

 
Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any
such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.05 with respect to such Letters of Credit).

 “Joint Venture” means (a) any Subsidiary that is not a wholly owned Subsidiary or (b) any Person
in whom the Borrower or any Subsidiary owns any Equity Interest but that is not a Subsidiary. 
 “LC
Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure”
means, at any time, the sum of (a) the aggregate amount of all Letters of Credit that remains available for drawing at such time and (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the
Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or an Incremental Facility
Agreement, other than any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Administrative Agent, in its capacity as the
lender of Protective Advances. 
 “Letter of Credit” means any letter of credit issued pursuant to this
Agreement, other than any such letter of credit that shall have ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section 9.05. 
 “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the rate appearing on the Reuters “LIBOR01” screen displaying British Bankers’
Association Interest Settlement Rates (or on any successor or substitute screen provided by Reuters, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such screen, as determined
by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurocurrency
Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds
in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

  
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 “Lien” means, with respect to any asset, (a) any mortgage, deed of
trust, lien, pledge, hypothecation, charge, security interest or other encumbrance on, in or of such asset, and any arrangement entered into for the purpose of making particular assets available to satisfy any Indebtedness or other obligation and
(b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

 “Liquidity” means, at any time, the sum of (a) Excess Availability at such time plus (b) the
aggregate amount of cash on deposit in the Administrative Agent Controlled Account at such time. 
 “Loan
Documents” means this Agreement, the Incremental Facility Agreements, the Collateral Agreement, the other Security Documents, the Post-Closing Letter Agreement, the Intercompany Subordination Agreement, any agreement designating an
additional Issuing Bank as contemplated by Section 2.05(j) and, except for purposes of Section 9.02, any promissory notes delivered pursuant to Section 2.09(c). 
 “Loan Document Obligations” has the meaning set forth in the Collateral Agreement. 
 “Loan Parties” means the Borrower and each Subsidiary Loan Party. 

“Loans” means the loans (including Protective Advances) made by the Lenders to the Borrower pursuant to this Agreement.

 “Long-Term Indebtedness” means any Indebtedness that, in accordance with GAAP, constitutes (or, when
incurred, constituted) a long-term liability. 
 “Material Acquisition” means any acquisition, or a series of
related acquisitions, of (a) Equity Interests in any Person if, after giving effect thereto, such Person will become a Subsidiary or (b) assets comprising all or substantially all the assets of (or all or substantially all the assets
constituting a business unit, division, product line or line of business of) any Person; provided that the aggregate consideration therefor (including Indebtedness assumed in connection therewith) exceeds $2,500,000. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, liabilities, operations or
financial condition of the Borrower and the Subsidiaries, taken as a whole, (b) the ability of any Loan Party to perform any of its payment obligations under any Loan Document or (c) the rights of or benefits available to the Lenders under
any Loan Document. 
 “Material Indebtedness” means Indebtedness (other than the Loans, Letters of Credit and
Guarantees under the Loan Documents), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount of $2,000,000 or more. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the 

  
 29 

 
maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

 “Maturity Date” means the fourth anniversary of the Effective Date. 

“MNPI” means material information concerning the Borrower and its Related Parties or its or their respective securities
and that (a) if the Borrower or any Subsidiary shall have any securities registered under the Exchange Act or issued pursuant to Rule 144A under the Securities Act, or shall otherwise be subject to the reporting obligations under the Exchange
Act, has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD under the Securities Act and the Exchange Act, or (b) otherwise, is of the type that customarily would not be posted on
the part of the Platform that is designated for “Public Lenders” or that would otherwise customarily be treated as “private” information. 
 “Moody’s” means Moody’s Investors Service, Inc., and any successor to its rating agency business. 
 “Mortgage” means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document granting a Lien on any Mortgaged Property to secure the Secured
Obligations. Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative Agent. 

“Mortgaged Property” means each parcel of real property owned in fee by a Loan Party, and the improvements thereto, that
(together with such improvements) has a book or fair value of $2,000,000 or more. 
 “Multiemployer Plan” means
a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “New York UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York. 
 “Non-Defaulting Lender” means, at
any time, any Lender that is not a Defaulting Lender at such time. 
 “Other Connection Taxes” means, with
respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising solely from such Recipient having executed, delivered, enforced,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced by, this Agreement, or sold or assigned an interest in this
Agreement). 
 “Other Reserves” means any reserves (other than the Designated Secured Obligations Reserve and
the Dilution Reserve) that the Administrative Agent deems necessary, in its Permitted Discretion, to maintain (including reserves for accrued and 

  
 30 

 
unpaid interest on any Loan and, without duplication of any exclusions made pursuant to clause (u) of the definition of the term “Eligible Accounts”, any reserves established on
the basis of the Agency Exposure Information) with respect to the Collateral or any Loan Party. 
 “Other
Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration
of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment
(other than an assignment under Section 2.18(b)). 
 “Participant Register” has the meaning set forth in
Section 9.04(c). 
 “Participants” has the meaning set forth in Section 9.04(c). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 

“Perfection Certificate” means a certificate in the form of Exhibit G or any other form approved by the Administrative
Agent. 
 “Permitted Acquisition” means the purchase or other acquisition by the Borrower or any Subsidiary of
Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of), any Person if (a) in the case of any purchase or other
acquisition of Equity Interests in a Person, upon the consummation of such acquisition such Person (including each subsidiary of such Person) will be a wholly-owned Subsidiary (including as a result of a merger or consolidation between any
Subsidiary and such Person), (b) such purchase or acquisition was not preceded by, or consummated pursuant to, an unsolicited tender offer or proxy contest initiated by or on behalf of the Borrower or any Subsidiary, (c) all transactions
related thereto are consummated in accordance with applicable law, (d) the business of such Person, or such assets, as the case may be, constitute a business permitted under Section 6.03(b) and (e) with respect to each such purchase
or other acquisition, all actions required to be taken with respect to each newly created or acquired Subsidiary or assets in order to satisfy the requirements set forth in clauses (a), (b), (c), (d) and (g) of the definition of the term
“Collateral and Guarantee Requirement” shall have been taken (or arrangements for the taking of such actions satisfactory to the Administrative Agent shall have been made). 

“Permitted Call Spread Hedge Agreements” means (a) a Hedge Agreement pursuant to which the Borrower acquires a call
option requiring the counterparty thereto to deliver to the Borrower shares of common stock of the Borrower, the cash value of such shares or a combination thereof from time to time upon exercise of such option and (b) a Hedge Agreement
pursuant to which the Borrower issues to the counterparty thereto warrants to acquire common stock of the Borrower, in each case 

  
 31 

 
entered into by the Borrower concurrently with the issuance of Permitted Convertible Notes; provided that (i) the terms, conditions and covenants of each such Hedge Agreement shall be
such as are typical and customary for Hedge Agreements of such type (as determined by the Board of Directors of the Borrower in good faith) and (ii) in the case of clause (b) above, such Hedge Agreement would be classified as an equity
instrument in accordance with EITF 00-19, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, or any successor thereto (including pursuant to the Accounting Standards
Codification), and the settlement of such Hedge Agreement does not require the Borrower to make any payment in cash or cash equivalents that would disqualify such Hedge Agreement from so being classified as an equity instrument. 

“Permitted Convertible Notes” means any notes issued by the Borrower that are convertible into common stock of the
Borrower; provided that (a) the stated final maturity thereof shall be no earlier than 91 days after the Maturity Date, and shall not be subject to any conditions that could result in such stated final maturity occurring on a date that
precedes the 91st day after the Maturity Date (it being understood that a repurchase of such notes on account of the occurrence of a “fundamental change” shall not be deemed to constitute a change in the stated final maturity thereof),
(b) such notes shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or at the option of any holder thereof (except, in each case, upon the
occurrence of an event of default or a “fundamental change”) prior to the 91st day after the Maturity Date, (c) the terms, conditions and covenants of such notes shall be such as are typical and customary for notes of such type (as
determined by the Board of Directors of the Borrower in good faith), (d) no Subsidiary that is not a Loan Party shall Guarantee obligations of the Borrower thereunder, and each such Guarantee shall provide for the release and termination
thereof, without action by any Person, upon any release and termination of the Guarantee by such Subsidiary of the Loan Document Obligations, and (e) the obligations in respect thereof (and any Guarantee thereof) shall not be secured by any
Lien on any asset of the Borrower or any Subsidiary. 
 “Permitted Discretion” means a determination made by
the Administrative Agent in the exercise of its reasonable credit judgment and consistent with its policies applicable to asset based lending transactions similar to the credit facilities established hereunder. 

“Permitted Encumbrances” means: 
 (a) Liens imposed by law for Taxes that are not yet delinquent or are being contested in compliance with Section 5.06; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law (other than any Lien imposed pursuant to Section 430(k) of the Code or Section 303(k) of ERISA or a violation of Section 436 of the Code), arising in the ordinary course of business; 

  
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 (c) pledges and deposits made (i) in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance and other social security laws and (ii) in respect of letters of credit, bank guarantees or similar instruments issued for the account of the Borrower or any Subsidiary in the
ordinary course of business supporting obligations of the type set forth in clause (i) above; 
 (d) pledges
and deposits made (i) to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business and
(ii) in respect of letters of credit, bank guarantees or similar instruments issued for the account of the Borrower or any Subsidiary in the ordinary course of business supporting obligations of the type set forth in clause (i) above;

 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of
Article VII; 
 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any
Subsidiary; 
 (g) banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts,
securities accounts or other funds maintained with depository institutions or securities intermediaries; provided that such deposit accounts, securities accounts or funds therein or credited thereto are not established, deposited or made for
the purpose of providing collateral for any Indebtedness and are not subject to restrictions on access by the Borrower or any Subsidiary in excess of those required by applicable banking regulations; 

(h) Liens arising by virtue of Uniform Commercial Code financing statement filings (or similar filings under applicable
law) regarding operating leases entered into by the Borrower and the Subsidiaries in the ordinary course of business; 
 (i) Liens representing any interest or title of a licensor, lessor or sublicensor or sublessor, or a licensee, lessee or sublicensee or sublessee, in the property subject to any lease, license or
sublicense or concession agreement permitted by this Agreement; and 
 (j) Liens that are contractual rights of
set-off; 
 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

  
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 “Permitted Holders” means the Persons set forth on Schedule 1.01(b) hereto.

 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the
United States of America (or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within two years from the date of acquisition thereof; 

(b) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, any
State of the United States of America or any political subdivision of any such State or any public instrumentality thereof that (i) mature within two years from the date of acquisition thereof and (ii) are rated not lower than P-1 or A2 by
Moody’s or A-1 or A by S&P at such date of acquisition; 
 (c) direct obligations of, or obligations the
principal of and interest on which are unconditionally guaranteed by, any agency of the United States of America that (i) mature within two years from the date of acquisition thereof and (ii) are rated not lower than P-1 or A2 by
Moody’s or A-1 or A by S&P at such date of acquisition; 
 (d) investments in commercial paper that
(i) mature within two years from the date of acquisition thereof and (ii) are rated not lower than P-1 or A2 by Moody’s or A-1 or A by S&P at such date of acquisition; 

(e) investments in certificates of deposit, banker’s acceptances and demand or time deposits, in each case maturing
within two years from the date of acquisition thereof, issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of
America or any State thereof or any domestic branch of any foreign commercial bank; 
 (f) fully collateralized
repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 

(g) investments in corporate notes, bonds or debentures that (i) mature within two years from the date of acquisition
thereof and (ii) are rated not lower than P-1 or A-2 by Moody’s or A-1 or A by S&P at such date of acquisition; 
 (h) money market funds that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P or Aaa by Moody’s and (iii) have
portfolio assets of at least $5,000,000,000; and 

  
 34 

 (i) in the case of any Foreign Subsidiary, other short-term investments that
are analogous to the foregoing, are of comparable credit quality and are customarily used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes. 

“Permitted Subordinated Notes” means any notes issued by the Borrower, provided that (a) such notes, and any
Guarantees thereof, are subordinated in right of payment to the Loan Document Obligations on terms customary at the time of the issuance of such notes for high yield subordinated debt securities issued in a public offering, (b) the stated final
maturity thereof shall be no earlier than 91 days after the Maturity Date, and shall not be subject to any conditions that could result in such stated final maturity occurring on a date that precedes the 91st day after the Maturity Date,
(c) such notes shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or at the option of any holder thereof (except, in each case, upon the
occurrence of an event of default, a change in control, an asset disposition or an event of loss) prior to the 91st day after the Maturity Date, (d) the terms, conditions and covenants of such notes shall be such as are typical and customary
for notes of such type (as determined by the Board of Directors of the Borrower in good faith), (e) no Subsidiary that is not a Loan Party shall Guarantee obligations of the Borrower thereunder, and each such Guarantee (i) shall provide
for the release and termination thereof, without action by any Person, upon any release and termination of the Guarantee by such Subsidiary of the Loan Document Obligations and (ii) shall be subordinated to the Guarantee by such Subsidiary of
the Loan Document Obligations on terms no less favorable to the Lenders than the subordination provisions of such notes, and (f) the obligations in respect thereof (and any Guarantee thereof) shall not be secured by any Lien on any asset of the
Borrower or any Subsidiary. 
 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan”
means any “employee pension benefit plan”, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and
sponsored, maintained or contributed by the Borrower or any ERISA Affiliate, and in respect of which the Borrower or any of its ERISA Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Platform” has the meaning set forth in
Section 9.17(b). 
 “Post-Closing Letter Agreement” means the Post-Closing Letter Agreement dated as of
the date hereof, between the Borrower and the Administrative Agent. 

  
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 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 “Private Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that
are not Public Side Lender Representatives. 
 “Protective Advance” has the meaning set forth in
Section 2.04(a). 
 “Protective Advance Exposure” means, at any time, the sum of the principal amounts of
all outstanding Protective Advances at such time. The Protective Advance Exposure of any Lender at any time shall be its Applicable Percentage of the total Protective Advance Exposure at such time. 

“Public Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that do not wish
to receive MNPI. 
 “Recipient” has the meaning set forth in Section 2.16(a). 

“Refinancing Indebtedness” means, in respect of any Indebtedness (the “Original Indebtedness”), any
Indebtedness that extends, renews or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided that (a) the principal amount of such Refinancing Indebtedness shall not exceed the principal
amount of such Original Indebtedness except by an amount no greater than accrued and unpaid interest with respect to such Original Indebtedness and premiums, fees and expenses payable in connection with such extension, renewal or refinancing;
(b) the stated final maturity of such Refinancing Indebtedness shall not be earlier than that of such Original Indebtedness, and such stated final maturity shall not be subject to any conditions (other than conditions that were applicable to
the Original Indebtedness) that could result in such stated final maturity occurring on a date that precedes the stated final maturity of such Original Indebtedness; (c) such Refinancing Indebtedness shall not be required to be repaid, prepaid,
redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or at the option of any holder thereof (except, in each case, upon the occurrence of an event of default or a change in control or as
and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been required pursuant to the terms of such Original Indebtedness) prior to the earlier of (i) the maturity of such Original Indebtedness and
(ii) the date 180 days after the Maturity Date, provided that, notwithstanding the foregoing, scheduled amortization payments (however denominated) of such Refinancing Indebtedness shall be permitted so long as the weighted average life
to maturity of such Refinancing Indebtedness shall be at least as long as the weighted average life to maturity of such Original Indebtedness remaining as of the date of such extension, renewal or refinancing; (d) such Refinancing Indebtedness
shall not constitute an obligation (including pursuant to a Guarantee) of any Subsidiary that shall not have been (or, in the case of after-acquired Subsidiaries, shall not have been required to become) an obligor in respect of such Original
Indebtedness; (e) if such Original 

  
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Indebtedness (including any Guarantee thereof) shall have been subordinated to the Loan Document Obligations, such Refinancing Indebtedness (including any Guarantee thereof) shall also be
subordinated to the Loan Document Obligations on terms not less favorable in any material respect to the Lenders; and (f) such Refinancing Indebtedness shall not be secured by any Lien on any asset other than the assets that secured such
Original Indebtedness (or would have been required to secure such Original Indebtedness pursuant to the terms thereof) or, in the event Liens securing such Original Indebtedness shall have been contractually subordinated to any Lien securing the
Loan Document Obligations, by any Lien that shall not have been contractually subordinated to at least the same extent. 

“Register” has the meaning set forth in Section 9.04(b)(iv). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the directors,
officers, partners, trustees, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge,
dispersal, leaching or migration into or through the environment or within or upon any building, structure, facility or fixture. 
 “Reports” means reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the assets of the Borrower or
any Subsidiary from information furnished by or on behalf of the Borrower or any Subsidiary, which Reports (except where prepared for internal purposes of the Administrative Agent) may be distributed to the Lenders by the Administrative Agent.

 “Required Lenders” means, at any time, Lenders having Revolving Exposures and unused Commitments
representing more than 50% of the sum of the Aggregate Revolving Exposure and unused Commitments at such time. 

“Reserves” means the Dilution Reserve, the Designated Secured Obligations Reserve and the Other Reserves. 

“Restricted Payment” means (a) any dividend or other distribution (whether in cash, securities or other property)
with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of, or any other return of capital with respect to, any Equity Interests in the Borrower or any Subsidiary, and (b) any management, monitoring, transaction, advisory or similar fees payable to the Permitted Holders
or any of their Affiliates. 
 “Revolving Borrowing” means a Borrowing consisting of Revolving Loans.

  
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 “Revolving Exposure” means, with respect to any Lender at any time, the sum
of the outstanding principal amount of such Lender’s Revolving Loans and such Lender’s LC Exposure and Protective Advance Exposure at such time. 
 “Revolving Lender Parent” means, with respect to any Lender, any Person in respect of which such Lender is a subsidiary. 

“Revolving Loan” means a Loan made pursuant to Section 2.01. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor to its rating agency business. 
 “Sale/Leaseback Transaction” means an arrangement relating to
property owned by the Borrower or any Subsidiary whereby the Borrower or such Subsidiary sells or transfers such property to any Person and the Borrower or any Subsidiary leases such property, or other property that it intends to use for
substantially the same purpose or purposes as the property sold or transferred, from such Person or its Affiliates. 

“SEC” means the United States Securities and Exchange Commission. 

“Secured Obligations” has the meaning set forth in the Collateral Agreement. 

“Secured Parties” has the meaning set forth in the Collateral Agreement. 

“Securities Act” means the United States Securities Act of 1933. 

“Security Documents” means the Collateral Agreement, the Foreign Pledge Agreements, if any, the Mortgages, if any, the
Control Agreements and each other security agreement or other instrument or document executed and delivered pursuant to Section 5.03 or 5.12 to secure the Secured Obligations. 

“SoundExchange” means SoundExchange (or any successor agency) as the principal administrator of the statutory licenses
under Sections 112 and 114 of the Digital Millennium Copyright Act of 1998. 
 “Specified Intercompany
Indebtedness” means Indebtedness owing by any Subsidiary that is not a Loan Party to any Loan Party, provided that (a) such Indebtedness arises solely as a result of obligations of such Subsidiary in respect of
(i) purchases, licenses and research and development cost sharing, in each case in respect of Intellectual Property, and (ii) shared services and overhead allocations and (b) no cash, cash equivalents or other assets (other than the
rights in respect of Intellectual Property referred to in clause (a) above and the provision of shared services and other services giving rise to overhead allocations referred to in clause (a) above) shall have been transferred, directly
or indirectly, by any Loan Party to such Subsidiary in connection with such Indebtedness. 

  
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 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves), expressed as a decimal, established by
the Board of Governors to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board of Governors). Such reserve percentages shall include those
imposed pursuant to such Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Indebtedness” means the Permitted Subordinated Notes and any Refinancing Indebtedness in respect thereof.

 “subsidiary” means, with respect to any Person (the “parent”) at any date, (a) any
Person the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date and (b) any other Person
(i) of which Equity Interests representing more than 50% of the equity value or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned,
controlled or held, or (ii) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Borrower. 

“Subsidiary Loan Party” means each Subsidiary that is a party to the Collateral Agreement. 

“Supermajority Lenders” means, at any time, Lenders having Revolving Exposures and unused Commitments representing more
than 66% of the sum of the Aggregate Revolving Exposure and unused Commitments at such time. 
 “Taxes” means
any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Transactions” means the execution, delivery and performance by each Loan Party of the Loan Documents to which it is to
be a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

  
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 “U.S. dollars” or “$” refers to lawful money of the United
States of America 
 “U.S. Person” means a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Tax Certificate” has the meaning set forth in
Section 2.16(f)(ii)(D)(2). 
 “USA PATRIOT Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. 
 “wholly-owned”, when used in
reference to a subsidiary of any Person, means that all the Equity Interests in such subsidiary (other than directors’ qualifying shares and other nominal amounts of Equity Interests that are required to be held by other Persons under
applicable law) are owned, beneficially and of record, by such Person, another wholly-owned subsidiary of such Person or any combination thereof. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means any Loan Party or the Administrative Agent.

 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Revolving Loans and Revolving
Borrowings may be classified and referred to by Type (e.g., a “Eurocurrency Revolving Loan” or an “ABR Revolving Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be
construed to have the same meaning and effect as the word “shall”. The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all real and personal, tangible and
intangible assets and properties, including cash, securities, accounts and contract rights. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and
interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders, writs and decrees, of all Governmental Authorities. Unless the context requires otherwise, (a) any definition of
or reference to any agreement, instrument or other document (including this Agreement and the other Loan Documents) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to
time amended, supplemented or otherwise modified 

  
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(including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any
restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (e) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. 
 SECTION 1.04. Accounting
Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature used herein shall be construed in accordance with GAAP as in effect from time to time; provided
that (i) if the Borrower, by notice to the Administrative Agent, shall request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent or the Required Lenders, by notice to the Borrower, shall request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in
GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision
amended in accordance herewith and (ii) notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be
made, without giving effect to any election under Statement of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant to the Accounting Standards
Codification), to value any Indebtedness of the Borrower or any Subsidiary at “fair value”, as defined therein. 
 (b)
All pro forma computations required to be made hereunder giving effect to any transaction shall be calculated after giving pro forma effect thereto (and, in the case of any pro forma computations made hereunder to determine whether such transaction
is permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such computation) as if such transaction had
occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of
any such financial statements, ending with the last fiscal quarter included in the consolidated financial statements referred to in Section 3.04(a)), all in accordance with Article 11 of Regulation S-X under the Securities Act. If any
Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period
(taking into account any Hedging Agreement applicable to such Indebtedness if such Hedging Agreement has a remaining term in excess of 12 months). 

  
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 SECTION 1.05. Senior Indebtedness. In the event that any Loan Party shall at any time
issue or have outstanding any Subordinated Indebtedness, such Loan Party shall take all such actions as shall be necessary to cause the Loan Document Obligations to constitute “senior indebtedness” and “designated senior
indebtedness” (however denominated) in respect of such Subordinated Indebtedness and to enable the Lenders, or an agent on their behalf, to have and exercise any payment blockage or other remedies available or potentially available to holders
of senior indebtedness under the terms of such Subordinated Indebtedness. 
 ARTICLE II 

The Credits 
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an
aggregate principal amount that will not result in (a) such Lender’s Revolving Exposure exceeding such Lender’s Commitment or (b) the Aggregate Revolving Exposure exceeding the lesser of (i) the Aggregate Commitment and
(ii) the Borrowing Base then in effect. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 

SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Revolving Borrowing consisting of
Revolving Loans of the same Type made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Revolving Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Revolving Loans as required. 

(b) Subject to Section 2.13, each Revolving Borrowing shall be comprised entirely of ABR Revolving Loans or Eurocurrency Revolving
Loans as the Borrower may request in accordance herewith; provided that all Revolving Borrowings made on the Effective Date must be made as ABR Revolving Borrowings unless the Borrower shall have given the notice required for a Eurocurrency
Revolving Borrowing under Section 2.03 and provided an indemnity letter, in form and substance reasonably satisfactory to the Administrative Agent, extending the benefits of Section 2.15 to Lenders in respect of such Borrowings. Each
Protective Advance shall be an ABR Loan. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each
Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that a Eurocurrency Revolving Borrowing that results
from a continuation of an outstanding Eurocurrency 

  
 42 

 
Revolving Borrowing may be in an aggregate amount that is equal to such outstanding Borrowing. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $250,000 and not less than $500,000; provided that an ABR Revolving Borrowing may be in an aggregate amount (i) that is equal to the entire unused balance of the Aggregate Commitment, (ii) that
is required to finance the repayment of a Protective Advance as contemplated by Section 2.04(a) or (iii) that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(f) . Revolving Borrowings of
more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of 10 (or such greater number as may be agreed to by the Administrative Agent) Eurocurrency Revolving Borrowings
outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to
elect to convert to or continue, any Eurocurrency Revolving Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03. Requests for Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurocurrency
Revolving Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing (or, in the case of any Eurocurrency Revolving Borrowing to be made on the Effective Date, such shorter period of time
as may be agreed to by the Administrative Agent) or (b) in the case of an ABR Revolving Borrowing, not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing (which shall be a Business Day). Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, facsimile, or electronic transmission of a “pdf” or similar copy to the Administrative Agent of an executed written Borrowing Request. Each such
telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 
 (i) the aggregate amount of such Borrowing; 
 (ii) the date of such
Borrowing, which shall be a Business Day; 
 (iii) whether such Borrowing is to be an ABR Revolving Borrowing or
a Eurocurrency Revolving Borrowing; 
 (iv) in the case of a Eurocurrency Revolving Borrowing, the initial
Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the account of the Borrower to which funds are to be disbursed or, in the case of any ABR Revolving Borrowing requested to finance the reimbursement of an LC Disbursement as
provided in Section 2.05(f), the identity of the Issuing Bank that made such LC Disbursement. 

  
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 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing
shall be an ABR Revolving Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Revolving Loan to be made as part of the requested Revolving
Borrowing. 
 SECTION 2.04. Protective Advances. (a) Subject to the limitations set forth below, the Administrative
Agent is authorized by the Borrower and the Lenders, from time to time during the Availability Period, in the Administrative Agent’s Permitted Discretion (but without any obligation), to make Loans to the Borrower, on behalf of all Lenders,
which the Administrative Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the
Loans and other Loan Document Obligations or (iii) to pay any other amount chargeable to or required to be paid by the Borrower pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees and
expenses as described in Section 9.03) and other sums payable under the Loan Documents (any such Loans being referred to herein as “Protective Advances”); provided that, no Protective Advance shall be made if after
giving effect thereto (A) the Aggregate Revolving Exposures would exceed the Aggregate Commitment or (B) the aggregate principal amount of the outstanding Protective Advances would exceed 10% of the Aggregate Commitment in effect at the
time of the making of such Protective Advance. Protective Advances may be made even if the conditions precedent set forth in Section 4.02 have not been satisfied. The Protective Advances shall constitute Loan Document Obligations hereunder and
shall be Guaranteed and secured as provided in the Security Documents. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall
become effective prospectively upon the Administrative Agent’s Receipt thereof. The Administrative Agent may at any time (i) subject to the limitations set forth in Section 2.01 and to the satisfaction of the conditions set forth in
Section 4.02, request, on behalf of the Borrower, the Lenders to make ABR Revolving Loans to repay any Protective Advance or (ii) require the Lenders to acquire participations in any Protective Advance as provided in paragraph (b) of
this Section. 
 (b) The Administrative Agent may by notice given not later than 10:00 a.m., New York City time, on any Business
Day require the Lenders to acquire participations on such Business Day in all or a portion of the Protective Advances outstanding. Such notice shall specify the aggregate amount of Protective Advances in which the Lenders will be required to
participate and each Lender’s Applicable Percentage of such Protective Advances. Each Lender hereby absolutely and unconditionally agrees to pay, upon receipt of notice as provided above, to the Administrative Agent such Lender’s
Applicable Percentage of such Protective Advances. Each Lender acknowledges and agrees that its obligation to acquire participations in Protective Advances pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including nonsatisfaction of any of the 

  
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conditions precedent set forth in Section 4.02, the occurrence and continuance of a Default or any reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect
to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders pursuant to this paragraph). Any amounts received by the Administrative Agent from the Borrower (or other
Person on behalf of the Borrower) in respect of a Protective Advance after receipt by the Administrative Agent of the proceeds of a sale of participations therein shall be promptly remitted by the Administrative Agent to the Lenders that shall have
made their payments pursuant to this paragraph to the extent of their interests therein; provided that any such payment so remitted shall be repaid to the Administrative Agent if and to the extent such payment is required to be refunded to
the Borrower for any reason. The purchase of participations in a Protective Advance pursuant to this paragraph shall not constitute a Loan and shall not relieve the Borrower of its obligation to repay such Protective Advance. 

SECTION 2.05. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit for its own account, denominated in U.S. dollars and in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability
Period. Notwithstanding anything contained in any letter of credit application furnished to any Issuing Bank in connection with the issuance of any Letter of Credit, (i) all provisions of such letter of credit application purporting to grant
liens in favor of the Issuing Bank to secure obligations in respect of such Letter of Credit shall be disregarded, it being agreed that such obligations shall be secured to the extent provided in this Agreement and in the Security Documents, and
(ii) in the event of any inconsistency between the terms and conditions of such letter of credit application and the terms and conditions of this Agreement, the terms and conditions of this Agreement shall control. 

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit or the
amendment, renewal or extension of an outstanding Letter of Credit, the Borrower shall hand deliver or fax (or transmit by electronic communication, if arrangements for doing so have been approved by the recipient) to the applicable Issuing Bank and
the Administrative Agent, prior to 2:00 p.m., New York City time, at least three Business Days prior to (or such later time as is reasonably acceptable to the applicable Issuing Bank in advance of) the requested date of issuance, amendment, renewal
or extension, a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the requested date of issuance, amendment, renewal or extension (which shall be a Business
Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be
necessary to enable the applicable Issuing Bank to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application on such Issuing Bank’s standard
form in connection with any 

  
 45 

 
such request. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon each issuance, amendment, renewal or extension of any Letter of Credit the Borrower shall be
deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the LC Exposure will not exceed $5,000,000 and (ii) the Aggregate Revolving Exposure will not exceed the lesser of
(A) the Aggregate Commitment and (B) the Borrowing Base then in effect. Each Issuing Bank agrees that it shall not permit any issuance, amendment, renewal or extension of a Letter of Credit to occur unless it shall have given to the
Administrative Agent written notice thereof required under paragraph (l) of this Section. 
 (c) Expiration Date.
Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such
renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date; provided that any Letter of Credit may contain customary automatic renewal provisions agreed upon by the Borrower and the applicable Issuing
Bank pursuant to which the expiration date of such Letter of Credit shall automatically be extended for a period of up to 12 months (but not to a date later than the date set forth in clause (ii) above), subject to a right on the part of such
Issuing Bank to prevent any such renewal from occurring by giving notice to the beneficiary in advance of any such renewal. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof)
and without any further action on the part of the applicable Issuing Bank or any Lender, the Issuing Bank that is the issuer thereof hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter
of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to
pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank under such Letter of Credit and not reimbursed by the Borrower on the date due as
provided in paragraph (f) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in
respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or any
reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender further acknowledges and agrees that, in issuing, amending, renewing or extending
any Letter of Credit, the applicable Issuing Bank shall be entitled to rely, and shall not incur any liability for relying, upon the representation and warranty of the Borrower deemed made pursuant to Section 4.02, unless, at least one Business
Day prior to the time such Letter of Credit is issued, amended, renewed or extended, the Required Lenders shall have notified the applicable Issuing Bank (with a copy to the Administrative Agent) in writing that, as a result of one or more events or
circumstances described in such notice, one or more of the 

  
 46 

 
conditions precedent set forth in Section 4.02(a) or 4.02(b) would not be satisfied if such Letter of Credit were then issued, amended, renewed or extended (it being understood and agreed
that, in the event any Issuing Bank shall have received any such notice, it shall have no obligation to issue, amend, renew or extend any Letter of Credit until and unless it shall be satisfied that the events and circumstances described in such
notice shall have been cured or otherwise shall have ceased to exist). 
 (e) Disbursements. Each Issuing Bank shall,
promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit and shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by hand delivery or
facsimile) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse such LC Disbursement. 
 (f) Reimbursements. If an Issuing Bank shall make an LC Disbursement in respect of a
Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than (i) if the Borrower shall have received notice of such LC Disbursement prior to
10:00 a.m., New York City time, on any Business Day, then 3:00 p.m., New York City time, on such Business Day or (ii) otherwise, 3:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such
notice; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing and, to the extent so financed, the
Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to reimburse any LC Disbursement by the time specified above, the Administrative Agent shall notify each
Lender of such failure, the payment then due from the Borrower in respect of the applicable LC Disbursement and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative
Agent its Applicable Percentage of the amount then due from the Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the
payment obligations of the Lenders pursuant to this paragraph), and the Administrative Agent shall promptly remit to the applicable Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent
of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing
Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for an LC Disbursement (other than the funding of an ABR Revolving Borrowing as
contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
 (g) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this Section is absolute, unconditional and

  
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irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit or this Agreement, or any term or provision thereof or hereof, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this paragraph, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrower’s obligations hereunder. None of the Administrative Agent, the Lenders, the Issuing Banks or any of their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any
Letter of Credit, any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), any error, omission, interruption, loss or delay in transmission or delivery of any draft,
notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any other act, failure to act or other event or circumstance;
provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of an Issuing Bank (as determined by a court of competent jurisdiction in a final and nonappealable judgment), such Issuing
Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in
substantial compliance with the terms of a Letter of Credit, an 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 strict compliance with the terms of such Letter of Credit. 
 (h) Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid
amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement in full, at the rate per annum then applicable to ABR Revolving
Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (f) of this Section, then Section 2.12(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the
Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (f) of this Section to reimburse such Issuing Bank shall be for the account
of such Lender to 

  
 48 

 
the extent of such payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower reimburses the applicable LC Disbursement in full. 

(i) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for
the benefit of the Lenders, an amount in cash equal to 103% of the LC Exposure as of such date; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. The Borrower also shall deposit cash collateral in accordance with
this paragraph as and to the extent required by Section 2.10(b) or 2.19, and any such cash collateral (but not in excess of 100% of the LC Exposure) so deposited and held by the Administrative Agent hereunder shall constitute part of the
Borrowing Base for purposes of determining compliance with Section 2.10(b) . Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The
Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and in
the Permitted Discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall
be applied by the Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower
for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a
result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within one Business Day after all Events of Default have been cured or waived. If the Borrower is required to
provide an amount of cash collateral hereunder pursuant to Section 2.10(b), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, after giving effect to such return, the Aggregate
Revolving Exposure would not exceed the lesser of the Aggregate Commitment and the Borrowing Base then in effect and no Event of Default shall have occurred and be continuing. 
 (j) Designation of Additional Issuing Banks. The Borrower may, at any time and from time to time, with the consent of the Administrative Agent (which consent shall not be unreasonably withheld),
designate as additional Issuing Banks one or more Lenders that agree to serve in such capacity as provided below. The acceptance by a Lender of an appointment as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form
and substance reasonably satisfactory to the 

  
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Administrative Agent, executed by the Borrower, the Administrative Agent and such designated Lender and, from and after the effective date of such agreement, (i) such Lender shall have all
the rights and obligations of an Issuing Bank under this Agreement and (ii) references herein to the term “Issuing Bank” shall be deemed to include such Lender in its capacity as an issuer of Letters of Credit hereunder. 

(k) Termination of an Issuing Bank. The Borrower may terminate the appointment of any Issuing Bank as an “Issuing Bank”
hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Administrative Agent. Any such termination shall become effective upon the earlier of (i) such Issuing Bank acknowledging receipt of such notice and
(ii) the 10th Business Day following the date of the delivery thereof; provided that no such termination shall become effective until and unless the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (or its
Affiliates) shall have been reduced to zero. At the time any such termination shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.11(b) . Notwithstanding
the effectiveness of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such
termination, but shall not issue any additional Letters of Credit. 
 (l) Issuing Bank Reports to the Administrative
Agent. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for
such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all
disbursements and reimbursements, (ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the stated amount of the Letters
of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing
Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such
failure and the amount of such LC Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. 

(m) LC Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the
terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases (other than any such
increase consisting of the reinstatement of an amount previously drawn thereunder and reimbursed) whether or not such maximum stated amount is in effect at the time of determination. 

  
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 SECTION 2.06. Funding of Borrowings. (a) Each Lender shall make each Loan to be
made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, (or, in the case of an ABR Revolving Borrowing made on the same day as the date of the Borrowing Request therefor,
2:30 p.m., New York City time) to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Protective Advances shall be made as provided in Section 2.04. The
Administrative Agent will make such Loans available to the Borrower by promptly remitting the amounts so received, in like funds, to an account of the Borrower; provided that (i) the proceeds of ABR Revolving Loans made to finance
(A) the repayment of a Protective Advance as provided in Section 2.04(a) shall be applied by the Administrative Agent for such purpose and (B) the reimbursement of an LC Disbursement as provided in Section 2.05(f) shall be
remitted by the Administrative Agent to the Issuing Bank specified by the Borrower in the applicable Borrowing Request and (ii) the proceeds of any Protective Advance shall be retained by the Administrative Agent and applied, on behalf of the
Borrower, for the purposes for which such Protective Advance shall have been made. 
 (b) Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Revolving Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Revolving Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance on such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Revolving Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of
the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to
the other Loans included in such Revolving Borrowing. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Revolving Borrowing. 

SECTION 2.07. Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type and, in the case of a
Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in the applicable Borrowing Request or as otherwise provided in Section 2.03. Thereafter, the Borrower may elect to convert such Revolving Borrowing to a
Revolving Borrowing of a different Type or to continue such Borrowing and, in the case of a Eurocurrency Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect
to different portions of the affected Revolving Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Revolving Loans comprising such Borrowing, and the Revolving Loans comprising each

  
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such portion shall be considered a separate Revolving Borrowing. This Section shall not apply to Protective Advances, which may not be converted or continued. 

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the
time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, facsimile or electronic transmission of a “pdf” or similar copy to the Administrative Agent of an executed written Interest Election Request. Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Revolving Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to
each resulting Revolving Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Revolving Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 (iii) whether the resulting Revolving Borrowing is to be an ABR Revolving Borrowing or a Eurocurrency
Revolving Borrowing; and 
 (iv) if the resulting Revolving Borrowing is to be a Eurocurrency Revolving
Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurocurrency Revolving Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. 
 (c) Promptly following receipt of an Interest Election Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Revolving Borrowing. 
 (d) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Revolving Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default under clause (h) or (i) of
Article VII has occurred and is continuing with respect to the Borrower, or if any other Event of Default has occurred and is continuing and the Administrative Agent, at the direction of the Required Lenders, has notified the Borrower of the
election to give effect to this sentence on account of such other Event of Default, then, in each such case, so long as such Event of Default is continuing, (i) no outstanding Revolving Borrowing

  
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may be converted to or continued as a Eurocurrency Revolving Borrowing and (ii) unless repaid, each Eurocurrency Revolving Borrowing shall be converted to an ABR Revolving Borrowing at the
end of the Interest Period applicable thereto. 
 SECTION 2.08. Termination and Reduction of Commitments. (a) Unless
previously terminated, the Commitments shall automatically terminate on the Maturity Date. 
 (b) The Borrower may at any time
terminate, or from time to time permanently reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the
Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the Aggregate Revolving Exposure would exceed the Aggregate Commitment. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section at least two Business Days prior to the effective date of such termination or reduction, specifying the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the
contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Commitments under paragraph (b) of this Section may state that such notice
is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

SECTION 2.09. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Maturity Date and (ii) to the Administrative Agent the then unpaid principal amount of each Protective Advance on
the earlier of the Maturity Date, the 30th day after such Protective Advance is made and the date on which payment shall be demanded by the Administrative Agent. 
 (b) The records maintained by the Administrative Agent and the Lenders shall be prima facie evidence of the existence and amounts of the obligations of the Borrower in respect of the Loans,
LC Disbursements, interest and fees due or accrued hereunder; provided that the failure of the Administrative Agent or any Lender to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to
pay any amounts due hereunder in accordance with the terms of this Agreement. 

  
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 (c) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein
(or, if such promissory note is a registered note, to such payee and its registered assigns). 
 (d) Upon the commencement and
during the continuance of a Cash Dominion Period, (i) the Administrative Agent shall instruct each depositary bank party to any Control Agreement to transfer on each Business Day (or with such other frequency as shall be specified by the
Administrative Agent) to the account of the Administrative Agent specified by it (the “Cash Dominion Account”) all funds then on deposit in the deposit account or deposit accounts subject to such Control Agreement, other than any
funds held in the Administrative Agent Controlled Account; provided that the Administrative Agent shall not be required to give such instructions with respect to one or more of such deposit accounts if, and to the extent that, the
Administrative Agent shall have determined that the aggregate amount of funds that would otherwise be required to be transferred pursuant to instructions given in accordance with this clause (i) on any Business Day would exceed the aggregate
principal amount of Loans and LC Exposure (other than LC Exposure that shall have been theretofore cash collateralized in accordance with Section 2.05(i)) outstanding on such Business Day; and (ii) on each Business Day immediately
following the day of receipt by the Administrative Agent of any funds pursuant to a transfer referred to in clause (i) above, shall apply the amounts so received first, to prepay Protective Advances, second, to prepay Revolving Loans and,
third, to cash collateralize outstanding LC Exposure in accordance with Section 2.05(i) and, following such application thereof, shall remit the remaining funds, if any, to the Borrower; provided that upon the occurrence and during the
continuance of an Event of Default, at the Administrative Agent’s election, such funds may be applied as provided in the Collateral Agreement (and, pending such application, may be held as cash collateral). The Borrower hereby directs the
Administrative Agent to apply its funds as so specified and authorizes the Administrative Agent to determine the order of application of such funds as among the individual Borrowings and LC Exposures of the Borrower. Each prepayment of a Revolving
Borrowing shall be applied ratably to the Revolving Loans included in such Borrowing. 
 SECTION 2.10. Prepayment of
Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section. 

(b) In the event and on each occasion that the Aggregate Revolving Exposure exceeds the lesser of (i) the sum of (A) the
Borrowing Base then in effect and (B) the Protective Advance Exposure and (ii) the Aggregate Commitment, the Borrower shall prepay Borrowings (or, if no such Borrowings are outstanding, deposit cash collateral in an account with the
Administrative Agent in accordance with Section 2.05(i)) in an aggregate amount sufficient to eliminate such excess. 

  
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Notwithstanding the foregoing, in the case of any prepayment required to be made pursuant to this paragraph due to the Borrowing Base in effect at any time, as a result of any modification
thereto made by the Administrative Agent as permitted hereunder, being less than the amount set forth as the “Borrowing Base” in the Borrowing Base Certificate most recently delivered by the Borrower prior to such time in accordance with
Section 4.01(m) or 5.01(f) (other than as a result of the Borrower failing to deliver any Borrowing Base Certificate as required under Section 5.01(f)), the Borrower shall not be required to make any prepayment pursuant to this paragraph
until the third Business Day after the date of notice of such modification to the Borrower by the Administrative Agent. 
 (c)
Prior to any optional or mandatory prepayment of Borrowings under this Section, the Borrower shall specify the Borrowing or Borrowings to be prepaid in the notice of such prepayment delivered pursuant to paragraph (d) of this Section.

 (d) The Borrower shall notify the Administrative Agent by telephone (confirmed by hand delivery or facsimile) of any optional
prepayment and, to the extent practicable, any mandatory prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment,
(ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 1:00 p.m., New York City time, on the date of prepayment (which shall be a Business Day) or (iii) in the case of prepayment of a Protective Advance, not later
than 1:00 p.m., New York City time, on the date of prepayment (which shall be a Business Day). Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and,
in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that if a notice of optional prepayment is given in connection with a conditional notice of termination of the Commitments as
contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice (other than a notice relating solely to
Protective Advances), the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of
the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in such Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.12. 
 SECTION 2.11. Fees. (a) The
Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the Applicable Fee Rate on the daily unused amount of the Commitment of such Lender during the period from and including the
Effective Date to but excluding the date on which such Commitment terminates. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate,
commencing on the first such date to occur after the Effective Date. All commitment fees shall be computed on the basis of a 

  
 55 

 
year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, a Commitment of a
Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender (and the Protective Advance Exposure of such Lender shall be disregarded for such purpose). 

(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to
its participations in Letters of Credit, which shall accrue at the Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the daily amount of such Lender’s LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC
Exposure, and (ii) to each Issuing Bank a fronting fee, which shall accrue at a rate of 0.125% per annum on the average daily amount of the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any such LC Exposure, as
well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last
day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on
the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 days
after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Borrower and the Administrative Agent. 
 (d) All fees payable hereunder shall be paid on the dates due,
in immediately available funds, to the Administrative Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be
refundable under any circumstances absent manifest error. 
 SECTION 2.12. Interest. (a) The Loans comprising each
ABR Borrowing (including each Protective Advance) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 

  
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 (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted
LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing,
if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as
before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case
of any other amount, 2% per annum plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant
to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on
the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of a Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on
such Loan shall be payable on the effective date of such conversion. 
 (e) All interest hereunder shall be computed on the
basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year),
and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error. 
 SECTION 2.13. Alternate Rate of Interest. If prior to the
commencement of any Interest Period for a Eurocurrency Borrowing: 
 (a) the Administrative Agent determines
(which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will
not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Eurocurrency Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice (which may be telephonic, by facsimile or by electronic transmission of a “pdf” or similar copy) thereof to the Borrower and the Lenders as
promptly as practicable and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer 

  
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exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and such
Borrowing shall be continued as an ABR Borrowing, and (ii) any Borrowing Request for a Eurocurrency Borrowing shall be treated as a request for an ABR Borrowing. Notwithstanding anything herein to the contrary, the Borrower may rescind a
request for a Eurocurrency Revolving Borrowing by giving notice to the Administrative Agent of such rescission (which may be telephonic, by facsimile or by electronic transmission of a “pdf” or similar copy) on the same day that it
receives notice of an event described in paragraphs (a) or (b) of this Section 2.13. 
 SECTION 2.14.
Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any
reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or Issuing Bank (except any such reserve requirement reflected in the
Adjusted LIBO Rate); 
 (ii) impose on any Lender or Issuing Bank or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (a), (b), (d) or (e) of the definition of the term “Excluded Taxes”
and (C) Other Connection Taxes on gross or net income, profits or revenue (including value-added or similar Taxes)) on its loans, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or other Recipient of making or
maintaining any Eurocurrency Loan (or of maintaining its obligation to make any Eurocurrency Loan), to increase the cost to such Lender, Issuing Bank or other Recipient of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or issue any Letter of Credit) or to reduce the amount of any sum received or receivable by such Lender, Issuing Bank or other Recipient hereunder (whether of principal, interest or otherwise) in respect
of the Eurocurrency Loans or Letters of Credit issued, maintained or participated in by it, then, from time to time upon request of such Lender, Issuing Bank or other Recipient, the Borrower will pay to such Lender, Issuing Bank or other Recipient,
as the case may be, such additional amount or amounts as will compensate such Lender, Issuing Bank or other Recipient, as the case may be, for such additional costs or expenses incurred or reduction suffered. 

(b) If any Lender or Issuing Bank determines that any Change in Law regarding capital requirements has had or would have the effect of
reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of or the Loans made by, or
participations in Letters of Credit or Protective 

  
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Advances held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding company with respect to capital adequacy),
then, from time to time upon request of such Lender or Issuing Bank, the Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or
Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or Issuing Bank setting
forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section delivered to the Borrower shall be conclusive absent manifest
error. The Borrower shall pay such Lender or Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand
such compensation; provided that the Borrower shall not be required to compensate a Lender or Issuing Bank pursuant to this Section for any increased costs or expenses incurred or reductions suffered more than 180 days prior to the date that
such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or expenses or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or expenses or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan
other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert or continue any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a
result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed
to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been
applicable to such Loan (but not including the Applicable Rate applicable thereto), for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the

  
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commencement of such period, for dollar deposits of a comparable amount and period from other banks in the London interbank market. A certificate of any Lender delivered to the Borrower and
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof. 
 SECTION 2.16. Taxes. (a) Withholding of Taxes; Gross-Up. Each payment by a Loan Party
under this Agreement or any other Loan Document, whether to the Administrative Agent or any Lender or Issuing Bank (each of the foregoing being referred to as a “Recipient”), shall be made without withholding for any Taxes, unless
such withholding is required by any law. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount
of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such Loan Party shall be increased as necessary so that net of such withholding (including
such withholding applicable to additional amounts payable under this Section), the applicable Recipient receives the amount it would have received had no such withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law. 
 (c) Evidence of Payment. As soon as practicable after any payment of Indemnified
Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by
the Loan Parties. The Loan Parties shall indemnify each Recipient for any Indemnified Taxes that are paid or payable by such Recipient in connection with this Agreement (including amounts paid or payable under this paragraph) and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided, however, that the Loan Parties shall not be
obligated to indemnify any Recipient pursuant to this Section 2.16(d) for penalties, interest or other liabilities attributable to any Indemnified Taxes to the extent such penalties, interest or other liabilities (i) have accrued after the
Loan Parties made indemnity payments or paid additional amounts with respect to such Indemnified Taxes pursuant to this Section 2.16 or (ii) are attributable to (A) the failure of the Recipient to make written demand for such
Indemnified Taxes within 30 days from the date on which such Recipient knew of the imposition of such Indemnified Taxes by the relevant Governmental Authority or (B) the gross negligence or willful misconduct of such Recipient, as determined by
a court of competent jurisdiction in a final non-appealable judgment. For the avoidance of doubt, if a Recipient is a partnership for U.S. federal 

  
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income tax purposes, the Loan Parties shall not be required to indemnify such Recipient for Taxes that such Recipient is required to withhold with respect to its partners. The indemnity under
this paragraph shall be paid within 30 days after the Recipient delivers to any Loan Party a certificate stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing the basis for the indemnification claim. Such
certificate shall be conclusive of the amount so paid or payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify (i) the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that any
Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so) and (ii) the Loan Parties for any Excluded Taxes, in each case attributable to such
Lender that are paid or payable by the Administrative Agent or the applicable Loan Party (as applicable) in connection with this Agreement and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this paragraph shall be paid within 10 days after the Administrative Agent or the applicable Loan Party (as applicable) delivers to the applicable
Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent or the applicable Loan Party (as applicable). Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

(f) Status of Lenders. (i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax
with respect to any payments under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to any withholding (including
backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in clauses
(A) through (E) of paragraph (f)(ii) and paragraph (f)(iii) below) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this
Section 2.16(f) . If any form or certification previously delivered pursuant to this Section 2.16(f) expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10
days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing 

  
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of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 

(ii) Without limiting the generality of the foregoing, each Lender shall, if it is legally eligible to do so, deliver to
the Borrower and the Administrative Agent (in such number of copies as is reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of
whichever of the following is applicable: 
 (A) in the case of a Lender that is a U.S. Person, IRS Form W-9
certifying that such Lender is exempt from U.S. Federal backup withholding tax; 
 (B) in the case of a Foreign
Lender claiming the benefits of an income tax treaty to which the United States of America is a party (1) with respect to payments of interest under this Agreement, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal
withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 
 (C) in the case of a Foreign Lender for whom payments under this Agreement constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States of
America, IRS Form W-8ECI; 
 (D) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, both (1) IRS Form W-8BEN and (2) a certificate substantially in the form of Exhibit I-1, Exhibit I-2, Exhibit I-3 or Exhibit I-4 (each, a “U.S. Tax Certificate”),
as applicable, to the effect that such Lender is not (w) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (x) a “10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Code, (y) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (z) conducting a trade or business in the United States of America with which the relevant
interest payments are effectively connected; 
 (E) in the case of a Foreign Lender that is not the beneficial
owner of payments made under this Agreement (including a partnership or a participating Lender), (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this
paragraph (f)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided that if such Lender is a partnership and one or more of its partners are
claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

  
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 (F) any other form prescribed by law as a basis for claiming exemption from,
or a reduction of, U.S. Federal withholding Tax, together with such supplementary documentation as shall be necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld.

