Document:

EX-10.2

 Exhibit 10.2 

EXHIBIT A 
  

 
 AMENDED AND RESTATED CREDIT
AGREEMENT 
 Dated as of January 19, 2011 

As amended and restated as of December 18, 2013 

among 
 TIME WARNER INC. 

and 
 TIME WARNER INTERNATIONAL
FINANCE LIMITED, 
 as Borrowers, 

The Lenders Party Hereto, 
 and

 CITIBANK, N.A., 
 as
Administrative Agent, 
 SENIOR UNSECURED REVOLVING CREDIT FACILITIES: 

$2,500,000,000 Tranche One Revolving Credit Facility 

$2,500,000,000 Tranche Two Revolving Credit Facility 
  

 
 BANK OF AMERICA,
N.A. and BNP PARIBAS, 
 as Co-Syndication Agents, 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., BARCLAYS BANK PLC, DEUTSCHE 

BANK SECURITIES INC., J.P. MORGAN CHASE BANK, N.A., THE ROYAL BANK OF 

SCOTLAND PLC and WELLS FARGO BANK, N.A., 

as Co-Documentation Agents 
 and

 CITIGROUP GLOBAL MARKETS INC., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 

BARCLAYS CAPITAL, BNP PARIBAS SECURITIES CORP., DEUTSCHE BANK 

SECURITIES INC., J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, PIERCE, 

FENNER & SMITH INCORPORATED, RBS SECURITIES INC. and WELLS FARGO 

SECURITIES, LLC, 
 as Joint-Lead
Arrangers and Joint Bookrunners 
  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
		
	 SECTION 1.01. Defined Terms
	  	 	1	  
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	28	  
	 SECTION 1.03. Terms Generally
	  	 	28	  
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	28	  
	 SECTION 1.05. TWIFL Representations and Covenants
	  	 	29	  
		
	 ARTICLE II The Credits
	  	 	29	  
		
	 SECTION 2.01. Commitments
	  	 	29	  
	 SECTION 2.02. Loans and Borrowings
	  	 	31	  
	 SECTION 2.03. Requests for Revolving Borrowings
	  	 	32	  
	 SECTION 2.04. Swingline Loans
	  	 	33	  
	 SECTION 2.05. Letters of Credit
	  	 	35	  
	 SECTION 2.06. Funding of Borrowings
	  	 	38	  
	 SECTION 2.07. Interest Elections
	  	 	39	  
	 SECTION 2.08. Termination, Reduction and Extension of Commitments
	  	 	40	  
	 SECTION 2.09. Repayment of Loans; Evidence of Debt
	  	 	42	  
	 SECTION 2.10. Prepayment of Loans
	  	 	43	  
	 SECTION 2.11. Fees
	  	 	43	  
	 SECTION 2.12. Interest
	  	 	44	  
	 SECTION 2.13. Alternate Rate of Interest
	  	 	46	  
	 SECTION 2.14. Increased Costs
	  	 	46	  
	 SECTION 2.15. Break Funding Payments
	  	 	48	  
	 SECTION 2.16. Taxes
	  	 	48	  
	 SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	 	50	  
	 SECTION 2.18. Mitigation Obligations; Replacement of Lenders
	  	 	52	  
	 SECTION 2.19. Prepayments Required Due to Currency Fluctuation
	  	 	53	  
	 SECTION 2.20. Adoption of the Euro
	  	 	54	  
	 SECTION 2.21. Increase in Commitments
	  	 	54	  
	 SECTION 2.22. Defaulting Lenders
	  	 	55	  
		
	 ARTICLE III Representations and Warranties
	  	 	59	  
		
	 SECTION 3.01. Organization; Powers
	  	 	59	  
	 SECTION 3.02. Authorization; Enforceability
	  	 	60	  
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	 	60	  
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	 	60	  
	 SECTION 3.05. Properties
	  	 	61	  
	 SECTION 3.06. Litigation and Environmental Matters
	  	 	61	  
	 SECTION 3.07. Compliance with Laws and Agreements
	  	 	61	  
	 SECTION 3.08. Government Regulation
	  	 	61	  
	 SECTION 3.09. Taxes
	  	 	61	  

  
 i 

					
	 SECTION 3.10. ERISA
	  	 	62	  
	 SECTION 3.11. Disclosure
	  	 	62	  
	 SECTION 3.12. Anti-Corruption Laws and Sanctions Laws
	  	 	62	  
		
	 ARTICLE IV Conditions
	  	 	63	  
		
	 SECTION 4.01. Effective Date
	  	 	63	  
	 SECTION 4.02. Each Credit Event
	  	 	64	  
		
	 ARTICLE V Affirmative Covenants
	  	 	64	  
		
	 SECTION 5.01. Financial Statements and Other Information
	  	 	64	  
	 SECTION 5.02. Notices of Material Events
	  	 	67	  
	 SECTION 5.03. Existence; Conduct of Business
	  	 	67	  
	 SECTION 5.04. Payment of Obligations
	  	 	67	  
	 SECTION 5.05. Maintenance of Properties; Insurance
	  	 	67	  
	 SECTION 5.06. Books and Records; Inspection Rights
	  	 	68	  
	 SECTION 5.07. Compliance with Laws
	  	 	68	  
	 SECTION 5.08. Use of Proceeds
	  	 	68	  
	 SECTION 5.09. Fiscal Periods; Accounting
	  	 	68	  
		
	 ARTICLE VI Negative Covenants
	  	 	68	  
		
	 SECTION 6.01. Consolidated Leverage Ratio
	  	 	68	  
	 SECTION 6.02. Indebtedness
	  	 	69	  
	 SECTION 6.03. Liens
	  	 	69	  
	 SECTION 6.04. Mergers, Etc
	  	 	70	  
	 SECTION 6.05. Investments
	  	 	71	  
	 SECTION 6.06. Restricted Payments
	  	 	71	  
	 SECTION 6.07. Transactions with Affiliates
	  	 	71	  
	 SECTION 6.08. Unrestricted Subsidiaries
	  	 	71	  
		
	 ARTICLE VII Events of Default
	  	 	72	  
		
	 ARTICLE VIII The Agents
	  	 	75	  
		
	 ARTICLE IX Miscellaneous
	  	 	78	  
		
	 SECTION 9.01. Notices
	  	 	78	  
	 SECTION 9.02. Waivers; Amendments; Release of Subsidiary Guarantors
	  	 	79	  
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	 	80	  
	 SECTION 9.04. Successors and Assigns
	  	 	82	  
	 SECTION 9.05. Survival
	  	 	85	  
	 SECTION 9.06. Counterparts; Integration; Effectiveness
	  	 	85	  
	 SECTION 9.07. Severability
	  	 	85	  
	 SECTION 9.08. Right of Setoff
	  	 	85	  
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	86	  

  
 ii 

					
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	 	86	  
	 SECTION 9.11. Headings
	  	 	86	  
	 SECTION 9.12. Confidentiality
	  	 	87	  
	 SECTION 9.13. Acknowledgments
	  	 	88	  
	 SECTION 9.14. Judgment Currency
	  	 	88	  
	 SECTION 9.15. USA Patriot Act
	  	 	88	  
	 SECTION 9.16. Waiver of Prior Notice of Termination Under Existing Credit Agreement
	  	 	89	  

  

			
		
	 SCHEDULES:
	  	
		
	 Schedule 1.01
	  	 [Reserved]

	 Schedule 2.01
	  	 Commitments

	 Schedule 2.03(A)
	  	 Borrowing Notice/Interest Election Notice/Prepayment Notice

	 Schedule 2.03(B)
	  	 Authorized Account Numbers & Locations

	 Schedule 2.05
	  	 Existing Letters of Credit

	 Schedule 6.08
	  	 Unrestricted Subsidiaries

	 Schedule 8
	  	 List of Proper Persons

		
	 EXHIBITS:
	  	
		
	 Exhibit A
	  	 Form of Assignment and Acceptance

	 Exhibit B
	  	 Form of Guarantee

  
 iii 

 AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
January 19, 2011, as amended and restated as of December 18, 2013 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), among TIME WARNER INC., a Delaware corporation (“Time
Warner”), TIME WARNER INTERNATIONAL FINANCE LIMITED, a company organized under the laws of England and Wales (“TWIFL”), the several banks and other financial institutions from time to time parties to this Agreement (the
“Lenders”), and CITIBANK, N.A., as administrative agent. 
 W I T N E S S
E T H: 
 WHEREAS, the Borrowers have requested the Lenders to make loans and other extensions of credit to them in an
aggregate amount at any time outstanding of up to $2,500,000,000 under a Tranche One revolving credit facility and up to $2,500,000,000 under a Tranche Two revolving credit facility as more particularly described herein; and 

WHEREAS, the Lenders are willing to make such loans and other extensions of credit on the terms and conditions contained herein; 

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, 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 a Loan, or the
Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted
Financial Statements” means, for any period, (a) the balance sheet of Time Warner and the Restricted Subsidiaries (treating Unrestricted Subsidiaries as equity investments of Time Warner to the extent that such Unrestricted
Subsidiaries would not otherwise be treated as equity investments of Time Warner in accordance with GAAP) as of the end of such period and (b) the related statements of operations and stockholders equity for such period and, if such period is
not a fiscal year, for the then elapsed portion of the fiscal year (treating Unrestricted Subsidiaries as equity investments of Time Warner to the extent that such Unrestricted Subsidiaries would not otherwise be treated as equity investments of
Time Warner in accordance with GAAP). 
 “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 Basis Point) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

 “Administrative Agent” means Citibank, N.A., together with its affiliates, as
administrative agent for the Lenders hereunder, together with any of its successors pursuant to Article VIII. 

“Administrative Questionnaire” means, with respect to each Lender, an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that two or more Persons shall not be deemed Affiliates because an individual is a director and/or
officer of each such Person; and provided, that The Royal Bank of Scotland N.V. (f/k/a ABN AMRO Bank N.V.) shall be an Affiliate of The Royal Bank of Scotland plc for all purposes hereunder. 

“Agents” means the Co-Syndication Agents, the Co-Documentation Agents and the Administrative Agent. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such
day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the
effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Amendment and Restatement
Agreement” means the Amendment and Restatement Agreement, dated as of December 18, 2013, relating to this Agreement. 

“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010 and all
other laws, rules, and regulations of any jurisdiction applicable to the Borrower and its Subsidiaries concerning or relating to bribery, money laundering or corruption. 

“Applicable Percentage” means a Tranche One Applicable Percentage or a Tranche Two Applicable Percentage, as applicable.

 “Applicable Rate” means, for any day, (a) with respect to the Facility Fee payable under Section 2.11(a) in
respect of the Tranche One Commitments, the applicable rate per annum set forth below expressed in Basis Points under the caption “Facility Fee Rate for Tranche One Facility”, (b) with respect to the Facility Fee payable under
Section 2.11(a) in respect of the Tranche Two Commitments, the applicable rate per annum set forth below expressed in Basis Points under the caption “Facility Fee Rate for Tranche Two Facility”, (c) with respect to the interest
spread on any Loan of either Class (other than an ABR Loan), the applicable rate per annum set forth below expressed in Basis Points under the caption “Applicable Rate (Non-ABR Loans) for Tranche One Facility” or “Applicable Rate
(Non-ABR Loans) for Tranche Two Facility”, as applicable, and (d) with respect to the interest spread on any ABR Loan of either Class, the applicable rate per annum set forth below expressed in Basis Points under the caption
“Applicable Rate (ABR Loans) of Tranche One Facility” or “Applicable Rate (ABR Loans) of Tranche Two Facility”, as applicable, in each case based upon the senior unsecured long-term debt credit rating (or an equivalent thereof)
(in each case, a “Rating”) assigned by Moody’s and S&P, respectively, applicable on such date to Time Warner: 

  
 2 

													
	
Ratings
 S&P /

Moody’s
	 	
Facility Fee
 Rate
for
    Tranche One    
 Facility

(Bps)
	 	 Facility Fee

Rate for
    Tranche Two    
Facility

(Bps)
	 	Applicable
Rate (ABR
Loans)
for
    Tranche One    
Facility
(Bps)	 	Applicable
Rate (Non-
ABR Loans)
for Tranche
    One Facility    

(Bps)	 	Applicable
Rate (ABR
Loans)
for
    Tranche Two    
Facility
(Bps)	 	
Applicable
 Rate (Non-

ABR Loans)
for Tranche
    Two Facility    

(Bps)

	 Category
A
 A / A2 or

Higher
	 	8.0	 	8.0	 	0.0	 	67.0	 	0.0	 	67.0
	 Category
B
 A- / A3
	 	10.0	 	10.0	 	0.0	 	77.5	 	0.0	 	77.5
	 Category
C
 BBB+ / Baa1
	 	12.5	 	12.5	 	0.0	 	87.5	 	0.0	 	87.5
	 Category
D
 BBB / Baa2
	 	15.0	 	15.0	 	10.0	 	110.0	 	10.0	 	110.0
	
Category E

BBB- / Baa3
	 	20.0	 	20.0	 	30.0	 	130.0	 	30.0	 	130.0
	 Category
F
 Lower than

BBB- / Baa3
	 	25.0	 	25.0	 	50.0	 	150.0	 	50.0	 	150.0

 For purposes of determining the Applicable Rate (A) if either Moody’s or S&P shall not have in
effect a relevant Rating (other than by reason of the circumstances referred to in clause (C) of this definition), then the Rating assigned by the other rating agency shall be used; (B) if the relevant Ratings assigned by Moody’s and
S&P shall fall within different Categories, the Applicable Rate shall be based on the higher of the two Ratings unless one of the two Ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined
by reference to the Category next below that of the higher of the two Ratings; (C) if either rating agency shall cease to assign a relevant Rating solely because Time Warner elects not to participate or otherwise cooperate in the ratings
process of such rating agency, the Applicable Rate shall not be less than that in effect immediately before such rating agency’s Rating for Time Warner became unavailable; and (D) if the relevant Ratings assigned by Moody’s or S&P
shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Rate
shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such
rating agency shall cease to be in the business of rating corporate debt obligations, Time Warner and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such
rating agency, and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 

“Arrangers” means Citigroup Global Markets Inc., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Capital, the investment
banking division of Barclays Bank PLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc. and Wells Fargo Securities, LLC. 

  
 3 

 “Assignment and Acceptance” means an assignment and acceptance entered into by
a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, substantially in the form of Exhibit A. 

“Availability Period” means the Tranche One Availability Period or the Tranche Two Availability Period, as applicable. 

“Base Rate” means (a) with respect to Dollar denominated Loans, the Alternate Base Rate, (b) with respect to
Pound Sterling denominated Loans, the Pound Sterling Overnight Rate or Pound Sterling Quoted Rate, and (c) with respect to Euro denominated Loans, the Euro Overnight Rate or Euro Quoted Rate. 

“Basis Point” means 1/100th of 1%. 

“Board” means the Board of Governors of the Federal Reserve System of the United States. 

“Borrower” means each of Time Warner and TWIFL. 

“Borrower Materials” has the meaning set forth in Section 5.01. 

“Borrowing” means (a) Revolving Loans of the same Class and Type, made, converted or continued on the same date and, in
the case of Eurocurrency Loans or TIBOR Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan. 

“Borrowing Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03. 

“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, (a) when used in connection with a Eurocurrency Loan or a Base Rate Loan (other than an ABR Loan), the term “Business Day” shall also exclude any day on
which banks are not open for dealings in deposits in the applicable currency in the London interbank market, (b) when used in connection with any Loan denominated in Euro, the term “Business Day” shall also exclude any day on which
the TARGET payment system is not open for the settlement of payment in Euro and (c) when used in connection with any Loan denominated in Yen, the term “Business Day” shall also exclude any day on which banks are not open for dealings
in deposits in Yen in the interbank market in Tokyo. 
 “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, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 4 

 “Capital Stock” means, with respect to any Person, any and all shares,
partnership interests or other equivalents (however designated and whether voting or non-voting) of such Person’s equity, whether outstanding on the date hereof or hereafter issued, and any and all equivalent ownership interests in a Person
(other than a corporation) and any and all rights, warrants or options to purchase or acquire or exchangeable for or convertible into such shares, partnership interests or other equivalents. 

“Cash Equivalents” means (a) securities issued or directly and fully guaranteed or insured by the United States or any
agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) that (i) have maturities of not more than six months from the date of acquisition thereof or (ii) are
subject to a repurchase agreement with an institution described in clause (b)(i) or (ii) below exercisable within six months from the date of acquisition thereof, (b) U.S. Dollar-denominated and Eurocurrency time deposits,
certificates of deposit and bankers’ acceptances of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (ii) any bank whose short-term commercial paper rating from S&P is
at least A-2 or the equivalent thereof, from Moody’s is at least P-2 or the equivalent thereof or from Fitch is at least F-2 or the equivalent thereof (any such bank, an “Approved Lender”), in each case with maturities of not
more than six months from the date of acquisition thereof, (c) commercial paper and variable and fixed rate notes issued by any Lender or Approved Lender or by the parent company of any Lender or Approved Lender and commercial paper, auction
rate notes and variable rate notes issued by, or guaranteed by, any industrial or financial company with a short-term commercial paper rating of at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by
Moody’s or at least F-2 or the equivalent thereof by Fitch, and in each case maturing within six months after the date of acquisition thereof, (d) securities with maturities of one year or less from the date of acquisition issued or fully
guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth,
territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s, (e) securities with maturities of six months or less from the date of acquisition backed by
standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition, (f) tax-exempt commercial paper of U.S. municipal, state or local governments rated at least A-2 or the
equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s or at least F-2 or the equivalent thereof by Fitch and maturing within six months after the date of acquisition thereof, (g) shares of money market mutual
or similar funds sponsored by any registered broker dealer or mutual fund distributor, (h) repurchase obligations entered into with any bank meeting the qualifications of clause (b) above or any registered broker dealer whose short-term
commercial paper rating from S&P is at least A-2 or the equivalent thereof or from Moody’s is at least P-2 or the equivalent thereof or from Fitch is at least F-2 or the equivalent thereof, having a term of not more than 30 days, with
respect to securities issued or fully guaranteed or insured by the United States government or residential whole loan mortgages, and (i) demand deposit accounts maintained in the ordinary course of business. 

“Change in Control” means either (a) a Person or “group” (within the meaning of Sections 13(d) and 14(d)
of the Exchange Act) acquiring or having beneficial ownership (it being understood that a tender of shares or other equity interests shall not be deemed acquired or giving 

  
 5 

 
beneficial ownership until such shares or other equity interests shall have been accepted for payment) of securities (or options to purchase securities) having a majority or more of the ordinary
voting power of Time Warner (including options to acquire such voting power) or (b) persons who are directors of Time Warner as of the date hereof or persons designated or approved by such directors ceasing to constitute a majority of the board
of directors of Time Warner. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of
Section 2.14(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive of any Governmental Authority made or issued after the date of this Agreement; provided that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Class”, when used (a) in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are Tranche One Revolving Loans or Tranche Two Revolving Loans, (b) in reference to any Yen Loan or Borrowing, refers to whether such Yen Loan, or the Yen Loans comprising such Borrowing, are Tranche One Yen Loans or Tranche Two Yen
Loans, (c) in reference to any Commitment, refers to whether such Commitment is a Tranche One Commitment or a Tranche Two Commitment, (d) in reference to any Yen Commitment, refers to whether such Yen Commitment is a Tranche One Yen
Commitment or a Tranche Two Yen Commitment, (e) in reference to any Revolving Credit Exposures, refers to whether such Revolving Credit Exposures are Tranche One Revolving Credit Exposures or Tranche Two Revolving Credit Exposures, (f) in
reference to any Yen Exposures, refers to whether such Yen Exposures are Tranche One Yen Exposures or Tranche Two Yen Exposures, (g) in reference to any Lender, refers to whether such Lender is a Tranche One Lender or a Tranche Two Lender, and
(h) in reference to any Applicable Percentage, refers to whether such Applicable Percentage is a Tranche One Applicable Percentage or a Tranche Two Applicable Percentage. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Co-Documentation Agents” means The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank PLC, Deutsche Bank Securities Inc.,
JPMorgan Chase Bank, N.A., The Royal Bank of Scotland plc and Wells Fargo Bank, N.A. 
 “Co-Syndication Agents” means Bank
of America, N.A. and BNP Paribas. 
 “Commitment” means a Tranche One Commitment or a Tranche Two Commitment, as
applicable. 

  
 6 

 “Commitment Termination Date” means the Tranche One Commitment Termination Date
or the Tranche Two Commitment Termination Date, as applicable. 
 “Companies” means each of the Credit Parties and their
respective Restricted Subsidiaries, collectively, and “Company” means any of them. 
 “Conduit Lender”
means any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument, subject to the consent of Time Warner
(which consent shall not be unreasonably withheld); provided that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its
Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its
Conduit Lender, and provided further that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.14, 2.15, 2.16 or 9.03 than the designating Lender would have been entitled to receive in
respect of the Loans made by such Conduit Lender or (b) be deemed to have any Commitment. The making of a Loan by a Conduit Lender hereunder shall utilize the applicable Commitment of a designating Lender to the same extent, and as if, such
Loan were made by such designating Lender. 
 “Consolidated EBITDA” means, for any period, Consolidated Net Income of Time
Warner and the Restricted Subsidiaries for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income of Time Warner and the Restricted Subsidiaries for such period, the sum
of (a) income tax expense, (b) interest expense, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans),
(c) depreciation and amortization expense (excluding amortization of film inventory that does not constitute amortization of purchase price amortization), (d) amortization of intangibles (including, but not limited to, goodwill) and
organization costs (excluding amortization of film inventory that does not constitute amortization of purchase price amortization), (e) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, whether or not otherwise
includable as a separate item in the statement of such Consolidated Net Income for such period, non-cash losses on sales of assets outside of the ordinary course of business), (f) minority interest expense in respect of preferred stock of
Subsidiaries of Time Warner, and (g) non-cash expenses in respect of equity compensation and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income and
(b) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the
ordinary course of business), all as determined on a consolidated basis. 
 “Consolidated Leverage Ratio” means, as at the
last day of any period, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for such period. 

“Consolidated Net Income” means, for any period, the consolidated net income (or loss) of Time Warner and its consolidated
Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded, without duplication, (a) the 

  
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income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of Time Warner or is merged into or consolidated with Time Warner or any of its Subsidiaries or that such other
Person’s assets are acquired by Time Warner or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Restricted Subsidiary) in which Time Warner or any of its Subsidiaries has an ownership interest, except to the
extent that any such income is actually received by Time Warner or its Restricted Subsidiaries in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of Time Warner to the extent that the
declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of its charter or any agreement or instrument (other than any Credit Document), judgment, decree, order, statute, rule,
governmental regulation or other requirement of law applicable to such Subsidiary; provided that the income of any Subsidiary of Time Warner shall not be excluded by reason of this clause (c) so long as such Subsidiary guarantees the
Obligations. 
 “Consolidated Total Assets” means, at any date, all amounts that would, in conformity with GAAP, be
included on a consolidated balance sheet of Time Warner and its Subsidiaries under total assets at such date; provided that such amounts shall be calculated in accordance with Section 1.04. 

“Consolidated Total Debt” means, at any date, the aggregate principal amount of Indebtedness of Time Warner and the
Restricted Subsidiaries minus (a) the aggregate principal amount of any such Indebtedness that is payable either by its terms or at the election of the obligor in equity securities of Time Warner or the proceeds of options in respect of
such equity securities, (b) the aggregate principal amount of Film Financings and (c) the aggregate amount of cash and Cash Equivalents held by Time Warner or any of the Restricted Subsidiaries in excess of $200,000,000, all determined on
a consolidated basis in accordance with GAAP. 
 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Copyright Liens” means any Liens granted by any Borrower or any of its Subsidiaries on copyrights relating to
movies or other programming, which movies or other programming are subject to one or more contracts entitling such Borrower or such Subsidiary to future payments in respect of such movies or other programming and which contractual rights to future
payments are to be transferred by such Borrower or Subsidiary to a special purpose Subsidiary of such Borrower or Subsidiary organized for the purpose of monetizing such rights to future payments; provided that such Liens (a) are granted
directly or indirectly for the benefit of the special purpose Subsidiary and/or the Persons who purchase such contractual rights to future payments from such special purpose Subsidiary and (b) extend only to the copyrights for the movies or
other programming subject to such contracts for the purpose of permitting the completion, distribution and exhibition of such movies or other programming. 

“Credit Documents” means this Agreement, the Guarantee and each Note. 

“Credit Parties” means the Borrowers and the Guarantors; and “Credit Party” means any of them. 

  
 8 

 “Currency” means Dollars or any Optional Currency. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) shall
have failed to fund any portion of its Loans as part of any Borrowing within three Business Days of the date required to be funded by it hereunder (unless such Lender shall have notified the Administrative Agent and the Borrowers in writing of its
good faith determination that a condition to its obligation to make a Loan as part of such Borrowing shall not have been satisfied), (b) shall have failed to fund any portion of its participation in any Letter of Credit drawing or any Yen Loan
or Swingline Loan within three Business Days of the date required to be funded by it hereunder, (c) shall have notified the Administrative Agent (or shall have notified any Borrower, any Swingline Lender or any Issuing Bank, which shall in turn
have notified the Administrative Agent) in writing that it does not intend or is unable to comply with its funding obligations under this Agreement, or shall have made a public statement to the effect that it does not intend or is unable to comply
with such funding obligations or its funding obligations under other credit or similar agreements to which it is a party (unless such writing or public statement relates to such Lender’s intention to comply with its funding obligations under
this Agreement and such Lender shall have notified the Administrative Agent and the Borrowers in writing of its good faith determination that a condition to its obligation to make a Loan as part of the relevant Borrowing shall not have been
satisfied), (d) shall have failed (but not for fewer than three Business Days) after a request by the Administrative Agent (whether acting on its own behalf or at the reasonable request of any Borrower (it being understood that the
Administrative Agent shall comply with any such reasonable request)) to confirm in writing that it will comply with its prospective funding obligations to make Loans and fund participations in Yen Loans and (in the case of a Tranche One Lender)
Letter of Credit drawings and Swingline Loans hereunder (provided that such Lender shall cease to be a Defaulting Lender under this clause (d) upon receipt of such written confirmation by the Administrative Agent), (e) shall have
become the subject of a bankruptcy or insolvency proceeding, or shall have taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or (f) shall have had a receiver, conservator,
trustee or custodian appointed for it, or shall have taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such appointment, or shall have a parent company that has become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or 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 Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition by a Governmental Authority or an instrumentality thereof of any equity interest in such Lender or a parent company thereof. 

“Dollar Equivalent” means, on any date of determination, (a) with respect to any amount denominated in Dollars, such
amount, and (b) with respect to an amount denominated in any Optional Currency, the equivalent in Dollars of such amount determined by the Administrative Agent in accordance with normal banking industry practice using the Exchange Rate on the
date of determination of such equivalent. In making any determination of the Dollar Equivalent (for purposes of calculating the amount of Loans to be borrowed from the respective 

  
 9 

 
Lenders on any date or for any other purpose), the Administrative Agent shall use the relevant Exchange Rate in effect on the date on which the applicable Borrower delivers a Borrowing Request
(which, in accordance with Section 2.03, may be telephonic) for Loans or on such other date upon which a Dollar Equivalent is required to be determined pursuant to the provisions of this Agreement. As appropriate, amounts specified herein as
amounts in Dollars shall be or include any relevant Dollar Equivalent amount. 
 “Dollars” or “$” refers
to lawful money of the United States. 
 “Effective Date” means January 19, 2011. 

“Eligible Assignee” means any financial institution whose home office is domiciled in a country that is a member of the
Organization for Economic Cooperation and Development and having capital and surplus in excess of $500,000,000; provided, however, that no Lender that is or at any time was a Defaulting Lender, nor any Lender Affiliate of such
Defaulting Lender, shall be an Eligible Assignee, unless consented to in writing by Time Warner and the Administrative Agent. 

“EMU Legislation” means the legislative measures of the European Council (including without limitation the European Council
regulations) for the introduction of, changeover to or operation of the Euro in one or more member states. 
 “Environmental
Law” means all applicable and binding laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, or agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the
environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of any Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (a) a violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) the exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

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

“ERISA Affiliate” means, with respect to any Borrower, any trade or business (whether or not incorporated) that, together
with such Borrower, is treated as a single employer under Section 414(b) or (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 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) a failure by any Plan to meet the minimum funding

  
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standards 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 in Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Credit Party or any of its ERISA Affiliates of any unfunded
liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Credit Party or any ERISA Affiliate 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; (f) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the
receipt by any Credit Party or any ERISA Affiliate of any notice concerning the imposition on such entity of Withdrawal Liability or a determination that a Multiemployer Plan with respect to which such entity is obligated to contribute or is
otherwise liable is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (h) the occurrence, with respect to a Plan or a Multiemployer Plan, of a nonexempt “prohibited transaction”
(within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to a Credit Party. 

“Euro” and “€” means the single currency of Participating Member States introduced in accordance with
the provision of Article 123 of the Treaty and, in respect of all payments to be made under this Agreement in Euro, means immediately available, freely transferable funds in such currency. 

“Eurocurrency” when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing,
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Euro Overnight Rate” means, for any day,
the sum of (a) the average of the rates per annum quoted at approximately 11:00 a.m., London time, to leading banks in the European interbank market by the Reference Banks for the offering of overnight deposits in Euro plus (b) the
Applicable Rate. The Administrative Agent shall determine the Euro Overnight Rate by obtaining quotes from the Reference Banks, and if any such Reference Bank fails to timely provide such quote for any day, then the Euro Overnight Rate for such day
shall be determined by the average based on the quotes from the Reference Banks that provided quotes on that day; provided, however, that no Reference Bank shall have a contractual obligation to provide such a quote. 

“Euro Quoted Rate” means, for any day for any Swingline Loan, the rate per annum quoted by such Swingline Lender to the
applicable Borrower in response to a Borrowing Request for a Swingline Borrowing as its overnight offer rate in effect for such Swingline Loan at its principal office in London, plus the Applicable Rate. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Rate” means, with respect to any Optional Currency on a particular date, the rate at which such Optional Currency
may be exchanged into Dollars, as set forth at 11:00 a.m., London time, on such date on the applicable Reuters Screen page with respect to 

  
 11 

 
such Optional Currency. In the event that such rate does not appear on the applicable Reuters currency page, the Exchange Rate with respect to such Optional Currency shall be determined by
reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and Time Warner or, in the absence of such agreement, such Exchange Rate shall instead be the spot rate of exchange of
the Administrative Agent in the London interbank or other market where its foreign currency exchange operations in respect of such Optional Currency are then being conducted, at or about 11:00 a.m., London time, at such date for the purchase of
Dollars with such Optional Currency, for delivery two Business Days later; provided, however, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any
reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Excluded Taxes” means, with respect to any payment made by any Credit Party under this Agreement, any of the following
Taxes imposed on or with respect to the Administrative Agent, any Issuing Bank, any Lender or any other recipient of any such payment, (a) income or franchise Taxes imposed on (or measured by) its net income by the United States or the United
Kingdom (or, in each case, any political subdivision, state or locality thereof), 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 or any similar Tax imposed by any other jurisdiction described in clause (a) above, (c) in the case of a Lender (other than an assignee
pursuant to a request by Time Warner under Section 2.18(b)), any U.S. Federal or U.K. 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 or inability to comply with Section 2.16(g), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of such designation of a new lending office or assignment, to
receive additional amounts from such Credit Party with respect to such withholding Tax pursuant to Section 2.16(a), (d) in the case of a Lender that is a U.S. Person, any withholding Tax that is attributable to the Lender’s failure to
comply with Section 2.16(h) and (e) any U.S. Federal withholding Taxes imposed under FATCA. 
 “Existing Five-Year Credit
Agreement” means the Amended and Restated Five-Year Credit Agreement, dated as of July 8, 2002, and amended and restated as of February 17, 2006, among the Borrowers, the lenders party thereto, the co-syndication and
co-documentation agents named therein and Citibank, N.A., as administrative agent. 
 “Existing Maturity Date” has the
meaning set forth in Section 2.08(d). 
 “Extension Class Lender” has the meaning set forth in Section 2.08(d).

 “Extension Consenting Lender” has the meaning set forth in Section 2.08(d). 

“Extension Declining Lender” has the meaning set forth in Section 2.08(d). 

“Extension Request Date” has the meaning set forth in Section 2.08(d). 

“Facility Fee” has the meaning assigned to such term in Section 2.11(a). 

  
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 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version not materially more onerous to comply with), current and future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code and any
intergovernmental agreements in respect thereof. 
 “Federal Funds Effective Rate” means, for any day, the weighted
average (rounded upwards, if necessary, to the next Basis Point) of the rates on overnight Federal funds transactions with members of the United States 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 Basis Point) 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. 
 “Film
Financing” means, without duplication, monetary obligations arising out of transactions in which so-called tax-based financing groups or other third-party investors provide financing for the acquisition, production or distribution of motion
pictures, television programs, sound recordings or books or rights with respect thereto in exchange, in part, for certain tax or other benefits which are derived from such motion pictures, television programs, sound recordings, books or rights;
provided that no such monetary obligations shall have, directly or indirectly, recourse (including by way of setoff) to any Borrower or any Restricted Subsidiary or any of its assets other than to the profits or distribution rights related to
such motion pictures, television programs, sound recordings, books or rights and other than to a Subsidiary of Warner Communications Inc. or TBS substantially all of the assets of which consist of the motion pictures, television programs, sound
recordings, books or rights which are the subject of such transaction and related cash and Cash Equivalents. 
 “Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person. 

“Fitch” means Fitch, Inc. 

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

“Franchise” means, with respect to any Person, a franchise, license, authorization or right to construct, own, operate,
manage, promote, extend or otherwise utilize any cable television distribution system operated or to be operated by such Person or any of its Subsidiaries granted by any Governmental Authority, but shall not include any such franchise, license,
authorization or right that is incidentally required for the purpose of installing, constructing or extending a cable television system. 

“GAAP” means generally accepted accounting principles in the United States. 

  
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 “Governmental Authority” means the government of the United States, 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. 
 “Guarantee” means a guarantee by the Guarantors, substantially in
the form of Exhibit B. 
 “Guarantee Obligations” 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 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 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 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 (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness;
provided that the term Guarantee Obligations shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guarantors” means (a) with respect to the Obligations of Time Warner, (i) directly, Historic TW,
(ii) indirectly, TBS and HBO, who shall guarantee the guarantee obligations of Historic TW and (iii) any other Person that becomes and remains a party to the Guarantee after the Effective Date, and (b) with respect to the Obligations
of TWIFL, Time Warner and the Guarantors listed in clause (a) above. 
 “Hazardous Materials” means all explosive or
radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “HBO” means Home
Box Office, Inc., a Delaware corporation. 
 “Historic TW” means Historic TW Inc., a Delaware corporation. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person (but not including operating leases), (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business and payment obligations of such Person pursuant to agreements entered into in the ordinary course of business, which payment obligations are contingent on another Person’s

  
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satisfactory provision of services or products), (f) 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 (other than Copyright Liens or Liens on interests or Investments in Unrestricted Subsidiaries) on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (but only to the
extent of the lesser of the fair market value of the property subject to such Lien and the amount of such Indebtedness), (g) all Guarantee Obligations of such Person with respect to Indebtedness of others (except to the extent that such
Guarantee Obligation guarantees Indebtedness of a Restricted Subsidiary), (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit
(but only to the extent of all drafts drawn and outstanding thereunder) and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. Notwithstanding the foregoing, Indebtedness shall not include
(i) any obligation of such Person to guarantee performance of, or enter into indemnification agreements with respect to, obligations, entered into in the ordinary course of business, under any and all Franchises, leases, performance bonds,
franchise bonds and obligations to reimburse drawings under letters of credit issued in lieu of performance or franchise bonds, (ii) completion bonds or guarantees or indemnities of a similar nature issued in the ordinary course of business in
connection with the production of motion pictures and video and television programming or (iii) obligations to make Tax Distributions. The Indebtedness of any Person shall include the Indebtedness of any other entity (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 or other contractual relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor. 
 “Indebtedness For Borrowed Money” of any Person, means, for the
purpose of Section 9.02(c), without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments and (c) all guarantee
obligations of such Person with respect to Indebtedness For Borrowed Money of others. The Indebtedness For Borrowed Money of any Person shall include the Indebtedness For Borrowed Money of any other entity (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 or other contractual relationship with such entity, except to the extent the terms of such Indebtedness For Borrowed
Money 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 a Credit Party under this Agreement and (b) Other Taxes. 
 “Interest
Election Request” means a request by a Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.07. 