 (iii) If a payment made to a Lender under this Agreement would be subject to U.S. Federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(f)(iii),
the term “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (g) Treatment of
Certain Refunds. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including additional amounts paid pursuant to
this Section), such Recipient shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including any Taxes) of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such Recipient, shall repay to such
Recipient the amount paid by such Recipient pursuant to the prior sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such Recipient is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will any Recipient be required to pay any amount to any indemnifying party pursuant to this paragraph if such payment would place such Recipient in a
less favorable position (on a net after-Tax basis) than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any
Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h) Issuing Bank. For purposes of Sections 2.16(e) and 2.16(f), the term “Lender” shall include each Issuing Bank. 

  
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 SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Setoffs.
(a) The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly
required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without any defense, setoff, recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to such account as may be specified by the Administrative Agent, except that
payments required to be made directly to any Issuing Bank shall be so made, payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to
the Persons specified therein. The Administrative Agent shall distribute any such payment received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments under each Loan Document shall be made in U.S. dollars. 
 (b) Subject to the provisions of the Collateral Agreement,
if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied towards payment of
the amounts then due hereunder ratably among the parties entitled thereto, in accordance with the amounts then due to such parties. 
 (c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including all reimbursement for costs, fees and expenses
pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder, whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as
provided in this paragraph, or, with the consent of the Borrower (unless an Event of Default shall have occurred and be continuing or a Cash Dominion Period shall be in effect), may be deducted from any deposit account of the Borrower maintained
with the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the Lenders and Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any
other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (but such a Borrowing may only constitute a Protective Advance if it is to reimburse costs, fees and expenses pursuant to Section 9.03)
and that all such Borrowings shall be deemed to have been requested or made pursuant to Section 2.03 or 2.04, as applicable, and (ii) if an Event of Default shall have occurred and be continuing or if a Cash Dominion Period shall be in
effect, the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.

  
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 (d) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Protective Advances resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its
Revolving Loans and participations in LC Disbursements and Protective Advances and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value)
participations in the Revolving Loans and participations in LC Disbursements and Protective Advances of other Lenders to the extent necessary so that the amount of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amounts of principal of and accrued interest on their Revolving Loans and participations in LC Disbursements and Protective Advances; provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (for the avoidance of doubt, as in effect from time to time) or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC Disbursements or Protective Advances to any Person that is an Eligible Assignee (as such term is defined from time to time). The Borrower consents to the foregoing and agrees, to the extent
it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (e) Unless the Administrative Agent
shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or Issuing Banks hereunder that the Borrower will not make such payment, the Administrative Agent
may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the Lenders or Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 
 (f) If any Lender shall fail to make any payment required
to be made by it hereunder to or for the account of the Administrative Agent or Issuing Bank, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s obligations in respect of such payment until all such unsatisfied obligations have been discharged or (ii) hold any such amounts in a segregated account as cash
collateral for, and application to, any future funding 

  
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obligations of such Lender pursuant to Sections 2.04(b), 2.05(d), 2.05(e), 2.06(b), 2.17(e) and 9.03(c), in each case in such order as shall be determined by the Administrative Agent in its
discretion. 
 SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation
under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use commercially reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the judgment of such Lender, such
designation or assignment and delegation (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation.

 (b) If (i) any Lender requests compensation under Section 2.14, (ii) the Borrower is required to pay any
additional amount or indemnification payment to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, (iii) any Lender has become a Defaulting Lender or (iv) any Lender has failed to consent
to a proposed amendment, waiver, discharge or termination that under Section 9.02 requires the consent of all the Lenders (or all the affected Lenders) and with respect to which the Required Lenders shall have granted their consent, then the
Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations (which may be another Lender, if a Lender accepts such assignment and delegation); provided
that (A) the Borrower shall have received the prior written consent of the Administrative Agent and each Issuing Bank, which consent shall not unreasonably be withheld, (B) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in LC Disbursements and Protective Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (in the case of such principal and accrued
interest and fees) or the Borrower (in the case of all other amounts), (C) in the case of any such assignment and delegation resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to
Section 2.16, such assignment will result in a reduction in such compensation or payments and (D) in the case of any such assignment and delegation resulting from the failure to provide a consent, the assignee shall have given such consent
and, as a result of such assignment and delegation and any contemporaneous assignments and delegations and consents, the applicable amendment, waiver, discharge or termination can be effected. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver or consent by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation have ceased to apply. Each party

  
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hereto agrees that an assignment and delegation required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and
the assignee and that the Lender required to make such assignment and delegation need not be a party thereto. 
 SECTION 2.19.
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) commitment fees shall cease to accrue on the unused amount of the Commitment of such Defaulting Lender pursuant to
Section 2.11(a); 
 (b) the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in
determining whether the Required Lenders or any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment, waiver or other modification pursuant to
Section 9.02); provided that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders affected thereby shall, except as otherwise provided in Section 9.02, require the consent of such
Defaulting Lender in accordance with the terms hereof; 
 (c) if any Protective Advance Exposure or LC Exposure exists at the
time such Lender becomes a Defaulting Lender then: 
 (i) the Protective Advance Exposure and LC Exposure of such
Defaulting Lender shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that the sum of all Non-Defaulting Lenders’ Revolving Exposures plus such Defaulting
Lender’s Protective Advance Exposure and LC Exposure does not exceed the sum of all Non-Defaulting Lenders’ Commitments; 
 (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent
(A) first, prepay the portion of such Defaulting Lender’s Protective Advance Exposure that has not been reallocated and (B) second, cash collateralize for the benefit of the Issuing Banks the portion of such Defaulting Lender’s
LC Exposure that has not been reallocated in accordance with the procedures set forth in Section 2.05(i) for so long as such LC Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay participation fees to such
Defaulting Lender pursuant to Section 2.11(b) with respect to such portion of such Defaulting Lender’s LC Exposure for so long as such Defaulting Lender’s LC Exposure is cash collateralized; 

  
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 (iv) if any portion of the LC Exposure of such Defaulting Lender is
reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.11(a) and 2.11(b) shall be adjusted to give effect to such reallocation; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all participation fees payable under Section 2.11(b) with respect to such Defaulting
Lender’s LC Exposure shall be payable to the Issuing Banks (and allocated among them ratably based on the amount of such Defaulting Lender’s LC Exposure attributable to Letters of Credit issued by each Issuing Bank) until and to the extent
that such LC Exposure is reallocated and/or cash collateralized; and 
 (d) so long as such Lender is a Defaulting Lender, no
Issuing Bank shall be required to issue, amend, renew or extend any Letter of Credit, unless in each case it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be fully covered by the
Commitments of the Non-Defaulting Lenders and/or cash collateral provided by the Borrower in accordance with Section 2.19(c), and participating interests in any such issued, amended, reviewed or extended Letter of Credit will be allocated among
the Non-Defaulting Lenders in a manner consistent with Section 2.19(c)(i) (and such Defaulting Lender shall not participate therein). 
 In the event that (x) a Bankruptcy Event with respect to a Revolving Lender Parent shall have occurred following the date hereof and for so long as such Bankruptcy Event shall continue or
(y) any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, no Issuing Bank shall be required to issue, amend, renew
or extend any Letter of Credit, unless such Issuing Bank shall have entered into arrangements with the Borrower or such Lender satisfactory to such Issuing Bank to defease any risk to it in respect of such Lender hereunder. 

In the event that the Administrative Agent, the Borrower and each Issuing Bank each agree that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the Protective Advance Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender
shall purchase at par such of the Revolving Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

SECTION 2.20. Incremental Commitments. (a) The Borrower may on one or more occasions, by written notice to the Administrative
Agent (which shall promptly deliver a copy thereof to each Lender), request the establishment of Incremental Commitments, provided that the aggregate amount of all the Incremental Commitments established hereunder shall not exceed
$20,000,000. Each such notice shall specify (i) the date on which the Borrower proposes that the Incremental Commitments shall be 

  
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effective, which shall be a date not less than 15 days after the date on which such notice is delivered to the Administrative Agent, and (ii) the amount of the Incremental Commitments being
requested, and shall offer to each Non-Defaulting Lender the opportunity to provide a portion of the amount of the Incremental Commitments being requested equal to its Applicable Percentage thereof. Each Lender shall, by notice to the Borrower and
the Administrative Agent given not more than seven days after the date on which the Administrative Agent shall have delivered the Borrower’s notice, either agree to provide all or a portion of its Applicable Percentage of the amount of the
Incremental Commitments being requested or decline to do so (and any Lender that does not deliver such notice within such period of seven days shall be deemed to have declined to do so). If, on the seventh day after the Administrative Agent shall
have delivered the Borrower’s notice, the Lenders shall have agreed pursuant to the preceding sentence to provide Incremental Commitments in an aggregate amount less than the amount of the Incremental Commitments being requested, the Borrower
may arrange for one or more banks or other financial institutions, which may include any Lender, to provide Incremental Commitments in an aggregate amount equal to the amount of such deficiency; provided that any Person that the Borrower
proposes to become an Incremental Lender, if such Person is not then a Lender, must be an Eligible Assignee and must be reasonably acceptable to the Administrative Agent and each Issuing Bank. 

(b) The terms and conditions of any Incremental Commitment and Loans and other extensions of credit to be made thereunder shall be
identical to those of the Commitments and Loans and other extensions of credit made hereunder, it being agreed, however, that in connection with the effectiveness of any Incremental Commitment, subject to the consent of the Borrower, this Agreement
may be modified to increase (but not decrease) the Applicable Rate and fees payable for the account of the Lenders pursuant to Section 2.11, so long as such increase is effective for the benefit of all the Lenders hereunder on equal terms.

 (c) The Incremental Commitments shall be effected pursuant to one or more Incremental Facility Agreements executed and
delivered by the Borrower, each Incremental Lender providing such Incremental Commitments and the Administrative Agent; provided that no Incremental Commitments shall become effective unless (i) no Default or Event of Default shall have
occurred and be continuing on the date of effectiveness thereof, both immediately prior to and immediately after giving effect to such Incremental Commitments and the making of Loans and issuance of Letters of Credit thereunder to be made on such
date, (ii) the Borrower shall have delivered to the Administrative Agent a certificate of the chief executive officer or the chief financial officer of the Borrower, dated as of the date of effectiveness thereof, certifying that the
representations and warranties of each Loan Party set forth in the Loan Documents are true and correct (A) in the case of the representations and warranties qualified as to materiality, in all respects and (B) otherwise, in all material
respects, in each case on and as of such date, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall have been so true and correct on and as of such
prior date, (iii) the Borrower shall make any payments required to be made pursuant to Section 2.15 in connection with such Incremental Commitments and the related transactions under this Section 2.20 and (iv) the Borrower

  
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shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably be
requested by the Administrative Agent in connection with any such transaction. Each Incremental Facility Agreement may, without the consent of any Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or
appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this Section (including any increase referred to in paragraph (b) above). 
 (d) Upon the effectiveness of an Incremental Commitment of any Incremental Lender, (i) such Incremental Lender, if not already a Lender, shall be deemed to be a “Lender” hereunder, and
henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders hereunder and under the other Loan Documents, (ii) such
Incremental Commitment shall constitute (or, in the event such Incremental Lender already has a Commitment, shall increase) the Commitment of such Incremental Lender and (B) the Aggregate Commitment shall be increased by the amount of such
Incremental Commitment, in each case, subject to further increase or reduction from time to time as set forth in the definition of the term “Commitment”. For the avoidance of doubt, upon the effectiveness of any Incremental Commitment, the
Revolving Exposure of the Incremental Lender holding such Commitment, and the Applicable Percentage of all the Lenders, shall automatically be adjusted to give effect thereto. 
 (e) On the date of effectiveness of any Incremental Commitments, each Lender shall assign to each Incremental Lender holding such Incremental Commitment, and each such Incremental Lender shall purchase
from each Lender, at the principal amount thereof (together with accrued interest), such interests in the Loans and participations in Letters of Credit and Protective Advances outstanding on such date as shall be necessary in order that, after
giving effect to all such assignments and purchases, such Loans and participations in Letters of Credit and Protective Advances will be held by all the Lenders (including such Incremental Lenders) ratably in accordance with their Applicable
Percentages after giving effect to the effectiveness of such Incremental Commitment. The Administrative Agent shall notify the Lenders promptly of the effectiveness of any Incremental Commitments, advising the Lenders of the details thereof and of
the Applicable Percentages of the Lenders after giving effect thereto and of the assignments required to be made pursuant to this paragraph. 
 ARTICLE III 
 Representations and Warranties 

The Borrower represents and warrants to the Lenders that: 
 SECTION 3.01. Organization; Powers. The Borrower and each Subsidiary is duly organized, validly existing and (to the extent the concept is applicable in such jurisdiction) in good standing under
the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as currently 

  
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conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business, and is in
good standing, in every jurisdiction where such qualification is required. 
 SECTION 3.02. Authorization;
Enforceability. The Transactions to be entered into by each Loan Party are within such Loan Party’s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational action and, if
required, stockholder or other equityholder action of each Loan Party. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and
delivered by such Loan Party, will constitute, a legal, valid and binding obligation of the Borrower or such Loan Party, as the case may be, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally, concepts of reasonableness, and general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03. Governmental Approvals; Absence of Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with or any other action by any Governmental Authority, except (i) such as have been obtained or made and are (or will so be) in full force and effect and (ii) filings necessary to perfect Liens created under the
Loan Documents, (b) will not, except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, violate any applicable law, including any order of any
Governmental Authority, (c) will not violate the charter, by-laws or other organizational documents of the Borrower or any Subsidiary, (d) will not, except with respect to any matters that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, violate or result (alone or with notice or lapse of time, or both) in a default under any indenture or other agreement or instrument binding upon the Borrower or any Subsidiary or any of
their assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by the Borrower or any Subsidiary, or give rise to a right of, or result in, any termination, cancellation, acceleration or right of
renegotiation of any obligation thereunder, and (e) except for Liens created under the Loan Documents, will not result in the creation or imposition of any Lien on any asset of the Borrower or any Subsidiary. 

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its
balance sheet and statements of operations, stockholders’ equity and cash flows as of and for the fiscal year ended January 31, 2011, audited by and accompanied by the opinion of Ernst & Young LLP, independent registered public
accounting firm. Such financial statements present fairly, in all material respects, the financial position, results of operations and cash flows of the Borrower and, where applicable, its consolidated Subsidiaries as of such dates and for such
periods in accordance with GAAP. 

  
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 (b) Since January 31, 2011, there has been no event or condition that has had, and no
event or condition (other than any potential increase in the royalty rates payable by the Borrower or any Subsidiary to ASCAP or SoundExchange, or the commencement or any development in any suit, claim or proceeding relating thereto (it being
understood that any increase in such royalty rates actually paid or payable by the Borrower or any Subsidiary shall not be excluded pursuant to this parenthetical clause)) that could reasonably be expected to result, in a material adverse change in
the business, assets, operations or financial condition of the Borrower and the Subsidiaries, taken as a whole. 
 (c) Except as
set forth on Schedule 3.04, from the date of the audited balance sheet of the Borrower referred to in Section 3.04(a) through the Effective Date, the Borrower and each Subsidiary has conducted its business in the ordinary course of business
consistent with past practices. 
 SECTION 3.05. Properties. (a) The Borrower and each Subsidiary has good title to,
or valid leasehold interests in, all its property material to its business (including its Mortgaged Properties, if any), except for Permitted Encumbrances and other defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties for their intended purposes or to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(b) Except as set forth in Schedule 3.05B, the Borrower and each Subsidiary owns, or is licensed to use, all patents, trademarks,
copyrights, licenses, technology, software, domain names and other intellectual property that is necessary for the conduct of its business and without conflict with the rights of any other Person, except to the extent any such failure to own or
license or any such conflict, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No patents, trademarks, copyrights, licenses, technology, software, domain names or other intellectual property
used by the Borrower or any Subsidiary in the operation of its business infringes upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. No claim or litigation regarding any patents, trademarks, copyrights, licenses, technology, software, domain names or other intellectual property owned or used by the Borrower or any Subsidiary is pending or, to the knowledge of the
Borrower or any Subsidiary, threatened against the Borrower or any Subsidiary that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

(c) As of the Effective Date, no real property owned or held by the Borrower or any Subsidiary constitutes a Mortgaged Property.

 SECTION 3.06. Litigation and Environmental Matters. (a) Except as set forth in Schedule 3.06, there are no
actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower or any Subsidiary, threatened against or affecting the Borrower or any

  
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Subsidiary (i) as to which there is a reasonable possibility of an adverse determination and that could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect or (ii) that involve any of the Loan Documents or the Transactions. 
 (b) Except with respect to any
matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or
comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability. 
 SECTION 3.07. Compliance with Laws and Agreements. The
Borrower and each Subsidiary is in compliance with all laws, including all orders of Governmental Authorities, applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the
failure to comply, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.08. Investment Company Status. Neither the Borrower nor any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of
1940. 
 SECTION 3.09. Taxes. Except as set forth on Schedule 3.09, the Borrower and each Subsidiary has timely filed or
caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except where (a)(i) the validity or amount thereof is being contested in good faith by
appropriate proceedings and (ii) the Borrower or such Subsidiary, as applicable, has set aside on its books reserves with respect thereto to the extent required by GAAP or (b) the failure to do so could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Events have
occurred or are reasonably expected to occur that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for
purposes of Accounting Standards Codification Topic 715) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair value of the assets of such Plan by an amount that could reasonably be expected to
result in a Material Adverse Effect, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Accounting Standards Codification Topic 715) did not, as of the date or dates
of the most recent financial statements reflecting such amounts, exceed by an amount that could reasonably be expected to result in a Material Adverse Effect the fair value of the assets of all such underfunded Plans. 

  
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 SECTION 3.11. Subsidiaries and Joint Ventures; Ownership by the Permitted Holders;
Disqualified Equity Interests. (a) Schedule 3.11A sets forth, as of the Effective Date, the name and jurisdiction of organization of, and the percentage of each class of Equity Interests owned by the Borrower or any Subsidiary in,
(a) each Subsidiary and (b) each joint venture in which the Borrower or any Subsidiary owns any Equity Interests. Except as set forth on Schedule 3.11A, the Equity Interests in each Subsidiary have been duly authorized and validly issued
and are fully paid and non-assessable. Except as set forth on Schedule 3.11A, as of the Effective Date, there is no existing option, warrant, call, right, commitment or other agreement to which the Borrower or any Subsidiary is a party requiring,
and there are no Equity Interests in any Subsidiary outstanding that upon exercise, conversion or exchange would require, the issuance by any Subsidiary to any Person other than the Borrower or a Subsidiary of any additional Equity Interests or
other securities exercisable for, convertible into, exchangeable for or evidencing the right to subscribe for or purchase any Equity Interests in any Subsidiary. 
 (b) Schedule 3.11B sets forth, as of the Effective Date, (i) the percentage of each class of Equity Interests in the Borrower owned by the Permitted Holders and (ii) all outstanding Disqualified
Equity Interests, if any, in the Borrower or any Subsidiary, including the number, date of issuance and the record holders of such Disqualified Equity Interests. 
 SECTION 3.12. Insurance. Schedule 3.12 sets forth a description of all insurance maintained by or on behalf of the Borrower and the Subsidiaries as of the Effective Date. 

SECTION 3.13. Solvency. On the Effective Date, immediately after the making of each Loan to be made on the Effective Date and the
application of the proceeds thereof, and, to the extent applicable, giving effect to the rights of subrogation and contribution under the Collateral Agreement, (a) the fair value of the assets of the Loan Parties, on a consolidated basis, will
exceed their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the assets of the Loan Parties, on a consolidated basis, will be greater than the amount that will be required to pay the probable
liability on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) the Loan Parties, on a consolidated basis, will be able to pay their debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (d) the Loan Parties, on a consolidated basis, will not have unreasonably small capital with which to conduct the business in
which they are engaged, as such business is conducted at the time of and is proposed to be conducted following the making of such Loan. 
 SECTION 3.14. Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which the Borrower or any Subsidiary is subject and all other
matters that, in each case, are known to the Borrower as of the Effective Date and that, as of such date, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial
statements, certificates or other information furnished by or on 

  
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behalf of the Borrower or any Subsidiary to the Administrative Agent, the Arrangers or any Lender in connection with the negotiation of this Agreement or any other Loan Document, included herein
or therein or furnished hereunder or thereunder (as modified or supplemented by other information so furnished), taken as a whole, contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that, with respect to forecasts or projected financial information, the Borrower represents only that such information was prepared in good faith based
upon assumptions believed by it to be reasonable at the time so furnished (it being understood that such forecasts and projections may vary from actual results and that such variances may be material). 

SECTION 3.15. Collateral Matters. (a) The Collateral Agreement, upon execution and delivery thereof by the parties thereto,
will create in favor of the Administrative Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral (as defined therein) and (i) when the Collateral (as defined therein) constituting
certificated securities (as defined in the Uniform Commercial Code) is delivered to the Administrative Agent, together with instruments of transfer duly endorsed in blank, the security interest created under the Collateral Agreement will constitute
a fully perfected security interest in all right, title and interest of the pledgors thereunder in such Collateral, prior and superior in right to any other Person, and (ii) when financing statements in appropriate form are filed in the
applicable filing offices, the security interest created under the Collateral Agreement will constitute a fully perfected security interest in all right, title and interest of the Loan Parties in the remaining Collateral (as defined therein) to the
extent perfection can be obtained by filing Uniform Commercial Code financing statements, prior and superior to the rights of any other Person, except for rights secured by Liens permitted under Section 6.02. 

(b) Each Mortgage, if any, upon execution and delivery thereof by the parties thereto, will create in favor of the Administrative Agent,
for the benefit of the Secured Parties, a legal, valid and enforceable security interest in all the applicable mortgagor’s right, title and interest in and to the Mortgaged Properties subject thereto and the proceeds thereof, and when the
Mortgages have been filed in the jurisdictions specified therein, the Mortgages will constitute a fully perfected security interest in all right, title and interest of the mortgagors in the Mortgaged Properties and the proceeds thereof, prior and
superior in right to any other Person, but subject to Liens permitted under Section 6.02 (including Permitted Encumbrances). 
 (c) Each Security Document, other than any Security Document referred to in the preceding paragraphs of this Section, upon execution and delivery thereof by the parties thereto and the making of the
filings and taking of the other actions provided for therein, will be effective under applicable law to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral
subject thereto, and will constitute a fully perfected security interest in all right, title and interest of the Loan Parties in the Collateral subject thereto, prior and superior to the rights of any other Person, except for rights secured by Liens
permitted under Section 6.02. 

  
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 SECTION 3.16. Federal Reserve Regulations. Neither the Borrower nor any Subsidiary is
engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors), or extending credit for the purpose of purchasing or
carrying margin stock. No part of the proceeds of the Loans will be used, directly or indirectly, for any purpose that entails a violation (including on the part of any Lender) of any of the regulations of the Board of Governors, including
Regulations U and X. Not more than 25% of the value of the assets subject to any restrictions on the sale, pledge or other disposition of assets under this Agreement, any other Loan Document or any other agreement to which any Lender or Affiliate of
a Lender is party will at any time be represented by margin stock. 
 ARTICLE IV 

Conditions 
 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of
the following conditions shall be satisfied (or waived in accordance with Section 9.02): 
 (a) The
Administrative Agent shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) evidence satisfactory to the Administrative Agent (which may include a facsimile transmission
or electronic transmission of a “pdf” copy of a signature by such party of a counterpart hereof) that such party has signed a counterpart of this Agreement. 

(b) The Administrative Agent shall have received customary written opinions (addressed to the Administrative Agent, the
Lenders and the Issuing Banks and dated the Effective Date) of Davis Polk & Wardwell LLP and Morris, Nichols, Arsht & Tunnell LLP, counsel for the Borrower, in form and substance reasonably satisfactory to the Administrative Agent.

 (c) The Administrative Agent shall have received such customary documents and certificates as the
Administrative Agent may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to the Loan Parties, the Loan Documents or the
Transactions, all in form and substance reasonably satisfactory to the Administrative Agent. 
 (d) The
Administrative Agent shall have received a certificate, dated the Effective Date and signed by the chief executive officer or the chief financial officer of the Borrower, confirming compliance with the conditions set forth in the first sentence of
paragraph (f) of this Section, the second sentence of paragraph (j) of this Section, paragraph (n) of this Section and paragraphs (a) and (b) of Section 4.02. 

  
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 (e) The Administrative Agent shall have received all fees and other amounts
due and payable on or prior to the Effective Date, including, to the extent invoiced at least one Business Day prior to the Effective Date, payment or reimbursement of all fees and expenses (including fees, charges and disbursements of counsel)
required to be paid or reimbursed by any Loan Party under the Engagement Letter or any Loan Document. 
 (f) The
Collateral and Guarantee Requirement shall have been satisfied. The Administrative Agent shall have received a completed Perfection Certificate, dated the Effective Date and signed by an executive officer or a Financial Officer of the Borrower,
together with all attachments contemplated thereby, including the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and
copies of the financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements (or similar documents) are permitted under
Section 6.02 or have been, or substantially contemporaneously with the initial funding of Loans on the Effective Date will be, released. 
 (g) The Administrative Agent shall have received evidence that the insurance required by Section 5.08 is in effect, together with endorsements naming the Administrative Agent, for the benefit of the
Secured Parties, as additional insured and loss payee thereunder to the extent required under Section 5.08. 

(h) The Administrative Agent shall have received (i) the quarterly financial projections for the Borrower and its
consolidated Subsidiaries for the 12 months following the Effective Date and (ii) the annual financial projections for the Borrower and its consolidated Subsidiaries for the years 2012 and 2013. 

(i) The Lenders shall have received the financial statements, opinions and certificates referred to in Section 3.04.

 (j) Prior to or substantially contemporaneously with the initial funding of Loans on the Effective Date, all
principal, premium, if any, interest, fees and other amounts due or outstanding under the Existing Credit Agreement shall have been or shall be paid in full, the commitments thereunder shall have been or shall be terminated and all guarantees and
Liens existing in connection therewith shall have been or shall be discharged and released, and the Administrative Agent shall have received reasonably satisfactory evidence thereof (collectively, the “Existing Debt Repayment”).
Immediately after giving effect to the Transactions, neither the Borrower nor any Subsidiary shall have outstanding any shares of preferred stock or other preferred Equity Interests or any Indebtedness, other than (i) Indebtedness incurred
under the Loan Documents, (ii) Indebtedness permitted under Section 6.01 and (iii) the Existing Preferred Stock. 

  
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 (k) The Administrative Agent shall have received a certificate, dated the
Effective Date and signed by the chief financial officer of the Borrower, as to the solvency of the Loan Parties on a consolidated basis after giving effect to the Transactions, in customary form reasonably satisfactory to the Administrative Agent.

 (l) The Lenders shall have received all documentation and other information required by bank regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 
 (m) The Administrative Agent shall have received (i) a completed Borrowing Base Certificate, which shall set forth information required therein as of March 31, 2011 and shall be dated the
Effective Date and signed by a Financial Officer of the Borrower and (ii) the results of field examinations with respect to the Eligible Accounts of the Loan Parties as of January 31, 2011. 

(n) After giving effect to any Borrowing requested to be made on the Effective Date and the other transactions
contemplated hereby to occur on such date, the Excess Availability as of the Effective Date shall not be less than $10,000,000. 
 The
Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue
Letters of Credit hereunder shall not become effective unless each of the foregoing conditions shall have been satisfied (or waived in accordance with Section 9.02) at or prior to 5:00 p.m., New York City time, on May 13, 2011 (and, in the
event such conditions shall not have been so satisfied or waived, the Commitments shall terminate at such time); provided, solely with respect to the matters expressly identified in the Post-Closing Letter Agreement, the satisfaction by the
Loan Parties of the foregoing conditions shall not be required on the Effective Date, and shall not be a condition to the obligation of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder, but shall be required to
be accomplished in accordance with the Post-Closing Letter Agreement. 
 SECTION 4.02. Each Credit Event. The obligation
of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the
following conditions: 
 (a) The representations and warranties of each Loan Party set forth in the Loan Documents shall be true
and correct (i) in the case of the representations and warranties qualified as to materiality, in all respects and (ii) otherwise, in all material respects, in each case on and as of the date of such Borrowing or the date of issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, except in the case of any such representation and warranty that expressly relates to a prior date, in 

  
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which case such representation and warranty shall be so true and correct on and as of such prior date. 
 (b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be
continuing. 
 (c) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or
extension of such Letter of Credit, as applicable, the Aggregate Revolving Exposure shall not exceed the Borrowing Base then in effect. 
 On
the date of any Borrowing (other than a Protective Advance) or the issuance, amendment, renewal or extension of any Letter of Credit, the Borrower shall be deemed to have represented and warranted that the conditions specified in paragraphs
(a) and (b) of this Section have been satisfied and that, after giving effect to such Borrowing, or such issuance, amendment, renewal or extension of a Letter of Credit, the Aggregate Revolving Exposure (or any component thereof) shall not
exceed the maximum amount thereof (or the maximum amount of any such component) specified in Section 2.01, 2.04(a) or 2.05(b) . 
 ARTICLE V 
 Affirmative Covenants 

Until the Commitments shall have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder
shall have been paid in full, all Letters of Credit shall have expired or been terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 

SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent, on behalf of each
Lender: 
 (a) within 90 days after the end of each fiscal year of the Borrower (or, so long as the Borrower
shall be subject to periodic reporting obligations under the Exchange Act, by the date that the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and regulations of the SEC, giving effect
to any automatic extension available thereunder for the filing of such form), its audited consolidated balance sheet and related consolidated statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal
year, setting forth in each case in comparative form the figures for the prior fiscal year, all audited by and accompanied by the opinion of Ernst & Young LLP or another independent registered public accounting firm of recognized national
standing (without a “going concern” or like qualification or exception and, except, in the case of any Subsidiary or business acquired by the Borrower and the Subsidiaries, in respect of events prior to the acquisition thereof, without any
qualification or 

  
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exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly, in all material respects, the financial position, results of operations and cash
flows of the Borrower and its consolidated Subsidiaries on a consolidated basis as of the end of and for such year in accordance with GAAP; 
 (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or, so long as the Borrower shall be subject to periodic reporting obligations under the
Exchange Act, by the date that the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the
filing of such form), its consolidated balance sheet and related consolidated statement of operations as of the end of and for such fiscal quarter and the related consolidated statements of operations and cash flows for the then-elapsed portion of
the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the prior fiscal year, all certified by a Financial Officer of the
Borrower as presenting fairly, in all material respects, the financial position, results of operations and cash flows of the Borrower and its consolidated Subsidiaries on a consolidated basis as of the end of and for such fiscal quarter and such
portion of the fiscal year in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) within 30 days after the end of each of the first two fiscal months of each fiscal quarter of the Borrower, its consolidated balance sheet as of the end of such fiscal month and the related
consolidated statement of operations for the then elapsed portion of the fiscal year, all certified by a Financial Officer of the Borrower as presenting fairly, in all material respects, the financial position and results of operations of the
Borrower and its consolidated Subsidiaries as of the end of such fiscal month and for such portion of the fiscal year in accordance with GAAP, subject to normal year-end audit adjustments and the absence of a statement of cash flows and of
footnotes; 
 (d) concurrently with each delivery of financial statements under clause (a) or
(b) above, a completed Compliance Certificate signed by a Financial Officer of the Borrower, (i) certifying as to whether a Default has occurred and is continuing and, if a Default has occurred and is continuing, specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (ii) [reserved], (iii) unless otherwise disclosed in the financial statements delivered pursuant to clause (a) or (b) above, stating whether any change in
GAAP or in the application thereof that has, in either case, affected such financial statements has occurred since the date of the consolidated balance sheet of the Borrower most recently theretofore delivered under clause (a) or (b) above
(or, prior to the first such delivery, referred to in Section 3.04) and, if any such change has occurred, specifying the effect of such change on the financial statements (including those for the prior periods)

  
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accompanying such certificate and, where such change could reasonably be expected to affect in any material respect the calculation of the Borrowing Base, on the calculation of the Borrowing
Base, (iv) stating whether any other change in the historical accounting practices, systems or reserves of the Borrower and the Subsidiaries, where such change could reasonably be expected to affect in any material respect the calculation of
the Borrowing Base, has occurred and, if any such change has occurred, specifying the effect of such change on the calculations of the Borrowing Base, (v) certifying that all notices required to be provided under Sections 5.03 and 5.04 have
been provided and (vi)(A) setting forth the collateral verification information required pursuant to the Compliance Certificate and indicating any changes in such information from the most recent Compliance Certificate delivered pursuant to this
clause (d) (or, prior to the first delivery of any such Compliance Certificate, from the Perfection Certificate delivered on the Effective Date) or (B) certifying that there has been no change in such information from the most recent
Compliance Certificate delivered pursuant to this clause (d) (or, prior to the first delivery of any such Compliance Certificate, from the Perfection Certificate delivered on the Effective Date); 

(e) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting
firm that audited such financial statements stating whether it obtained knowledge during the course of its examination of such financial statements of any Default and, in the case it shall have obtained knowledge of any Default, specifying the
details thereof (which certificate may be limited to the extent required by accounting rules or guidelines); 

(f) (i) no later than 20 days following the end of each of the first two months of each fiscal quarter and no later
than 30 days following the end of the third month of each fiscal quarter, a completed Borrowing Base Certificate, calculating, setting forth and certifying the Borrowing Base, Excess Availability, Agency Exposure Information, Liquidity and the
aggregate amount of Designated Secured Other Obligations as of the close of business on the last day of such fiscal month, (ii) if Liquidity shall be less than $7,500,000 for each of three consecutive days, no later than the Friday (or if such
Friday is not a Business Day, the next succeeding Business Day) of the next succeeding week following the last day of such three consecutive day period and on each succeeding Friday (or next succeeding Business Day) thereafter until the last day of
a 30 consecutive day period in which Liquidity shall have been equal to or greater than $7,500,000 on each such day, a completed Borrowing Base Certificate, calculating, setting forth and certifying the Borrowing Base, Excess Availability, Agency
Exposure Information, Liquidity and the aggregate amount of Designated Secured Other Obligations as of Saturday of the immediately preceding week and (iii) if requested by the Administrative Agent or the Required Lenders, at any other time when
the Administrative Agent or the Required Lenders reasonably believe that the then most recent Borrowing Base Certificate is materially inaccurate or fails to reflect material changes in 

  
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any of the Borrowing Base components (including as a result of any modification thereto pursuant to Section 5.09(b)), as soon as reasonably practicable but in no event later than five
Business Days after such request, a completed Borrowing Base Certificate, calculating, setting forth and certifying the Borrowing Base, Excess Availability, Agency Exposure Information, Liquidity and the aggregate amount of Designated Secured Other
Obligations as of the date so requested, in each case signed on behalf of the Borrower by a Financial Officer and with such supporting documentation and additional reports with respect to the Borrowing Base, Excess Availability, Agency Exposure
Information, Liquidity and such Designated Secured Other Obligations as the Administrative Agent or, in the case of a request made by them under clause (iii) above, the Required Lenders may reasonably request; 

(g) promptly after obtaining knowledge thereof, notice of any event or condition (including any sale, transfer or other
disposition of assets) that has resulted, or could reasonably be expected to result, in any significant portion of Eligible Accounts reflected on the Borrowing Base Certificate then most recently delivered pursuant to clause (f) above (or,
prior to the first such delivery, the Borrowing Base Certificate referred to in Section 4.01(m)) ceasing to qualify as Eligible Accounts (other than as a result of any determination made by the Administrative Agent in its Permitted Discretion
in accordance with the terms hereof); 
 (h) with respect to each fiscal year of the Borrower, reasonably
promptly after such approval (or, following an IPO, after the latter of such approval and the Borrower’s “earnings call” with respect to the prior fiscal year), the consolidated budget and other projected financial information
approved by the Board of Directors of the Borrower with respect to such fiscal year; 
 (i) promptly after the
same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC or with any national securities exchange, or, following an IPO, distributed by the
Borrower to its shareholders generally, as the case may be; 
 (j) promptly after any request therefor by the
Administrative Agent or any Lender, copies of (i) any documents described in Section 101(k)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan and (ii) any notices described
in Section 101(l)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; provided that if the Borrower or any of its ERISA Affiliates has not requested such documents or notices
from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents and notices from such administrator or sponsor and shall

  
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provide copies of such documents and notices promptly after receipt thereof; and 
 (k) promptly after any request therefor, such other information regarding the operations, business affairs, assets, liabilities (including contingent liabilities) and financial condition of the Borrower
or any Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request. 

Information required to be delivered pursuant to clause (a), (b) or (i) of this Section shall be deemed to have been delivered if such
information, or one or more annual or quarterly reports containing such information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to which the Lenders have been granted access or shall be available on the
website of the SEC at http://www.sec.gov. Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures approved by the Administrative Agent. 

SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent prompt written notice of the
following as to which it has knowledge: 
 (a) the occurrence of, or receipt by the Borrower of any written
notice claiming the occurrence of, any Default; 
 (b) the filing or commencement of any action, suit or
proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary, or any adverse development in any such pending action, suit or proceeding not previously disclosed in writing by the Borrower to
the Administrative Agent and the Lenders, that in each case could reasonably be expected to result in a Material Adverse Effect or that in any manner questions the validity of any Loan Document; and 

(c) any other development that has resulted, or could reasonably be expected to result, in a Material Adverse Effect.

 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the
Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.03. Additional Subsidiaries. If any Subsidiary is formed or acquired after the Effective Date, the Borrower will, as promptly as practicable, and in any event within 30 days (or such
longer period as the Administrative Agent may agree to in writing), notify the Administrative Agent thereof and cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary (if it is a Domestic Subsidiary that is
wholly owned) and with respect to any Equity Interests in or Indebtedness of such Subsidiary owned by any Loan Party. 

  
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 SECTION 5.04. Information Regarding Collateral. (a) The Borrower will furnish to
the Administrative Agent prompt written notice of any change in (i) the legal name of any Loan Party, as set forth in its organizational documents, (ii) the jurisdiction of organization or the form of organization of any Loan Party
(including as a result of any merger or consolidation) or (iii) the organizational identification number, if any, or, with respect to any Loan Party organized under the laws of a jurisdiction that requires such information to be set forth on
the face of a Uniform Commercial Code financing statement, the Federal Taxpayer Identification Number of such Loan Party. The Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made
under the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. 

(b) The Borrower will furnish to the Administrative Agent prompt written notice of (i) the acquisition by any Loan Party of, or any
real property otherwise becoming, a Mortgaged Property after the Effective Date and (ii) the acquisition by any Loan Party of any other material assets after the Effective Date, other than (x) any assets constituting Collateral under the
Security Documents in which the Administrative Agent shall have a valid, legal and perfected security interest (with the priority contemplated by the applicable Security Document) upon the acquisition thereof and (y) Excluded Assets (as defined
in the Collateral Agreement). 
 (c) The Borrower will, as promptly as practicable, notify the Administrative Agent of the
existence of any deposit account or securities account maintained by a Loan Party in respect of which a Control Agreement is required to be in effect pursuant to clause (f) of the definition of the term “Collateral and Guarantee
Requirement” but is not yet in effect. 
 SECTION 5.05. Existence; Conduct of Business. (a) The Borrower and
each Subsidiary will do or cause to be done all things necessary to preserve, renew and keep in full force and effect (i) its legal existence and (ii) the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks
and trade names material to the conduct of its business as currently conducted, except, in each case under this clause (ii) where the failure to take any such action, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect; provided that this Section 5.05(a) shall not prohibit any transaction permitted under Section 6.03, 6.04 or 6.05. 
 (b) The Borrower and each Subsidiary will take all actions reasonably necessary to protect all patents, trademarks, copyrights, licenses, technology, software, domain names and other intellectual property
necessary to the conduct of its business, including (i) protecting the secrecy and confidentiality of the confidential information and trade secrets of the Borrower or such Subsidiary by having and enforcing a policy requiring all employees,
consultants, licensees, vendors and contractors to execute confidentiality and invention assignment agreements, (ii) taking all actions reasonably necessary to ensure that none of the trade secrets of the Borrower or such Subsidiary shall fall
or has fallen into the public domain and (iii) protecting the secrecy and 

  
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confidentiality of the source code of all computer software programs and applications owned or licensed by the Borrower or such Subsidiary by having and enforcing a policy requiring any licensees
of such source code (including any licensees under any source code escrow agreement) to enter into license agreements with appropriate use and nondisclosure restrictions, except in each case where the failure to take any such action, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.06. Payment of
Obligations. The Borrower and each Subsidiary will pay its obligations, including Tax liabilities, before the same shall become delinquent or in default, except where (a)(i) the Borrower or such Subsidiary has set aside on its books reserves
with respect thereto to the extent required by GAAP and (ii) if applicable, the validity or amount thereof is being contested in good faith by appropriate proceedings or (b) the failure to make payment could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.07. Maintenance of Properties. The
Borrower and each Subsidiary will keep and maintain all property used in the conduct of its business in good working order and condition, ordinary wear and tear excepted, except to the extent that the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08. Insurance. The
Borrower and each Subsidiary will maintain, with financially sound and reputable insurance companies, insurance in such amounts (with no greater risk retention) and against such risks as are customarily maintained by companies of established repute
engaged in the same or similar businesses operating in the same or similar locations. Each such policy of liability or casualty insurance maintained by or on behalf of Loan Parties shall (a) in the case of each liability insurance policy, name
the Administrative Agent, on behalf of the Secured Parties, as an additional insured thereunder, (b) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Administrative Agent, on behalf of
the Secured Parties, as the loss payee thereunder and (c) provide for at least 30 days’ (or such shorter number of days as may be agreed to by the Administrative Agent) prior written notice to the Administrative Agent of any cancellation
of such policy. With respect to each Mortgaged Property, if any, that is located in an area determined by the Federal Emergency Management Agency (or any successor agency) to have special flood hazards, the applicable Loan Party has obtained, and
will maintain, with financially sound and reputable insurance companies, such flood insurance as is required under applicable law, including Regulation H of the Board of Governors. 

SECTION 5.09. Books and Records; Inspection and Audit Rights. (a) The Borrower and each Subsidiary will keep proper books of
record and account in which full, true and correct entries in conformity with GAAP and applicable law are made of all dealings and transactions in relation to its business and activities. The Borrower and each Subsidiary will permit the
Administrative Agent or any Lender, and any agent designated by any of the foregoing, upon reasonable prior notice, (a) to visit and inspect its properties, (b) to examine and make extracts from its books and records

  
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and (c) to discuss its operations, business affairs, assets, liabilities (including contingent liabilities) and financial condition with its officers and independent accountants, all at such
reasonable times as reasonably requested by the Administrative Agent; provided that (i) not more than two such visits, inspections, examinations and discussions may be required in any period of 12 consecutive months (excluding, for
purposes of the determination of the number thereof, any of the foregoing referred to in clause (ii) below) and (ii) any additional such visits, inspections, examinations and discussions commenced at any time when an Event of Default shall
have occurred and be continuing. 
 (b) The Borrower will, and will cause each of the Subsidiaries to, permit any
representatives designated by the Administrative Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct field examinations of the books and records of the Borrower and the Subsidiaries
relating to the Borrower’s computation of the Borrowing Base or any component thereof and the related reporting and control systems, at such reasonable times as reasonably requested, provided that, except for (i) field examinations
commenced at any time an Event of Default shall have occurred and is continuing and (ii) field examinations referred to in the immediately succeeding sentence, the number of such field examinations in any period of 12 consecutive months may not
exceed (A) if at any time during such period Liquidity shall have been less than $7,500,000 for each of at least three consecutive days, four or (B) otherwise, two. In the event that the Borrower shall have consummated a Material
Acquisition, the Borrower may request that the Administrative Agent conduct a field examination with respect to the Accounts acquired by the Loan Parties as a result thereof. The Borrower shall pay the reasonable fees and expenses of any such
representatives designated by the Administrative Agent to conduct any such field examinations pursuant to this Section 5.09(b) . The Administrative Agent may make such modifications to the Borrowing Base (including by establishing additional
Reserves, reducing the advance rates or modifying the eligibility criteria for the components of the Borrowing Base) as it shall determine, in its Permitted Discretion (including upon request of the Required Lenders), to be appropriate as a result
of any such field examination, with any such modifications becoming effective three Business Days after delivery of notice thereof to the Borrower and the Lenders. The Borrower acknowledges that the Administrative Agent, after exercising its rights
under this Section 5.09, may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ assets for internal use by the Administrative Agent and the Lenders. 

SECTION 5.10. Compliance with Laws. The Borrower and each Subsidiary will comply with all laws, including all orders of any
Governmental Authority, applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.11. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used solely for the making of the Existing
Debt Repayment and working capital and other general corporate purposes of the Borrower and the Subsidiaries, provided that the proceeds of the Loans may not be used directly (whether by the Borrower or, in the event such proceeds are made
available to any Subsidiary, by 

  
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such Subsidiary) (i) to finance any purchase or other acquisition by the Borrower or any Subsidiary of Equity Interests in, or all or substantially all the assets of (or all or substantially
all the assets constituting a business unit, division, product line or line of business of), any Person permitted by Section 6.04(o) or 6.04(q) (it being understood that this clause (i) shall not restrict the creation of Subsidiaries or
Joint Ventures or the provision of working capital support to such Subsidiaries or Joint Ventures), (ii) to make any prepayment of Permitted Convertible Notes or any Subordinated Indebtedness made in reliance on Section 6.08(b)(v) or
6.08(b)(vi) or (iii) to make any Restricted Payment in respect of Equity Interests in the Borrower. Letters of Credit will be issued only for general corporate purposes of the Borrower and the Subsidiaries. 

SECTION 5.12. Further Assurances. The Borrower and each other Loan Party will execute any and all further documents, financing
statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents), that may be required under any applicable law, or
that the Administrative Agent may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied at all times, all at the expense of the Loan Parties. The Borrower will provide to the Administrative Agent, from time
to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 

SECTION 5.13. Post-Closing Matters. The Loan Parties shall satisfy each of the requirements set forth in the Post-Closing Letter
Agreement on or before the date specified in the Post-Closing Letter Agreement for each such requirement, or such later date as may be permitted with respect thereto pursuant to the terms of the Post-Closing Letter Agreement. 

ARTICLE VI 

Negative Covenants 
 Until the Commitments shall have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, all Letters of Credit shall have
expired or been terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness; Certain Equity Securities. Neither the Borrower nor any Subsidiary will create, incur, assume or permit to exist any Indebtedness, except: 

(a) Indebtedness created under the Loan Documents; 
 (b) Indebtedness existing on the date hereof and set forth on Schedule 6.01, and Refinancing Indebtedness in respect thereof; 

  
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 (c) Indebtedness of the Borrower or any Subsidiary to the Borrower or any Subsidiary;
provided that (i) such Indebtedness shall not have been transferred to any Person other than the Borrower or any Subsidiary, (ii) any such Indebtedness owing by any Loan Party to a Subsidiary that is not a Loan Party shall be
unsecured and subordinated in right of payment to the Loan Document Obligations pursuant to the Intercompany Subordination Agreement, (iii) any such Indebtedness owing to any Loan Party that is evidenced by a promissory note shall have been
pledged pursuant to the Collateral Agreement and (iv) any such Indebtedness owing by any Subsidiary that is not a Loan Party to any Loan Party (other than Specified Intercompany Indebtedness) shall be incurred in compliance with
Section 6.04; 
 (d) Guarantees incurred in compliance with Section 6.04; 

(e) Indebtedness of the Borrower or any Subsidiary (i) incurred to finance the acquisition, construction or improvement of any fixed
or capital assets or Intellectual Property, including Capital Lease Obligations, provided that such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and the
principal amount of such Indebtedness does not exceed the cost of acquiring, constructing or improving such fixed or capital assets or Intellectual Property, or (ii) assumed in connection with the acquisition of any fixed or capital assets or
Intellectual Property, and Refinancing Indebtedness in respect of any of the foregoing; provided that the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $10,000,000 at any time outstanding;

 (f) Indebtedness of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or
consolidated with or into a Subsidiary in a transaction permitted hereunder) after the date hereof, or Indebtedness of any Person that is assumed by the Borrower or any Subsidiary in connection with an acquisition of assets by the Borrower or such
Subsidiary in a Permitted Acquisition or other Investment permitted by Section 6.04(n); provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary (or is so merged or consolidated) or such assets are
acquired and is not created in contemplation of or in connection with such Person becoming a Subsidiary (or such merger or consolidation) or such assets being acquired and (ii) neither the Borrower nor any Subsidiary (other than such Person or
the Person with which such Person is merged or consolidated or that so assumes such Person’s Indebtedness) shall Guarantee or otherwise become liable for the payment of such Indebtedness, and Refinancing Indebtedness in respect of any of the
foregoing; provided that the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed $10,000,000 at any time outstanding; 
 (g) Indebtedness owed in respect of any overdrafts and related liabilities arising from treasury, depository, credit-card and cash management services or in connection with any automated clearing house
transfers of funds; provided that such Indebtedness shall be repaid in full before the same shall become delinquent; 

(h) Indebtedness in respect of letters of credit, bank guarantees and similar instruments issued for the account of the Borrower or any
Subsidiary in the 

  
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ordinary course of business supporting obligations under (i) workers’ compensation, unemployment insurance and other social security laws and (ii) bids, trade contracts, leases,
statutory obligations, surety and appeal bonds, performance bonds and obligations of a like nature; 
 (i) Indebtedness of the
Borrower or any Subsidiary in the form of purchase price adjustments, earn-outs, non-competition agreements or other arrangements representing acquisition consideration or deferred payments of a similar nature incurred in connection with any
Permitted Acquisition or other Investment permitted by Section 6.04; 
 (j) Indebtedness of Foreign Subsidiaries in an
aggregate principal amount not exceeding $10,000,000 at any time outstanding; 
 (k) (i) Permitted Convertible Notes,
provided that (A) at the time of the incurrence thereof and after giving effect thereto, (1) no Default or Event of Default shall have occurred and be continuing and (2) the Liquidity shall not be less than $10,000,000 and
(B) the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower certifying that (1) all the requirements set forth in this clause (k) have been satisfied with respect to such
incurrence of Permitted Convertible Notes and (2) based on the information then available to the Borrower, the Borrower in good faith expects that Liquidity will not be less than $10,000,000 at any time during the six month period immediately
following such incurrence, together with a calculation in support of the satisfaction of the requirement referred to in clause (A)(2) above; and (ii) any Refinancing Indebtedness in respect thereof; provided that the aggregate principal
amount of Indebtedness permitted by this clause (k) may not exceed $150,000,000 at any time outstanding; 
 (l)
(i) Permitted Subordinated Notes, provided that at the time of the incurrence thereof and after giving effect thereto, (A) the requirements of Section 1.05 shall be satisfied and (B) no Default or Event of Default shall
have occurred and be continuing; and (ii) any Refinancing Indebtedness in respect thereof; provided that the aggregate principal amount of Indebtedness permitted by this clause (l) may not exceed $300,000,000 at any time
outstanding; and 
 (m) other Indebtedness in an aggregate principal amount not exceeding $10,000,000 at any time outstanding.

 SECTION 6.02. Liens. Neither the Borrower nor any Subsidiary will create, incur, assume or permit to exist any Lien on
any asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable and royalties) or rights in respect of any thereof, except: 

(a) Liens created under the Loan Documents; 
 (b) Permitted Encumbrances; 

  
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 (c) any Lien on any asset of the Borrower or any Subsidiary existing on the date hereof and
set forth on Schedule 6.02; provided that (i) such Lien shall not apply to any other asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations that it secures on the date hereof and any
extensions, renewals and refinancings thereof that do not increase the outstanding principal amount thereof (other than by an amount not to exceed interest, premiums and fees payable in connection with such extension, renewal or refinancing) and, in
the case of any such obligations constituting Indebtedness, that are permitted under Section 6.01 as Refinancing Indebtedness in respect thereof; 
 (d) any Lien existing on any asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any asset of any Person that becomes a Subsidiary (or of any Person not previously a
Subsidiary that is merged or consolidated with or into the Borrower or a Subsidiary in a transaction permitted hereunder) after the date hereof prior to the time such Person becomes a Subsidiary (or is so merged or consolidated); provided
that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary (or such merger or consolidation), (ii) such Lien shall not apply to any other asset of the Borrower or any
Subsidiary (other than, in the case of any such merger or consolidation, the assets of any Person that is a party thereto) and (iii) such Lien shall secure only those obligations that it secures on the date of such acquisition or the date such
Person becomes a Subsidiary (or is so merged or consolidated), and any extensions, renewals and refinancings thereof that do not increase the outstanding principal amount thereof (other than by an amount not to exceed interest, premiums and fees
payable in connection with such extension, renewal or refinancing) and, in the case of any such obligations constituting Indebtedness, that are permitted under Section 6.01 as Refinancing Indebtedness in respect thereof; 

(e) Liens on fixed or capital assets or Intellectual Property acquired, constructed or improved by the Borrower or any Subsidiary;
provided that (i) such Liens secure only Indebtedness permitted by Section 6.01(e) and obligations relating thereto not constituting Indebtedness and (ii) such Liens shall not apply to any other asset of the Borrower or any
Subsidiary (other than the proceeds and products thereof); provided further that in the event purchase money obligations are owed to any Person with respect to financing of more than one purchase of any fixed or capital assets, such
Liens may secure all such purchase money obligations and may apply to all such fixed or capital assets or Intellectual Property financed by such Person; 
 (f) in connection with the sale or transfer of any Equity Interests or other assets in a transaction permitted under Section 6.05, customary rights and restrictions contained in agreements relating
to such sale or transfer pending the completion thereof; 
 (g) in the case of (i) any Subsidiary that is not a
wholly-owned Subsidiary or (ii) the Equity Interests in any Person that is not a Subsidiary, any encumbrance or restriction, including any put and call arrangements, related to Equity Interests in such Subsidiary or such other Person set forth
in the organizational documents of such Subsidiary or such other Person or any related joint venture, shareholders or similar agreement; 

  
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 (h) Liens solely on any cash earnest money deposits, escrow arrangements or similar
arrangements made by the Borrower or any Subsidiary in connection with any letter of intent or purchase agreement for a Permitted Acquisition or other transaction permitted hereunder; 

(i) any Lien on assets of any Foreign Subsidiary; provided that (A) such Lien shall not apply to any Collateral (including
any Equity Interests in any Subsidiary that constitute Collateral) or any other assets of any Loan Party and (B) such Lien shall secure only Indebtedness or other obligations of such Foreign Subsidiary permitted hereunder; and 

(j) other Liens securing Indebtedness or other obligations in an aggregate principal amount not to exceed $10,000,000 at any time
outstanding. 
 Notwithstanding the foregoing, no Lien, other than Liens permitted under clauses (a), (b), (e), (i) and
(j) of the definition of the term “Permitted Encumbrances” and clauses (a), (d), (e) and (f) above, may attach to any Account or Intellectual Property of the Borrower or any Loan Party. 

SECTION 6.03. Fundamental Changes; Business Activities. (a) Neither the Borrower nor any Subsidiary will merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing, (i) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Person (other than the Borrower) may merge or consolidate with any Subsidiary in a transaction in which
the surviving entity is a Subsidiary (and, if any party to such merger or consolidation is a Subsidiary Loan Party, is a Subsidiary Loan Party), (iii) any Subsidiary may merge into or consolidate with any Person (other than the Borrower) in a
transaction permitted under Section 6.05 in which, after giving effect to such transaction, the surviving entity is not a Subsidiary and (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided that any such merger or consolidation involving a Person that is not a wholly-owned Subsidiary immediately
prior thereto shall not be permitted unless it is also permitted under Section 6.04. 
 (b) Neither the Borrower nor any
Subsidiary will engage to any material extent in any business other than businesses of the type conducted by the Borrower and the Subsidiaries on the date hereof and businesses reasonably related thereto. 

SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. Neither the Borrower nor any Subsidiary will purchase,
hold, acquire (including pursuant to any merger or consolidation with any Person that was not a wholly-owned Subsidiary prior thereto), make or otherwise permit to exist any Investment in any other Person, or purchase or otherwise acquire (in one
transaction or a series of transactions) all or substantially all the assets of any other Person or of a business unit, division, product line or line of business of any other Person, or assets

  
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acquired other than in the ordinary course of business that, following the acquisition thereof, would constitute a substantial portion of the assets of the Borrower and the Subsidiaries, taken as
a whole, except: 
 (a) Permitted Investments; 

(b) Investments existing on the date hereof and, except in the case of Investments by the Borrower and the Subsidiaries in
the Borrower and the Subsidiaries, set forth on Schedule 6.04 (but not any additions thereto (including any capital contributions) made after the date hereof); 
 (c) investments by the Borrower and the Subsidiaries in Equity Interests in their subsidiaries; provided that (i) such subsidiaries are Subsidiaries prior to such investments, (ii) any
such Equity Interests held by a Loan Party shall be pledged in accordance with the requirements of the definition of the term “Collateral and Guarantee Requirement” and (iii) the aggregate amount of such investments by the Loan
Parties in, and loans and advances by the Loan Parties to, and Guarantees by the Loan Parties of Indebtedness and other obligations of, Subsidiaries that are not Loan Parties (excluding Specified Intercompany Indebtedness) permitted by this clause
(c), shall not exceed $5,000,000 at any time outstanding; 
 (d) loans or advances made by the Borrower or any
Subsidiary to the Borrower or any Subsidiary; provided that (i) the Indebtedness resulting therefrom is permitted by Section 6.01(c) and (ii) the amount of such loans and advances made by the Loan Parties to Subsidiaries that
are not Loan Parties (excluding Specified Intercompany Indebtedness) shall be subject to the limitation set forth in clause (c) above; 
 (e) Guarantees by the Borrower or any Subsidiary of Indebtedness or other obligations of the Borrower or any Subsidiary (including any such Guarantees arising as a result of any such Person being a joint
and several co-applicant with respect to any letter of credit or letter of guaranty); provided that (i) a Subsidiary that has not Guaranteed the Secured Obligations pursuant to the Collateral Agreement shall not Guarantee any
Indebtedness or other obligations of any Loan Party and (ii) the aggregate amount of Indebtedness and other obligations of Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party shall be subject to the limitation set forth
in clause (c) above; 
 (f) any Investment in the form of a contribution of any Specified Intercompany
Indebtedness to the Subsidiary that is the obligor thereunder; 
 (g) any Investment in the form of a
contribution by the Borrower or any Subsidiary of Equity Interests in any Foreign Subsidiary to any other Foreign Subsidiary; 

  
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 (h) Investments received in connection with the bankruptcy or reorganization
of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; 
 (i) Investments made as a result of the receipt of noncash consideration from a sale, transfer, lease or other disposition, or an exclusive license, of any asset in compliance with Section 6.05;

 (j) Investments by the Borrower or any Subsidiary that result solely from the receipt by the Borrower or such
Subsidiary from any of its subsidiaries of a dividend or other Restricted Payment in the form of Equity Interests, evidences of Indebtedness or other securities (but not any additions thereto made after the date of the receipt thereof); 

(k) Investments in the form of Hedging Agreements permitted under Section 6.07; 

(l) payroll, travel and similar advances to directors and employees of the Borrower or any Subsidiary to cover matters
that are expected at the time of such advances to be treated as expenses of the Borrower or such Subsidiary for accounting purposes and that are made in the ordinary course of business; 

(m) loans or advances to directors and employees of the Borrower or any Subsidiary made in the ordinary course of
business; provided that the aggregate amount of such loans and advances outstanding at any time shall not exceed $500,000; 
 (n) to the extent constituting Investments, transfers of Intellectual Property to one or more Foreign Subsidiaries and Joint Ventures; 

(o) other Investments and other acquisitions; provided that (i) the aggregate amount of all Investments made
in reliance on this clause (o) outstanding at any time, together with the aggregate Acquisition Consideration paid in connection with all other acquisitions (other than any Domestic Permitted Acquisition) made in reliance on this clause (o),
shall not exceed $10,000,000 in the aggregate, (ii) the aggregate amount of all Investments made in reliance on this clause (o) outstanding at any time, together with the aggregate Acquisition Consideration paid in connection with all
other acquisitions made in reliance on this clause (o), shall not exceed $15,000,000 in the aggregate, (iii) at the time each such Investment or other acquisition is purchased, made or otherwise acquired and immediately after giving effect
thereto, (A) no Default shall have occurred and be continuing, (B) the Liquidity shall not be less than $7,500,000 and (C) based on the information then available to the Borrower, the Borrower in good faith expects that Liquidity will
not be less than $7,500,000 at any time during the six month period immediately following the consummation of such Investment or other acquisition, and (iv) with respect to each such Investment or other acquisition

  
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(other than an Investment of less than $1,000,000 in a Subsidiary), the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower certifying
that all the requirements set forth in this clause (o) have been satisfied with respect to such Investment or other acquisition, together with a calculation in support of the satisfaction of the requirement set forth in clause (iii)(B) above;

 (p) other Investments and other acquisitions; provided that (i) at the time each such Investment
or acquisition is purchased, made or otherwise acquired and immediately after giving effect thereto, (A) no Default shall have occurred and be continuing and (B) the Borrower shall be in compliance with the covenant set forth in
Section 6.12 and (ii) the aggregate amount of all Investments made in reliance on this clause (p) outstanding at any time, together with the aggregate Acquisition Consideration paid in connection with all other acquisitions made in
reliance on this clause (p), shall not exceed $2,500,000 in the aggregate; 
 (q) other Investments and other
acquisitions; provided that (i) at the time each such Investment or other acquisition is purchased, made or otherwise acquired and immediately after giving effect thereto, (A) no Default shall have occurred and be continuing,
(B) the Liquidity shall not be less than $15,000,000 and (C) based on the information then available to the Borrower, the Borrower in good faith expects that Liquidity will not be less than $15,000,000 at any time during the six month
period following the consummation of such Investment or other acquisition and (ii) at the time each such Investment or other acquisition is purchased, made or otherwise acquired (other than an Investment of less than $1,000,000 in a
Subsidiary), the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower certifying that all the requirements set forth in this clause (q) have been satisfied with respect to such
Investment or other acquisition, together with a calculation in support of the satisfaction of the requirement set forth in clause (i)(B) above. 
 Notwithstanding anything to the contrary in this Section 6.04, any Investment in the form of a transfer of Intellectual Property shall be permitted only if such transfer complies with the final
paragraph of Section 6.05. In the event a wholly owned Subsidiary shall at any time cease to be a wholly owned Subsidiary (but shall remain a Person in which the Borrower or any Subsidiary owns any Equity Interests), the Borrower and the other
Subsidiaries shall be deemed to have made, at such time, an Investment in such former wholly owned Subsidiary in the aggregate amount of their existing Investments therein at such time. 

SECTION 6.05. Asset Sales. Neither the Borrower nor any Subsidiary will sell, transfer, lease or otherwise dispose of, or
exclusively license, any asset, including any Equity Interest owned by it, nor will any Subsidiary issue any additional Equity Interest in such Subsidiary (other than to the Borrower or any Subsidiary in compliance with Section 6.04, and other
than directors’ qualifying shares and other 

  
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nominal amounts of Equity Interests that are required to be held by other Persons under applicable law), except: 

(a) sales, transfers or other dispositions of used or surplus equipment in the ordinary course of business or of cash and
Permitted Investments; 
 (b) sales, transfers, leases, licenses and other dispositions to the Borrower, any
Subsidiary or any Joint Venture; provided that any such sales, transfers, leases or other dispositions involving a Subsidiary that is not a Loan Party or involving a Joint Venture shall be made in compliance with Sections 6.04 and 6.09;

 (c) sales, transfers or other dispositions of accounts receivable in connection with the compromise or
collection thereof in the ordinary course of business and not as part of any accounts receivables financing transaction; 
 (d) dispositions of assets subject to any casualty or condemnation proceeding (including in lieu thereof); and 
 (e) sales, transfers, leases and other dispositions of assets that are not permitted by any other clause of this Section; provided that (i) the aggregate fair value of all assets sold,
transferred, leased or otherwise disposed of in reliance on this clause shall not exceed $5,000,000 during any fiscal year of the Borrower and (ii) all sales, transfers, leases and other dispositions made in reliance on this clause shall be
made for fair value and at least 75% cash consideration. 
 For purposes of clause (e) above, issuance by any Subsidiary of any additional
Equity Interest in such Subsidiary to any Person other than the Borrower or any Subsidiary (other than issuance of directors’ qualifying shares and other nominal amounts of Equity Interests that are required to be held by other Persons under
applicable law) shall be deemed to be a sale and transfer by the Borrower and the Subsidiaries to such other Person of assets in the amount equal to the fair value (as determined reasonably and in good faith by a Financial Officer of the Borrower)
of such Equity Interests at the time thereof. 
 Notwithstanding the foregoing, neither the Borrower nor any Subsidiary shall grant any
exclusive license of, or sell, transfer or otherwise dispose of, in one transaction or a series of transactions, Intellectual Property material to the conduct of business of the Borrower and the Subsidiaries, taken as a whole, other than
(i) licenses to the Borrower or any Domestic Subsidiary that is a Subsidiary Loan Party, (ii) licenses to any Foreign Subsidiary of any Intellectual Property that are exclusive as to any jurisdiction or jurisdictions, in each case other
than the United States of America and Canada, or any sale, transfer or other disposition to any Foreign Subsidiary of any Intellectual Property that is not material to the conduct of business of the Borrower and the Subsidiaries, taken as a whole,
in the United States of America or Canada, provided that each such Foreign Subsidiary (A) shall be a wholly owned Subsidiary all the Equity Interests in which are 

  
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directly owned by one or more of the Loan Parties and shall have been pledged to the Administrative Agent, for the benefit of the Secured Parties, in accordance with (and to the extent required
by) the Collateral and Guarantee Requirement and (B) shall not create, incur, assume or permit to exist any Indebtedness (other than any Indebtedness owed to a Loan Party)) (each Foreign Subsidiary described in this clause (ii) being
referred to as the “Foreign IP Holdco”), (iii) licenses by any Foreign IP Holdco to any Foreign Subsidiary or Joint Venture of any Intellectual Property that are exclusive as to any jurisdiction or jurisdictions, in each case
other than the United States of America and Canada, in which such Foreign Subsidiary or Joint Venture conducts business, (iv) licenses to any Foreign Subsidiary or Joint Venture that conducts business in Canada of any Intellectual Property that
are exclusive as to Canada and (v) licenses that are exclusive solely as to any use or uses that are not a significant part of the Business. 
 SECTION 6.06. Sale/Leaseback Transactions. Neither the Borrower nor any Subsidiary will enter into any Sale/Leaseback Transaction unless (a) the sale or transfer of the property thereunder is
permitted under Section 6.05, (b) any Capital Lease Obligations arising in connection therewith are permitted under Section 6.01 and (c) any Liens arising in connection therewith (including Liens deemed to arise in connection
with any such Capital Lease Obligations) are permitted under Section 6.02. 
 SECTION 6.07. Hedging Agreements.
Neither the Borrower nor any Subsidiary will enter into any Hedging Agreement, except (a) Hedging Agreements entered into for non-speculative purposes to hedge or mitigate risks to which the Borrower or any Subsidiary has exposure (other than
in respect of Equity Interests or Indebtedness of the Borrower or any Subsidiary), (b) Hedging Agreements entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from fixed to floating rates,
from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary and (c) the Borrower may enter into, and perform its obligations under, Permitted Call
Spread Hedge Agreements. 
 SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness. (a) Neither the
Borrower nor any Subsidiary will declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that (i) the Borrower may declare and pay dividends
with respect to its Equity Interests payable solely in additional Equity Interests permitted hereunder, (ii) any Subsidiary may declare and pay dividends or make other distributions with respect to its capital stock, partnership or membership
interests or other similar Equity Interests, or make other Restricted Payments in respect of its Equity Interests, in each case ratably to the holders of such Equity Interests, (iii) the Borrower may repurchase Equity Interests upon the
exercise of stock options if such Equity Interests represent a portion of the exercise price of such options, (iv) the Borrower may make cash payments in lieu of the issuance of fractional shares representing insignificant interests in the
Borrower in connection with the exercise of warrants, options or other securities convertible into or exchangeable for capital stock in the Borrower, (v) the Borrower may pay the accrued and unpaid dividends on its Existing Preferred Stock upon
the consummation of an IPO in an amount not to exceed the net cash proceeds of the IPO, 

  
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(vi) the Borrower may make Restricted Payments, not exceeding $2,000,000 in the aggregate for any fiscal year, pursuant to and in accordance with stock option plans or other benefit plans or
agreements for directors, officers or employees of the Borrower and the Subsidiaries and (vii) following the consummation of an IPO, (A) the Borrower may declare and make Restricted Payments so long as, at the time thereof and after giving
effect thereto, (1) no Default shall have occurred and be continuing, (2) the Liquidity shall not be less than $20,000,000, (3) the Fixed Charges Coverage Ratio, determined (on a pro forma basis to give effect to any Indebtedness
incurred in connection with such Restricted Payment) as of the end of the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such
financial statements, ending with the last fiscal quarter included in the consolidated financial statements referred to in Section 3.04(a)) shall not be less than 1.10 to 1.00, (4) the Fixed Charges Coverage Ratio, determined (on a
projected pro forma basis to give effect to any Indebtedness incurred in connection with such Restricted Payment based on assumptions believed by the Borrower to be reasonable) as of the end of each of the two consecutive fiscal quarters ending
immediately after the date of such Restricted Payment shall not be less than 1.10 to 1.00 and (5) the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower certifying that (x) all
the requirements set forth in this clause (vii) have been satisfied with respect to such Restricted Payment and (y) based on the information then available to the Borrower, the Borrower in good faith expects that Liquidity will not be less
than $20,000,000 at any time during the six month period following the declaration and payment of such Restricted Payment, in each case together with reasonably detailed calculations in support of the satisfaction of the requirements set forth in
clauses (A)(2) and (A)(3) above, (B) the Borrower may pay any dividend on its shares of common stock within 60 days of the declaration thereof so long as the declaration thereof was made in compliance with the preceding clause (A) and
(C) the Borrower may make cash payments upon conversion of Permitted Convertible Notes pursuant to the terms thereof. 

(b) Neither the Borrower nor any Subsidiary will make or agree to pay or make, directly or indirectly, any payment or other distribution
(whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness incurred in reliance on Section 6.01(k) or 6.01(l), or any payment or other distribution (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, defeasance, cancellation or termination of any such Indebtedness, except: 

(i) payments of regularly scheduled interest as and when due in respect of any such Indebtedness, other than payments in
respect of Subordinated Indebtedness prohibited by the subordination provisions thereof; 
 (ii) refinancings of
any such Indebtedness with the proceeds of other Indebtedness permitted under Section 6.01; 
 (iii)
payments upon conversion of any such Indebtedness into common stock of the Borrower made solely in common stock of the Borrower, together with 

  
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cash payments in lieu of issuance of fractional shares and payments of accrued but unpaid interest, in each case in connection with such conversion; 

(iv) other payments of or in respect of any such Indebtedness made solely with (or with the proceeds of a substantially
concurrent issuance and sale of) Equity Interests (other than Disqualified Equity Interests) in the Borrower; 

(v) cash payments upon conversion of Permitted Convertible Notes pursuant to the terms thereof; and 

(vi) other payments of any such Indebtedness, so long as, at the time thereof and after giving effect thereto, (A) no
Default shall have occurred and be continuing, (B) the Liquidity shall not be less than $20,000,000, (C) the Fixed Charges Coverage Ratio, determined (on a pro forma basis to give effect to such payment and any Indebtedness incurred in
connection therewith) as of the end of the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the
last fiscal quarter included in the consolidated financial statements referred to in Section 3.04(a)) shall not be less than 1.10 to 1.00, (D) the Fixed Charges Coverage Ratio, determined (on a projected pro forma basis to give effect to
such payment and any Indebtedness incurred in connection therewith based on assumptions believed by the Borrower to be reasonable) as of the end of each of the two consecutive fiscal quarters ending immediately after the date of such Restricted
Payment shall not be less than 1.10 to 1.00 and (E) the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower certifying that (1) all the requirements set forth in this clause
(v) have been satisfied with respect to such payment and (2) based on the information then available to the Borrower, the Borrower in good faith expects that Liquidity will not be less than $20,000,000 at any time during the six month
period following such payment, in each case together with reasonably detailed calculations in support of the satisfaction of the requirements set forth in clauses (B) and (C) above. 

SECTION 6.09. Transactions with Affiliates. Neither the Borrower nor any Subsidiary will sell, lease, license or otherwise
transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions that are at prices and on terms and conditions not less
favorable to the Borrower or such Subsidiary than those that would prevail in arm’s-length transactions with unrelated third parties, (b) transactions between or among the Borrower and the Subsidiaries not involving any other Affiliate,
(c) any Restricted Payment permitted under Section 6.08, (d) issuances by the Borrower of Equity Interests (other than Disqualified Equity Interests), and receipt by the Borrower of capital contributions, (e) compensation and
indemnification of, and other employment arrangements with, directors, officers and employees of the Borrower or any Subsidiary entered in the ordinary course of business, (f) loans and advances permitted under clauses (j) and (k) of
Section 6.04 and (g) transfers permitted under clause (l) of Section 6.04. 

  
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 SECTION 6.10. Restrictive Agreements. Neither the Borrower nor any Subsidiary will,
directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that restricts or imposes any condition upon (a) the ability of the Borrower or any wholly owned Domestic Subsidiary to create, incur or permit to
exist any Lien upon any of its assets to secure any Secured Obligations or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to its Equity Interests or to make or repay loans or advances to the Borrower or
any Subsidiary or, in the case of any wholly owned Domestic Subsidiary, to Guarantee Indebtedness of the Borrower or any Subsidiary; provided that (i) the foregoing shall not apply to (A) restrictions and conditions imposed by law
or by any Loan Document, (B) restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any amendment or modification expanding the scope of, any such restriction or condition), (C) in the case
of any Subsidiary that is not a wholly-owned Subsidiary, restrictions and conditions imposed by its organizational documents or any related joint venture or similar agreement, provided that such restrictions and conditions apply only to such
Subsidiary and to any Equity Interests in such Subsidiary, (D) restrictions and conditions imposed on any Foreign Subsidiary by any agreement relating to Indebtedness of any Foreign Subsidiary permitted under Section 6.01(j) or 6.01(m) and
(E) restrictions and conditions imposed by any agreement relating to Indebtedness permitted by Section 6.01(k) or 6.01(l), (ii) clause (a) of the foregoing shall not apply to (A) restrictions or conditions imposed by any
agreement relating to secured Indebtedness permitted by Section 6.01(e) or 6.01(f) if such restrictions or conditions apply only to the assets securing such Indebtedness or (B) customary provisions in leases and other agreements
restricting the assignment thereof and (iii) clause (b) of the foregoing shall not apply to (A) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary, or a business unit, division, product
line or line of business, that are applicable solely pending such sale, provided that such restrictions and conditions apply only to the Subsidiary, or the business unit, division, product line or line of business, that is to be sold and such
sale is permitted hereunder and (B) restrictions and conditions imposed by agreements relating to Indebtedness of any Subsidiary in existence at the time such Subsidiary became a Subsidiary and otherwise permitted by Section 6.01(f) (but
shall apply to any amendment or modification expanding the scope of, any such restriction or condition), provided that such restrictions and conditions apply only to such Subsidiary. Nothing in this paragraph shall be deemed to modify the
requirements set forth in the definition of the term “Guarantee and Collateral Requirement” or the obligations of the Loan Parties under Sections 5.03, 5.04 or 5.12 or under the Security Documents. 

SECTION 6.11. Amendment of Material Documents. Neither the Borrower nor any Subsidiary will amend, modify or waive any of its
rights under (a) any agreement or instrument governing or evidencing any Material Indebtedness, (b) its certificate of incorporation, bylaws or other organizational documents or (c) any agreement or instrument governing or evidencing
any series of Existing Preferred Stock, in each case to the extent such amendment, modification or waiver could reasonably be expected to be adverse in any material respect to the Lenders. 

SECTION 6.12. Minimum Liquidity. The Borrower and the Subsidiaries shall maintain, at all times, Liquidity in an amount of not
less than $5,000,000. 

  
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 SECTION 6.13. Fiscal Year. The Borrower will not, and the Borrower will not permit
any Subsidiary to, change its fiscal year to end on a date other than January 31; provided that, subject to the prior written consent of the Administrative Agent (not to be unreasonably withheld or delayed), the Borrower and the
Subsidiaries may change their fiscal year to end on December 31. 
 ARTICLE VII 

Events of Default 
 If any of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower shall fail to pay any
interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure
shall continue unremedied for a period of three Business Days; 
 (c) any representation, warranty or statement
made or deemed made by or on behalf of the Borrower or any Subsidiary in any Loan Document or in any report, certificate, financial statement or other information provided pursuant to or in connection with any Loan Document or any amendment or
modification thereof or waiver thereunder shall prove to have been incorrect in a material respect when made or deemed made; 
 (d) the Borrower shall (i) fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.05(a) (with respect to the existence of the Borrower) or 5.11 or in
Article VI or (ii) fail to perform or observe any covenant or agreement contained in Section 5.01(f) or 5.09(b) and such failure shall continue unremedied for a period of 15 days; 

(e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document
(other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the Borrower (with a copy to the
Administrative Agent in the case of any such notice from a Lender); 
 (f) the Borrower or any Subsidiary shall
fail to make any payment (whether of principal, interest, termination payment or other payment obligation and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

  
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 (g) any event or condition occurs that results in any Material Indebtedness
becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf, or, in the
case of any Hedging Agreement (other than Permitted Call Spread Hedge Agreements), the applicable counterparty, to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity or, in the case of any Hedging Agreement (other than Permitted Call Spread Hedge Agreements), to cause the termination thereof; provided that this clause (g) shall not apply to (A) any secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the assets securing such Indebtedness, (B) any Indebtedness that becomes due as a result of a refinancing thereof permitted under Section 6.01 or (C) any requirement to
deliver cash upon conversion of Permitted Convertible Notes; 
 (h) an involuntary proceeding shall be commenced
or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation (other than any liquidation permitted by clause (iv) of Section 6.03(a)), reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or
(v) make a general assignment for the benefit of creditors, or the board of directors (or similar governing body) of the Borrower or any Subsidiary (or any committee thereof) shall adopt any resolution or otherwise authorize any action to
approve any of the actions referred to in clauses (i) through (iv) above or clause (h) of this Article; 
 (j) the Borrower or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 

  
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 (k) one or more judgments for the payment of money in an aggregate amount in
excess of $2,000,000 (other than any such judgment covered by insurance (other than under a self-insurance program) to the extent a claim therefor has been made in writing and liability therefor has not been denied by the insurer, so long as, in the
reasonable opinion of the Administrative Agent, such insurer is financially sound), shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 

(l) one or more judgments for injunctive relief in respect of the use, licensing or transfer of Intellectual Property
shall be rendered against the Borrower, any Subsidiary or any combination thereof that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; 

(m) one or more ERISA Events shall have occurred that could, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect; 
 (n) any Lien purported to be created under any Security Document shall
cease to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any material portion of the Collateral, with the priority required by the applicable Security Document, except as a result of (i) a sale or transfer of
the applicable Collateral in a transaction permitted under the Loan Documents or (ii) the Administrative Agent’s failure to maintain possession of any stock certificate, promissory note or other instrument delivered to it under the
Collateral Agreement; 
 (o) any Guarantee purported to be created under any Loan Document shall cease to be, or
shall be asserted by any Loan Party not to be, in full force and effect, except upon the consummation of any transaction permitted under this Agreement as a result of which the Subsidiary Loan Party providing such Guarantee ceases to be a Subsidiary
or upon the termination of such Loan Document in accordance with its terms; 
 (p) a Change in Control shall
occur; or 
 (q) any Subordinated Indebtedness permitted under Section 6.01(l) or the Guarantees in respect
thereof shall cease for any reason to be validly subordinated to the Loan Document Obligations, or any Loan Party or any Affiliate thereof shall assert that such Subordinated Indebtedness has ceased to be validly subordinated to the Loan Document
Obligations, in each case as required hereunder; 

  
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 then, and in every such event (other than an event with respect to the Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take any or all of the following
actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations
of the Borrower hereunder, shall become due and payable immediately, and (iii) require the deposit of cash collateral in respect of LC Exposure as provided in Section 2.05(i), in each case without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower; and in the case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate, the principal of
the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower hereunder, shall immediately and automatically become due and payable and the deposit of such cash collateral in respect of LC
Exposure shall immediately and automatically become due, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

ARTICLE VIII 

The Administrative Agent 
 Each of the Lenders and the Issuing Banks hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors to serve as administrative agent and
collateral agent under the Loan Documents, and authorizes the Administrative Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction other than the United States of America, each of the Lenders and the Issuing Banks hereby grants to the Administrative Agent any
required powers of attorney to execute any Security Document governed by the laws of such jurisdiction on such Lender’s or Issuing Bank’s behalf. 
 The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender or an Issuing Bank as any other Lender or Issuing Bank and may exercise the same
as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the

  
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foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the
Administrative Agent shall not have any duty to take any discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to
exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the
Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion, could expose the Administrative Agent to liability or be contrary to any Loan Document or applicable law, and
(c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any other
Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with
the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the
Loan Documents) or in the absence of its own gross negligence or wilful misconduct, as determined by a court of competent jurisdiction by a final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until written notice thereof is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate (including any Borrowing Base Certificate), report or other document delivered thereunder or in connection therewith,
including with respect to the existence and aggregate amount of Designated Secured Other Obligations at any time, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan
Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth
in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being
acceptable or satisfactory to the Administrative Agent. Notwithstanding anything herein to the contrary, the Administrative Agent shall not have any liability arising from any confirmation of the Revolving Exposure or the component amounts thereof.

 The Administrative Agent shall be entitled to rely, and shall not incur any liability for relying, upon any notice, request,
certificate (including any Borrowing Base Certificate), consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed, sent or otherwise authenticated by the proper Person (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the signatory, sender or authenticator thereof). The Administrative

  
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Agent also shall be entitled to rely, and shall not incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to be made by the proper Person
(whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the signatory, sender or authenticator thereof), and may act upon any such statement prior to receipt of written confirmation thereof. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any
such counsel, accountants or experts. 
 The Administrative Agent may perform any of and all its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of and all their duties and exercise their rights
and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the terms of this paragraph, the Administrative Agent may resign at any time from its capacity as such. In connection with such resignation, the Administrative Agent shall give notice of its
intent to resign to the Lenders, the Issuing Banks and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, then the retiring Administrative Agent may, on behalf of the Lenders and
the Issuing Banks, in consultation with the Borrower, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed by the Borrower and such successor.
Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any
other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as
Administrative Agent and in respect of the matters referred to in the proviso under clause (a) above. 
 Each Lender and
Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, the Arrangers or any other Lender 

  
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or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender and Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arrangers or any other Lender or Issuing Bank, or any of the Related Parties of any of the
foregoing, and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder. 
 Each Lender, by delivering its signature page to this Agreement
and funding its Loans on the Effective Date, or delivering its signature page to an Assignment and Assumption or an Incremental Facility Agreement pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of,
and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date. 

Each Lender hereby agrees that (a) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent;
(b) the Administrative Agent (i) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission contained in or relating
to any Report and (ii) shall not be liable for any information contained in any Report; (c) the Reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific
information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel, and that the Administrative Agent undertakes no obligation to
update, correct or supplement the Reports; (d) it will keep all Reports confidential and strictly for its internal use and not share any Report with any other Person except as otherwise permitted pursuant to this Agreement; and (e) without
limiting the generality of any other indemnification provision contained in this Agreement, it will pay and protect, and indemnify, defend, and hold the Administrative Agent, each other Person preparing a Report and the Related Parties of any of the
foregoing harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorney fees) incurred by any of them as the direct or indirect result of any third parties who might obtain
all or part of any Report through the indemnifying Lender. 
 No Secured Party shall have any right individually to realize upon
any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured
Parties in accordance with the terms thereof. In the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent or any Lender may be the purchaser
or licensor of any or all of such Collateral at any such sale or other disposition, and the Administrative Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its

  
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or their respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Loan Document Obligations as a credit on account of the purchase price for any collateral payable by the Administrative Agent on behalf
of the Secured Parties at such sale or other disposition. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Secured Obligations provided under the Loan
Documents, to have agreed to the foregoing provisions. 
 In furtherance of the foregoing and not in limitation thereof, no
Hedging Agreement the obligations under which constitute Secured Obligations will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of
the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such Hedging Agreement shall be deemed to have appointed the Administrative Agent to serve as
administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph. 

Notwithstanding anything herein to the contrary, neither the Arrangers nor the Person named on the cover page of this Agreement as the
Documentation Agent shall have any duties or obligations under this Agreement or any other Loan Document (except in its capacity, as applicable, as a Lender or an Issuing Bank), but all such Persons shall have the benefit of the indemnities provided
for hereunder. 
 ARTICLE IX 
 Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case
of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by fax, as follows: 
 (i) if to the Borrower, to
it at Pandora Media, Inc., 2101 Webster Street, Suite 1650, Oakland, CA 94612, Attention of Steve Cakebread, Chief Financial Officer (Fax No. 510-842-7940; email: scakebread@pandora.com), with a copy to Lawrence Wieman, Esq., Davis
Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017 (Fax No. 212-701-5800; email: lawrence.wieman@davispolk.com); 
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention of Shannon L Handcox (Fax
No. 713-750-2878), with a copy to 

  
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JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, York 10179, Attention of John Kowalczuk (Fax No. 212-270-5127); 

(iii) if to any Issuing Bank, to it at its address (or fax number) most recently specified by it in a notice delivered to
the Administrative Agent and the Borrower (or, in the absence of any such notice, to the address (or fax number) set forth in the Administrative Questionnaire of the Lender that is serving as such Issuing Bank or is an Affiliate thereof); and

 (iv) if to any other Lender, to it at its address (or fax number) set forth in its Administrative
Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given when received; notices sent by fax or electronic mail shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient); and notices delivered through electronic communications to the extent provided in paragraph (b) below shall be effective as provided in such paragraph. 

(b) Notices and other communications to the Lenders and Issuing Banks hereunder may be delivered or furnished by electronic
communications (including email and Internet and intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices under Article II to any Lender or Issuing Bank if such
Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. Any notices or other communications to the Administrative Agent or the Borrower
may be delivered or furnished by electronic communications pursuant to procedures approved by the recipient thereof prior thereto; provided that approval of such procedures may be limited or rescinded by any such Person by notice to each
other such Person. 
 (c) Any party hereto may change its address, fax number or electronic mail address for notices and other
communications hereunder by notice to the other parties hereto. 
 SECTION 9.02. Waivers; Amendments. (a) No failure
or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and
the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver 

  
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or consent shall be effective only in the specific instance and for the specific purpose for which given. Without limiting the generality of the foregoing, the execution and delivery of this
Agreement, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default
at the time. 
 (b) Except as provided in Section 2.20 and in the Collateral Agreement and except for any modifications to
the Borrowing Base, or any component thereof, made by the Administrative Agent in accordance with the terms hereof, none of this Agreement, any other Loan Document or any provision hereof or thereof may be waived, amended or modified except, in the
case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders and, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the
Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent of the Required Lenders, provided that (i) any provision of this Agreement or any other Loan Document may be amended by an
agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency so long as, in each case, the Lenders shall have received at least five Business Days’ prior written notice
thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment and (ii) no
such agreement shall (A) increase the Commitment of any Lender without the written consent of such Lender, (B) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon (other than as a result of any
waiver of any increase in the interest rate applicable to any Loan pursuant to Section 2.12(c)), or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (C) postpone the scheduled maturity date of
any Loan, or the required date of reimbursement of any LC Disbursement, or any date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of
any Commitment, without the written consent of each Lender affected thereby, (D) change Section 2.17(b) or 2.17(d) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender,
provided that any Lender may waive the benefits of Section 2.17(d) with respect to any particular payment or type of payment received or collected by any other Lender without the consent of any other Lender, (E) change any of the
provisions of this Section or the percentage set forth in the definition of the term “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any
rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender; provided that, with the consent of the Required Lenders, the provisions of this Section and the definition of the term
“Required Lenders” may be amended to include references to any new class of loans created under this Agreement (or to lenders extending such loans) on substantially the same basis as the corresponding references relating to the existing
Loans or Lenders, (F) release any material Subsidiary Loan Party from its Guarantee under the Collateral Agreement (except as expressly provided in Section 9.14 or the Collateral 

  
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Agreement), or limit its liability in respect of such Guarantee, without the written consent of each Lender, (G) release all or substantially all the Collateral from the Liens of the
Security Documents, without the written consent of each Lender (except as expressly provided in Section 9.14 or the applicable Security Document (including any such release by the Administrative Agent in connection with any sale or other
disposition of the Collateral upon the exercise of remedies under the Security Documents), it being understood that an amendment or other modification of the type of obligations secured by the Security Documents shall not be deemed to be a release
of the Collateral from the Liens of the Security Documents), (H) increase the advance rate set forth in the definition of the term “Borrowing Base” without the written consent of each Lender and (I) add categories of eligible
assets other than Eligible Accounts without the written consent of the Supermajority Lenders; provided further that no such agreement shall amend, modify, extend or otherwise affect the rights or obligations of the Administrative Agent
or any Issuing Bank without the prior written consent of the Administrative Agent or such Issuing Bank, as the case may be. Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement or
any other Loan Document shall be required of (x) any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (A), (B) or (C) of the first proviso of this paragraph and then only in
the event such Defaulting Lender shall be affected by such amendment, waiver or other modification or (y) any Lender that receives payment in full of the principal of and interest accrued on each Loan made by, and all other amounts owing to,
such Lender or accrued for the account of such Lender under this Agreement and the other Loan Documents at the time such amendment, waiver or other modification becomes effective and whose Commitment terminates by the terms and upon the
effectiveness of such amendment, waiver or other modification. 
 (c) The Administrative Agent may, but shall have no obligation
to, with the concurrence of any Lender, execute amendments, waivers or other modifications on behalf of such Lender. Any amendment, waiver or other modification effected in accordance with this Section 9.02 shall be binding upon each Person
that is at the time thereof a Lender and each Person that subsequently becomes a Lender. 
 SECTION 9.03. Expenses;
Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Documentation Agent and their Affiliates, including the reasonable fees, charges and disbursements
of counsel for any of the foregoing, in connection with the structuring, arrangement and syndication of the credit facilities provided for herein and any credit or similar facility refinancing or replacing, in whole or in part, any of the credit
facilities provided for herein, including the preparation, execution and delivery of the Engagement Letter, as well as the preparation, execution, delivery and administration of this Agreement, the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including fees and expenses relating to field examinations, appraisals and collateral monitoring,
(ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all
out-of-pocket and documented expenses 

  
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incurred by the Administrative Agent, any Issuing Bank or any Lender, including the reasonable fees, charges and disbursements of any counsel for any of the foregoing, in connection with the
enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit or incurred in connection with the liquidation of the Collateral. 
 (b) The Borrower shall indemnify the Administrative Agent (and any subagent thereof), the Arrangers, the Documentation Agent, each Lender and Issuing Bank, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”), against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the structuring, arrangement and the syndication of the credit facilities provided for
herein, the preparation, execution, delivery and administration of the Engagement Letter, this Agreement, the other Loan Documents or any other agreement or instrument contemplated hereby or thereby, the performance by the parties to the Engagement
Letter, this Agreement or the other Loan Documents of their obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom
(including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or
alleged presence or Release of Hazardous Materials on or from any Mortgaged Property or any other property currently or formerly owned or operated by the Borrower or any Subsidiary, or any Environmental Liability to the extent related in any way to
the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether initiated against or by any party
to the Engagement Letter, this Agreement or any other Loan Document, any Affiliate of any of the foregoing or any third party (and regardless of whether any Indemnitee is a party thereto); provided that such indemnity shall not, as to any
Indemnitee, be available (i) to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the gross
negligence or wilful misconduct of such Indemnitee or any of its Related Parties or (y) a material breach of the obligations of such Indemnitee or any of its Related Parties under this Agreement or any other Loan Document or (ii) in any
proceeding that does not involve an act or omission by the Borrower or any of its Affiliates and is brought by an Indemnitee against any other Indemnitee other than the Administrative Agent or any Issuing Bank in its capacity as such. This paragraph
shall not apply with respect to Taxes, other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by them under paragraph (a) or (b) of this
Section to the Administrative Agent (or any sub-agent thereof), any Issuing Bank or any Related Party of any of the foregoing, 

  
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each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing Bank or such Related Party, as the case may be, such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent (or such sub-agent), such Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or any Issuing Bank in
connection with such capacity. For purposes of this Section, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving Exposures and unused Commitments at the time (or most recently
outstanding and in effect). 
 (d) To the extent permitted by applicable law, the Borrower shall not assert, or permit any of
its Affiliates or Related Parties to assert, and each hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other
information transmission systems (including the Internet), or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) All amounts due under this Section shall be payable promptly after written demand therefor. 

SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section), the Arrangers, the Documentation Agent and, to the extent
expressly contemplated hereby, the sub-agents of the Administrative Agent and the Related Parties of any of the Administrative Agent, the Arrangers, the Documentation Agent, any Issuing Bank and any Lender) any legal or equitable right, remedy or
claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any
Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the 

  
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Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 

(A) the Borrower; provided that no consent of the Borrower shall be required (1) for an assignment to a Lender
and (2) if an Event of Default has occurred and is continuing, for any other assignment; 
 (B) the
Administrative Agent; and 
 (C) each Issuing Bank. 

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

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consents; provided that no such consent of the Borrower shall be required if an Event of
Default has occurred and is continuing; 
 (B) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, provided that only one such processing and recordation fee shall be
payable in the event of simultaneous assignments from any Lender or its Approved Funds to one or more other Approved Funds of such Lender; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all
syndicate-level information (which may contain MNPI) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable law, including Federal, State and foreign securities laws.

 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, 

  
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to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.03) . 

(iv) The Administrative Agent shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and records
of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive in the absence of manifest error, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and, as to entries pertaining to it, any Issuing Bank or Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
 (v) Upon receipt by the Administrative Agent of an Assignment and Assumption
executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder) and the processing and recordation fee referred to in this Section, the
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that the Administrative Agent shall not be required to accept such Assignment and Assumption or so record
the information contained therein if the Administrative Agent reasonably believes that such Assignment and Assumption lacks any written consent required by this Section or is otherwise not in proper form, it being acknowledged that the
Administrative Agent shall have no duty or obligation (and shall incur no liability) with respect to obtaining (or confirming the receipt) of any such written consent or with respect to the form of (or any defect in) such Assignment and Assumption,
any such duty and obligation being solely with the assigning Lender and the assignee. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph, and following such
recording, unless otherwise determined by the Administrative Agent (such determination to be made in the sole discretion of the Administrative Agent, which determination may be conditioned on the consent of the assigning Lender and the assignee),
shall be effective notwithstanding any defect in the Assignment and Assumption relating thereto. Each assigning Lender and the assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented to the
Administrative Agent that all written consents required by this Section with respect thereto (other than the consent of the Administrative Agent) have been obtained and that such Assignment and Assumption is otherwise duly completed and in proper
form, and each assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented and warranted to the assigning Lender and the Administrative Agent that such assignee is an Eligible Assignee. It is
understood and agreed that the Administrative Agent and each assignor Lender shall be entitled to rely, and shall incur no liability for relying, upon the representations and warranties of an 

  
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assignee set forth in this Section 9.04(b)(v) and in the applicable Assignment and Assumption (and that no assignment or transfer by any Lender made hereunder shall be set aside or deemed to
be invalid on account of any such representation or warranty being inaccurate), provided that the foregoing shall not be construed as a waiver by the Borrower of any rights it might have against the assignee on account of the inaccuracy of
any representation or warranty set forth in clause (A) above. 
 (c) Any Lender may, without the consent of the Borrower,
the Administrative Agent or any Issuing Bank, sell participations to one or more Eligible Assignees (“Participants”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion
of its Commitments and Loans of any Class); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in
clauses (ii)(A), (B), (C), (F), (G), (H) and (I) of the first proviso to Section 9.02(b) that affects such Participant or that requires the approval of all the Lenders. The Borrower agrees that each Participant shall be entitled to
the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations therein, including the requirements under Section 2.16(f) (it being understood that the documentation required under Section 2.16(f) shall be
delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the
provisions of Sections 2.16, 2.17(d) and 2.18 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Section 2.14 or 2.16, with respect to any participation,
than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.17(d) as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant to which it has sold a participation and the principal amounts (and stated
interest) of each such Participant’s interest in the Loans or other rights and obligations of such Lender under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Loans or other rights and obligations under this Agreement) except to the
extent that such disclosure is necessary to establish that such Loan or other right or obligation is in registered form under Section 5f.103-1(c) of the 

  
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United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to
secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 SECTION 9.05.
Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Arrangers, the Documentation Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any Loan Document is executed and delivered or any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid or any LC Exposure is outstanding and so long as the Commitments have not expired or terminated. Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement or any other
Loan Document, in the event that, in connection with the refinancing or repayment in full of the credit facilities provided for herein, an Issuing Bank shall have provided to the Administrative Agent a written consent to the release of the Lenders
from their obligations hereunder with respect to any Letter of Credit issued by such Issuing Bank (whether as a result of the obligations of the Borrower (and any other account party) in respect of such Letter of Credit having been collateralized in
full by a deposit of cash with such Issuing Bank, or being supported by a letter of credit that names such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit shall cease to be a
“Letter of Credit” outstanding hereunder for all purposes of this Agreement and the other Loan Documents, and the Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect thereto, under
Section 2.05(d) or 2.05(f) . The provisions of Sections 2.14, 2.15, 2.16, 2.17(f) and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment
of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
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together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any
and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and
the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and Issuing Bank, and each Affiliate of any of the foregoing, is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) or other amounts at any time held and other obligations (in whatever currency) at any time owing by such
Lender or Issuing Bank, or by such an Affiliate, to or for the credit or the account of the Borrower against any of and all the obligations then due of the Borrower now or hereafter existing under this Agreement held by such Lender or Issuing Bank,
irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this Agreement. The applicable Lender, Issuing Bank or Affiliate of any of the foregoing shall notify the Borrower and the Administrative Agent of such
set-off or application promptly following such action, provided that any failure to so notify shall not affect the validity of any such setoff. The rights of each Lender and Issuing Bank, and each Affiliate of any of the foregoing, under this
Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, Issuing Bank or Affiliate may have. 
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or

  
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proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative
Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or any of its properties in the courts of any jurisdiction. 

(c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the
right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10. WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Banks agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Related Parties, including accountants, legal counsel and other agents and advisors, it being understood that the Persons to whom such
disclosure is made will be informed of the confidential 

  
 118

 
nature of such Information and instructed to keep such Information confidential, (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including
any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable law or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing confidentiality undertakings substantially similar to those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or (ii) any actual or prospective counterparty (or its Related Parties) to any swap or derivative transaction relating to the Borrower or any Subsidiary and its obligations, (g) with the consent of the
Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, any Issuing Bank or any Affiliate of
any of the foregoing on a nonconfidential basis from a source other than the Borrower. For purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or any Subsidiary or their
businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower unless, in the case of information received from the Borrower
after the date hereof, such information is clearly identified at the time of delivery as not including any confidential information. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and
the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the
date of repayment, shall have been received by such Lender. 
 SECTION 9.14. Release of Liens and Guarantees. A
Subsidiary Loan Party shall automatically be released from its obligations under the Loan Documents, and all security interests created by the Security Documents in Collateral owned by such Subsidiary Loan Party shall be automatically released, upon
the consummation of any 

  
 119

 
transaction permitted by this Agreement as a result of which such Subsidiary Loan Party ceases to be a Subsidiary; provided that, if so required by this Agreement, the Required Lenders
shall have consented to such transaction and the terms of such consent shall not have provided otherwise. Upon any sale or other transfer by any Loan Party (other than to the Borrower or any Subsidiary Loan Party) of any Collateral in a transaction
permitted under this Agreement, or upon the effectiveness of any written consent to the release of the security interest created under any Security Document in any Collateral pursuant to Section 9.02, the security interests in such Collateral
created by the Security Documents shall be automatically released. In connection with any termination or release pursuant to this Section, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all
documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent. 