“Interest Payment Date” means (a) with respect to any Base Rate Loan, the last day of each March, June, September and
December and (b) with respect to any Eurocurrency Loan or TIBOR Loan, as the case may be, 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 or TIBOR
Borrowing, as the case may be, with an Interest Period of more than three months’ duration, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period. 

  
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 “Interest Period” means with respect to any Eurocurrency Borrowing or TIBOR
Borrowing, as the case may be, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is (a) one, two, three or six months (or, with the consent of each Lender of the
applicable Class, a shorter period or twelve months if available from all Lenders of the applicable Class) thereafter, as the applicable Borrower may elect or (b) one month thereafter, if the applicable Borrower has made no election;
provided that (i) 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 (ii) any Interest Period pertaining to such a Borrowing 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, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Investment” by any Person means any direct or indirect (a) loan, advance or other extension of credit or contribution
to any other Person (by means of transfer of cash or other property to others, payments for property or services for the account or use of others, mergers or otherwise), (b) purchase or acquisition of Capital Stock, bonds, notes, debentures or
other securities (including any option, warrant or other right to acquire any of the foregoing) or evidences of Indebtedness issued by any other Person (whether by merger, consolidation, amalgamation or otherwise and whether or not purchased
directly from the issuer of such securities or evidences of Indebtedness), (c) purchase or acquisition (in one transaction or a series of transactions) of any assets of any other Person constituting a business unit and (d) all other items
that would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP. Investments shall exclude extension of trade credit and advances to customers and suppliers to the extent made in the ordinary course of
business and in accordance with customary industry practice. 
 “Issuing Bank” means any Tranche One Lender or Affiliate
of any Tranche One Lender designated by Time Warner that agrees to be an Issuing Bank hereunder and any other bank reasonably acceptable to the Tranche One Lenders holding a majority of the Tranche One Commitments (disregarding any Defaulting
Lender’s Tranche One Commitment) and designated as an Issuing Bank by Time Warner, in its capacity as an issuer of Letters of Credit hereunder; provided that TWIFL shall only be entitled to request an Issuing Bank that is a bank or
credit institution licensed in a member state of the European Communities to issue a Letter of Credit hereunder. Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in
which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Any Issuing Bank shall become a party to this Agreement by execution and delivery of a supplemental signature
page to this Agreement. Initially, BNP Paribas, The Royal Bank of Scotland plc and Bank of America, N.A. shall be the Issuing Banks. 

  
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 “ISP” means, with respect to any Letter of Credit, the “International
Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

“LC Disbursement” means a payment made by any Issuing Bank pursuant to a drawing made on any Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the maximum aggregate undrawn amount of all outstanding Letters of
Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of any Borrower at such time. The LC Exposure of any Tranche One Lender at any time shall be its Tranche One
Applicable Percentage of the total LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“LC Sublimit” means $500,000,000. 

“Lender Affiliate” means, (a) with respect to any Lender, (i) an Affiliate of such Lender or (ii) any entity
(whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is administered or managed by
such Lender or an Affiliate of such Lender and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed
by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “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 Acceptance or pursuant to Section 2.21, other than any such Person that ceases to be a party hereto pursuant to an
Assignment and Acceptance. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lenders and Yen Fronting Lenders. 

“Letter of Credit” means any standby or trade letter of credit issued pursuant to Section 2.05 of this Agreement. 

“Letter of Credit Fee” has the meaning assigned to such term in Section 2.11(b). 

“LIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in Pounds, Euros or Dollars for any Interest
Period, the rate per annum equal to the British Bankers’ Association (or any other Person that takes over the administration of such rate) LIBOR Rate (the “BBA LIBOR”), as published by Reuters (or any other commercially
available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Pound, Euro or Dollar deposits (as applicable) in the London
interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period (or, in the case of Pounds, on the first day of such Interest Period), as the rate for Pound, Euro or Dollar deposits,

  
 17 

 
as applicable, 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 per annum (rounded upwards, if necessary, to the next Basis Point) equal to the arithmetic average of the rates at which deposits in Dollars or the applicable Optional Currency
approximately equal in principal amount to the Dollar Equivalent of $5,000,000 and for a maturity comparable to such Interest Period are offered with respect to any Eurocurrency Borrowing to the principal London offices of the Reference Banks (or,
if any Reference Bank does not at the time maintain a London office, the principal London office of any Affiliate of such Reference Bank) 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 (or, in the case of Pounds, on the first day of such Interest Period; provided that no Reference Bank shall have a contractual obligation to provide such a rate) and;
provided, however, that, if only two Reference Banks notify the Administrative Agent of the rates offered to such Reference Banks (or any Affiliates of such Reference Banks) as aforesaid, the LIBO Rate with respect to such Eurocurrency
Borrowing shall be equal to the arithmetic average of the rates so offered to such Reference Banks (or any such Affiliates). 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in (including sales of accounts), on or of such asset, (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, but excluding any operating leases) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities. 
 “Loan” means a loan (including a Swingline Loan or a Yen Loan) made by a Lender to any Borrower pursuant to
this Agreement. 
 “Local Time” means, for payments and disbursements (a) in respect of Dollars, New York City time,
(b) in respect of Euros or Pounds, London time and (c) in respect of Yen, Tokyo time. 
 “Material Adverse
Effect” means a material adverse effect on (a) the financial condition, business, results of operations, properties or liabilities of Time Warner and the Restricted Subsidiaries taken as a whole, (b) the ability of any Credit
Party to perform any of its material obligations to the Lenders under any Credit Document to which it is or will be a party or (c) the rights of or benefits available to the Lenders under any Credit Document. 

“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit) of any one or more of Time Warner
and the Restricted Subsidiaries in an aggregate principal amount exceeding $200,000,000. 
 “Material Subsidiary” means,
at any date, each Subsidiary of Time Warner which, either alone or together with the Subsidiaries of such Subsidiary, meets any of the following conditions: 

  
 18 

 (a)    as of the last day of Time Warner’s most recently
ended fiscal quarter for which financial statements have been filed with the SEC the investments of Time Warner and its Subsidiaries in, or their proportionate share (based on their equity interests) of the book value of the total assets (after
intercompany eliminations) of, the Subsidiary in question exceeds 10% of the book value of the total assets of Time Warner and its consolidated Subsidiaries; 

(b)    for the period of four consecutive fiscal quarters ended on the last day of Time Warner’s most
recently ended fiscal quarter for which financial statements have been filed with the SEC, the equity of Time Warner and its Subsidiaries in the revenues from continuing operations of the Subsidiary in question exceeds 10% of the revenues from
continuing operations of Time Warner and its consolidated Subsidiaries; or 
 (c)    for the period of
four consecutive fiscal quarters ended on the last day of Time Warner’s most recently ended fiscal quarter for which financial statements have been filed with the SEC, the equity of Time Warner and its Subsidiaries in the Consolidated EBITDA of
the Subsidiary in question exceeds 10% of the Consolidated EBITDA of Time Warner. 
 “Maturity Date” means the Tranche One
Maturity Date or the Tranche Two Maturity Date, as applicable. 
 “Moody’s” means Moody’s Investors Service,
Inc. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“National Currency Unit” means the unit of currency (other than the Euro) of a Participating Member State. 

“Note” means any promissory note evidencing Loans issued pursuant to Section 2.09(e). 

“Obligations” has the meaning assigned to such term in the Guarantee. 

“Officer’s Certificate” means a certificate executed by the Chief Financial Officer, the Treasurer or the Controller of
Time Warner or such other officer of Time Warner reasonably acceptable to the Administrative Agent and designated as such in writing to the Administrative Agent by Time Warner. 

“Optional Currency” means, at any time, Pounds, Euros and Yen, so long as such currency is freely traded and convertible
into Dollars in the United States market and a Dollar Equivalent thereof can be calculated. 
 “Other Taxes” means
any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement. 

  
 19 

 “Participant” has the meaning assigned to such term in Section 9.04(e).

 “Participant Register” has the meaning set forth in Section 9.04(e). 

“Participating Member State” means a member of the European Communities that adopts or has adopted the Euro as its currency
in accordance with EMU Legislation. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in
ERISA and any successor entity thereto. 
 “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 (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA sponsored or maintained by any Borrower or any ERISA Affiliate. 

“Platform” has the meaning set forth in Section 5.01. 

“Pounds” or “£” or “Pound Sterling” refers to lawful money of the United Kingdom.

 “Pound Sterling Overnight Rate” means, for any day, a rate per annum equal to the rate on overnight Pound Sterling
deposits in the London interbank market as such rates are quoted on the applicable page of the Reuters Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Pound Sterling deposits in the London
interbank market) plus the Applicable Rate. 
 “Pound Sterling Quoted Rate” means, for any day for any Swingline
Loan, a rate per annum quoted by a Swingline Lender to the applicable Borrower in response to a Borrowing Request for a Swingline Borrowing as its overnight offer rate in effect for such Swingline Loan at its principal office in London plus
the Applicable Rate. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by the
Administrative Agent 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. 

“Public Lender” has the meaning set forth in Section 5.01. 

“Rating” has the meaning assigned to such term in the definition of “Applicable Rate”. 

“Reference Banks” means Citibank, N.A., JPMorgan Chase Bank, N.A. and BNP Paribas and their respective Affiliates. 

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

  
 20 

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

“Required Class Lenders” means, with respect to any Class at any time and subject to Section 2.22(d), Lenders having
Commitments representing more than 50% of the sum total of the Commitments under such Class at such time; provided that, after a Commitment Termination Date with respect to such Class, the “Required Class Lenders” shall be
determined based on the Revolving Credit Exposures of such Class rather than the Commitments of such Class. 
 “Required
Lenders” means, at any time and subject to Section 2.22(d), Lenders having Commitments representing more than 50% of the sum total of the Commitments at such time; provided that, after a Commitment Termination Date with respect
to either Class, the “Required Lenders” shall be determined based on the Revolving Credit Exposures of such Class rather than the Commitments of such Class. 

“Responsible Officer” means any of the Chief Executive Officer, Chief Legal Officer, Chief Financial Officer, Treasurer or
Controller (or any equivalent of the foregoing officers) of the applicable Credit Party. 
 “Restatement Effective Date”
has the meaning assigned to such term in the Amendment and Restatement Agreement. 
 “Restricted Payment” means, as to any
Person, any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital stock or other equity interests of such Person, 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 any such shares of capital stock or other equity interests of such Person or any option,
warrant or other right to acquire any such shares of capital stock or other equity interests of such Person. 
 “Restricted
Subsidiaries” means, as of any date, all Subsidiaries of Time Warner that have not been designated as Unrestricted Subsidiaries by Time Warner pursuant to Section 6.08 or have been so designated as Unrestricted Subsidiaries by Time
Warner but prior to such date have been (or have been deemed to be) redesignated by Time Warner as Restricted Subsidiaries pursuant to Section 6.08; provided that all references to the Restricted Subsidiaries with respect to any
representation, warranty, covenant or agreement of TWIFL herein shall mean only those Restricted Subsidiaries that are Subsidiaries of TWIFL. 

“Revolving Borrowing” means a Borrowing of Revolving Loans. 

“Revolving Credit Exposure” means Tranche One Revolving Credit Exposure or Tranche Two Revolving Credit Exposure, as
applicable. 
 “Revolving Loan” means a Tranche One Revolving Loan or a Tranche Two Revolving Loan, as applicable. 

  
 21 

 “S&P” means Standard & Poor’s Rating Services. 

“Sanctions Laws” means trade or financial sanctions imposed, administered or enforced by (a) the Office of Foreign
Assets Control (“OFAC”) of the U.S. Department of the Treasury or by the U.S. Department of State pursuant to the International Emergency Economic Powers Act, Trading with the Enemy Act, United Nations Participation Act, Foreign
Narcotics Kingpin Designation Act, Comprehensive Iran Sanctions, Accountability, and Divestment Act, Iran Threat Reduction and Syria Human Rights Act and related executive orders and regulations or (b) Her Majesty’s Treasury of the United
Kingdom, (c) the European Union, and (d) United Nations Security Council. 
 “Sanctioned Person” means any
Person currently named on OFAC’s List of Specially Designated Nationals and Blocked Persons or any similar list issued by a relevant United Nations, United Kingdom, or European Union sanctions authority (“SDNs”), any entity
that is 50 percent or more owned by such SDNs, and any person currently named on the State Department’s Sanctioned Entities List. 

“SEC” means the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Specified Loans” means all the Loans of the applicable Class of any Defaulting Lender outstanding at the time the
Commitment (or, in the case of any such Loans that are Yen Loans, the Yen Commitment) of such Class of such Defaulting Lender is terminated or reduced pursuant to Section 2.22(b), but only to the extent the aggregate principal amount of such
Loans (or such Yen Loans) of such Class exceeds, immediately after giving effect to such termination or reduction, the Commitment (or the Yen Commitment) of such Class of such Defaulting Lender. Any Loan, or any portion thereof, that is a Specified
Loan shall continue as a Specified Loan for all purposes hereof notwithstanding an assignment of all or any portion thereof to any Person pursuant to Section 9.04. 

“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 percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative
Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage 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. 

“Subsequent Participant” means any member state that adopts the Euro as its lawful currency after the date hereof. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial 

  
 22 

 
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other
entity of which 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. Unless otherwise qualified, all references to a
“Subsidiary” or “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of Time Warner. 

“Subsidiary Guarantors” means Historic TW, TBS, HBO and any other Person that becomes and remains a party to the Guarantee
after the Effective Date that is a Subsidiary of Time Warner, in each case until such entity is released from the Guarantee pursuant to Section 9.02(c), and “Subsidiary Guarantor” means any one of them. 

“Swingline Borrowing” means a Borrowing of Swingline Loans. 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Tranche One Lender at any time shall be its Tranche One Applicable Percentage of the total Swingline Exposure at such time. 

“Swingline Lender” means each of Citibank, N.A. and BNP Paribas (or any other Tranche One Lender selected by Time Warner
with such Lender’s consent), in its capacity as a lender of Swingline Loans hereunder. 
 “Swingline Loan” means a
Loan made pursuant to Section 2.04. 
 “Swingline Percentage” means 50% with respect to each Swingline Lender (as
such percentage may be modified from time to time with the written consent of Time Warner and each existing Swingline Lender). 

“Swingline Sublimit” means $250,000,000. 

“Tax Distribution” means, with respect to any period, distributions made to any Person by a Subsidiary of such Person on or
with respect to income and other Taxes, which distributions are not in excess of the Tax liabilities that, (i) in the case of a Subsidiary that is a corporation, would have been payable by such Subsidiary on a standalone basis, and (ii) in
the case of a Subsidiary that is a partnership, would have been distributed by such Subsidiary to its owners with respect to Taxes, and in each case which are calculated in accordance with, and made no earlier than 10 days prior to the date required
by, the terms of the applicable organizational document which requires such distribution. 
 “Taxes” means any and all
present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“TBS” means Turner Broadcasting System, Inc., a Georgia corporation. 

“TIBO Rate” means, with respect to any TIBOR Borrowing for any Interest Period, the rate per annum appearing on the TIBM
Page under the caption “Average of 10 Banks” of Reuters (or on any successor or substitute page of such service, or any successor to or 

  
 23 

 
substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for
purposes of providing quotations of interest rates applicable to Yen deposits in the Tokyo interbank market) at approximately 11:00 a.m., Tokyo time, two Business Days prior to the commencement of such Interest Period, as the rate applicable to
deposits in Yen with a maturity comparable to such Interest Period, plus any costs incurred by making or funding such TIBOR Borrowing hereunder, if such costs result directly from any applicable banking law or regulation or from any
applicable requirement or directive of any Governmental Authority, including the imposition of any reserve requirement. 

“TIBOR” means, when used in reference to any Loan or Borrowing, whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the TIBO Rate. 
 “Time Warner” has the meaning assigned to such
term in the preamble to this Agreement. 
 “Tranche One Applicable Percentage” means, at any time, with respect to any
Tranche One Lender, the percentage of the total Tranche One Commitments represented by such Lender’s Tranche One Commitment at such time; provided that for the purpose of Section 2.22, “Tranche One Applicable Percentage”
shall mean the percentage of the total Tranche One Commitments (disregarding any Defaulting Lender’s Tranche One Commitment) represented by such Lender’s Tranche One Commitment. If the Tranche One Commitments have terminated or expired,
the Tranche One Applicable Percentages shall be determined based upon the Tranche One 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. 

“Tranche One Availability Period” means the period from and including the Effective Date to but excluding the Tranche One
Commitment Termination Date. 
 “Tranche One Commitment” means, with respect to each Lender, the commitment, if any, of
such Lender to make Tranche One Revolving Loans and to acquire participations in Tranche One Yen Loans and/or to acquire participations in Swingline Loans and Letters of Credit hereunder, expressed as an amount representing the maximum aggregate
permitted amount of such Lender’s Tranche One Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, Section 2.18 or Section 2.22, (b) increased from time
to time pursuant to Section 2.21 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Tranche One Commitment as of the Restatement
Effective Date is set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Tranche One Commitment, as applicable. 

“Tranche One Commitment Termination Date” means the earlier of (a) the Tranche One Maturity Date, provided that
if such day is not a Business Day, then the immediately preceding Business Day and (b) the date on which the Tranche One Commitments shall terminate in their entirety in accordance with the provisions of this Agreement. 

  
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 “Tranche One Lender” means a Lender with a Tranche One Commitment and/or
Tranche One Revolving Credit Exposure. 
 “Tranche One Maturity Date” means the fifth anniversary of the Restatement
Effective Date, as such date may be extended pursuant to Section 2.08(d). 
 “Tranche One Revolving Credit Exposure”
means, with respect to any Tranche One Lender at any time, the sum of the outstanding principal amount of such Lender’s Tranche One Revolving Loans, its Tranche One Yen Exposure, its LC Exposure and its Swingline Exposure at such time. For
purposes of Sections 2.01(b), 2.01(c), 2.04(a), 2.05(b), 2.08(a) and 2.19 of this Agreement, the total Tranche One Revolving Credit Exposures shall be determined without giving regard to the outstanding principal amount of the applicable Specified
Loans. 
 “Tranche One Revolving Loan” means a Loan made by a Tranche One Lender pursuant to Section 2.03. 

“Tranche One Yen Commitment” means, with respect to each Tranche One Yen Fronting Lender, the commitment of such Lender to
make Tranche One Yen Loans hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, Section 2.18 or Section 2.22, (b) increased from time to time pursuant to Section 2.21 and
(c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Tranche One Yen Fronting Lender’s Tranche One Yen Commitment as of the Effective Date is its pro rata
share of the Tranche One Yen Sublimit, or as set forth in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Tranche One Yen Commitment, as applicable. 

“Tranche One Yen Exposure” means, at any time, the aggregate principal amount of all Tranche One Yen Loans outstanding at
such time. The Tranche One Yen Exposure of any Lender at any time shall be its Tranche One Applicable Percentage of the total Tranche One Yen Exposure at such time. 

“Tranche One Yen Fronting Lenders” means Citibank, N.A., Bank of America, N.A., BNP Paribas, The Bank of Tokyo-Mitsubishi
UFJ, Ltd., Deutsche Bank AG New York Branch and Mizuho Corporate Bank, Ltd. in their capacity as Lenders of Tranche One Yen Loans hereunder. 

“Tranche One Yen Loan” means a Loan denominated in Yen made by a Tranche One Yen Fronting Lender. 

“Tranche One Yen Sublimit” means $250,000,000. 

“Tranche Two Applicable Percentage” means, at any time, with respect to any Tranche Two Lender, the percentage of the total
Tranche Two Commitments represented by such Lender’s Tranche Two Commitment at such time; provided that for the purpose of Section 2.22, “Tranche Two Applicable Percentage” shall mean the percentage of the total Tranche
Two Commitments (disregarding any Defaulting Lender’s Tranche Two Commitment) represented by such Lender’s Tranche Two Commitment. If the Tranche Two Commitments have terminated or expired, the Tranche Two Applicable Percentages shall be
determined based upon the Tranche Two 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. 

  
 25 

 “Tranche Two Availability Period” means the period from and including the
Effective Date to but excluding the Tranche Two Commitment Termination Date. 
 “Tranche Two Commitment” means, with
respect to each Lender, the commitment, if any, of such Lender to make Tranche Two Revolving Loans and to acquire participations in Tranche Two Yen Loans, expressed as an amount representing the maximum aggregate permitted amount of such
Lender’s Tranche Two Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, Section 2.18 or Section 2.22, (b) increased from time to time pursuant to
Section 2.21 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Tranche Two Commitment as of the Restatement Effective Date is set
forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Tranche Two Commitment, as applicable. 

“Tranche Two Commitment Termination Date” means the earlier of (a) the Tranche Two Maturity Date, provided that
if such day is not a Business Day, then the immediately preceding Business Day and (b) the date on which the Tranche Two Commitments shall terminate in their entirety in accordance with the provisions of this Agreement. 

“Tranche Two Lender” means a Lender with a Tranche Two Commitment and/or Tranche Two Revolving Credit Exposure. 

“Tranche Two Maturity Date” means the fifth anniversary of the Restatement Effective Date, as such date may be extended
pursuant to Section 2.08(d). 
 “Tranche Two Revolving Credit Exposure” means, with respect to any Tranche Two Lender
at any time, the sum of the outstanding principal amount of such Lender’s Tranche Two Revolving Loans and its Tranche Two Yen Exposure at such time. For purposes of Sections 2.01(a), 2.01(c), 2.08(a) and 2.19 of this Agreement, the total
Tranche Two Revolving Credit Exposures shall be determined without giving regard to the outstanding principal amount of the applicable Specified Loans. 

“Tranche Two Revolving Loan” means a Loan made by a Tranche Two Lender pursuant to Section 2.03. 

“Tranche Two Yen Commitment” means, with respect to each Tranche Two Yen Fronting Lender, the commitment of such Lender to
make Tranche Two Yen Loans hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, Section 2.18 or Section 2.22, (b) increased from time to time pursuant to Section 2.21 and
(c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Tranche Two Yen Fronting Lender’s Tranche Two Yen Commitment as of the Effective Date is its pro rata
share of the Tranche Two Yen Sublimit, or as set forth in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Tranche Two Yen Commitment, as applicable. 

  
 26 

 “Tranche Two Yen Exposure” means, at any time, the aggregate principal amount
of all Tranche Two Yen Loans outstanding at such time. The Tranche Two Yen Exposure of any Lender at any time shall be its Tranche Two Applicable Percentage of the total Tranche Two Yen Exposure at such time. 

“Tranche Two Yen Fronting Lenders” means Citibank, N.A., Bank of America, N.A., BNP Paribas, The Bank of Tokyo-Mitsubishi
UFJ, Ltd., Deutsche Bank AG New York Branch and Mizuho Corporate Bank, Ltd. in their capacity as Lenders of Tranche Two Yen Loans hereunder. 

“Tranche Two Yen Loan” means a Loan denominated in Yen made by a Tranche Two Yen Fronting Lender. 

“Tranche Two Yen Sublimit” means $250,000,000. 

“Transactions” means (a) the execution and delivery of the Amendment and Restatement Agreement and the performance by
(i) each of the Borrowers of this Agreement and the Amendment and Restatement Agreement and (ii) each of the Guarantors of the Guarantee, and (b) the borrowing of Loans and the issuance of Letters of Credit. 

“Treaty” means the Treaty establishing the European Economic Community, being the Treaty of Rome of March 25, 1957, as
amended by the Single European Act 1987, the Maastricht Treaty (which was signed at Maastricht on February 7, 1992 and came into force on November 1, 1993), the Amsterdam Treaty (which was signed at Amsterdam on October 2, 1997 and
came into force on May 1, 1999) and the Nice Treaty (which was signed on February 26, 2001), each as amended from time to time and as referred to in legislative measures of the European Union for the introduction of, changeover to or
operating of the Euro in one or more member states. 
 “TWIFL” has the meaning assigned to such term in the preamble
hereto. 
 “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, the Alternate Base Rate, the Pound Sterling Overnight Rate, the Pound Sterling Quoted Rate, the Euro Overnight Rate, the Euro Quoted Rate or the
TIBO Rate. 
 “United States” means the United States of America. 

“Unrestricted Subsidiaries” means, as of any time, all Subsidiaries of Time Warner that have been designated as Unrestricted
Subsidiaries by Time Warner pursuant to Section 6.08, and “Unrestricted Subsidiary” means any one of them. 
 “U.S.
Person” means a Person who is a citizen or resident of the United States and any corporation or other entity created or organized in or under the laws of the United States. 

“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. 

  
 27 

 “Yen” and “¥” refer to lawful money of Japan. 

“Yen Commitment” means a Tranche One Yen Commitment or a Tranche Two Yen Commitment, as applicable. 

“Yen Exposure” means Tranche One Yen Exposure or Tranche Two Yen Exposure, as applicable. 

“Yen Fronting Lender” means a Tranche One Yen Fronting Lender or a Tranche Two Yen Fronting Lender, as applicable. 

“Yen Loan” means a Tranche One Yen Loan or a Tranche Two Yen Loan, as applicable. 

SECTION 1.02.        Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Type (e.g., a “Eurocurrency Loan”) or by Class (e.g., a “Tranche Two Revolving Loan”) or by Class and Type (e.g., a “Tranche Two Eurocurrency Revolving
Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurocurrency Borrowing”) or by Class (e.g., a “Tranche Two Borrowing”) or by Class and Type (e.g., a “Tranche Two
Eurocurrency 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.” Unless the
context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein 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 reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) 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, (d) 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 and (e) the words “asset” and “property” shall, except where the context
dictates otherwise, be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 1.04.        Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if Time Warner notifies the Administrative Agent that Time Warner requests 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 notifies Time Warner that the Required Lenders 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

  
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and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, computations shall be made without giving effect to any election under Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, or FASB ASC Topic 470-20, “Debt with Conversion and Other Options”, (or any successor thereto) to value any
Indebtedness of the Borrowers or their Subsidiaries at “fair value”, as defined therein. 
 SECTION
1.05.        TWIFL Representations and Covenants. Notwithstanding any term to the contrary in any Credit Document, (a) each representation and warranty made or deemed to be made by TWIFL and
(b) each covenant, undertaking and other provision under a Credit Document which is binding on TWIFL, shall only be made or shall only apply (as the case may be) in respect of TWIFL and (to the extent that the relevant representation, warranty,
covenant, undertaking or other provision expressly refers to Restricted Subsidiaries) TWIFL’s Restricted Subsidiaries, and no term in any Credit Document shall operate, be construed or shall take effect in a manner that would result in either
(i) TWIFL making any representation or statement in respect of any Person other than itself or (to the extent that the relevant representation or warranty expressly refers to Restricted Subsidiaries) its Restricted Subsidiaries or
(ii) TWIFL undertaking or being bound by any obligation to procure or to use its efforts to procure or ensure that a Person other than itself or (to the extent that the relevant covenant, undertaking or other provision expressly refers to
Restricted Subsidiaries) its Restricted Subsidiaries, acts or refrains from acting in any manner or to comply with any term of the Credit Documents. In the event of any inconsistency between this Section 1.05 and any other provision of any
Credit Document, this Section 1.05 shall prevail. 
 ARTICLE II 

THE CREDITS 
 SECTION
2.01.        Commitments. (a) Subject to the terms and conditions set forth herein, each Tranche One Lender agrees to make Tranche One Revolving Loans to each Borrower in Dollars or any Optional
Currency other than Yen from time to time during the Tranche One Availability Period so long as, after giving effect thereto, (i) such Tranche One Lender’s Tranche One Revolving Credit Exposure will not exceed such Tranche One
Lender’s Tranche One Commitment, and (ii) the sum of the total Tranche One Revolving Credit Exposures will not exceed the sum total of the Tranche One Commitments. Within the foregoing limits and subject to the terms and conditions set
forth herein, each Borrower may borrow, prepay and reborrow Tranche One Revolving Loans. The Tranche One Revolving Loans made in Dollars may from time to time be Eurocurrency Loans or Alternate Base Rate Loans; the Tranche One Revolving Loans made
in Pounds may from time to time be Eurocurrency Loans or Pound Sterling Overnight Rate Loans; and the Tranche One Revolving Loans made in Euros may from time to time be Eurocurrency Loans or Euro Overnight Rate Loans, in each case as determined
by the applicable Borrower and notified to the Administrative Agent in accordance with Sections 2.03 and 2.07. 

(b)        Subject to the terms and conditions set forth herein, each Tranche Two Lender agrees to
make Tranche Two Revolving Loans to each Borrower in Dollars or any 

  
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Optional Currency other than Yen from time to time during the Tranche Two Availability Period so long as, after giving effect thereto, (i) such Tranche Two Lender’s Tranche Two
Revolving Credit Exposure will not exceed such Tranche Two Lender’s Tranche Two Commitment, and (ii) the sum of the total Tranche Two Revolving Credit Exposures will not exceed the sum total of the Tranche Two Commitments. Within the
foregoing limits and subject to the terms and conditions set forth herein, each Borrower may borrow, prepay and reborrow Tranche Two Revolving Loans. The Tranche Two Revolving Loans made in Dollars may from time to time be Eurocurrency Loans or
Alternate Base Rate Loans; the Tranche Two Revolving Loans made in Pounds may from time to time be Eurocurrency Loans or Pound Sterling Overnight Rate Loans; and the Tranche Two Revolving Loans made in Euros may from time to time be
Eurocurrency Loans or Euro Overnight Rate Loans, in each case as determined by the applicable Borrower and notified to the Administrative Agent in accordance with Sections 2.03 and 2.07. 

(c)        (i) Subject to the terms and conditions set forth herein, the Tranche One Yen
Fronting Lenders agree to make Tranche One Yen Loans, ratably in accordance with their Tranche One Yen Commitments, to each Borrower from time to time during the Tranche One Availability Period so long as, after giving effect thereto, (A) the
aggregate principal amount of outstanding Tranche One Yen Loans will not exceed the Tranche One Yen Sublimit, (B) the sum of the total Tranche One Revolving Credit Exposures will not exceed the sum total of the Tranche One Commitments,
(C) such Tranche One Yen Fronting Lender’s Tranche One Revolving Credit Exposure will not exceed such Tranche One Yen Fronting Lender’s Tranche One Commitment and (D) the aggregate principal amount of the outstanding Tranche One
Yen Loans made by any Tranche One Yen Fronting Lender will not exceed such Tranche One Yen Fronting Lender’s Tranche One Yen Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may
borrow, prepay and reborrow Tranche One Yen Loans. The Tranche One Yen Loans shall be TIBOR Loans. 

(ii)        Subject to the terms and conditions set forth herein, the Tranche Two Yen
Fronting Lenders agree to make Tranche Two Yen Loans, ratably in accordance with their Tranche Two Yen Commitments, to each Borrower from time to time during the Tranche Two Availability Period so long as, after giving effect thereto, (A) the
aggregate principal amount of outstanding Tranche Two Yen Loans will not exceed the Tranche Two Yen Sublimit, (B) the sum of the total Tranche Two Revolving Credit Exposures will not exceed the sum total of the Tranche Two Commitments,
(C) such Tranche Two Yen Fronting Lender’s Tranche Two Revolving Credit Exposure will not exceed such Tranche Two Yen Fronting Lender’s Tranche Two Commitment and (D) the aggregate principal amount of the outstanding Tranche Two
Yen Loans made by any Tranche Two Yen Fronting Lender will not exceed such Tranche Two Yen Fronting Lender’s Tranche Two Yen Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may
borrow, prepay and reborrow Tranche Two Yen Loans. The Tranche Two Yen Loans shall be TIBOR Loans. 

(iii)        If any Event of Default shall occur and be continuing, any Yen Fronting
Lender of either Class may by written notice to the Administrative Agent not later than 11:00 a.m., New York City time, on any Business Day require the Lenders of such Class to acquire participations on such Business Day in all or a portion of the
Yen Loans of such Class outstanding. Such notice shall specify the aggregate amount of Yen Loans of 

  
 30 

 
such Class in which Lenders of such Class will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender of such Class, specifying in
such notice such Lender’s Applicable Percentage of the Dollar Equivalent Amount of such Yen Loan or Loans of the applicable Class. Each Lender of the applicable Class hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to the Administrative Agent, for the account of the applicable Yen Fronting Lender, such Lender’s Applicable Percentage of such Yen Loan or Loans of such Class in Dollars. Each Lender acknowledges and agrees that its
obligation to acquire participations in Yen Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or 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), and the Administrative Agent shall promptly pay to the
Yen Fronting Lenders of the relevant Class pro rata according to their Yen Exposures of such Class the amounts so received by it from the Lenders. The Administrative Agent shall notify the applicable Borrower of any participations in any Yen Loan to
it acquired pursuant to this paragraph. Any amounts received by the Administrative Agent from the applicable Borrower (or other party on behalf of the applicable Borrower) in respect of such Loan after receipt by the applicable Yen Fronting Lender
of the proceeds of a sale of participations therein shall be promptly remitted by the Administrative Agent to the Lenders of the applicable Class that shall have made their payments pursuant to this paragraph and to the Yen Fronting Lenders of the
relevant Class, pro rata as their interests may appear. The purchase of participations in a Yen Loan pursuant to this paragraph shall not relieve the applicable Borrower of its obligations in respect of the payment thereof. From and after such
purchase, (A) the outstanding Yen Loans of the applicable Class in which the Lenders of the applicable Class have purchased such participations shall be deemed to have been converted into Alternate Base Rate Loans denominated in Dollars (with
such conversion constituting, for purposes of Section 2.15, a prepayment of such Yen Loans before the last day of the Interest Period with respect thereto) and (B) all amounts from time to time accruing, and all amounts from time to time
payable, on account of such Loans (including, without limitation, any interest and other amounts which were accrued but unpaid on the date of such purchase) shall be payable in Dollars as if such Loan had originally been made in Dollars.
Notwithstanding the foregoing, a Lender of either Class shall not have any obligation to acquire a participation in a Yen Loan of such Class pursuant to this paragraph if an Event of Default shall have occurred and be continuing at the time such Yen
Loan was made and such Lender shall have notified the Yen Fronting Lenders of such Class in writing, at least one Business Day prior to the time such Yen Loan was made, that such Event of Default has occurred and that such Lender will not acquire
participations in Yen Loans of such Class made while such Event of Default is continuing. 
 SECTION
2.02.        Loans and Borrowings. (a) Each Borrowing of Revolving Loans of either Class (other than Yen Loans) shall consist of Revolving Loans made by the

  
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Lenders of such Class ratably in accordance with their respective Commitments of such Class. Each Yen Loan of either Class shall be made as part of a Borrowing consisting of Yen Loans of such
Class made by the Yen Fronting Lenders of such Class ratably in accordance with their respective Yen Commitments of such Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder; provided that the Commitments and Yen Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b)        Subject to Section 2.13, each Revolving Borrowing shall be comprised entirely of Base
Rate Loans, Eurocurrency Loans or TIBOR Loans as the applicable Borrower may request in accordance herewith. Each Swingline Loan shall be, if denominated in Dollars, an ABR Loan, if denominated in Pounds Sterling, a Pound Sterling Overnight
Rate Loan or a Pound Sterling Quoted Rate Loan, or if denominated in Euros, a Euro Overnight Rate Loan or a Euro Quoted Rate Loan, at the option of the applicable Borrower. Each Lender at its option may make any Base Rate Loan denominated in
Pound Sterling or Euro, Eurocurrency Loan or TIBOR Loan, as applicable, by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall (i) subject to
following clause (ii), not affect the obligation of the Borrower thereof to repay such Loan in accordance with the terms of this Agreement and (ii) not create any additional liability of the Borrowers in respect of Section 2.14 or
2.16. 
 (c)        At the commencement of each Interest Period for any Eurocurrency or TIBOR
Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of 1,000,000 units of the relevant Currency and not less than an amount of which the Dollar Equivalent is $20,000,000. At the time that any Base Rate
Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of 1,000,000 units and not less than an amount of which the Dollar Equivalent is $20,000,000; provided that any Base Rate Borrowing of either Class
may be in an aggregate amount that is equal to the entire unused balance of the sum total of the Commitments of such Class or, in the case of a Tranche One Base Rate Borrowing, that is required to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e). Each Swingline Loan shall be in an amount that is an integral multiple of 1,000,000 units and not less than $5,000,000. Borrowings of more than one Type or Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of 20 Eurocurrency Revolving Borrowings of either Class outstanding nor more than five TIBOR Borrowings of either Class outstanding. 