SECTION 9.15. USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with such Act. 
 SECTION 9.16. No Fiduciary Relationship. The Borrower, on behalf of itself and its subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any
communications in connection therewith, the Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the Lenders, the Issuing Banks and their Affiliates, on the other hand, will have a business relationship
that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders, the Issuing Banks or their Affiliates, and no such duty will be deemed to have arisen in connection with any such
transactions or communications. 
 SECTION 9.17. Non-Public Information. (a) Each Lender acknowledges that all
information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be syndicate-level information, which may
contain MNPI. Each Lender represents to the Borrower and the Administrative Agent that (i) it has developed compliance procedures regarding the use of MNPI and that it will handle MNPI in accordance with such procedures and applicable law,
including Federal, state and foreign securities laws, and (ii) it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain MNPI in accordance with its compliance procedures and applicable
law, including Federal, state and foreign securities laws. 
 (b) The Borrower and each Lender acknowledge that, if information
furnished by the Borrower pursuant to or in connection with this Agreement is being 

  
 120

 
distributed by the Administrative Agent through IntraLinks/IntraAgency, SyndTrak or another website or other information platform (the “Platform”), (i) the Administrative
Agent may post any information that the Borrower has indicated as not containing MNPI on that portion of the Platform as is designated for Public Side Lender Representatives and (ii) if the Borrower has not indicated whether any information
furnished by it pursuant to or in connection with this Agreement contains MNPI, the Administrative Agent shall post such information solely on that portion of the Platform as is designated for Private Side Lender Representatives. The Borrower agrees
to clearly designate all information provided to the Administrative Agent by or on behalf of the Borrower that is suitable to be made available to Public Side Lender Representatives, and the Administrative Agent shall be entitled to rely on any such
designation by the Borrower without liability or responsibility for the independent verification thereof. 
 SECTION 9.18.
Administrative Agent Controlled Account. Funds deposited by the Borrower in the Administrative Agent Controlled Account shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower
under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Administrative Agent Controlled Account; provided that the Administrative Agent may, in its
Permitted Discretion, permit the Borrower to withdraw funds from the Administrative Agent Controlled Account so long as no Default or Event of Default has occurred or is continuing or would result therefrom, which permission shall not to be
unreasonably withheld or delayed. Other than any interest earned on the investment of the deposits in the Administrative Agent Controlled Account, which investments shall be made in any Permitted Investments at the option and within the Permitted
Discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Without limiting the Administrative
Agent’s discretion with respect to the Administrative Agent Controlled Account set forth above, upon the occurrence and during the continuance of an Event of Default, funds held in the Administrative Agent Controlled Account may be applied by
the Administrative Agent as provided in the Collateral Agreement. The Administrative Agent agrees that (a) so long as no Event of Default shall have occurred and be continuing or would result therefrom (and, if requested by the Administrative
Agent, the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to that effect) and (b) if any Loans or LC Exposure are outstanding under this Agreement (other than LC Exposure that has
been cash collateralized), so long as no Cash Dominion Period shall be in effect or would result therefrom (assuming, for such purposes, that no additional funds are deposited in the Administrative Agent Controlled Account during the period of three
consecutive days after giving effect thereto and all notices required to be given to commence the Cash Dominion Period shall have been given), upon request of the Borrower, the Administrative Agent shall permit the Borrower to withdraw funds from
the Administrative Agent Controlled Account. 
 [Remainder of page intentionally left blank] 

  
 121

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

			
	PANDORA MEDIA, INC.,
		
	by	 	/s/ Steve Cakebread
		 	 Name: Steve Cakebread

Title: CFO

	
	 JPMORGAN CHASE BANK, N.A.,
 individually and as Administrative Agent,

		
	by	 	/s/ John G. Kowalczuk
		 	 Name: John G. Kowalczuk

Title: Executive Director

  
 [Signature
Page to Credit Agreement] 

 SIGNATURE PAGE TO THE CREDIT AGREEMENT OF PANDORA MEDIA, INC. 

 

			
	Name of Institution: Bridge Bank, National Association
		
	by	 	/s/ Michael Lederman
		 	 Name: Michael Lederman

Title: SVP

	
	For any Lender requiring a second signature block:
		
	by	 	 
		 	 Name:

Title:

  
 [Signature
Page to Credit Agreement] 

 SIGNATURE PAGE TO THE CREDIT AGREEMENT OF PANDORA MEDIA, INC. 

 

			
	Name of Institution: Morgan Stanley Bank, NA
		
	by	 	/s/ Lisa M. Hansen
		 	 Name: Lisa M. Hansen
 Title:
Authorized Signatory

	
	For any Lender requiring a second signature block:
		
	by	 	 
		 	 Name:

Title:

  
 [Signature
Page to Credit Agreement] 

 Schedule 1.01(a) — Competitors 

ABC, Inc. 
 Amazon.com, Inc. 

Apple Inc. 
 CBS Corporation 

Clear Channel Communications, Inc. 
 Dow
Jones & Company, Inc. 
 Facebook, Inc. 
 FOX Entertainment Group 
 Google Inc. 
 Hulu, LLC 
 Last.fm Ltd. 
 Microsoft Corporation 
 MOG Inc. 
 NBCUniversal Media, LLC 
 The New York Times Company 

Rdio, Inc. 
 RealNetworks, Inc. 

Rhapsody International Inc. 
 Sirius XM Radio
Inc. 
 Slacker, Inc. 
 Spotify Limited

 VEVO LLC 
 Yahoo! Inc. 

YouTube, LLC 

 Schedule 1.01(b) — Permitted Holders 

Barry McCarthy 
 Bay Area Equity Fund I, L.P.

 Brian A.C. Steel and Jessica Dawn Steel, Trustees of the Steel Investment Trust u/a/d 12-08-06 

Chernin Group Pico Investments 
 Brian A.C.
Steel, 
 Trustee of The Brian A.C. Steel 2011 Annuity Trust Brian Steel 
 Crosslink Crossover Fund IV, L.P. 
 Crosslink Crossover Fund V, L.P. 

Crosslink Omega Ventures IV GmbH & Co. KG 
 Crosslink Ventures IV, L.P. 
 David Sze 
 Delida Costin 
 Etienne Handman 
 GGV III Entrepreneurs Fund L.P. 
 Granite Global Ventures III, L.P. 

Greylock XII Limited Partnership 
 Greylock XII
Principals LLC 
 Greylock XII-A Limited Partnership 
 James M.P. Feuille 
 Jessica D. Steel 
 Jessica Dawn Steel, Trustee of The Jessica Dawn Steel 2011 Annuity Trust 
 John E.
Rogers & Lois A. Rogers, JTWROS 
 John Gotcher Trust U/A/D 12-16-94 
 John Rogers 
 John Trimble 
 Joseph Kennedy 
 Kavner Partners, a Delaware Multiple Series Limited Partnership (Series B)

 King Street Acquisition Company, L.L.C. 
 Labrador Ventures V-B, L.P. 
 Larry Marcus 
 Martial Chaillet 
 Miles Gotcher Trust U/A/D 12-16-94 

Nicholas Gotcher Trust U/A/D 12-16-94 
 Offshore
Crosslink Omega Ventures IV (Cayman Islands Unit Trust) 
 Offshore Crosslink Ventures IV Unit Trust 

Omega Bayview IV, LLC 
 Peter Chernin 

Peter Gotcher 
 Robert Kavner 

Robert M. Kavner, Allyson P. Kavner and Thomas J. Ross, Jr., Trustees of Kathryn Ray Kavner Trust - 2000 u/i dtd. March 14, 2000 Robert M. Kavner and
Allyson P. Kavner, Trustees of Kavner Family Trust - 1999 u/i dtd. May 17, 1999 
 Robert M. Kavner, Allyson P. Kavner and Thomas J. Ross,
Jr., Trustees of Reed I. Kavner Trust - 2000 u/i dtd. March 14, 2000 
 Selby Venture Partners II-A, L.P. 

Steven Cakebread 
 The Chernin Group, LLC

 The Hearst Corporation 
 Thomas
Conrad 
 Tim Westergren 
 Walden VC II,
L.P. 
 Walden VC II, LLC 
 Walden VC
III, LLC 
 WaldenVC SPK, LLC 
 Will
Glaser 
 William Gotcher Trust U/A/D 12-16-94 
 And any Affiliate of the foregoing Persons, and any heir, devisee, estate or beneficiary of the foregoing Persons or their respective Affiliates 

 Schedule 2.01 - Commitments 

 

									
	 Lender
	  	Commitment	 	  	Percentage	 
	 JPMorgan Chase Bank, N.A.
	  	$	10,000,000.00	  	  	 	33.3	% 
	 Bridge Bank, National Association
	  	$	10,000,000.00	  	  	 	33.3	% 
	 Morgan Stanley Bank, N.A.
	  	$	10,000,000.00	  	  	 	33.3	% 
		  	 	 	 	  	 	 	 
	 TOTAL
	  	$	30,000,000.00	  	  	 	100	% 
		  	 	 	 	  	 	 	 

 Schedule 3.04  — Specified Transactions 

None. 

 Schedule 3.05B — Intellectual Property 

In May of 2011, Borrower commenced streaming of spoken word comedy material, for which the underlying literary works are not currently entitled to
eligibility for licensing by any performance rights society for the United States, but rather, pursuant to industry-wide custom and practice is performed absent a specific license from any such performance rights society. Borrower complies with such
industry-wide custom and practice. 

 Schedule 3.06A — Litigation 

Zamora Radio, LLC v. Last.fm, Ltd et al. (including Pandora Media Inc., etc.) (S.D. Fla) 
 UNA Augme Technologies Inc. v. Pandora Media Inc. (D. Del.) 
 Marcia Burke vs. Apple, Inc. et al.
(including Pandora Media, Inc., etc.) (N.D. Ala) (class action) 
 Kevin Burwick vs. Apple, Inc., et al. (including Pandora Media, Inc., etc.)
(C.D. CA) (class action) 
 Jarrett Ammer vs. Apple, Inc., et al. (including Pandora Media, Inc., etc.) (S.D. NY) (class action) 

Natasha Acosta vs. Apple, Inc., et al. (including Pandora Media, Inc., etc.) (Puerto Rico) (class action) 

Gad Albilia vs. Apple, Inc., et al. (including Pandora Media, Inc., etc.) (Superior Court of the Province of Quebec, District of Montreal) (class action)

 Allison Kimbrough vs. Pandora Media, Inc. (Circuit Court of Washington County, Arkansas) (class action) 

In re iPhone Application (N.D. CA) (class action) (Pandora not named as defendant in consolidated amended complaint) 

Proceedings to establish rates that will be applicable to the Borrower and its Affiliates after 2015 are expected to commence in January of 2014. At that
time, webcasters, including us, will have the opportunity to enter into voluntary settlement negotiations with SoundExchange, and failing voluntary settlement, will participate in formal hearings before the Copyright Royalty Board (the
“CRB”) to establish rates. If Pandora is unable to successfully negotiate the rates to be paid by the Borrower and its Affiliates for the 2016-2020 period with SoundExchange, it will be forced to litigate those rates before the CRB.

 In October 2010, the Borrower elected to terminate its prior license agreement with the American Society of Composers, Authors and Publishers
(“ASCAP”) as of December 31, 2010. Notwithstanding the Borrower’s termination of this agreement, musical works administered by ASCAP continue to be licensed to the Borrower pursuant to the provisions of a consent decree. The
rates to be paid by the Borrower will be set either by mutual agreement between the Borrower and ASCAP, or by a ruling from the ASCAP rate court, which was established in the U.S. District Court for the Southern District of New York pursuant to the
consent decree. Either the Borrower or ASCAP may request that the rate court determine the royalty rate that the Borrower pays to ASCAP, at which point the Borrower will prepare for rate court proceedings. The rate court could establish royalty
rates that are less favorable to the Borrower than those previously paid pursuant to its license agreement with ASCAP, and the Borrower could be liable for both increased royalty rates going forward and a potential true-up of royalty payments in
excess of any interim royalties paid for the period following December 31, 2010. 

 Schedule 3.09 — Taxes 

As of March 31, 2011, the Borrower owes an aggregate amount of approximately $1,400,000 to Arizona, District of Columbia, Florida, Kentucky,
Louisiana, Mississippi, Nebraska, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington and Wisconsin for sales taxes due, estimated penalties and interest. 

 Schedule 3.11A — Subsidiaries and Joint Ventures 

 

									
	 Record Holder
	  	 Subsidiary
	  	Jurisdiction of
Organization	  	Percentage of
Ownership	 
	 Pandora Media, Inc.
	  	Pandora Cayman Limited (“Pandora Cayman”)	  	Cayman Islands	  	 	100	% 

 Pandora Media, Inc. owns 1000 shares of
Pandora Cayman Limited , each with a par value of $.001. Because Pandora Cayman has not yet established a deposit account, the Borrower has not paid to Pandora Cayman the par value of the foregoing shares. 

  

 Schedule 3.11B 
 Ownership by Permitted Holders 
 As of March 28, 2011, the Permitted Holders own
86.01% of the outstanding shares (and options and warrants to purchase shares) of capital stock of the Borrower 

Disqualified Equity Interests 
  

													
	 Record Holder
	  	 Issuer
	  	 Class
	  	Number	 	  	Date of Issuance	 
	 Garage Technology Ventures I, L.P.
	  	 Pandora

Media,
 Inc.
	  	 Series A

Preferred
 Stock
	  	 	375,000	  	  	 
  
	March 30, 2000,
 April 7, 2000
	  
   

	 John E. Rogers & Lois A. Rogers, JTWROS
	  	  	  				  
	 Metamor Worldwide, Inc.
	  	  	  				  
	 Sumeet Singh
	  	  	  				  
					
	 Martial Chaillet
	  	 Pandora

Media,
 Inc.
	  	 Series B

Preferred
 Stock
	  	 	24,859,899	  	  	 
  

 
	March 18, 2004,
 August 3, 2004,

October 7, 2005
	  
   

  

	 Crosslink Crossover Fund IV, L.P.
	  	  	  				  
	 Crosslink Omega Ventures IV GmbH & Co. KG
	  	  	  				  
	 Crosslink Ventures IV, L.P.
	  	  	  				  
	 Will Glaser
	  		  		  				  			
	 Peter Gotcher
	  		  		  				  			
	 Robert A. Harris
	  		  		  				  			
	 Sharon Hendricks
	  		  		  				  			
	 HEWM/VLG Investments LLC
	  		  		  				  			
	 John E. Rogers & Lois A. Rogers, JTWROS
	  		  		  				  			
	 Labrador Ventures V-B, L.P.
	  		  		  				  			
	 Earle H. LeMasters.
	  		  		  				  			
	 Howard Morgan
	  		  		  				  			
	 Offshore Crosslink Omega Ventures IV (Cayman Islands
	  		  		  				  			
	 Unit Trust)
	  		  		  				  			
	 Omega Bayview IV, LLC
	  		  		  				  			
	 Robert M. Kavner and Allyson P. Kavner, Trustees of
	  		  		  				  			
	 Kavner Family Trust - 1999 u/i dtd. May 17, 1999
	  		  		  				  			
	 Edward Schweitzer
	  		  		  				  			
	 Robert T. Scott
	  		  		  				  			
	 Selby Venture Partners II-A, L.P.
	  		  		  				  			
	 Venquier SA
	  		  		  				  			
	 Walden VC II, L.P.
	  		  		  				  			
	 Richard Wohlstadter
	  		  		  				  			
	 Mitchell S. Zuklie
	  		  		  				  			
					
	 Jeff Amling
	  	 Pandora

Media,
 Inc.
	  	 Series C

Preferred
 Stock
	  	 	23,884,315	  	  	 
  
	October 25, 2005,

February 21, 2006
	  
   

	 Crosslink Crossover Fund IV, L.P.
	  	  	  	  
	 Crosslink Omega Ventures IV GmbH & Co. KG
	  	  	  	  
	 Crosslink Ventures IV, L.P.
	  	  	  	  
	 Labrador Ventures V-B, L.P.
	  		  		  				  			
	 Marcus, Drew
	  		  		  				  			
	 Offshore Crosslink Omega Ventures IV (Cayman Islands
	  		  		  				  			
	 Unit Trust)
	  		  		  				  			
	 Omega Bayview IV, LLC
	  		  		  				  			
	 Orrick Investments 2006 LLC
	  		  		  				  			
	 Selby Venture Partners II-A, L.P.
	  		  		  				  			
	 Walden VC II, L.P.
	  		  		  				  			
	 Mitchell S. Zuklie
	  		  		  				  			

  

											
	 Bay Area Equity Fund I, L.P.
	  	 Pandora

Media,
 Inc.
	  	 Series D

Preferred
 Stock
	  	 	21,812,963	  	  	June 30, 2006,
 July 7, 2006,

July 28, 2006

	 Crosslink Crossover Fund IV, L.P.
	  	  	  	  
	 Crosslink Crossover Fund V, L.P.
	  	  	  	  
	 Crosslink Omega Ventures IV GmbH & Co. KG
	  	  	  	  
	 Crosslink Ventures IV, L.P.
	  		  		  				  	
	 GGV III Entrepreneurs Fund L.P.
	  		  		  				  	
	 Granite Global Ventures III, L.P.
	  		  		  				  	
	 Greylock XII Limited Partnership
	  		  		  				  	
	 Greylock XII Principals LLC
	  		  		  				  	
	 Greylock XII-A Limited Partnership
	  		  		  				  	
	 King Street Acquisition Company, L.L.C.
	  		  		  				  	
	 Labrador Ventures V-B, L.P.
	  		  		  				  	
	 Offshore Crosslink Omega Ventures IV (Cayman Islands
	  		  		  				  	
	 Unit Trust)
	  		  		  				  	
	 Offshore Crosslink Ventures IV Unit Trust
	  		  		  				  	
	 Omega Bayview IV, LLC
	  		  		  				  	
	 Orrick Investments 2006 LLC
	  		  		  				  	
	 Piper Jaffray Direct Fund II, LP
	  		  		  				  	
	 Selby Venture Partners II-A, L.P.
	  		  		  				  	
	 The Hearst Corporation
	  		  		  				  	
	 W Capital Partners, L.P.
	  		  		  				  	
	 Walden VC III, LLC
	  		  		  				  	
	 Walden VC II, L.P.
	  		  		  				  	
	 Mitchell S. Zuklie
	  		  		  				  	
					
	 Bay Area Equity Fund I, L.P.
	  	 Pandora

Media,
 Inc.
	  	 Series E

Preferred
 Stock
	  	 	8,639,737	  	  	August 28, 2008,
 January 16, 2009

	 Crosslink Crossover Fund V, L.P.
	  	  	  	  
	 Crosslink Omega Ventures IV GmbH & Co. KG
	  	  	  	  
	 Crosslink Ventures IV, L.P.
	  	  	  	  
	 John E. Rogers & Lois A. Rogers, JTWROS
	  		  		  				  	
	 King Street Acquisition Company, L.L.C.
	  		  		  				  	
	 Labrador Ventures V-B, L.P.
	  		  		  				  	
	 Offshore Crosslink Ventures IV Unit Trust
	  		  		  				  	
	 Omega Bayview IV, LLC
	  		  		  				  	
	 Orrick Investments 2008 LLC
	  		  		  				  	
	 Piper Jaffray Direct Fund II, LP
	  		  		  				  	
	 Selby Venture Partners II-A, L.P.
	  		  		  				  	
	 The Hearst Corporation
	  		  		  				  	
	 Walden VC II, L.P.
	  		  		  				  	
	 Mitchell S. Zuklie
	  		  		  				  	
					
	 Barton Investments LLC
	  	 Pandora

Media,
 Inc.
	  	 Series F

Preferred
 Stock
	  	 	45,833,082	  	  	July 9, 2009,

October 20, 2009

	 Bay Area Equity Fund I, L.P.
	  	  	  	  
	 Crosslink Crossover Fund V, L.P.
	  	  	  	  
	 Crosslink Omega Ventures IV GmbH & Co. KG
	  	  	  	  
	 Crosslink Ventures IV, L.P.
	  		  		  				  	
	 Peter Gotcher
	  		  		  				  	
	 Greylock XII Limited Partnership
	  		  		  				  	
	 Greylock XII Principals LLC
	  		  		  				  	
	 Greylock XII-A Limited Partnership
	  		  		  				  	
	 HEWM/VLG Investments LLC
	  		  		  				  	
	 John E. Rogers & Lois A. Rogers, JTWROS
	  		  		  				  	
	 Larry Kubal
	  		  		  				  	
	 Earl H. LeMasters
	  		  		  				  	
	 Lysander, LLC
	  		  		  				  	
	 Offshore Crosslink Ventures IV Unit Trust
	  		  		  				  	
	 Omega Bayview IV, LLC
	  		  		  				  	
	 Orrick Investments 2006 LLC
	  		  		  				  	

  

															
	 Orrick Investments 2008 LLC
	  				  		  				  			
	 Piper Jaffray Direct Fund II, LP
	  				  		  				  			
	 Robert M. Kavner and Allyson P. Kavner, Trustees of
	  				  		  				  			
	 Kavner Family Trust - 1999 u/i dtd. May 17, 1999
	  				  		  				  			
	 Ronald Lott and Karen Lott Trust
	  				  		  				  			
	 Selby Venture Partners II-A, L.P.
	  				  		  				  			
	 The Hearst Corporation
	  				  		  				  			
	 W Capital Partners, L.P.
	  				  		  				  			
	 Walden VC III, LLC
	  				  		  				  			
	 Walden VC II, L.P.
	  				  		  				  			
	 WaldenVC SPK, LLC
	  				  		  				  			
	 Mitchell S. Zuklie
	  				  		  				  			
					
	 Allen & Company LLC
	  	 
  

 
	Pandora
 Media,

Inc.
	  
   

  
	  	 Series G

Preferred
 Stock
	  	 	8,129,338	  	  	 	May 20, 2010	  
	 GGV III Entrepreneurs Fund L.P.
	  	  	  	  
	 Granite Global Ventures III, L.P.
	  	  	  	  
	 Pinnacle Ventures Debt Fund III, L.P.
	  	  	  	  
	 Pinnacle Ventures Debt Fund III-A, L.P.
	  				  		  				  			
	 Pinnacle Ventures II-A, L.P.
	  				  		  				  			
	 Pinnacle Ventures II-B, L.P.
	  				  		  				  			
	 Pinnacle Ventures II-C, L.P.
	  				  		  				  			
	 Pinnacle Ventures II-R, L.P.
	  				  		  				  			

  

 Schedule 3.12 — Insurance 

“Commercial Automobile” insurance, underwritten by Federal Insurance Company 
 “Commercial Umbrella Liability” insurance, underwritten by Federal Insurance Company 

“D&O” insurance, underwritten by National Union Fire Insurance Company of Pittsburgh, PA 

“Employment Practices Liability” insurance, underwritten by Carolina Casualty Insurance 

“Errors and Omissions” insurance, underwritten by Axis Surplus Insurance Company. 
 “Excess Professional” insurance, underwritten by Columbia Casualty Company. 

“Executive Risk” insurance, underwritten by Federal Insurance Company. 
 “Worldwide Package” insurance, underwritten by Federal Insurance Company. 
 All of the
foregoing policies are in effect from February 28, 2011 until February 28, 2012. 

  

 Schedule 6.01 — Existing Indebtedness 

None. 

  

 Schedule 6.02 — Existing Liens 

None. 

  

 Schedule 6.04 — Existing Investments 

None. 

  

 Schedule 6.10 — Existing Restrictions 

None. 

  

 EXHIBIT A 
 [FORM OF] ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1
attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance
with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the
Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below (including any Letters of Credit, Guarantees, and Protective Advances included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any
other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity, in each case to the extent related to the rights and
obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such
sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

	 	1.	Assignor: _____________________________________________________________________ 

 

	 	2.	Assignee: _____________________________________________________________________ 

	 	    	 [and is an Affiliate/Approved Fund of [Identify Lender]]1 

  

	 	3.	Borrower: Pandora Media, Inc. 

  

	 	4.	Administrative Agent: JPMorgan Chase Bank, N.A. 

 

	1 	 Select as applicable. 

  

	 	5.	Credit Agreement: Credit Agreement dated as of May 13, 2011, among Pandora Media, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative
Agent 

  

	 	6.	 Assigned
Interest:2 

 

													
	 Facility Assigned
	  	Aggregate Amount of
Commitment/Loans for
all Lenders	 	  	Amount of
Commitment/ Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans3	 
	 Commitment/Loans
	  	$	 	  	  	$	 	  	  	 	%	  

 Effective Date: __________ ___, 20 __
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]. 
 The
Assignee, if not already a Lender, agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain MNPI)
will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable law, including Federal, state and foreign securities laws. 

 

	2 	 Must comply with the minimum assignment amounts set forth in Section 9.04(b)(ii)(A) of the Credit Agreement, to the extent such minimum assignment
amounts are applicable 

	3 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders. 

  
 2 

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

 

			
	[NAME OF ASSIGNOR], as Assignor,
		
	by	 	 
		 	Name:
		 	Title:

  

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

  

			
	Consented to and Accepted:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent,
		
	by	 	 
		 	Name:
		 	Title:

  

			
	[Consented to:
	
	PANDORA MEDIA, INC.,
		
	by	 	 
		 	Name:
		 	Title:]4

  

			
	Consented to:5
	
	JPMORGAN CHASE BANK, N.A.,
		
	by	 	 
		 	Name:
		 	Title:
	
	BRIDGE BANK, NATIONAL ASSOCIATION,
		
	by	 	 
		 	Name:
		 	Title:

  

	4 	 To be included only if the consent of the Borrower is required by Section 9.04(b)(i)(A) of the Credit Agreement 

	5 	 To be revised as necessary to (i) include each Lender that shall become an Issuing Bank as provided in Section 2.05(j) of the Credit
Agreement and (ii) remove any Lender that shall cease to be an Issuing Bank as provided in Section 2.05(k) of the Credit Agreement 

  

 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties.  
 1.1 Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof (or, prior to the first such delivery, the financial statements referred to in Section 3.04 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 Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, (v) if it is a Lender that is a U.S. Person, attached to this Assignment and Assumption is IRS Form W-9 certifying that such Lender is exempt from U.S. Federal
backup withholding tax, (vi) if it is a Foreign Lender, attached to this Assignment and Assumption is any documentation required to be delivered by it pursuant to Section 2.16 of the Credit Agreement, duly completed and executed by the
Assignee, and (vii) it does not bear a relationship to Borrower described in Section 108(e)(4) of the Code; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 5 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to or on or after the Effective Date. The Assignor and the Assignee shall
make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and
their respective successors and assigns. This Assignment and Assumption may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be construed in accordance with and governed by the law of the State of New York. 

  
 6 

 Exhibit B 
 Page 1 of 3 
 Pandora Media, Inc. 

Credit Agreement dated as of May 13, 2011 
 [Form of] Borrowing Base Certificate 
 As of [     ]

 The Borrowing Base Certificate includes completed Schedules 1 and 2 to this Exhibit B. All capitalized terms used herein (and in the
accompanying Schedules) have the meaning ascribed to them in the Credit Agreement dated as of May 13, 2011 (“Credit Agreement”) among Pandora Media, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as
Administrative Agent. For the avoidance of doubt, this Borrowing Base Certificate does not include any Annex that may be delivered herewith. 
  

							
		  	Excess Availability	  	 	(U.S. Dollars in $000’s)	  
	 A.
	  	Total A/R borrowing base (line 39 of Schedule 1)	  	 	—  	  
	 B.
	  	Designated Secured Obligations Reserve(*)	  			
		  	        (i) Designated Secured Cash Management Obligations	  	 	—  	  
		  	        (ii) Designated Secured Corporate Credit Card Obligations	  	 	—  	  
		  	        (iii) Designated Secured Foreign Exchange Services Obligations	  	 	—  	  
		  	        (iv) Designated Secured Hedge Obligations	  	 	—  	  
		  		  	 	 	 
		  	Total Designated Secured Obligations Reserve (sum of (i), (ii), (iii) and (iv)):	  			
	 C.
	  	Other Reserves (but only to the extent that Administrative Agent has notified the Borrower thereof)	  	 	—  	  
		  		  	 	 	 
	 D.
	  	Total Borrowing Base (line A minus lines B and C)	  	 	—  	  
	 E.
	  	Aggregate Commitment	  	 	—  	  
	 F.
	  	Lower of Borrowing Base and Aggregate Commitment (lesser of line D or line E)	  			
	 G.
	  	Aggregate Revolving Exposure	  			
		  	        (i) Aggregate outstanding principal amount of Lenders’ Revolving Loans	  	 	—  	  
		  	        (ii) Aggregate LC Exposure	  	 	—  	  
		  	        (iii) Aggregate Protective Advance Exposure	  	 	—  	  
		  		  	 	 	 
		  	Aggregate Revolving Exposure (sum of (i), (ii) and (iii))	  	 	—  	  
		  		  	 	 	 
	 H.
	  	Excess Availability (line F minus line G)	  	 	—  	  
	 I.
	  	Cash on deposit in Administrative Agent Controlled Account	  	 	—  	  
		  		  	 	 	 
	 J.
	  	Liquidity (line I plus line H)	  	 	—  	  

  

	(*)	The aggregate amount of Designated Secured Obligations for each of items (i), (ii) and (iii) of line B at any time shall be determined based on the maximum
amount of such Designated Secured Obligations, whether or not outstanding at such time. 

 Certification: 

Pursuant to Section 5.01(f) of the Credit Agreement, the undersigned Financial Officer of Pandora Media, Inc. certifies that the information set
forth in this Borrowing Base Certificate, including Schedules 1 and 2 hereto, is true and correct in all material respects as of the date set forth below based on the books and records of Pandora Media, Inc. and the other Loan Parties. 

 

					
	Pandora Media, Inc.	 		 	
			
	  	 		 	  
	Name:	 		 	Date:
	Title:	 		 	

 Exhibit B 
 Page 2 of 3 
 Pandora Media, Inc. 

Credit Agreement dated as of May 13, 2011 
 [Form of] Borrowing Base Certificate 
 Schedule 1 

As of [    ] 
 The line item captions set forth on this form of the Borrowing Base Certificate have been abbreviated for convenience purposes, and the meaning of the line items should be interpreted by reference to the
terms of the “Eligible Accounts” definition set forth in the Credit Agreement 
  

									
	 	  	 	  	Relevant clause
of “Eligible
Accounts”
definition in the
Credit
Agreement	  	 	 
	 CALCULATION OF ELIGIBLE ACCOUNTS OF LOAN PARTIES:
	  		  	 	(U.S. Dollars in $000’s)	  
	 1.
	  	Accounts Aged Current to 30 Days	  		  	 	—  	  
	 2.
	  	Accounts Aged 31 to 60 Days	  		  	 	—  	  
	 3.
	  	Accounts Aged 61 to 90 Days	  		  	 	—  	  
	 4.
	  	Accounts Aged 91 to 120 Days	  		  	 	—  	  
	 5.
	  	Accounts Aged 121 Days and Over	  		  	 	—  	  
		  		  		  	 	 	 
	 6.
	  	GROSS ACCOUNTS (sum of lines 1 through 5)	  		  	 	—  	  
		  	LESS the sum of :	  		  			
	 7.
	  	Accounts due more than 120 days past original invoice date, or not paid within 90 days of original due date or which have been written-off or designated as
uncollectible	  	(c)	  	 	—  	  
	 8.
	  	Credit/Rebill invoices due more than 120 days past original invoice date, or not paid within 90 days of original due date (w/o giving effect to change in date as a result of
Credit/Rebill transaction)	  	(c)	  	 	—  	  
	 9.
	  	Government Accounts	  	(l)	  	 	—  	  
	 10.
	  	Foreign Accounts (except Canada) or Accounts not denominated in US/Can $	  	(j), (k)	  	 	—  	  
	 11.
	  	Accounts of Affiliates, Permitted Holders or other Related Parties	  	(m)	  	 	—  	  
	 12.
	  	Owed by Account Debtor to the extent its Eligible Accounts exceed 25% of all Eligible Accounts (investment grade Account Debtor)	  	(e)(i)	  	 	—  	  
	 13.
	  	Owed by Account Debtor to the extent its Eligible Accounts exceed 15% of all Eligible Accounts (non-investment grade Account Debtor)	  	(e)(ii)	  	 	—  	  
	 14.
	  	Owed by Account Debtor for which more than 50% of Accounts are more than 120 days past original invoice date, or not paid within 90 days of original due date	  	(d)	  	 	—  	  
	 15.
	  	Accounts subject to dispute, counterclaim, deduction or setoff (to the extent of the amount disputed)	  	(o)	  	 	—  	  
	 16.
	  	Accounts not evidenced by an invoice	  	(f)(ii)	  	 	—  	  
	 17.
	  	Accounts relating to services not performed in full	  	(f)(iv)	  	 	—  	  
	 18.
	  	Accounts relating to payment of interest or performance of services not in the ordinary course	  	(f)(i), (f)(v)	  	 	—  	  
	 19.
	  	Subscription services	  	(f)(vi)	  	 	—  	  
	 20.
	  	Progress/retention billings or accounts invoiced more than once (other than Credit/Rebills)	  	(f)(iii), (f)(vii)	  	 	—  	  
	 21.
	  	Accounts with respect to which any check/instrument of payment has been returned uncollected	  	(g)	  	 	—  	  
	 22.
	  	Owed by Account Debtor that is bankrupt/insolvent	  	(h)	  	 	—  	  
	 23.
	  	Accrued rebates not given in ordinary course of business (to the extent of rebate)	  	(q)	  	 	—  	  
	 24.
	  	Evidenced by promissory note, chattel paper or other instrument (not delivered to the Administrative Agent)	  	(p)	  	 	—  	  
	 25.
	  	Accounts acquired via acquisition prior to a completed field examination (absent Administrative Agent approval)	  	(t)	  	 	—  	  
	 26.
	  	Owed by Account Debtor that has sold all its assets to a buyer who is not an eligible Account Debtor	  	(i)	  	 	—  	  
	 27.
	  	Contra Accounts: Owed by Account Debtor to which (or, where there is a reasonable expectation of setoff as a result of a payment obligation to an Affiliate of such Account
Debtor, to such Affiliate of which) Loan Party owes a payment obligation (to the extent of the payment obligation)	  	(n)	  	 	—  	  
	 28.
	  	Accounts not subject to a first priority perfected security interest, or subject to a lien not permitted by Section 6.02 of the Credit Agreement	  	(a), (b)	  	 	—  	  
	 29.
	  	Accounts that do not comply with law	  	(r)	  	 	—  	  
	 30
	  	Accounts indicating other party than Loan Party (or an Agency as agent of an Account Debtor) as payee	  	(s)	  	 	—  	  
	 31.
	  	Unapplied cash	  	(n)	  	 	—  	  
	 32.
	  	Other ineligble Accounts (if any)	  		  	 	—  	  
		  	[Note: each Account should not be included in more than one of the foregoing categories.]	  		  			
		  		  		  	 	 	 
	 33.
	  	TOTAL INELIGIBLE ACCOUNTS (sum of lines 7 through 32)	  		  	 	—  	  
		  		  		  	 	 	 
	 34.
	  	GROSS ELIGIBLE ACCOUNTS (line 6 minus line 33)	  		  	 	—  	  
	 35.
	  	DILUTION RATIO (if >5%)1	  		  	 	—  	  
	 36.
	  	DILUTION RESERVE (line 35 multiplied by line 34)	  		  	 	—  	  
	 37.
	  	NET ELIGIBLE ACCOUNTS (line 34 minus line 36)	  		  	 	—  	  
	 38.
	  	Advance rate	  		  	 	85%	  
		  		  		  	 	 	 
	 39.
	  	TOTAL A/R BORROWING BASE (line 37 multiplied by line 38)	  		  	 	—  	  
	  
 1    Dilution Ratio equals ((a) the aggregate
amount of Dilution Factors divided by total gross invoiced amount, in each case, for the four most recently ended fiscal quarters (b) less 5%), provided that that the Dilution Ratio cannot be less than zero.
	 
         

 The Tables set forth below are included soley for the convenenience of Pandora Media, Inc, who, in its sole discretion, may
choose not to include such Tables in Schedule 1. 
 Table 1 

 

																									
	 CONCENTRATIONS
	  	Total
Account	 	  	%
Concentration	 	  	Ineligible
Amount	 	  	Less Contra
Amount	 	  	Less Amount
Over 90	 	  	Ineligible
Amount	 
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Total Concentrations
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	
	 Table 2
  
	   
 

	 CONTRA ACCOUNTS
	 	  	A/R	 	  	Amount
Over 120	 	  	A/P
Amount	 	  	Contra
Amount	 	  	 	 
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
	 Name
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
		  				  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  			
	 Total Contra Accounts
	   
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  			
		  				  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  			
	
	 Table 3
  
	   
 

	 CROSS AGING
	  	Total
Account	 	  	Total Over
50%	 	  	Amount
Over 120	 	  	Contra &
Other Ineligible	 	  	Ineligible
Amount	 	  	Comment
On Status	 
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Name
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 TOTALS
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 

 Exhibit B 
 Page 3 of 3 
 Pandora Media, Inc. 

Credit Agreement dated as of May 13, 2011 
 [Form of] Borrowing Base Certificate 
 Schedule 2 

As of [    ] 
 The line item captions set forth on this form of the Borrowing Base Certificate have been abbreviated for convenience purposes, and the meaning of the line items should be interpreted by reference to the
terms of the “Agency Exposure Information” definitition set forth in the Credit Agreement. 
 To the knowledge of Pandora Media, Inc.:

  

							
	AGENCY EXPOSURE INFORMATION:	  		  	(U.S. Dollars in $000’s)
	 Set forth information below with respect to Accounts as if the relevant Agency

party to the Agented Advertising Arrangement were the “Account Debtor”:
	  	Relevant clause of “Agency Exposure Information” definition	  	
	 1.
	  	Owed by Account Debtor if its accounts exceed 25% of all Eligible Accounts (investment grade Account Debtor)	  	(a)(i)	  	—  
	 2.
	  	Owed by Account Debtor if its accounts exceed 15% of all Eligible Accounts (non-investment grade Account Debtor)	  	(a)(ii)	  	—  
	 3.
	  	Owed by Account Debtor that is bankrupt/insolvent	  	(b)	  	—  
	 4.
	  	Foreign Accounts (except Canada)	  	(c)	  	—  
	 5.
	  	Accounts subject to pending dispute/chargeback	  	(d)	  	—  
		  		  		  	—  
		  		  		  	 
	 6.
	  	TOTAL AGENCY EXPOSURE (sum of lines 1 through 5)	  		  	—  

 EXHIBIT C 
 [FORM OF] BORROWING REQUEST 
 JPMorgan Chase Bank, N.A. 

as Administrative Agent 
 Loan and Agency
Services Group 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 
 Attention: Shannon L. Handcox 

Fax: 713-750-2878 
 Copy to: 

JPMorgan Chase Bank, N.A. 
 as Administrative
Agent 
 383 Madison Avenue 
 New York,
York 10179 
 Attention: John Kowalczuk 

Fax: 212-270-5127 
 [Date] 

Ladies and Gentlemen: 

Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Pandora Media, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Credit Agreement. This notice constitutes a Borrowing Request and the Borrower hereby gives you notice, pursuant to Section 2.03 of the Credit Agreement, that it requests a Borrowing under
the Credit Agreement, and in connection therewith specifies the following information with respect to such Borrowing: 
  

	 	(A)	 Aggregate principal amount of Borrowing :1 $___________________ 

  

	 	(B)	Date of Borrowing (which is a Business Day): __________________ 

  

	 	(C)	 Type of
Borrowing:2 _______________________________________

  

	 	(D)	 Interest Period and the last day thereof:3 ________________________ 

 

	1 	 Must comply with Section 2.02(c) of the Credit Agreement. 

	2	 Specify ABR
Borrowing or Eurocurrency Borrowing. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. 

  

	 	(E)	Location and number of the Borrower’s account to which proceeds of the requested Borrowing are to be disbursed: [Name of Bank] (Account No.:
____________________________________________________________) 

  

	 	    	 [Issuing Bank to which proceeds of the requested Borrowing are to be disbursed: ________________________]4 

The Borrower hereby certifies that the conditions specified in paragraphs (a), (b) and (c) of Section 4.02 of the Credit
Agreement have been satisfied and that, after giving effect to the Borrowing requested hereby, the Aggregate Revolving Exposure (or any component thereof) shall not exceed the maximum amount thereof (or the maximum amount of any such component)
specified in Section 2.01(b) or 2.05(b) of the Credit Agreement. 
  

			
	                Very truly yours,
	
	PANDORA MEDIA, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

	3	 Applicable to
Eurocurrency Borrowings only. Shall be subject to the definition of “Interest Period” and can be a period of one, two, three or six months (or, if agreed to by each Lender participating in the requested Borrowing, nine or twelve months).
If an Interest Period is not specified, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

	4	 Specify only in
the case of an ABR Revolving Borrowing requested to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f) of the Credit Agreement. 

  

 EXHIBIT D 
  

 
  

[FORM OF] 

GUARANTEE AND COLLATERAL AGREEMENT 
 dated as of 
 May 13, 2011, 

among 
 PANDORA
MEDIA, INC., 
 THE SUBSIDIARY LOAN PARTIES 
 PARTY HERETO 
 and 

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

 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I	 
	
	 Definitions
	   

	 SECTION 1.01.
	  	Defined Terms	  	 	1	  
	 SECTION 1.02.
	  	Other Defined Terms	  	 	1	  
	
	 ARTICLE II
	   

	
	 Guarantee
	   

	 SECTION 2.01.
	  	Guarantee	  	 	6	  
	 SECTION 2.02.
	  	Guarantee of Payment; Continuing Guarantee	  	 	7	  
	 SECTION 2.03.
	  	No Limitations	  	 	7	  
	 SECTION 2.04.
	  	Reinstatement	  	 	8	  
	 SECTION 2.05.
	  	Agreement to Pay; Subrogation	  	 	8	  
	 SECTION 2.06.
	  	Information	  	 	8	  
	
	 ARTICLE III
	   

	
	 Pledge of Securities
	   

	 SECTION 3.01.
	  	Pledge	  	 	9	  
	 SECTION 3.02.
	  	Delivery of the Pledged Collateral	  	 	9	  
	 SECTION 3.03.
	  	Representations and Warranties	  	 	10	  
	 SECTION 3.04.
	  	Registration in Nominee Name; Denominations	  	 	11	  
	 SECTION 3.05.
	  	Voting Rights; Dividends and Interest	  	 	11	  
	
	 ARTICLE IV
	   

	
	 Security Interests in Personal Property
	   

	 SECTION 4.01.
	  	Security Interest	  	 	13	  
	 SECTION 4.02.
	  	Representations and Warranties	  	 	15	  
	 SECTION 4.03.
	  	Covenants	  	 	16	  
	 SECTION 4.04.
	  	Other Actions	  	 	18	  
	
	 ARTICLE V
	   

	
	 Remedies
	   

	 SECTION 5.01.
	  	Remedies Upon Default	  	 	18	  
	 SECTION 5.02.
	  	Application of Proceeds	  	 	20	  
	 SECTION 5.03.
	  	Grant of License to Use Intellectual Property	  	 	21	  
	 SECTION 5.04.
	  	Securities Act	  	 	21	  

							
	 SECTION 5.05.
	  	Registration	  	 	22	  
	
	 ARTICLE VI
	   

	
	 Indemnity, Subrogation and Subordination
	   

	 SECTION 6.01.
	  	Indemnity and Subrogation	  	 	23	  
	 SECTION 6.02.
	  	Contribution and Subrogation	  	 	23	  
	 SECTION 6.03.
	  	Subordination	  	 	23	  
	
	 ARTICLE VII
	   

	
	 Miscellaneous
	   

	 SECTION 7.01.
	  	Notices	  	 	24	  
	 SECTION 7.02.
	  	Waivers; Amendment	  	 	24	  
	 SECTION 7.03.
	  	Administrative Agent’s Fees and Expenses; Indemnification	  	 	25	  
	 SECTION 7.04.
	  	Survival	  	 	26	  
	 SECTION 7.05.
	  	Counterparts; Effectiveness; Successors and Assigns	  	 	26	  
	 SECTION 7.06.
	  	Severability	  	 	26	  
	 SECTION 7.07.
	  	Right of Set-Off	  	 	26	  
	 SECTION 7.08.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	27	  
	 SECTION 7.09.
	  	WAIVER OF JURY TRIAL	  	 	27	  
	 SECTION 7.10.
	  	Headings	  	 	28	  
	 SECTION 7.11.
	  	Security Interest Absolute	  	 	28	  
	 SECTION 7.12.
	  	Termination or Release	  	 	28	  
	 SECTION 7.13.
	  	Additional Subsidiaries	  	 	29	  
	 SECTION 7.14.
	  	Administrative Agent Appointed Attorney-in-Fact	  	 	29	  
	 SECTION 7.15.
	  	Certain Acknowledgments and Agreements	  	 	30	  

			
	 Schedules
	  	
		
	 Schedule I
	  	Subsidiary Loan Parties
	 Schedule II
	  	Pledged Equity Interests; Pledged Debt Securities
	 Schedule III
	  	Commercial Tort Claims
		
	 Exhibits
	  	
		
	 Exhibit I
	  	Form of Supplement

 GUARANTEE AND COLLATERAL AGREEMENT dated as of May 13, 2011 (this
“Agreement”), among Pandora Media, Inc., the Subsidiary Loan Parties from time to time party hereto and JPMorgan Chase Bank, N.A., as Administrative Agent. 
 Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pandora
Media, Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. The Lenders and the Issuing Banks have agreed to extend credit to the Borrower
subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Subsidiary
Loan Parties are Affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders and the
Issuing Banks to extend such credit. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. (a) Each capitalized term used but not defined herein shall have the meaning specified in the Credit Agreement, provided that each term defined in the New York UCC
(as defined herein) and not defined in this Agreement shall have the meaning specified therein. The term “instrument” shall have the meaning specified in Article 9 of the New York UCC. 

(b) The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Agreement, mutatis
mutandis. 
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings
specified below: 
 “Agreement” has the meaning assigned to such term in the preamble hereto. 

“Article 9 Collateral” has the meaning assigned to such term in Section 4.01. 

“Borrower” has the meaning assigned to such term in the recitals hereto. 

“Cash Management Services” means treasury management services (including controlled disbursements, zero balance
arrangements, cash sweeps, automated clearinghouse transactions, return items, overdrafts, temporary advances, interest and fees and interstate depository network services) provided to the Borrower or any Subsidiary. 

 “Collateral” means Article 9 Collateral and Pledged Collateral. 

“Contributing Party” has the meaning assigned to such term in Section 6.02. 

“Copyrights” means, with respect to any Person, all of the following now owned or hereafter acquired by such Person:
(a) all copyright rights in any work subject to the copyright laws of the United States of America or any other country, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of
any such copyright in the United States of America or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the United States Copyright Office (or any similar office in any
other country). 
 “Corporate Credit Card Services” means corporate credit card services (including the
provision of corporate credit cards and support services therefor) provided to the Borrower or any Subsidiary. 

“Credit Agreement” has the meaning assigned to such term in the recitals hereto. 

“Designated Secured Cash Management Obligations” means the Secured Cash Management Obligations in respect of which the
Borrower shall have provided a written notice to the Administrative Agent designating such Secured Cash Management Obligations as Designated Secured Cash Management Obligations. 

“Designated Secured Corporate Credit Card Obligations” means the Secured Corporate Credit Card Obligations in respect of
which the Borrower shall have provided a written notice to the Administrative Agent designating such Secured Corporate Credit Card Obligations as Designated Secured Corporate Credit Card Obligations. 

“Designated Secured Foreign Exchange Obligations” means the Secured Foreign Exchange Obligations in respect of which the
Borrower shall have provided a written notice to the Administrative Agent designating such Secured Foreign Exchange Obligations as Designated Secured Foreign Exchange Obligations. 

“Designated Secured Hedge Obligations” means the Secured Hedge Obligations in respect of which the Borrower shall have
provided a written notice to the Administrative Agent designating such Secured Hedge Obligations as Designated Secured Hedge Obligations. 
 “Excluded Assets” means the collective reference to all right, title and interest in, to and under any and all of the following assets now owned or at any time hereafter acquired by a
Grantor or in, to or under which a Grantor now has or at any time hereafter may acquire any right, title or interest: 
 (a) all
Intellectual Property; 

  
 2 

 (b) motor vehicles, except to the extent perfection of the Security Interest therein may be
accomplished by filing of financing statements in appropriate form in the applicable jurisdiction under the Uniform Commercial Code of such jurisdiction; 
 (c) all Letter-of-Credit Rights, other than any Letter-of-Credit Rights that constitute “Supporting Obligations” within the meaning of the UCC; 

(d) Excluded Deposit Accounts; and 
 (e) Excluded Securities Accounts. 
 “Excluded Deposit Accounts”
means Deposit Accounts referred to in clauses (i)(A), (B) and (C) of clause (f) of the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement. 

“Excluded Equity Interests” has the meaning assigned to such term in Section 3.01. 

“Excluded Securities Accounts” means Securities Accounts referred to in clauses (ii)(A) and (ii)(B) of clause
(f) of the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement. 

“Federal Securities Laws” has the meaning assigned to such term in Section 5.04. 

“Foreign Exchange Services” means foreign exchange services (including the provision of foreign exchange facilities and
forward contracts for foreign currency) provided to the Borrower or any Subsidiary. 
 “Grantors” means the
Borrower and each Subsidiary Loan Party. 
 “Guarantors” means the Borrower (except with respect to obligations
of the Borrower) and each Subsidiary Loan Party (except with respect to obligations of such Subsidiary Loan Party). 

“Intellectual Property” means all intellectual and similar property of every kind and nature, including inventions,
designs, Patents, Copyrights, Trademarks, trade secrets, domain names, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof
and related documentation, registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing. 

“Loan Document Obligations” means (a) the due and punctual payment by the Borrower of (i) the principal of and
interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment 

  
 3 

 
or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of
reimbursement of disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower under the Credit Agreement and each of the other Loan Documents, including obligations to pay
fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to the Credit Agreement and each of the other Loan
Documents, and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents (including monetary obligations incurred during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding). 
 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Patents” means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all letters patent of the United States of America or the
equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States of America or the equivalent thereof in any other country, including registrations, recordings and
pending applications in the United States Patent and Trademark Office or any similar offices in any other country, and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and the inventions
disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” means the Perfection Certificate dated the Effective Date delivered by the Borrower to the
Administrative Agent pursuant to Section 4.01(f) of the Credit Agreement. 
 “Pledged Collateral” has the
meaning assigned to such term in Section 3.01. 
 “Pledged Debt Securities” has the meaning assigned to
such term in Section 3.01. 
 “Pledged Equity Interests” has the meaning assigned to such term in
Section 3.01. 
 “Pledged Securities” means any promissory notes, stock certificates, unit certificates,
limited or unlimited liability membership certificates or other certificated securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged
Collateral. 

  
 4 

 “Secured Cash Management Obligations” means the due and punctual payment
and performance of any and all obligations of the Borrower and each Subsidiary (whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor)) arising in respect of Cash Management Services that (a) are owed to the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, or to any Person that, at the time such obligations were incurred, was
the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, (b) are owed on the Effective Date to a Person that is a Lender or an Affiliate of a Lender as of the Effective Date or (c) are owed to a Person that is a
Lender or an Affiliate of a Lender at the time such obligations are incurred. 
 “Secured Corporate Credit Card
Obligations” means the due and punctual payment and performance of any and all obligations of the Borrower and each Subsidiary (whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all
renewals, extensions and modifications thereof and substitutions therefor)) arising in respect of Corporate Credit Card Services that (a) are owed to the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, or to any
Person that, at the time such obligations were incurred, was the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, (b) are owed on the Effective Date to a Person that is a Lender or an Affiliate of a Lender as of the
Effective Date or (c) are owed to a Person that is a Lender or an Affiliate of a Lender at the time such obligations are incurred. 
 “Secured Foreign Exchange Obligations” means the due and punctual payment and performance of any and all obligations of the Borrower and each Subsidiary (whether absolute or contingent
and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)) arising in respect of Foreign Exchange Services that (a) are owed to the Administrative
Agent, the Arranger or an Affiliate of any of the foregoing, or to any Person that, at the time such obligations were incurred, was the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, (b) are owed on the Effective
Date to a Person that is a Lender or an Affiliate of a Lender as of the Effective Date or (c) are owed to a Person that is a Lender or an Affiliate of a Lender at the time such obligations are incurred. 