(d)        Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to
request or elect any Interest Period in respect of any Borrowing that would end after the (i) Tranche One Maturity Date, in the case of a Tranche One Borrowing, or (ii) Tranche Two Maturity Date, in the case of a Tranche Two Borrowing.

 SECTION 2.03.        Requests for Revolving Borrowings. To request a Revolving Borrowing,
a Borrower shall notify the Administrative Agent of such request by telephone in accordance with Schedule 2.03(A); provided that no more than the Dollar Equivalent of $2,000,000,000 of Revolving Loans of either Class denominated in Euros
shall be outstanding at any time as to which the Administrative Agent was notified the same day as the Revolving Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to
the Administrative Agent of a written 

  
 32 

 
Borrowing Request in a form approved by the Administrative Agent and signed by such Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
 (a)        the aggregate amount, Class (either
Tranche One or Tranche Two) and Currency of the requested Borrowing, and, in the case of an Optional Currency Borrowing, the Dollar Equivalent of the requested Borrowing, as calculated using the Exchange Rate on the date of the request; 

(b)        the date of such Borrowing, which shall be a Business Day; 

(c)        whether such Borrowing is to be an ABR Borrowing, a Pound Sterling
Overnight Rate Borrowing, a Euro Overnight Rate Borrowing, a Eurocurrency Borrowing or a TIBOR Borrowing; 

(d)        in the case of a Eurocurrency or TIBOR Borrowing, the initial Interest
Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 

(e)        the location and number of the applicable Borrower’s account to which
funds are to be disbursed, which shall comply with the requirements of Section 2.06. 
 Notwithstanding anything to the contrary above in this
Section 2.03, no such notice shall alter the information set forth on Schedule 2.03(B) unless such notice shall be written. If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be
deemed a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency or TIBOR Revolving Borrowing, then the applicable 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 Loan to be made as part of the requested Borrowing.

 SECTION 2.04.        Swingline Loans. (a) Subject to the terms and conditions set
forth herein, each Swingline Lender agrees to make Swingline Loans to each Borrower from time to time during the Tranche One Availability Period, so long as, after giving effect thereto, (i) the aggregate principal amount of outstanding
Swingline Loans will not exceed the Swingline Sublimit, (ii) the aggregate principal amount of outstanding Swingline Loans made by such Swingline Lender will not exceed its Swingline Percentage of the Swingline Sublimit at such time and
(iii) the sum of the total Tranche One Revolving Credit Exposures will not exceed the sum total of the Tranche One Commitments; provided that no Swingline Lender shall be required to make a Swingline Loan to refinance an outstanding
Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may borrow, prepay and reborrow Swingline Loans. Swingline Loans shall be made in Dollars, Pounds or Euros only. 

(b)        To request a Swingline Loan, the applicable Borrower shall notify the Administrative Agent
of such request by telephone (confirmed by facsimile) in accordance with Schedule 2.03(A). Each such notice shall be irrevocable and shall specify the requested 

  
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currency, the requested date (which shall be a Business Day), the requested interest rate and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline
Lenders of any such notice received from a Borrower. Each Swingline Lender shall make its Swingline Percentage of each Swingline Loan available to the applicable Borrower by means of a credit to the general deposit account (as more specifically set
forth on Schedule 2.03(B), and changed from time to time only by a written notice) of the applicable Borrower with such Swingline Lender by 4:00 p.m., Local Time, on the requested date of such Swingline Loan. 

(c)        A Swingline Lender may by written notice given to the Administrative Agent not later than
11:00 a.m., Local Time, on any Business Day, on one Business Day’s notice to the Tranche One Lenders, require the Tranche One Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans made by such
Swingline Lender then outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Tranche One Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each
Tranche One Lender, specifying in such notice such Lender’s Tranche One Applicable Percentage of such Swingline Loan or Loans. Each Tranche One Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to
pay to the Administrative Agent, for the account of such Swingline Lender, such Lender’s Tranche One Applicable Percentage of such Swingline Loan or Loans. Each Tranche One Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Tranche One
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Tranche One 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 Tranche One Lenders), and the Administrative Agent
shall promptly pay to the applicable Swingline Lender the amounts so received by it from the Tranche One Lenders, whereafter such Swingline Loan shall be deemed converted to a Base Rate Revolving Loan to the extent of such amounts for all purposes
of this Agreement. The Administrative Agent shall notify the applicable Borrower of any participations in any Swingline Loan to it acquired pursuant to this paragraph. Any amounts received by the Administrative Agent from the applicable Borrower (or
other party on behalf of the applicable Borrower) in respect of a Swingline Loan after receipt by a Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted by the Administrative Agent to the Tranche One
Lenders that shall have made their payments pursuant to this paragraph and to the applicable Swingline Lender, pro rata as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve
the applicable Borrower of any of its obligations in respect of the payment thereof. Notwithstanding the foregoing, a Tranche One Lender shall not have any obligation to acquire a participation in a Swingline Loan pursuant to this paragraph if an
Event of Default shall have occurred and be continuing at the time such Swingline Loan was made and such Lender shall have notified the Swingline Lenders in writing, at least one Business Day prior to the time such Swingline Loan was made, that such
Event of Default has occurred and that such Lender will not acquire participations in Swingline Loans made while such Event of Default is continuing. 

  
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 SECTION 2.05.        Letters of Credit.
(a) General. Subject to the terms and conditions set forth herein, a Borrower may request the issuance of one or more Letters of Credit in support of obligations of such Borrower and its Subsidiaries, in a form reasonably acceptable to
such Borrower and the Issuing Bank, at any time and from time to time during the Tranche One Availability Period. Each Letter of Credit shall be issued in Dollars or in an Optional Currency other than Yen. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the applicable Borrower to, or entered into by such Borrower with, the Issuing Bank relating to any
Letter of Credit, 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), a Borrower shall deliver by hand or facsimile (or transmit
by other electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank (reasonably in advance of the requested date of such issuance, amendment, renewal or extension and no later than 12:00 noon,
Local Time, one Business Day prior to such date) a notice (with a copy to the Administrative Agent if not the Issuing Bank) requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and
specifying the 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 and Currency of such
Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit, as the case may be. If requested by the Issuing Bank, the applicable
Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended on the requested date only if
(and upon issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall
not exceed the LC Sublimit, (ii) the sum of the total Tranche One Revolving Credit Exposures shall not exceed the sum total of the Tranche One Commitments and (iii) the requirements of paragraph (c) of this Section shall be satisfied.

 (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 Tranche One Maturity
Date unless such Letter of Credit is cash collateralized in an amount equal to its face amount with the Issuing Bank or the Administrative Agent, for the benefit of such Issuing Bank, prior to 12:00 noon, Local Time, on the Tranche One Maturity
Date; provided that any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional one-year periods (but no such renewal shall be effected if such renewal would cause the expiry of such Letter of Credit to
extend beyond the Tranche One Maturity Date unless such Letter of Credit is so cash collateralized in an amount equal to its face amount prior to 12:00 noon, Local Time, on the Tranche One Maturity Date). 

(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 

  
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Issuing Bank or the Tranche One Lenders, the Issuing Bank hereby grants to each Tranche One Lender, and each Tranche One Lender hereby acquires from the Issuing Bank, a participation in such
Letter of Credit equal to such Lender’s Tranche One Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Tranche One Lender hereby absolutely
and unconditionally agrees to pay to the Issuing Bank, such Lender’s Tranche One Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the applicable Borrower on the date due as provided in
paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the applicable Borrower for any reason. Each Tranche One 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
reduction or termination of the Tranche One Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e)        Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the applicable Borrower shall reimburse such LC Disbursement in the same Currency as such LC Disbursement by paying to the Issuing Bank an amount equal to such LC Disbursement not later than 2:00 p.m., Local Time, on the Business
Day immediately following the day that such Borrower receives notice of such LC Disbursement; provided that, if such Borrower fails to reimburse the Issuing Bank on such date, the Borrower shall be deemed to have requested a Tranche One Base
Rate Borrowing in the principal amount and Currency of the LC Disbursement, without regard to the minimum amounts and multiples set forth in Section 2.02, but subject to the unutilized portion of the Tranche One Commitments. If the Borrower
elects, or is deemed, to finance amounts due under any Letter of Credit in such a manner, the Borrower’s obligation to pay an amount equal to the LC Disbursement to the Issuing Bank shall be discharged and replaced by the resulting Tranche One
Base Rate Borrowing, and the Issuing Bank shall notify the Administrative Agent, who shall notify each Tranche One Lender of the applicable LC Disbursement and corresponding Tranche One Base Rate Borrowing and such Lender’s Tranche One
Applicable Percentage thereof. Promptly following receipt of such notice, each Tranche One Lender shall pay to the Issuing Bank its Tranche One Applicable Percentage of such Tranche One Base Rate Borrowing, 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 Tranche One Lenders). Promptly following receipt of any payment from a Borrower
pursuant to this paragraph, such payment shall be distributed to the Issuing Bank (and the participating Tranche One Lenders as their interests may appear) or, to the extent that Tranche One Lenders have made payments pursuant to this paragraph to
fund any Tranche One Base Rate Loan made to reimburse the Issuing Bank, to such Lenders and the Issuing Bank (and the participating Tranche One Lenders as their interests may appear) pro rata as their interests may appear. 

(f)        Obligations Absolute. The applicable Borrower’s obligation to reimburse LC
Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and 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 therein, (ii) any 

  
 36 

 
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 the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not strictly 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 Section, constitute a legal or equitable discharge of, or provide a right of setoff against, such Borrower’s obligations hereunder, the respective Issuing
Bank’s only obligation to the applicable Borrower in respect of any drawing made on any Letter of Credit being to confirm that any documents required to be delivered under such Letter of Credit appear to have been delivered and appear to
substantially comply on their face with the requirements of such Letter of Credit. Neither the Administrative Agent, nor any of the Tranche One Lenders nor the Issuing Bank, nor 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 or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or 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 consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to such Borrower to the extent of
any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by such Borrower to the extent permitted by applicable law) suffered by such Borrower that are caused by the Issuing Bank’s gross negligence
or willful misconduct in connection with any of the foregoing circumstances. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in
substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information
to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(g)        Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the applicable Borrower by telephone (confirmed by facsimile) of such demand
for payment and whether the 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 applicable Borrower of its obligation to reimburse the
Issuing Bank and/or the Tranche One Lenders with respect to any such LC Disbursement. 

(h)        Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless
the applicable 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 such Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Tranche One Base Rate Loans in the applicable Currency; provided that, if such LC Disbursement cannot be reimbursed with the proceeds of a
Tranche One Revolving Loan pursuant to Section 2.05(e) and the applicable Borrower fails to reimburse such LC Disbursement within three Business 

  
 37 

 
Days, then Section 2.12(g) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of
payment by any Tranche One Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i)        Replacement of an Issuing Bank. Any Issuing Bank may be replaced at any time by
written agreement among Time Warner, the replaced Issuing Bank and the successor Issuing Bank or pursuant to Article VIII. Time Warner shall notify the Administrative Agent, who will notify the Tranche One Lenders of any such replacement of the
Issuing Bank. At the time any such replacement shall become effective, the applicable Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective date of any
such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term
“Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit. 
 (j)        Existing Letters of Credit. Notwithstanding
anything to the contrary above in this Section 2.05, including, without limitation, the procedural requirements of clause (b) hereof, each letter of credit listed on Schedule 2.05 which is outstanding on the Restatement Effective Date
(including any extension thereof) shall constitute a “Letter of Credit” for all purposes of this Agreement and shall be deemed issued, including for purposes of this Section 2.05 and Section 2.11(b), on the Restatement Effective
Date. Thereafter, each such Letter of Credit deemed issued pursuant to this Section 2.05(j) shall be governed by, and shall be subject to the provisions of, this Section 2.05, and Time Warner and the respective Issuing Banks with respect
to such Letters of Credit deemed issued pursuant to this Section 2.05 agree that any reimbursement agreement, credit agreement or other document (excluding such Letter of Credit itself) previously governing such Letter of Credit shall be deemed
terminated and replaced with the provisions of this Section 2.05 and the other applicable terms of this Agreement (it being understood that any fees or other amounts payable to such Issuing Bank accrued prior to the Effective Date in respect of
any such Letter of Credit, shall be payable to such Issuing Bank in accordance with the provisions of such prior agreement). 
 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, Local
Time, for the applicable Currency, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04. The
Administrative Agent will make such Loans available to the applicable Borrower by promptly crediting the amounts so received, in like funds, to an account of the applicable Borrower specified on Schedule 2.03(B) or designated by the applicable
Borrower in the applicable Borrowing Request. 
 (b)        Unless the Administrative Agent shall
have received notice from a Lender prior to the time of any Borrowing that such Lender will not make available to the 

  
 38 

 
Administrative Agent such Lender’s share of such 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 upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the Administrative Agent shall have the right to demand payment from the applicable Lender and/or the applicable Borrower and they each 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 applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender,
(A) in the case of Borrowings denominated in Dollars, the Alternate Base Rate, and (B) in the case of Borrowings denominated in any Optional Currency, the interest rate reasonably determined by the Administrative Agent as the rate
applicable to overnight settlements between banks for the amount advanced by the Administrative Agent on behalf of such Lender or (ii) in the case of the applicable Borrower, the interest rate that would otherwise apply to such Borrowing. If
such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing and such payment shall absolve any obligation of the applicable Borrower in respect of any demand made
under this Section in respect of such Loan. 
 SECTION 2.07.        Interest Elections.
(a) Each Revolving Borrowing initially shall be of the Class and Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency or TIBOR Revolving Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request. Thereafter, the applicable Borrower may elect to convert such Borrowing to a different Type (but of the same currency and Class) or to continue such Borrowing and, in the case of a Eurocurrency or TIBOR Revolving Borrowing, may
elect Interest Periods therefor, all as provided in this Section. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the
Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may be made and maintained only as Base Rate Loans.

 (b)        To make an election pursuant to this Section, the applicable 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 such Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the
effective date of such election (as more specifically set forth in Schedule 2.03(A)). Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a
written Interest Election Request in a form approved by the Administrative Agent and signed by the applicable Borrower. 

(c)        Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02: 
 (i)        the 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 Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

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

(iii)        whether the resulting Borrowing is to be a Base Rate Borrowing or a
Eurocurrency or a TIBOR Borrowing; and 
 (iv)        if the resulting Borrowing is
a Eurocurrency or TIBOR 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 Borrowing or TIBOR Borrowing but does not specify an Interest Period, then the applicable
Borrower shall be deemed to have selected an Interest Period of one month’s duration. All Loans denominated in Yen in each case shall be TIBOR Loans. 

(d)        Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each participating Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e)        If the applicable Borrower fails to deliver a timely Interest Election Request with
respect to a Eurocurrency or TIBOR 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 continued as a
Eurocurrency or TIBOR Revolving Borrowing, as the case may be, having a one-month Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of
the Required Lenders, so notifies the applicable Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurocurrency or TIBOR Borrowing and (ii) unless
repaid, each Eurocurrency and TIBOR Revolving Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.08.        Termination, Reduction and Extension of Commitments. The Tranche One
Commitments shall terminate on the Tranche One Commitment Termination Date, and the Tranche Two Commitments shall terminate on the Tranche Two Commitment Termination Date. 

(a)        Time Warner may at any time terminate, or from time to time reduce, the Tranche One
Commitments and/or Tranche Two Commitments; provided that (i) each reduction of the Tranche One Commitments or Tranche Two Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 and
(ii) Time Warner shall not terminate or reduce the Commitments of either Class if, after giving effect thereto and to any concurrent prepayment of the Loans of such Class in accordance with Section 2.10, the sum of the Revolving Credit
Exposures of such Class would exceed the total Commitments of such Class. 

  
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 (b)        Time Warner shall notify the Administrative
Agent of any election to terminate or reduce the Commitments of either Class under paragraph (a) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective
date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by Time Warner pursuant to this Section shall be irrevocable; provided that a notice of
termination of the Commitments of either Class delivered by Time Warner may state that such notice is conditioned upon the effectiveness of other credit facilities or the occurrence of other events, in which case such notice may be revoked by Time
Warner (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 of either Class shall be permanent. Each reduction of the Commitments of
either Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. 

(c)        Time Warner may terminate or reduce a Commitment of either Class (and the corresponding
Yen Commitment) of any Defaulting Lender as provided in Section 2.22. The provisions of the preceding paragraphs of this Section 2.08 shall not apply to any such termination or reduction made pursuant to Section 2.22. 

(d)        Time Warner may, from time to time and by written notice to the Administrative Agent
(which shall promptly deliver a copy to the Lenders of the applicable Class (the “Extension Class Lenders”)), request that the Extension Class Lenders extend the Tranche One Maturity Date, or the Tranche Two Maturity Date, as
applicable, for an additional period of one year (the date of any such request being called the “Extension Request Date”). Each Extension Class Lender shall, by written notice to Time Warner and the Administrative Agent given not
later than the 15th day (or such other day as Time Warner and the Administrative Agent shall agree) after the Extension Request Date, advise Time Warner whether or not it agrees to the requested extension (each Extension Class Lender agreeing to a
requested extension being called an “Extension Consenting Lender” and each Extension Class Lender declining to agree to a requested extension being called an “Extension Declining Lender”). Any Extension Class Lender
that has not so advised Time Warner and the Administrative Agent by such date shall be deemed to be an Extension Declining Lender. If Extension Class Lenders constituting the Required Class Lenders of the applicable Class of Lenders shall have
agreed to an extension request, then the Maturity Date of such Class shall, as to the Extension Consenting Lenders, be extended to the first anniversary of the Maturity Date of such Class theretofore in effect for such Extension Consenting Lenders;
provided that the applicable Class Commitments of any Extension Class Lender who is and remains an Extension Declining Lender following the first Maturity Date extension shall not be included when calculating the Required Class Lenders for
the second Maturity Date extension of such Class. The decision of any Extension Class Lender to agree or withhold agreement to any extension request shall be at the sole discretion of such Extension Class Lender. With respect to each Extension
Declining Lender, the Maturity Date shall remain the same as the Maturity Date for such Lender in effect immediately prior to giving effect to any such extension (such Maturity Date being called the “Existing Maturity Date”). The
principal amount of any outstanding Loans made by Extension Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the accounts of such Extension Declining Lenders hereunder, shall be
due and payable on the Existing Maturity Date, and all obligations of such Extension Declining Lenders with respect to 

  
 41 

 
Letters of Credit and Swingline Loans shall terminate on the Existing Maturity Date, and on the Existing Maturity Date, each Borrower shall also make such other prepayments of its Loans and/or
cash collateralize Letters of Credit as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Extension Declining Lenders pursuant to this sentence, the Revolving Credit Exposures of the
Extension Class Lenders shall not exceed the aggregate Commitments of such Class of Lenders. Notwithstanding the foregoing provisions of this paragraph, (i) Time Warner shall have the right, pursuant to Section 2.18(b), at any time prior
to the Existing Maturity Date, to replace any Extension Declining Lender with a Lender or other Eligible Assignee that will agree to such extension request, and any such replacement Lender shall for all purposes constitute an Extension Consenting
Lender, provided that if, prior to such replacement and pursuant to a written agreement with Time Warner, such Extension Declining Lender consents to the requested extension, such Lender shall for all purposes deemed to be an Extension
Consenting Lender, (ii) no extension of the Maturity Date pursuant to this paragraph shall become effective unless (x) on the date of such extension, the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall
be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of each Borrower and (y) the Administrative Agent shall have received documents consistent with
those delivered pursuant to paragraphs (b), (c) and (d) of Section 4 of the Amendment and Restatement Agreement as to the corporate power and authority of each Borrower to borrow hereunder after giving effect to such extension,
(iii) not more than two Maturity Date extensions per each Class shall be effected pursuant to this paragraph, (iv) not more than one extension request may be submitted with respect to either Class in any calendar year, and (v) the
first Extension Request Date shall not occur earlier than November 15, 2014. 
 SECTION
2.09.        Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid
principal amount of each Tranche One Revolving Loan owed by such Borrower on the Tranche One Maturity Date and each Tranche Two Revolving Loan owed by such Borrower on the Tranche Two Maturity Date, (ii) to the Administrative Agent for the
account of each Yen Fronting Lender and the participating Lenders of the applicable Class as their interests may appear the then unpaid principal amount of each Tranche One Yen Loan owed by such Borrower on the Tranche One Maturity Date and each
Tranche Two Yen Loan owed by such Borrower on the Tranche Two Maturity Date and (iii) to the Administrative Agent the then unpaid principal amount of each Swingline Loan owed by such Borrower on the earlier of the Tranche One Maturity Date and
the first date after such Swingline Loan is made that a Tranche One Revolving Borrowing is made by such Borrower. 

(b)        Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c)        The Administrative Agent shall maintain accounts in which it shall record (i) the
amount and Currency of each Loan made hereunder, the Type and Class thereof, whether such Loan is a Revolving Loan or a Swingline Loan and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

  
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 (d)        The entries made in the accounts maintained
pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to
maintain such accounts or any error therein shall not in any manner affect the obligation of the applicable Borrower to repay the Loans in accordance with the terms of this Agreement. 

(e)        Any Lender may request that Loans of either Class made by it be evidenced by a Note. In
such event, each Borrower shall execute and deliver to such Lender a 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 and reasonably
acceptable to the applicable Borrower. Thereafter, the Loans of the applicable Class evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more 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). 

SECTION 2.10.        Prepayment of Loans. (a) Each Borrower shall have the right at any
time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 

(b)        The Borrower that desires to make a prepayment shall notify the Administrative Agent by
telephone (confirmed by facsimile) of any prepayment hereunder in accordance with Schedule 2.03(A). Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be
prepaid; provided that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities or the occurrence of other events, in which case such notice may be revoked by the applicable Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to (i) a Revolving Borrowing, the Administrative Agent shall advise
the participating Lenders of the contents thereof and (ii) a Swingline Borrowing, the Administrative Agent shall advise the Swingline 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. Each prepayment of a Revolving Borrowing hereunder shall be applied ratably to the Loans included in the prepaid Borrowing.
Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12. 
 SECTION
2.11.        Fees. (a) The Borrowers agree, jointly and severally, to pay to the Administrative Agent for the account of each Lender, subject to Section 2.22(c), a facility fee (a
“Facility Fee”), which shall accrue at the Applicable Rate on the average daily amount of the Commitment of the applicable Class of such Lender (whether used or unused) during the period from and including the Effective Date to but
excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure of the applicable Class after its Commitment of such Class terminates, then such Facility Fee shall continue
to accrue on the average daily amount of such Lender’s Revolving Credit Exposure of such Class from and including the date on which its Commitment of such 

  
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Class terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure of such Class. Accrued Facility Fees shall be payable in arrears on the last day of
March, June, September and December of each year and on the applicable Maturity Date (or such earlier date after the applicable Commitment Termination Date on which the Loans of the applicable Class are repaid in full), commencing on the first such
date to occur after the date hereof. All Facility 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). 

(b)        The applicable Borrower agrees to pay (i) to each Tranche One Lender, subject to
Section 2.22(e), a letter of credit fee (a “Letter of Credit Fee”) with respect to its participations in Letters of Credit, which shall accrue on each day at the Applicable Rate for Tranche One Eurocurrency Revolving Loans for
such day on the average daily amount of such Tranche One 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 Tranche One Commitment terminates and the date on which such Tranche One Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee (a “Fronting Fee”), which shall
accrue at the rate of 0.15% per annum of the face amount of each Letter of Credit issued by it (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 Tranche One Commitments and the date on which there ceases to be any LC Exposure in respect of such Letter of Credit. Letter of Credit 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 Tranche One Commitments terminate and any such fees accruing after the date on which the Tranche One Commitments terminate shall be payable on demand. All Letter of Credit 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). The Borrowers further agree, jointly and severally, to pay to each Issuing Bank, for its own account,
customary administrative, issuance, amendment, payment and negotiation charges, in the amounts and at the times separately agreed upon between Time Warner and such Issuing Bank. 

(c)        The Borrowers agree, jointly and severally, to pay to the Administrative Agent, for its
own account, fees payable in the amounts and at the times separately agreed upon between Time Warner and the Administrative Agent. 

(d)        All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Administrative Agent for distribution, in the case of Facility Fees and Letter of Credit Fees, to the Lenders entitled thereto or, in the case of Fronting Fees, to the Issuing Banks entitled thereto. Fees paid shall not be refundable under
any circumstances absent manifest error in the calculation and/or payment thereof. 
 SECTION
2.12.        Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate. 

  
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 (b)        The Loans comprising each Eurocurrency
Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c)        The Loans comprising each Pound Sterling Overnight Rate Borrowing shall bear interest
at a rate per annum equal to the Pound Sterling Overnight Rate. 
 (d)        The Loans
comprising each Euro Overnight Rate Borrowing shall bear interest at a rate per annum equal to the Euro Overnight Rate. 

(e)        The Loans comprising each TIBOR Borrowing shall bear interest at a rate per annum equal to
the TIBO Rate plus the Applicable Rate. 
 (f)        The Loans comprising each Swingline
Borrowing shall bear interest at a rate per annum equal to (i) in the case of Swingline Loans denominated in Dollars, the Alternate Base Rate, (ii) in the case of Swingline Loans denominated in Pounds, the Pound Sterling Overnight
Rate or the Pound Sterling Quoted Rate, as applicable, and (iii) in the case of Swingline Loans denominated in Euros, the Euro Overnight Rate or the Euro Quoted Rate, as applicable. 

(g)        Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by any 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% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount, 2% plus the Base Rate applicable to Loans of the relevant Currency and Class as
provided above. 
 (h)        Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (g) 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 of either Class prior to the end of the Availability Period for such Class), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of
any conversion of any Eurocurrency Revolving 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 and (iv) all accrued interest in respect of
Loans of either Class shall be payable upon the Commitment Termination Date for such Class. 

(i)        All interest hereunder shall be computed on the basis of a year of 360 days, except that
(i) 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 (ii) with respect to
Loans denominated in Pounds, the interest rate thereon shall be computed on the basis of a 365-day 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
Base Rate, TIBO Rate, Adjusted LIBO Rate and LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error (it being understood and agreed that the Administrative Agent shall not be
required to disclose to 

  
 45 

 
any Lender any information regarding any Reference Bank or any rate provided by such Reference Bank in accordance with the definition of “LIBO Rate” or “Euro Overnight Rate”,
including, without limitation, whether a Reference Bank has provided a rate or the rate provided by any individual Reference Bank). 

SECTION 2.13.        Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurocurrency Borrowing or TIBOR Borrowing of either Class: 

(a)        the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining for such Interest Period the Adjusted LIBO Rate for the relevant Currency or the TIBO Rate; or 

(b)        the Administrative Agent is advised by the Lenders holding a majority of
the Commitments (disregarding any Defaulting Lender’s Commitment) of the applicable Class that for such Interest Period the Adjusted LIBO Rate for the relevant Currency or the TIBO Rate will not adequately and fairly reflect the cost to such
Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof
to the applicable Borrowers and Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies the applicable Borrowers and Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing or TIBOR Borrowing, as applicable, of such Class shall be ineffective
and any such Borrowing referred to in such Interest Election Request shall, unless repaid by the applicable Borrower, be converted to (as of the last day of the then current Interest Period), or maintained as, a Base Rate Borrowing of such Class, as
the case may be (to the extent, in the Administrative Agent’s reasonable determination, it is practicable to do so), and (ii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing or TIBOR Revolving Borrowing of such Class,
such Borrowing shall, unless otherwise rescinded by the applicable Borrower, be made as a Base Rate Loan of such Class in the applicable Currency (to the extent, in the Administrative Agent’s reasonable determination, it is practicable to do
so), and if the circumstances giving rise to such notice affect fewer than all Types of Borrowings, then the other Types of Borrowings shall be permitted. 

SECTION 2.14.        Increased Costs. (a) If any Change in Law shall: 

(i)        impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank; or 

(ii)        impose on any Lender or any Issuing Bank or the London interbank market or
the Tokyo interbank market any other condition affecting this Agreement or Eurocurrency or TIBOR Loans made by such Lender or any Letter of Credit or participation therein; 

  
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 (in each case other than Indemnified Taxes, Excluded Taxes and Taxes on gross or net income, profits or revenue
(including value-added or similar Taxes)) and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency or TIBOR Loan (or of maintaining its obligation to make any such Loan) or to
increase the cost to such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal,
interest or otherwise), then the applicable Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank, as the case may be, for such additional
costs actually incurred or reduction actually suffered. 
 (b)        If any Lender or any Issuing
Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such
Issuing Bank’s holding company, if any, as a consequence of the Commitment or the Loans made by, or participation in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such
Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such
Lender’s or such Issuing Bank’s holding company with respect to capital adequacy or liquidity), then from time to time the applicable Borrowers will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or
amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction actually suffered in respect of the Commitment or Loans made by, or participation in Letters of
Credit held by, such Lender hereunder. 
 (c)        A certificate of a Lender or an Issuing Bank
setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the
applicable Borrowers and shall be conclusive absent manifest error. The applicable Borrowers shall pay such Lender or such 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 an Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the applicable Borrowers shall not be required to compensate a Lender or an Issuing Bank
pursuant to this Section for any increased costs or reductions unless a Lender or an Issuing Bank gives notice to the applicable Borrowers that they are obligated to pay an amount under this Section within six months after the later of (i) the
date such Lender or such Issuing Bank incurs such increased costs, reduction in amounts received or receivable or reduction in return on capital or (ii) the date such Lender or such Issuing Bank has actual knowledge of its incurrence of such
increased cost, reduction in amounts received or receivable or reduction in return on capital; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect thereof. 
 Notwithstanding any other provision of this
Section 2.14, no Lender nor Issuing Bank shall demand compensation for any increased costs or reduction referred to above if it shall 

  
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not be the general policy or practice of such Lender or such Issuing Bank to demand such compensation in similar circumstances under comparable provisions of other credit agreements, if any (it
being understood that this sentence shall not in any way limit the discretion of any Lender or any Issuing Bank to waive the right to demand such compensation in any given case). 

SECTION 2.15.        Break Funding Payments. In the event of (a) the payment of any
principal of any Eurocurrency or TIBOR 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 or TIBOR Loan other than on the last day of
the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable
under Section 2.10(b) and is revoked in accordance herewith) or (d) the assignment of any Eurocurrency or TIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to
Section 2.18, then, in any such event, the applicable Borrower shall compensate each applicable Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency or TIBOR Loan, the loss to any applicable Lender
attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit in the applicable Currency equal to the
principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the
duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate or the TIBO Rate, as applicable, for such Interest Period,
over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of
such Lender) for deposits in the applicable Currency from other banks in the Eurocurrency market at the commencement of such period. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. The applicable 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) Each payment made by any Borrower under
this Agreement shall be made without withholding for any Taxes, unless such withholding is required by any law. If any Borrower or the Administrative Agent determines, in its sole discretion exercised in good faith, that it is so required to
withhold Taxes, then such Borrower or the Administrative 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 the Borrower shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the Administrative Agent, Lender or Issuing Bank (as the
case may be), receives the amount it would have received had no such withholding been made. To the extent that amounts are so withheld and paid over to the appropriate Governmental Authority by any Borrower or the Administrative Agent, such withheld
amounts shall be treated for all purposes of this Agreement as having been paid to the Administrative Agent, Lender or Issuing Bank (as the case may be) with respect to which the relevant withholding was made. 

  
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 (b)        The Borrower shall timely pay any Other Taxes
to the relevant Governmental Authority in accordance with applicable law. 
 (c)        Each
Borrower shall indemnify the Administrative Agent, such Issuing Bank and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable by such Borrower under this Section unless such amounts have been included in any amount paid pursuant to the proviso to Section 2.16(a)) paid by the Administrative Agent, such Issuing Bank or such Lender, as the case may be,
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to such Borrower by a Lender, or by the Administrative Agent or an Issuing Bank on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d)        Each Lender shall severally indemnify the Administrative Agent and each Borrower, within
10 days after written demand therefor, for the full amount of any Taxes or, in the case of any Borrower, Excluded Taxes, attributable to such Lender that are payable or paid by the Administrative Agent or such Borrower, as the case may be, and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes (or, in the case of a Borrower, Excluded Taxes) were correctly or legally imposed or asserted by the relevant Governmental Authority,
provided that no Lender shall be liable to the Administrative Agent for the portion of any interest, expenses or penalties that are found by a final non-appealable decision of a court of competent jurisdiction to have resulted from the
Administrative Agent’s gross negligence or willful misconduct. A certificate as to the amount of such payment or liability delivered to such Lender by the Administrative Agent or a Borrower, shall be conclusive absent manifest error. 

(e)        If a Lender or the Administrative Agent or an Issuing Bank receives a refund or credit in
respect of any Indemnified Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.16, it shall within 30 days from the date of such receipt pay over
such refund or credit to such Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section 2.16 with respect to the Indemnified Taxes giving rise to such refund, as determined by
such Lender in its reasonable discretion, or credit, as determined by such Lender in its sole discretion), net of all out-of-pocket expenses of such Lender or the Administrative Agent or such Issuing Bank and without interest (other than interest
paid by the relevant Governmental Authority with respect to such refund or credit); provided that such Borrower, upon the request of such Lender or the Administrative Agent or such Issuing Bank, agrees to repay the amount paid over to such
Borrower (plus penalties, interest or other charges) to such Lender or the Administrative Agent or such Issuing Bank in the event such Lender or the Administrative Agent or such Issuing Bank is required to repay such refund or credit to such
Governmental Authority. 
 (f)        As soon as practicable after any payment of Indemnified Taxes
by any Borrower to a Governmental Authority, such Borrower 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. 

  
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 (g)        Any Foreign Lender that is entitled to an
exemption from or reduction of withholding Tax under the law of the jurisdiction in which any Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to such Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by such Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be
made without withholding or at a reduced rate. 
 (h)        Any Lender that is a U.S. Person shall
deliver to Time Warner (with a copy to the Administrative Agent) a statement signed by an authorized signatory of the Lender that it is a U.S. Person and, if necessary to avoid United States backup withholding, a duly completed and signed Internal
Revenue Service Form W-9 (or successor form) establishing that such Lender is organized under the laws of the United States and is not subject to United States backup withholding. 

(i)        If a payment made to a Lender under any Loan Document 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
Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers 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 Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. 

(j)        Nothing in this Section shall be construed to require any Lender to disclose any
confidential information regarding its tax returns or affairs. 
 SECTION 2.17.        Payments
Generally; Pro Rata Treatment; Sharing of Setoffs. (a) Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursements of LC Disbursements, or of amounts payable under
Section 2.14, 2.15 or 2.16, or otherwise) prior to 1:00 p.m., Local Time, on the date when due, in immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date shall, unless the Administrative
Agent is able to distribute such amounts to the applicable Lenders on such date, 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 the Administrative
Agent (i) in New York, for payments in Dollars, (ii) in London, for payments in Euros or Pounds and (iii) in Tokyo, for payments in Yen, in each case, at the offices for the Administrative Agent set forth in Section 9.01, except
payments to be made directly to an Issuing Bank as expressly provided herein, and except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute
any such payments received by it for the account of any other Person to the 

  
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appropriate recipient in like funds promptly following receipt thereof. If any payment hereunder 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 hereunder, whether such payments are made in respect of principal, interest or fees,
shall be made in the Currency in which the applicable payment obligation is due; provided that payments in respect of Facility Fees pursuant to Section 2.11 and any other payments (not in respect of principal, interest or fees) or
reimbursements shall be payable in Dollars. 
 (b)        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 from any Borrower hereunder, such funds shall be applied (i) first, to pay interest and fees
then due from such Borrower hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements, then due from
such Borrower hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

(c)        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, participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its
Revolving Loans, participations in LC Disbursements and Swingline Loans and accrued interest thereon owing by any Borrower 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, participations in LC Disbursements and Swingline Loans of other Lenders owing from such Borrower to the extent necessary so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans, participations in LC Disbursements and Swingline Loans; 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 such Borrower pursuant to and in accordance with the express terms of this Agreement (including, without limitation, any application of funds attributable to the existence of a Defaulting Lender) or any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans, participations in LC Disbursements to any assignee or participant, other than to any Borrower or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph shall apply). Each 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 such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

(d)        Unless the Administrative Agent shall have received notice from a Borrower prior to the
date on which any payment is due from such Borrower to the Administrative Agent for the account of any Lenders hereunder that such Borrower will not 

  
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make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to such
Lenders, the amount due. In such event, if such Borrower has not in fact made such payment, then each of such Lenders, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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, (i) if the relevant amount is denominated in Pounds Sterling, at the Pound Sterling
Overnight Rate, (ii) if the relevant amount is denominated in Dollars, at the Federal Funds Effective Rate and (iii) if the relevant amount is denominated in any other Currency, at the interest rate reasonably determined by the
Administrative Agent as the rate applicable for overnight settlements between banks for the amount paid by the Administrative Agent on behalf of such Borrower. 

(e)        If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.01(c)(iii), 2.04(c), 2.05(d) or (e), 2.06(b), 2.17(d) or 9.03(c) or shall otherwise become a Defaulting Lender, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any
amounts thereafter received by the Administrative Agent for the account of such Lender from or on behalf of any Credit Party or otherwise in respect of the Obligations to satisfy such Lender’s obligations to the Administrative Agent, the
Swingline Lender, the Issuing Banks or the Yen Fronting Lenders under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any
future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as 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 any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 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
materially disadvantageous to such Lender. Such Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b)        (i) If any Lender (x) requests compensation under Section 2.14, (y) is
an Extension Declining Lender or (z) has failed to consent to a proposed amendment, waiver or other modification that under Section 9.02 requires the consent of all the Lenders (or all the affected Lenders or all the Lenders of the
affected Class) and with respect to which the Required Lenders (or the Required Class Lenders, if applicable) shall have granted their consent, or (ii) if any Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.16, then Time Warner 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 

  
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Agreement to an Eligible Assignee that, solely in the case of clause (z) above, has consented to such proposed amendment, waiver or other modification, that shall assume such obligations
(which Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided that (i) Time Warner shall have received the prior written consent of the Administrative Agent (and, if a Tranche One Commitment is being
assigned, each Swingline Lender and the Issuing Banks), which consent shall, in each case, not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, participations
in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers
(in the case of all other amounts), (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will be made to a Lender
reasonably expected to result in a reduction in the compensation or payments to be paid by the Borrowers pursuant to such sections, (iv) in the case of any such assignment and delegation resulting from the status of a Lender as an Extension
Declining Lender, the Eligible Assignee shall have agreed to the extended Maturity Date resulting from the applicable extension request and (v) in the case of any such assignment and delegation resulting from the failure to provide a consent to
a proposed amendment, waiver or other modification, the Eligible Assignee shall have given such consent. 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 Time Warner to require such assignment and delegation cease to apply. 
 SECTION
2.19.        Prepayments Required Due to Currency Fluctuation. (a) Not later than 1:00 p.m., New York City time, on the last Business Day of each fiscal quarter of Time Warner or at such other time
as is reasonably determined by the Administrative Agent (the “Calculation Time”), the Administrative Agent shall determine the Dollar Equivalent of the total Revolving Credit Exposures of each Class outstanding as of such date. 

(b)         If at the Calculation Time, the Dollar Equivalent of the total Revolving Credit Exposures
of either Class exceeds the total Commitments of such Class then in effect by 5% or more, then within five Business Days of notice to the Borrowers thereof, the applicable Borrowers shall prepay Revolving Loans of such Class (or, in the case of an
excess total of Tranche One Revolving Credit Exposure, prepay Swingline Loans or cash collateralize the outstanding Letters of Credit) in an aggregate principal amount at least equal to such excess. Nothing set forth in this Section 2.19(b)
shall be construed to require the Administrative Agent to calculate compliance under this Section 2.19(b) other than at the times set forth in Section 2.19(a). 

(c)        If at the Calculation Time, the Dollar Equivalent of the total Yen Loans of either Class
exceeds the total Yen Commitments of such Class then in effect by 5% or more, then within five Business Days of notice to the Borrowers thereof, the applicable Borrowers shall prepay Yen Loans of such Class in an aggregate principal amount at least
equal to such excess. Nothing set forth in this Section 2.19(c) shall be construed to require the Administrative Agent to calculate compliance under this Section 2.19(c) other than at the times set forth in Section 2.19(a). 

  
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 SECTION 2.20.        Adoption of the Euro. Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro in any Participating Member State and any
relevant market conventions or practices relating to the Euro. Each obligation under this Agreement of a party to this Agreement which has been denominated in the National Currency Unit of a Subsequent Participant shall be redenominated into the
Euro in accordance with EMU Legislation immediately upon such Subsequent Participant becoming a Participating Member State (but otherwise in accordance with EMU Legislation). If, in relation to the currency of any Subsequent Participant, the basis
of accrual of interest or fees expressed in this Agreement with respect to such currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest or fees in respect of the Euro, such
convention or practice shall replace such expressed basis effective as of and from the date on which such Subsequent Participant becomes a Participating Member State; provided that if any Loan in the currency of such Subsequent Participant
which is subject to an Interest Period is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Loan, at the end of the then current Interest Period. 

SECTION 2.21.        Increase in Commitments. At any time prior to the applicable Maturity
Date, Time Warner may from time to time, by written notice to the Administrative Agent (which shall promptly deliver a copy to the Lenders) executed by Time Warner and one or more financial institutions that qualify as Eligible Assignees (any such
financial institution, which may include any Lender, referred to in this Section being called an “Increasing Lender”) cause the Tranche One Commitments and/or the Tranche Two Commitments of the Increasing Lenders to be increased (or
cause the Increasing Lenders to make new Tranche One Commitments and/or Tranche Two Commitments, as applicable) in an amount for each Increasing Lender (which shall not be less than $5,000,000) set forth in such notice; provided that
(i) no Lender shall have any obligation to increase its Commitment of either Class pursuant to this Section, (ii) all new Tranche One Commitments and increases in existing Tranche One Commitments becoming effective under this Section
during the term of this Agreement shall not exceed $500,000,000 in the aggregate, (iii) all new Tranche Two Commitments and increases in existing Tranche Two Commitments becoming effective under this Section during the term of this Agreement
shall not exceed $500,000,000 in the aggregate, (iv) each Increasing Lender, if not already a Lender hereunder, shall be reasonably satisfactory to (A) the Administrative Agent and (B) each Swingline Lender, Issuing Bank and Yen
Fronting Lender whose approval would be required under Section 9.04(b) if such Increasing Lender were being assigned a Commitment of the same Class (which approvals, in the case of both (A) and (B), shall not be unreasonably withheld),
(v) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed accession agreement in a form reasonably satisfactory to the
Administrative Agent and Time Warner (an “Accession Agreement”) and (vi) no Default or Event of Default has occurred and is continuing. New Commitments and increases in Commitments of any Class pursuant to this Section (a
“Commitment Increase”) shall become effective on the date (the “Increase Effective Date”) specified in the applicable Accession Agreement. Upon the effectiveness of any Accession Agreement to which any Increasing
Lender is a party, (i) such Increasing Lender shall thereafter be deemed to be a party to this Agreement and shall be entitled to all rights, benefits and privileges accorded a Lender of the applicable Class hereunder and subject to all
obligations of a Lender of the applicable Class hereunder and (ii) Schedule 2.01 shall be deemed to have 

  
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been amended to reflect the Commitment of the applicable Class of such Increasing Lender as provided in such Accession Agreement. On the Increase Effective Date, (i) the aggregate principal
amount of the Borrowings of the applicable Class of Revolving Loans outstanding (the “Initial Borrowings”) immediately prior to the Commitment Increase on the Increase Effective Date shall be deemed to be paid, (ii) each
Increasing Lender that shall have had a Commitment of the applicable Class of Revolving Loans prior to the Commitment Increase shall pay to the Administrative Agent in same day funds (in the applicable Currencies), an amount equal to the difference
between (A) the product of (1) such Lender’s Applicable Percentage of the applicable Class (calculated after giving effect to the Commitment Increase) multiplied by (2) the amount of each Subsequent Borrowing (as hereinafter
defined) of the applicable Class and (B) the product of (1) such Lender’s Applicable Percentage of the applicable Class (calculated without giving effect to the Commitment Increase) multiplied by (2) the amount of each Initial
Borrowing of the applicable Class, (iii) each Increasing Lender that shall not have had a Commitment of the applicable Class prior to the Commitment Increase shall pay to the Administrative Agent in same day funds (in the applicable Currencies)
an amount equal to the product of (1) such Increasing Lender’s Applicable Percentage of the applicable Class (calculated after giving effect to the Commitment Increase) multiplied by (2) the amount of each Subsequent Borrowing of the
applicable Class, (iv) after the Administrative Agent receives the funds specified in clauses (ii) and (iii) above, the Administrative Agent shall pay to each Lender of the applicable Class (in the applicable Currencies) the portion
of such funds that is equal to the difference between (A) the product of (1) such Lender’s Applicable Percentage of the applicable Class (calculated without giving effect to the Commitment Increase) multiplied by (2) the amount
of each Initial Borrowing of the applicable Class, and (B) the product of (1) such Lender’s Applicable Percentage of the applicable Class (calculated after giving effect to the Commitment Increase) multiplied by (2) the amount of
each Subsequent Borrowing of the applicable Class, (v) after the effectiveness of the Commitment Increase, the Borrowers shall be deemed to have made new Borrowings (the “Subsequent Borrowings”) in amounts (in the Currencies of
the Initial Borrowings) equal to the amounts of the Initial Borrowings and of the Types and Class and for the Interest Periods specified in a Borrowing Request delivered to the Administrative Agent in accordance with Section 2.03,
(vi) each Lender shall hold its Applicable Percentage of the applicable Class of each Subsequent Borrowing of the applicable Class (calculated after giving effect to the Commitment Increase) and (vii) the Borrowers shall pay to the
Administrative Agent for the account of each Lender of the applicable Class as set forth in Section 2.17 any and all accrued but unpaid interest on its Loans comprising the Initial Borrowings of the applicable Class. The deemed payments made
pursuant to clause (i) above shall be subject to compensation by the Borrowers pursuant to the provisions of Section 2.15 if the Increase Effective Date occurs other than on the last day of the Interest Period relating thereto. 

SECTION 2.22.        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)        Time Warner may, at its sole expense and effort, upon notice to such Defaulting Lender and
the Administrative Agent, require such Defaulting 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
with respect to either or both Classes of Commitments and Loans to an assignee that shall assume such obligations 

  
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(which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) Time Warner shall have received the prior written consent of the Administrative Agent
(and, if a Tranche One Commitment is being assigned, the prior written consent of each Swingline Lender and Issuing Bank), which consent, in each case, shall not be unreasonably withheld, and (ii) such Defaulting Lender shall have received
payment of an amount equal to the outstanding principal of its Loans, participations funded by it in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts) and (iii) any such assignment shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative
Agent or any other Lender shall have against the Defaulting Lender; 
 (b)        Time Warner may,
at its sole expense and effort, upon notice to such Defaulting Lender and the Administrative Agent, terminate as a whole, or from time to time reduce in part, any Commitment or Commitments, whether used or unused, of such Lender (in which case, if
such Lender is a Yen Fronting Lender, the corresponding Yen Commitment of such Lender shall simultaneously terminate or be reduced ratably, as applicable); provided that (i) Time Warner shall have notified such Lender and the
Administrative Agent of such termination or reduction (including the amount thereof), (ii) at the time thereof, no Default or Event of Default shall have occurred and be continuing and (iii) after giving effect thereto, including the
adjustment to the Applicable Percentage of each Lender resulting therefrom, and to any concurrent prepayment of the Loans in accordance with Section 2.10, the Revolving Credit Exposure of either Class of any Lender (excluding any portion
thereof attributable to the Specified Loans of such Lender) shall not exceed the applicable Commitment of such Lender; 

(c)        Facility Fees shall cease to accrue on the unused Commitments of such Defaulting Lender
under Section 2.11(a); 
 (d)        the Commitments and Revolving Credit Exposure of such
Defaulting Lender shall not be included in determining whether the Required Lenders or Required Class Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to
Section 9.02); provided that this clause (d) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of each Lender or each Lender affected thereby (if such
Defaulting Lender is a Lender affected thereby); 
 (e)        in the case of a Defaulting Lender
that is a Tranche One Lender, if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i)        all or any part of the Swingline Exposure and LC Exposure of such
Defaulting Lender shall be reallocated automatically among the non-Defaulting Tranche One Lenders in accordance with their respective Tranche One Applicable Percentages but only to the extent the sum of all non-Defaulting Lenders’ Tranche One
Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Tranche One Commitments; provided that any such reallocation shall not be
made so long as any Default shall have occurred and be continuing; 

  
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 (ii)        if (w) the reallocation
described in clause (i) above cannot, or can only partially, be effected, (x) the applicable Lender has become a Defaulting Lender other than solely under clause (f) of the definition of such term, (y) the Defaulting Lender shall
not have made an assignment and delegation pursuant to Section 2.22(a) above and (z) the Tranche One Commitment of such Defaulting Lender shall not have been terminated pursuant to Section 2.22(b) above within 20 days after
receipt by Time Warner of written notice from the Administrative Agent that such Lender has become a Defaulting Lender, then upon the written request of any Issuing Bank or any Swingline Lender, Time Warner shall deposit, within five Business Days
after its receipt of such request, in a cash collateral account opened by the Administrative Agent, cash in an amount requested in such notice, such amount not to exceed (A) in the case of any such request made by an Issuing Bank, the remaining
LC Exposure of such Defaulting Lender at the time of such request attributable to the Letters of Credit issued by such Issuing Bank and (B) in the case of any such request made by a Swingline Lender, the remaining Swingline Exposure of such
Defaulting Lender at the time of such request attributable to the Swingline Loans made by such Swingline Lender; 

(iii)        amounts deposited pursuant to clause (ii) above at the request of
any Issuing Bank or any Swingline Lender shall be applied by the Administrative Agent to reimburse such Issuing Bank or such Swingline Lender for any participations required to be funded by such Defaulting Lender. In the event amounts so deposited
with respect to any such Defaulting Lender for the benefit of any Issuing Bank or any Swingline Lender exceed the remaining LC Exposure of such Defaulting Lender attributable to the Letters of Credit issued by such Issuing Bank or the remaining
Swingline Exposure of such Defaulting Lender attributable to the Swingline Loans made by such Swingline Lender, as the case may be, the Administrative Agent shall give prompt notice thereof to Time Warner and, unless otherwise specified in writing
by Time Warner, shall promptly return to Time Warner cash in the amount of such excess; 

(iv)        if the Borrowers cash collateralize any portion of such Defaulting
Lender’s LC Exposure pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to such Defaulting Lender under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure during the period such
Defaulting Lender’s LC Exposure is cash collateralized; 
 (v)        if such
Defaulting Lender’s LC Exposure is reallocated pursuant to clause (i) above, then the fees payable to the Tranche One Lenders pursuant to Section 2.11(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Tranche
One Applicable Percentages; 
 (vi)        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 Facility Fees that
otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Tranche One Commitment that was utilized by such LC Exposure) 

  
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under Section 2.11(a) and Letter of Credit Fees payable under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to such Issuing Bank until and
to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(vii)        so long as a Tranche One Lender is a Defaulting Lender, the Swingline
Lender shall not be required to fund any Swingline Loan and the Issuing Banks shall not be required to issue, amend or increase any Letter of Credit, unless (x) the Swingline Exposure and LC Exposure of such Defaulting Lender has been
reallocated in a manner consistent with Section 2.21(e)(i) or (y) it has received assurances satisfactory to it that cash collateral will be provided by Time Warner in accordance with Section 2.21(e)(ii); 

(f)        if any Yen Exposure of either Class exists at the time such Lender becomes a Defaulting
Lender then: 
 (i)        all or any part of the Yen Exposure of each Class of
such Defaulting Lender shall be reallocated automatically among the non-Defaulting Lenders of such Class in accordance with their respective Applicable Percentages of such Class but only to the extent that, with respect to each Class, the sum of all
non-Defaulting Lenders’ Revolving Credit Exposures of such Class plus such Defaulting Lender’s Yen Exposure of such Class does not exceed the total of all non-Defaulting Lenders’ Commitments of such Class; provided that
any such reallocation shall not be made so long as any Default shall have occurred and be continuing; 

(ii)        if (w) the reallocation described in clause (i) above cannot,
or can only partially, be effected, (x) the applicable Lender has become a Defaulting Lender other than solely under clause (f) of the definition of such term, (y) the Defaulting Lender shall not have made an assignment and delegation
pursuant to Section 2.22(a) above and (z) the Commitment of either Class of such Defaulting Lender shall not have been terminated pursuant to Section 2.22(b) above within 20 days after receipt by Time Warner of written notice
from the Administrative Agent that such Lender has become a Defaulting Lender, then upon the written request of any Yen Fronting Lender of the applicable Class, Time Warner shall deposit, within five Business Days after its receipt of such request,
in a cash collateral account opened by the Administrative Agent, Yen in an amount requested in such notice, such amount not to exceed the remaining Yen Exposure of the applicable Class of such Defaulting Lender at the time of such request
attributable to the Yen Loans of such Class made by such Yen Fronting Lender; and 

(iii)        amounts deposited pursuant to clause (ii) above at the request of
any Yen Fronting Lender shall be applied by the Administrative Agent to prepay a portion of the Yen Loans of such Yen Fronting Lender in an amount equal to any participations therein required to be funded by such Defaulting Lender; any such
prepayment shall not affect the participations in such Yen Loans of the non-Defaulting Lenders; and 

  
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 (g)        any Specified Loans that are
repaid or prepaid shall not be reborrowed. 
 It is understood and agreed that (i) upon any termination or reduction of the Commitment
of either Class of any Defaulting Lender under clause (b) above, the Tranche One Applicable Percentage or Tranche Two Applicable Percentage, as the case may be, of such Lender and each other Lender shall at such time automatically adjust in
accordance with the definition of the term “Tranche One Applicable Percentage” or “Tranche Two Applicable Percentage”, as applicable, and (ii) a termination or reduction of the Commitment of either Class of any Defaulting
Lender under clause (b) above shall not require a prepayment of any Loan of the applicable Class of such Defaulting Lender then outstanding, and each such Loan of such Class shall continue to be outstanding as part of the applicable Borrowing
in accordance with the terms hereof. 
 In the event that the Commitment or Yen Commitment of any Defaulting Lender is terminated pursuant
to this Section, such Commitment or Yen Commitment may be replaced by a Commitment or Commitments, or Yen Commitment or Yen Commitments, of any one or more Lenders of the applicable Class that is willing to provide such replacement Commitment or Yen
Commitment, pursuant to a written agreement of Time Warner, the Administrative Agent and any such Lender or Lenders. 
 In the event that
the Administrative Agent and Time Warner agree that a Tranche Two Lender that is a Defaulting Lender has adequately remedied all matters that caused such Tranche Two Lender to be a Defaulting Lender, then such Tranche Two Lender shall purchase at
par such of the Tranche Two Revolving Loans of the other Tranche Two Lenders as the Administrative Agent shall determine may be necessary in order for such Tranche Two Lender to hold such Tranche Two Revolving Loans in accordance with its Tranche
Two Applicable Percentage (as in effect immediately prior to such Lender having become a Defaulting Lender). 
 In the event that the
Administrative Agent, Time Warner, the Swingline Lender and the Issuing Bank each agrees that a Tranche One Lender that is a Defaulting Lender has adequately remedied all matters that caused such Tranche One Lender to be a Defaulting Lender, then
the Swingline Exposure and LC Exposure of the Tranche One Lenders shall be readjusted to reflect the inclusion of such Tranche One Lender’s Tranche One Commitment and on such date such Tranche One Lender shall purchase at par such of the
Tranche One Revolving Loans of the other Tranche One Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Tranche One Lender to hold such Tranche One Revolving Loans in accordance with
its Tranche One Applicable Percentage (as in effect immediately prior to such Lender having become a Defaulting Lender). 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants (as to itself and the Restricted Subsidiaries) to the Lenders that: 

SECTION 3.01.        Organization; Powers. Each Credit Party and each of the Restricted
Subsidiaries is duly organized, validly existing and, where applicable, in good 

  
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standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now 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 in, and is, where applicable, in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02.        Authorization; Enforceability. The Transactions are within the Credit
Parties’ corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action of such Credit Parties. Each Credit Document (other than each Note) has been, and each Note when delivered hereunder will
have been, duly executed and delivered by the Credit Parties party thereto. Each Credit Document (other than each Note) constitutes, and each Note when delivered hereunder will be, a legal, valid and binding obligation of each such Credit Party,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law. 
 SECTION 3.03.        Governmental Approvals; No
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 such as have been obtained or made and are in full force and effect,
(b) will not violate (i) any applicable law or regulation or (ii) the charter, by-laws or other organizational documents of such Borrower or any of the Restricted Subsidiaries or any order of any Governmental Authority, (c) will
not violate or result in a default under any indenture, agreement or other instrument binding upon such Borrower or any of the Restricted Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by such
Borrower or any of the Restricted Subsidiaries and (d) will not result in the creation or imposition of any Lien on any asset of such Borrower or any of the Restricted Subsidiaries; except, in each case (other than clause (b)(ii) with respect
to any Credit Party), such as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.04.        Financial Condition; No Material Adverse Change. (a) The audited
consolidated balance sheet and statements of operations, stockholders equity and cash flows (including the notes thereto) of Time Warner and its consolidated Subsidiaries as of and for the fiscal year ended December 31, 2012, reported on by
Ernst & Young LLP, independent public accountants, copies of which have heretofore been furnished to each Lender, when combined with all public filings with the SEC by any Credit Party since December 31, 2012 and prior to the Effective
Date, present fairly, in all material respects, the financial position and results of operations and cash flows of Time Warner and its consolidated Subsidiaries, as of such date and for such period, in accordance with GAAP. 

(b)        The unaudited consolidated balance sheet and statements of operations, stockholders equity
and cash flows of Time Warner and its consolidated Subsidiaries as of and for the nine-month period ended September 30, 2013, copies of which have heretofore been furnished to each Lender, when combined with all public filings with the SEC by
any Credit Party since December 31, 2012 and prior to the Effective Date, present fairly, in all material respects, the financial position and results of operations and cash flows of Time Warner and its consolidated Subsidiaries, as of such
date and for such period, in accordance with GAAP, subject to normal year-end adjustments and the absence of footnotes. 

  
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 (c)        Since December 31, 2012, there has been
no material adverse change in the business, assets, operations or financial condition of Time Warner and its consolidated Subsidiaries, taken as a whole. 

SECTION 3.05.        Properties. (a) Such Borrower and each of the Restricted
Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property, except for defects in title or interests that could not reasonably be expected to result in a Material Adverse Effect. 

(b)        Such Borrower and each of the Restricted Subsidiaries owns, or is licensed to use, all
trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by such Borrower or any of the Restricted Subsidiaries does not infringe 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. 

SECTION 3.06.        Litigation and Environmental Matters. (a) There are no actions,
suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of such Borrower, threatened against or affecting such Borrower or any of the Restricted Subsidiaries (i) which
could reasonably be expected to be adversely determined and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement 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, (x) neither such Borrower nor any of the Restricted Subsidiaries (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 or (iii) has received notice of any claim with respect to any Environmental Liability and (y) such
Borrower has no knowledge of any basis for any Environmental Liability on the part of any of the Restricted Subsidiaries. 
 SECTION
3.07.        Compliance with Laws and Agreements. Such Borrower and each of the Restricted Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to
it or its property and all indentures, agreements and other instruments binding upon 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. No
Event of Default has occurred and is continuing. 
 SECTION 3.08.        Government
Regulation. Neither such Borrower nor any of the Restricted Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, or (b) is subject to any other statute
or regulation which regulates the incurrence of indebtedness for borrowed money, other than, in the case of this clause (b), Federal and state securities laws and as could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 3.09.        Taxes. Such Borrower and each of its
Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or 

  
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caused to be paid all Taxes required to have been paid by it or as part of the consolidated group of which it is a member, except (a) Taxes that are being contested in good faith by
appropriate proceedings and for which such Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to
result in a Material Adverse Effect. 
 SECTION 3.10.        ERISA. No ERISA Event has
occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.11.        Disclosure. As of the Effective Date, all information heretofore or
contemporaneously furnished by or on behalf of such Borrower or any of the Restricted Subsidiaries (including all information contained in the Credit Documents and the annexes, schedules and other attachments to the Credit Documents, but not
including any projected financial statements), when taken together with the reports and other filings with the SEC made under the Exchange Act by any Credit Party since December 31, 2009, is, and all other such information hereafter furnished,
including all information contained in any of the Credit Documents, including any annexes or schedules thereto, by or on behalf of such Borrower or any of the Restricted Subsidiaries to or on behalf of any Lender is and will be (as of their
respective dates and the Effective Date), true and accurate in all material respects and not incomplete by omitting to state a material fact necessary to make such information not misleading at such time. There is no fact of which such Borrower is
aware that has not been disclosed to the Lenders in writing pursuant to the terms of this Agreement prior to the date hereof and which, singly or in the aggregate with all such other facts of which such Borrower is aware, could reasonably be
expected to result in a Material Adverse Effect. All statements of fact and representation concerning the present business, operations and assets of such Borrower or any of its Subsidiaries, the Credit Documents and the transactions referred to
therein are true and correct in all material respects. 
 SECTION 3.12.        Anti-Corruption
Laws and Sanctions Laws. Time Warner has implemented and will maintain in effect and enforce policies and procedures designed to ensure compliance by Time Warner, its Subsidiaries and their directors, officers and employees with applicable
Anti-Corruption Laws and Sanctions Laws, and is in compliance with applicable Anti-Corruption Laws and Sanctions Laws in all material respects. None of Time Warner or any Subsidiary or, to the knowledge of Time Warner or its Subsidiaries, any
director, officer or employee of Time Warner or any Subsidiary acting in connection with or benefitting from the credit facility established hereby, is a Sanctioned Person or violates applicable Sanctions Laws. No Borrowing will be made or Letter of
Credit issued (A) for the purpose of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person, in violation of applicable Anti-Corruption Laws or (B) for the purpose of
financing, funding or facilitating unauthorized transactions with or activities or business of any Sanctioned Person. To the knowledge of Time Warner, no Transactions will be undertaken in violation of applicable Anti-Corruption Laws or Sanctions
Laws. 

  
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 ARTICLE IV 

CONDITIONS 
 SECTION
4.01.        1Effective Date. The effectiveness of this Agreement and 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 is satisfied (or waived in accordance with Section 9.02): 

(a)        Credit Documents. The Administrative Agent (or its counsel) shall
have received (i) this Agreement executed and delivered by each party hereto and (ii) the Guarantee, executed and delivered by each of the Guarantors. 

(b)        Opinion of Counsel. The Administrative Agent shall have received the
favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Cravath, Swaine & Moore LLP, counsel for the Credit Parties, (ii) in-house counsel to the Credit Parties, and
(iii) Simpson Thacher & Bartlett LLP, in each case in form and substance reasonably satisfactory to the Administrative Agent. The Credit Parties hereby request each such counsel to deliver such opinions. 

(c)        Closing Certificate. The Administrative Agent shall have received a
certificate from each Credit Party, in form and substance reasonably satisfactory to the Administrative Agent, dated the Effective Date and signed by the president, a vice president, a financial officer or an equivalent officer of such Credit Party,
including, in the case of any Borrower, confirmation of compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 

(d)        Fees. The Borrowers shall have paid all fees required to be paid on
or before the Effective Date by the Borrowers in connection with the revolving credit facilities provided for in this Agreement. 

(e)        Existing Five-Year Credit Agreement. All Indebtedness outstanding
under the Existing Five-Year Credit Agreement (other than letters of credit deemed issued on the Effective Date pursuant to Section 2.05(j)) shall have been repaid or otherwise discharged or shall be concurrently repaid or otherwise discharged
on the Effective Date, together with all interest thereon and other amounts owing in respect thereof, and all commitments thereunder shall have been terminated or concurrently terminated in their entirety on the Effective Date. 

(f)        Authorizations, etc. The Administrative Agent shall have received
such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and, where applicable, good standing of the Credit Parties, the authorization of the Transactions and any other
legal matters relating to the Credit Parties, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
  

 
 1 NOTE: Section 4.01 is no longer applicable and is included only as a matter of historical reference. 

  
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 (g)        U.S.A. PATRIOT Act. On
the Effective Date, any Lender that so requests shall have received, through the Administrative Agent or Time Warner, such U.S.A. PATRIOT Act information as is required under Section 9.15 and has been requested at least five Business Days prior
to the Effective Date. 
 Without limiting the generality of the provisions of Article VIII, for purposes of determining compliance
with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 4.01 unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto. 

SECTION 4.02.        Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing, and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a)        The representations and warranties of the Credit Parties set forth in the
Credit Documents (other than those set forth in Sections 3.04(c), 3.06 and 3.10 on any date other than the Effective Date) shall be true and correct in all material respects 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. 

(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 or Event of Default shall have occurred and be continuing. 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the
Credit Parties on the date thereof as to the applicable matters specified in paragraphs (a) and (b) of this Section. 
 ARTICLE V

 AFFIRMATIVE COVENANTS 

Until all the Commitments have expired or been terminated and the principal of and interest on each Loan, all fees payable hereunder and all
other Obligations shall have been paid in full (but with respect to such other Obligations only to the extent that actual amounts hereunder are owing at the time the Loans, together with interest and fees, have been paid in full) and all Letters of
Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, each Borrower (for itself and the Restricted Subsidiaries) covenants and agrees with the Lenders that: 

SECTION 5.01.        Financial Statements and Other Information. Time Warner will furnish to
the Administrative Agent at its New York office (who will distribute copies to each Lender): 

  
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 (a)        within 105 days after the end
of each fiscal year of Time Warner (including the fiscal year ending December 31, 2010), its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year
and its unaudited Adjusted Financial Statements for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, and, (i) in the case of the audited financial statements, reported on by
Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to
the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Time Warner and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied and (ii) in the case of the Adjusted Financial Statements, certified by one of Time Warner’s Financial Officers as presenting fairly in all material respects the financial condition and results of operations of Time
Warner and the consolidated Restricted Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided that (x) so long as no Event of Default has occurred and is continuing, Time Warner shall not be required
to furnish Adjusted Financial Statements for any fiscal year if all Unrestricted Subsidiaries (other than any such Unrestricted Subsidiaries that are already treated as equity investments on Time Warner’s financial statements) on a combined
basis would not have constituted a Material Subsidiary for such fiscal year and (y) in no case shall the Borrower be required to deliver any financial statements of any Guarantor to any Lender; 

(b)        within 60 days after the end of each of the first three fiscal
quarters of each fiscal year of Time Warner, its unaudited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows and its unaudited Adjusted Financial Statements as of the end of and for such fiscal
quarter and 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 previous fiscal year, all
certified by one of Time Warner’s Financial Officers as presenting fairly in all material respects the financial condition and results of operations of Time Warner and its consolidated Subsidiaries on a consolidated basis in accordance with
GAAP consistently applied, subject to normal year-end adjustments and the absence of footnotes; provided that (x) so long as no Event of Default has occurred and is continuing, Time Warner shall not be required to furnish Adjusted
Financial Statements for any fiscal quarter if all Unrestricted Subsidiaries (other than any such Unrestricted Subsidiaries that are already treated as equity investments on Time Warner’s financial statements) on a combined basis would not have
constituted a Material Subsidiary for such fiscal quarter and (y) in no case shall the Borrower be required to deliver any financial statements of any Guarantor to any Lender; 

(c)        concurrently with any delivery of financial statements under
clause (a) or (b) above, a certificate of a Financial Officer of Time Warner (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be
taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.01, 6.02(a) 

  
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and 6.03(a) and (j) and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in
Section 3.04, which has not been previously disclosed by Time Warner pursuant to this paragraph (c), and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

(d)        promptly after the same become publicly available, copies of all periodic
and other reports, proxy statements and other materials filed by any Company with the SEC or with any national securities exchange, or distributed by any Company to its security holders generally, as the case may be (other than registration
statements on Form S-8, filings under Section 16(a) or 13(d) of the Exchange Act and routine filings related to employee benefit plans); and 

(e)        promptly following any request therefor, such other information regarding
the operations, business affairs and financial condition of Time Warner or any of its Subsidiaries, including information necessary to carry out “know your customer” requirements, or compliance with the terms of this Agreement, as the
Administrative Agent or any Lender may reasonably request (it being understood that Time Warner and such Subsidiaries shall not be required to provide any information or documents which are subject to confidentiality provisions the nature of which
prohibit such disclosure). 
 Information required to be delivered pursuant to paragraphs (a), (b) and (d) shall be deemed to
have been delivered on the date on which Time Warner provides notice to the Administrative Agent, or as the case may be the Administrative Agent gives notice to the Lenders, that such information has been posted on Time Warner’s website on the
internet at the website address listed on the signature pages of such notice, at www.sec.gov or at another website identified in such notice and accessible by the Lenders without charge; provided that Time Warner shall deliver paper copies of
the reports and financial statements referred to in paragraphs (a), (b) and (d) of this Section 5.01 to the Administrative Agent or any Lender who requests Time Warner to deliver such paper copies until written notice to cease
delivering paper copies is given by the Administrative Agent or such Lender. 
 The Borrowers hereby acknowledge that (a) the
Administrative Agent will make available to the Lenders and the Issuing Banks materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks, Debtdomain or another similar secure electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to the Borrowers or their securities) (each, a “Public Lender”). The Borrowers hereby agree that so long as the Borrowers or any of their Affiliates is the issuer of any outstanding debt or equity securities
that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (i) the Borrowers shall act in good faith to ensure that all Borrower Materials that contain only publicly available
information regarding the Borrowers and their business are clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking
Borrower Materials “PUBLIC”, the Borrowers shall be deemed to have authorized the Administrative Agent, the Issuing Banks and the Lenders to treat such Borrower Materials as containing only public information with respect to the Borrowers
and their business; (iii) all Borrower Materials 

  
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marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and (iv) the Administrative Agent shall be responsible
for keeping any Borrower Materials that are not marked “PUBLIC” outside the portion of the Platform designated “Public Investor”. Notwithstanding the foregoing, the Borrowers shall be under no obligation to mark any Borrower
Materials “PUBLIC”. 
 SECTION 5.02.        Notices of Material Events. Such
Borrower will furnish to the Administrative Agent (who will distribute copies to the Lenders) prompt written notice of the following, upon any such event becoming known to any Responsible Officer of such Borrower: 

(a)        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 such Borrower or Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c)        the occurrence of any ERISA Event that, alone or together with any other
ERISA Events that have occurred, could reasonably be expected to result in liability to Time Warner and its Subsidiaries in an aggregate amount exceeding $200,000,000; and 

(d)        any other development that results in, 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 such 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.        Existence; Conduct of Business. Such Borrower will, and will cause each
of the Restricted Subsidiaries which are Material Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises
material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.04. 