“Secured Hedge Obligations” means the due and punctual payment and performance of any and all obligations of the
Borrower and each Subsidiary arising under each Hedging Agreement that (a) is with a counterparty that is the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, or any Person that, at the time such Hedging Agreement was
entered into, was the Administrative Agent, the Arranger or an Affiliate of any of the foregoing, (b) is in effect on the Effective Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Effective Date or (c) is
entered into after the Effective Date with a counterparty that is a Lender or an Affiliate of a Lender at the time such Hedging Agreement is entered into. 

  
 5 

 “Secured Obligations” means (a) all the Loan Document Obligations,
(b) all the Secured Cash Management Obligations, (c) all the Secured Corporate Credit Card Obligations, (d) all the Secured Foreign Exchange Obligations and (e) all the Secured Hedge Obligations. 

“Secured Parties” means (a) the Lenders, (b) the Administrative Agent and the Arranger, (c) each Issuing
Bank, (d) each provider of Cash Management Services the obligations under which constitute Secured Cash Management Obligations, (e) each provider of Corporate Credit Card Services the obligations under which constitute Secured Corporate
Credit Card Obligations, (f) each provider of Foreign Exchange Services the obligations under which constitute Secured Foreign Exchange Obligations, (g) each counterparty to any Hedging Agreement the obligations under which constitute
Secured Hedge Obligations, (h) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document and (i) the successors and assigns of each of the foregoing. 

“Security Interest” has the meaning assigned to such term in Section 4.01(a) . 

“Subsidiary Loan Parties” means (a) the Subsidiaries identified on Schedule I and (b) each other Subsidiary
that becomes a party to this Agreement after the Effective Date. 
 “Supplement” means an instrument in the
form of Exhibit I hereto, or any other form approved by the Administrative Agent, and in each case reasonably satisfactory to the Administrative Agent. 
 “Trademarks” means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all trademarks, service marks, trade names, corporate names,
company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, all registrations and recordings thereof, and all registration and
recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States of America or any other country or
any political subdivision thereof, and all extensions or renewals thereof, (b) all goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill.

 ARTICLE II 
 Guarantee 
 SECTION 2.01. Guarantee. Each Guarantor irrevocably and
unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Secured Obligations. Each Guarantor further agrees that the Secured
Obligations of any 

  
 6 

 
other Loan Party may be extended or renewed, in whole or in part, or amended or modified, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder
notwithstanding any extension, renewal, amendment or modification of any Secured Obligation of any other Loan Party. Each Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of the
Secured Obligations of any other Loan Party, and also waives notice of acceptance of its guarantee hereunder and notice of protest for nonpayment. 
 SECTION 2.02. Guarantee of Payment; Continuing Guarantee. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy,
insolvency, receivership or similar proceeding shall have stayed the accrual or collection of any of the Secured Obligations of any other Loan Party or operated as a discharge thereof) and not merely of collection, and waives any right to require
that any resort be had by the Administrative Agent or any other Secured Party to any security held for the payment of the Secured Obligations or to any balance of any deposit account or credit on the books of the Administrative Agent or any other
Secured Party in favor of the Borrower, any other Loan Party or any other Person. Each Guarantor agrees that its guarantee hereunder is continuing in nature and applies to all Secured Obligations of any other Loan Party, whether currently existing
or hereafter incurred. 
 SECTION 2.03. No Limitations. (a) Except for termination of a Guarantor’s obligations
hereunder as expressly provided in Section 7.12, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the other Secured Obligations, any impossibility in the
performance of the other Secured Obligations, or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the
Administrative Agent or any other Secured Party to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of the obligations of
any other Loan Party under any Loan Document or other agreement, or any release of any other Loan Party from any of the terms or provisions of any Loan Document or any other agreement or any release of such Guarantor from any other terms or
provisions of any Loan Document or other agreement, including with respect to any other Guarantor under this Agreement; (iii) the release of any security held by the Administrative Agent or any other Secured Party for any of the Secured
Obligations; (iv) any default, failure or delay, wilful or otherwise, in the performance of any of the Secured Obligations; or (v) any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or
otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Secured Obligations). Each Guarantor expressly authorizes the Secured Parties to take and hold security
for the payment and performance of the Secured Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the

  
 7 

 
order and manner of any sale thereof in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or in respect of the Secured Obligations, all without
affecting the obligations of any Guarantor hereunder. 
 (b) To the fullest extent permitted by applicable law, each Guarantor
waives any defense based on or arising out of any defense of any other Loan Party or the unenforceability of the Secured Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any other Loan Party, other
than the indefeasible payment in full in cash of all the Secured Obligations. The Administrative Agent and the other Secured Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial
sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Secured Obligations, make any other accommodation with any other Loan Party or exercise any other right or remedy available to them against
any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Secured Obligations have been indefeasibly paid in full in cash. To the fullest extent permitted by applicable law,
each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor
against any other Loan Party or any security. 
 SECTION 2.04. Reinstatement. Each Guarantor agrees that its guarantee
hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Secured Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other Secured Party
upon the bankruptcy or reorganization of any other Loan Party or otherwise. 
 SECTION 2.05. Agreement to Pay;
Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of any other Loan
Party to pay any Secured Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the
Administrative Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid Secured Obligation. Upon payment by any Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor
against the Borrower or any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article VI. 

SECTION 2.06. Information. Each Guarantor (a) assumes all responsibility for being and keeping itself informed of each other
Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Secured Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and
(b) agrees that none of the Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

  
 8 

 ARTICLE III 
 Pledge of Securities 
 SECTION 3.01. Pledge. As security for the
payment or performance, as the case may be, in full of the Secured Obligations, each Grantor hereby assigns and pledges to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the
Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in, to and under (a)(i) the shares of capital stock and other Equity Interests now
owned or at any time hereafter acquired by such Grantor, including those set forth opposite the name of such Grantor on Schedule II, and (ii) all certificates and any other instruments representing all such Equity Interests (collectively, the
“Pledged Equity Interests”), provided that the Pledged Equity Interests shall not include (A) more than 65% of the outstanding voting Equity Interests in any CFC Holding Company, (B) more than 65% of the outstanding
voting Equity Interests of any “first-tier” CFC or any of the outstanding Equity Interests in any other CFC and (C) Equity Interests in any Person that is not a Subsidiary, to the extent, in the case of this clause (C), such
assignment, pledge and grant requires, pursuant to the constituent documents of such Person or any related joint venture, shareholder or like agreement binding on any shareholder, partner or member of such Person, the consent of any governing body,
shareholder, partner or member of such Person (other than of the Borrower or any of its Affiliates) and such consent shall not have been obtained (the Equity Interests so excluded under clauses (A), (B) and (C) above being collectively
referred to herein as the “Excluded Equity Interests”); (b)(i) the debt securities and instruments now owned or at any time hereafter acquired by such Grantor, including those listed opposite the name of such Grantor on Schedule II,
and (ii) the promissory notes and any other instruments evidencing all such debt securities (collectively, the “Pledged Debt Securities”); (c) all other property that may be delivered to and held by the Administrative
Agent pursuant to the terms of this Section 3.01 and Section 3.02; (d) subject to Section 3.05, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the property referred to in clauses (a) and (b) above; (e) subject to Section 3.05, all rights and
privileges of such Grantor with respect to the property referred to in clauses (a), (b), (c) and (d) above; and (f) all Proceeds of any of the foregoing (the items referred to in clauses (a) through (f) above being
collectively referred to as the “Pledged Collateral”). 
 SECTION 3.02. Delivery of the Pledged
Collateral. (a) Each Grantor agrees to deliver or cause to be delivered to the Administrative Agent any and all Pledged Equity Interests that (i) constitute certificated securities and (ii) either (A) are issued by a
Subsidiary or (B) have a book value in excess of $250,000 in the aggregate for any one issuer, (x) on the date hereof, in the case of any such Pledged Equity Interests owned by such Grantor on the date hereof, and (y) promptly after
the acquisition thereof (and, in any event, as required under the Credit Agreement), in the case of any such Pledged Equity Interests acquired by such Grantor after the date hereof. 

  
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 (b) Each Grantor will cause (i) all Indebtedness for borrowed money owed to such
Grantor by the Borrower or any Subsidiary that is evidenced by a duly executed promissory note to be delivered to the Administrative Agent and (ii) all Indebtedness for borrowed money in a principal amount of $250,000 or more owed to such
Grantor by any other Person that is evidenced by a duly executed promissory note to be delivered to the Administrative Agent (A) on the date hereof, in the case of any such promissory note existing on the date hereof, and (B) promptly
after the acquisition thereof (and, in any event, as required under the Credit Agreement), in the case of any such promissory note acquired by such Grantor after the date hereof. 

(c) Upon delivery to the Administrative Agent, (i) any Pledged Equity Interests required to be delivered to the Administrative Agent
pursuant to Section 3.02(a) shall be accompanied by undated stock powers duly executed by the applicable Grantor in blank or other undated instruments of transfer satisfactory to the Administrative Agent and (ii) all promissory notes
required to be delivered to the Administrative Agent pursuant to Section 3.02(b) shall be accompanied by proper instruments of assignment duly executed by the applicable Grantor in blank. 

(d) Each Grantor agrees that if any Pledged Equity Interests constitute uncertificated securities issued by a Subsidiary, such Grantor
shall notify the Administrative Agent thereof and, at the Administrative Agent’s request and option, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, cause the issuer of such Pledged Equity
Interests to agree to comply with instructions from the Administrative Agent as to such Pledged Equity Interests, without further consent of the Grantor. 
 SECTION 3.03. Representations and Warranties. Each Grantor represents and warrants to the Administrative Agent, for the benefit of the Secured Parties, that: 

(a) Schedule II sets forth, as of the Effective Date, a true and complete list, with respect to such Grantor, of (i) all the Pledged
Equity Interests owned by such Grantor that (A) are issued by a Subsidiary or (B) have a book value in excess of $250,000 in the aggregate for any one issuer and the percentage of the issued and outstanding units of each class of the
Equity Interests of the issuer thereof represented by such Pledged Equity Interests and (ii) all the Pledged Debt Securities owned by such Grantor that are evidenced by a promissory note in a principal amount of $250,000 or more as to which the
obligor is the Borrower or a Subsidiary; 
 (b) except as disclosed on Schedule II or any schedule furnished pursuant to
Section 3.02(c), and except for restrictions and limitations imposed by the Loan Documents or securities laws generally and, in the case of clause (ii), except for limitations existing as of the Effective Date in the articles or certificate of
incorporation, bylaws or other organizational documents of any Subsidiary, (i) the Pledged Collateral of such Grantor is and will continue to be freely transferable and assignable, and (ii) none of the Pledged Collateral of such Grantor is
or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of 

  
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any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the
Administrative Agent of rights and remedies hereunder; 
 (c) such Grantor has the power and authority to pledge the Pledged
Collateral pledged by it hereunder in the manner hereby done or contemplated; 
 (d) no consent or approval of any Governmental
Authority, any securities exchange or any other Person is or will be required for the validity of the pledge by such Grantor effected hereby (other than such as have been obtained and are in full force and effect); and 

(e) by virtue of the execution and delivery by such Grantor of this Agreement, when any Pledged Equity Interests or Pledged Debt
Securities of such Grantor that constitute certificated securities or instruments are delivered to the Administrative Agent in accordance with this Agreement, the Administrative Agent will obtain a legal, valid and perfected first priority lien upon
and security interest in such Pledged Equity Interests and Pledged Debt Securities as security for the payment and performance of the Secured Obligations. 
 SECTION 3.04. Registration in Nominee Name; Denominations. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent, on behalf of the Secured Parties, shall
have the right (in its sole and absolute discretion) to hold the Pledged Collateral that constitutes securities registered in the share register of the issuer thereof in its own name as pledgee, in the name of its nominee (as pledgee or as
sub-agent) or in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative Agent. Each Grantor will promptly give to the Administrative Agent copies of any notices or other communications received by it
while an Event of Default is continuing with respect to Pledged Collateral that constitutes securities registered in the share register of the issuer thereof registered in the name of such Grantor. The Administrative Agent shall at all times while
an Event of Default is continuing have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 

SECTION 3.05. Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred and be
continuing and the Administrative Agent shall have notified the Grantors that their rights under this Section 3.05 are being suspended: 
 (i) each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Collateral or any part thereof for any purpose consistent with
the terms of this Agreement and the other Loan Documents; 
 (ii) the Administrative Agent shall execute and deliver to each
Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of attorney 

  
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and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise
pursuant to paragraph (a)(i) of this Section; and 
 (iii) each Grantor shall be entitled to receive and retain any and all
dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral, but only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or
distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws, provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged
Equity Interests or Pledged Debt Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part
thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral and, if received by any
Grantor and required to be delivered to the Administrative Agent hereunder, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the
Administrative Agent and shall be forthwith delivered to the Administrative Agent in the same form as so received (with any necessary endorsements, stock powers or other instruments of transfer). 

(b) Upon the occurrence and during the continuance of an Event of Default, after the Administrative Agent shall have notified the
Grantors of the suspension of their rights under paragraph (a)(iii) of this Section, all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this
Section shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All
dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section shall be held in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such
Grantor and shall be forthwith delivered to the Administrative Agent upon demand in the same form as so received (with any necessary endorsements, stock powers or other instruments of transfer). Any and all money and other property paid over to or
received by the Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property, shall
be held as security for the payment and performance of the Secured Obligations and shall be applied in accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived and the Borrower has delivered to the
Administrative Agent a certificate of a Financial Officer of the Borrower to that effect, the Administrative Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor
would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section and that remain in such account. 

  
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 (c) Upon the occurrence and during the continuance of an Event of Default, after the
Administrative Agent shall have notified the Grantors of the suspension of their rights under paragraph (a)(i) of this Section, all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to
paragraph (a)(i) of this Section, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section, shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and
exclusive right and authority to exercise such voting and consensual rights and powers, provided that, unless otherwise directed by the Required Lenders, the Administrative Agent shall have the right from time to time following and during the
continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, and the Borrower has delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower
to that effect, all rights vested in the Administrative Agent pursuant to this paragraph shall cease, and the Grantors shall have the voting and consensual rights and powers they would otherwise be entitled to exercise pursuant to paragraph (a)(i)
of this Section and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section shall be in effect. 

(d) Any notice given by the Administrative Agent to the Grantors suspending their rights under paragraph (a) of this Section
(i) may be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Grantors at the same or different times and (iii) may suspend the rights and powers of the Grantors under paragraph (a)(i) or
paragraph (a)(iii) in part without suspending all such rights or powers (as specified by the Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Administrative Agent’s right to give
additional notices from time to time suspending other rights and powers so long as an Event of Default has occurred and is continuing. 
 ARTICLE IV 
 Security Interests in Personal Property 

SECTION 4.01. Security Interest. (a) As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in all of its right, title and interest in, to
and under any and all of the following assets now owned or at any time hereafter acquired by such Grantor or in, to or under which such Grantor now has or at any time hereafter may acquire any right, title or interest (collectively, the
“Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii) all Deposit Accounts; 

  
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 (iv) all Documents; 

(v) all Equipment; 
 (vi) all General Intangibles; 
 (vii) all Instruments;

 (viii) all Inventory; 

(ix) all other Goods; 
 (x) all Investment Property; 
 (xi) all Commercial Tort Claims
specifically described on Schedule III, as such schedule may be supplemented from time to time pursuant to Section 4.02(d); 
 (xii) all books and records pertaining to the Article 9 Collateral; and 
 (xiii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing;

 provided that, the Article 9 Collateral shall not include and in no event shall the Security Interest granted under this Section
attach to (A) any license, contract or agreement to which a Grantor is a party or any of its rights or interests thereunder if and for so long as the grant of such security interest would constitute or result in (1) the unenforceability of
any right, title or interest of such Grantor in or (2) a breach or termination pursuant to the terms of, or a default under, any such license, contract or agreement (other than to the extent that any such term would be rendered ineffective
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law or principles of equity); provided that the Article 9 Collateral shall include and the Security Interest shall attach immediately at such time
as the condition causing such unenforceability shall be remedied and, to the extent severable, shall attach immediately to any portion of such license, contract or agreement that does not result in any of the consequences specified in clause
(1) or (2) above, including any Proceeds of such license, contract or agreement; (B) the Excluded Equity Interests; and (C) any Excluded Assets. 
 (b) Each Grantor hereby irrevocably authorizes the Administrative Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements (other than fixture filings)
with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Collateral as all assets of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail, and
(ii) contain the information required by Article 9 of the Uniform Commercial Code of the jurisdiction in which such Grantor is located for the filing of any financing statement or amendment, including whether such Grantor is an organization,
the type of organization and any organizational identification number issued to such Grantor. Each 

  
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Grantor agrees to provide such information to the Administrative Agent promptly upon request. 
 Each Grantor also ratifies its authorization for the Administrative Agent to file in any relevant jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.

 (c) The Security Interest and the security interest granted pursuant to Article III are granted as security only and shall
not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral. 

SECTION 4.02. Representations and Warranties. Each Grantor represents and warrants to the Administrative Agent, for the benefit of
the Secured Parties, that: 
 (a) Such Grantor has good and valid rights in and title to the Article 9 Collateral with respect
to which it has purported to grant the Security Interest and has full power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in
accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained. 
 (b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein with respect to such Grantor, including the exact legal name of such Grantor, is correct
and complete as of the Effective Date. The Uniform Commercial Code financing statements or other appropriate filings, recordings or registrations prepared by the Administrative Agent based upon the information provided to the Administrative Agent in
the Perfection Certificate for filing in each governmental, municipal or other office specified for such Grantor in Schedules 2A and 2B to the Perfection Certificate (or specified by notice from the Borrower to the Administrative Agent after the
Effective Date in the case of filings, recordings or registrations required by Section 5.04(a) or 5.12 of the Credit Agreement), are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected
security interest in favor of the Administrative Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral of such Grantor in which the Security Interest may be perfected by filing, recording or registration in the United
States of America (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as
provided under applicable law with respect to the filing of continuation statements. 
 (c) The Security Interest in the Article
9 Collateral of such Grantor constitutes (i) a legal and valid security interest in all such Article 9 Collateral securing the payment and performance of the Secured Obligations and (ii) subject to the filings described in paragraph
(b) of this Section, a perfected security interest in all such Article 9 Collateral in which a security interest may be perfected by filing, recording or 

  
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registering a financing statement or analogous document in the United States of America (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform
Commercial Code. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than Liens permitted under Section 6.02 of the Credit Agreement. 

(d) Schedule III sets forth, as of the Effective Date, a true and complete list, with respect to such Grantor, of each Commercial Tort
Claim in respect of which a complaint or a counterclaim has been filed by such Grantor, seeking damages in an amount reasonably estimated to exceed $600,000, including a summary description of such claim. In the event any certificate delivered
pursuant to Section 5.01(d) of the Credit Agreement or any Supplement shall set forth any Commercial Tort Claim, Schedule III shall be deemed to be supplemented to include the reference to such Commercial Tort Claim (and the description
thereof), in the same form as such reference and description are set forth on such certificate or Supplement. 
 SECTION 4.03.
Covenants. (a) Each Grantor shall, at its own expense, take any and all actions necessary to defend title to its Article 9 Collateral against all Persons and to defend the Security Interest of the Administrative Agent in Article 9
Collateral and the priority thereof against any Lien not permitted pursuant to section 6.02 of the Credit Agreement. 
 (b) Each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments, financing statements, agreements and documents and take all such other actions as the Administrative Agent may from time to
time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and Taxes required in connection with the execution and delivery of this
Agreement, the granting of the Security Interest and the filing and recording of any financing statements (including fixture filings) or other documents in connection herewith or therewith. Each Grantor will provide to the Administrative Agent, from
time to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created pursuant to this Agreement; provided that (i) no Grantor shall be
required to deliver any certificated security or instrument included in the Collateral, or provide control with respect to any security included in the Collateral, except as provided in Section 3.02 or any other provision of any Loan Document
adopted after the Effective Date and expressly requiring such delivery, (ii) no Grantor shall be required to deliver any Tangible Chattel Paper except as provided in Section 4.04(a), (iii) no Grantor shall be required to provide the
Administrative Agent with control of any Collateral except as provided in (A) Section 3.02 with respect to certificated and uncertificated securities, (B) Section 4.04(b) with respect to Securities Accounts and Security
Entitlements and (C) Section 4.04(c) with respect to Deposit Accounts, and, in each case under this clause (iii), any other provision of any Loan Document adopted after the Effective Date and expressly requiring such control,
(iv) except in connection with a Mortgage required under the Credit Agreement, no Grantor shall be required to make any fixture filing or other filing in any real estate recording office, (v) no Grantor shall be required to make any filing
in the United States 

  
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Patent and Trademark Office, the United States Copyright Office or any similar office of any other jurisdiction and (vi) no Grantor shall be required to enter into any Foreign Pledge
Agreement except as required under clause (b) of the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement. 
 (c) At its option, the Administrative Agent may discharge past due Taxes, assessments, charges, fees and Liens at any time levied or placed on the Article 9 Collateral that are not permitted pursuant to
the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor fails to do so as required by this Agreement or the other Loan Documents, and each Grantor agrees to reimburse the
Administrative Agent on demand for any payment made or any expense incurred by the Administrative Agent pursuant to the foregoing authorization, provided that nothing in this paragraph shall be interpreted as excusing any Grantor from the
performance of, or imposing any obligation on the Administrative Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to Taxes, assessments, charges, fees and Liens and maintenance as set forth
herein or in the other Loan Documents. 
 (d) Each Grantor shall remain liable to observe and perform all the conditions and
obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and
hold harmless the Administrative Agent and the Secured Parties from and against any and all liability for such performance. 

(e) The Grantors, at their own expense, shall maintain or cause to be maintained insurance covering physical loss or damage to their
assets in accordance with the requirements set forth in Section 5.08 of the Credit Agreement. Each Grantor irrevocably makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the
Administrative Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, upon the occurrence and during the continuance of an Event of Default, of making, settling and adjusting claims in respect of Article 9
Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto.
In the event that any Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Administrative Agent may, without waiving or releasing
any obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the Administrative Agent
deems advisable. All sums disbursed by the Administrative Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Grantors to
the Administrative Agent and shall be additional Secured Obligations secured hereby. 

  
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 SECTION 4.04. Other Actions. In order to further insure the attachment, perfection
and priority of, and the ability of the Administrative Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with respect to the following Article 9 Collateral:

 (a) Tangible Chattel Paper. If any Grantor shall at any time hold or acquire any Tangible Chattel Paper (other than
any Tangible Chattel Paper with a face amount of less than $250,000), such Grantor shall forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as
the Administrative Agent may from time to time reasonably request. 
 (b) Securities Accounts. Except as otherwise
provided in the definition of the term “Collateral and Guarantee Requirement” set forth in the Credit Agreement, each Grantor shall cause each Securities Account of such Grantor to be subject to a Control Agreement in favor of the
Administrative Agent. The Administrative Agent agrees with each of the Grantors that the Administrative Agent shall not give any entitlement orders or instructions or directions to any securities intermediary, and shall not withhold its consent to
the exercise of any withdrawal or dealing rights by any Grantor, unless an Event of Default has occurred and is continuing, or, after giving effect to any such investment and withdrawal rights, would occur. 

(c) Deposit Accounts. Except as otherwise provided in the definition of the term “Collateral and Guarantee Requirement”
set forth in the Credit Agreement, each Grantor shall cause each Deposit Account of such Grantor to be subject to a Control Agreement in favor of the Administrative Agent. Each Grantor acknowledges and agrees that (a) the funds on deposit in
each such Deposit Account of such Grantor shall continue to be collateral security for the Secured Obligations secured thereby, (b) upon the occurrence and during the continuance of a Cash Dominion Period, the funds on deposit in each such
Deposit Account may be applied as provided in Section 2.09(d) of the Credit Agreement and (c) upon the occurrence and during the continuance of an Event of Default, the funds on deposit in each such Deposit Account may be applied as
provided in Section 5.02. The Administrative Agent agrees with each Grantor that, except as provided in the preceding sentence, the Administrative Agent shall not give any sole control instruction with respect to, or otherwise withhold any
withdrawal rights of any Grantor with respect to, any such Deposit Account. 
 ARTICLE V 

Remedies 

SECTION 5.01. Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees to
deliver each item of Collateral to the Administrative Agent on demand, and it is agreed that the Administrative Agent shall have the right, at the same or different times, with or without legal process and with or without prior notice or demand for
performance, to take possession of the Article 9 Collateral and without liability for trespass, but without a 

  
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breach of the peace, to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to exercise
any and all rights afforded to a secured party under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Administrative Agent shall have the right, subject to the
mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the
Administrative Agent shall deem appropriate. Each such purchaser at any sale of Collateral shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by
law) all rights of redemption, stay and appraisal that such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 

The Administrative Agent shall give the applicable Grantors 10 days’ prior written notice (which each Grantor agrees is reasonable
notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the
time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral or portion thereof, will first be
offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any
such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated
to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or publication, adjourn any public or private
sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or
any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall not incur
any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. In the event of a foreclosure by the Administrative
Agent on any of the Collateral pursuant to a public or private sale or other disposition, to the fullest extent permitted under applicable law, the Administrative Agent or any Lender may be the purchaser or licensor of any or all of such Collateral
at any such sale or other disposition, and the Administrative Agent, at the direction of the Required Lenders, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities
unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and
apply any of the Loan Document Obligations as a credit on 

  
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account of the purchase price for any Collateral payable by the Administrative Agent on behalf of the Secured Parties at such sale or other disposition. For purposes hereof, a written agreement
to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any
portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full. As an alternative to
exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a
court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 5.01 shall, to the fullest extent permitted under applicable law, be deemed to conform
to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
 SECTION 5.02. Application of Proceeds. The Administrative Agent shall apply the proceeds of any collection or sale of Collateral, including any Collateral consisting of cash, as follows:

 FIRST, to the payment of all costs and expenses incurred by the Administrative Agent in connection with such
collection or sale or otherwise in connection with this Agreement, any other Loan Document or any of the Secured Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances (other
than Protective Advances) made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any
other Loan Document; 
 SECOND, to the payment in full of the Protective Advances and interest accrued thereon;

 THIRD, to the payment in full of all other Loan Document Obligations, the Designated Secured Hedge
Obligations, the Designated Secured Corporate Credit Card Obligations, the Designated Secured Foreign Exchange Obligations and the Designated Secured Cash Management Obligations (the amounts so applied to be distributed among the Secured Parties pro
rata in accordance with the amounts of the Loan Document Obligations, Designated Secured Hedge Obligations, Designated Secured Corporate Credit Card Obligations, Designated Secured Foreign Exchange Obligations and Designated Secured Cash Management
Obligations owed to them on the date of any such distribution); 
 FOURTH, to the payment in full of all other
Secured Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Secured Obligations owed to them on the date of any such distribution); and 

  
 20 

 FIFTH, to the Grantors, their successors or assigns, or as a court of
competent jurisdiction may otherwise direct. 
 The Administrative Agent shall have absolute discretion as to the time of application of any
such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Administrative
Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid
over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 
 SECTION 5.03.
Grant of License to Use Intellectual Property. For the purpose of enabling the Administrative Agent to exercise rights and remedies under this Agreement at such time as the Administrative Agent shall be lawfully entitled to exercise such
rights and remedies, each Grantor hereby grants to the Administrative Agent, subject to any then existing license thereof permitted under the Credit Agreement, an irrevocable, nonexclusive license (exercisable without payment of royalty or other
compensation to the Grantors) to use, license or sublicense in the United States or Canada any of the Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license
reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use of such license by the Administrative Agent may be exercised,
at the option of the Administrative Agent, upon the occurrence and during the continuation of an Event of Default, provided that any license, sublicense or other transaction entered into by the Administrative Agent in accordance herewith
shall be binding upon the Grantors notwithstanding any subsequent cure of an Event of Default. 
 SECTION 5.04. Securities
Act. In view of the position of the Grantors in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute
hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted
hereunder. Each Grantor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of the Pledged
Collateral, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative
Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and
limitations the Administrative Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a

  
 21 

 
view to the distribution or resale thereof. Each Grantor acknowledges and agrees that in light of such restrictions and limitations, the Administrative Agent, in its sole and absolute discretion,
(a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate
with a single potential purchaser to effect such a sale. Each Grantor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In
the event of any such sale, to the fullest extent permitted under applicable law, the Administrative Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the Administrative Agent, in
its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid
or if more than a single purchaser were approached. The provisions of this Section 5.04 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which
the Administrative Agent sells. 
 SECTION 5.05. Registration. Each Grantor agrees that, upon the occurrence and during
the continuance of an Event of Default, if for any reason the Administrative Agent desires to sell any of the Pledged Collateral pursuant to a public offering, it will, at any time and from time to time, upon the written request of the
Administrative Agent, use its best efforts to take or to cause the issuer of such Pledged Collateral to take such action and prepare, distribute and/or file such documents, as are required or advisable in the reasonable opinion of counsel for the
Administrative Agent to permit the public offering of such Pledged Collateral. Each Grantor further agrees to indemnify, defend and hold harmless the Administrative Agent, each other Secured Party, any underwriter and their respective affiliates and
their respective officers, directors, affiliates and controlling persons from and against all loss, liability, expenses, costs of counsel (including reasonable fees and expenses to the Administrative Agent of legal counsel), and claims (including
the costs of investigation) that they may incur insofar as such loss, liability, expense or claim arises out of or is based upon any alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or
in any notification or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to be stated therein or necessary to make the statements in any thereof not misleading, except insofar as the same may
have been caused by any untrue statement or omission based upon information furnished in writing to such Grantor or the issuer of such Pledged Collateral by the Administrative Agent or any other Secured Party expressly for use therein. Each Grantor
further agrees, upon such written request referred to above, to use its best efforts to qualify, file or register, or cause the issuer of such Pledged Collateral to qualify, file or register, any of the Pledged Collateral under the Blue Sky or other
securities laws of such states as may be requested by the Administrative Agent and keep effective, or cause to be kept effective, all such qualifications, filings or registrations. Each Grantor will bear all costs and expenses of carrying out its
obligations under this Section 5.05. Each Grantor acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions of this Section 5.05 and that such failure would not be adequately

  
 22 

 
compensable in damages, and therefore agrees that its agreements contained in this Section 5.05 may be specifically enforced. 

ARTICLE VI 

Indemnity, Subrogation and Subordination 
 SECTION 6.01. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section 6.03), the Borrower
agrees that (a) in the event a payment in respect of any Secured Obligation shall be made by any Guarantor under this Agreement, the Borrower shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be
subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Grantor shall be sold pursuant to this Agreement or any other Security Document to satisfy in
whole or in part any Secured Obligation, the Borrower shall indemnify such Grantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 

SECTION 6.02. Contribution and Subrogation. Each Guarantor and Grantor (a “Contributing Party”) agrees (subject
to Section 6.03) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Secured Obligation or assets of any other Grantor (other than the Borrower) shall be sold pursuant to any Security Document to
satisfy any Secured Obligation and such other Guarantor or Grantor (the “Claiming Party”) shall not have been fully indemnified by the Borrower as provided in Section 6.01, the Contributing Party shall indemnify the Claiming
Party in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the
Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors and Grantors on the date hereof (or, in the case of any Guarantor or Grantor becoming a party hereto pursuant to Section 7.13, the
date of the supplement hereto executed and delivered by such Guarantor or Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 6.02 shall (subject to Section 6.03) be subrogated to the rights of
such Claiming Party under Section 6.01 to the extent of such payment. 
 SECTION 6.03. Subordination.
Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors and Grantors under Sections 6.01 and 6.02 and all other rights of the Guarantors and Grantors of indemnity, contribution or subrogation under applicable
law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Secured Obligations. No failure on the part of the Borrower or any other Guarantor or Grantor to make the payments required by Sections 6.01 and 6.02 (or
any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor or Grantor with respect to its obligations hereunder, and each Guarantor and Grantor shall remain liable for
the full amount of the obligations of such Guarantor or Grantor hereunder. 

  
 23 

 ARTICLE VII 
 Miscellaneous 
 SECTION 7.01. Notices. All communications and
notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given in the manner provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to any Subsidiary Loan Party shall be
given to it in care of the Borrower in the manner provided in Section 9.01 of the Credit Agreement. 
 SECTION 7.02.
Waivers; Amendment. (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of
the Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. Without limiting the generality of the foregoing, the execution and delivery of this Agreement, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in
similar or other circumstances. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance
with Section 9.02 of the Credit Agreement; provided that (i) the Administrative Agent may without the consent of any Secured Party consent to a departure by any Loan Party from any covenant of such Loan Party set forth herein or in
any other Security Document to the extent such departure is consistent with the authority of the Administrative Agent set forth in the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement and
(ii) without the consent of any Secured Party, the Administrative Agent and the Loan Parties may amend this Agreement or any other Security Document to add provisions with respect to “parallel debt” and other foreign guarantee and
collateral matters if such amendment is necessary or desirable to create or perfect, or preserve the validity, legality, enforceability and perfection of, the Guarantees and Liens contemplated to be created pursuant to the Credit Agreement (with
each Loan Party hereby agreeing to provide its agreement to any such amendment to this Agreement or any other Security Document reasonably requested by the Administrative Agent). 

  
 24 

 (c) This Agreement shall be construed as a separate agreement with respect to each Loan
Party and may be amended, modified, supplemented, waived or released with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations of any other Loan Party hereunder. 

SECTION 7.03. Administrative Agent’s Fees and Expenses; Indemnification. (a) The Guarantors and Grantors jointly and
severally agree to reimburse the Administrative Agent for its fees and expenses incurred hereunder as provided in Section 9.03 of the Credit Agreement; provided that each reference therein to the “Borrower” shall be deemed to
be a reference to the “Guarantors and Grantors”. 
 (b) Without limitation of its indemnification obligations under
the other Loan Documents, the Guarantors and the Grantors jointly and severally agree to indemnify the Administrative Agent and the other Indemnitees against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, the preparation, execution,
delivery and administration of this Agreement or any other agreement or instrument contemplated hereby or any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory and whether initiated against or by any party to this Agreement, any Affiliate of any such party or any third party (and regardless of whether any Indemnitee is a party thereto); provided that such indemnity shall not, as to
any Indemnitee, be available (i) to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the gross
negligence or wilful misconduct of such Indemnitee or any of its Related Parties or (y) a material breach of the obligations of such Indemnitee or any of its Related Parties under this Agreement or (ii) in any proceeding that does not
involve an act or omission by a Guarantor or Grantor or any of their Affiliates and is brought by an Indemnitee against any other Indemnitee other than the Administrative Agent or any Issuing Bank in its capacity as such. This Section 7.03(b)
shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Security
Documents. The provisions of this Section shall survive and remain in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby or thereby, the
repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation made by or on behalf of the Administrative Agent or any other Secured Party.

 (d) All amounts due under this Section shall be payable promptly after written demand therefor. 

  
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 SECTION 7.04. Survival. All covenants, agreements, representations and warranties
made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Administrative
Agent, the Lenders and the Issuing Banks and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by or on behalf of the Administrative
Agent, any Lender, any Issuing Bank and notwithstanding that the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of any Default or incorrect representation or warranty at the time any Loan Document is executed
and delivered or any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under the Credit Agreement is
outstanding and unpaid or any LC Exposure is outstanding and so long as the Commitments have not expired or terminated. 

SECTION 7.05. Counterparts; Effectiveness; Successors and Assigns. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective as to any Loan Party when a counterpart
hereof executed on behalf of such Loan Party shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Loan Party and the
Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Loan Party, the Administrative Agent and the other Secured Parties and their respective successors and assigns, except that no Loan Party may
assign or otherwise transfer any of its rights or obligations hereunder (and any attempted assignment or transfer by any Loan Party shall be null and void), except as permitted by the Credit Agreement. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 7.06. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. 
 SECTION 7.07. Right of Set-Off. If an Event of Default shall have occurred and be
continuing, each Lender and Issuing Bank, and each Affiliate of any of the foregoing, is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) or other amounts at any time held and other obligations (in whatever currency) at any time owing by such Lender or Issuing Bank, or by such an Affiliate, to or for the credit or
the account of any Loan Party against any of and all the obligations then due of such Loan Party now or hereafter existing under this Agreement held by such Lender or Issuing Bank, irrespective of

  
 26 

 
whether or not such Lender or Issuing Bank shall have made any demand under this Agreement. The applicable Lender, Issuing Bank or Affiliate of any of the foregoing shall notify the Borrower and
the Administrative Agent of such set-off or application promptly following such action, provided that any failure to so notify shall not affect the validity of any such setoff. The rights of each Lender and Issuing Bank, and each Affiliate of
any of the foregoing, under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, Issuing Bank or Affiliate may have. 
 SECTION 7.08. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each of the Loan Parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard
and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the Loan Parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any
action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or any of its properties in the courts of any jurisdiction. 
 (c) Each of the Loan Parties hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the Loan Parties hereto hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each
party hereto irrevocably consents to service of process in the manner provided for notices in Section 7.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other
manner permitted by law. 
 SECTION 7.09. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE

  
 27 

 
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 7.10. Headings. Article and Section
headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 7.11. Security Interest Absolute. All rights of the Administrative Agent hereunder, the Security Interest, the grant of
the security interest in the Pledged Collateral and all obligations of each Loan Party hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document,
any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured
Obligations, or any other amendment to or waiver of, or any consent to any departure from, the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to
any of the foregoing, (c) any exchange, release or non-perfection of any Lien on other collateral securing, or any release or amendment to or waiver of, or any consent to any departure from, any guarantee of, all or any of the Secured
Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party in respect of the Secured Obligations or this Agreement. 

SECTION 7.12. Termination or Release. (a) This Agreement, the Guarantees made herein, the Security Interest and all other
security interests granted hereby shall terminate and be released when all the Loan Document Obligations (other than contingent obligations for indemnification, expense reimbursement, tax gross-up or yield protection as to which no claim has been
made) have been paid in full, the Lenders have no further commitment to lend under the Credit Agreement, the LC Exposure has been reduced to zero (including as a result of obtaining consent of the applicable Issuing Bank as described in
Section 9.05 of the Credit Agreement) and the Issuing Banks have no further obligations to issue, amend or extend Letters of Credit under the Credit Agreement. 
 (b) The Guarantees made herein, the Security Interest and all other security interests granted hereby shall also terminate and be released at the time or times and in the manner set forth in
Section 9.14 of the Credit Agreement. 

  
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 (c) In connection with any termination or release pursuant to paragraph (a) or
(b) of this Section, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and
delivery of documents by the Administrative Agent pursuant to this Section shall be without recourse to or warranty by the Administrative Agent. 
 SECTION 7.13. Additional Subsidiaries. Pursuant to the Credit Agreement, certain Subsidiaries not a party hereto on the Effective Date are required to enter in this Agreement. Upon the execution
and delivery by the Administrative Agent and any such Subsidiary of a Supplement, such Subsidiary shall become a Subsidiary Loan Party, a Guarantor and a Grantor hereunder, with the same force and effect as if originally named as such herein. The
execution and delivery of any Supplement shall not require the consent of any other Loan Party. The rights and obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Loan
Party as a party to this Agreement. 
 SECTION 7.14. Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby
appoints the Administrative Agent the attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable
to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Administrative Agent shall have the right, upon the occurrence and during the continuance of an
Event of Default, with full power of substitution either in the Administrative Agent’s name or in the name of such Grantor: (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or
other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor
on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts Receivable to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any
court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings
relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Administrative Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with
respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the
Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received
by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The
Administrative Agent and the other Secured Parties shall be accountable only for amounts actually 

  
 29 

 
received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or
failure to act hereunder, except for their own gross negligence or wilful misconduct. 
 SECTION 7.15. Certain
Acknowledgments and Agreements. Each Subsidiary Loan Party hereby acknowledges the provisions of Section 2.16 of the Credit Agreement and agrees to be bound by such provisions with the same force and effect, and to the same extent, as if
such Subsidiary Loan Party were a party to the Credit Agreement. 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	PANDORA MEDIA, INC.,
		
	by	 	 
		 	Name:
		 	Title:

  

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent,
		
	by	 	 
		 	Name:
		 	Title:

 [Signature Page to Guarantee
and Collateral Agreement] 

  

 SCHEDULE I 
 Subsidiary Loan Parties 

  

 SCHEDULE II 
 Pledged Equity Interests 
  

									
	 Issuer
	  	Number of
Certificate	  	Registered Owner	  	Number and
Class of
Equity Interests	  	Percentage
of Equity Interests

Pledged Debt Securities 
  

							
	 Issuer
	  	Principal Amount	  	Date of Note	  	Maturity Date

  

 SCHEDULE III 
 Commercial Tort Claims 

  

 Exhibit I to 
 Guarantee and Collateral Agreement 
 SUPPLEMENT NO.
             dated as of [     ] (this “Supplement”), to the Guarantee and Collateral Agreement dated as of [ ] (as amended, restated,
supplemented or otherwise modified from time to time, the “Collateral Agreement”), among Pandora Media, Inc., a Delaware corporation (the “Borrower”), the Subsidiary Loan Parties from time to time party thereto and
JPMorgan Chase Bank, N.A. (“JPMCB”), as Administrative Agent. 
 A. Reference is made to the Credit Agreement
dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto and JPMCB, as Administrative Agent.

 B. Each capitalized term used but not defined herein shall have the meaning specified in the Credit Agreement or the
Collateral Agreement, as applicable. 
 C. The Guarantors and Grantors have entered into the Collateral Agreement in order to
induce the Lenders and the Issuing Banks to make extensions of credit to the Borrower under the Credit Agreement. Section 7.13 of the Collateral Agreement provides that additional Subsidiaries may become Subsidiary Loan Parties under the
Collateral Agreement by the execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit
Agreement to become a Subsidiary Loan Party under the Collateral Agreement in order to induce the Lenders and the Issuing Banks to make additional extensions of credit under the Credit Agreement and as consideration for such extensions of credit
previously made. 
 Accordingly, the Administrative Agent and the New Subsidiary agree as follows: 

SECTION 1. In accordance with Section 7.13 of the Collateral Agreement, the New Subsidiary by its signature below becomes a
Subsidiary Loan Party, a Guarantor and a Grantor under the Collateral Agreement with the same force and effect as if originally named therein as such, and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Collateral
Agreement applicable to it in such capacities and (b) represents and warrants that the representations and warranties made by it in such capacities thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing,
the New Subsidiary, as security for the payment or performance, as the case may be, in full of the Secured Obligations, does hereby grant to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security
interest in all of the New Subsidiary’s right, title and interest in, to and under the Collateral of the New Subsidiary. Each reference to a “Loan Party,” “Subsidiary Loan Party,” “Guarantor” or “Grantor”
in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein by reference. 

  

 SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent and the
other Secured Parties that this Supplement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when a counterpart hereof executed on behalf of the New Subsidiary shall have been delivered to the
Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent. Delivery of an executed counterpart of a signature page of this Supplement by facsimile or other electronic imaging shall be effective as
delivery of a manually executed counterpart of this Supplement. 
 SECTION 4. The New Subsidiary hereby represents and warrants
that (a) set forth on Schedule I attached hereto is its legal name, jurisdiction of organization and the location of its chief executive office, (b) set forth on Schedule II attached hereto is a true and complete schedule of (i) all
the Pledged Equity Interests owned by such New Subsidiary that (A) are issued by a Subsidiary or (B) have a book value in excess of $250,000 in the aggregate for any one issuer and (ii) all Pledged Debt Securities owned by such New
Subsidiary that are evidenced by a promissory note in a principal amount of $250,000 or more as to which the obligor is the Borrower or a Subsidiary and (c) set forth on Schedule III attached hereto is a true and complete schedule of all
Commercial Tort Claims in respect of which a complaint or a counterclaim has been filed by the New Subsidiary, seeking damages in an amount reasonably estimated to exceed $600,000, including a summary description of such claim. 

SECTION 5. Except as expressly supplemented hereby, the Collateral Agreement shall remain in full force and effect. 

SECTION 6. This Supplement shall be construed in accordance with and governed by the law of the State of New York. 

SECTION 7. Any provision of this Supplement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 8. All communications and
notices hereunder shall be in writing and given as provided in Section 7.01 of the Collateral Agreement. 

  
 2 

 SECTION 9. The New Subsidiary agrees to reimburse the Administrative Agent for its
reasonable out-of-pocket expenses, including the reasonable fees, charges and disbursements of counsel, incurred by it in connection with this Supplement, including the preparation, execution and delivery thereof. 

  
 3 

 IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this
Supplement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY],
		
	by	 	 
		 	Name:
		 	Title:

  

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent,
		
	by	 	 
		 	Name:
		 	Title:

  

 Schedule I 
 to Supplement No.              to the 
 Guarantee and 
 Collateral Agreement 

SCHEDULE I 
  

					
	 Name
	  	Jurisdiction of Organization	  	Chief Executive Office

  

 Schedule II 
 to Supplement No.              to the 
 Guarantee and 
 Collateral Agreement 

SCHEDULE II 

Pledged Equity Interests 
  

									
	 Issuer
	  	Number of
Certificate	  	Registered Owner	  	Number and
Class of
Equity Interests	  	Percentage
of Equity Interests

Pledged Debt Securities 
  

							
	 Issuer
	  	Principal Amount	  	Date of Note	  	Maturity Date

  

 Schedule III 
 to Supplement No.              to the 
 Guarantee and 
 Collateral Agreement 

SCHEDULE III 

Commercial Tort Claims 

  

 Exhibit E 
 [FORM OF] COMPLIANCE CERTIFICATE 
 The obligations of the Borrower under the Credit
Agreement are as set forth in the Credit Agreement, and nothing in this Compliance Certificate, or the form hereof, shall modify such obligations or constitute a waiver of compliance therewith in accordance with the terms of the Credit Agreement. In
the event of any conflict between the terms of this Compliance Certificate and the terms of the Credit Agreement, the terms of the Credit Agreement shall govern and control, and the terms of this Compliance Certificate are to be modified
accordingly. 
 Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pandora Media, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Each
capitalized term used but not defined herein shall have the meaning specified in the Credit Agreement 
 The undersigned hereby
certifies, in his or her capacity as a Chief Financial Officer of the Borrower and not in his or her personal capacity, as follows: 
 1. I am a Financial Officer of the Borrower. 
 2. All notices required under
Sections 5.03 and 5.04 of the Credit Agreement have been provided. 
 3. I have no knowledge of any Default that has occurred
and is continuing as of the date of this Certificate[, except as set forth in Annex [    ] hereto.] 

[Annex [    ] to specify the details of any continuing Default and the action that the Borrower has taken or proposes
to take with respect thereto.] 
 4. There has not been any change in GAAP or in the application thereof since the date of the
consolidated balance sheet of the Borrower most recently heretofore delivered pursuant to Section 5.01(a) or 5.01(b) of the Credit Agreement (or prior to the first such delivery, referred to in Section 3.04(a) of the Credit Agreement),
except as disclosed in the financial statements delivered pursuant to Section 5.01(a) or 5.01(b) of the Credit Agreement[, and except as set forth in Annex [    ] hereto]. 

[Annex [    ] to describe change and specify the effect of such change on the financial statements (including those
for the prior periods) accompanying this Certificate and, where such change could reasonably be expected to affect in any material respect the calculation of the Borrowing Base, specifying the effect of such change on the calculation of the
Borrowing Base.] 
 5. There has not been any [other] change in the historical accounting practices, systems or reserves of the
Borrower and the Subsidiaries since the date of the consolidated balance sheet of the Borrower most recently heretofore delivered pursuant to Section 5.01(a) or 5.01(b) of the Credit Agreement (or prior to the first such delivery,

  

 
referred to in Section 3.04(a) of the Credit Agreement) which could reasonably be expected to affect in any material respect the calculation of the Borrowing Base, except as disclosed in the
financial statements delivered pursuant to Section 5.01(a) or 5.01(b) of the Credit Agreement[, and except as set forth in Annex [    ] hereto]. 
 [Annex [    ] to describe change and specify the effect of such change on the calculations of the Borrowing Base.] 

6. (a) Except as set forth on Schedule 6(a) below, Schedule 1 of the Perfection Certificate delivered on the Effective Date (as
supplemented from time to time by each Compliance Certificate delivered after the Effective Date and prior to the date hereof)(the “Prior Certificate”) sets forth the exact legal name of each Loan Party, as such name appears in its
certificate of organization. 
  

	 	(b)	Except as set forth on Schedule 6(b) below, Schedule 2A of the Prior Certificate sets forth (i) the jurisdiction of organization and the form of organization of
each Loan Party, (ii) the organizational identification number, if any, assigned to such Loan Party by such jurisdiction and the federal taxpayer identification number, if any, of such Loan Party and (iii) the address (including the
county) of the chief executive office of such Loan Party. 

  

	 	(c)	Except as set forth on Schedule 6(c) below, Schedule 5 of the Prior Certificate sets forth a complete and correct list, for each Loan Party, of all the stock,
partnership interests, limited liability company membership interests or other Equity Interests owned by such Loan Party that (i) are issued by a Subsidiary or (ii) have a book value in excess of $250,000 in the aggregate for any one
issuer, and specifying the issuer and certificate number of, and the number and percentage of ownership represented by, such Equity Interests. 

  

	 	(d)	Except as set forth on Schedule 6(d) below, Schedule 6 of the Prior Certificate sets forth a complete and correct list, for each Loan Party, of all promissory notes
held by such Loan Party that are required to be pledged under the Collateral Agreement, including all promissory notes in a principal amount of $250,000 or more, specifying the creditor and debtor thereunder and the type and outstanding principal
amount thereof. 

  

	 	(e)	 Except as set forth on Schedule 6(e) below, Schedule 7 of the Prior Certificate sets forth a complete and correct list, with respect to each Mortgaged
Property, of (i) the exact name of the Person that owns such property, as such name appears in its certificate of organization, (ii) if different from the name identified pursuant to clause (i) above, the exact name of the current
record owner of such property, as such name appears in the records of the county recorder’s office for such property identified pursuant to clause (iii) below, (iii) the county recorder’s office in which a Mortgage with respect
to such property must be filed or recorded in order 

  
 2 

	 	 
for the Administrative Agent to obtain a perfected security interest therein and (iv) an estimate of the fair market value apportioned to such property. 

 

	 	(f)	Except as set forth on Schedule 6(f) below, Schedule 8 of the Prior Certificate sets forth a complete and correct list of commercial tort claims in respect of which a
complaint or a counterclaim has been filed, seeking damages in an amount reasonably estimated to exceed $600,000 held by any Loan Party, including a brief description thereof. 

 

	 	(g)	Except as set forth on Schedule 6(g) below, Schedule 9 of the Prior Certificate sets forth a complete and correct list of all deposit accounts maintained by each Loan
Party, other than deposit accounts referred to in clauses (i)(A) through (i)(D) of clause (f) of the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement, specifying the name and address of the
depositary institution, the type of account and the account number. 

  

	 	(h)	Except as set forth on Schedule 6(h) below, Schedule 10 of the Prior Certificate sets forth a complete and correct list of all securities accounts maintained by each
Loan Party, other than securities accounts referred to in clauses (ii)(A), (ii)(B) and (ii)(C) of clause (f) of the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement, specifying the name and address
of the securities intermediary in respect of each such securities account, the type of account and the account number. 