SECTION 5.04.        Payment of Obligations. Such Borrower will, and will cause each of the
Restricted Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect, before the same shall become delinquent or in default, except where (a) the
validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION
5.05.        Maintenance of Properties; Insurance. Such Borrower will, and will cause each of the Restricted Subsidiaries to, (a) keep and maintain all property material to the conduct of its
business (taken as a whole) in good working order and condition, ordinary 

  
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wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by
companies engaged in the same or similar businesses operating in the same or similar locations (it being understood that, to the extent consistent with prudent business practice, a program of self-insurance for first or other loss layers may be
utilized). 
 SECTION 5.06.        Books and Records; Inspection Rights. Such Borrower will,
and will cause each of the Restricted Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. Such Borrower will, and will
cause each of the Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine its books and records, and to discuss its
affairs, finances and condition with its officers and, so long as a representative of such Borrower is present, or such Borrower has consented to the absence of such a representative, independent accountants (in each case subject to such
Borrower’s or the Restricted Subsidiaries’ obligations under applicable confidentiality provisions), all at such reasonable times and as often as reasonably requested. 

SECTION 5.07.        Compliance with Laws. Such Borrower will, and will cause each of the
Restricted Subsidiaries to, comply with all laws, rules, regulations and 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 5.08.        Use of Proceeds. The proceeds
of the Loans will be used for working capital needs and other general corporate purposes of Time Warner and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation
of any of the Regulations of the Board, including Regulations U and X. 
 SECTION
5.09.        Fiscal Periods; Accounting. Such Borrower will keep the same financial reporting periods as are in effect on the date hereof. 

ARTICLE VI 
 NEGATIVE COVENANTS

 Until all the Commitments have expired or terminated and the principal of and interest on each Loan, all fees payable hereunder and
all other Obligations have been paid in full (but with respect to such other Obligations only to the extent that actual amounts hereunder are owing at the time the Loans, together with interest and fees, have been paid in full) and all Letters of
Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, each Borrower covenants and agrees (for itself and the Restricted Subsidiaries) with the Lenders that: 

SECTION 6.01.        Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the
last day of any period of four consecutive fiscal quarters of Time Warner (including the fiscal quarter ending March 31, 2011) will not exceed 4.50 to 1.00. 

  
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 SECTION 6.02.        Indebtedness. Time Warner
will not permit any of the Restricted Subsidiaries (other than a Credit Party) to, create, incur, assume or permit to exist any Indebtedness, except: 

(a)        with respect to all such Restricted Subsidiaries, Indebtedness of up to an
aggregate principal amount of $2,500,000,000 at any time outstanding; 

(b)        Indebtedness of any such Restricted Subsidiary to a Borrower or any
Subsidiary; 
 (c)        Guarantee Obligations of any such Restricted Subsidiary
with respect to Indebtedness of a Borrower or any wholly owned Restricted Subsidiary; 

(d)        Indebtedness of any such Restricted Subsidiary incurred to finance the
acquisition, construction or improvement of any property, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such property or secured by a Lien on any such property prior to the acquisition
thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that the aggregate principal amount of Indebtedness permitted by this clause (d) with
respect to any such property shall not exceed 110% of the purchase price for, or the cost of construction or improvement of, such property; 

(e)        Indebtedness of any Person that becomes a Restricted Subsidiary after the
date hereof; provided that (x) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (y) such Indebtedness does not,
directly or indirectly, have recourse (including by way of setoff) to Time Warner or any of the Restricted Subsidiaries or any asset thereof other than to the Person so acquired and its Subsidiaries and the assets of the Person so acquired and its
Subsidiaries; and 
 (f)        Film Financings. 

SECTION 6.03.        Liens. Such Borrower will not, and will not permit any of the Restricted
Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except: 

(a)        any Lien on any property or asset of Time Warner or any Subsidiary existing
on the date hereof; provided that such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewal and replacements thereof that do not increase the outstanding principal amount thereof and such Liens
do not secure an aggregate principal amount of Indebtedness in excess of $200,000,000 or apply to property or assets of Time Warner and the Restricted Subsidiaries in excess of $200,000,000; 

(b)        any Lien existing on any property or asset prior to the acquisition thereof
by any Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a 

  
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Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be,
(ii) such Lien shall not apply to any other property or assets of any Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a
Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

(c)        Liens on property acquired, constructed or improved by any Borrower or any
Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (d) of Section 6.02, (ii) the Indebtedness secured thereby does not exceed 110% of the cost of acquiring, constructing or
improving such property and (iii) such security interests shall not apply to any other property or assets of the any Borrower or any of its Subsidiaries; 

(d)        Liens to secure Film Financings; provided that such Liens shall
extend only to the property or assets acquired with such Film Financing; 

(e)        any Copyright Liens securing obligations specified in the definition
thereof; 
 (f)        Liens securing Indebtedness of any Borrower or any Restricted
Subsidiary and owing to such Borrower or to a Restricted Subsidiary of such Borrower; 

(g)        Liens on interests in or investments in any Unrestricted Subsidiary or in
any other Person that is not a Subsidiary of Time Warner securing Indebtedness of such Unrestricted Subsidiary or such other Person; 

(h)        Liens for taxes, assessments or governmental charges or levies not yet due
and payable or which are being contested in good faith by appropriate proceedings; 

(i)        Liens incidental to the ordinary conduct of such Borrower’s business
or the ownership of its assets which were not incurred in connection with the borrowing of money, such as carrier’s, warehousemen’s, materialmen’s, landlord’s and mechanic’s liens, and which do not in the aggregate
materially detract from the value of its assets or materially impair the use thereof in the ordinary course of its business; and 

(j)        other Liens in respect of property or assets of Time Warner or any
Restricted Subsidiary so long as at the time of the securing of any obligations related thereto, the aggregate principal amount of all such secured obligations does not exceed 5% of the Consolidated Total Assets of Time Warner at such time (it being
understood that any Lien permitted under any other clause in this Section 6.03 shall not be included in the computation described in this paragraph). 

SECTION 6.04.        Mergers, Etc. Such Borrower will not, and will not permit any of the
Restricted Subsidiaries to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or
a substantial portion of such Borrower’s 

  
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consolidated assets, or all or a substantial portion of the stock of all of the Restricted Subsidiaries, taken as a whole (in each case, whether now owned or hereafter acquired), or liquidate or
dissolve, unless (a) at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing and (b) after giving effect to any such transaction, the business, taken as a whole, of such
Borrower and the Restricted Subsidiaries shall not have been altered in a fundamental and substantial manner from that conducted by them, taken as a whole, immediately prior to the Effective Date; provided that (i) Time Warner shall not
merge into or consolidate with such other Person, unless Time Warner shall survive such consolidation or merger, (ii) TWIFL shall not merge into or consolidate with such other Person, unless TWIFL or Time Warner shall survive such consolidation
or merger and (iii) a Borrower shall not liquidate or dissolve (except that TWIFL may liquidate or dissolve into Time Warner) or permit any Guarantor to liquidate or dissolve except into a Borrower or another Guarantor. 

SECTION 6.05.        Investments. Such Borrower will not, and will not cause or permit any of
the Restricted Subsidiaries to, make any Investment (other than any Investment in the ordinary course of the operation of its business) if, before or after giving effect to the commitment thereto on a pro forma basis, an Event of Default shall have
occurred and be continuing. 
 SECTION 6.06.        Restricted Payments. Such Borrower will
not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except such Borrower may (a) declare and pay dividends with respect to its capital stock payable solely in additional shares of its common stock and
(b) make Restricted Payments so long as after giving effect to the making of such Restricted Payment, no Event of Default shall have occurred and be continuing on a pro forma basis. 

SECTION 6.07.        Transactions with Affiliates. Such Borrower will not, and will not permit
any of the Restricted Subsidiaries to, directly or indirectly, enter into any material transaction with any of its Affiliates, except (a) transactions entered into prior to the date hereof or contemplated by any agreement entered into prior to
the date hereof, (b) in the ordinary course of business or at prices and on terms and conditions not less favorable to such Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(c) transactions between or among the Borrowers, between or among such Borrower and the Restricted Subsidiaries or between or among Restricted Subsidiaries, (d) any arrangements with officers, directors, representatives or other employees
of such Borrower and its Subsidiaries relating specifically to employment as such and (e) transactions that are otherwise permitted by this Agreement. 

SECTION 6.08.        Unrestricted Subsidiaries. (a) Schedule 6.08 sets forth those
Subsidiaries that have been designated as Unrestricted Subsidiaries as of the Restatement Effective Date, which Subsidiaries do not include any Guarantor or a Borrower. A Borrower may designate any other of its Subsidiaries (other than a Borrower or
a Guarantor) as Unrestricted Subsidiaries from time to time in compliance with the provisions of this Section 6.08. Such Borrower will not designate any of its Subsidiaries as an Unrestricted Subsidiary unless at the time such Subsidiary is
designated as an Unrestricted Subsidiary, before and after giving effect to such designation on a pro forma basis, no Event of Default shall have occurred and be continuing, as certified in an Officers’ Certificate delivered to the

  
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Administrative Agent at the time of such designation. Such Officers’ Certificate also shall state the specific purpose for which such designation is being made. All Subsidiaries of
Unrestricted Subsidiaries shall be Unrestricted Subsidiaries. 
 (b)        A Borrower may
designate or redesignate any Unrestricted Subsidiary as a Restricted Subsidiary from time to time in compliance with the provisions of this Section 6.08. Such Borrower will not designate or redesignate any Unrestricted Subsidiary as a
Restricted Subsidiary, unless at the time such Unrestricted Subsidiary is so designated or redesignated as a Restricted Subsidiary, after giving effect to such designation or redesignation on a pro forma basis, no Event of Default shall have
occurred and be continuing, as certified in an Officer’s Certificate delivered to the Administrative Agent at the time of such designation or redesignation. 

ARTICLE VII 
 EVENTS OF DEFAULT

 If any of the following events (“Events of Default”) shall occur: 

(a)        any 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)        any 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, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days; 

(c)        any representation or warranty made or deemed made by or on behalf of any
Credit Party in any Credit Document or any amendment or modification thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Credit Document or any amendment or modification
thereof, shall prove to have been incorrect in any material respect when made or deemed made; 

(d)        any Borrower shall fail to observe or perform any covenant, condition or
agreement contained in Section 5.02 or 5.03 (with respect to such Borrower’s existence) or in Article VI; 

(e)        any Credit Party shall fail to observe or perform any covenant, condition
or agreement contained in the Credit Documents (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 (given at the request of any Lender) to any Borrower; 

(f)        any Borrower or any Restricted Subsidiary shall fail to make any
payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace periods; 

  
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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 (after giving effect to any applicable grace periods) the holder or holders of any Material Indebtedness or any trustee or agent on its
or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 

(h)        an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Borrower or any Material 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 any Borrower or any Material 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)        any Borrower or any Material Subsidiary shall (i) voluntarily commence
any proceeding or file any petition seeking liquidation, 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 any Borrower or any Material 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, (v) make a general assignment for
the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j)        any Borrower or any Material Subsidiary shall become unable, admit in
writing or fail generally to pay its debts as they become due; 
 (k)        one or
more judgments for the payment of money in an aggregate amount in excess of $200,000,000 (to the extent not covered by insurance) shall be rendered against any Borrower, any Material Subsidiary or any combination thereof or any action shall be
legally taken by a judgment creditor (whose liquidated judgment, along with those of any other judgment creditor’s, exceeds $200,000,000) to attach or levy upon any assets of any Borrower or any Material Subsidiary to enforce any such judgment,
and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, vacated or bonded pending appeal; 

(l)        an ERISA Event shall have occurred that, when taken together with all other
ERISA Events (with respect to which a Borrower has a liability which has not yet been satisfied) that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

  
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 (m)        except as otherwise permitted
by this Agreement, the Guarantee shall cease, for any reason, to be in full force and effect with respect to any Guarantor or any Credit Party shall so assert; or 

(n)        a Change in Control shall occur; 

then, and in every such event (other than an event with respect to a 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 Time Warner, take either or both of the following actions, at the same or different
times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (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 any Borrower accrued
hereunder (including all amounts of LC Exposure, whether or not the beneficiary of the then outstanding Letters of Credit shall have presented the documents required therein), shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by each Borrower; and in case of any event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of any Borrower accrued hereunder (including all amounts of LC Exposure, whether or not the beneficiary of the then outstanding
Letters of Credit shall have presented the documents required therein), shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower. With respect to
all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the applicable Borrower shall at such time deposit in a cash collateral account opened by the
Administrative Agent for the benefit of the Issuing Banks and the Tranche One Lenders, an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the
Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the
Borrowers hereunder and under the other Credit Documents, if any. 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 in Cash Equivalents, or upon mutual consent of the Borrowers and the Administrative Agent, any other investment (in each case at the Borrowers’ risk and expense), such deposits shall not bear
interest. Interest or profits, if any, on such investments shall accumulate in such account. After all such Letters of Credit shall have expired or been fully drawn upon, all reimbursement obligations shall have been satisfied and all other
obligations of the Borrowers hereunder and under the other Credit Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrowers (or such other Person as may be lawfully entitled
thereto). 

  
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 ARTICLE VIII 

THE AGENTS 
 Each of the
Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof,
together with such actions and powers as are reasonably incidental thereto. 
 Each bank serving as an Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank 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 any Company or Affiliate thereof as if it were not an 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 herein and in the other Credit Documents.
Without limiting the generality of the 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 exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to
exercise in writing by the Required Lenders (or, if so specified by this Agreement, all the Lenders) and (c) except as expressly set forth herein and in the other Credit 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 any Company or any of its Affiliates that is communicated to or obtained by the bank 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, if so specified by this Agreement, all the Lenders, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Article VII and Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until written notice thereof is given to the Administrative Agent by any Borrower, or 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 this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered under any Credit Document or in connection
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in the Credit Documents or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of any Credit Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent. 

  
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 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message) believed by it to be genuine and to have been signed, sent or otherwise authenticated by a proper Person. An
initial list of the proper Persons with respect to the Borrowers appears on Schedule 8. Schedule 8 shall not be altered except in writing by a Person appearing thereon (or by a successor to such Person occupying the equivalent office). The
Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon so long as such statement, in the case of a Borrowing
Request, complies with the requirements of Section 2.03 in all material respects (it being understood that oral notices of borrowing will be confirmed in writing by such Borrower in accordance with Section 2.03). In determining compliance
with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such condition is
satisfactory to such Lender or such Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or such Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), 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 and all its duties and exercise its rights and powers
hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs 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 appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders and the Borrowers. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor which, so long as no Event of Default is continuing,
shall be reasonably acceptable to the Borrowers. 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
resignation, then the retiring Administrative Agent may, on behalf of the Lenders, 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 (or retired) Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder or under the other Credit Documents. The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrowers and such successor; provided that the predecessor Administrative Agent shall pay the unearned portion of any fees paid in advance to either the successor Administrative Agent or the

  
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Borrowers. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 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 it while it was acting as Administrative Agent. 

Any resignation by Citibank, N.A. as Administrative Agent pursuant to this Article VIII shall also constitute its resignation as a
Swingline Lender. Upon the acceptance of a successor’s appointment as a Swingline Lender the retiring Swingline Lender shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents. 

The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the Borrowers and without limiting the
obligation of the Borrowers to do so), ratably according to their Commitments in effect (or at any time after the Commitments have terminated, their Revolving Credit Exposures) on the date on which indemnification is sought under this
Article VIII (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their Commitments (or, if the Commitments have terminated
earlier, their Revolving Credit Exposures) immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that
may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Credit Documents or any
documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be
liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in this paragraph shall survive the payment of the Loans and all other amounts payable hereunder. 

Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

 The Joint-Lead Arrangers, Joint Bookrunners, Co-Syndication Agents and Co-Documentation Agents shall not have any duties or
responsibilities under any Credit Document in their capacity as such. 

  
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 ARTICLE IX 

MISCELLANEOUS 
 SECTION
9.01.        Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone, 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, sent by facsimile or sent by electronic communication (including electronic mail and Internet or intranet websites), as follows: 

(i)        if to Time Warner, to it at One Time Warner Center, New York, NY 10019,
Attention of Chief Financial Officer (Facsimile No. (212) 484-7175), with copies to its General Counsel (Facsimile No. (212) 484-7167) and its Treasurer (Facsimile No. (212) 484-7151); 

(ii)        if to TWIFL, to it at Turner House, 16 Great Marlborough Street, London
W1F 7HS, Attention of Tracey Mundy (Facsimile No. 44-020-7437-4497), with copies to Time Warner as specified above; 

(iii)        if to the Administrative Agent, to Citibank, N.A., 1615 Brett Road OPS
III, New Castle, DE 19720, Attention of Bank Loan Syndications (Facsimile No. (212) 994-0961: GLAgentOfficeOps@citi.com), with a copy to (i) Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention of Robert Parr (Facsimile No.
(646) 291-1783); (ii) in the case of a Eurocurrency Borrowing, Citibank, N.A., London Branch, Citigroup Centre, Canary Wharf, London E14 5LB, Attention of Loan Agency (Facsimile No. 44-20-8636-3824); and (iii) in the case of a
Yen Loan, Citibank, N.A., Tokyo Branch, Akasaka Park Building 5F, 2-20 Akasaka 5-chome, Minatoku, Tokyo 107-6105, Attention of Agency, Corporate Finance (Facsimile No. 813-3560-9391); 

(iv)        if to a Swingline Lender, to it as may be provided by such Swingline
Lender from time to time; 
 (v)        if to an Issuing Bank, to it as may be
provided by such Issuing Bank from time to time; and 
 (vi)        if to any other
Lender, to it at its address (or facsimile number) set forth in its Administrative Questionnaire. 
 Any party hereto may change its address or facsimile
number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the
date of receipt if received prior to or during the recipient’s normal business hours. 

(b)        THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES
(AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE 

  
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PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers, any Lender, any Issuing Bank or any other Person for losses, claims, damages, liabilities or expenses of any
kind (whether in tort, contract or otherwise) arising out of the Borrowers’ or the Administrative Agent’s transmission of Borrower Materials through the Platform, except to the extent that such losses, claims, damages, liabilities or
expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that (i) nothing in this
paragraph (b) shall modify the Agent Parties’ respective obligations pursuant to Section 9.12, and (ii) in no event shall any Agent Party have any liability to any Lender or any Issuing Bank for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages). 
 SECTION
9.02.        Waivers; Amendments; Release of Subsidiary Guarantors. (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder
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 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 Borrower 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 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 Issuing Bank or any Lender may have had notice or knowledge of such Default at the time. 

(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 Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) amend, waive, modify or otherwise change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required
thereby, without the written consent of each Lender, (iii) subject to paragraph (c) below, release any Guarantor under the Guarantee without the written consent of each Lender or (iv) change any of the provisions of this Section or
the definition of “Required Lenders” or “Required Class Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender; provided further that, with or without the agreement or consent of the Required Lenders or 

  
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Required Class Lenders, an agreement or agreements may (y) reduce the principal amount of any Loan, reduce the rate of interest thereon or reduce any fees payable hereunder, with (but only
with) the written consent of each Lender directly affected thereby or (z) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment of either Class, with (but only with) the written consent of each Lender directly affected thereby; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank, any Swingline Lender or any Yen Fronting Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank, such
Swingline Lender or such Yen Fronting Lender, as the case may be; provided further that any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of one Class of Lenders
(but not of the other Class of Lenders) may be effected by an agreement or agreements in writing entered into by the Borrowers, the Administrative Agent and the Required Class Lenders of the applicable affected Class. It is understood and agreed
that the Borrowers shall be permitted to cause additional Affiliates to, directly or indirectly, guarantee Obligations of the Borrowers without the consent of any Lender or the Administrative Agent. 

(c)        Any term or provision of any Credit Document to the contrary notwithstanding, a Subsidiary
Guarantor shall be automatically released from its obligations under the Guarantee, and the guaranty of such Subsidiary Guarantor shall be automatically released, upon receipt by the Administrative Agent of a certificate of a Responsible Officer of
Time Warner certifying that such Subsidiary Guarantor has no outstanding Indebtedness for Borrowed Money as of the date of such certificate, other than any other guarantee of Indebtedness for Borrowed Money that will be released concurrently with
the release of such guaranty. In connection with any such release, the Administrative Agent shall execute and deliver to Time Warner or the applicable Subsidiary Guarantor, at Time Warner’s expense, all documents and shall take all such actions
as are reasonably requested by Time Warner to evidence such release and to effect the release of such Subsidiary Guarantor’s guaranties and other obligations contained in the Guarantee. The execution and delivery of documents pursuant to this
Section shall be without recourse to or representation or warranty by the Administrative Agent. 
 SECTION
9.03.        Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable out-of-pocket
expenses incurred by the Arrangers, the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent in connection with the preparation and administration of the Credit
Documents or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Agents, the Issuing Banks
or the Lenders, including the reasonable fees, charges and disbursements of any counsel for the Agents, the Issuing Banks or the Lenders in connection with the enforcement or protection of its rights in connection with any Credit Document, including
its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect thereof, it being understood that the Agents, the Issuing
Banks and the Lenders shall use, and the Borrowers shall only be required to pay such fees, charges and disbursements of, a single counsel, unless (and to the extent) conflicts of interests require the use of more than one counsel. 

  
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 (b)        The Borrowers shall indemnify each Agent,
each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, 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 (i) the execution
or delivery of any Credit Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated
hereby, (ii) any Loan or Letter of Credit or the use of, or the proposed use of, the proceeds therefrom (including any refusal by the 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 property owned or operated by any Company, or any Environmental Liability
related in any way to any Company, 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 regardless of whether any Indemnitee
is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted from the gross negligence or willful misconduct of such
Indemnitee (or a Related Party of such Indemnitee). 
 (c)        To the extent that any of the
Borrowers fail to pay any amount required to be paid by them to the Administrative Agent, an Issuing Bank, a Swingline Lender or a Yen Fronting Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the
Administrative Agent, such Issuing Bank, such Swingline Lender or such Yen Fronting Lender, as the case may be, such Lender’s pro rata share (which shall be a percentage equal to the sum of such Lender’s Tranche One Commitments and Tranche
Two Commitments divided by the sum of the Tranche One Commitments and Tranche Two Commitments of all the Lenders as of the time that the applicable unreimbursed expense or indemnity payment is sought; provided that if the Commitments of
either Class have terminated, such percentage shall be based upon the Revolving Credit Exposures of such Class instead of the Commitments of such Class) 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, such Issuing Bank, such Swingline Lender or such Yen Fronting Lender in its capacity as such. 

(d)        To the extent permitted by applicable law, no Borrower shall assert, and each Borrower
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or
any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 

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

  
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 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 an Issuing Bank that issues any Letter of
Credit), except that no Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender except in accordance with Section 6.04 (and any attempted assignment or transfer
by such Credit Party without such consent shall be null and void). Nothing in this Agreement, express 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 an Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 
 (b)        Any Lender other than a Conduit
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 of either Class and the Loans of such Class at the time owing to it);
provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each of Time Warner and the Administrative Agent and (x) each Swingline Lender (but only in the case of an assignment of all or a portion of a
Tranche One Commitment in respect of Swingline Exposure), (y) each Issuing Bank that has issued Letters of Credit hereunder having an aggregate face amount in excess of $15,000,000 at the time of such assignment (but only in the case of an
assignment of all or a portion of a Tranche One Commitment in respect of LC Exposure) or (z) (i) each Tranche One Yen Fronting Lender (but only in the case of an assignment of all or a portion of a Tranche One Commitment in respect of Yen
Exposure) or (ii) each Tranche Two Yen Fronting Lender (but only in the case of an assignment of all or a portion of a Tranche Two Commitment in respect of Yen Exposure) must give its prior written consent to such assignment (which consent
shall not be unreasonably withheld or delayed), provided that, with respect to Time Warner, such consent shall be deemed to have been given if Time Warner has not responded to a proposed assignment within 15 Business Days following its
receipt of notice of such proposed assignment, (ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining balance of the assigning Lender’s Commitment of either Class, each
assignment of Commitments of either Class shall not be less than an aggregate principal amount of $15,000,000, (iii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining balance of
the assigning Lender’s Commitment of either Class, the remaining amount of the Commitment of such Class of the assigning Lender after giving effect to such assignment shall not be less than $15,000,000 unless, in the case of clauses
(ii) or (iii), each of Time Warner and the Administrative Agent otherwise consents, (iv) 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 in respect of the applicable Class, (v) except in the case of an assignment to an Affiliate of the assigning Lender on or about the Effective Date, the parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Acceptance, together with a processing and recordation fee of $2,500, and (vi) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided
further that any consent of Time Warner otherwise required under this paragraph shall not be required if an Event of Default under clause (a), (h) or (i) of Article VII has occurred and is continuing. Upon acceptance and
recording pursuant to paragraph (d) of this Section, from and after the effective 

  
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date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights
and obligations of a Lender of the applicable Class under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations in respect of the
applicable Class under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall (i) continue
to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.03) and (ii) continue to be subject to the confidentiality provisions hereof. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in respect of the applicable Class in accordance with paragraph (e) of this Section.
Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of any Borrower or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its
designation agreement and without regard to the limitations set forth in the first sentence of this Section. 

(c)        The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall
maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans
(identifying whether any such Loans are Specified 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, and the Borrowers,
the Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.

 (d)        Upon its receipt of a duly completed Assignment and Acceptance executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(e)        Any Lender other than a Conduit Lender may, without the consent of any Borrower, the
Administrative Agent or the Swingline Lenders, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a
portion of its Commitment of either Class and the Loans of either Class owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. Any agreement or instrument 

  
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pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first and second
provisos to Section 9.02(b) that affects such Participant. Subject to paragraph (f) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the 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. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register. 
 (f)        A Participant shall not be
entitled to receive any greater payment under Section 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrowers are notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.16(g) as though it were a Lender. 

(g)        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 such pledge or assignment to a Federal Reserve Bank or other central 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 assignee for such Lender as a party hereto. 

(h)        Each Borrower, upon receipt of written notice from the relevant Lender, agrees to issue
Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (g) above. 

(i)        Each Borrower, each Lender and the Administrative Agent hereby confirms that it will not
institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day
after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, 

  
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however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its
inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 
 SECTION
9.05.        Survival. All covenants, agreements, representations and warranties made by the Credit Parties herein and in the certificates or other instruments delivered in connection with or pursuant
to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement 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 or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time 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 and so long as the Commitments have not
expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 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 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
original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Lenders constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, 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 electronic transmission 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 is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by such
Lender or any Affiliate of such Lender that is primarily engaged in commercial banking activities and other indebtedness at any time owing by such Lender to or for the credit or the account of any of the Credit Parties (other than indebtedness
related to commercial advertising and marketing arrangements entered into in the ordinary course of business) against any of and all the obligations of any of the Credit Parties 

  
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now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be
unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender 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)        Each party to this Agreement 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 the Credit Documents, 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 court 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. 

(c)        Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which 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 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 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 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. 

  
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 SECTION 9.12.        Confidentiality. Each of the
Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees
and agents, including accountants, legal counsel and other advisors on a need-to-know basis (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any
self-regulatory authority), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, provided that in connection with any such requirement by a subpoena or similar legal process, Time
Warner is given prior notice to the extent such prior notice is permissible under the circumstances and an opportunity to object to such disclosure, (d) to any other party to this Agreement for purposes directly related to the Credit Documents,
(e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an express agreement for the benefit of the Borrowers
containing provisions substantially the same as those of this Section, to any (i) assignee (or Conduit Lender) of or Participant in, or any prospective assignee (or Conduit Lender) of or Participant in, any of its rights or obligations under
this Agreement or (ii) counterparty to a hedging agreement relating to the Borrowers and their obligations (or such contractual counterparty’s professional advisor), (g) with the consent of Time Warner 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 or any Lender on a nonconfidential basis from a source other than the Borrowers or their
Affiliates. For the purposes of this Section, “Information” means all information received from one or more of the Borrowers or their Subsidiaries, whether oral or written, relating to the Borrowers, their Subsidiaries or their
respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by one or more of the Borrowers; provided that, in the case of information
received from one or more of the Borrowers after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information, including in
accordance with Regulation FD as promulgated by the SEC. Each Borrower agrees to maintain the confidentiality of any information relating to a rate provided by a Reference Bank, except that such information may be disclosed (a) to its and its
Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors on a need-to-know basis, (b) as consented to by
the applicable Reference Bank, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, provided that in connection with any such requirement by a subpoena or similar legal process, the
applicable Reference Bank is given prior notice to the extent such prior notice is permissible under the circumstances, (d) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement
or the enforcement of rights hereunder or (e) 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 such Borrower on a nonconfidential basis from
a source other than the Administrative Agent or the applicable Reference Bank or its Affiliates. 

  
 87 

 SECTION 9.13.        Acknowledgments. Each
Borrower hereby acknowledges that: 
 (a)        it has been advised by counsel in
the negotiation, execution and delivery of this Agreement and the other Credit Documents; 

(b)        neither the Administrative Agent nor any Lender has any fiduciary
relationship with or fiduciary duty to any Borrower arising out of or in connection with this Agreement or any of the other Credit Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the Borrowers, on the other
hand, in connection herewith or therewith is solely that of debtor and creditor; and 

(c)        no joint venture is created hereby or by the other Credit Documents or
otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrowers and the Lenders. 
 SECTION
9.14.        Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Credit Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of each of the applicable Borrowers in respect of any such sum due from it to either the Administrative Agent or any Lender hereunder or under any other Credit Document shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business
Day following receipt by the Administrative Agent or such Lender of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender may in accordance with normal banking procedures in the relevant jurisdiction
purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally adjudged to be due to the Administrative Agent or such Lender in the Agreement Currency (as converted on
the date of final judgment), the Borrowers agree, jointly and severally, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender against such loss. If the amount of the Agreement Currency
so purchased is greater than the sum originally adjudged to be due to the Administrative Agent or such Lender in such currency, the Administrative Agent or such Lender agrees to return the amount of any excess to the Borrowers (or to any other
Person who may be entitled thereto under applicable law). The obligations of the Borrowers contained in this Section 9.14 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 

SECTION 9.15.        USA Patriot Act. Each Lender hereby notifies the Borrowers that pursuant
to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information
includes the name and address of each Borrower and other information that will allow such Lender to identify the Borrowers in accordance with the Act. 

  
 88 

 SECTION 9.16.        Waiver of Prior Notice of
Termination Under Existing Credit Agreement. By its execution of this Agreement, each Lender that is a party to the Existing Credit Agreement hereby waives any requirement thereunder for prior notice of the termination of the commitments
thereunder and prepayment of any loans outstanding thereunder; provided that such notice is given to the administrative agent thereunder on the Effective Date. 

  
 89 

 SCHEDULE 1.01 

[Reserved] 

 SCHEDULE 2.01 

COMMITMENTS 
  

 

									
	
Lender
  
	 	  	  	  Tranche One Commitment  

 
	 	  	 	
 Tranche Two Commitment  
  

	 Citibank, N.A.

 
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 Bank of America, N.A.

 
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 The Bank of Tokyo-

Mitsubishi UFJ, Ltd.
  
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 Barclays Bank PLC

 
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 BNP Paribas

 
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 Deutsche Bank AG New

York Branch
  
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 JPMorgan Chase Bank, N.A.

 
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 The Royal Bank of Scotland

plc
  
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 Wells Fargo Bank, N.A.

 
	 	 	  	  $187,500,000   

 
	 	 	 	  $187,500,000    

	 Credit Agricole Corporate

and Investment Bank
  
	 	 	  	  $112,500,000   

 
	 	 	 	  $112,500,000    

	 Mizuho Bank, Ltd.

 
	 	 	  	  $112,500,000   

 
	 	 	 	  $112,500,000    

	 Santander Bank, N.A.

 
	 	 	  	  $112,500,000   

 
	 	 	 	  $112,500,000    

	 Sumitomo Mitsui Banking

Corp.
  
	 	 	  	  $112,500,000   

 
	 	 	 	  $112,500,000    

	 Goldman Sachs Bank USA

 
	 	 	  	  $100,000,000   

 
	 	 	 	  $100,000,000    

	 The Bank of Nova Scotia

 
	 	 	  	  $62,500,000     

 
	 	 	 	  $62,500,000      

	 Credit Suisse AG, Cayman

Islands Branch
  
	 	 	  	  $62,500,000     

 
	 	 	 	  $62,500,000      

	 Morgan Stanley Bank, N.A.

 
	 	 	  	  $62,500,000     

 
	 	 	 	
 $62,500,000      

									
	 	 	 	  	 	 	 	 	 
	
The Bank of New York
 Mellon

 
	 	 	  	
 $37,500,000                     

 
	 	 	 	
 $37,500,000                       
  
  

	 Lloyds Bank
plc                    
	 	 	  	  $37,500,000 

 
	 	 	 	
 $37,500,000     
  

	 SUB-TOTALS
	 	 	  	  $2,500,000,000

 
	 	 	 	  $2,500,000,000

 

	 TOTAL
	 	 	  	  $5,000,000,000

 
	 	 	 	 

 SCHEDULE 2.03(A) 
  

					
	Loan Type:	  	 A borrowing notice (pursuant
and
 subject to Section 2.03 or

Section 2.04, as applicable) or an

interest election (pursuant to Section

2.07) must be given not later than:
	  	 Prepayment
notice
 (pursuant to Section 2.10) must be given not later than:

	
REVOLVING LOANS
  

	Any Eurocurrency Borrowing	  	 11:00 a.m. New York City time three

(3) Business Days before the date of the

proposed Borrowing.
	  	 12:00 p.m. New York City

time three (3) Business Days

before the date of prepayment.

	Alternate Base Rate Borrowing	  	 10:00 a.m. New York City time on the

Business Day of the proposed
 Borrowing.
	  	 12:00 p.m. New York City

time one (1) Business Day
 before the date of
prepayment.

	Pound Sterling Overnight Rate Borrowing	  	 10:00 a.m. London time one (1)

Business Day before the date of the
 proposed Borrowing.
	  	 12:00 p.m. London time one

(1) Business Day before the
 date of prepayment.

	Euro Overnight Rate Borrowing	  	
10:00 a.m. London time on the Business

Day of the proposed Borrowing (subject
 to the limitation in
Section 2.03).
	  	 12:00 p.m. London time one

(1) Business Day before the
 date of prepayment.

	TIBOR Borrowing	  	 11:00 a.m. Tokyo time three (3)

Business Days before the date of the
 proposed Borrowing.
	  	 12:00 p.m. Tokyo time three

(3) Business Days before the
 date of prepayment.

	
SWINGLINE LOANS
  

	Alternate Base Rate Borrowing	  	 2:00 p.m. New York City time on the

Business Day of the proposed Borrowing.
	  	 
	Pound Sterling Overnight Rate or Euro Overnight Borrowing	  	 10:00 a.m. London time on the Business

Day of the proposed Borrowing.
	  	 12:00 p.m. London time one

(1) Business Day before the
 date of prepayment.