 7. [Attached as Schedule I hereto is a certificate of the accounting firm that audited the Borrower’s consolidated financial statements as of the end of and for the fiscal year ended [__] and
delivered pursuant to Section 5.01(a) of the Credit Agreement, stating whether it obtained knowledge during the course of its examination of such financial statements of any Default, and, in the case it shall have obtained knowledge of any
Default, specifying the details thereof (which certificate may be limited to the extent required by accounting rules or guidelines).]1 
 The foregoing certifications are made and delivered on [            ], pursuant to Section 5.01(d) and Section 5.01(e) of the Credit
Agreement. 
  

			
	PANDORA MEDIA, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	Chief Financial Officer

  

 

	1 	 Not to be included unless this Compliance Certificate is being delivered at fiscal year end. 

  
 3 

 Schedule 6 to the 
 Compliance Certificate 
 Schedule 6 

(a) Legal Names  
  

			
	 Loan Party’s Exact Legal Name
	  	Former Legal Names
(including date of change)

(b) Jurisdictions and Locations  
  

											
	 Loan Party
	  	Jurisdiction of
Organization	  	Form of
Organization	  	Organizational
Identification
Number
(if any)	  	Federal
Taxpayer
Identification
Number
(if any)	  	Chief
Executive
Office Address
(including
county)

(c) Equity Interests  
  

									
	 Loan Party
	  	Issuer	  	Certificate Number	  	Number of Equity
Interests	  	Percentage of
Ownership

 (d) Debt Instruments  
  

									
	 Loan Party
	  	Creditor	  	Debtor	  	Type	  	Amount

 (e) Mortgaged Property  
  

											
	 Loan Party
	  	Name of
Owner	  	Name of
Record Owner
(if different)	  	Address	  	County
Recorder’s
Office	  	Fair Market
Value

 (f) Commercial Tort Claims  
  

					
	 Loan Party/Plaintiff
	  	Defendant	  	Description

  

 (g) Deposit Accounts  

 

							
	 Loan Party
	  	Depositary Institution
(including address)	  	Type of Account	  	Account Number

 (h) Securities Accounts  
  

							
	 Loan Party
	  	Securities Intermediary
(including address)	  	Type of Account	  	Account Number

  
 2 

 EXHIBIT F 
 [FORM OF] INTEREST ELECTION REQUEST 
 JPMorgan Chase Bank, N.A. 

    as Administrative Agent 

Loan and Agency Services Group 
 1111 Fannin,
10th Floor 
 Houston, Texas 77002 

Attention: Shannon L. Handcox 
 Fax: 713-750-2878

 Copy to: 
 JPMorgan Chase Bank,
N.A. 
     as Administrative Agent 
 383 Madison Avenue 
 New York, York 10179 
 Attention: John Kowalczuk 
 Fax: 212-270-5127 

[Date] 
 Ladies and Gentlemen:

 Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Pandora Media, Inc. (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent. Capitalized terms used but not
otherwise defined herein shall have the meanings specified in the Credit Agreement. This notice confirms, if applicable, the telephonic Interest Election Request relating to the Borrowing and each Resulting Borrowing set forth below, and constitutes
an executed written Interest Election Request. The Borrower hereby gives you further notice, pursuant to Section 2.07 of the Credit Agreement, that it requests the conversion or continuation of a Borrowing under the Credit Agreement, and in
that connection the Borrower specifies the following information with respect to such Borrowing and each resulting Borrowing: 
  

			
	1.	  	Borrowing to which this request applies:
	 	  	________________________________
		  	Principal Amount:
		  	________________________________
		  	Type:
		  	________________________________

  

			
	 	  	Interest Period1:
	 	  	________________________________
	2.	  	Effective date of this election2:
		  	________________________________
	3.	  	Resulting Borrowing[s]3
		  	
		  	Principal Amount4:
		  	________________________________
		  	Type5
		  	________________________________
		  	Interest Period6
		  	________________________________

  

			
	Very truly yours,
	
	PANDORA MEDIA, INC.
		
	by	 	 
		 	Name:
		 	Title:

  

 

	1	 In the case of a
Eurocurrency Borrowing, specify the last day of the current Interest Period therefor. 

	2	 Must be a Business
Day. 

	3	 If different
options are being elected with respect to different portions of the Borrowing, provide the information required by this item 3 for each resulting Borrowing. Each resulting Borrowings shall be in an aggregate amount that is an integral multiple of,
and not less than, the amount specified for a Borrowing of such Type in Section 2.02(c) of the Credit Agreement. 

	4	 Indicate the
principal amount of the resulting Borrowing and the percentage of the Borrowing in item 1 above. 

	5 	 Specify whether the resulting Borrowing is to be a ABR Borrowing or a Eurocurrency Borrowing. 

	6 	 Applicable only if the resulting Borrowing is to be a Eurocurrency Borrowing. Shall be subject to the definition of “Interest Period” and can
be a period of one, two, three or six months (or, if agreed to by each Lender participating in the resulting Borrowing, nine or 12 months). Cannot extend beyond the Maturity Date. 

  

 EXHIBIT G 
 [FORM OF] PERFECTION CERTIFICATE 
 Reference is made to the Credit Agreement dated
as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pandora Media, Inc., a Delaware corporation (the “Borrower”), the Lenders party
thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Credit Agreement or the Collateral Agreement referred to therein, as applicable.

 The undersigned, [specify title]1 of the Borrower, hereby certifies to the Administrative Agent and each other Secured Party as follows: 

SECTION 1. Legal Names. (a) Set forth on Schedule 1 is (i) the exact legal name of each Loan Party, as such name appears
in its certificate of organization, and (ii) each other legal name such Loan Party has had in the past five years, including the date of the relevant name change. 
 (b) Except as set forth on Schedule 1, no Loan Party has changed its identity or corporate structure in any manner within the past five years. Changes in identity or corporate structure include mergers,
consolidations and acquisitions, as well as any change in form or jurisdiction of organization. With respect to any such change that has occurred within the past five years, Schedules 1, 2A and 2B set forth the information required by Sections 1 and
2 of this Perfection Certificate as to each acquiree or constituent party to such merger, consolidation or acquisition. 

SECTION 2. Jurisdictions and Locations. (a) Set forth on Schedule 2A is (i) the jurisdiction of organization and the
form of organization of each Loan Party, (ii) the organizational identification number, if any, assigned to such Loan Party by such jurisdiction and the federal taxpayer identification number, if any, of such Loan Party and (iii) the
address (including the county) of the chief executive office of such Loan Party. 
 (b) Set forth on Schedule 2B are, with
respect to each Loan Party, (i) all locations where such Loan Party maintains any books or records relating to any Accounts, (ii) all locations where such Loan Party maintains a place of business or any Collateral not otherwise identified
on any Schedule herein and (iii) the name and address of any Person other than a Loan Party that has possession of any Collateral (including any books or records relating thereto and any computers and equipment containing such books and
records), indicating whether such Person holds such Collateral subject to a Lien (including warehousemen’s, mechanics’ and other statutory liens). 
 SECTION 3. File Search Reports. File search reports have been obtained from (a) the Uniform Commercial Code (“UCC”) filing office relating to each location of each Loan Party
identified on Schedule 2A and (b) the county recorder’s office relating to 
  

 

	1 	 The Perfection Certificate must be signed by an executive officer, the chief financial officer, principal accounting officer, treasurer or controller
of the Borrower. 

  

 
the county where each Mortgaged Property is located. The file search reports obtained pursuant to this Section 3 reflect no Liens on any of the Collateral or any Mortgaged Property other
than those permitted under the Credit Agreement. 
 SECTION 4. UCC Filings. UCC financing statements have been prepared
for filing in the proper UCC filing office in the jurisdiction in which each Loan Party is located and, to the extent any of the Collateral is comprised of fixtures, in the proper local jurisdiction, in each case as set forth with respect to such
Loan Party in Section 2 above. Set forth on Schedule 4 is a complete and correct list of each such filing and the UCC filing office or county recorder’s office in which such filing is to be made. 

SECTION 5. Equity Interests. Set forth on Schedule 5 is a complete and correct list, for each Loan Party, of all the stock,
partnership interests, limited liability company membership interests or other Equity Interests owned by such Loan Party, specifying the issuer and certificate number of, and the number and percentage of ownership represented by, such Equity
Interests. 
 SECTION 6. Debt Instruments. Set forth on Schedule 6 is a complete and correct list, for each Loan Party,
of all promissory notes and other evidence of Indebtedness held by such Loan Party that are required to be pledged under the Collateral Agreement, specifying the creditor and debtor thereunder and the type and outstanding principal amount thereof.

 SECTION 7. Mortgage Property. Set forth on Schedule 7 is a complete and correct list, with respect to each Mortgaged
Property, of (a) the exact name of the Person that owns such property, as such name appears in its certificate of organization, (b) if different from the name identified pursuant to clause (a) above, the exact name of the current
record owner of such property, as such name appears in the records of the county recorder’s office for such property identified pursuant to clause (c) below, (c) the county recorder’s office in which a Mortgage with respect to
such property must be filed or recorded in order for the Administrative Agent to obtain a perfected security interest therein and (d) an estimate of the fair market value apportioned to such property. Copies of any deeds, title insurance
policies, surveys and other records relating to each Mortgaged Property listed on Schedule 7 have been delivered to the Administrative Agent. 
 SECTION 8. Commercial Tort Claims. Set forth on Schedule 8 is a complete and correct list of commercial tort claims in excess of $600,000 held by any Loan Party, including a brief description
thereof. 
 SECTION 9. Deposit Accounts. Set forth on Schedule 9 is a complete and correct list of all deposit accounts
maintained by each Loan Party, specifying the name and address of the depositary institution, the type of account and the account number. 
 SECTION 10. Securities Accounts. Set forth on Schedule 10 is a complete and correct list of all securities accounts maintained by each Loan Party,

  
 2 

 
specifying the name and address of the financial institution holding the securities account (including a securities intermediary or commodities intermediary), the type of account and the account
number. 
 [Signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the undersigned have duly executed this certificate on this day of May,
2011. 
  

			
	PANDORA MEDIA, INC.,
		
	by	 	 
		 	Name:
		 	Title:

  
 4 

 Schedule 1 
 Legal Names 
  

			
	 Loan Party’s Exact Legal Name
	  	Former Legal Names
(including date of change)

  

 Schedule 2A 
 Jurisdictions and Locations 
  

											
	 Loan Party
	  	Jurisdiction of
Organization	  	Form of
Organization	  	Organizational
Identification
Number
(if any)	  	Federal
Taxpayer
Identification
Number
(if any)	  	Chief
Executive
Office
Address
(including
county)

  

 Schedule 2B 
 Other Addresses 
  

							
	 Loan Party
	  	Locations where Books or
Records Relating to
Accounts Receivable are
Maintained
(including county)	  	Other Locations where a
Place of Business or any
Collateral is Maintained
(including county)1	  	Name and Address of Other
Persons
that
have possession of any
Collateral
(including county)2

 

	1 	 Indicate locations where chattel paper is kept with an asterisk (“*”). 

	2 	 Indicate each Person that holds any Lien (including warehousemen’s, mechanics’ and other statutory liens) on any Collateral in its possession
with a double asterisk (“**”). 

  

 Schedule 4 
 UCC Filings 
  

			
	 Loan Party/Mortgaged Property
	  	UCC Filing Office/County Recorder’s Office

  

 Schedule 5 
 Equity Interests 
  

									
	 Loan Party
	  	Issuer	  	Certificate Number	  	Number of Equity
Interests	  	Percentage of
Ownership

  

 Schedule 6 
 Debt Instruments 
  

									
	 Loan Party
	  	Creditor	  	Debtor	  	Type	  	Amount

  

 Schedule 7  
 Mortgaged Property 
  

	I.	Owned Real Property 

  

											
	 Loan Party
	  	Name of
Owner	  	Name of
Record Owner
(if different)	  	Address	  	County
Recorder’s
Office	  	Fair Market
Value

  

	II.	Leased Real Property 

  

											
	 Loan Party
	  	Name of
Lessor	  	Name of
Record Owner
(if different)	  	Address	  	County
Recorder’s
Office	  	Fair Market
Value

  

 Schedule 8 
 Commercial Tort Claims 
  

					
	 Loan Party/Plaintiff
	  	Defendant	  	Description

  

 Schedule 9 
 Deposit Accounts 
  

							
	 Loan Party
	  	Depositary Institution
(including address)	  	Type of Account	  	Account Number

  

 Schedule 10 
 Securities Accounts 
  

							
	 Loan Party
	  	Financial Institution
(including address)	  	Type of Account	  	Account Number

 EXHIBIT H 
 EXHIBIT H-1 
 [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Pandora Media, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but
not otherwise defined herein shall have the meanings specified in the Credit Agreement. 
 Pursuant to the provisions of
Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
Certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (d) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and (e) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or
business. 
 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. person
status on IRS Form W-8BEN. By executing this Certificate, the undersigned agrees that (a) if the information provided on this Certificate changes, the undersigned shall promptly inform the Administrative Agent and the Borrower thereof and
(b) the undersigned shall have at all times furnished the Administrative Agent and the Borrower with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
  

			
	 LENDER:
  

	 
		
	    by	 	 
		 	Name:
		 	Title:

  

			
		
	    *by	 	 
		 	Name:
		 	Title:

 Date:
                 , 20[    ] 
  

	*	For Lenders requiring a second signature line. 

 EXHIBIT H 
 EXHIBIT H-2 
 [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Pandora Media, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but
not otherwise defined herein shall have the meanings specified in the Credit Agreement. 
 Pursuant to the provisions of
Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this Certificate, (b) its
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned
nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (e) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code, and (f) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each
of its partners/members claiming the portfolio interest exemption. By executing this Certificate, the undersigned agrees that (a) if the information provided on this Certificate changes, the undersigned shall promptly inform the Administrative
Agent and the Borrower thereof and (b) the undersigned shall have at all times furnished the Administrative Agent and the Borrower with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
  

			
	 LENDER:
  

	 
		
	    by	 	 
		 	Name:
		 	Title:

  

			
		
	    *by	 	 
		 	Name:
		 	Title:

 Date:
                 , 20[    ] 
  

	*	For Lenders requiring a second signature line. 

  

 EXHIBIT H 
 EXHIBIT H-3 
 [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Pandora Media, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but
not otherwise defined herein shall have the meanings specified in the Credit Agreement. 
 Pursuant to the provisions of
Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the participation in respect of which it is providing this Certificate, (b) it is not a bank within the
meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (d) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code, and (e) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing
this Certificate, the undersigned agrees that (a) if the information provided on this Certificate changes, the undersigned shall promptly so inform such Lender in writing and (b) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

 

			
	LENDER:
		
	    by	 	 
		 	Name:
		 	Title:

  

			
		
	    *by	 	 
		 	Name:
		 	Title:

 Date:
                 , 20[    ] 
  

	*	For Lenders requiring a second signature line. 

  

 EXHIBIT H 
 EXHIBIT H-4 
 [FORM OF] U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 13, 2011 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Pandora Media, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but
not otherwise defined herein shall have the meanings specified in the Credit Agreement. 
 Pursuant to the provisions of
Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the participation in respect of which it is providing this Certificate, (b) its partners/members are the sole beneficial
owners of such participation, (c) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (e) none of its partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (f) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’
conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied
by an IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this Certificate, the undersigned agrees that (a) if the information provided on this Certificate changes, the undersigned shall
promptly so inform such Lender and (b) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
  

			
	LENDER:
		
	    by	 	 
		 	Name:
		 	Title:

  

			
		
	    *by	 	 
		 	Name:
		 	Title:

 Date:
                 , 20[    ] 
  

	*	For Lenders requiring a second signature line.Limited Liability Company Agreement

 Exhibit 10.1 
 Execution Version 
 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

FMT SCOTTSDALE HOLDINGS, LLC 
 Dated as of June 9, 2011 

 TABLE OF CONTENTS 

 

							
	  	  	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
			
	 1.01
	  	 Defined Terms
	  	 	1	  
			
	 1.02
	  	 Other Defined Terms
	  	 	14	  
		
	 ARTICLE II ORGANIZATION AND STRUCTURE
	  	 	14	  
			
	 2.01
	  	 Continuation
	  	 	14	  
			
	 2.02
	  	 Name and Principal Place of Business
	  	 	14	  
			
	 2.03
	  	 Term
	  	 	15	  
			
	 2.04
	  	 Registered Agent and Registered Office
	  	 	15	  
			
	 2.05
	  	 Purpose; Acquisition Vehicle; TRS Lease Structure
	  	 	15	  
			
	 2.06
	  	 Walton Street Required Modifications to Structure
	  	 	16	  
		
	 ARTICLE III MEMBERS
	  	 	17	  
			
	 3.01
	  	 Members
	  	 	17	  
			
	 3.02
	  	 Limitation on Liability
	  	 	17	  
		
	 ARTICLE IV CAPITAL
	  	 	18	  
			
	 4.01
	  	 Initial Capital Contributions
	  	 	18	  
			
	 4.02
	  	 Additional Capital Contributions
	  	 	18	  
			
	 4.03
	  	 Additional Capital Contribution Default; Remedies
	  	 	19	  
			
	 4.04
	  	 Capital Accounts
	  	 	21	  
			
	 4.05
	  	 No Further Capital Contributions
	  	 	22	  
		
	 ARTICLE V INTERESTS IN THE COMPANY
	  	 	23	  
			
	 5.01
	  	 Percentage Interest
	  	 	23	  
			
	 5.02
	  	 Return of Capital
	  	 	23	  
			
	 5.03
	  	 Ownership
	  	 	23	  
			
	 5.04
	  	 Waiver of Partition; Nature of Interests in the Company
	  	 	23	  
		
	 ARTICLE VI ALLOCATIONS AND DISTRIBUTIONS
	  	 	24	  
			
	 6.01
	  	 Allocations
	  	 	24	  
			
	 6.02
	  	 Allocations and Compliance with Section 704(b)
	  	 	25	  
			
	 6.03
	  	 Distributions
	  	 	26	  
			
	 6.04
	  	 Distributions in Liquidation
	  	 	27	  
			
	 6.05
	  	 Tax Matters
	  	 	28	  

  
 i 

							
	 6.06
	    	 Tax Matters Partner
	  	 	28	  
			
	 6.07
	    	 Section 704(c)
	  	 	28	  
			
	 6.08
	    	 Withholding
	  	 	29	  
			
	 6.09
	    	 No Tax Confidentiality
	  	 	29	  
			
	 6.10
	    	 Certain Transactions
	  	 	29	  
		
	 ARTICLE VII MANAGEMENT
	  	 	29	  
			
	 7.01
	    	 Management
	  	 	29	  
			
	 7.02
	    	 Asset Management Services; Enforcement of Asset Management Agreement and Purchase Agreement
	  	 	33	  
			
	 7.03
	    	 Duties and Conflicts
	  	 	33	  
			
	 7.04
	    	 Company Expenses
	  	 	34	  
			
	 7.05
	    	 Member Meetings and Budget Process
	  	 	34	  
		
	 ARTICLE VIII BOOKS, RECORDS, REPORTS AND PROJECT PLANS
	  	 	35	  
			
	 8.01
	    	 Books and Records
	  	 	35	  
			
	 8.02
	    	 Accounting and Fiscal Year
	  	 	35	  
			
	 8.03
	    	 Reports
	  	 	35	  
			
	 8.04
	    	 The Company Accountant
	  	 	37	  
			
	 8.05
	    	 Reserves
	  	 	37	  
			
	 8.06
	    	 Budgets and Operating Plan
	  	 	37	  
			
	 8.07
	    	 Accounts
	  	 	38	  
			
	 8.08
	    	 REIT Status
	  	 	38	  
		
	 ARTICLE IX TRANSFER OF INTERESTS
	  	 	39	  
			
	 9.01
	    	 No Transfer
	  	 	39	  
			
	 9.02
	    	 Permitted Transfers
	  	 	39	  
			
	 9.03
	    	 Transferees
	  	 	40	  
			
	 9.04
	    	 Section 754 Election
	  	 	40	  
			
	 9.05
	    	 Right of Sale
	  	 	41	  
		
	 ARTICLE X EXCULPATION AND INDEMNIFICATION
	  	 	43	  
			
	 10.01
	    	 Exculpation
	  	 	43	  
			
	 10.02
	    	 Indemnification
	  	 	44	  
		
	 ARTICLE XI DISSOLUTION AND TERMINATION
	  	 	45	  
			
	 11.01
	    	 Dissolution
	  	 	45	  
			
	 11.02
	    	 Termination
	  	 	46	  

  
 ii 

							
	 11.03
	    	 Liquidating Member
	  	 	46	  
			
	 11.04
	    	 Claims of the Members
	  	 	47	  
		
	 ARTICLE XII DEFAULT BY MEMBER
	  	 	47	  
			
	 12.01
	    	 Events of Default
	  	 	47	  
			
	 12.02
	    	 Effect of Event of Default
	  	 	48	  
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	48	  
			
	 13.01
	    	 Representations and Warranties of the Members
	  	 	48	  
			
	 13.02
	    	 Further Assurances
	  	 	50	  
			
	 13.03
	    	 Notices
	  	 	50	  
			
	 13.04
	    	 Governing Law
	  	 	51	  
			
	 13.05
	    	 Captions
	  	 	51	  
			
	 13.06
	    	 Pronouns
	  	 	51	  
			
	 13.07
	    	 Successors and Assigns
	  	 	51	  
			
	 13.08
	    	 Extension Not a Waiver
	  	 	52	  
			
	 13.09
	    	 Creditors Not Benefited
	  	 	52	  
			
	 13.10
	    	 Recalculation of Interest
	  	 	52	  
			
	 13.11
	    	 Severability
	  	 	52	  
			
	 13.12
	    	 Entire Agreement
	  	 	52	  
			
	 13.13
	    	 Publicity
	  	 	53	  
			
	 13.14
	    	 Confidentiality
	  	 	53	  
			
	 13.15
	    	 Venue
	  	 	54	  
			
	 13.16
	    	 WAIVER OF JURY TRIAL
	  	 	54	  
			
	 13.17
	    	 Limitation of Liability
	  	 	54	  
			
	 13.18
	    	 Cooperation
	  	 	54	  
			
	 13.19
	    	 Counterparts
	  	 	55	  
		
	 EXHIBIT A – INITIAL CAPITAL ACCOUNT BALANCES OF EACH MEMBER
	  			
		
	 EXHIBIT B – SCOPE OF CONSTRUCTION
	  			
		
	 EXHIBIT C – STRUCTURE CHART
	  			

  
 iii

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

FMT SCOTTSDALE HOLDINGS, LLC 
 This LIMITED LIABILITY COMPANY AGREEMENT OF FMT SCOTTSDALE HOLDINGS, LLC, dated as of June 9, 2011 (the “Effective Date”), as amended, restated, replaced, supplemented or otherwise
modified from time to time (this “Agreement”), is made by and between WALTON SCOTTSDALE INVESTORS VI, L.L.C., a Delaware limited liability company (together with its successors and permitted assigns, “Walton
Street”) and SHR SCOTTSDALE INVESTOR, LLC, a Delaware limited liability company (together with its successors and permitted assigns, “SHR”). 
 RECITALS: 
 WHEREAS, the Company (as hereinafter defined) was formed as a limited
liability company under the Delaware Act (as hereinafter defined) pursuant to a Certificate of Formation (the “Certificate of Formation”) filed with the Secretary of State of Delaware on May 24, 2011, as amended by the
Certificate of Amended filed with the Secretary of State of Delaware on June 3, 2011; and 
 WHEREAS, Walton Street and SHR
deem a limited liability company agreement to be necessary and advisable to set out their agreement as to the conduct of business and the affairs of the Company, and the parties desire to enter into this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties
hereto hereby agree as follows: 
 ARTICLE I 
 DEFINED TERMS 
 1.01 Defined Terms. 

As used in this Agreement, the following terms have the meanings set forth below: 

“Acquisition Vehicle” has the meaning set forth in Section 2.05(c). 

“Additional Capital Contribution” has the meaning set forth in Section 4.02(a). 

“Adjusted Capital Account Deficit” means, with respect to any Member for any taxable year or other period, the deficit
balance, if any, in such Member’s Capital Account as of the end of such year or other period, after giving effect to the following adjustments: 
 (a) credit to such Capital Account any amounts that such Member is obligated to restore or is deemed obligated to restore as described in the penultimate sentence of Treasury Regulation
Section 1.704-2(g)(1) and in Treasury Regulation Section 1.704-2(i); and 

 (b) debit to such Capital Account the items described in Treasury Regulation
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 “Adjustment
Contribution” has the meaning set forth in Section 4.03(b). 
 “Affiliate” or
“Affiliated” means, with respect to any Person, (a) any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person, or (b) any other Person owning or controlling fifty percent
(50%) or more of the outstanding voting interests of such Person, or (c) any officer, director, general partner or managing member of such Person, or (d) any other Person which is an officer, director, general partner, managing member
or holder of fifty percent (50%) or more of the voting interests of any other Person described in clauses (a) through (c) of this definition. 
 “Agreement” has the meaning set forth in the introductory paragraph hereof. 
 “Applicable Rate” means the lesser of (a) seventeen percent (17%) per annum; and (b) the maximum interest that may be charged under any applicable usury law. 

“Asset Management Agreement” means that certain Asset Management Agreement dated as of the Effective Date, between Asset
Manager and the Company, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time as approved by the Members as a Major Decision, or upon the termination of such Asset Management Agreement pursuant to its
terms, any replacement asset management agreement, as approved by the Members as a Major Decision. 
 “Asset
Manager” means SHR Advisory, LLC, a Delaware limited liability company, or any replacement thereof, as approved by the Members as a Major Decision. 
 “Book Basis” means, with respect to any asset of the Company, the adjusted basis of such asset for federal income tax purposes; provided, however, that (a) if any asset
is contributed to the Company, the initial Book Basis of such asset shall equal its fair market value on the date of contribution as determined by the Members as a Major Decision, and (b) the Book Basis of all Company assets shall be adjusted
to equal their respective gross fair market values, as determined by the Members as a Major Decision, as of the following: (i) the acquisition of an additional Interest by any new or existing Member in exchange for more than a de minimis
Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of property as consideration for an Interest; (iii) in connection with the liquidation of the Company within the meaning of Treasury
Regulation Section 1.704-1(b)(2)(ii)(g); and (iv) in any other circumstances as permitted by the Code or Treasury Regulations; provided, further, that adjustments pursuant to clauses (i), (ii) and (iv) above
shall be made only if the Members determine, as a Major Decision, that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company after taking into account the intent expressed in
Section 6.04(b). The Book Basis of all assets of the Company shall be adjusted thereafter by depreciation as provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(g) and any other adjustment to the basis of such assets other
than depreciation or amortization. 

  
 2 

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

 “Budget” means the initial and each subsequent budget covering the Company’s and any Acquisition
Vehicle’s anticipated operations and capital improvements, which shall be prepared by the Managing Member, as in effect from time to time pursuant to Section 8.06, as the same may be amended, supplemented or otherwise modified from time to
time in accordance with this Agreement. 
 “Business Day” means any day other than Saturday, Sunday, any day
that is a legal holiday in the State of New York, or any other day on which banking institutions in New York are authorized to close. 
 “Capital Account” means the separate account maintained for each Member under Section 4.04. 
 “Capital Contribution” means, with respect to any Member, the aggregate amount of all Initial Capital Contributions, Additional Capital Contributions, Substitute Contributions, and
Adjustment Contributions made (or deemed made) by such Member to the Company pursuant to this Agreement. 
 “Certificate
of Formation” has the meaning set forth in the recital paragraphs to this Agreement. 
 “Closing Date”
means the date of the “Closing” under the Purchase Agreement. 
 “Code” means the Internal Revenue
Code of 1986, as amended. 
 “Company” means the limited liability company continued and governed by the terms
of this Agreement. 
 “Company Accountant” has the meaning set forth in Section 8.04. 

“Company Minimum Gain” means “partnership minimum gain” as defined in Treasury Regulation
Section 1.704-2(d). 
 “Company Property” means, either individually or collectively as the context
requires or otherwise indicates, any asset or other property (real, personal or mixed) owned by or leased to the Company, directly or indirectly through one or more Acquisition Vehicles (including, without limitation, FSP Hotel Owner, FSP Mezz and
FSP Operating Lessee), which shall consist of the Initial Company Property as acquired by FSP Hotel Owner, FSP Mezz and FSP Operating Lessee on the Closing Date pursuant to the Purchase Agreement, and (ii) any and all other property directly or
indirectly acquired by the Company from time to time in connection with the operation of the Hotel. 
 “Company Property
Purchase Price” has the meaning set forth in Section 9.05(b). 
 “Confidential Information” has
the meaning set forth in Section 13.14(a). 

  
 3 

 “Contributing Member” has the meaning set forth in Section 4.02(b).

 “Control” means, when used with respect to any Person, the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise, and the terms “Controlling”, “Controlled by” and “under common
Control with” shall have the meanings correlative therewith. 
 “Conversion Date” has the meaning set
forth in Section 4.03(b). 
 “Conversion Notice” has the meaning set forth in Section 4.03(b).

 “Corporate Transaction Transfer” means with respect to any Member, (i) a direct or indirect Transfer of
all or substantially all of such Member’s Interest in connection with a sale, merger, acquisition, consolidation, financing or public offering involving all or substantially all of the assets, properties, stock or other equity interests of the
ultimate owner or general partner of such Member or the operating partnership of Strategic REIT (which, for the avoidance of doubt, shall include Strategic Hotel Funding, L.L.C.), and as a result of which (A) the Interest of such Member
continues to be held by a Member who, directly or through Affiliates, owns or controls substantially all of the business and assets that were (immediately prior to such transaction) held by the transferring Member and its Affiliates, and
(B) with respect to SHR, the new Member (directly or through Affiliates) has substantially similar rights and obligations (including control rights) with respect to the Asset Manager as the transferring Member had immediately prior to such
transaction, or (ii) any change of control or similar transaction involving any publicly traded entity that is the ultimate parent of such Member or any operating partnership of Strategic REIT (which, for the avoidance of doubt, shall include
Strategic Hotel Funding, L.L.C.). 
 “Defaulting Member” has the meaning set forth in Section 4.03(a).

 “Deficiency” has the meaning set forth in Section 4.03(a). 

“Deficiency Contribution” has the meaning set forth in Section 4.03(a). 

“Deficiency Loan” has the meaning set forth in Section 4.03(b). 

“Deficiency Notice” has the meaning set forth in Section 4.03(a). 

“Delaware Act” means the Delaware Limited Liability Company Act, as amended from time to time. 

“Effective Date” has the meaning set forth in the introductory paragraph hereof. 

“Election Notice” has the meaning set forth in Section 4.03(a). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Event of Default” has the meaning set forth in Section 12.01. 

  
 4 

 “Exchanging Member” has the meaning set forth in Section 13.18.

 “Existing Senior Loan” means the mortgage loan in the aggregate amount of $140,000,000 entered into pursuant
to the Loan and Security Agreement dated as of September 1, 2006 between SHR Scottsdale X, L.L.C. and SHR Scottsdale Y, L.L.C., as borrower and Citigroup Global Markets Realty Corp., as lender, as heretofore amended, including without
limitation by the Amendment to Mortgage Loan and Security Agreement dated as of May 9, 2007 between SHR Scottsdale, L.L.C., as borrower and Citigroup Global Markets Realty Corp., as lender, as amended by that certain Restructuring Agreement
dated as of June 9, 2011 and as assigned to FSP Hotel Owner and FSP Operating Lessee pursuant to that certain Assumption Agreement dated as of June 9, 2011. 
 “Expenses” means, for any period, the total gross expenditures of the Company reasonably relating to the operations of the Company and/or the acquisition, development, ownership,
maintenance, management, operations, marketing, leasing, sale, financing or refinancing of the Company Property during such period contemplated by the then applicable Budget or otherwise approved (either prospectively or retroactively) in accordance
with this Agreement from time to time, including (a) all cash operating expenses (including without limitation real estate taxes and assessments, personal property taxes, sales taxes, and all fees, commissions, expenses and allowances paid or
reimbursed to any Member or any of its Affiliates pursuant to any property management agreement (including the Asset Management Agreement and fees payable to the Asset Manager thereunder) or otherwise as permitted hereunder), (b) all deposits
of Revenues to the Company’s reserve accounts, (c) all debt service payments including debt service on loans made to the Company by the Members or any of their Affiliates, (d) all expenditures which are treated as capital expenditures
(as distinguished from expense deductions included in clause (a) above) under GAAP, and (e) all expenditures related to any acquisition, sale, disposition, financing, refinancing or securitization of any Company Property; provided,
however, that Expenses shall not include (i) any payment or expenditure to the extent (A) the sources of funds used for such payment or expenditure are not included in Revenues or (B) such payment or expenditure is paid out of
any Company reserves, and (ii) any expenditure properly attributable to the liquidation of the Company. 

“Fairmont” means Fairmont Hotels & Resorts (U.S.) Inc., a Delaware corporation, in its capacity as manager
under the Hotel Management Agreement in effect on the Effective Date, together with its successors and permitted assigns thereunder. 
 “Fractions Percentage” means the percentage determined with regard to each Member or its applicable Affiliate in accordance with Treasury Regulation Section 1.514(c)-2(b).

 “FSP Hotel Owner” means FMT Scottsdale Owner, LLC, a Delaware limited liability company, the sole member of
which is FMT Mezz, together with its successors and permitted assigns in such capacity. 
 “FSP Mezz” means FMT
Scottsdale Mezzanine, LLC, a Delaware limited liability company, the sole member of which is the Company, together with its successors and permitted assigns in such capacity. 

  
 5 

 “FSP Operating Lessee” means Walton/SHR, LLC, a Delaware limited liability
company, the sole member of which is Walton/SHR FPH Mezzanine, LLC, a Delaware limited liability company, the sole member of which is Walton/SHR FPH Holdings, LLC, a Delaware limited liability company, the sole members of which are Walton Street and
SHR FPH Investor, LLC, a Delaware limited liability company. 
 “GAAP” means United States generally accepted
accounting principles consistently applied. 
 “Ground Lease” means that certain lease comprised of the
following agreements: (A) Ground Lease, dated as of December 30, 1985, by and between City of Scottsdale, a municipal corporation, and Scottsdale Princess Partnership, an Arizona partnership; (B) First Amendment to Ground Lease, dated
as of November 17, 1986, by and between the City of Scottsdale, a municipal corporation, and Scottsdale Princess Partnership, an Arizona partnership as reflected in a Memorandum of Ground Lease and Right of First Refusal dated as of
November 21, 1986; (C) Second Amendment to Ground Lease, dated as of April 4, 1995, by and between the City of Scottsdale, a municipal corporation, and Scottsdale Princess Partnership, an Arizona partnership; and (D) Wall and
Sign Agreement and Third Amendment to Ground Lease, dated as of December 23, 2002, by and between the City of Scottsdale, a municipal corporation, and Scottsdale Princess Partnership, an Arizona partnership (including both a Third Amendment and
a Wall and Sign Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time as approved by the Members as a Major Decision). 

“Hotel” means, collectively, the real property, improvements and personal property currently owned and leased by Seller
pursuant to the Ground Lease located at 7575 East Princess Drive, Scottsdale, Arizona, currently known as “The Scottsdale Fairmont Princess Resort”, as more particularly described as the “Hotel” in the Purchase Agreement,
including, without limitation, all right, title and interest of Seller in the Ground Lease and any and all other “Property” as defined and described in the Purchase Agreement. 

“Hotel Management Agreement” means that certain Hotel Management Agreement dated as of September 1, 2006, between
DTRS Scottsdale, LLC and Fairmont, as manager, as amended by a First Amendment to Hotel Management Agreement made as of                     
[sic], 2007, a Second Amendment to Hotel Management Agreement dated as of January 1, 2010, and a letter agreement dated as of the Effective Date, together with any subsequent replacement property and/or hotel management agreement entered into
thereafter by FSP Operating Lessee with respect to all or any portion of the Company Property, in each case as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time as approved by the Members as a Major
Decision. 
 “Impositions” has the meaning set forth in Section 2.06. 

“Indemnitees” has the meaning set forth in Section 10.02. 

“Initial Budget and Operating Plan” has the meaning set forth in Section 8.06(a). 

  
 6 

 “Initial Capital Contribution” means, with respect to any Member, any
Capital Contribution made (or deemed made) by such Member pursuant to Section 4.01 hereof. 
 “Initial Company
Property” means the Hotel and the Vacant Land to be acquired by the Company through Acquisition Vehicles on the Closing Date pursuant to the Purchase Agreement. 
 “Interest” means, with respect to any Member at any time, the interest of such Member in the Company at such time, including the right of such Member to any and all of the benefits to
which such Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all of the terms and provisions of this Agreement. 
 “Internal Rate of Return” means, as of the date calculated, that discount rate expressed as an annual percentage rate (compounded quarterly) which, when applied to the present value of
the Walton Distributed Cash, causes the present value of the Walton Distributed Cash to equal the sum of the present value of all Capital Contributions made by Walton Street to the Company. Calculations shall be made using the X-IRR function of
Microsoft Excel, 2003. In determining the Internal Rate of Return, the following shall apply: 
 (a) all calculations are to be
made as of the day on which a distribution is made; 
 (b) all contributions shall be treated as having been contributed to the
Company on the day on which funds were actually delivered to the Company or expended on behalf of the Company; 
 (c) all
distributions shall be treated as if received on the day on which the distribution was made; 
 (d) all distribution amounts
shall be based on the amount of the distribution prior to the application of any federal, state or local taxation to the Members (including any withholding or deduction requirements); and 

(e) all amounts shall be calculated on a compounded quarterly basis, and on the basis of a 365-day year. 

“Liquidating Member” means the Managing Member. 

“Loan” means, either individually or collectively as the context requires or otherwise indicates, the Existing Senior
Loan, as amended, supplemented, modified, extended or restated from time to time, including as contemplated in the Restructuring Agreement, or any other loan obtained by the Company or any Acquisition Vehicle, not including any Deficiency Loans or
any loan made by the Company or any Acquisition Vehicle. 
 “Loan Documents” means, collectively, any loan
agreement, promissory notes, mortgages and/or other security instrument, guaranties, indemnities and all other agreements, certificates, instruments and documents evidencing or securing the Loan or otherwise entered into and/or delivered by or on
behalf of the Company, any Acquisition Vehicle, any Member 

  
 7 

 
and/or their respective Affiliates in accordance with this Agreement in connection with any Loan and the transactions contemplated thereby, in each case as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time in accordance with this Agreement. 
 “Loss”
means, for each taxable year or other period, an amount equal to the Company’s items of taxable deduction and loss for such year or other period, determined in accordance with Section 703(a) of the Code (including all items of loss or
deduction required to be stated separately under Section 703(a)(1) of the Code), with the following adjustments: 
 (a) any
expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures under Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing
Loss, will be considered an item of Loss; 
 (b) Loss resulting from any disposition of Company Property with respect to which
gain or loss is recognized for federal income tax purposes will be computed by reference to the Book Basis of such property, notwithstanding that the adjusted tax basis of such property may differ from its Book Basis; 

(c) in lieu of depreciation, amortization and other cost recovery deductions taken into account in computing taxable income or loss,
there will be taken into account depreciation for the taxable year or other period as determined in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g); 

(d) any items of deduction and loss specially allocated pursuant to Section 6.02 shall not be considered in determining Loss; and

 (e) any decrease to Capital Accounts as a result of any adjustment to the Book Basis of Company assets pursuant to Treasury
Regulation Section 1.704-1(b)(2) (iv)(f) or (g) shall constitute an item of Loss. 
 “Major
Decision” has the meaning set forth in Section 7.01(b). 
 “Managing Member” means SHR or an
Affiliate of SHR, together with its successors and permitted assigns in such capacity. 
 “Mandatory Additional Capital
Contributions” has the meaning set forth in Section 4.02(b). 
 “Member” means, on the Effective
Date, one or more of Walton Street and SHR and, from and after the Effective Date, any Person who is admitted as a member of the Company in accordance with this Agreement and applicable law. 

“Member Minimum Gain” means the Company’s “partner nonrecourse debt minimum gain” as defined in Treasury
Regulation Section 1.704-2(i)(2). 

  
 8 

 “Member Nonrecourse Deductions” means “partner nonrecourse
deductions” as defined in Treasury Regulation Section 1.704-2(i)(2). 
 “Mezzanine Debt” means that
certain mezzanine indebtedness described and evidenced by that certain Mezzanine Loan and Security Agreement dated as of May 9, 2007 between SHR Scottsdale Mezzanine, L.L.C. and Pacific Life Insurance Company, as successor in interest.

 “Monetary Default” has the meaning set forth in Section 12.01(b). 

“Necessary Expenses” means expenses in respect of the following: the Planned Renovation, debt service on the
Company’s (or any Acquisition Vehicle’s) financing (including the expense of curing any defaults thereunder), utilities, real estate taxes and assessments, insurance and emergency repairs or other expenditures which a Member determines are
necessary for the continued ordinary operation of the Company Property, including without limitation uninsured losses or deductibles, operating shortfalls, repairs, additions or modifications to comply with applicable laws or insurance requirements,
insurance premiums for insurance policies approved by the Members, any final orders, judgments, or other proceedings and all costs and expenses related thereto, and any amounts necessary to cure defaults under the Transaction Documents (excluding
voluntary prepayment of the principal balance of a Loan prior to its maturity), regardless of whether the Budget has been approved or whether such expenditures exceed the amounts provided for in the applicable Budget. 

“Net Cash Flow” means, for any period, the excess of (i) Revenues for such period, over (ii) Expenses for such
period. 
 “Net Loss” means, for any period, the excess of (i) Losses for such period, over
(ii) Profits, if applicable, for such period determined without regard to any Profits or Losses allocated pursuant to Section 6.02. 
 “Net Profit” means, for any period, the excess of (i) Profits for such period, over (ii) Losses, if applicable, for such period determined without regard to any Profits or
Losses allocated pursuant to Section 6.02. 
 “Non-Contributing Member” has the meaning set forth in
Section 4.02(b). 
 “Non-Defaulting Member” has the meaning set forth in Section 4.03(a). 

“Non-Selling Member” has the meaning set forth in Section 9.05(b). 

“Non-Selling Member Option” has the meaning set forth in Section 9.05(b). 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(1). 

“Notices” has the meaning set forth in Section 13.03. 

“OFAC” means the United States Office of Foreign Assets Control, Department of the Treasury, any successor governmental
or similar authority thereto. 

  
 9 

 “Operating Lease” means that certain Lease Agreement dated as of the
Closing Date, as the same may be amended, supplemented or modified from time to time. 
 “Operating Plan” means
the initial and each subsequent strategic and comprehensive operating plan covering the Company’s and any Acquisition Vehicle’s anticipated operations of Company Property, which shall be prepared by the Managing Member, as in effect from
time to time pursuant to Section 8.06, as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 
 “Partially Adjusted Capital Account” means, with respect to any Member for any taxable year or other period of the Company, the Capital Account balance of such Member at the beginning of
such year or period, adjusted for all contributions and distributions made or deemed made to or by such Member during such year or period and all special allocations to such Member pursuant to Section 6.02 with respect to such year or period,
or to be made to such Member pursuant to Section 6.02(a), but before giving effect to any allocations of Net Profit or Net Loss to such Member pursuant to Section 6.01 with respect to such year or period. 

“Participation Notice” has the meaning set forth in Section 4.02(a). 

“Percentage Interest” means (a) subject to any adjustments set forth in Section 4.03(b) with regard to any
Adjustment Contributions, with regard to each Member on a particular date, the quotient obtained by dividing (i) the Capital Contributions made by such Member as of such date by (ii) the Capital Contributions made by all Members in the
aggregate as of such date, which quotient shall be multiplied by 100 and expressed as a percentage, and (b) on the Effective Date, the percentage set forth below opposite such Member’s name: 

 

					
	 Member
	  	Percentage Interest	 
		
	 Walton Street
	  	 	50	% 
	 SHR
	  	 	50	% 

 “Person”
means any individual, partnership, corporation, limited liability company, limited liability partnership, trust or other entity. 
 “Plan Asset Rules” has the meaning set forth in Section 2.06. 
 “Planned Renovation” means the construction of a ballroom and ancillary facilities as more particularly set forth in the scope of construction attached hereto as Exhibit B and in the
Initial Budget and Operating Plan. 
 “Profit” means, for each taxable year or other period, an amount equal to
the Company’s items of taxable income and gain for such year or other period, determined in accordance with Section 703(a) of the Code (including all items of income and gain required to be stated separately under Section 703(a)(1) of
the Code), with the following adjustments: 
 (i) any income of the Company that is exempt from federal income tax and not
otherwise taken into account in computing Profit will be added to Profit; 

  
 10 

 (ii) any gain resulting from any disposition of Company Property with respect to which gain
or loss is recognized for federal income tax purposes will be computed by reference to the Book Basis of such property, notwithstanding that the adjusted tax basis of such property may differ from its Book Basis; and 

(iii) any items specially allocated pursuant to Section 6.02 shall not be considered in determining Profit; and 

(iv) any increase to Capital Accounts as a result of any adjustment to the Book Basis of Company assets pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(f) or (g) shall constitute an item of Profit. 
 “Prohibited
Person” means a Person with whom a U.S. Person is prohibited from transacting business of the type contemplated by this Agreement or any other Transaction Document, whether such prohibition arises under United States law, regulation,
executive orders and lists published by OFAC, including those executive orders and lists published by OFAC with respect to Persons that have been designated by executive order or by the sanction regulations of OFAC as Persons with whom U.S. Persons
may not transact business or must limit their interactions to types approved by OFAC or otherwise. 
 “Prohibited
Result” has the meaning set forth in Section 8.08(b). 
 “Property Sale Terms” has the meaning
set forth in Section 9.05(a). 
 “Proposed Sale Notice” has the meaning set forth in Section 9.05(a).

 “Purchase Agreement” means that certain Purchase and Sale Agreement, dated as of the Effective Date, between
Seller and certain of its Affiliates, as sellers, and FSP Hotel Owner and Walton/SHR FPH, LLC, as purchasers, and certain other signatories thereto, as the same may be further amended, restated, replaced, supplemented, assigned or otherwise modified
from time to time as approved by the Members as a Major Decision, pursuant to which the Company (directly or through one or more Acquisition Vehicles) shall purchase the Initial Company Property for a purchase price and upon the other terms set
forth therein. 
 “Reasonable Period” means, with respect to any defaulting member, a period of thirty
(30) days after such defaulting Member receives written notice of its default from a non–defaulting Member; provided, however, that if such breach can be cured but cannot reasonably be cured within such thirty (30) day
period, the period shall continue, if such defaulting Member commences to cure the breach within such thirty (30) day period, for so long as such defaulting Member diligently prosecutes the cure to completion up to a maximum of the lesser of
(i) an additional ninety (90) days following the expiration of such thirty (30) day period, or (ii) the period of time allowed for such performance under the Loan Documents. 

“Regulatory Allocations” has the meaning set forth in Section 6.02(g). 

“Reimbursement Agreement” means that certain Reimbursement and Indemnity Agreement, dated as of the Effective Date,
among the Members and/or certain of their Affiliates, 

  
 11 

 
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Restructuring Agreement” means that certain Restructuring Agreement dated as of June 9, 2011 between SHR Scottsdale, L.L.C., a Delaware limited liability company, as borrower, and
Bank of America, National Association, successor by merger to LaSalle Bank National Association, as Trustee for the registered holders of the Citigroup Commercial Mortgage Trust 2007-FL3, Commercial Mortgage Pass-Through Certificates, Series
2007-FL3. 
 “Revenues” means, for any period, the total gross cash receipts received by the Company during
such period, including all cash receipts of the Company from (a) rent, cost, expense and other recoveries and all additional rent paid to the Company (including for parking facilities), (b) concessions to the Company which are in the
nature of revenues, (c) rent or business interruption insurance, and casualty and liability insurance, if any, (d) funds made available to the extent such funds are withdrawn from the Company’s or a third party’s reserve account
and deposited into the Company’s operating accounts, (e) proceeds from the sale or other disposition of any Company Property, (f) proceeds from the financing, refinancing or securitization of any Company Property, and (g) other
revenues and receipts realized by the Company, including, without limitation, excess cash from any reserve established by or on behalf of the Company or from any Capital Contribution if and to the extent the same were not used for the purpose of
funding any Shortfall. 
 “Sale of Company Property” means any sale, exchange, transfer, assignment or other
disposition by the Company (or applicable Acquisition Vehicle) of Company Property, in each case together with any of the Company’s (or applicable Acquisition Vehicle’s) then existing rights, title and interests relating thereto, either in
one transaction or a series of transactions. 
 “Sale Deposit” has the meaning set forth in
Section 9.05(c). 
 “Sale Election Notice” has the meaning set forth in Section 9.05(a). 

“Seller” means SHR Scottsdale, LLC, a Delaware limited liability company, as the seller under the Purchase Agreement,
together with its successors and permitted assigns in any such capacity. 
 “Selling Member” has the meaning
set forth in Section 9.05(b). 
 “Selling Member Interest Price” has the meaning set forth in
Section 9.05(b). 
 “Shortfall” has the meaning set forth in Section 4.02(a). 

“SHR” has the meaning set forth in the introductory paragraph hereof. 

“Strategic REIT” means Strategic Hotels & Resorts, Inc., together with any successors thereto. 

“Subsidiary(ies)” means each of the Persons that are direct or indirect subsidiaries of the Company as of the Closing
Date as set forth on the structure chart attached hereto as Exhibit C 

  
 12 

 
and such other Persons formed as Subsidiaries after the Closing Date in connection with the business of the Company. 
 “Substitute Contribution” has the meaning set forth in Section 4.02(b). 
 “Target Account” means, with respect to any Member for any taxable year of the Company or other period, the excess of (a) an amount equal to the hypothetical distribution such Member
would receive if all assets of the Company, including cash, were sold for cash equal to their Book Basis (taking into account any adjustments to Book Basis for such year or other period but not adjustments caused by any such hypothetical
distributions pursuant to this definition), all liabilities allocable to such assets were then due and were satisfied according to their terms (limited, with respect to each nonrecourse liability, to the Book Basis of the assets securing such
liability) and all remaining proceeds from such sale were distributed pursuant to Section 6.03 over (b) the amount of Company Minimum Gain and Member Minimum Gain that would be charged back to such Member as determined pursuant to Treasury
Regulation Section 1.704-2 immediately prior to such sale. 
 “Tenant” means, either individually or
collectively as the context requires or otherwise indicates, each tenant and/or other occupant (other than FSP Operating Lessee, and short term guests of the Hotel) of any portion of the Company Property, either pursuant to a Tenant Lease or
otherwise (other than pursuant to the Operating Lease). 
 “Tenant Lease” means each lease, sublease, license
or other occupancy agreement with any Tenant with respect to any portion of space in any Company Property, other than the Operating Lease. 
 “Transaction Documents” means, collectively, this Agreement, the limited liability company operating agreement or other organizational documents of each Acquisition Vehicle, the Purchase
Agreement, the Asset Management Agreement, the Reimbursement Agreement and the Loan Documents, together with any other agreement, document or instrument executed and/or delivered pursuant to the provisions of any of the foregoing or in connection
with the transactions contemplated thereby, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms thereof as approved by the Members as a Major Decision. 