	Pound Sterling Quoted Rate or Euro Quoted Rate Borrowing	  	 3:00 p.m. London time on the Business

Day of the proposed Borrowing.
	  	 12:00 p.m. London time one

(1) Business Day before the
 date of prepayment.

 SCHEDULE 6.08 

UNRESTRICTED SUBSIDIARIES 
  

	1.	TW Receivables, Inc. 

	2.	Sellers, LLC 

	3.	Witty, LLC 

	4.	281, LLC 

	5.	Conspire, LLC 

	6.	Stormy, LLC 

	7.	Bandy, LLC 

	8.	Umbria, LLC 

	9.	LIS Distribution, Inc. 

	10.	Love and War Distribution, Inc. 

	11.	Starter, LLC 

	12.	Like It, LLC 

 SCHEDULE 8 

LIST OF PROPER PERSONS 
  

			
	 Name
	  	 Title

		
	John K. Martin, Jr.	  	 Executive Vice President, Chief

Financial and Administrative Officer

	Howard M. Averill	  	 Senior Vice President and Deputy Chief

Financial Officer

	Edward B. Ruggiero            	  	Senior Vice President and Treasurer
	Daniel J. Happer*	  	Vice President and Assistant Treasurer
	Stephen N. Kapner*	  	Vice President and Assistant Treasurer
	Eric Schott*	  	Vice President and Assistant Treasurer

 * The Administrative Agent may act upon verbal instructions from Mr. Happer, Mr. Kapner or Mr. Schott, which
will be followed by written confirmation from one of the other above-named officers. 

 EXHIBIT A 

FORM OF 
 ASSIGNMENT AND ACCEPTANCE

 Reference is made to the Amended and Restated Credit Agreement, dated as of January 19, 2011, as amended and restated as of
December 18, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among TIME WARNER INC., TIME WARNER INTERNATIONAL FINANCE LIMITED, the Lenders party thereto and CITIBANK, N.A., as
administrative agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

The Assignor identified on Schedule l hereto (the “Assignor”) and the Assignee identified on Schedule l hereto (the
“Assignee”) agree as follows: 
 1. The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to
the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), the interest described in Schedule 1 hereto (the “Assigned
Interest”) in and to the Assignor’s rights and obligations under the Credit Agreement with respect to the amount set forth on Schedule 1 hereto for the Commitments of the applicable Class and Revolving Credit Exposure of the applicable
Class of the Assignor on the Effective Date of this Assignment and Acceptance. 
 2. The Assignor (a) makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Credit Agreement, any other Credit Document or any other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such
interest is free and clear of any such adverse claim and (b) makes no representation or warranty and assumes no responsibility with respect to the financial condition of any of the Borrowers, any of their Affiliates or any other obligor or the
performance or observance by any of the Borrowers, any of their Affiliates or any other obligor of any of their respective obligations under the Credit Agreement or any other Credit Documents or any other instrument or document furnished pursuant
hereto or thereto. 
 3. The Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and
Acceptance; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements delivered pursuant to 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 Acceptance; (c) agrees that it will, independently and without reliance upon the Assignor, the Administrative Agent or any 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 Credit Agreement and other Credit Documents or any other instrument or document furnished pursuant hereto or

  
 2 

 
thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and other
Credit Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be
bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender of the applicable Class. 

4. The effective date of this Assignment and Acceptance shall be the Effective Date of Assignment described in Schedule 1 hereto (the
“Effective Date”). Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent (and Time Warner, the Swingline Lender and the Issuing Bank, to the extent required by
Section 9.04(b) of the Credit Agreement) for acceptance by it and recording by the Administrative Agent pursuant to the Credit Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative
Agent, be earlier than five Business Days after the date of such acceptance and recording by the Administrative Agent). The Administrative Agent shall keep records of this Assignment and Acceptance in accordance with Section 9.04(d) of the
Credit Agreement. 
 5. Upon such acceptance and recording, 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 Assignor for amounts which have accrued to the Effective Date and to the Assignee for amounts which have accrued subsequent to
the Effective Date. 
 6. From and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the
extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender of the Applicable Class thereunder and under the other Credit Documents and shall be bound by the provisions thereof and (b) the Assignor shall, to
the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement. 

7. This Assignment and Acceptance shall be construed in accordance with and governed by the law of the State of New York. 

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their
respective duly authorized officers on Schedule 1 hereto. 

 Schedule 1 

to Assignment and Acceptance with respect to the 

Amended and Restated Credit Agreement, dated as of January 19, 2011, as amended and restated 

as of December 18, 2013 
 among
TIME WARNER INC., TIME WARNER INTERNATIONAL FINANCE LIMITED, the 
 Lenders party thereto and CITIBANK, N.A., 

as administrative agent (in such capacity, the “Administrative Agent”) 

Name of Assignor:
                                         
            
 Name of Assignee:
                                         
            
 Effective Date of Assignment:
                                         
    
  

			
	 Amount of Tranche One Commitments

and Tranche One Revolving Credit

Exposure Assigned
	  	 [Amount of Tranche One Yen

Commitments Assigned

		
	$                                	  	$                                ]
		
	 Amount of Tranche Two Commitments

and Tranche Two Revolving Credit

Exposure Assigned
	  	 [Amount of Tranche Two Yen

Commitments Assigned

		
	$                                	  	$                                ]
		
	[Name of Assignee]	  	[Name of Assignor]
		
	
By:                         
                                         
      
 Title:
	  	
By:                         
                                         
      
 Title:

  
 2 

									
	Accepted for Recordation in the Register:	 		 	Required Consents (if any):
			
	 CITIBANK, N.A.,
 as Administrative
Agent
	 		 	[TIME WARNER INC.
					
	By:	 	 	 		 	By:	 	 
		 	Title:	 		 		 	Title:]
			
		 		 	 [______, as
 Swingline
Lender

					
		 		 		 	By:	 	 
		 		 		 		 	Title:]
			
		 		 	 [___________________________, as

Issuing Bank

					
		 		 		 	By:	 	 
		 		 		 		 	Title:]

 EXHIBIT B 

FORM OF GUARANTEE 
 GUARANTEE,
dated as of January 19, 2011 (as amended, supplemented or otherwise modified from time to time, this “Guarantee”), made by TIME WARNER INC., a Delaware corporation (“Time Warner”), HISTORIC TW INC., a Delaware
corporation (“Historic TW”), TURNER BROADCASTING SYSTEM, INC., a Georgia corporation (“TBS”) and HOME BOX OFFICE, INC., a Delaware corporation (“HBO”) (each, a “Guarantor”, and
collectively, the “Guarantors”), in favor of CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the lenders (the “Lenders”) parties to the Credit Agreement,
dated as of January 19, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Time Warner, TIME WARNER INTERNATIONAL FINANCE LIMITED (“TWIFL”), the Lenders and
the Administrative Agent. 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make Loans and other extensions of credit to the Borrowers
upon the terms and subject to the conditions set forth therein; 
 WHEREAS, it is a condition precedent to the obligation of the Lenders to
make their respective Loans and other extensions of credit to the Borrowers under the Credit Agreement that the Guarantors shall have executed and delivered this Guarantee to the Administrative Agent for the ratable benefit of the Lenders; and 

WHEREAS, each Guarantor is an affiliate of one or more of the Borrowers under the Credit Agreement, and it is to the advantage of each
Guarantor that the Lenders make the Loans and other extensions of credit to the Borrowers under the Credit Agreement. 
 NOW, THEREFORE, in
consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective loans and other extensions of credit to the Borrowers under the Credit
Agreement, each Guarantor hereby agrees with the Administrative Agent, for the ratable benefit of the Lenders, as follows: 
 1. Defined
Terms. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

(b)    As used herein, “Designated Borrowers” means Time Warner and TWIFL. 

(c)    As used herein, “Obligations” means the collective reference to the unpaid
principal of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of each Designated Borrower to the Administrative Agent, the Swingline Lenders, the Issuing Banks, the Yen Fronting Lenders and the
Lenders (including, without limitation, interest accruing at the then applicable rate provided in the 

  
 2 

 
Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to either one or both of the Designated Borrowers whether or not a claim for post-filing or post-petition interest is allowed in such proceeding),
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, any Letter of Credit or any other Credit Document, in each
case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent, the Swingline Lenders, the
Issuing Banks, the Yen Fronting Lenders and the Lenders that are required to be paid by either one or both of the Designated Borrowers pursuant to the terms of the Credit Agreement or any other Credit Document). 

(d)    As used herein, “Reimbursement Obligations” means the obligation of a Designated
Borrower to reimburse the Issuing Banks pursuant to Section 2.05(e) of the Credit Agreement for amounts drawn under Letters of Credit. 

(e)    As used herein, “Historic TW Obligations” has the meaning assigned to such term in
Section 2(c) of this Guarantee. 
 (f)    The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision of this Guarantee, and section and paragraph references are to this Guarantee unless otherwise
specified. 
 (g)    The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 2. Guarantees. (a) Historic TW hereby unconditionally and irrevocably guarantees to
the Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Designated Borrowers when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations. 
 (b)    Time Warner hereby unconditionally
and irrevocably guarantees to the Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by TWIFL when due (whether at the
stated maturity, by acceleration or otherwise) of the Obligations of TWIFL. 
 (c)    Each of TBS and
HBO hereby, jointly and severally, unconditionally and irrevocably guarantees to the Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees and assigns, the prompt and complete payment
and performance by Historic TW when due (whether at the stated maturity, by acceleration or otherwise) of its obligations and liabilities under this Guarantee (the “Historic TW Obligations”), including under Section 2(a)
hereof. 

  
 3 

 (d)    This Guarantee shall remain in full force and effect
until the Obligations are paid in full, no Letter of Credit shall be outstanding (unless such Letter of Credit is cash collateralized in accordance with Section 2.05(c) of the Credit Agreement) and the Commitments of each Class are terminated,
notwithstanding that from time to time prior thereto either one or both of the Designated Borrowers may be free from any Obligations. 

(e)    Each Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment
to the Administrative Agent or any Lender on account of its liability hereunder, it will notify the Administrative Agent and such Lender in writing that such payment is made under this Guarantee for such purpose. 

(f)    Anything herein or in any other Credit Document to the contrary notwithstanding, the maximum
liability of each Guarantor hereunder and under the other Credit Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable Federal and state laws relating to the insolvency of debtors (after giving
effect to the right of contribution established in Section 3 hereof). 
 (g)    No payment or
payments made by either of the Designated Borrowers, any of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative Agent or any Lender from either of the Designated Borrowers, any of the Guarantors,
any other guarantor or any other Person by virtue of any action or proceeding or any setoff or appropriation or payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder who
shall, notwithstanding any such payment or payments (other than payments made by such Guarantor in respect of the Obligations or payments received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations
and, in the case of TBS and HBO, the Historic TW Obligations, up to the maximum liability of such Guarantor hereunder until the Obligations are paid in full, no Letter of Credit shall be outstanding (unless such Letter of Credit is cash
collateralized in accordance with Section 2.05(c) of the Credit Agreement) and the Commitments of each Class are terminated. 
 3.
Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from
and against any other Guarantor hereunder who has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 5 hereof. The provisions of this Section
shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such
Guarantor hereunder. 
 4. Right of Setoff. (a) Historic TW hereby authorizes each Lender at any time and from time to time
when any amounts owed by either one or both of the Designated 

  
 4 

 
Borrowers under the Credit Agreement are due and payable and have not been paid (taking into account any applicable grace periods), to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final), at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of Historic TW (other than indebtedness related to
commercial advertising and marketing arrangements entered into in the ordinary course of business) against any of and all of the obligations of Historic TW to such Lender hereunder now or hereafter existing under the Credit Agreement or any other
Credit Document whether or not such Lender has made any demand for payment. Each Lender shall notify Historic TW promptly of any such setoff and the application made by such Lender of the proceeds thereof; provided that the failure to give
such notice shall not affect the validity of such setoff and application. The rights of each Lender under this paragraph are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

(b)    Time Warner hereby authorizes each Lender at any time and from time to time when any amounts owed
by TWIFL under the Credit Agreement are due and payable and have not been paid (taking into account any applicable grace periods), to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final), at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of Time Warner (other than indebtedness related to commercial advertising and marketing arrangements entered into in
the ordinary course of business) against any of and all of the obligations of Time Warner to such Lender hereunder now or hereafter existing under the Credit Agreement or any other Credit Document whether or not such Lender has made any demand for
payment. Each Lender shall notify Time Warner promptly of any such setoff and the application made by such Lender of the proceeds thereof; provided that the failure to give such notice shall not affect the validity of such setoff and
application. The rights of each Lender under this paragraph are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

(c)    Each of TBS and HBO hereby authorizes each Lender at any time and from time to time when any
amounts owed by Historic TW under this Guarantee are due and payable and have not been paid (taking into account any applicable grace periods), to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final), at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of either TBS or HBO (other than indebtedness related to commercial advertising and marketing
arrangements entered into in the ordinary course of business) against any of and all of the obligations of TBS or HBO, as applicable, to such Lender hereunder now or hereafter existing under the Credit Agreement or any other Credit Document whether
or not such Lender has made any demand for payment. Each Lender shall notify TBS and/or HBO, as the case may be, promptly of any such setoff and the application made by such Lender of the proceeds thereof; provided that the failure to give
such notice shall not affect the validity of such setoff and application. The rights of each Lender under this paragraph are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

  
 5 

 5. No Subrogation. Notwithstanding any payment or payments made by any Guarantor
hereunder, or any setoff or application of funds of any Guarantor by any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against either one or both of the Designated Borrowers or
against any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Obligations or the Historic TW Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from either one or both of the Designated Borrowers in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrowers on account of the Obligations are paid in
full, no Letter of Credit shall be outstanding (unless such Letter of Credit is cash collateralized in accordance with Section 2.05(c) of the Credit Agreement) and the Commitments of each Class are terminated. If any amount shall be paid to any
Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds
of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied
against the Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 
 6. Amendments, etc.
with Respect to the Obligations; Waiver of Rights. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor, and without notice to or further assent by any Guarantor,
(a) any demand for payment of any of the Obligations and any of the Historic TW Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative Agent or such Lender, and any of the Obligations and any of the
Historic TW Obligations continued, (b) the Obligations and/or the Historic TW Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect
thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, (c) the Credit Agreement and any other Credit
Document may be amended, modified, supplemented or terminated, in whole or in part, and (d) any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Obligations
and/or the Historic TW Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security
for the Obligations or for this Guarantee or any property subject thereto. 
 7. Guarantee Absolute and Unconditional. Each
Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and/or any of the Historic TW Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon this Guarantee
or acceptance of this Guarantee; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guarantee; and all dealings between either
one or both of the Designated Borrowers or any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee.
Each Guarantor waives diligence, 

  
 6 

 
presentment, protest, demand for payment and notice of default or nonpayment to or upon either one or both of the Designated Borrowers or any Guarantor with respect to the Obligations or the
Historic TW Obligations. This Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity, regularity or enforceability of the Credit Agreement or any other Credit Document,
any of the Obligations or the Historic TW Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any
defense, setoff or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by either one or both of the Designated Borrowers or any other Person against the Administrative Agent or any
Lender, or (c) any other circumstance whatsoever (with or without notice to or knowledge of either one or both of the Designated Borrowers or any Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge
of either one or both of the Designated Borrowers from the Obligations or of Historic TW from the Historic TW Obligations, or of such Guarantor under this Guarantee, in bankruptcy or in any other instance. When making a demand hereunder or otherwise
pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent and any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against either
Designated Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or the Historic TW Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent
or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from either Designated Borrower, any such other Guarantor or any such other Person or to realize upon any such collateral security or guarantee
or to exercise any such right of offset, or any release of either Designated Borrower, any such other Guarantor or any such other Person or of any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any
liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall
include the commencement and continuance of any legal proceedings. 
 8. Reinstatement. This Guarantee shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations or any of the Historic TW Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any
Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of either one or both of the Designated Borrowers or Historic TW or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, either one or both of the Designated Borrowers or Historic TW or any substantial part of either Designated Borrower’s or Historic TW’s property, or otherwise, all as though such payments had not been made. 

9. Payments. Each Guarantor hereby agrees that payments hereunder will be paid to the Administrative Agent without setoff or
counterclaim in the applicable Currency at the office of the Administrative Agent as designated by the Administrative Agent. 
 10.
Representations and Warranties. (a) To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrowers thereunder, each Guarantor
hereby represents 

  
 7 

 
and warrants to the Administrative Agent and each Lender that the representations and warranties set forth in Article III of the Credit Agreement (other than those set forth in Sections
3.04(c), 3.06 and 3.10 on any date other than the Effective Date) as they relate to such Guarantor or to the Credit Documents to which such Guarantor is a party, each of which is hereby incorporated herein by reference, are true and correct, and the
Administrative Agent and each Lender shall be entitled to rely on each of them as if they were fully set forth herein (it being understood that any representation or warranty set forth in Article III of the Credit Agreement that is qualified by
a reference to a certain Borrower thereunder and its Subsidiaries taken as a whole shall not be deemed to apply to the Guarantor individually). 

(b)    The Guarantors agree that the foregoing representation and warranty shall be deemed to have been
made by each Guarantor and shall be true and correct in all material respects on the date of each borrowing by a Borrower under the Credit Agreement on and as of such date of borrowing as though made hereunder on and as of such date. 

11. Authority of Administrative Agent. Each Guarantor acknowledges that the rights and responsibilities of the Administrative Agent
under this Guarantee with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, right, request, judgment or other right or remedy provided for herein or resulting or
arising out of this Guarantee shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the
Administrative Agent and any or all of the Guarantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Guarantor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority. 
 12. Notices. All notices, requests and demands to or
upon the Administrative Agent, any Lender or any Guarantor shall be effected in the manner provided in Section 9.01 of the Credit Agreement; any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its
notice address set forth on Schedule 1 hereto. 
 13. Severability. Any provision of this Guarantee which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 14. Integration. This
Guarantee and the other Credit Documents represent the agreement of each Guarantor with respect to the subject matter hereof and there are no promises or representations by the Guarantor, the Administrative Agent or any Lender relative to the
subject matter hereof not reflected herein or in the other Credit Documents. 
 15. Amendments in Writing. None of the terms or
provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the applicable Guarantor and the Administrative Agent; provided that any right, power or privilege of the
Administrative Agent or the Lenders arising under this Guarantee may 

  
 8 

 
be waived by the Administrative Agent and the Lenders in a letter or agreement executed by the Administrative Agent; provided further that no such amendment or waiver shall release
any material Guarantor from its obligations hereunder without the written consent of each Lender. 
 16. Release of Subsidiary
Guarantors. Any term or provision of any Credit Document to the contrary notwithstanding, a Subsidiary Guarantor shall be automatically released from its obligations under the Guarantee, and the guarantee of such Subsidiary Guarantor shall be
automatically released, upon receipt by the Administrative Agent of a certificate of a Responsible Officer of Time Warner certifying that such Subsidiary Guarantor has no outstanding Indebtedness for Borrowed Money as of the date of such
certificate, other than any other guarantee of Indebtedness for Borrowed Money that will be released concurrently with the release of such guarantee. In connection with any such release, the Administrative Agent shall execute and deliver to Time
Warner or the applicable Subsidiary Guarantor, at Time Warner’s expense, all documents and shall take all such actions as are reasonably requested by Time Warner to evidence such release and to effect the release of such Subsidiary
Guarantor’s guarantees and other obligations contained in the Guarantee. The execution and delivery of documents pursuant to this Section shall be without recourse to or representation or warranty by the Administrative Agent. 

17. No Waiver; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument
pursuant to Section 15 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof.
No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as
a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any
other rights or remedies provided by law. 
 18. Section Headings. The section headings used in this Guarantee are for convenience
of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 19.
Successors and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that no
Guarantor may assign, transfer or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Administrative Agent. 

20. Enforcement Expenses. Each Guarantor agrees, jointly and severally, to pay or reimburse each Lender and the Administrative Agent
for all its costs and expenses incurred in collecting against such Guarantor under this Guarantee or otherwise enforcing or protecting any rights under this Guarantee and the other Credit Documents to which such Guarantor is a party, including,
without limitation, the reasonable fees, charges and disbursements of any counsel for the Lenders and the Administrative Agent, as and to the extent provided in Section 9.03 of the Credit Agreement. 

  
 9 

 21. Counterparts. This Guarantee may be executed by one or more of the Guarantors on any
number of separate counterparts (including by facsimile or electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

22. Acknowledgements. 

Each Guarantor hereby acknowledges that: 

(a)    it has been advised by counsel in the negotiation, execution and delivery of this Guarantee; 

(b)    neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any
Guarantor arising out of or in connection with this Guarantee or any other Credit Document, and the relationship between any or all of the Guarantors, on the one hand, and the Administrative Agent and Lenders, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and 
 (c)    no joint venture is created
hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Guarantors and the Lenders. 

23. GOVERNING LAW. THIS GUARANTEE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

24. Jurisdiction; Consent to Service of Process. (a) Each Guarantor 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 Guarantee, or for recognition or enforcement of any judgment, and each Guarantor 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 court or, to the extent permitted by law, in such Federal court. Each Guarantor 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. 
 (b)    Each Guarantor
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Guarantee in any court referred to in paragraph (a) 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. 

  
 10 

 (c)    Each Guarantor irrevocably consents to service of
process in the manner provided for notices in Section 12 of this Guarantee. Nothing in this Guarantee will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. 

25. WAIVER OF JURY TRIAL. EACH GUARANTOR 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 GUARANTEE OR ANY OTHER CREDIT DOCUMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed and delivered
by its duly authorized officer as of the day and year first above written. 
  
  

			
	TIME WARNER INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	HISTORIC TW INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	TURNER BROADCASTING SYSTEM, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	HOME BOX OFFICE, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 SCHEDULE 1 

Address for Notices 
 TIME WARNER INC. 

One Time Warner Center 
 New York, NY 10019 

Attention: Chief Financial Officer 
 Facsimile No.
(212) 484-7175 
 Attention: General Counsel 
 Facsimile
No. (212) 484-7167 
 Attention: Treasurer 
 Facsimile No.
(212) 484-7151 
 HISTORIC TW INC. 
 One Time Warner
Center 
 New York, NY 10019 
 Attention: Treasurer 

Facsimile No. (212) 484-7151 
 Attention: General Counsel 

Facsimile No. (212) 484-7167 
 TURNER BROADCASTING SYSTEM, INC.

 1 CNN Center 
 Atlanta, GA 30348 

Attention: Chief Financial Officer 
 Facsimile No. (404) 827-4069

 Attention: General Counsel 
 Facsimile No.
(404) 827-2381 
 With a copy to Time Warner at its address set forth above. 

HOME BOX OFFICE, INC. 
 1100 Avenue of the Americas 

New York, NY 10036 
 Attention: Chief Financial Officer 

Facsimile No. (212) 364-4009 
 Attention: General Counsel 

Facsimile No. (212) 512-7020 
 With a copy to Time Warner at its
address set forth above.EX-10.1

 Exhibit 10.1 

LEASE AGREEMENT 
 by and
between 
 AMPIO PHARMACEUTICALS, INC. 

(“Tenant”) 

and 
 NCWP - INVERNESS
BUSINESS PARK, LLC 
 (“Landlord”) 

December 13, 2013 

373 INVERNESS PARKWAY 

 TABLE OF CONTENTS 
  

									
	 1.
	 	Demise and Premises	  	 	1	  
		 	1.1	  	Demise	  	 	1	  
		 	1.2	  	Premises and Associated Rights	  	 	1	  
		 	1.3	  	Commencement and Expiration Dates	  	 	1	  
	 2.
	 	Rent	  		  	 	2	  
		 	2.1	  	Base Rent	  	 	3	  
	 3.
	 	Additional Rent	  	 	4	  
		 	3.1	  	Operating Expenses	  	 	4	  
		 	3.2	  	Operating Expense Exclusions	  	 	5	  
		 	3.3	  	Excess Operating Expenses	  	 	8	  
		 	3.4	  	Direct Tenant Obligations	  	 	8	  
	 4.
	 	Payment of Additional Rent	  	 	9	  
		 	4.1	  	Operating Year	  	 	9	  
		 	4.2	  	Tenant’s Proportionate Share	  	 	9	  
		 	4.3	  	Written Statement of Estimated Excess Operating Expenses	  	 	9	  
		 	4.4	  	Final Written Statement	  	 	10	  
		 	4.5	  	Payment Following Lease Expiration	  	 	10	  
	 5.
	 	Use	  		  	 	11	  
		 	5.1	  	General	  	 	11	  
		 	5.2	  	Negative Covenants as to Use	  	 	12	  
		 	5.3	  	Hazardous Substances	  	 	12	  
		 	5.4	  	Rules and Regulations	  	 	15	  
	 6.
	 	Condition of Premises, Maintenance and Repair	  	 	15	  
		 	6.1	  	Tenant’s Acceptance	  	 	15	  
		 	6.2	  	Tenant’s Maintenance and Repair Obligations	  	 	15	  
		 	6.3	  	Manner	  	 	15	  
		 	6.4	  	Janitorial Services	  	 	16	  
		 	6.5	  	Landlord’s Maintenance and Repair Obligations	  	 	16	  
		 	6.6	  	Waiver	  	 	16	  
		 	6.7	  	End of Term	  	 	16	  
	 7.
	 	Alterations	  	 	17	  
		 	7.1	  	Landlord’s Consent	  	 	17	  
		 	7.2	  	Procedure for Approval	  	 	17	  
		 	7.3	  	Standard for Approval	  	 	17	  
		 	7.4	  	Compliance with Laws	  	 	17	  
		 	7.5	  	Title to Alterations	  	 	18	  
		 	7.6	  	Schedule/Manner of Work	  	 	18	  
		 	7.7	  	Debris	  	 	18	  
		 	7.8	  	Right of Entry/Inspection	  	 	18	  
		 	7.9	  	Insurance	  	 	19	  
		 	7.10	  	Non-Responsibility of Landlord; Indemnification	  	 	19	  
	 8.
	 	Liability and Insurance	  	 	19	  
		 	8.1	  	Action by Tenant	  	 	19	  
		 	8.2	  	Landlord’s Insurance	  	 	20	  

  
 i 

									
		 	8.3	  	Waiver of Subrogation	  	 	20	  
		 	8.4	  	Commercial General Liability Insurance	  	 	20	  
		 	8.5	  	Tenant’s Property Insurance	  	 	20	  
		 	8.6	  	Insurance Policies	  	 	20	  
		 	8.7	  	Increase in Coverage	  	 	21	  
	 9.
	 	Landlord’s Property, Tenant’s Property	  	 	21	  
		 	9.1	  	Landlord’s Property	  	 	21	  
		 	9.2	  	Tenant’s Property	  	 	21	  
		 	9.3	  	Removal	  	 	21	  
		 	9.4	  	Abandonment	  	 	22	  
	 10.
	 	Holding Over	  	 	22	  
	 11.
	 	Utility Service and Charges	  	 	22	  
		 	11.1	  	Charges for Utility Service	  	 	22	  
		 	11.2	  	Discontinuance and Interruption of Service	  	 	22	  
		 	11.3	  	Landlord’s Right to Alter Utilities	  	 	23	  
		 	11.4	  	High Voltage Equipment	  	 	23	  
		 	11.5	  	Cost of Increasing Capacity	  	 	23	  
		 	11.6	  	Light Fixtures	  	 	23	  
	 12.
	 	Climate Control	  	 	23	  
	 13.
	 	Signs, Displays, Auctions, and Sales	  	 	24	  
		 	13.1	  	General	  	 	24	  
		 	13.2	  	Tenant’s Interior Signs	  	 	24	  
		 	13.3	  	Displays	  	 	24	  
		 	13.4	  	Auctions	  	 	24	  
	 14.
	 	Access and Control of Premises	  	 	25	  
		 	14.1	  	Access to Premises	  	 	25	  
		 	14.2	  	Waiver in Connection with Landlord’s Entry	  	 	25	  
		 	14.3	  	Project Changes	  	 	25	  
	 15.
	 	Damage or Destruction	  	 	26	  
		 	15.1	  	Rights and Obligation	  	 	26	  
		 	15.2	  	Rent Abatement	  	 	26	  
		 	15.3	  	Interference with Tenant’s Business	  	 	27	  
		 	15.4	  	Insurance on Tenant’s Property	  	 	27	  
	 16.
	 	Eminent Domain	  	 	27	  
		 	16.1	  	Total Condemnation	  	 	27	  
		 	16.2	  	Partial Condemnation	  	 	27	  
		 	16.3	  	Effect of Termination or Continuation	  	 	28	  
		 	16.4	  	Award	  	 	28	  
		 	16.5	  	Temporary Taking	  	 	28	  
		 	16.6	  	Sole Rights	  	 	28	  
	 17.
	 	Landlord’s Self-Help Rights; Liability and Indemnification	  	 	28	  
		 	17.1	  	Landlord’s Right to Cure	  	 	28	  
		 	17.2	  	Tenant’s Indemnity	  	 	28	  
		 	17.3	  	Limit on Landlord’s Liability	  	 	29	  
		 	17.4	  	Defense of Claims	  	 	29	  

  
 ii 

									
	 18.
	 	Defaults and Remedies	  	 	29	  
		 	18.1	  	Events of Default	  	 	29	  
		 	18.2	  	Remedies	  	 	30	  
		 	18.3	  	Cumulative Remedies	  	 	32	  
		 	18.4	  	Termination	  	 	33	  
		 	18.5	  	Waiver of Rights of Redemption	  	 	33	  
	 19.
	 	Transfers By Tenant	  	 	33	  
		 	19.1	  	General	  	 	33	  
		 	19.2	  	Listing Premises	  			
		 	19.3	  	Corporate Changes	  			
		 	19.4	  	Unapproved Transfers	  	 	34	  
		 	19.5	  	Successors and Assigns	  	 	35	  
	 20.
	 	Subordination; Attornment; Quiet Enjoyment	  	 	35	  
		 	20.1	  	Subordination, Nondisturbance	  	 	35	  
		 	20.2	  	Attornment	  	 	35	  
		 	20.3	  	Quiet Enjoyment	  	 	35	  
		 	20.4	  	Estoppel Certificates	  	 	35	  
		 	20.5	  	Mortgagee Protection	  	 	36	  
		 	20.6	  	Modification for Lender	  	 	36	  
		 	20.7	  	New Owner Obligations	  	 	36	  
		 	20.8	  	Assignment of Rents	  	 	36	  
	 21.
	 	Security	  	 	36	  
		 	21.1	  	Financial Statements	  	 	36	  
		 	21.2	  	Deposit	  	 	37	  
	 22.
	 	Governing Law	  	 	37	  
	 23.
	 	No Merger	  	 	37	  
	 24.
	 	Disputes	  	 	38	  
		 	24.1	  	Attorneys’ and Collection Fees	  	 	38	  
	 25.
	 	[Omitted]	  	 	38	  
	 26.
	 	Tenant’s Liability and Performance	  	 	38	  
	 27.
	 	Definition of Landlord; Limitation of Liability	  	 	38	  
	 28.
	 	Waiver	  		  	 	39	  
	 29.
	 	Miscellaneous Provisions	  	 	40	  
		 	29.1	  	Successors or Assigns	  	 	40	  
		 	29.2	  	Authority of Parties	  	 	40	  
		 	29.3	  	Interest on Past Due Obligations	  	 	40	  
		 	29.4	  	Broker’s Commission	  	 	40	  
		 	29.5	  	Terms and Headings	  	 	40	  
		 	29.6	  	Examination of Lease	  	 	41	  
		 	29.7	  	Time	  	 	41	  
		 	29.8	  	Amendments	  	 	41	  
		 	29.9	  	Partial Invalidity	  	 	41	  
		 	29.10	  	Recording	  	 	41	  
		 	29.11	  	Notices	  	 	41	  
		 	29.12	  	Entire Agreement	  	 	42	  
		 	29.13	  	Survival of Obligations    	  	 	42	  

  
 iii 

							
		 	29.14	  	Representation and Warranties	  	42
		 	 29.15
	  	[Omitted]	  	42
		 	 29.16
	  	USA Patriot Act Compliance	  	42
		 	 29.17
	  	Consents	  	43
		 	 29.18
	  	Confidentiality	  	43
		 	 29.19
	  	Security	  	43

  
 iv 

 BASIC LEASE TERMS 

The following list is a summary of certain basic terms of this Lease. In case of a conflict between any provision of this Lease and the
information contained in this summary, the applicable provision of this Lease shall control. Terms set forth in the left-hand column, below, and used in this Lease shall, unless otherwise defined in the Lease, have the meaning given opposite each
such term in the right-hand column, below. 
  

			
	 LANDLORD:
	  	NCWP – Inverness Business Park, LLC
		
	 ADDRESS OF LANDLORD:            
	  	 c/o ScanlanKemperBard Companies, LLC
 810 NW
Marshall Street, Suite 300
 Portland, OR 97209
 Attn: Asset
Manager, Inverness Business Park
 Fax: (503) 220-2648

		
	 TENANT:
	  	Ampio Pharmaceuticals, Inc.
		
	 ADDRESS OF TENANT:
	  	 5445 DTC Parkway #925
 Greenwood Village, CO
80111
 Attn:Mark D. McGregor

		
	 PERMITTED USE:
	  	Office, laboratory, manufacturing, storage and distribution, in compliance with all legal requirements
		
	 CITY, COUNTY AND STATE:
	  	Englewood, Douglas County, Colorado
		
	 PREMISES:
	  	Approximately 19,346 rentable square feet of space known as Suites 200 and 204 in the Building whose address is 373 Inverness Parkway, Englewood, Colorado (the “Building), as identified on the description and/or floor plans
attached as Exhibit B.
		
	 PROJECT:
	  	Inverness Business Park, a two-story office/flex Building
		
	 LEASE TERM:
	  	One hundred twenty-five (125) full calendar months plus any first partial calendar month.
		
	 RENEWAL TERM(S):
	  	One term of sixty (60) full calendar months.
		
	 EFFECTIVE DATE:
	  	The date on which this Lease has been executed and delivered by both Landlord and Tenant.

  
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	 COMMENCEMENT DATE:              
	  	 The date that is ninety (90) days after Landlord’s delivery of Suite 200, which date is estimated to be February 1, 2014.
Notwithstanding anything to the contrary herein, Landlord shall provide Tenant with access to Suite 204 upon the Effective Date for Tenant to commence design, planning and improvements to the Premises to prepare the same of Tenant’s occupancy.
Such access shall be subject to the terms of this Lease other than the payment of Base Rent and Additional Rent. Landlord shall deliver Suite 200 to Tenant as soon as it is vacated by the current Tenant, which date is estimated to be
February 1, 2014. If Suite 200 is delivered after February 1, 2014, Tenant shall receive a Base Rent credit of $300.00 per day for each day after February 1, 2014 until the date on which Suite 200 is delivered.

 

	 EXPIRATION DATE:
	  	 The date that is one hundred twenty five (125) months after the Commencement Date.

 

	 BASE RENT:
	  	Subject to Section 2.1.1 below, Base Rent shall be as follows:

  

									
	Months	  	Base Rent Per
Month	 	 	Annual
Rate/RSF	 
	 1-5
	  	$	0.00	  	 	$	0.00	  
	 6-12
	  	$	23,376.42	* 	 	$	14.50	  
	 13-24
	  	$	24,182.50	  	 	$	15.00	  
	 25-36
	  	$	24,988.58	  	 	$	15.50	  
	 37-48
	  	$	25,794.67	  	 	$	16.00	  
	 49-60
	  	$	26,600.75	  	 	$	16.50	  
	 61-72
	  	$	27,406.83	  	 	$	17.00	  
	 73-84
	  	$	28,212.92	  	 	$	17.50	  
	 85-96
	  	$	29,019.00	  	 	$	18.00	  
	 97-108
	  	$	29,825.08	  	 	$	18.50	  
	 109-120
	  	$	30,631.17	  	 	$	19.00	  
	 121-125
	  	$	31,437.25	  	 	$	19.50	  

  

			
		  	 *  Any first partial month is charged a prorated portion of this amount.

		
	 BASE YEAR:
	  	2014
		
	
SECURITY DEPOSIT:                     
     
	  	$33,855.50

  
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	 ALLOWANCE:
	  	$580,380.00 ($30.00 per rentable square foot of the Premises).
		
	
APPROXIMATE PROJECT                    

SQUARE

FOOTAGE:
	  	83,058 square feet
		
	 TENANT’S INITIAL

PROPORTIONATE SHARE OF OPERATING EXPENSES:
	  	23.29% of the Project, subject to adjustment pursuant to Section 4.
		
	 PARKING:
	  	70 unreserved surface parking spaces
		
	 BROKERS:
	  	Transwestern (representing Landlord)
		
		  	Colliers International (representing Tenant)
		
	 EXHIBITS:
	  	 Exhibit A Project Legal Description
 Exhibit
B Project Site Plan and Premises Floor Plan
 Exhibit C Work Letter

Exhibit D Rules and Regulations
 Exhibit E Acceptance Letter

Exhibit F Tenant Sign Criteria

  
 vii 

 LEASE AGREEMENT 

THIS LEASE AGREEMENT (this “Lease” or this “Agreement”) is made and entered into as of the Effective Date identified in
the summary of Basic Lease Terms preceding this Lease by and between the Tenant and Landlord also identified in such summary. 
 1. Demise and
Premises. 
 1.1 Demise. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, upon the terms and subject to
the conditions set forth in this Lease, the Premises described in Section 1.2 within the Project, SUBJECT, HOWEVER, to any and all existing liens and encumbrances of record (the “Existing Encumbrances”), and the terms of this Lease.
The Project is located upon the land (the “Land”) described on attached Exhibit A. The Project includes the Land and the Building. 

1.2 Premises and Associated Rights. The premises leased to Tenant consist of the interior space in the Building having the square
footage and location generally identified in the Basic Lease Terms preceding this Lease, as more particularly identified on the description and/or floor plans attached as Exhibit B (the “Premises”), excluding, however, the roof
and exterior walls, if any, of such space. The Premises also include the appurtenant right to use, in common with others, the public portions of the Project, including parking facilities to the extent stated in the Basic Lease Terms, restrooms,
corridors, sidewalks, ramps, landscape areas, and driveways. The Premises shall be delivered to Tenant in its “AS IS” condition without any obligations on the part of Landlord to perform any improvements or alterations, or to provide any
allowances; provided, at the time of delivery, the building mechanical, electrical, life safety, and elevator systems shall be in good working condition. 

Tenant intends to install a separate HVAC unit, and also to use the existing stand-by generator adjacent to the Building or a replacement generator, each with
necessary connections to the Premises. Landlord does not warrant the condition of the existing generator. 
 1.3 Commencement and
Expiration Dates. The term of this Lease shall be for the period of months designated in the summary of Basic Lease Terms preceding this Lease, and shall have the Commencement Date and Expiration Date also designated in such summary (the
“Term”). 
 1.3.1 [Omitted] 

1.3.2 Extension Option. 

(a) Grant of Option. Landlord hereby grants to Tenant the option to extend the Term of this Lease for one (1) additional term (the
“Extension Term”) of sixty (60) months. If this option is exercised, references in the Lease to the Lease Term shall include the Extension Term. 

(b) Exercise. Tenant must exercise the option to extend, if at all, by giving Landlord written notice of such exercise not less than
three hundred (300) days prior to expiration of the then current Lease Term. During the thirty (30) day period after exercise, the 

  
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parties will exchange nonbinding informational opinions as to the fair market rental value of the Premises and may agree to a Base Rent schedule for the Extension Term. At any time during such
thirty (30) day period prior to written agreement on a Base Rent schedule for the Extension Term, Tenant may revoke its exercise of the extension option. If the renewal option is timely exercised and is not properly revoked during such thirty
(30) day period, then the Lease Term shall be extended through the expiration date of the Extension Term on the same terms and conditions as contained herein, except that (i) there shall be no further right to extend the Lease Term beyond
the Extension Term, and (ii) Base Rent during the Extension Term shall be fair market value determined pursuant to Section 2. 

(c) Personal Nature of Option. The option to extend this Lease is conditioned upon (i) Tenant not being in default beyond
applicable notice and cure periods at the time it exercises such option, and (ii) this Lease not having been assigned and no sublease having been executed, except only an assignment or sublease for which Landlord’s prior written consent
either was obtained or was not required. 
 (d) Amendment to Lease. If Tenant exercises the option to extend this Lease, Landlord and
Tenant shall execute and deliver an amendment to this Lease setting forth such fact and the amount of Base Rent for the Extension Term. 
 2. Rent.
Tenant shall pay rent consisting of (i) Base Rent, and (ii) all other sums that become payable by Tenant under this Lease, whether to Landlord directly, or to a third party for the benefit of Landlord and the Premises (“Additional
Rent”). Base Rent and Additional Rent are referred to herein as “Rent.” All Rent shall be paid in advance on the first day of each month unless otherwise provided herein. Notwithstanding any other provision hereof, Tenant shall pay to
Landlord, with all Rent, any rent, transaction, privilege or other tax now or hereafter imposed on any Rent due or paid under this Lease. All Rent shall be paid in lawful money of the United States to Landlord, c/o the Property Manager at the
address set forth in the Basic Lease Terms preceding this Lease, or at such other place as Landlord shall designate by written notice to Tenant. Tenant shall pay all Rent promptly when due without notice or demand therefor and without any abatement,
deduction or off set, for any reason whatsoever, except as may be expressly provided in this Lease. If the Tenant’s obligation to pay Base Rent does not commence on the first day of a calendar month, or does not expire on the last day of the
calendar month, the Base Rent payable by Tenant on the first fractional month, or the last fractional month, as the case may be, shall be prorated for said month. Base Rent for the first full calendar month of the Term for which Base Rent is payable
shall be paid upon execution of this Lease, and Base Rent for any partial month at the beginning of the Term shall be due on the Commencement Date. Tenant acknowledges that Tenant’s late payment of Rent due Landlord will cause Landlord to incur
costs not contemplated by this Lease, the exact amount of such cost being extremely difficult and impractical to ascertain. Therefore, if Landlord does not receive any Rent due from Tenant within ten (10) days of when due, Tenant shall pay to
Landlord an additional sum equal to five percent (5%) of the overdue amount, which late charge shall be due and payable on demand. The payment of late charges and the payment of interest are distinct and separate from one another in that the
payment of interest is to compensate Landlord for the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for the additional administrative expenses incurred by Landlord in handling and processing
delinquent payments. By their execution of this Lease, Landlord and Tenant confirm that such late charge 

  
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represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any such late payment, that the late charge is in addition to any and all remedies available to
Landlord and that the assessment and/or collection of the late charge shall not be deemed a waiver by Landlord of such failure or of any other default under this Lease. Additionally, all such delinquent Rent, plus any late charge, shall bear
interest at the rate of six percent (6%) per annum, or, if lower, the maximum interest rate permitted by law (as applicable, the “Default Rate”), from the date due until paid. If any payment of Rent is returned for insufficient funds,
Landlord may require Tenant to pay all future payments by cashier’s check. 
 2.1 Base Rent. The monthly Base Rent shall be the
amount(s) specified in the Basic Lease Terms preceding this Lease (the “Base Rent”). 
 2.1.1 Rent Commencement. Base Rent
shall be payable as follows: 
 (a) Base Rent for Suite 204 shall be charged at the per square foot rate set forth in the Base Rent Section
of the Basic Lease Terms. 
 (b) Commencing on the date that Suite 200 is delivered, Tenant shall be given five (5) months of abated
Base Rent for Suite 200. Thereafter, Base Rent for Suite 200 shall be charged at the same rate per square foot as is applicable to Suite 204 from time to time. 

2.1.2 Rentable Square Footage Adjustment. The Base Rent specified in the summary of Basic Lease Terms preceding this Lease has been
calculated based on the approximate rentable square feet contained within the Premises. The parties agree that such rentable square footage shall not be changed during the Term of this Lease except pursuant to physical modifications to the Premises
or Building. 
 2.1.3 Extension Term Base Rent. Base Rent for the Extension Term shall be established by agreement of the parties or,
if they cannot agree by 120 days prior to the commencement date of the Extension Term, then Base Rent for the Extension Term shall be the fair market rental value of the Premises established pursuant to the terms of this Section. If the parties are
not able to agree upon the then fair market rental value of the Premises on or before the 120th day prior to the commencement of the Extension Term, then not later than the 90th day prior to the commencement of the Extension Term, each party shall
submit to the other a written final offer setting forth the then fair market rental value of the Premises. The written notice of the fair market rental value shall also be accompanied by a list of three MAI appraisers who are experienced in
determining fair market rental values of similar commercial properties in the metropolitan area where the Premises is located and who have not been employed by the appointing party within the prior two (2) years (other than as an arbitrator or
other arbiter of fair market value under a lease). Each party shall have the right to strike one candidate from the list submitted by the other party. The resulting four names shall then be placed in a vessel and one MAI appraiser shall be selected
at random. The MAI appraiser so selected (the “Appraiser”) need not necessarily conduct an appraisal, but rather shall, using whatever means (including an appraisal) the Appraiser deems reasonable, select, as between the two final offers
submitted by the parties, that final offer that sets forth a fair market rental value that is closest to the actual fair market rental value as the same may be determined by the Appraiser using whatever means (including an appraisal) the Appraiser
deems reasonable. The decision of the Appraiser shall be final and binding on the parties and shall establish the Base Rent for the Extension Term. The cost of the Appraiser’s fee shall be paid by the party whose final offer was not selected by
the Appraiser as the then fair market rental value. 

  
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 3. Additional Rent. Tenant, throughout the Term, shall be obligated to pay its Proportionate Share (as
that term is defined in Section 4) of all Excess Operating Expenses (as that term is defined in Section 3.3) actually incurred by Landlord. Tenant’s Proportionate Share of Excess Operating Expenses shall be Additional Rent. 

3.1 Operating Expenses. The term “Operating Expenses” shall mean all expenses paid or incurred by Landlord or on
Landlord’s behalf as determined by Landlord to be necessary or appropriate for the operation, maintenance and repair of the Project, including the common areas thereof, and the curbs, sidewalks and plazas adjoining the same, including without
limitation: 
 3.1.1 Salaries, wages, medical, insurance, union and general welfare benefits, pension payments, payroll taxes, worker’s
compensation insurance, uniforms and related expenses and benefits of employees of Landlord engaged in the repair, operation, maintenance, management, engineering and security of the Project; 

3.1.2 All expenses incurred for gas, steam, electricity, heat, ventilation, air-conditioning, water, elevator service and other services or
utilities furnished to the Project, together with any taxes thereon; 
 3.1.3 All maintenance costs relating to public and service areas of
the Project, including, but not limited to sidewalks, landscaping, parking, service areas, mechanical rooms, loading areas, and the roof and the exterior of buildings; 

3.1.4 The cost of all insurance premiums and charges including but not limited to rent loss insurance, casualty, liability, fire with extended
coverage endorsement, flood and fidelity insurance, and such other insurance with regard to the Project and the maintenance and/or operation thereof as Landlord may elect to maintain; 

3.1.5 The cost or rental of all supplies, including without limitation, cleaning supplies, light bulbs, tubes and ballasts, materials and
equipment, and all taxes thereon; 
 3.1.6 The cost or rental of hand tools and other moveable equipment used in the repair, maintenance or
operation of the Project; 
 3.1.7 The cost of all charges for window and other cleaning, security services, and, if provided by Landlord,
janitorial services within leased spaces (allocated only among lessees receiving this service); 
 3.1.8 Charges of independent contractors
performing repairs or services to the Project not otherwise chargeable to a specific tenant; 

  
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 3.1.9 Repairs, replacement and general maintenance made by Landlord including the cost to repair
and restore casualty losses to the extent not covered by insurance proceeds received by Landlord; 
 3.1.10 All taxes and assessments and
governmental charges, whether federal, state, county, or municipal, and whether by taxing districts or authorities presently taxing the Land and/or Building, or by others, whether subsequently created or otherwise, whether foreseen or unforeseen,
and any other taxes and assessments attributable to the Project, whether or not directly paid by Landlord, including local improvement district assessments, traffic or signalization improvement assessments, gross receipt taxes, business license
taxes and fees for permits for the Project, and any other tax or charge, including income taxes and sales taxes, levied wholly or partly in lieu thereof and any increase in any tax, including income taxes and any imposition of any taxes such as a
sales tax, if increased or imposed due to a reduction in property taxes, excepting only transfer, excise, inheritance or estate taxes and state or federal taxes computed on the basis of the net income of the owners of the Project; 

3.1.11 Alterations and improvements to the Project made by reason of the laws and requirements of any public authorities or the requirements of
insurance companies or the holders of any encumbrances against the land and/or Project; 
 3.1.12 Management fees, which shall not exceed the
then-prevailing rates for management fees of other first-class buildings devoted to similar uses in the City; 
 3.1.13 The costs of any
capital improvements, replacements or repairs to the Project and/or of any machinery or equipment installed in the Project that are either (i) required due to a change in applicable legal requirements after the date of this Lease, or
(ii) will have the effect of saving Operating Expenses, in either case, amortized over the useful life of the same as estimated by Landlord; 

3.1.14 Legal, accounting and other professional fees incurred in connection with operation, maintenance and management of the Project; 

3.1.15 All other charges properly allocable to the operation, repair and maintenance of the Project in accordance with generally accepted
accounting principles; 
 3.1.16 Reasonable reserves for payment of any of the expenses described in this Section; and 

3.1.17 The cost of air monitoring within the Project in order to detect and monitor the level of any hazardous materials within the air in the
Project. 
 3.1.18 Any and all assessments and other amounts paid to any declarant, owner’s association or other entity pursuant to
recorded covenants applicable to the Project. 
 3.2 Operating Expense Exclusions. Notwithstanding anything contained in the foregoing
Section 3.1 the following expenses shall be excluded from Operating Expenses: 
 3.2.1 Depreciation or amortization on the initial
construction of the Project; 

  
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 3.2.2 Debt service (including without limitation, interest, principal and any impound payments)
required to be made on any mortgage or deed of trust recorded with respect to the Project; 
 3.2.3 The cost of leasehold improvements made
for any tenants of the Project; 
 3.2.4 Leasing commissions, costs and disbursements and other expenses (including advertising) incurred in
connection with leasing, renovating, or improving space for tenants or other occupants of the Project; 
 3.2.5 Repairs and replacements paid
for by insurance proceeds; 
 3.2.6 Specific costs incurred for the account of, or separately billed to and paid by specific tenants of the
Project; 
 3.2.7 Any cost or expense to the extent to which Landlord is paid or reimbursed (other than as a payment for Operating Expenses),
including, but not necessarily limited to, (i) work or services performed for any tenant (including Tenant) at such tenant’s cost, (ii) the cost of any item for which Landlord is paid or reimbursed by insurance, warranties, service
contracts, condemnation proceeds or otherwise, (iii) increased insurance or taxes assessed specifically to any Tenant of the Building, (iv) the portion of charges (including applicable taxes) for electricity, water and other utilities for
which Landlord is entitled to reimbursement from any tenant, and (v) the cost of any HVAC, janitorial or other services provided to Tenants on an extra-cost basis after regular business hours; 

3.2.8 Salaries and bonuses of officers and executives of Landlord and administrative employees above the grade of property manager or building
supervisor and Landlord’s general overhead; 
 3.2.9 The cost of any work or service performed on an extra-cost basis for any tenant of
the building (including Tenant); 
 3.2.10 The cost of any work or services performed for any other property other than the Building; 

3.2.11 Interest on debt or principal amortization payments or any other payments on any mortgage or any other payments under any ground lease;

 3.2.12 Any fees, costs and commissions incurred in procuring or attempting to procure other tenants, including, but not necessarily
limited to brokerage commissions, finder’s fees, attorney’s fees and expenses and entertainment cost and travel expenses and any costs of advertising or promotion of the Building; 

3.2.13 Any cost included in Operating Expenses representing an amount paid to a person, firm, corporation or other entity related to Landlord
which is in excess of the amount which would have been paid on an arms-length basis in the absence of such relationship; 

  
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 3.2.14 Any costs of painting or decorating of any interior parts of the Building occupied or
occupiable by tenants; 
 3.2.15 Any costs necessary to cure any violation of any law, ordinance or regulation applicable to the Building,
existing as of the commencement date of this Lease or to remediate any environmental condition existing as of the commencement date of this Lease, including the removal of, or other steps taken with respect to, asbestos located in the Building,
unless such condition was caused by Tenant; 
 3.2.16 Depreciation of the Building or any part thereof; 

3.2.17 Replacement or contingency reserves or any bad debt loss, rent loss or reserves for bad debts or rent loss; 

3.2.18 Expenses for renovating Tenant’s space; 

3.2.19 Legal or other professional fees relating to leasing, financing, tenant disputes or other services not related to the normal
maintenance, cleaning, repair or protection of the Building; 
 3.2.20 If any operating costs are incurred because of a change of policy or
practice in operating the Building that causes an increase in operating expenses for the Building over the operating cost base expenses, such expenses shall be included as Operating Expenses, only if the change in policy or practice would have been
made by a reasonably prudent operator of a comparable building in the metropolitan area in which the Building is located. These changed expenses shall be included as Operating Expenses to the extent of the increase in cost over the projected cost
that would have been included in the Operating Cost base had the policy or practice been in effect during the entire Operating Cost Base Year. 

3.2.21 costs, expenses and fees relating to solicitation of, advertising for and entering into leases and other occupancy arrangements for
space in the Building, including but not limited to legal fees, space planners’ fees, real estate brokers’ leasing commissions and advertising expenses; 

3.2.22 costs of defending any lawsuits with any mortgagee (except as the actions of Tenant may be in issue), costs of selling, syndicating,
financing, mortgaging or hypothecating any of Landlord’s interest in the Building, costs of any disputes between Landlord and its employees (if any) not engaged in Building operation, disputes of Landlord with Building management, or outside
fees paid in connection with disputes with other tenants or adjacent property owners; 
 3.2.23 costs, expenses or judgments occasioned by
casualty, injury or damage, to the extent that such costs, expenses or judgments are or are required to be covered by insurance to be maintained by Landlord under this Lease; and 

3.2.24 With exception of those items specifically referred to as an inclusion, the cost of any repairs, alterations, additions, improvements,
changes, replacements or other items which under generally accepted accounting principles are properly classified as capital expenses. 

  
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 3.3 Excess Operating Expenses. The term “Excess Operating Expenses” means, for
any Operating Year (defined at Section 4.1), the amount by which the total Operating Expenses for such Operating Year exceed the total Operating Expenses for the Base Year identified in the Basic Lease Terms preceding this Lease. The provisions
for payment of Tenant’s Proportionate Share of Operating Expenses are intended to pass on to Tenant, and reimburse Landlord for, all costs and expenses of the nature described in Section 3.1 incurred in connection with ownership and
operation of the Project to the extent such costs and expenses exceed in amount the same costs and expenses for the Base Year. In determining the amount of Operating Expenses for the Base Year and any subsequent year, if less than 95% of the
rentable area in the Building or the Project shall have been occupied by tenants at any time during such year, Operating Expenses shall be deemed to be increased to an amount equal to the Operating Expenses that would be expected to be incurred had
such occupancy been 95%. 
 3.4 Direct Tenant Obligations. 

3.4.1 Business Taxes. Tenant shall be directly liable for, and shall pay as and when due throughout the Term, all license and excise
fees and occupation taxes covering the business conducted on the Premises. If any governmental authority or unit under any present or future law effective at any time during the Term shall in any manner levy a tax on rents payable under this Lease
or rents accruing from use of the Premises, or a tax in any form against Landlord because of, or measured by, income derived from the leasing or rental thereof, such tax shall be paid by Tenant, either directly or through Landlord, and Tenant’s
failure to do so shall constitute an Event of Default. Tenant shall not, however, be liable to pay any net income tax imposed on Landlord unless, and then only to the extent that, the net income tax is a substitute for real estate taxes. 

3.4.2 Taxes on Tenant’s Property. Tenant shall be liable for and shall pay at least ten (10) days before delinquency, taxes
levied against any personal property or trade fixtures placed by Tenant in or about the Premises. If any such taxes on Tenant’s personal property or trade fixtures are levied against the Premises, Landlord or Landlord’s property, or if the
assessed value of the Premises is increased by the inclusion therein of a value placed upon such personal property or trade fixtures, then Landlord shall have the right to pay the taxes based upon such increased assessments, regardless of the
validity thereof, but only under proper protest if requested by Tenant in writing. If Landlord shall so pay such taxes, then Tenant shall, upon demand, repay to Landlord the taxes so levied and paid by Landlord, or the proportion of such taxes
resulting from such increase in the assessment. In any such event, Tenant shall have the right, at Tenant’s sole cost and expense, in the name of Landlord and with Landlord’s full cooperation, to bring suit in any court of competent
jurisdiction to recover the amount of any such taxes so paid under protest, any amount so recovered to belong to Tenant. Tenant shall timely pay all federal, state and local taxes applicable to Tenant and Tenant’s business before the same are
delinquent, including, without limitation, all income taxes, withholding taxes for employees, and state and local sales and use taxes. For purposes of Colo. Rev. Stat. §39-26-117(1)(b), §39-26-205(3) and §39-22-604(7)(c), as amended
from time to time, the Premises, any other part of the Building used by Tenant, and all of the business fixtures, alterations, installations, additions and improvements made to or installed in the Premises (whether constructed by, for or at the
expense of Landlord or Tenant) are, and shall be deemed to be, property owned by Landlord and therefore exempt from any lien for sales and use and 

  
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withholding taxes which otherwise may be imposed by the taxing authorities of the State of Colorado. In furtherance of obtaining such exemptions, upon the request of Landlord, Tenant shall
execute a memorandum of this Lease for filing with the Colorado Department of Revenue, such memorandum to be in the form as may be prescribed by the Department of Revenue. 

3.4.3 Alterations. If the Alterations in the Premises, whether installed and/or paid for by Landlord or Tenant and whether or not
affixed to the real property so as to become a part thereof, are assessed for real property tax purposes at a valuation higher than the valuation at which improvements conforming to Landlord’s “building standard” in other space in the
Building are assessed, then the real property taxes and assessments levied against Landlord or the Premises by reason of such excess assessed valuation shall be deemed to be property taxes and assessments levied against personal property of Tenant
and shall be governed by the provisions of Section 3.4.2, above. If the records of the County assessor are available and sufficiently detailed to serve as a basis for determining whether said Alterations are assessed at a higher valuation than
Landlord’s “building standard”, such records shall be binding on both Landlord and Tenant. If the records of the County assessor are not available or sufficiently detailed to serve as a basis for making said determination, the actual
costs of construction shall be used. 
 4. Payment of Additional Rent. 

4.1 Operating Year. As used in this Section 4 the term “Operating Year” shall mean each calendar year of the Lease Term
specified in Section 1.3 and if this Lease begins or ends on any date other than the first day of the calendar year, the calculations, costs and payment referred to herein shall be prorated on a daily basis. 

4.2 Tenant’s Proportionate Share. 

4.2.1 Defined. Tenant’s Proportionate Share of Excess Operating Expenses shall equal the rentable square feet contained within the
Premises divided by the total rentable square feet from time to time contained within the Building. As of the date of this Lease Tenant’s Proportionate Share is the percentage stated in the summary of Basic Lease Terms preceding this Lease.

 4.2.2 Allocations. Tenant shall pay each Excess Operating Expense in accordance with Tenant’s Proportionate Share. Landlord
shall have the right to make allocations (“Allocations”) to Tenant of any one or more Excess Operating Expenses on a different basis (including use of estimates) if Landlord has a reasonable basis to do so. For example, if Landlord deems
it reasonable to do so, Landlord shall have the right to elect at any time and from time to time (a) to make Allocations of certain Excess Operating Expense items among less than all lessees and/or other than based upon the respective square
footages of the lessees, (b) to make different Allocations for different Excess Operating Expenses, and/or (c) to alter an Allocation or the method of determining an Allocation from time to time. 

4.3 Written Statement of Estimated Excess Operating Expenses. As Landlord prepares written estimates of future Operating Expenses,
Landlord will provide Tenant with a copy of such estimates, but Tenant acknowledges that such estimates are preliminary only, are 

  
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only for Tenant’s information, and cannot be relied upon by Tenant to reflect actual future Operating Expenses. At least ten (10) days prior to the commencement of each Operating Year
during the Term of this Lease, Landlord shall furnish Tenant with a written statement setting forth Landlord’s estimate of Tenant’s Proportionate Share of the estimated Excess Operating Expenses for the next Operating Year. Failure of
Landlord to deliver the statement of estimated Excess Operating Expenses shall not relieve Tenant of its obligation to pay Tenant’s Proportionate Share of Excess Operating Expenses. Tenant shall each month pay to Landlord as Additional Rent
commencing on January 1 of each Operating Year an amount equal to one-twelfth of the amount of Tenant’s Proportionate Share of estimated Excess Operating Expenses for that year as shown in Landlord’s written statement. 

4.4 Final Written Statement. Within ninety (90) days after the close of each Operating Year during the Term, or as soon thereafter
as available, Landlord shall deliver to Tenant a written statement (the “Operating Statement”) setting forth Tenant’s actual Proportionate Share of the Excess Operating Expenses for the preceding Operating Year. If Tenant’s
Proportionate Share of the actual Excess Operating Expenses is in excess of the amount actually billed to Tenant for the prior year, Tenant shall pay the amount of such excess to Landlord as Additional Rent within thirty (30) days following the
date of such statement. If Tenant’s Proportionate Share of actual Excess Operating Expenses is less than the amount actually billed to Tenant for the prior year, then Landlord shall apply the credit to Tenant’s next Excess Operating
Expense payment(s), as and when due. In no event shall Landlord be liable for damages to Tenant based upon any incorrect or disputed Excess Operating Expense or Allocation nor shall Tenant have any right to terminate this Lease by reason of any
incorrect or disputed Excess Operating Expense or Allocation. The sole remedy of Tenant regarding any Excess Operating Expense or Allocation dispute shall be refund of any charge which exceeds the amount allowed by this Lease. Tenant may review
Landlord’s books and records regarding Excess Operating Expenses for a year at the Property Manager’s office during normal business hours if Tenant requests such review by written notice given within thirty (30) days of receipt of the
Operating Statement for such year. Such books and records shall be kept strictly confidential; Tenant may review the same and may cause the same to be reviewed by the CPA employed by Tenant to prepare its tax returns (who shall first agree in
writing to maintain the confidentiality of the books and records) but Tenant shall not otherwise disclose the contents of Landlord’s books and records. Any dispute regarding an Excess Operating Expense must be commenced by written notice
specifying the disputed item given within sixty (60) days of receipt of Landlord’s books and records following a request by Tenant to audit as provided above; otherwise such dispute is waived by Tenant. Any such dispute shall be
determined, at the election of Landlord, by an independent CPA or property manager whose cost shall be paid by the non-prevailing party. 

4.5 Payment Following Lease Expiration. If an Operating Year ends after the expiration or termination of this Lease, Tenant shall pay
the Additional Rent in respect thereof payable under this Section within ten (10) days of Tenant’s receipt of the Operating Statement for such Operating Year. 

  
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 5. Use. 

5.1 General. 
 5.1.1 Tenant
shall use the Premises only for uses specified in the Basic Lease Terms preceding this Lease and for no other use or purpose whatsoever. 

5.1.2 If any governmental license or permit, to include a Certificate of Occupancy, shall be required for the proper and lawful conduct of
Tenant’s business in the Premises, Tenant, at its expense, shall procure, maintain and comply with the terms and conditions of each such license or permit. Notwithstanding the preceding sentence or any other provision of this Lease to the
contrary, Tenant shall not directly or indirectly submit any application to the City or County for building permits for Alterations or a certificate of occupancy, without the prior written consent of Landlord, which consent shall not be unreasonably
withheld. Tenant shall, at Tenant’s expense, comply with all laws and requirements of public authorities relating to Tenant’s use and occupancy of the Premises and shall observe the Rules and Regulations as may be adopted pursuant to
Section 5.4 hereof of which Landlord notifies Tenant from time to time for the safety and general order of the Premises and the Project. 

5.1.3 Tenant shall observe and comply with all legal requirements which apply to the Premises or the use or occupancy thereof by Tenant,
including but not limited to the obligation to alter, maintain, repair, improve or restore the Premises, and all parts thereof structural and otherwise, in compliance and conformity with all legal requirements. Tenant acknowledges that Tenant may be
required by the Americans with Disabilities Act of 1990, 42 U.S.C. §12101 et seq. or comparable State law (and related statutes and regulations) to make improvements to the Premises to facilitate access and use of the Premises by Tenant’s
employees and others in connection with Tenant’s improvement, alteration and use of the Premises, and all costs associated with such compliance shall be borne exclusively by Tenant; provided, any such costs incurred as part of Tenant’s
Work (as defined in Exhibit C) may be reimbursed from the Allowance as provided herein. Notwithstanding the foregoing, Landlord reserves the right to perform any such alteration to the Premises (or other portion of the Project necessary
for compliance with legal requirements if such work is required due to any act, omission, use or other matter attributable to Tenant), and Tenant shall reimburse Landlord for reasonable, out of pocket costs of such work within thirty (30) days
of written request. 
 5.1.4 Sustainability. 

(a) Sustainability Plan. Landlord reserves the right to adopt and to modify, from time to time, a plan and/or programs and rules to
reduce energy consumption and/or carbon emissions, to obtain and maintain one or more sustainability certifications, to promote indoor air quality, and/or to operate the Project in a sustainable or more sustainable manner. Tenant agrees and
acknowledges that such plan may include compliance related to energy conservation and recycling, the manner in which Tenant does any maintenance, repair, alteration, restoration, improvement or removal work in the Premises, and the types of
materials used in any such work. Such plans, programs and rules as are in effect from time to time are collectively referred to as the “Sustainability Plan.” 

  
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 (b) Compliance. Tenant agrees to comply with, and to cause its employees, agents,
contractors and invitees to comply with, the Sustainability Plan, provided that such plan does not materially increase Tenant’s costs of operations at the Building or materially adversely affect Tenant’s access to or use of the Premises.
Tenant agrees to comply with all applicable legal requirements related to energy conservation and/or sustainability including those related to indoor air quality and carbon emissions. 

(c) Reporting. Tenant shall provide such information as is required by the Sustainability Plan including but not limited to information
requested by Landlord for governmental reporting or to obtain or maintain any certifications desired by Landlord. 
 5.2 Negative
Covenants as to Use. Tenant shall not at any time use or occupy, or suffer or permit anyone to use or occupy the Premises, or permit anything to be done in the Premises, in any manner that: (a) violates the Certificate of Occupancy for the
Premises or for the Project, any provision of zoning laws, ordinances, or use permits applicable to the Project, or any provision of any ground lease, master lease, or recorded covenant, agreement or restriction; (b) causes injury to the
Premises or the Project or any equipment, facilities or systems therein; (c) constitutes a violation of the laws or requirements of any public authorities or the requirements of insurance bodies, or the requirements of any restrictive covenants
of record; (d) involves gambling in any form, or the use of lottery, gaming or arcade devices, (e) involves the sale, rental or viewing of pornographic, obscene or “adult materials,” or involves adult entertainment of any kind,
(f) otherwise impairs the character, reputation or appearance of the Project as a first-class Project; (g) impairs the proper and economic maintenance, operation and repair of the Project and/or its equipment, facilities or systems; or
(h) causes noise or vibration that is a nuisance or otherwise constitutes a nuisance. Tenant shall not at any time keep pets or animals of any kind on the Premises. 

Smoking of any kind, including tobacco products such as cigarettes, pipes, cigars, etc., within the Premises, or any building within the
Project, is prohibited. Smoking in the Premises or any building by Tenant their employees, officers, guests, clients or suppliers will be deemed a violation of this Lease and, among other remedies available to the Landlord, Tenant will be
responsible for any and all costs associated with restoring the Premises to a “smoke free” condition such as existed prior to the violation of this Section. Such costs may include but are not limited to cleaning and/or replacing the
following items: carpets and floor coverings, ceiling tiles, HVAC filters and duct work, window coverings, and paint. Upon discovery of smoking in the Premises by the Landlord or its representatives, Landlord may, in its sole discretion, demand that
the Premises, the building of which the Premises forms a part, or other affected buildings in the Project be cleaned and restored immediately or at the end of the lease term. 

5.3 Hazardous Substances. 

5.3.1 Tenant Shall Not Permit Hazardous Substances Upon the Premises. Tenant will not cause or permit any Hazardous Substances to be
brought upon, kept, stored, discharged, released or used in, under or about any portion of the Project by Tenant or its agents without the prior written consent of Landlord, which consent may be withheld or conditioned in Landlord’s sole
discretion; provided, Tenant may bring into the Premises small amounts of Hazardous Substances (such as cleaning products and copy toner) which are readily available to 

  
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Tenant by unregulated retail purchase if the same are necessary in Tenant’s normal operations. Further, Tenant may also bring to the Premises other Hazardous Substances that are necessary
for Tenant’s normal operations after first giving Landlord written notice of the type and quantity of the same and complying with all legal requirements with respect to the same. If Tenant brings any Hazardous Substances to the Premises or
Project, with or without the prior written consent of Landlord (without waiver of the requirement of prior written consent), Tenant shall: (1) use such Hazardous Substance only as is reasonably necessary to Tenant’s business, in small,
properly labeled quantities; (2) handle, use, keep, store, and dispose of such Hazardous Substance using the highest accepted industry standards and in compliance with all applicable Environmental Laws and shall not allow any release, spill or
disposal of the same at the Premises or Project; (3) maintain at all times with Landlord a copy of the most current MSDS sheet for each such Hazardous Substance; and (4) comply with such other rules and requirements Landlord may from time
to time impose. Upon expiration or earlier termination of this Lease, Tenant will, at Tenant’s sole cost and expense, cause all Hazardous Substances brought to the Premises or the Project by Tenant, its agents, contractors, employees,
suppliers, licensees or invitees, to be removed from the Project in compliance with any and all applicable laws. 
 5.3.2
Notification. Tenant shall immediately notify Landlord should Tenant (a) become aware of the existence of any Hazardous Substance on the Premises or the Project, (b) receive any notice of, or become aware of, any actual or alleged
violation with respect to the Premises or Project of any Environmental Law, or (c) become aware of any lien or action with respect to any of the foregoing. Tenant shall deliver to Landlord, promptly upon receipt, (i) copies of any
documents received from the United States Environmental Protection Agency (“EPA”) and/or any state, county, or municipal environmental or health agency concerning Tenant’s ownership, use, or operations upon or in connection with the
Premises; and (ii) copies of any documents submitted by Tenant to the EPA and/or any state, county, or municipal environmental or health agency concerning the Premises. 