“Transfer” has the meaning set forth in Section 9.01. 

“Treasury Regulation” or “Regulation” means, with respect to any referenced provision, such provision
of the regulations of the United States Department of the Treasury or any successor provision. 
 “UBTI” means
“unrelated business taxable income” as defined in Code Sections 512 through 514. 
 “U.S.
Person” means a United States citizen, a permanent resident of the United States, an entity organized under the laws of the United States or any of its territories or having its principal place of business within the United States or any of
its territories, or any other Person 

  
 13 

 
that is a “United States person” as described in, or for the purposes of, Executive Order 13224 of September 23, 2001 or any amendment, replacement or other modification
thereto. 
 “Vacant Land” has the meaning set forth in the Purchase Agreement. 

“Voluntary Additional Capital Contributions” has the meaning set forth in Section 4.02(b). 

“Walton Distributed Cash” means cash distributed to Walton Street pursuant to Sections 6.03(a)(i), (a)(ii), (a)(iii),
6.03(b) and 6.04. 
 “Walton Street” has the meaning set forth in the introductory paragraph hereof.

 1.02 Other Defined Terms. 
 As used in this Agreement, unless otherwise specified, (i) all references to Sections, Articles or Exhibits are to Sections, Articles or Exhibits of this Agreement, and (ii) each accounting term
has the meaning assigned to it in accordance with GAAP. 
 ARTICLE II 

ORGANIZATION AND STRUCTURE 
 2.01 Continuation. 
 The Company was formed as a limited liability company under the Delaware Act
by the filing of the Certificate of Formation. The Members hereby agree to continue the Company as a limited liability company under the Delaware Act, upon the terms and subject to the conditions set forth in this Agreement. The Managing Member is
hereby authorized to file and record any amendments to the Certificate of Formation and such other documents as may be reasonably required or appropriate under the Delaware Act or the laws of any other jurisdiction in which the Company may conduct
business or own property. 
 2.02 Name and Principal Place of Business. 

(a) The name of the Company is set forth on the cover page to this Agreement. The Managing Member may change the name of the Company or
adopt such trade or fictitious names for use by the Company as the Managing Member may from time to time determine. All business of the Company shall be conducted under such name, and title to all Company Property shall be held in such name.

 (b) The principal place of business and office of the Company shall be located c/o Strategic Hotels & Resorts, Inc.,
200 West Madison, Suite 1700, Chicago, Illinois 60606, or at such other place or places as the Managing Member may from time to time designate. The Managing Member shall notify the other Members of any change of principal place of business and
office. 

  
 14 

 2.03 Term. 
 The term of the Company commenced on May 24, 2011, the date of the filing of the Certificate of Formation pursuant to the Delaware Act and shall continue in existence until dissolution pursuant the
provisions of this Agreement. 
 2.04 Registered Agent and Registered Office. 

The name of the Company’s registered agent for service of process shall be the Corporation Trust Company, and the address of the Company’s
registered agent and the address of the Company’s registered office in the State of Delaware shall be 1209 Orange Street, Wilmington, Delaware 19801. Such agent and such office may be changed from time to time by the Managing Member with
written notice to all Members. 
 2.05 Purpose; Acquisition Vehicle; TRS Lease Structure. 

(a) The purpose of the Company shall be to: 
 (i) perform its obligations and exercise its rights under the Purchase Agreement, the other Transaction Documents and any other agreements or contracts contemplated by the foregoing, and to carry out the
terms of and engage in the transactions contemplated by the Purchase Agreement and the other Transaction Documents; 
 (ii) directly or indirectly acquire, own, manage, operate, improve, finance, refinance, develop, redevelop, construct, renovate, market, lease, sell and otherwise deal with and dispose of the Company
Property; and 
 (iii) conduct all other activities reasonably necessary or desirable to accomplish the
foregoing purposes. 
 (b) It is acknowledged that, subject to any other applicable or relevant provisions of this Agreement:

 (i) on or prior to the Closing Date, the Company shall cause the formation of FSP Hotel Owner and FSP Mezz;

 (ii) on the Closing Date, FSP Hotel Owner shall assume the Existing Senior Loan and the Ground Lease, and FSP
Operating Lessee shall assume the Hotel Management Agreement; 
 (iii) on the Closing Date, (x) the Company
shall purchase the Mezzanine Debt from mezzanine lender, (y) the existing mezzanine borrower shall assign and FSP Mezz shall assume the Mezzanine Debt, and (z) the Company shall contribute the Mezzanine Debt to the capital of FSP Mezz
(whereupon the Mezzanine Debt will automatically be cancelled and extinguished). 

  
 15 

 (iv) on the Closing Date, pursuant to the terms of the Purchase Agreement,
the Initial Company Property shall be acquired by FSP Hotel Owner; and 
 (v) on the Closing Date, FSP Hotel
Owner and FSP Operating Lessee shall enter into the Operating Lease. 
 (c) Notwithstanding anything to the contrary contained
in this Agreement, the Company shall cause the formation of (i) FSP Hotel Owner and FSP Mezz, directly or indirectly wholly owned or Controlled by the Company, and (ii) FSP Operating Lessee, owned indirectly by SHR FPH Investor, LLC and
Walton Street, in the same proportion as their (or their Affiliates’ in the case of SHR) respective interests in the Company, in each case to acquire or lease all or any portion of the Company Property (each such newly formed entity being
referred to as an “Acquisition Vehicle”). It is expressly understood that the Company will conduct all of its business directly or indirectly through one or more Acquisition Vehicles; provided that it is the intent of the
Members that the organizational documents relating to the formation of any Acquisition Vehicle shall be interpreted together with the provisions of this Agreement to have substantially the same effect as would be the case if all the interests
therein were held or all such business were conducted by the Company pursuant to the terms of this Agreement. 
 (d)
Notwithstanding anything to the contrary in this Agreement, the Members acknowledge and agree that, for so long as any Member holds, directly or through Affiliates, an Interest in the Company or an interest in FSP Operating Lessee through one or
more entities that qualifies as a “real estate investment trust” for U.S. federal income tax purposes: (i) the Hotel must at all times be leased to FSP Operating Lessee (or a successor or assign thereof), (ii) SHR or its
Affiliate may at any time, without approval of any other Member, require FSP Hotel Owner and FSP Operating Lessee (or a successor or assign thereof) to amend, modify or renew the Operating Lease (including any increase, decrease or other changes to
the rent stated therein), and/or enter into any new lease agreement with respect to the lease of the Hotel to the Operating Lessee, in each case in a manner consistent with customary REIT practices, and (iii) all actions, amendments or
agreements contemplated in this paragraph shall be binding and in full force and effect without any execution or acknowledgment by Walton Street or any of its Affiliates; provided, however, that no actions, amendments or agreements
contemplated in this paragraph shall be made, implemented, approved or authorized to the extent they adversely affect the economic interests or other rights of the Members under this Agreement. Each Member agrees to cooperate with the SHR and to
execute, acknowledge, deliver, file, record and publish all such reasonable and necessary documents, agreements and instruments and to take any other actions as SHR reasonably determines are necessary to implement the foregoing, subject to the
limitations set forth in this Section 2.05. 
 2.06 Walton Street Required Modifications to Structure. 

In order to qualify and/or preserve the status of Walton Street, any direct or indirect member or partner with an interest in Walton Street, or any other
Person in which the Members and/or the Company owns an interest and which owns any portion of the Company Property as an “operating company” under the plan asset rules of ERISA at 29 C.F.R. Section 2510.3–101 (the
“Plan Asset Rules”), to avoid the imposition of a corporate tax on any income of the Company, or to minimize the effects of any UBTI on Walton Street, its Affiliates and/or their respective

  
 16 

 
direct or indirect partners, members, shareholders and other Affiliates (collectively, the “Impositions”), the Members agree to consent to modifications proposed by Walton Street
in good faith to the structure of the Company and/or the structure of the Company’s investments in and ownership of the Company Property and/or to the terms of this Agreement including, without limitation, the capital contribution and
allocation and distribution provisions set forth in Articles IV and VI, if in any such case the modifications are necessary, advisable or otherwise helpful in achieving or maintaining the foregoing. Any such modification may include, without
limitation, the formation by the Members of other limited liability companies, partnerships, corporations or other entities (including without limitation, corporations and trusts that qualify as real estate investment trusts under Section 856
of the Code) to be owned by the Company, the Members or their Affiliates and which will own a portion of the Company Property. Each Member agrees to cooperate with Walton Street and to execute, acknowledge, deliver, file, record and publish all such
reasonable and necessary documents, agreements and instruments and to take any other actions as Walton Street reasonably determines are necessary to implement the foregoing, subject to the limitations set forth in this Section 2.06. The Members
agree to amend this Agreement in a manner reasonably proposed by Walton Street in order to structure their contributions in a manner that will avoid the Impositions. Notwithstanding the foregoing, no actions, amendments or agreements contemplated in
this Section 2.06 shall be made, implemented, approved or authorized to the extent they adversely affect the economic interests or other rights of the Members under this Agreement or jeopardize Strategic REIT’s status as a real estate
investment trust for U.S. federal income tax purposes. 
 ARTICLE III 

MEMBERS 
 3.01
Members. 
 Effective as of the Effective Date, the Members of the Company shall be Walton Street and SHR. Except as expressly permitted by this
Agreement, no other Person shall be admitted as a member of the Company and no additional Interest shall be issued, without the approval of all of the Members. 
 3.02 Limitation on Liability. 
 Except as otherwise provided in the Delaware Act, (i) the
debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or
liability of the Company solely by reason of being a member of the Company, (ii) the liability of each Member to contribute capital to the Company shall be limited to the amount of Capital Contributions required to be made by such Member in
accordance with the provisions of this Agreement, but only when and to the extent the same shall become due pursuant to the provisions of this Agreement, and (iii) the liability and obligations of each Member under this Agreement shall be
limited to such Member’s Interest in the Company and no recourse shall be permitted to any property, assets or other interests of such Member other than to (A) such Member’s Interest hereunder, (B) such Member’s share of any
distributions of Net Cash Flow, the proceeds of liquidation or any other amounts that would otherwise be distributable or payable to such Member with respect to its Interest, (C) the amount of Capital Contributions required to

  
 17 

 
be made by such Member in accordance with the provisions of this Agreement, and (D) the amount of any distributions or other amounts wrongfully distributed or paid to such Member.

 ARTICLE IV 
 CAPITAL 
 4.01 Initial Capital Contributions. 

As of the Effective Date, (a) Walton Street contributed (or was deemed to contribute) the sum of $35,559,220.81 to the Company in exchange for its
Interests therein, and (b) SHR contributed (or was deemed to contribute) the sum of $35,559,220.81 to the Company in exchange for its Interests therein. 
 4.02 Additional Capital Contributions. 
 (a) If at any time or from time to time
after all of the Initial Capital Contributions have been contributed, the Managing Member determines that additional funds (a “Shortfall”) are reasonably required (i) to meet the ongoing obligations, liabilities, expenses or
other reasonable business needs of the Company in accordance with the then applicable Budget or Operating Plan, including in connection with the Planned Renovation, or (ii) for any other purpose as reasonably determined by the Managing Member
relating to the Company and/or the ownership, operation, development and/or management of any portion of the Company Property or for any other purpose which is not adverse or contrary to the then applicable Budget or Operating Plan, and the Managing
Member has determined to request additional capital to fund such Shortfall, then the Managing Member shall deliver notice (a “Participation Notice”) to each of the Members offering each Member the right to contribute (subject to the
consequences specified herein) its pro rata share (based upon the Percentage Interests of the Members at the time of such request) of such Shortfall (such pro rata share, an “Additional Capital Contribution”). If so requested by the
Managing Member, each Member who elects to fund any Additional Capital Contribution shall do so within fifteen (15) Business Days after receipt of a Participation Notice. In addition to any Additional Capital Contributions made under this
Agreement, the Members acknowledge and agree that any amounts paid by the Members or their respective Affiliates pursuant to the terms of the Reimbursement Agreement shall be deemed Additional Capital Contributions. Notwithstanding the foregoing or
anything to the contrary herein: (A) the Members shall be required to make all Additional Capital Contributions required to fund the Planned Renovation, and (B) if the Managing Member does not call capital in an amount sufficient to fund
the Planned Renovation, the Budget or Operating Plan or any other Necessary Expenses of the Company, then Walton Street shall have the right to make such capital call without any approval of the Managing Member and shall have all of the rights of
the Managing Member under this Article IV or otherwise with respect to such capital call and any failure by the Managing Member to fund its pro rata portion thereof. 
 (b) Notwithstanding anything to the contrary contained herein, a failure by any Member to make any Additional Capital Contribution to the extent required or requested hereunder shall not constitute an
Event of Default by such Member and (i) the sole consequence 

  
 18 

 
of a failure by any Member to make any Additional Capital Contribution required to fund the Planned Renovation shall be as set forth in Section 4.03 (such Additional Capital Contributions
being referred to as “Mandatory Additional Capital Contributions”), and (ii) the sole consequence of a failure by any Member to fund any Additional Capital Contributions other than Mandatory Capital Contributions shall be as
set forth below in this Section 4.02(b) (such Additional Capital Contributions being referred to as “Voluntary Additional Capital Contributions”). If any Member (the “Non-Contributing Member”) fails to timely
make a Voluntary Additional Capital Contribution when due, then the other Member (the “Contributing Member”) may elect any time thereafter, in its sole and absolute discretion, to make such Additional Capital Contribution (any such
Capital Contribution by a Contributing Member, a “Substitute Contribution”), and the Percentage Interest of each Member shall be adjusted accordingly (in the manner set forth in the definition of Percentage Interest) to take into
account the Additional Capital Contributions and Substitute Contributions made in connection with such required or requested Additional Capital Contribution. 
 4.03 Additional Capital Contribution Default; Remedies. 
 (a) Upon the failure of
any Member (the “Defaulting Member”) to make any Mandatory Additional Capital Contribution (the portion thereof not contributed by such Defaulting Member being referred to herein as the “Deficiency”), the Managing
Member shall inform the other Member (the “Non-Defaulting Member”) in writing of such Deficiency (a “Deficiency Notice”) within five (5) days after the date on which the contribution was required to be made.
Within ten (10) days after the date of delivery of a Deficiency Notice, the Non-Defaulting Member shall deliver written notice (an “Election Notice”) to the Defaulting Member, stating that it elects, in its sole and absolute
discretion, to do one of the following in connection with such Deficiency: (i) withdraw the corresponding required contribution that was made by it in connection with such Deficiency; (ii) not withdraw its own contribution and contribute
an amount equal to the Deficiency (such contributed amount, a “Deficiency Contribution”), which contribution shall be treated as provided in Section 4.03(b) below as the Non-Defaulting Member may elect in its sole and absolute
discretion; or (iii) neither withdraw its contribution nor make a Deficiency Contribution. In the event that the Non-Defaulting Member withdraws the corresponding required contribution that was made by it in connection with such Deficiency or
neither withdraws its corresponding required contribution nor makes a Deficiency Contribution, such Non-Defaulting Member shall have no liability for failure to make its required contribution (as applicable) or any Deficiency Contribution. If the
election under clause (ii) above is made within the required time period, then the Non-Defaulting Member shall have an additional thirty (30) days after the date the Deficiency was originally required to be contributed to make the
Deficiency Contribution. If the Non-Defaulting Member shall fail to deliver a timely Election Notice, it shall be deemed to have delivered an Election Notice making the election described in clause (iii) above. 

(b) A Non-Defaulting Member who makes the election under clause (a)(ii) or (a)(iii) above shall have the following options: 

  
 19 

 (I) it may elect to have the entire amount contributed by it (including both such
Non-Defaulting Member’s share of the Additional Capital Contribution and any portion of the Deficiency Contribution it may make) be treated as a contribution (“Adjustment Contribution”) governed by clause (i) below;

 (II) it may elect to have any portion of its share of such Additional Capital Contribution and any share of the Deficiency
Contribution it makes be treated as an Adjustment Contribution governed by clause (i) below and the remaining portion of such total amount be treated as a loan to the Company (“Deficiency Loan”) governed by clause
(ii) below; or 
 (III) it may elect to have the entire amount contributed by it (including both such Non-Defaulting
Member’s share of the Additional Capital Contribution and any portion of the Deficiency Contribution it may make) be treated as a Deficiency Loan governed by clause (ii) below. 
 Such election shall be made by written notice to the other Member within thirty (30) days after the earlier of (x) delivery of an Election Notice, or (y) expiration of the period for
delivery of an Election Notice. If such Non-Defaulting Member fails to deliver such notice within such 30-day period, then such Non-Defaulting Member shall be deemed to have elected to have the entire amount contributed by it in connection with a
particular Additional Capital Contribution (including both the Non-Defaulting Member’s share of the Additional Capital Contribution and any portion of the Deficiency Contribution it makes) be treated as a Deficiency Loan under clause (III)
above. In addition to the foregoing options, after a Member has elected (or is deemed to have elected) to have an amount advanced by it be treated as a Deficiency Loan, it may thereafter elect to have the outstanding balance of such Deficiency Loan,
together with all interest accrued and unpaid thereon through the Conversion Date, be converted to an Adjustment Contribution by delivering written notice (“Conversion Notice”) of such election to the other Member no later than
ninety (90) days after the origination of the Deficiency Loan. Such conversion shall take effect on the date (“Conversion Date”) which is thirty (30) days following such Member’s delivery of the Conversion Notice to
the other Member. On the Conversion Date, (A) the Deficiency Loan so converted shall be deemed to have been repaid to such Member, and (B) such Non-Defaulting Member shall be deemed to have made an Adjustment Contribution equal to the then
outstanding balance of such Deficiency Loan, plus the interest accrued and unpaid thereon. The terms of each Adjustment Contribution and each Deficiency Loan shall be governed by the following provisions: 

(i) If a Non-Defaulting Member makes an Adjustment Contribution or timely elects to have a Deficiency Loan converted to
an Adjustment Contribution, then the Members’ Percentage Interests shall be recalculated by the Managing Member in good faith subject to review and approval by Walton Street, effective as of the date the Deficiency was required to have been
contributed by the Defaulting Member (or, in the case of a Deficiency Loan which is converted to an Adjustment Contribution, on the Conversion Date) as follows: (A) the amount of Capital Contributions made by the Non-Defaulting Member as of
such date shall be deemed increased by the amount of any Deficiency Contribution and Deficiency Loan (but only to the extent that such Deficiency Loan is then being converted to an Adjustment 

  
 20 

 
Contribution) made by the Non-Defaulting Member as of such date; and (B) the amount of Capital Contributions made by all Members as of such date shall be deemed increased by the amount of
any Deficiency Contribution and Deficiency Loan (but only to the extent that such Deficiency Loan is then being converted to an Adjustment Contribution) made by the Non-Defaulting Member as of such date. Upon the written request of any Member after
completion of an adjustment to the Percentage Interest of each Member as provided above, the Managing Member shall confirm such adjustment in writing. 
 (ii) The terms of each Deficiency Loan shall be as follows: (A) interest shall accrue on the outstanding balance of such Deficiency Loan at the Applicable Rate per annum, compounded quarterly;
(B) such Deficiency Loan shall be a loan and not a contribution; (C) no Member shall be entitled to any distributions under Article VI unless and until such Deficiency Loan and all accrued and unpaid interest thereon has been paid in full
to the Member making the same, and all such distributions which otherwise would be made under Article IV shall instead be paid directly to the Member making Deficiency Loans that remain outstanding until the Deficiency Loans and all accrued and
unpaid interest thereon have been paid in full (any such payments shall first be applied to unpaid interest accruing thereon, and then to principal); (D) the Deficiency Loan shall be due and payable in full upon the earlier of the tenth
(10th) anniversary of the origination of the Deficiency Loan or the liquidation of the Company (without any prepayment premium or penalty); (E) the Deficiency Loan shall provide that it may not be accelerated prior to maturity for any
reason (other than in connection with a liquidation of the Company), including non-payment, and shall have no financial or other covenants; (F) the Deficiency Loan shall be unsecured; and (G) neither the Company nor any Member shall have
any personal liability for the payment of any Deficiency Loan or any interest accrued thereon. In the event that more than one Deficiency Loan remains outstanding, the same shall be paid on a pro rata basis, based on the relative proportions of the
outstanding balances of principal and interest with respect thereto. In any instance in which a Member may make a Deficiency Loan, such Member may, at its option, cause an Affiliate of such Member to make such loan on the same terms and conditions
as the Member; provided, however, that any such Affiliate shall not have the right to convert such Deficiency Loan to an Adjustment Contribution. Notwithstanding the foregoing, the Member associated with such Affiliate may elect to
have such Deficiency Loan converted to an Adjustment Contribution by timely delivering a Conversion Notice in the manner set forth above. In such event, (x) such Member shall be deemed to have converted the balance of such Deficiency Loan
(including all accrued and unpaid interest) into an Adjustment Contribution for the benefit of such Member, and (y) the Deficiency Loan so converted shall be deemed to have been repaid. 

(c) Each Member acknowledges and agrees that the other Members would not be entering into this Agreement were it not for (i) the
Members agreeing to make the Capital Contributions provided for in Section 4.02, and (ii) the remedy provisions set forth above in this Section 4.03. Each Member acknowledges and agrees that the remedy provisions set forth in this
Section 4.03 are fair, just and equitable in all respects. 
 4.04 Capital Accounts. 

  
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 A separate Capital Account will be maintained for each Member in accordance with Treasury Regulation
Section 1.704-1(b)(2)(iv). Consistent therewith, the Capital Account of each Member will be determined and adjusted as follows: 
 (a) Each Member’s Capital Account will be credited with: 

(i) any contributions of cash made by such Member to the capital of the Company plus the fair market value of any
property contributed by such Member to the capital of the Company (net of any liabilities to which such property is subject or which are assumed by the Company); 

(ii) the Member’s distributive share of Net Profit and any items in the nature of income or gain specially allocated
to such Member pursuant to Section 6.02; and 
 (iii) any other increases required by Treasury Regulation
Section 1.704-1(b)(2)(iv), without duplication. 
 (b) Each Member’s Capital Account will be debited with: 

(i) any distributions of cash made from the Company to such Member plus the fair market value of any property distributed
in kind to such Member (net of any liabilities to which such property is subject or which are assumed by such Member); 
 (ii) the Member’s distributive share of Net Loss and any items in the nature of expenses or losses specially allocated to such Member pursuant to Section 6.02; and 

(iii) any other decreases required by Treasury Regulation Section 1.704-1(b)(2)(iv), without duplication.

 The initial Capital Account balance of each Member is set forth on Exhibit A attached hereto, which balances have been
determined in accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(f). Any expenses borne by a Member for its own account will not increase such Member’s Capital Account, nor affect its share of Profits or
Losses. The provisions of this Section 4.04 and any other provisions of this Agreement relating to the maintenance of Capital Accounts have been included in this Agreement to comply with Section 704(b) of the Code and the Treasury
Regulations promulgated thereunder and will be interpreted and applied in a manner consistent with those provisions. 
 4.05 No
Further Capital Contributions. 
 Except as expressly provided in this Agreement or with the prior written consent of the Members, no Member
shall be required or entitled to contribute any other or further capital to the Company, nor shall any Member be required or entitled to loan any funds to the Company. No Member will have any obligation to restore any negative balance in its Capital
Account at any time including upon liquidation or dissolution of the Company. 

  
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 ARTICLE V 
 INTERESTS IN THE COMPANY 
 5.01 Percentage Interest. 

The Percentage Interests of the Members may be adjusted only as set forth in this Agreement. 

5.02 Return of Capital. 
 No
Member shall be liable for the return of the Capital Contributions (or any portion thereof) of any other Member, it being expressly understood that any such return shall be made solely from the assets of the Company. No Member shall be entitled to
withdraw or receive a return of any part of its Capital Contributions or Capital Account, to receive interest on its Capital Contributions or Capital Account or to receive any distributions from the Company, except as expressly provided for in this
Agreement or under applicable law. No Member shall have any obligation to restore any negative balance in its Capital Account. 

5.03 Ownership. 
 All Company
Property shall be owned by the Company, directly or indirectly through one or more Acquisition Vehicles, subject to the terms and provisions of this Agreement. Title to Company Property shall be held by the Company in the Company’s name or by
an Acquisition Vehicle. 
 5.04 Waiver of Partition; Nature of Interests in the Company. 

Except as otherwise expressly provided for in this Agreement, each of the Members hereby irrevocably waives any right or power that such Member might
have to: 
 (i) cause the Company or any of its assets to be partitioned; 

(ii) cause the appointment of a receiver for all or any portion of the assets of the Company; 

(iii) compel any sale of all or any portion of the assets of the Company pursuant to any applicable law; or 

(iv) file a complaint, or to institute any proceeding at law or in equity, to cause the termination, dissolution or
liquidation of the Company. 
 Each of the Members has been induced to enter into this Agreement in reliance upon the waivers
set forth in this Section 5.04, and without such waivers no member would have entered into this Agreement. No Member shall have any interest in any specific Company Property. The interests of all Members in this Company are personal property.

  
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 ARTICLE VI 
 ALLOCATIONS AND DISTRIBUTIONS 
 6.01 Allocations. 

For each taxable year or portion thereof, Net Profit and Net Loss shall be allocated (after all allocations pursuant to Section 6.02 have been made)
as follows: 
 (a) Net Loss shall be allocated among the Members so as to reduce, proportionately, the differences between their
respective Partially Adjusted Capital Accounts and Target Accounts for such year; provided, however, that no portion of the Net Loss for any taxable year shall be allocated to a Member whose Target Account is greater than or equal to
its Partially Adjusted Capital Account for such taxable year; and provided, further, that in no event shall an allocation under this Section 6.01(a) be made to Walton Street to the extent that it would cause Walton Street to be
allocated a percentage of overall partnership loss within the meaning of Treasury Regulation Section 1.514(c)-2(c)(1) for the taxable year lower than its Fractions Percentage except to the extent that (i) such allocation is required to
reverse a prior allocation of Net Profit to a Member in excess of such Member’s Percentage Interest, and is in the same proportion as such prior allocation, (ii) the result is to allocate losses or deductions to one or more Members who
bear a disproportionately large share (relative to each Member’s Percentage Interest but in accordance with the distribution provisions of Section 6.03) of the economic burden of such losses or deduction if, taking into account all of the
facts, circumstances and information (including bona fide financial projections), such losses or deductions had a low likelihood of occurring and such allocation otherwise satisfies the requirements of Treasury Regulation Section 1.514(c)-2(g),
or (iii) such allocation otherwise is disregarded in determining whether Walton Street satisfies the “fractions rule” set forth in Treasury Regulation Section 1.514(c)-2(b)(1)(i) or otherwise does not cause the allocations
set forth in this Agreement to fail to qualify as “permitted allocations” within the meaning of Section 514(c)(9)(E) of the Code and the regulations thereunder. 
 (b) Net Profit shall be allocated among the Members so as to reduce, proportionately, the differences between their respective Target Accounts and Partially Adjusted Capital Accounts for such year;
provided, however, that no portion of the Net Profit for any taxable year shall be allocated to a Member whose Target Account is less than or equal to its Partially Adjusted Capital Account for such taxable year, and provided further
that in no event shall an allocation under this Section 6.01(b) be made to Walton Street to the extent it would cause Walton Street to be allocated a percentage of overall partnership income within the meaning of Treasury Regulation
Section 1.514(c)-2(c)(1) for the taxable year in excess of its Fractions Percentage except to the extent such allocation is disregarded in determining whether Walton Street satisfies the “fractions rule” set forth in Treasury
Regulation Section 1.514(c)-2(b)(1)(i) or otherwise does not cause the allocations set forth in this Agreement to fail to qualify as “permitted allocations” within the meaning of Section 514(c)(9)(E) of the Code and the
regulations thereunder. 
 (c) Notwithstanding anything in this Agreement to the contrary, no allocation of Net Profit shall be
made to Walton Street in excess of its Fractions Percentage, and no allocation of Net Loss shall be made to the Members other than Walton Street in excess of its 

  
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respective Fractions Percentage, in either case, except as otherwise permitted in accordance with the “fractions rule” under Section 514(c)(9) of the Code and the Treasury
Regulations thereunder, as determined by Walton Street. 
 6.02 Allocations and Compliance with Section 704(b). 

The following special allocations shall, except as otherwise provided, be made in the following order: 

(a) Notwithstanding anything to the contrary contained in this Article VI, if there is a net decrease in Company Minimum Gain or in
any Member Minimum Gain during any taxable year or other period, prior to any other allocation pursuant hereto, such Member shall be specially allocated items of Profit for such year (and, if necessary, subsequent years) in an amount and manner
required by Treasury Regulation Sections 1.704-2(f) or 1.704-2(i)(4). The items of Profit to be so allocated shall be determined in accordance with Treasury Regulation Section 1.704-2. 

(b) Nonrecourse Deductions for any taxable year or other period shall be allocated (as nearly as possible) under Treasury Regulation
Section 1.704-2 to the Members, pro rata in proportion to their respective Fractions Percentage. 
 (c) Any Member
Nonrecourse Deductions for any taxable year or other period shall be allocated to the Member that made or guaranteed or is otherwise liable with respect to the loan to which such Member Nonrecourse Deductions are attributable in accordance with
principles under Treasury Regulation Section 1.704-2(i). 
 (d) Any Member who unexpectedly receives an adjustment,
allocation or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) which causes or increases a negative balance in his or its Capital Account shall be allocated items of
Profit sufficient to eliminate such increase or negative balance caused thereby, as quickly as possible, to the extent required by such Treasury Regulation. 
 (e) No allocation of an item of Loss shall be made to any Member if, as a result of such allocation, such Member would have an Adjusted Capital Account Deficit. Any such disallowed allocation shall be
made to the Members entitled to receive such allocation under Treasury Regulation Section 1.704 in proportion to their respective Percentage Interests. If any item of Loss is reallocated under this subsection 6.02(e), subsequent
allocations of Profit and Loss (and items thereof) shall be made so that, to the extent possible, the net amount allocated under this subsection 6.02(e) equals the amount that would have been allocated to each Member if no reallocation had
occurred under this subsection 6.02(e). 
 (f) For purposes of Section 752 of the Code and the Treasury Regulations
thereunder, excess nonrecourse liabilities (within the meaning of Treasury Regulations Section 1.752-3(a)(3)) shall be allocated to the Members pro rata in proportion to their respective Fractions Percentage. 

  
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 (g) The allocations contained in Sections 6.02(a), 6.02(c), 6.02(d) and 6.02(e) (the
“Regulatory Allocations”) are intended to comply with certain requirements of Treasury Regulation Sections 1.704-1 and 1.704-2. The Regulatory Allocations shall be taken into account in allocating Profits, Losses, Net Profit
and Net Loss and other items of income, gain, loss and deduction among the Members so that to the extent possible, the aggregate of (i) the allocations made to each Member under this Agreement other than the Regulatory Allocations and
(ii) the Regulatory Allocations made to each Member shall equal the net amount that would have been allocated to each Member had the Regulatory Allocations not occurred, so as to achieve the intended results, as expressed in
Section 6.04(b), regarding the targeted allocations of Net Profits and Net Losses (after taking into account the allocations made pursuant to this Section 6.02 and the application of Section 6.04(b)). The Members shall take account of
the fact that certain of the Regulatory Allocations will occur at a period in the future for purposes of applying this Section 6.02(g). 
 (h) To the extent the restrictions on certain allocations set forth in the last proviso in Sections 6.01(a) or 6.01(b), or in 6.01(c), actually affect the allocation of Net Profits or Net Loss or
other items of income, gain, loss and deduction, such restriction shall be taken into account in making allocations in future periods so that to the extent possible and subject to such restrictions, the cumulative allocations of Net Profits and Net
Losses to each Member equal the amount that would have been allocated such Member without such provisos, so as to achieve the intended results, as expressed in Section 6.04(b), regarding the targeted allocations of Net Profits and Net Losses
(after taking into account the allocations made pursuant to this Section 6.02 and the application of Section 6.04(b)). 
 (i) The provisions of this Article VI shall be interpreted in a manner consistent with the Members’ intent that the allocations contained herein are “permitted allocations” under
Section 514(c)(9)(E) of the Code and the Treasury Regulations thereunder. 
 6.03 Distributions. 

(a) Except as provided in Section 6.04 and subject to payment of any outstanding amounts due under any Deficiency Loan, the Company
shall, as determined by the Members as a Major Decision, make distributions of Net Cash Flow to the Members in the following manner and order of priority: 
 (i) First: Each distribution of Net Cash Flow shall be distributed, in preference and priority to any other distribution of Net Cash Flow, to the Members in proportion to their then respective
Percentage Interests, until Walton Street has achieved an aggregate Internal Rate of Return of twelve percent (12%); 
 (ii) Second: The balance, if any, of such distribution shall be distributed as follows: (A) ten percent (10%) of the balance of such distribution to SHR, and (B) the remainder to the
Members in proportion to their then respective Percentage Interests, until Walton Street has achieved an aggregate Internal Rate of Return of fifteen percent (15%); and 

  
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 (iii) Third: The balance, if any, of such distribution shall be
distributed as follows: (A) twenty percent (20%) of the balance of such distribution to SHR, and (B) the remainder to the Members in proportion to their then respective Percentage Interests. 

(b) The Members acknowledge and agree that, solely for purposes of this Section 6.03, any distributions of Net Cash Flow (as defined
in the operating agreement of Walton/SHR FPH Holdings, LLC (the “Parallel Lessee Operating Agreement”)) to Walton Street and/or SHR (or its Affiliate) by Walton/SHR FPH Holdings, LLC under the Parallel Lessee Operating Agreement
shall be deemed to have been distributed to Walton Street and/or SHR (as applicable) under this Section 6.03. 
 6.04
Distributions in Liquidation. 
 (a) Upon the dissolution and winding–up of the Company, the proceeds of sale and other
assets of the Company distributable to the Members under Section 11.02(c)(iii) shall be distributed, not later than the latest time specified for such distributions pursuant to Treasury Regulation
Section 1.704-1(b)(2)(ii)(b)(2) to the Members in proportion to and in accordance with their respective positive Capital Account balances (after adjustment to reflect the allocations pursuant to this Article VI including
Section 6.04(b)). 
 (b) The parties intend that the allocations made pursuant to this Article VI shall produce final
Capital Account balances of the Members that will permit liquidating distributions that are made in accordance with final Capital Account balances to be made in a manner identical to the order of priorities set forth in Section 6.03(a).
Notwithstanding anything to the contrary (except to the extent inconsistent with Section 704(b) of the Code or compliance with the “fractions rule” set forth in Section 514(c)(9)(E) of the Code and the regulations thereunder) to
the extent that the allocations made pursuant to this Agreement would fail to produce such final Capital Account balances as of the close of any taxable year of the Company (assuming that all assets of the Company at the close of such year are sold
for their adjusted tax basis or for their adjusted Book Basis for assets that have been revalued prior to that time): Net Profit and Net Loss of the Company for the current taxable year and future taxable years (or items of Profit and Loss for such
years) shall be reallocated among the Members as necessary to produce such result (or, to the extent it is not possible to achieve such result with allocations of items of Profit and Loss for the current year and future years, for prior open taxable
years). For purposes of applying this Section 6.04, a Member’s Capital Account shall be deemed to be increased by its remaining share of Company Minimum Gain and Member Minimum Gain as of the close of such year. 

(c) With the election of the Managing Member, a pro rata portion of the distributions that would otherwise be made to the Members under
the preceding paragraph may be distributed to a trust reasonably established, for a reasonable period of time, for the benefit of the Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any
contingent or unforeseen liabilities or obligations of the Company arising out of or in connection with the Company. The assets of any trust established under this 

  
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Section 6.04 will be distributed to the Members from time to time by the trustee of the trust upon approval by the Members as a Major Decision in the same proportions as the amount
distributed to the trust by the Company would otherwise have been distributed to the Members under this Agreement. 
 6.05 Tax
Matters. 
 The Members intend for the Company to be treated as a partnership for federal income tax purposes. The Members shall make all
applicable elections, determinations and other decisions under the Code and applicable Treasury Regulations, including, without limitation, the deductibility of a particular item of expense and the positions to be taken on the Company’s tax
return, and shall approve the settlement or compromise of all audit matters raised by the Internal Revenue Service affecting the Members generally. The Members shall each take reporting positions on their respective federal, state and local income
tax returns consistent with the positions determined for the Company by the Members. The Managing Member shall cause all federal, state and local income and other tax returns to be timely filed by the Company and shall be authorized to
execute such returns; provided that any state and federal tax returns to be filed by the Managing Member shall be subject to the approval of the other Members, it being understood that the other Members shall have twenty-one (21) calendar days
after receipt of copies of such tax returns from the Managing Member to approve or disapprove of such federal and state tax returns and any failure to do so within such period shall be deemed a waiver of any approval rights with respect to such
returns. 
 6.06 Tax Matters Partner. 
 The Managing Member shall be the tax matters partner within the meaning of Section 6231(a)(7) of the Code and, subject to Section 6.05, shall exercise all rights, obligations and duties of a tax
matters partner under the Code; provided, however, that the tax matters partner shall notify the Members of the status of any proceeding before the IRS, other governmental agency, court or administrative body and shall provide copies
of any pleadings, briefs, petition, submissions and correspondence to each other Member, shall not enter into any settlement agreement which binds another Member pursuant to Code § 6224(c)(3) without the express written consent of such Member,
and shall not enter into any settlement pursuant to Rule 248(a) or (b) of the Rules of Practice and Procedure of the United States Tax Court without the express written consent of each other Member. 

6.07 Section 704(c). 
 In
accordance with Section 704(c) of the Code and the applicable Treasury Regulations thereunder, income, gain, loss, deduction and tax depreciation with respect to any property contributed to the capital of the Company, or with respect to any
property which has a Book Basis different than its adjusted tax basis, shall, solely for federal income tax purposes, be allocated among the Members so as to take into account any variation between the adjusted tax basis of such property to the
Company and the Book Basis of such property, in accordance with Section 4.04. Any elections, accounting conventions or other decisions relating to such allocations shall be made by the Managing Member in a manner that (i) reasonably
reflects the purposes and intention of this Agreement, and (ii) complies with Code Sections 704(b) and 

  
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704(c) and the Treasury Regulations thereunder. For such allocations, the Managing Member may select any method permitted in the Treasury Regulations under Code Section 704(c) with respect
to such allocations, including the “traditional method”, the “traditional method with curative allocations” and the “remedial allocation method”. 
 6.08 Withholding. 
 The Company shall be permitted to withhold from distributions all amounts
required to be withheld pursuant to Section 1446 of the Code or any other provision of federal, state, or local tax law, and such amounts shall be treated as amounts actually distributed to the Members for all purposes under this Agreement. If
the Managing Member reasonably determines that the Company has insufficient liquid assets to satisfy such withholding obligation, the Member as to which withholding applies shall contribute cash to the Company in an amount sufficient to satisfy such
withholding obligation. 
 6.09 No Tax Confidentiality. 
 Notwithstanding anything to the contrary contained in this Agreement, including, without limitation, Section 13.14, each Member (and each employee, agent or representative of each Member) may
disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Company and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax
treatment and tax structure except to the extent maintaining such confidentiality is necessary to comply with any applicable U.S. federal or state securities laws. 
 6.10 Certain Transactions. 
 The Members shall not knowingly cause the Company to engage directly
or indirectly in a transaction that is a “listed transaction” as defined in Treasury Regulation Section 1.6011-4(b)(2). If any Member becomes aware that the Company has engaged directly or indirectly in a transaction that is a listed
transaction or a “prohibited reportable transaction” as defined by Code Section 4965(e), it shall promptly notify each of the other Members. 
 ARTICLE VII 
 MANAGEMENT 

7.01 Management. 
 Except as
otherwise expressly provided in this Agreement, the business and affairs of the Company shall be vested in and controlled by the Members as provided below. 
 (a) All decisions made with respect to the business, management and control of the Company shall be made by the Managing Member and all such decisions shall be binding on the Company and all Members,
except for decisions which by the express terms of Section 7.01(b) require the approval of all Members and except for decisions or actions contemplated in Section 2.05(d) which shall be made or taken exclusively by SHR. The

  
 29 

 
Managing Member may elect officers of the Company to implement the decisions (including without limitation executing documents) of the Members from time to time. 

(b) Without limiting the generality of the foregoing, each of the following matters (each, a “Major Decision”) requires
the prior written approval of all Members (and each Member shall respond to any request for approval within a reasonable period of time): 
 (i) Except to the extent expressly contemplated in this Agreement, the Purchase Agreement, the Hotel Management Agreement, the Asset Management Agreement or any other written agreement entered into or
approved in writing by each Member, causing the Company to enter into or consummating any transaction or arrangement between the Company and an Affiliate of any Member, which shall require the approval of the non-interested Member notwithstanding
anything contained herein to the contrary; 
 (ii) Entering into any agreement or taking any action that would
subject a Member or any of its Affiliates (other than the Company, the Subsidiaries or any other Acquisition Vehicle) to personal recourse or personal liability other than as specifically contemplated herein; 

(iii) Acquiring any material real property, whether improved or unimproved or any interest therein, except the Hotel;

 (iv) Unless otherwise required by applicable law or administrative guidance, entering into any agreements or
taking any action (including federal and state tax matters and elections) with respect to the Company, any Subsidiary of the Company or the Company Property that would, or would be reasonably likely to, jeopardize Strategic REIT’s status as a
real estate investment trust for U.S. federal income tax purposes, that would adversely affect the tax treatment of distributions received or to be received by SHR or that would otherwise be inconsistent with the tax allocation provisions set forth
in this Agreement; 
 (v) Except as otherwise provided in Section 9.05 and Article XI, dissolving,
liquidating and/or winding-up the affairs of the Company or any of its Subsidiaries; 
 (vi) Causing the Company
to engage in any business or activity other than those referred to in Section 2.05; 
 (vii) Causing the
Company to have any employees; 
 (viii) Any merger or consolidation with or into any Person or any Sale of
Company Property (in each case other than in connection with a Sale of Company Property where the Managing Member complies with Section 9.05) or establishment of joint ventures, partnerships or other non-wholly owned Subsidiaries; 

(ix) Appointment of a new Managing Member that is not an Affiliate of the Managing Member; 

  
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 (x) (A) Any written or material unwritten amendment, restatement,
replacement, supplement, waiver or other written modification of any Transaction Document, the Hotel Management Agreement or the Ground Lease, (B) any material written amendment, restatement, replacement or material written modification to any
other material agreement or lease relating to dining, retail, golf, spa or athletic facilities on the “Property” (as defined and described in the Purchase Agreement) and any written approval, consent or other written determination with
respect to the foregoing; (B) termination of the Hotel Management Agreement, the Asset Management Agreement or the Ground Lease in accordance with their respective terms or otherwise with the consent of the other party thereto and the selection
of a new hotel manager or asset manager in connection with any such termination; and (C) approval of any assignment by the hotel manager or the Asset Manager, as applicable, of its rights and/or obligations under the Hotel Management Agreement
or the Asset Management Agreement; 
 (xi) Approval of any rights expressly reserved to the “Owner”
under the Hotel Management Agreement; 
 (xii) Filing any petition or consenting to the filing of any petition,
or taking any action that would cause the Company or any of its Subsidiaries to be subject to any bankruptcy or similar proceedings; 
 (xiii) (A) Approval of any Budget or Operating Plan, and any material amendment, replacement or other material modification of any Budget or Operating Plan not otherwise subject to approval pursuant to
the terms of the Hotel Management Agreement, and (B) approval of any Budget or Operating Plan, and any amendment, replacement or other modification of any Budget or Operating Plan subject to approval pursuant to the terms of the Hotel
Management Agreement; 
 (xiv) Any financing, refinancing or securitization of any Company Property (including
without limitation, any Loan), including, without limitation, interim and permanent financing, and any other financing or refinancing of the operations of the Company and the execution and delivery of any documents, agreements or instruments
evidencing, securing or relating to any such financing; provided, however, that no guarantees or credit enhancements can be required from any Member or its Affiliates without such party’s consent; 

(xv) Except as contemplated by any Budget or Operating Plan and except for Necessary Expenses, any improvement,
rehabilitation, alteration, repair, or completion of construction of any Company Property; 
 (xvi) Any
amendment or other modification of a Tenant Lease, any required approval with respect to any assignment of a Tenant Lease or sublease thereunder, and any termination of a Tenant Lease, in each case other than with respect to any Tenant Lease within
the authority of Operator (as defined in the Hotel Management Agreement); 
 (xvii) The establishment of
reasonable reserves, determination of the amount of available Net Cash Flow, and making of distributions (including in-kind distributions) to Members (subject to the requirements of Sections 6.03 and 6.04); 

  
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 (xviii) The institution of any material legal proceedings in the name of
the Company, settlement of any material legal proceedings against the Company and confession of any judgment against the Company or any property of the Company other than the institution of any eviction, suits for breach of Tenant Leases, or similar
proceedings contemplated or provided for in the Operating Plan; 
 (xix) The possession or pledge of any Company
Property for other than Company purposes; 
 (xx) Subject to the provisions of Section 7.02, the entering
into any material asset or property management or leasing agreement or other material third party contract with respect to which funds are not explicitly provided for, or the existence of which is not specifically contemplated, in any Budget and/or
Operating Plan, as applicable, with regard to the Company, any Acquisition Vehicle or any Company Property; 

(xxi) Subject to the provisions of Section 7.02, the engagement of any manager, contractor, or sales or placement
agent or broker not expressly permitted hereunder or under the Asset Management Agreement for any material management, leasing, disposition, financing or refinancing of any Company Property; 

(xxii) Except as otherwise provided in this Agreement, making any loans to any Member or its Affiliates; 

(xxiii) Taking any action in contravention of this Agreement or which would make it impossible to carry out the business
of the Company; 
 (xxiv) Except as otherwise provided in this Agreement, admitting any additional Member into
the Company or otherwise issuing any equity interest in the Company; 
 (xxv) Confessing to any judgment (but
not including settlements) against the Company; 
 (xxvi) Taking any action on behalf of a Subsidiary or any
other entity Controlled by the Company that would constitute a Major Decision; 
 (xxvii) Taking any other
action expressly reserved to the Members under this Agreement as a Major Decision; and 
 (xxviii) Entering into
any agreement or contract to do any of the foregoing. 
 Notwithstanding the foregoing, none of the foregoing approval rights for Major
Decisions shall be deemed to limit or restrict any Member’s rights to cause a Sale of Company Property in accordance with this Agreement. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, all Net Cash Flow of the Company shall be deposited into an account in the name of the Company designated and controlled by the
Managing Member prior to distribution of all or any portion 

  
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thereof pursuant to Article VI. The designation of such account pursuant to this Section 7.01(c) shall have no effect on the distributions to be made pursuant to Article VI.

 7.02 Asset Management Services; Enforcement of Asset Management Agreement and Purchase Agreement. 

On the Closing Date, the Company and SHR shall enter into the Asset Management Agreement, pursuant to which an Affiliate of SHR shall provide such
management services and perform such duties as may be delegated to it pursuant to the terms of the Asset Management Agreement. SHR hereby acknowledges and agrees that notwithstanding anything contained herein to the contrary, Walton Street shall
have the sole and exclusive right and authority to enforce any rights or granting any approvals or waivers the Company may have under the Asset Management Agreement, the Purchase Agreement or any other agreement between the Company or its
Subsidiaries where the counterparty is SHR or one of its Affiliates. 
 7.03 Duties and Conflicts. 

(a) The Members and their respective officers, employees and Affiliates shall devote such time to the Company business as they deem to be
necessary or desirable in connection with their respective duties and responsibilities hereunder. Except as otherwise specifically provided hereunder, no Member nor any member, partner, shareholder, officer, director, employee, agent or
representative of any Member shall receive any salary or other remuneration for its services rendered pursuant to this Agreement without the prior written consent of all disinterested Members. 

(b) Each of the Members recognizes, acknowledges and agrees as follows: 

(i) each of the Members and their respective Affiliates, employees, agents and representatives have or may have in the
future other business interests, activities and investments, some of which may be in conflict or competition with the business of the Company, and are entitled to carry on such other business interests, activities and investments; 

(ii) each of the Members and their respective Affiliates, employees, agents and representatives may engage, invest in
and/or possess an interest in, independently, with one another, or with others, any business activity of any type or description, including without limitation, those that might be the same as or similar to the business of the Company and that might
be in direct or indirect competition with the Company, and including, without limitation, owning, financing, acquiring, leasing, promoting, developing, improving, operating, managing and servicing real property and mortgage loans on its own behalf
or on behalf of other entities with which any of the Members is Affiliated or otherwise; 
 (iii) each of the
Members and their respective Affiliates, employees, agents and representatives may engage in any such activities, whether or not competitive with the Company, without any obligation to offer any interest in such activities to the Company or to the
other Members; 

  
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 (iv) neither the Company nor any Member shall have any right, by virtue of
this Agreement, in or to such ventures or activities, or the income or profits derived therefrom, and the pursuit of such activities, even if competitive with the business of the Company, shall not be deemed wrongful or improper; 

(v) the obligations and duties of the Members to each other and to the Company shall be limited solely to those arising
under the Transaction Documents, and neither the Members nor their respective Affiliates shall be obligated to present any investment opportunity or prospective economic advantage to the Company or the Members, even if the opportunity is of the
character that, if presented to the Company or the Members, could be taken by any of them; and 
 (vi) the
rights, powers, duties, liabilities and obligations of the Members (including the Managing Member) shall be determined solely pursuant to this Agreement and to the extent there is any conflict or inconsistency between the rights, powers, duties,
liabilities and obligations of any Member under this Agreement and the Delaware Act or other Applicable Law, this Agreement shall control to the extent permitted under the Delaware Act or other Applicable Law; provided, however, that
each Member at all times shall comply with the implied covenant of good faith and fair dealing and shall not act in a manner which would constitute fraud, bad faith, willful misconduct or gross negligence. 

7.04 Company Expenses. 
 The
Company shall be responsible for paying, and shall pay, all costs and expenses related to the business of the Company and of acquiring, holding, owning, developing, servicing, collecting upon and operating the Company Property, except for
(i) costs to be borne by any third party under any agreement with the Company, and (ii) costs to be borne by any Member or its Affiliates as specifically provided in this Agreement. Subject to the preceding sentence, all fees and expenses
payable under Section 7.02, and all costs and expenses of financing, fees and disbursements of attorneys, financial advisors, accountants, appraisers, brokers and engineers, travel expenses, and all other fees, costs and expenses directly
attributable to the business and operations of the Company shall be borne by the Company. In the event any such costs and expenses are or have been paid by any Member, such Member shall be entitled to be reimbursed for such payment so long as such
payment is reasonably necessary for Company business or operations or is expressly authorized in this Agreement or the appropriate Budget or Operating Plan (including any permitted variance hereunder). Notwithstanding the foregoing, in no event
shall the Company have any obligation to pay or reimburse any Member (including Managing Member) or any of their respective Affiliates for any general overhead or similar costs and expenses of such Member (including Managing Member) or Affiliate.

 7.05 Member Meetings and Budget Process. 
 The Managing Member shall conduct meetings of the Members not less than quarterly, and at such other times when called by the Managing Member or any Member holding Interests representing greater than 10%
of the aggregate Percentage Interests, upon not less than two (2) Business Days’ advance written notice by the Managing Member to the Members. Meetings of the Members may be conducted in person, telephonically or by other reasonable means
of 

  
 34 

 
communication determined by the Managing Member. Prior to any Member meeting contemplated in this Section 7.05, each Member shall provide the other Members with copies of any budgets,
proposals, valuations, appraisals, opinions, plans, studies or other materials received or prepared by such Member relating to any matters to be discussed at any such meetings and which the Member deems relevant to any such meetings. 

ARTICLE VIII 

BOOKS, RECORDS, REPORTS AND PROJECT PLANS 
 8.01 Books and Records. 
 The Managing Member shall maintain, or cause to be maintained, at the
expense of the Company, in a manner customary and consistent with good accounting principles, practices and procedures, a comprehensive system of office records, books and accounts (which records, books and accounts shall be and remain the property
of the Company) in which shall be entered fully and accurately each and every financial transaction with respect to the ownership and operation of the Company Property. Bills, receipts and vouchers shall be maintained on file by the Managing Member.
The Managing Member shall maintain or cause to be maintained said books and accounts in a safe manner and separate from any records not having to do directly with the Company or any Company Property. At the cost and expense of the Company, the
Managing Member shall cause audits to be performed and audited statements and income tax returns to be prepared as required by Section 8.03 (provided that the Managing Member shall, for so long as it diligently performs its obligations
hereunder, not be responsible for the delays of the Asset Manager or any other non-Affiliated Member or reputable accountants or auditors retained by the Managing Member on behalf of the Company). Such books and records of account shall be prepared
and maintained by the Managing Member at the principal place of business of the Managing Member. Each Member and any duly authorized representative of a Member shall have the right to inspect, examine and copy such books and records of account at
the Company’s office during reasonable business hours. Additionally, upon request of a Member, all professionals given access to any such books or records shall be directed to provide such books or records to such Member. 

8.02 Accounting and Fiscal Year. 
 The books of the Company shall be kept on the accrual basis in accordance with GAAP (and the Managing Member shall provide the Members such adjustment items that are applicable solely to historical cost
GAAP) and on a tax basis and the Company shall report its operations for tax purposes on the accrual method. The fiscal year and tax year of the Company shall end on December 31 of each year, unless a different tax year shall be required by the
Code. 
 8.03 Reports. 
 (a) The Managing Member shall prepare, or cause to be prepared, at the expense of the Company, and furnish to each Member and its representatives, the following

  
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within the periods set forth below, all of which shall be certified by the Managing Member as being, to the best of its knowledge, true and correct: 

(i) within twenty-one (21) days after the end of each fiscal quarter of the Company, (A) an unaudited balance
sheet of the Company dated as of the end of such fiscal quarter, and (B) an unaudited related income statement of the Company for such fiscal quarter; 
 (ii) Within forty-five (45) days after the end of each fiscal quarter of the Company, (A) an unaudited statement of each Member’s Capital Account for such fiscal quarter, (B) an
unaudited statement of cash flows of the Company for such fiscal quarter, and (C) a reconciliation of actual Expenses and Revenues during such period compared with the Budget amounts for such items, and (D) a quarterly explanation of the
discrepancies; and 
 (iii) within twenty (20) days after the end of each calendar month, a status report
of the Company’s activities during such calendar month, including summary descriptions of additions to, dispositions of and leasing and occupancy of Company Properties and any material legal issues such as material claims filed or threatened
against the Company, the arising of material claims by the Company against other parties and developments in any then pending material legal actions affecting the Company during such month. 

(b) The Managing Member shall prepare, or cause to be prepared, at the expense of the Company, and furnish to each Member and its
representatives, the following within the periods set forth below, all of which the Managing Member shall certify, or cause to be certified, as being, to the best of its knowledge, true and correct and all of which shall be certified in the
customary manner by the Company Accountant (which firm shall provide any balance sheet, income statement and statement of Capital Account in draft form to the Members for review prior to finalization and certification thereof): 

(i) within twenty-one (21) days after the end of each fiscal year of the Company, each of (A) the unaudited
amount of net income of the Company for such fiscal year, and (B) an unaudited balance sheet of the Company; and 
 (ii) within seventy-five (75) days after the end of such fiscal year, final audited financial statements (with footnotes) that shall include, without limitation, each of (A) an audited balance
sheet of the Company dated as of the end of such fiscal year, (B) an audited related income statement of the Company for such fiscal year, (C) an audited statement of cash flows for such fiscal year, and (D) an audited statement of
each Member’s Capital Account for such fiscal year. 
 (c) All schedules of book income shall be prepared on a GAAP basis.
Promptly after the end of each fiscal year, the Managing Member shall cause the Company Accountant to prepare and deliver to each Member a report setting forth in sufficient detail all such additional information and data with respect to business
transactions effected by or involving the Company during the fiscal year as will enable the Company and each Member to timely prepare its federal, state and local income tax returns in accordance with applicable laws, rules and regulations. The
Managing Member will use commercially reasonable efforts to cause 

  
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the Company Accountant to prepare all federal, state and local tax returns required of the Company, submit those returns to the other Members for their approval not later than April 30 of
the year following such fiscal year and will file the tax returns after they have been approved by the Members. The Managing Member will use commercially reasonable effort to deliver, within sixty (60) days after the end of each fiscal year, a
Form K-1 for each Member or the taxable income and loss allocable to each Member for the prior twelve months ended that fiscal year broken out by Form K-1 line item. 
 (d) The Managing Member shall prepare, or cause to be prepared, at the expense of the Company, such additional financial reports and other information as it may determine are appropriate or as Walton
Street may reasonably request. All of the foregoing financial reporting set forth in this Section 8.03 shall include information for any and all Acquisition Vehicles consolidated with information for the Company. The Managing Member will
furnish to each Member, at the expense of the Company, copies of all reports, statements, notices and other material written information received by the Company or the Managing Member from, or delivered by or on behalf of the Company to, any lender
or any Tenant. Subject to the provisions of Section 13.14, each Member shall be permitted to deliver to any of its Affiliates, a copy of any of the reports and statements provided to such Member pursuant to this Section 8.03. 

(e) All decisions as to accounting principles shall be made by the Managing Member, subject to the provisions of this Agreement.

 8.04 The Company Accountant. 
 The Company shall retain as the regular accountant and auditor for the Company (the “Company Accountant”) any nationally recognized accounting firm designated by the Managing Member from
time to time. The reasonable fees and expenses of the Company Accountant shall be a Company expense. 
 8.05 Reserves.

 The Managing Member may, in its discretion and subject to such conditions as it shall determine, establish reasonable reserves for the
purposes and requirements as it may deem appropriate. 
 8.06 Budgets and Operating Plan. 

Subject to Section 7.01(b), the Managing Member shall prepare, or cause to be prepared, at the expense of the Company, a preliminary estimated
Budget for the period through December 31, 2011 and an Operating Plan for the Company (the “Initial Budget and Operating Plan”). Subject to Section 7.01(b), the Managing Member shall revise and update, or cause to be
revised and updated, at the expense of the Company, the Initial Budget and Operating Plan from time to time which will set forth all anticipated income, operating expenses, and capital expenditures of the Company, together with an exit
valuation/strategy and projected quarterly/annual capital contributions and capital returns, and, in any event, shall be consistent with any preliminary figures previously provided to the Managing Member. Thereafter, subject to Section 7.01(b),
the 

  
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Managing Member shall prepare, or cause to be prepared, at the expense of the Company, the Budget and Operating Plan annually at least sixty (60) calendar days prior to the end of each
fiscal year with respect to the following fiscal year, together with five (5) year forward projections. In formulating the comprehensive Budget and Operating Plan, to the extent reasonably feasible at the time of preparation thereof, the
Managing Member will develop, or cause to be developed, at the expense of the Company, proposed strategies regarding (i) plans for leasing, financing, sale and rehabilitation of any real property and proposed reductions to Expenses and other
Company costs and expenses and increases in revenues, (ii) preparation and release of all promotional and advertising relating to, and a marketing plan for, the Company Property or concerning the Company, (iii) terms for any proposed sale
or disposition of any Company Property, or acquisition of additional Company Property, and (iv) selection of legal counsel, accountants, appraisers and other consultants for the Company to efficiently implement the Budget and Operating Plan.
The Managing Member shall make recommendations, or cause recommendations to be made, at the expense of the Company, to the extent it deems appropriate regarding the amendment, modification, alteration, change, cancellation, or prepayment of any
indebtedness evidenced by any mortgage loan presently or hereafter affecting any Company Property, and procurement of title insurance and other insurance for the Company, or decrease or vary the insurance carried by or on behalf of the Company and
any other matters affecting the Company’s business. The Managing Member may review any Budget and Operating Plan and, subject to Section 7.01(b), make such amendments or modifications thereto as it determines appropriate or necessary in
its discretion based on the actual operating results for the Company Property. 
 8.07 Accounts. 

All funds of the Company shall be deposited in such checking accounts, savings accounts, time deposits, or certificates of deposit in the name of the
Company (or applicable Acquisition Vehicle) or shall be invested in the name of the Company (or applicable Acquisition Vehicle), in such manner as shall be designated by the Managing Member. Company funds shall not be commingled with those of any
other person or entity. Company funds shall be used only for the business of the Company. 
 8.08 REIT Status. 

(a) Even though the Company will not be taxed as a “real estate investment trust” for U.S. federal income tax purposes, the
Company shall, for so long as Strategic REIT owns a direct or indirect beneficial interest in the Company, operate (and shall structure its investment activities, operations and any Subsidiaries or Acquisition Vehicles) in a manner that would permit
the Company to comply with all of the requirements necessary to enable the Company to qualify as a “real estate investment trust” for U.S. federal income tax purposes. The Company shall provide all information reasonably requested by
Strategic REIT that is necessary for Strategic REIT to satisfy its filing obligations with the Internal Revenue Service and any other federal, state or local governmental authority which requires reports or filings regarding the status of the
Strategic REIT as a “real estate investment trust”. In addition, the Company will provide such information reasonably requested by Strategic REIT that is necessary for Strategic 

  
 38 

 
REIT to satisfy its reporting obligation with the United States Securities and Exchange Commission and any other federal, state or local governmental authority which requires Strategic REIT to
make reports or filings due to its status as a publicly-traded corporation. Nothing in this Section 8.08(a) shall affect, impede or otherwise limit any Member’s right to cause a Sale of Company Property as provided in Section 9.05 To
the extent that any of the foregoing information has been delivered to the Asset Manager in accordance with the Asset Management Agreement, the Company’s obligations to deliver financial or other information under this Section 8.08(a)
shall be deemed satisfied. 
 (b) Notwithstanding any provision of this Agreement to the contrary, if any otherwise permitted
action which may, or is required to, be taken, by the Company, any Acquisition Vehicle or a Member under this Agreement would, in the commercially reasonable judgment of SHR, jeopardize Strategic REIT’s status as a real estate investment trust
under the Code (a “Prohibited Result”), SHR may cause the Company or the affected Members to restructure or modify such action to the extent reasonably necessary to prevent the Prohibited Result, provided such modification or
restructuring (i) does not affect the economic interests and other rights of the Members under this Agreement, (ii) does not result in Walton Street no longer satisfying the “fractions rule” set forth in Treasury Regulation
Section 1.514(c)-2(b)(1)(i) and (iii) does not affect, impede or otherwise limit any Member’s right to cause a Sale of Company Property as provided in Section 9.05. 

ARTICLE IX 

TRANSFER OF INTERESTS 
 9.01 No Transfer. 
 Except as expressly permitted in Section 9.02, no Member may sell,
assign, give, hypothecate, pledge, encumber or otherwise transfer (“Transfer”) all or any portion of its Interest, whether directly or indirectly, without the written consent of the other Members. Any Transfer in contravention of
this Article IX shall be null and void. No Member, without the prior written consent of the other Members, shall resign from the Company except as a result of such Member’s involuntary dissolution or final adjudication as a bankrupt or in
connection with a Transfer permitted by this Article IX. Notwithstanding anything to the contrary contained in this Agreement, none of the provisions of this Article IX shall apply with respect to, or be deemed to restrict, limit or encumber,
any Corporate Transaction Transfer. 
 9.02 Permitted Transfers. 

(a) Notwithstanding anything to the contrary contained in this Agreement, any Member may from time to time and in its sole discretion
without the consent of any other Member, Transfer (directly or indirectly) all or any portion of its direct or indirect interest in the Company to its Affiliate; provided, however, that (i) in connection with any such Transfer,
the transferring Member must also transfer, or cause its Affiliate to transfer, to the entity receiving such transferring Member’s Interest or its Affiliate, an equivalent interest in Walton/SHR FPH Holdings, LLC, and (ii) a Transfer (in
whole or in part) by Walton Street to another fund Controlled by Persons that Control Walton Street shall not be deemed to be a Transfer permitted under this Section 9.02(a) unless the all of the cash or other consideration paid by such fund is

  
 39 

 
invested into the Company as Additional Capital Contributions by Walton Street, such fund or both, as the case may be. 
 (b) Any permitted Transfer under Section 9.02(a) of a direct interest in the Company shall not relieve the transferor of any of its obligations prior to such Transfer. The parties hereto agree to
amend the transfer provisions of Article IX if any Member reasonably determines that such amendment is necessary for the Company to be treated as a partnership for Federal income tax purposes. Nothing contained in this Article IX shall
prohibit a Transfer indirectly of any interest in the Company if a direct Transfer would otherwise be permitted under this Section 9.02. Subject to Section 9.03, any transferee pursuant to this Section 9.02 shall become a Member of
the Company. The provisions of this Section 9.02 will not apply to or be deemed to authorize or permit any collateral transfer of, or grant of a security interest in, a Member’s interest in the Company, or in Company Property (which
transfer or grant shall be subject to the other provisions of this Agreement). In connection with any permitted Transfer under Section 9.02(a), each Member agrees, upon the reasonable request of the transferring Member, to provide the
transferring Member (and its permitted transferee) reasonable access to the Company’s books and records and such additional information concerning the Company, FSP Operating Lessee, the Acquisition Vehicles and the Hotel as reasonably requested
from time to time. 
 9.03 Transferees. 
 Notwithstanding anything to the contrary contained in this Agreement, no transferee of all or any portion of any Interest shall be admitted as a Member unless (a) such Interest is transferred in
compliance with the applicable provisions of this Agreement, (b) such transferee shall have furnished evidence of satisfaction of the requirements of Section 9.02 reasonably satisfactory to the remaining Members, and (c) such
transferee shall have executed and delivered to the Company such instruments as the remaining Members reasonably deem necessary or desirable to effectuate the admission of such transferee as a Member and to confirm the agreement of such transferee
to be bound by all of the terms and provisions of this Agreement with respect to such Interest. At the request of the remaining Members, each such transferee shall also cause to be delivered to the Company, at the transferee’s sole cost and
expense, a favorable opinion of legal counsel reasonably acceptable to the Company, to the effect that (i) such transferee has the legal right, power and capacity to own the Interest proposed to be transferred, (ii) if applicable, such
Transfer does not violate any provision of any loan commitment or any mortgage, deed of trust or other security instrument encumbering all or any portion of the Company Property, (iii) such Transfer will not cause an increase in the amount of
UBTI allocated to any direct or indirect partner or member in or other beneficial owner of Walton Street, and (iv) such Transfer does not violate any federal or state securities laws and will not cause the Company to become subject to the
Investment Company Act of 1940, as amended. As promptly as practicable after the admission of any Person as a Member, the books and records of the Company shall be changed to reflect such admission. All reasonable costs and expenses incurred by the
Company in connection with any Transfer of any Interest and, if applicable, the admission of any transferee as a Member shall be paid by such transferee. 
 9.04 Section 754 Election. 

  
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 In the event of a Transfer of all or part of the Interest of a Member, at the request of the transferee or
if in the best interests of the Company (as determined by the Members as a Major Decision), the Company shall elect pursuant to Section 754 of the Code to adjust the basis of Company Property as provided by Sections 734 and 743 of the
Code, and any cost of such election or cost of administering or accounting for such election shall be at the sole cost and expense of the requesting transferee. 
 9.05 Right of Sale. 
 (a) At any time after the second anniversary of the
Effective Date, each Member shall have the right to cause a Sale of Company Property without the consent or approval of any other Member, subject to the right of first offer procedure contemplated in this Section 9.05. If a Member desires to
exercise such right, such Member (the “Selling Member”), shall provide the other Member (the “Non-Selling Member”) written notice (a “Proposed Sale Notice”) which shall set forth the gross
anticipated sale price, the allocation of closing costs, including any projected broker fees and transfer taxes (which shall be deemed to be in accordance with local custom for sales of similar properties in the city of Scottsdale, Arizona if not
specified) and any other material economic terms of a hypothetical Sale of Company Property (the foregoing terms, the “Property Sale Terms”), and shall include any term sheets, indications of interest, valuations, appraisals,
investment banking studies, opinions, broker analysis and the like (if any) received by the Selling Member with respect to such proposed Sale of Company Property or in connection with any marketing process initiated by such Selling Member. At any
time within the thirty (30) day period immediately following the date the Non-Selling Member receives the Proposed Sale Notice, the Non-Selling Member shall have the right (the “Non-Selling Member Option”), exercisable in its
sole discretion by delivery of written notice (the “Sale Election Notice”) to the Selling Member, to: 
 (i) approve the sale as set forth in the Proposed Sale Notice and authorize the Selling Member to proceed with the Sale of Company Property to any Person, subject to the requirements of
Section 9.05(c), it being understood that both Members shall reasonably cooperate with any such sale process and shall take all reasonable and lawful actions that are necessary or appropriate to consummate the Sale of Company Property in
accordance with customary institutional sales practices; 
 (ii) elect to purchase the Company Property for the
purchase price (the “Company Property Purchase Price”) and on such other terms set forth in the Property Sale Notice; or 
 (iii) elect to purchase the Selling Member’s Interest for a purchase price (the “Selling Member Interest Price”) equal to the amount which the Selling Member would have received
under this Agreement if the Company Property were sold pursuant to the Property Sale Terms and the Company had been dissolved and wound up following such sale and the net proceeds of such sale and other assets of the Company had been distributed to
the Members in accordance with the provisions of this Agreement applicable to liquidation and dissolution. 

  
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 (b) If the Non-Selling Member does not deliver the Sale Election Notice to the Selling
Member within the thirty (30) day period set forth in Section 9.05(a), or the Non-Selling Member affirmatively waives the Non-Selling Member Option, then in either such event, the Non-Selling Member Option shall be deemed waived by the
Non-Selling Member and the Selling Member may proceed to complete the Sale of Company Property to any Person; provided, however, that if (i) the actual purchase price and other terms of such sale are not as favorable, in all
material respects, to the transferor as the terms contained in the Property Sale Terms, or (ii) a closing of such sale does not occur within one (1) year after the earlier to occur of (A) the expiration of the thirty (30) day
period set forth in Section 9.05(a), and (B) the delivery by the Non-Selling Member of an affirmative waiver of the Non-Selling Member Option, then the Selling Member may not thereafter consummate the Sale of Company Property without again
complying with the applicable procedures set forth in this Section 9.05. For the purposes of the foregoing, such Sale of Company Property shall be deemed “not as favorable, in all material respects” if the gross purchase price shall
be less than ninety-five percent (95%) of the purchase price set forth in the Proposed Sale Notice or if the other material economic terms of such Sale of Company Property, when taken in the aggregate, are less favorable to the Company than
those set forth in the Property Sale Terms. 
 (c) If the Non-Selling Member timely elects to purchase the Company Property or
the Selling Member’s Interest pursuant to Section 9.05(a), then in order for such Sale Election Notice to be effective, the Non-Selling Member shall, contemporaneously with the delivery of such Sale Election Notice, deposit with a
reputable title insurance company or escrow agent selected by the Non-Selling Member a deposit (the “Sale Deposit”) equal to five percent (5%) of the Selling Member Interest Price. To the extent the Non-Selling Member delivers
the Sale Election Notice and pays the Sale Deposit in accordance with the terms hereof, then (i) if the closing of the purchase of the Company Property or the Selling Member’s Interest, as applicable, pursuant thereto fails to occur due to
any default, breach or failure on the part of the Non-Selling Member, then the Selling Member may retain the Sale Deposit as liquidated damages with respect thereto, it being agreed that in such instance the actual damages would be difficult, if not
impossible, to ascertain, and shall have all rights and remedies at law or in equity including (without limitation) the right to specific performance, and (ii) if the closing of the purchase of the Company Property or the Selling Member’s
Interest, as applicable, pursuant thereto fails to occur due to any default, breach or failure on the part of Selling Member, then the Non-Selling Member shall receive a refund of the Sale Deposit and shall have all rights and remedies at law or in
equity including (without limitation) the right to specific performance. Notwithstanding anything to the contrary contained herein, a default by the Non-Selling Member in closing a transaction pursuant to a Sale Election Notice (absent any default
by the Selling Member with respect thereto) shall be deemed a waiver by the Non-Selling Member of the Non-Selling Member Option as to any and all subsequent transactions pursuant to Section 9.05(a) by the Selling Member thereafter and
Section 9.05(b) shall be deemed null and void and of no further force and effect with respect thereto. 
 (d) If the
Non-Selling Member delivers a Sale Election Notice and pays the Sale Deposit in accordance with the terms hereof, the Company, the Selling Member and the Non-Selling Member shall close the purchase of the Company Property or the Selling
Member’s Interest, as applicable, on the terms set forth in this Section 9.05(d). The closing of any purchase 

  
 42 

 
by the Non-Selling Member under this Section 9.05 will be held at the Company’s principal office and shall take place on the closing date set forth in the Sale Election Notice (such
date to be not less than fifteen (15) and not more than sixty (60) days after the date such Sale Election Notice is delivered to the Selling Member subject to receipt of any required consent from the City of Scottsdale pursuant to the
terms and provisions of the Ground Lease). Any purchase of the Company Property or the Selling Member’s Interest in the Company pursuant to this Section 9.05(d) shall be on the terms set forth in the Sale Election Notice, for the Company
Property Purchase Price or the Selling Member Interest Price, as applicable, for all cash, with no representations or warranties by the Selling Member; provided, however, the Selling Member shall warrant and represent that (i) it
is the sole owner of the Selling Member’s Interest in the Company and holds the same free and clear of any liens or other encumbrances (other than such liens and encumbrances which are not prohibited by the terms of this Agreement and which
will be terminated, released or otherwise removed on or prior to the closing date), and (ii) such purchase has been authorized by all requisite action on the part of the Selling Member and any applicable Affiliates and it has the right and
power to sell, exchange, transfer, assign or otherwise dispose of the Company Property or the Selling Member’s Interest, as applicable, and (iii) all consents required for a sale of the Company Property or the Selling Member’s
Interest, as applicable, have been obtained. On the closing date, the Sale Deposit shall be credited against the Company Property Purchase Price or the Selling Member Interest Price, as applicable, and the Non-Selling Member shall pay the balance of
the Company Property Purchase Price for the Company Property, or the Selling Member Interest Price for the Selling Member’s Interest, as applicable. All transfer, stamp and recording taxes imposed on the transfer, and all other closing costs
shall be allocated as set forth in the Proposed Sale Notice. Upon the closing of the purchase under this Section 9.05, the Non-Selling Member shall execute and deliver to the Selling Member an agreement in mutually acceptable form providing in
effect that the Non-Selling Member shall indemnify and hold harmless the Selling Member from and after the closing date for all costs, expenses, liabilities and obligations of the Selling Member (and its Affiliates) under any guarantee and/or
indemnity made by the Selling Member (or any of its Affiliates) in connection with any financing. 
 (e) In connection with the
closing of any Sale of the Company Property with respect to which the Non-Selling Member waives or is deemed to have waived any particular Non-Selling Member Option, then the Non-Selling Member, within fifteen (15) days after receipt of a
written request by the Selling Member, shall deliver to the Selling Member and the prospective purchaser of the Company Property identified by the Selling Member a statement, duly executed on behalf of the Non-Selling Member, stating that such
Non-Selling Member Option has been waived by the Non-Selling Member. 
 ARTICLE X 

EXCULPATION AND INDEMNIFICATION 
 10.01 Exculpation. 
 No Member, general or limited partner of any Member, shareholder or member or
other holder of an equity interest of any Member or manager, officer or director of any of the foregoing, shall be liable to the Company or to any other Member for monetary damages for any losses, claims, damages or liabilities arising from any act
or omission performed or omitted by it and arising out 

  
 43 

 
of or in connection with this Agreement or the Company’s business or affairs; provided, however, in the case of a Member or related Person, such act or omission was not
attributable to such Member’s or Person’s fraud, bad faith, willful misconduct or gross negligence. No general or limited partner of any Member, shareholder, member or other holder of an equity interest in such Member or manager, officer
of director of any of the foregoing shall be personally liable for the performance of any such Member’s obligations of this Agreement, but the foregoing shall not relieve any partner or member of any Member from its obligations to such Member.

 10.02 Indemnification. 
 (a) The Company shall, to the fullest extent permitted by applicable law, indemnify, defend and hold harmless each Member and each general or limited partner of any Member or such Member’s Affiliate,
shareholder, member or other holder of any equity interest in such Member or its Affiliate, or any manager, officer or director of any of the foregoing (collectively, the “Indemnitees”), from and against any losses, claims, demands,
liabilities, costs, damages, expenses (including, without limitation, reasonable fees and expenses of outside counsel) and causes of action imposed on, incurred by, asserted against or to which such Indemnitee may otherwise become subject by reason
of or in connection with any matter arising out of or incidental to any act performed or omitted to be performed by any such Indemnitee in connection with this Agreement or the Company’s business or affairs; provided, however, in
the case of a Member or related Indemnitee, such act or omission was not attributable to such Indemnitee’s fraud, bad faith, willful misconduct or gross negligence. Any indemnity under this Section 10.02 shall be paid solely out of and to
the extent of Company assets and shall not be a personal obligation of any Member and in no event will any Member be required, or permitted without the consent of all of the Members, to contribute additional capital under Section 4.02 to enable
the Company to satisfy any obligation under this Section 10.02. All judgments against the Company and the Members, or any one or more thereof, wherein such Member (or Members) is entitled to indemnification, must first be satisfied from Company
assets before the Members shall be responsible therefor. 
 (b) The Company and the other Members shall be indemnified and held
harmless by each Member from and against any and all claims, demands, liabilities, costs, damages, expenses and causes of action of any nature whatsoever arising out of or attributable to (i) the fraud, bad faith, willful misconduct or gross
negligence of such Member, (ii) the breach by the Company of any of its representations and warranties made under any purchase, loan or other agreement entered into in connection with the acquisition of Company Property, which breach was the
result of information or matters relating to such Member, (iii) the breach by such Member of any of the Transaction Documents, or (iv) any denial of an insurance claim by the Company based on an intentional misstatement or intentional
withholding of information by any Member. 
 (c) Expenses incurred by an Indemnitee entitled to indemnification pursuant to this
Section 10.02 may be paid by the Company in advance of a final disposition to the extent that such advance payment is authorized by the Members as a Major Decision. Receipt by the Managing Member of an undertaking by such Indemnitee, in form
and substance acceptable to 

  
 44 

 
the Managing Member in its reasonable discretion, to repay such advance payment if such Indemnitee ultimately is not entitled to indemnification under this Section 10.02 is a condition
precedent to the Members’ approval of any advance payment under this Section 10.02(c). 
 (d) The Company (as directed
by the Managing Member) may purchase and maintain insurance on behalf of any Indemnitee against any claim asserted against such Indemnitee, whether or not the Company would have the power to indemnify such Indemnitee against liability pursuant to
this Section 10.02. 
 (e) The provisions of this Section 10.02 shall survive for a period of four years from the date
of dissolution of the Company, provided that, if at the end of such period there are any actions, proceedings or investigations then pending, any Indemnitee may so notify the Company and the other Members at such time (which notice shall include a
brief description of each such action, proceeding or investigation and the liabilities asserted therein) and the provisions of this Section 10.02 shall survive with respect to each such action, proceeding or investigation set forth in such
notice (or any related action, proceeding or investigation based upon the same or similar claim) until such date that such action, proceeding or investigation is finally resolved. 

(f) Notwithstanding anything to the contrary contained in this Agreement, the obligations of the Company or any Member under this
Section 10.02 shall (i) be in addition to any liability which the Company or such Member may otherwise have and (ii) inure to the benefit of such Indemnitee, its Affiliates and their respective members, managers, directors, officers,
employees, agents and Affiliates and any successors, assigns, heirs and personal representatives of such Persons. 
 ARTICLE XI

 DISSOLUTION AND TERMINATION 
 11.01 Dissolution. 
 (a) The Company shall be dissolved and its business wound up
upon the earliest to occur of any of the following events (unless the majority in interest of the remaining Members vote to continue the life of the Company upon the occurrence of such an event): 

(i) the sale, condemnation or other disposition of all Company Property and the receipt of all consideration therefor; or

 (ii) the written determination of the Members to terminate the Company. 

(b) Without limitation on, but subject to, the other provisions hereof, the assignment of all or any part of a Member’s Interest
permitted hereunder will not result in the dissolution of the Company. Except as otherwise specifically provided in this Agreement, each Member agrees that, without the consent of the other Members, any Member may not withdraw from or cause a
voluntary dissolution of the Company. In the event any Member withdraws 

  
 45 

 
from or causes a voluntary dissolution of the Company in contravention of this Agreement, such withdrawal or the causing of a voluntary dissolution shall not affect such Member’s liability
for obligations of the Company. 
 11.02 Termination. 
 In all cases of dissolution of the Company, the business of the Company shall be wound up and the Company terminated as promptly as practicable thereafter, and each of the following shall be accomplished:

 (a) The Liquidating Member shall cause to be prepared a statement setting forth the assets and liabilities of the Company as
of the date of dissolution, a copy of which statement shall be furnished to all of the Members. 
 (b) The Company Property
shall be liquidated by the Liquidating Member as promptly as possible, but in an orderly and businesslike and commercially reasonable manner and subject to the provisions of the Operating Plan then in effect or a liquidating plan approved by the
Members. The Liquidating Member may distribute Company Property in kind only with the consent of all of the Members. 
 (c) The
proceeds of sale and all other assets of the Company shall be applied and distributed as follows and in the following order of priority: 
 (i) First to the payment of (A) the debts and liabilities of the Company (including payment of all outstanding Deficiency Loans and any outstanding amounts due on any indebtedness encumbering the
Company Property, or any part thereof) and (B) the expenses of liquidation. 
 (ii) Second, to the setting
up of any reserves which the Liquidating Member and the Members (as a Major Decision) shall determine to be reasonably necessary for contingent, unliquidated or unforeseen liabilities or obligations of the Company or any Member arising out of or in
connection with the Company. Such reserves may, in the discretion of the Liquidating Member, be paid over to a national bank or national title company selected by it and authorized to conduct business as an escrow agent to be held by such bank or
title company as escrow agent for the purposes of disbursing such reserves to satisfy the liabilities and obligations described above, and at the expiration of such period as the Liquidating Member may reasonably deem advisable, distributing any
remaining balance as provided in Section 11.02(c)(iii); provided, however, that, to the extent that it shall have been necessary, by reason of applicable law or regulation, to create any reserves prior to any and all distributions
which would otherwise have been made under Section 11.02(c)(i) and, by reason thereof, a distribution under Section 11.02(c)(i) has not been made, then any balance remaining shall first be distributed pursuant to Section 11.02(c)(i).

 (iii) Thereafter, the balance, if any, to the Members in accordance with Section 6.04. 

11.03 Liquidating Member. 

  
 46 

 The Liquidating Member is hereby irrevocably appointed as the true and lawful attorney in the name, place
and stead of each of the Members, such appointment being coupled with an interest, to make, execute, sign, acknowledge and file with respect to the Company all papers which shall be necessary or desirable to effect the dissolution and termination of
the company in accordance with the provisions of this Article XI. Notwithstanding the foregoing, each Member, upon the request of the Liquidating Member or the Managing Member, shall promptly execute, acknowledge and deliver all such documents,
certificates and other instruments as the Liquidating Member or the Managing Member shall reasonably request to effectuate the proper dissolution and termination of the Company, including the winding up of the business of the Company. 

11.04 Claims of the Members. 

Members and former Members shall look solely to the Company’s assets for the return of their Capital Contributions, and if the assets of the Company
remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such Capital Contributions, the Members and former Members shall have no recourse against the Company or any other
Member. 
 ARTICLE XII 
 DEFAULT BY MEMBER 
 12.01 Events of Default. 

For the purposes of this Agreement, subject to the last sentence of this Section 12.01, an “Event of Default” shall exist with
respect to a Member (such Member, a “Breaching Member”) if and so long as either: 
 (a) such Member or its
Affiliates shall violate any term, breach any provision or default in the performance of any covenant applicable to such Member as set forth in this Agreement or the Reimbursement Agreement, and (i) such violation, breach or default causes
material damage or loss to the Company, any of its Members or any of their respective Affiliates, and (ii) such violation, breach or default is not cured (including without limitation, by the Breaching Member reimbursing the Company for the
resulting material damage or loss) within a Reasonable Period; or 
 (b) such Member or its Affiliates shall fail to pay, as and
when due and payable hereunder, all or any portion of any material amount (other than a Capital Contribution) that it is obligated to pay either to the Company or to any other Member, by way of reimbursement, indemnity or otherwise, pursuant to this
Agreement or the Reimbursement Agreement, and such failure continues for ten (10) Business Days after written notice thereof shall have been given to the Breaching Member by the Company or by any non-Breaching Member (any such failure being
referred to herein as a “Monetary Default”). 
 Notwithstanding the foregoing provisions of this Section 12.01 or any
other provision herein, a failure by any Member to make any Additional Capital Contribution to the extent required or 

  
 47 

 
requested hereunder shall not constitute an Event of Default by such Member and the sole consequences of such failure shall be as set forth in Section 4.02 or Section 4.03, as
applicable. 
 12.02 Effect of Event of Default. 
 Notwithstanding anything to the contrary contained herein, with respect to any Event of Default by a Breaching Member, the following provisions shall apply: 

(a) Subject to the provisions hereof, the Company and/or any Member that is not a Breaching Member shall have the right, upon giving the
Breaching Member at least five (5) Business Days prior written notice of such election, to pursue any right or remedy available to it at law or in equity. 
 (b) With respect to any Monetary Default, the Company and/or any non-Breaching Member shall have the right to (i) require that the outstanding amount be withheld from and reduce all distributions or
other amounts payable to such Breaching Member pursuant to the terms of this Agreement or the Reimbursement Agreement and be paid directly by the Company on behalf of the Breaching Member from any and all distributions of Net Cash Flow, proceeds of
liquidation or any other amounts that would otherwise be distributable or payable to such Breaching Member (or its Affiliates) with respect to its Interest, prior to any distribution or payment thereof pursuant to this Agreement or the Reimbursement
Agreement, and/or (ii) seek from the Breaching Member payment of the outstanding amount by all appropriate judicial and/or non judicial proceedings, in each case until such time as the Monetary Default has been cured. Any amounts so withheld
and applied to cure a Monetary Default pursuant to this Section 12.02 shall be treated as amounts distributed or paid to the Breaching Member pursuant to Sections 6.03 or other applicable provision hereof for all purposes under this
Agreement. 
 (c) Failure by the Company or any non-Breaching Member to give any notice of an Event of Default as specified
under this Agreement, or any failure to insist upon strict performance of any of the terms of this Agreement, shall not constitute a waiver of any such Event of Default or of any of the terms of this Agreement. No Event of Default shall be waived,
nor shall any duty to be performed, be altered or modified, except by written instrument. One or more waivers or failure to give notice of an Event of Default shall not be considered as a waiver of a subsequent or continuing Event of Default of the
same covenant or obligation. 
 (d) The rights granted in this Section 12.02 shall not be deemed to be an exclusive remedy
of the Company and any non-Breaching Member, but all other rights and remedies, legal and equitable, shall be available to it, with the exception of any action which has the effect of terminating this Agreement. 

ARTICLE XIII 

MISCELLANEOUS 

13.01 Representations and Warranties of the Members. 

  
 48 

 (a) Each Member represents and warrants to the other Members as follows: 

(i) It is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation with all
requisite power and authority to enter into this Agreement and to conduct the business of the Company. 
 (ii)
This Agreement constitutes the legal, valid and binding obligation of the Member enforceable in accordance with its terms subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws and
public policy affecting the rights of creditors generally and the exercise of judicial discretion in accordance with general principles of equity (whether applied by a court of law or equity). 

(iii) No consents or approvals are required from any governmental authority or other person or entity for the Member to
enter into this Agreement and the Company. All limited liability company, corporate or partnership action on the part of the Member necessary for the authorization, execution and delivery of this Agreement, and the consummation of the transactions
contemplated hereby, have been duly taken. 
 (iv) The execution and delivery of this Agreement by the Member,
and the consummation of the transactions contemplated hereby, does not conflict with or contravene the provisions of its organizational documents or any agreement or instrument by which it or its properties are bound or any law, rule, regulation,
order or decree to which it or its properties are subject. 
 (v) The Company has not retained any broker,
finder or other commission or fee agent, and no such person has acted on its behalf in connection with the acquisition of the Company Property or the execution and delivery of this Agreement. 

(vi) It understands that (A) an investment in the Company involves a substantial and high degree of risk,
(B) no federal or state agency has passed on the offer and sale of the Interest in the Company to such Person, (C) it must bear the economic risk of such Person’s investment in the Company for an indefinite period of time, since such
Person’s Interest in the Company has not been registered for sale under the Securities Act of 1933 and, therefore, cannot be sold or otherwise transferred unless subsequently registered under the Securities Act of 1933 or an exemption from such
registration is available, and the Interest in the Company of such Person cannot be sold or otherwise transferred unless registered under applicable state securities or blue sky laws or an exemption from such registration is available,
(D) there is no established market for the Interest of such Person in the Company and no public market will develop and (E) such Person’s principals have such knowledge and experience in real estate and, other financial and business
matters that they are capable of evaluating the merits and risks of an investment in the Company. 
 (vii)
Neither such Member nor any Person who holds any interest in such Member is a Prohibited Person nor a Person with whom a U.S. Person, including a “financial institution” as defined in 31 U.S.C. 5312 (a)(z), as amended, is prohibited
from transacting business of the type contemplated by this Agreement or any Transaction 

  
 49 

 
Documents, whether such prohibition arises under United States law, regulation, executive orders and lists published by the OFAC (including those executive orders and lists published by OFAC with
respect to Specially Designated Nationals and Blocked Persons) or otherwise. 
 (viii) Such Member has taken,
and shall continue to take, such measures as are required by applicable law to assure that the funds used to pay sellers and lessors under the Transaction Documents are derived: (i) from transactions that do not violate United States law nor,
to the extent such funds originate outside the United States, do not violate the laws of the jurisdiction in which they originated; and (ii) from permissible sources under United States law and to the extent such funds originate outside the
United States, under the laws of the jurisdiction in which they originated. 
 (ix) Such Member is in compliance
with all applicable provisions of the USA Patriot Act of 2001, Pub. L. No. 107-56. 
 (x) Such Member is
not, and throughout the period it is a Member will not be, an entity deemed to hold the plan assets of any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA or any “plan” as
defined in and subject to Section 4975 of the Code pursuant to the Plan Asset Rules, as modified by Section 3(42) of ERISA. 
 (b) Each Member agrees to indemnify and hold harmless the Company and each other Member and their officers, directors, shareholders, partners, members, employees, successors and assigns from and against
any and all loss, damage, liability or expense (including costs and attorneys’ fees) which they may incur by reason of, or in connection with, any breach of the foregoing representations and warranties by such Member and all such
representations and warranties shall survive the execution and delivery of this Agreement and the termination and dissolution of the Company or any Member. 
 13.02 Further Assurances. 
 Each Member agrees to execute, acknowledge, deliver, file, record and
publish such further instruments and documents, and do all such other acts and things as may be required by law, or as may be required to carry out the intent and purposes of this Agreement. 

13.03 Notices. 
 All notices,
demands, consents, approvals, requests or other communications which any of the parties to this Agreement may desire or be required to give hereunder (collectively, “Notices”) shall be in writing and shall be given by
(i) personal delivery, (ii) facsimile transmission (with a copy delivered by one of the other methods provided in this Section 13.03) or (iii) a reputable overnight courier service, fees prepaid, addressed as follows: 

  
 50 

							
		 	If to SHR to:	  	Strategic Hotels & Resorts, Inc.	  	
		 		  	200 West Madison, Suite 1700	  	
		 		  	Chicago, IL 60606	  	
		 		  	Attention: Laurence Geller and Paula Maggio	  	
		 		  	Facsimile No.: (312) 658-5799	  	
				
		 	With a copy to:	  	Perkins Coie LLP	  	
		 		  	131 South Dearborn Street, Suite 1700	  	
		 		  	Chicago, IL 60603-5559	  	
		 		  	Attention: Phillip Gordon	  	
		 		  	Facsimile No.: (312) 324-9400	  	
				
		 	If to Walton Street to:	  	Walton Scottsdale Investors VI, L.L.C.	  	
		 		  	c/o Walton Street Capital, L.L.C.	  	
		 		  	900 North Michigan Avenue, Suite 1900	  	
		 		  	Chicago, IL 60611	  	
		 		  	Attention: Robert Bloom	  	
		 		  	Facsimile No.: (312) 915-2881	  	
				
		 	With a copy to:	  	Latham & Watkins LLP	  	
		 		  	Suite 5800	  	
		 		  	233 S. Wacker Drive	  	
		 		  	Chicago, IL 60606	  	
		 		  	Attention: Gary Axelrod	  	
		 		  	Facsimile No.: (312) 993-9767	  	

 Any Member may designate another addressee (and/or change its address) for Notices hereunder by a
Notice given pursuant to this Section 13.03. A Notice sent in compliance with the provisions of this Section 13.03 shall be deemed given on the date of receipt. 
 13.04 Governing Law. 
 This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware applicable to agreements made and to be performed wholly within that State. 
 13.05 Captions.

 All titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference and in no way define,
limit, extend, or describe the scope of this Agreement or the intent of any provision in this Agreement. 
 13.06 Pronouns.

 All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, and neuter, singular and plural, as the identity
of the party or parties may require. 
 13.07 Successors and Assigns. 

  
 51 

 This Agreement shall be binding upon the parties hereto and their respective executors, administrators,
legal representatives, heirs, successors and assigns, and shall inure to the benefit of the parties hereto and, except as otherwise provided herein, their respective executors, administrators, legal representatives, heirs, successors and assigns.

 13.08 Extension Not a Waiver. 
 No delay or omission in the exercise of any power, remedy or right herein provided or otherwise available to a Member or the Company shall impair or affect the right of such Member or the Company
thereafter to exercise the same. Any extension of time or other indulgence granted to a member hereunder shall not otherwise alter or affect any power, remedy or right of any other Member or of the Company, or the obligations of the Member to whom
such extension or indulgence is granted. 
 13.09 Creditors Not Benefited. 

Nothing contained in this Agreement is intended or shall be deemed to benefit any creditor of the Company or any Member, and no creditor of the Company
shall be entitled to require the Company or the Members to solicit or accept any Additional Capital Contribution for the Company or to enforce any right which the Company or any Member may have against any Member under this Agreement or otherwise or
under any Guaranty. 
 13.10 Recalculation of Interest. 
 If any applicable law is ever judicially interpreted so as to deem any distribution, contribution, payment or other amount received by any Member or the Company under this Agreement as interest and so as
to render any such amount in excess of the maximum rate or amount of interest permitted by applicable law, then it is the express intent of the Members and the Company that all amounts in excess of the highest lawful rate or amount theretofore
collected be credited against any other distributions, contributions, payments or other amounts to be paid by the recipient of the excess amount or refunded to the appropriate Person, and the provisions of this Agreement immediately be deemed
reformed, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the payment of the fullest amount otherwise required hereunder. All sums paid or agreed to be paid that are judicially
determined to be interest shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the term of such obligation so that the rate or amount of interest on account of such obligation does not exceed the
maximum rate or amount of interest permitted under applicable law. 
 13.11 Severability. 

In case any one or more of the provisions contained in this Agreement or any application thereof shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and other application thereof shall not in any way be affected or impaired thereby. 

13.12 Entire Agreement. 

  
 52 

 This Agreement contains the entire agreement between the parties relating to the subject matter hereof and
all prior agreements relative hereto which are not contained herein are terminated. Amendments, variations, modifications or changes herein may be made effective and binding upon the Members by, and only by, the setting forth of same in a document
duly executed by each Member, and any alleged amendment, variation, modification or change herein which is not so documented shall not be effective as to any Member. 
 13.13 Publicity. 
 The parties agree that no Member shall issue any press release or otherwise
publicize or disclose the terms of this Agreement or the proposed terms of any acquisition of the Initial Company Property, without the consent of each of the other Members, except as such disclosure may be made in the course of normal reporting
practices by any Member to its members, shareholders or partners or as otherwise required by law. 
 13.14 Confidentiality.

 (a) The terms of this Agreement, the identity of any person with whom the Company may be holding discussions with respect to
any investment, acquisition, disposition or other transaction, and all other business, financial or other information relating directly to the conduct of the business and affairs of the Company or the relative or absolute rights or interests of any
of the Members (collectively, the “Confidential Information”) that is not already publicly available or that has not been publicly disclosed pursuant to authorization by all of the Members is confidential and proprietary information
of the Company, the disclosure of which would cause irreparable harm to the Company and the Members. Accordingly, each Member represents that it has not and agrees that it will not and will direct its shareholders, partners, directors, officers,
agents, advisors and Affiliates not to, disclose to any Person any Confidential Information or confirm any statement made by third Persons regarding Confidential Information until the Company has publicly disclosed the Confidential Information
pursuant to authorization by the Managing Member and has notified each Member that it has done so; provided, however, that any Member (or its Affiliates) may disclose such Confidential Information if required by law (it being
specifically understood and agreed that anything set forth in a registration statement or any other document filed pursuant to law will be deemed required by law), if necessary for it to perform any of its duties or obligations hereunder or in any
property management agreement to which it is a party covering any Company Property, or to market the Company Property or any Interests as permitted by the terms of this Agreement, and to its attorneys and advisors and prospective investors and
lenders who agree to maintain a similar confidence. 
 (b) Subject to the provisions of Section 13.14(a), each Member
agrees not to disclose any Confidential Information to any Person (other than a Person (including without limitation an attorney or advisor or a prospective investor or lender) agreeing to maintain all Confidential Information in strict confidence
or a judge, magistrate or referee in any action, suit or proceeding relating to or arising out of this Agreement or otherwise), and to keep confidential all documents (including without limitation, responses to discovery requests) containing any
Confidential Information. Each Member hereby consents in advance to any motion for any 

  
 53 

 
protective order brought by any other Member represented as being intended by the movant to implement the purposes of this Section 13.14, provided that, if a Member receives a request to
disclose any Confidential Information under the terms of a valid and effective order issued by a court or governmental agency and the order was not sought by or on behalf of or consented to by such Member, then such Member may disclose the
Confidential Information to the extent required if the Member as promptly as practicable (i) notifies each of the other Members of the existence, terms and circumstances of the order, (ii) consults in good faith with each of the other
Members on the advisability of taking legally available steps to resist or to narrow the order, and (iii) if disclosure of the Confidential Information is required, exercises its commercially reasonable efforts to obtain a protective order or
other reliable assurance that confidential treatment will be accorded to the portion of the disclosed Confidential Information that any other Member designates. The cost (including without limitation, reasonable attorneys’ fees and expenses) of
obtaining a protective order covering Confidential Information designated by such other Member will be borne by the Company. 

(c) The covenants contained in this Section 13.14 will survive the Transfer of the Interest of any Member and the termination of the
Company. 
 13.15 Venue. 
 Each of the Members consents to the jurisdiction of any court in Wilmington, Delaware for any action arising out of matters related to this Agreement. Each of the Members waives the right to commence an
action in connection with this Agreement in any court outside of Wilmington, Delaware. 
 13.16 WAIVER OF JURY TRIAL.

 EACH OF THE MEMBERS HEREBY WAIVES TRIAL BY JURY IN ANY ACTION ARISING OUT OF MATTERS RELATED TO THIS AGREEMENT, WHICH WAIVER IS INFORMED AND
VOLUNTARY. 
 13.17 Limitation of Liability. 
 Except as otherwise expressly provided by Delaware law, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and
liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member. Except as otherwise expressly provided by this Agreement (with respect to liability
among Members) or by Delaware law, the liability of each Member shall be limited to the amount of Capital Contributions, if any, required to be made by such Member in accordance with this Agreement, but only when and to the extent the same shall
become due pursuant to the provisions of this Agreement 
 13.18 Cooperation. 

In connection with the Sale of Company Property or any portion thereof, the Members agree to reasonably cooperate with any Member (the
“Exchanging Member”) which seeks to structure the 

  
 54 

 
disposition of its Interest in a manner that will afford the Exchanging Member an opportunity to take advantage of provisions of the Code governing tax free exchanges or reorganizations; provided
that such structuring does not have an adverse effect on any such sale (including without limitation, with respect to timing) or would not reasonably be expected to jeopardize Strategic REIT’s status as a real estate investment trust, and
provided that the Exchanging Member shall bear all costs and expenses associated with such structuring, the other Members shall not be required to take title to any property or interest or assume or be subject to any obligations, and the Exchanging
Member shall indemnify, defend and hold the other Members and the Company harmless from and against any and all liabilities that they may incur by reason of their participation or cooperation in such exchange or reorganization transaction, and such
structuring shall not delay any such transaction, and shall be subject to the restrictions proposed by the Members that are not Exchanging Members. 
 13.19 Counterparts. 
 This Agreement may be executed in multiple counterparts and may be executed
by facsimile, PDF or other electronic transmission, each of which shall be an original but all of which together shall constitute but one and the same agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 55 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
in the introductory paragraph hereof. 
  

			
	SHR:
	
	SHR SCOTTSDALE INVESTOR, LLC
		
	By:	 	 /s/ Robert T. McAllister

	Name:	 	 Robert T. McAllister

	Title:	 	 Senior Vice President, Tax

 
													
	WALTON STREET:
	
	WALTON SCOTTSDALE INVESTORS VI, L.L.C.
		
	By:	 	Walton Acquisition REOC Master VI, L.L.C.,
		 	its sole member
			
		 	By:	 	Walton Street Real Estate Fund VI-Q, L.P.,
		 		 	its managing member
				
		 		 	By:	 	Walton Street Managers VI, L.P.,
		 		 		 	its general partner
						
		 		 		 		 	By:	 	WSC Managers VI, Inc.,
		 		 		 		 		 	its general partner
							
		 		 		 		 		 	By:	 	 /s/ Robert S. Bloom

		 		 		 		 		 	Name:	 	Robert S. Bloom
		 		 		 		 		 	Title:	 	Vice President

 EXHIBIT A 
 INITIAL CAPITAL ACCOUNT BALANCES OF EACH MEMBER 
  

					
	 Member
	  	Initial Capital Account Balance	 
	 SHR Scottsdale Investor, LLC
	  	$	35,559,220.81	  
	 Walton Scottsdale Investors VI, L.L.C.
	  	$	35,559,220.81	  

 EXHIBIT B 
 SCOPE OF CONSTRUCTION 
 See attached 

	
	

	
	

 EXHIBIT C 
 STRUCTURE CHART 
 See attached

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