5.3.3 Inspection and Remedial Action. Landlord is hereby authorized to enter the Premises thereon at reasonable times, and after
reasonable notice, for the purpose of inspecting the Premises, to ascertain Tenant’s compliance with all covenants made in this Section. Upon Landlord’s written request (a) Tenant, through professional engineers approved by Landlord
and at Tenant’s cost, shall thoroughly investigate suspected Hazardous Substances contamination of the Premises occurring after the Commencement Date, or of the Project or Land and caused by a breach of Tenant’s covenant at
Section 5.3.1, and (b) Tenant shall forthwith take such remedial action with respect to any such contamination as may be necessary to entirely remove and clean up all such Hazardous Substances present on the Premises, Project, Land and
related groundwater. Tenant’s obligations under this Section shall arise upon Landlord’s demand as provided herein, regardless of whether the EPA or any other federal, state, or local agency or governmental authority has taken or
threatened any action in connection with the presence of any Hazardous Substance on, or release of any Hazardous Substance from, the Premises, Project or the Land. Notwithstanding any provisions to the contrary in this Lease, Tenant shall indemnify
and hold free and harmless the Landlord and each of Landlord’s direct or indirect members, representatives, affiliates, employees, attorneys and agents for, from, against and regarding any claims, losses, expenses or damages, suits or
procedures arising from or attributable to action, refusal, negligence or failure on the part of the Tenant to comply with Environmental Laws. If Tenant shall fail promptly to discharge its obligations under this

  
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Section, Landlord may, at its election, but without the obligation to do so, cause such investigation to be made or remedial action to be taken and/or take any and all other actions that Landlord
may deem necessary or advisable to protect its interests or to avoid or minimize its liability for the existence of Hazardous Substances on the Premises, the Project or the Land, or for a release thereof from the Premises, the Project or Land. All
amounts expended by Landlord under this Section shall be payable by Tenant to Landlord upon demand. If the Premises is or becomes contaminated by Hazardous Substances not brought to the Project by Tenant or released by Tenant, then Landlord shall
take or cause to be taken all legally required remediation steps, without charge to Tenant. 
 5.3.4 Definition of Hazardous
Substance(s). The term “Hazardous Substance” shall mean: 
 (a) “Hazardous substances”, as defined by 40 CFR Part
302; 
 (b) “Extremely hazardous substance”, as defined by 40 CFR Part 355; 

(c) “Toxic chemicals”, as defined by 40 CFR Part 372; 

(d) “Hazardous substance” or “hazardous waste” as defined by 29 CFR § 1910.120; 

(e) “Hazardous Waste” as defined by applicable administrative rules; 

(f) Petroleum, including crude oil and any fraction thereof; 

(g) Any material that contains more than 1% of asbestos; and 

(h) Any other chemical, substance, material, controlled substance, object, condition, waste, living organism or combination thereof which is
or may be hazardous to human health or safety or to the environment due to its radioactivity, ignitability, corrosivity, reactivity, explosivity, toxicity, carcinogenicity, mutagenicity, phytotoxicity, infectiousness or other harmful or potentially
harmful properties or effects, including, without limitation, petroleum and petroleum products, asbestos, asbestos containing materials, radon, polychlorinated biphenyls (PCBs) and all of those chemicals, substances, materials, controlled
substances, objects, conditions, wastes, living organisms or combinations thereof which are now or become in the future listed, defined or regulated in any manner by any environmental law based upon, directly or indirectly, such properties or
effects. 
 (i) “Hazardous Materials” or “Contaminants”, as such terms are defined under any Environmental Law, and
shall be deemed to include any material that, owing to its properties, presents a real and potential danger to the environment or to the health of the users of the Premises or the Project. 

5.3.5 Definition of Environmental Laws. The term “Environmental Laws” shall mean any and all federal, or municipal legislative
and regulatory provisions of an environmental nature, including, in all cases, any judgments, orders, notices, notices of infraction or non-compliance, decrees, codes, rules, directives, policies, guidelines and guides, authorizations, authorization
certificates, approvals, permissions and permits issued by any competent authorities, the whole as they may have been amended form time to time. 

  
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 5.3.6 Survival. Tenant’s covenants set forth in this Section 5.3 shall survive
the termination of the Lease or any transfer by Tenant, by assignment or otherwise, of any or all right, title, or interest of Tenant in the Premises. 

5.4 Rules and Regulations. Tenant and its employees and agents shall faithfully observe and comply with, and Tenant shall cause its
invitees and licensees to observe and comply with, the rules and regulations attached as Exhibit D and with such reasonable changes therein as Landlord may from time to time make and of which Landlord has notified Tenant (the “Rules
and Regulations”). Landlord shall not be liable to Tenant for violation of the Rules and Regulations by any other tenant or such other tenant’s employees, agents, invitees or licensees. 

6. Condition of Premises, Maintenance and Repair. 

6.1 Tenant’s Acceptance. By taking possession of the Premises on the Commencement Date, Tenant shall be deemed to have accepted the
Premises AS IS, and as being in good, sanitary and working order, condition, and repair, subject to Landlord’s obligations otherwise provided in this Lease. 

6.2 Tenant’s Maintenance and Repair Obligations. Tenant, at its expense, shall be responsible for maintaining and repairing the
Premises (except for the maintenance of structural elements of the Project included in the Premises), the fixtures and improvements in the Premises, and the lighting, plumbing, mechanical, HVAC and electrical systems and networks to the extent the
same serve exclusively the Premises. Tenant, at its expense, shall promptly replace all scratched, damaged or broken doors and glass in and about the Premises and shall be responsible for all repairs, maintenance and replacement of millwork,
cabinets, wall and floor coverings in the Premises and shall be responsible for all repairs to damage arising from any overflow of plumbing serving the Premises. Tenant shall be responsible for all repairs and alterations, interior and exterior,
structural and non-structural, ordinary and extraordinary, in and to the Premises and the Project and the facilities and systems thereof, the need for which arises out of the performance of Alterations (defined at Section 7.1) by Tenant; the
installation, use or operation of Tenant’s Property in the Premises; the moving of Tenant’s Property in or out of the Project; laws or regulations now or hereafter in effect which require changes to the Premises and any related changes
elsewhere at the Land or Project (and any changes elsewhere at the Land or Project if due to the use of the Premises by Tenant or any legal requirement applicable to Tenant); or the act, omission, misuse or neglect of Tenant or any of its subtenants
or its or their employees, agents, contractors or invitees. Tenant shall promptly report to Landlord any damage or injury occurring on or to the Premises or the Project. Tenant, at its expense, shall be responsible for the removal of any trash
generated in connection with any repair, maintenance or replacement in or about the Premises, the need for which arises in accordance with this Section 6.2. 

6.3 Manner. Tenant shall promptly make, at Tenant’s expense, all repairs in or to the Premises and the Project for which Tenant is
responsible. Such work shall be performed only by contractors approved by Landlord. Any such repairs in or to the Project and the facilities and 

  
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systems thereof for which Tenant is responsible may, at Landlord’s election be performed by Landlord at Tenant’s expense, and Landlord may, at its option before commencing any such work
or at any time thereafter, require Tenant to furnish to Landlord such security, bond or surety in a form and amount as Landlord shall reasonably deem necessary to assure the payment for such work by Tenant. 

6.4 Janitorial Services. Landlord shall provide routine janitorial services to the public and service areas of the Project and, unless
Landlord elects to provide such services, Tenant shall supply janitorial services to the Premises, each of a standard that is substantially equivalent to the services provided in similar business parks in the City. Landlord’s services shall be
provided at Landlord’s cost and expense, but such cost and expense shall be an Operating Expense. 
 6.5 Landlord’s Maintenance
and Repair Obligations. Landlord shall maintain, and cause to be made all structural repairs to, the roof, walls and foundations of the Project, as and when needed in or about the Premises, and shall maintain and repair the lighting, plumbing,
HVAC, mechanical, and electrical systems or network serving parts of the Project other than the Premises, and shall maintain the Project parking lots and sidewalks, the cost of which shall be an item of Operating Expenses as defined in
Section 3.1 hereof, except for those repairs for which Tenant is responsible pursuant to any of the provisions of this Lease. 
 6.6
Waiver. Landlord shall have no liability to Tenant, nor shall Tenant’s covenants and obligations under this Lease be reduced or abated in any manner whatsoever, by reason of any inconvenience, annoyance, interruption of or injury to
Tenant’s business arising from Landlord’s making any repairs or changes that Landlord is required or permitted by this Lease or required by law to make in or to any portion of the Project or the Premises, or in or to the fixtures,
equipment or appurtenances of the Project or the Premises. Landlord shall have no liability to Tenant nor shall Tenant’s covenants and obligations under this Lease be reduced or abated in any manner whatsoever, by reason of any act or failure
to act of any security personnel or mechanism used in the Project, or by reason of any lack of security in the Project. To the fullest extent permitted by applicable law, Tenant hereby waives any and all rights under any law in existence during the
Term that is inconsistent with the provisions of this Section 6.6 including, without limitation, any right arising under any law purporting to authorize a tenant to make repairs at the expense of a landlord or to terminate a lease. 

6.7 End of Term. Upon termination of this Lease for any reason whatsoever Tenant will peacefully surrender to Landlord the entire
Premises, together, subject to the provisions of Section 7.5, with all improvements, changes, alterations and replacements thereto, after having removed Tenant’s personal property, trade fixtures and other movable installations installed
by Tenant, and otherwise in good order, condition and repair, but in any event with all windows, walls, floors, and carpets cleaned, in the condition required to be maintained by Tenant under this Lease, ordinary wear and tear and damage by fire or
other casualty excepted. Upon such termination, Tenant shall have the right and obligation to remove Tenant’s Property, as provided at Section 9.2. 

  
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 7. Alterations. 

7.1 Landlord’s Consent. Tenant shall make no alterations, additions, or improvements in or to the Premises (herein,
“Alterations”) without Landlord’s prior written consent, to be granted or withheld pursuant to Sections 7.2 and 7.3 below, and, if such consent is granted, then only contractors or mechanics that are approved by Landlord
shall effect such Alterations. 
 7.2 Procedure for Approval. If Tenant wishes to make any Alterations to the Premises that either
(a) are of a structural nature or involve any physical changes to the Premises, or (b) involve a cost greater than $20,000.00, or (c) involve the roof, foundation, exterior walls or interior load-bearing walls of the Project
(collectively, “Major Work”), Tenant shall submit to Landlord, for Landlord’s written approval, a written description of the Major Work that Tenant proposes to perform together with detailed plans and specifications for such Major
Work. If Tenant wishes to make any alterations, additions, or improvements to the Premises that do not constitute Major Work (i.e., nonstructural work of less than $20,000.00 per items (a)-(c) above), Tenant shall submit to Landlord, for
Landlord’s written approval, only a written description of such work. Reference herein to “structural work” or “work of a structural nature” shall have the meaning that such terms normally connote in the construction
industry. By way of example, alteration of interior non-load bearing walls and partitions, alteration of ceilings, installation of wall coverings, painting, installation of carpet, and similar work shall not
be deemed to constitute structural work; alteration to any exterior wall, load bearing wall, or roof or similar work shall be deemed to be of a structural nature. 

7.3 Standard for Approval. Landlord’s approval of proposed work shall not be unreasonably withheld or delayed if such work
(a) does not affect the structural integrity of the Project or its systems, (b) conforms to the requirements of all building codes and any other applicable laws and regulations, and (c) can be performed and completed without
disrupting the business or operation of the Project or of any other tenant of the Project. Tenant’s failure to obtain Landlord’s prior written consent to any proposed work shall constitute an Event of Default hereunder. 

7.4 Compliance with Laws. All work done by Tenant shall be performed in full compliance with all laws, rules, orders and ordinances.
Without limiting the generality of the foregoing: (a) Tenant, at its expense, shall obtain all necessary governmental permits and certificates for the commencement and prosecution of Alterations and for final approval thereof upon completion,
and shall cause the Alterations work to be performed in compliance with all such permits and certificates, applicable laws and requirements of public authorities and with all applicable requirements of insurance, and (b) Tenant shall be
responsible for assuring that the Premises complies with any and all requirements of the Americans with Disabilities Act and any other Federal, State or local governmental agency requirements relating to Tenant’s specific use of the Premises or
Tenant’s business operation. Landlord’s approval or consent to any proposed work shall not be deemed a waiver of, or an opinion respecting, the compliance of the proposed work with the requirements of this Section 7.4. 

  
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 7.5 Title to Alterations. Except as otherwise provided in Section 9.2 below, all
Alterations upon the Premises, including (without limiting the generality of the foregoing) all wall covering, built-in cabinet work, paneling, and the like shall, unless Landlord elects otherwise in writing,
become the property of Landlord, and shall remain upon and be surrendered with the Premises as a part thereof at expiration or earlier termination of this Lease, except that Landlord may, by written notice to Tenant at the time that Landlord
approved such Alterations (or at any time if no such approval was issued), require Tenant, at Tenant’s cost, (a) to remove any or all Alterations, and (b) to repair all damage resulting from such removal. If Tenant fails to perform
the foregoing, Tenant shall pay to Landlord all costs arising from Landlord’s performance of the same, which shall be due and payable upon Landlord’s demand. Notwithstanding any other provision hereof, Tenant and not Landlord shall have
the obligation to insure, repair, maintain, replace and restore all Alterations. 
 7.6 Schedule/Manner of Work. All of Tenant’s
contractors, suppliers, workmen, and mechanics for any Alterations shall comply with such rules and conditions as Landlord may reasonably impose from time to time, which rules and conditions shall be enforced by Tenant at the discretion of Landlord.
At any time any contractor, supplier, workman, or mechanic performing construction of any Alterations performs any work that may or does impair the quality, integrity, or performance of any portion of the Project, Tenant shall cause such contractor,
supplier, workman, or mechanic to leave the Project and remove all his tools, equipment, and materials immediately upon written notice delivered to Tenant and Tenant shall reimburse Landlord for any repairs or corrections of any portion of the
Project caused by or resulting from the work of any contractor, supplier, workman, or mechanic performing any Alterations work. The quality of all Alterations to or involving structural, electrical, mechanical, life/safety, energy management, or
plumbing systems in the Premises shall be at least equal to the quality of such systems as on the Commencement Date. In the event of any labor disturbance caused by persons employed by Tenant or Tenant’s contractor, Tenant shall immediately
take all actions necessary to eliminate such disturbance in connection with the construction of the Alterations. 
 7.7 Debris. Tenant
will cause construction of any Alterations to be accomplished in a neat, clean, and workmanlike manner. Tenant shall not permit any trash, rubbish, or debris to accumulate in the Premises or the Project, and Tenant shall remove or cause to be
removed all such trash, rubbish, and debris from the Premises and the Project and on a timely basis. Tenant shall be responsible for any additional costs incurred by Landlord for cleaning the Project or any portion thereof, and for removing any
trash, rubbish, or debris therefrom to the extent caused by Tenant’s construction of the Alterations. Tenant shall not use the Project trash containers for any trash, rubbish or debris generated by any construction in the Premises. 

7.8 Right of Entry/Inspection. At all times during the period of construction of any portion of any Alterations, Landlord and
Landlord’s architects, engineers and contractors shall have the right to enter upon the Premises to inspect the work of construction and the progress thereof. Tenant shall not close any work affecting any portion of the life safety, heating,
ventilation, and air conditioning, plumbing, or electrical systems in the Premises or building until the same has been inspected and approved by Landlord’s engineers. No inspection or approval by Landlord’s engineers of any such work shall
constitute an endorsement thereof or any representation as to the adequacy thereof for any purpose or the conformance thereof with any governmental ordinances, codes, or regulations, and Tenant shall be fully responsible and liable therefor. 

  
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 7.9 Insurance. In addition to the insurance requirements set forth in Section 8,
during the period of construction of any Alterations, Tenant and Tenant’s general contractor shall maintain worker’s compensation, builder’s all-risk and public liability insurance, and such other insurance as Landlord may reasonably
require in amounts satisfactory to Landlord. All policies shall have such coverage limits, and be underwritten by such companies, as Landlord shall approve, and shall name Landlord and its property manager and asset manager as additional insureds
thereunder, except Workers Compensation. Before the commencement of construction of any Alterations, Tenant and Tenant’s general contractor must deliver certificates of all such insurance policies and such insurance policies must be approved by
Landlord. 
 7.10 Non-Responsibility of Landlord; Indemnification. Tenant hereby acknowledges that Landlord shall have no
responsibility whatsoever for the construction of any Alterations or for any defects therein. Tenant shall notify Landlord in writing no less than ten (10) days before the commencement of construction of any Alterations in order to afford
Landlord an opportunity to post and record appropriate notices of non-responsibility. Tenant, at its expense, shall procure the cancellation or discharge of all notices of violation arising from or otherwise connected with Alterations work, or any
other work, labor, services or materials done for or supplied to Tenant, or any other person claiming through or under Tenant, in or about the Premises or Project. Tenant shall defend, indemnify and save harmless Landlord and any mortgagee for,
from, against and regarding any and all mechanics and other liens and encumbrances filed in connection with, and any other claims, charges, liabilities, obligations, penalties, causes of action, liens, damages, cost and expense (including
attorney’s fees) arising or incurred by or against Landlord and arising in connection with, the Alterations work, or any other work, labor, services or materials done for or supplied to Tenant, or any person claiming through or under Tenant, in
or about the Premises, Land or Project. Tenant, at its expense, shall procure the satisfaction or discharge of record of all such liens and encumbrances of record within fifteen (15) days after the filing thereof; provided, Tenant may contest,
in good faith and at its own expense, any notice of violation, or lien, provided Tenant posts for the protection of Landlord security in an amount and form acceptable to Landlord. Such indemnification obligation shall extend to all reasonable costs,
attorneys’ fees, and liabilities incurred in connection with the defense of any such claim (including appeals and petitions for review) or any action or proceeding brought thereon. 

8. Liability and Insurance. 
 8.1
Action by Tenant. Further to Section 5.2, Tenant shall not do, or permit anything to be done, or keep or permit anything to be kept in the Premises that would subject Landlord to any liability or responsibility for personal injury, death
or property damage, or that would increase insurance rates in respect of the Land, Project or the property therein over the rates that would otherwise then be in effect or that would result in insurance companies of good standing refusing to insure
the Project or the property therein in amounts satisfactory to Landlord, or that would result in the cancellation of or the assertion of any defense by the insurer in whole or in part to claims under any policy of insurance in respect of the Land,
Project or the property therein. If, by reason of any failure of Tenant to comply with the provisions of Section 5 or this Section 8.1, the premiums on Landlord’s insurance on the Project and/or property therein shall be higher than
they otherwise would be, Tenant shall reimburse Landlord, on demand, for that part of such premiums attributable to such failure on the part of Tenant. 

  
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 8.2 Landlord’s Insurance. Landlord shall procure and maintain at all times during the
Term of this Lease a policy or policies of insurance covering loss or damage to the Building and Premises in the amount of the full replacement value thereof (exclusive of Tenant’s trade fixtures, Alterations, equipment and personal property),
providing protection against all perils included within the classification of fire, extended coverage, all risk of loss as it relates to the standard insuring clause, loss of rental income, Landlord’s risk liability coverage, and to the extent
any mortgagee of the Project may require or as Landlord may deem prudent, coverage against such other hazards that are then commonly insured against for similar properties. Such insurance shall provide for payment of loss thereunder to Landlord
and/or the holder of any mortgages or deeds of trust or real estate contracts on the Land and/or Project. 
 8.3 Waiver of
Subrogation. Each party hereby releases the other party and its agents and employees in respect of any claim that the releasing party might otherwise have against the other party or its agents or employees for, and waives any right of
subrogation in respect of, loss, damage or other casualty to tangible property owned by the releasing party occurring during the term of this Lease to the extent of insurance proceeds received by the releasing party from insurance required to be
carried hereunder (or which would have been received had such party complied with such requirements) or, if greater, the proceeds actually received from all insurance maintained by the releasing party. Each party shall secure an appropriate clause
in, or an endorsement upon, each property insurance policy obtained by it and covering or applicable to the Premises or the personal property, fixtures and equipment located therein, pursuant to which the insurance company waives subrogation or
permits the insured, prior to any loss, to make the waiver set forth in this Section 8.3, without invalidating the coverage under the insurance policy. 

8.4 Commercial General Liability Insurance. Tenant, at its expense, shall procure and maintain at all times during the Term and at any
time prior to the Term that Tenant is given possession of the Premises, commercial general insurance in respect of the Premises and the conduct or operation of business therein, on an occurrence basis, with Landlord, its property manager and asset
manager, and any mortgagee or master lessor whose name and address shall previously have been furnished to Tenant, as additional insureds, with limits of not less than $3,000,000 on a combined single limit basis, which insurance may be carried
through commercial general liability and umbrella liability policies. All such insurance shall insure the performance by Tenant of the defense and indemnity obligations of Tenant under this Lease. 

8.5 Tenant’s Property Insurance. Tenant shall also at its own expense maintain, during the Term, and at any time prior to the Term
that Tenant is given possession of the Premises, insurance covering all of its personal property including its furniture, fixtures, trade fixtures, equipment, and inventory, and all Alterations and other betterments, in an amount equal to not less
than one hundred percent (100%) of the full replacement value thereof and insuring against fire and all risk perils coverage as provided by a standard all risk coverage endorsement (commonly known as “causes of loss – special
form”). 
 8.6 Insurance Policies. All insurance policies required to be carried by Tenant hereunder shall be with companies
holding a “Best’s Rating” of at least A-: Class VIII and qualified to do business, and certificates of such insurance shall be delivered to Landlord by Tenant prior to Tenant commencing occupancy and thereafter within thirty
(30) days prior to each renewal thereof. Such evidence of insurance indicate that the insurance policy is in full 

  
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force and effect. All such evidence of insurance and each such policy of insurance required to be maintained by Tenant hereunder shall expressly evidence insurance coverage as required by the
Lease. All such policies shall be written as primary policies not contributing with and not in excess of coverage which Landlord may carry. 

8.7 Increase in Coverage. Landlord may from time to time after the first five years of the Term, require that the amount of liability
insurance to be maintained by Tenant under Section 8.4 be increased to an amount determined by Landlord to be necessary to adequately protect Landlord’s interest, provided that such amount is required by comparable landlords in the area in
which the Property is located. Upon receipt by Tenant of a notice from Landlord stating the increased amount of insurance, Tenant shall thereafter carry the insurance as set forth in such notice. In no event shall the amount of public liability
insurance to be carried by Tenant be less than the amount specified in Section 8.4. 
 9. Landlord’s Property, Tenant’s Property. 

9.1 Landlord’s Property. All improvements and appurtenances attached to or built into the Premises, whether or not by or at the
expense of Tenant, shall be and remain a part of the Premises, shall be deemed the property of Landlord and shall not be removed by Tenant, except as provided in Section 7.5. Any carpeting or other personal property in the Premises on the
Commencement Date shall be and remain Landlord’s property and shall not be removed by Tenant; provided, that at Landlord’s written request in accordance with Section 7.5, Tenant shall, at its sole expense upon termination of the Lease
and in accordance with, and subject to the provisions of, Section 7.5, remove those Alterations specified by Landlord and make all related repairs and restorations. 

9.2 Tenant’s Property. All business and trade fixtures, machinery and equipment, communications equipment and office equipment that
are installed in the Premises by or for the account of Tenant without expense to Landlord and that can be removed without structural damage to the Project and all furniture, furnishings (excluding window coverings) and other articles of movable
personal property owned by Tenant and located in the Premises (together, the “Tenant’s Property”) shall be and remain the property of Tenant and may be removed by Tenant at any time during the Term of this Lease; provided, that if any
of Tenant’s Property is removed, Tenant shall repair or pay the cost of repairing any damage to the Premises or to the Project resulting from the installation and/or removal thereof. Any equipment or other property for which Landlord shall have
granted any allowance or credit to Tenant shall not be deemed to have been installed by or for the account of Tenant without expense to Landlord, shall not be considered Tenant’s Property, and shall be deemed to be the property of Landlord.
Notwithstanding the foregoing, the components of the clean room Tenant installs in the Premises shall be Tenant’s Property and shall be removed by Tenant; Tenant shall restore all damage and all affected surfaces shall be restored to match
surrounding areas. 
 9.3 Removal. Notwithstanding any other provision of this Lease, unless Landlord otherwise elects by separate
written notice, Tenant shall remove, at or prior to the expiration or termination of this Lease, at its expense, all wiring and cabling installed at the Premises which shall have been installed by Tenant or which Landlord shall have installed
pursuant to this Lease or at the request of Tenant. Such wiring and cabling shall include but not be limited to (a) wiring and cabling above the ceiling panels, behind or within walls, and under or within floors, (b) wiring and cabling for
voice, data, security or other purposes, and (c) all related installations, equipment and items whatsoever. 

  
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 9.4 Abandonment. In addition to Landlord’s rights at Section 18.2.1, any items
of Tenant’s Property that shall remain in the Premises after the Expiration Date of this Lease, or any earlier termination of this Lease, at the option of Landlord, may, at Landlord’s election, be deemed to have been abandoned, and
Landlord may deal with Tenant’s Property in such lawful manner as Landlord shall determine, at Tenant’s expense. 
 10. Holding Over. If
Tenant holds over after the Expiration Date or earlier termination of the Term without the express written consent of Landlord, Tenant shall become a tenant at sufferance only, at a rental rate equal to 150% of the Base Rent in effect upon the date
of such expiration or termination (prorated on the basis of a thirty-day month and actual days elapsed), and otherwise subject to the terms, covenants, and conditions herein specified, so far as applicable. Acceptance by Landlord of rental after
such expiration or earlier termination shall not result in a renewal or extension of this Lease. The foregoing provisions of this Section 10 are in addition to and do not affect Landlord’s right of
re-entry or any rights of Landlord hereunder or as otherwise provided by law. Tenant shall pay to Landlord all losses, and indemnify Landlord for all claims (including those made by any succeeding lessee),
arising from any holdover by Tenant for more than thirty (30) days. 
 11. Utility Service and Charges. 

11.1 Charges for Utility Service. Tenant shall pay, when due, all charges for water, sewer, electricity, gas, telephone service and
other utilities supplied to the Premises (“Utility Charges”); provided, electricity costs are payable by Tenant only to the extent stated in Section 11.4 below. Except electricity charges as provided in Section 11.4, Tenant shall
pay Landlord Tenant’s proportionate share of the charges for non-separately metered utilities, which shall be calculated by multiplying the Utility Charges for such utilities by a fraction, the numerator of which is the Floor Area of the
Premises and the denominator of which shall be the Floor Area of the premises occupied by all tenants using such utilities; provided, Landlord may determine or estimate excess utility usage by Tenant and Tenant will pay the cost of the same, without
markup, monthly. At any time Landlord may, at Landlord’s option and at Landlord’s cost and expense, install submeters other than for electrical usage; if Landlord does so, Tenant shall pay to Landlord the submetered Utility Charges on the
first day of each calendar month. 
 11.2 Discontinuance and Interruption of Service. Landlord shall not be liable to Tenant in
damages or otherwise for the quality, quantity, failure, unavailability or disruption of any utility service (“Service Failure”) and the same shall not constitute a termination of this Lease, or an actual or constructive eviction of
Tenant, or entitle Tenant to any abatement of Rent. Tenant hereby waives the provisions of any applicable existing or future law, ordinance or governmental regulation permitting the termination of this Lease due to a Service Failure. 

  
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 11.2.1 Notwithstanding anything to the contrary in this Lease: 

(i) if the Premises, or a material portion of the Premises, are made untenantable for a period in excess of 3 consecutive Business Days as a
result of a Service Failure caused by Landlord and unrelated to a Force Majeure event, then Tenant, as its sole remedy, shall be entitled to receive an equitable abatement of Rent payable hereunder during the period beginning on the 4th consecutive
Business Day of the Service Failure and ending on the day the service has been restored; or 
 (ii) if the Premises, or a material portion
of the Premises, are made untenantable for a period in excess of 60 days as a result of a Service Failure caused by Landlord and unrelated to a Force Majeure event, then Tenant, as its sole remedy, shall have the right to terminate the Lease upon 30
days prior written notice to Landlord given after such sixty (60) days and prior to restoration of service, which termination notice shall be void if service is restored during the thirty (30) day notice period. 

The provisions of this Section 11.2.1 shall not apply in the event of untenantability caused by a casualty or taking. 

11.3 Landlord’s Right to Alter Utilities. Landlord may at any time alter any utility, and related equipment, serving the Project,
provided such alteration does not materially interrupt service to the Premises and does not unreasonably interfere with Tenant’s business operations within the Premises. 

11.4 Electricity Charges. Tenant shall, as part of Tenant’s Work, as defined in the Work Letter, purchase and install an electrical
submeter to measure Tenant’s useage of electricity in the Premises and electricity for the separate HVAC unit to be installed by Tenant for its clean room. Landlord shall read such meter on a monthly basis and Tenant shall pay to Landlord,
within thirty (30) days after invoice from Landlord, as additional rent, the cost of the submetered electricity used, at Landlord’s actual cost for electricity, without markup. 

11.5 Cost of Increasing Capacity. Tenant shall not install or use equipment, machinery or other apparatus in the Premises that have
electrical requirements that exceed the electrical load capacity of the Premises. If Tenant requests an increase of the electrical capacity of the Premises and if Landlord consents to the same, the additional equipment required to increase the
electrical capacity of the Premises to accommodate Tenant’s request, including one or more additional meters, shall be provided at Tenant’s expense. Tenant shall pay the cost to purchase, install, service and maintain such additional
equipment. 
 11.6 Light Fixtures. Tenant shall attend to any replacement of electric light bulbs, tubes and ballasts in the Premises
throughout the Term of this Lease using Landlord’s building standard materials. Relamping and reballasting the service and public areas of the Project shall be Landlord’s responsibility, and the expenses associated therewith shall be an
item of Operating Expenses. 
 12. Climate Control. As used herein, and unless otherwise stated in the Rules and Regulations “Business
Hours” shall mean generally customary daytime business hours, but not before 7:00 a.m. or after 6:00 p.m. on weekdays, and “Business Days” shall mean all days except Saturdays, Sundays, and days observed by the Federal or
the State government as legal holidays; provided Business Hours will include non-holiday Saturdays from 9:00 a.m. to noon. If Tenant shall require heat or air-conditioning service for the Premises (other than the clean room) at any other time,
Landlord shall furnish such service subject to such terms and conditions including cost reimbursement, as Landlord may from time to time prescribe. 

  
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 13. Signs, Displays, Auctions, and Sales. 

13.1 General. Landlord shall provide Building standard signage at the interior entry to the Premises, a line on the Building’s
directory board, and standard naming on the directional exterior signage. At Tenant’s sole cost and expense, Tenant shall be permitted to install signs in conformance with the Project sign regulations, attached hereto as Exhibit F,
and approved by Landlord in the reasonable exercise of its discretion, which signage shall be in compliance with all applicable zoning and building codes and regulations approved by Landlord in the reasonable exercise of its discretion. Such signage
shall be installed on a monument sign outside of Tenant’s exterior entry to Suite 204. Tenant shall not otherwise place or suffer to be placed on the exterior walls or windows of the Premises or upon the roof or any exterior door or wall or on
the exterior or interior of any window thereof any sign, awning, canopy, marquee, advertising matter, decoration, picture, letter or other thing of any kind without the prior written consent of Landlord, which consent Landlord may give or withhold
in its sole discretion. If Tenant shall install any sign without Landlord’s consent, Landlord shall have the right and authority without liability to Tenant to enter upon the Premises, remove the subject sign and repair at Tenant’s cost
all damage caused by the removal of the sign. 
 13.2 Tenant’s Interior Signs. Tenant shall have the right, at its sole cost and
expense, to erect and maintain within the interior of the Premises all signs and advertising matter customary or appropriate in the conduct of Tenant’s business; provided, however, that Tenant shall upon demand of Landlord immediately remove
any sign, advertisement, decoration, lettering or notice which Tenant has placed or permitted to be placed in, upon or about the Premises and that Landlord reasonably deems objectionable or offensive, and if Tenant fails or refuses to so do,
Landlord may enter upon the Premises and remove the same at Tenant’s cost and expense. In this connection, Tenant acknowledges that the Premises are a part of an integrated business environment, and that control of all signs by Landlord is
essential to the maintenance of uniformity, propriety and the aesthetic values in or pertaining to the Project. 
 13.3 Displays.
Tenant may not display or sell merchandise or allow carts or other similar devices within the control of Tenant to be stored or to remain outside the defined demising walls and permanent doorways of the Premises. Tenant shall not install any
exterior lighting, amplifiers, or similar devices or use in or about the Premises such items as flashing lights, searchlights, loudspeakers, phonographs or radio broadcasts, nor make, or allow to be made, any odor or excessive noise in or around the
Premises. No advertisement or sound of advertising shall be permitted to be heard outside of the Premises. 
 13.4 Auctions. Tenant
shall not conduct or permit to be conducted any sale by auction upon or from the Premises, whether said auction be voluntary, involuntary, pursuant to any assignment for the payment of creditors or pursuant to any bankruptcy or other insolvency
proceeding. No auction, fire, bankruptcy, “going out of business” or other distress sales of any nature may be conducted on the Premises without prior written consent of Landlord, which consent may be conditioned as Landlord deems
appropriate. 

  
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 14. Access and Control of Premises. 

14.1 Access to Premises. Landlord shall have access to the Premises at all reasonable times, upon reasonable prior notice, to:
(a) inspect the Premises; (b) exhibit the Premises to prospective purchasers, lenders or, during the final nine months of the Term or at a time when an Event of Default exists, prospective tenants; (c) determine whether Tenant is
complying with its obligations hereunder; (d) supply any service to be provided by Landlord to Tenant hereunder; (e) post notices of non-responsibility; (f) make repairs required of Landlord hereunder or repairs to any adjoining space
or utility services or make repairs, alterations or improvements to any other portion of the Project, provided, however, that all such work shall be done in a commercially reasonable and prompt manner, or (g) exercise any of its rights
hereunder including, without limitation, its cure rights under Section 17.1. All such access rights shall be subject to Tenant’s security and confidentiality requirements. Landlord may, in order to carry out such purposes, erect
scaffolding and other necessary structures where reasonably required by the character of the work to be performed, and during the course of work being performed keep and store upon the Premises all necessary material, supplies, and equipment,
provided that the business of Tenant shall not be adversely affected. For each of the aforesaid purposes, Landlord shall at all times have and retain a key with which to unlock all of the doors in, upon and about the Premises, excluding
Tenant’s vaults and safes, if any. No additional locks shall be placed by Tenant upon any doors in the Premises and if more than two keys for any lock are desired, such additional keys shall be paid for by Tenant. All keys shall be duplicated
only by Landlord, and under no circumstance shall Tenant cause any key to be duplicated. Landlord shall have the right to use any and all means which Landlord may deem proper to open said doors in an emergency or in re-taking possession in order to
obtain entry to the Premises, and any entry to the Premises obtained by Landlord by any of said means, or otherwise, shall not under any circumstance be construed or deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or
an eviction of Tenant from the Premises or any portion thereof, and any damages caused on account thereof shall be paid by Tenant. 
 14.2
Waiver in Connection with Landlord’s Entry. Tenant hereby waives any claim against Landlord for damages for any injury or inconvenience to or interference with Tenant’s business, except to the extent caused by the negligence or
intentional misconduct of Landlord. 
 14.3 Project Changes. Landlord reserves the right, at any time, without incurring any liability
by Tenant therefor, and without affecting or reducing any of Tenant’s covenants and obligations hereunder, to make such changes, alterations and improvements in or to the Project and the fixtures and equipment thereof, as well as in or to the
doors, passages and stairways thereof, and other public parts and common areas of the Project and Land, as Landlord shall reasonably deem necessary or desirable, including the temporary or permanent closure or inoperability. Landlord reserves the
right, and Tenant shall permit Landlord, to install, erect, use and maintain pipes, ducts and conduits in and through the Premises, so long as the installation and maintenance thereof do not detract from the use or appearance of the Premises. 

  
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 15. Damage or Destruction. 

15.1 Rights and Obligations. 

15.1.1 Obligation to Rebuild. If rentable area of the Project, or any portion thereof, is damaged, destroyed, or rendered untenantable
due to fire or other casualty, and if 
 (a) the Project is capable of being repaired, reconstructed or restored within a period of one
hundred eighty (180) days from commencement of such work, and 
 (b) Landlord will receive insurance proceeds sufficient to cover the
cost of such repairs, reconstruction or restoration, 
 then Landlord shall be obligated to restore the Project to a condition reasonable comparable to its
condition prior to such casualty. In such event, this Lease shall remain in full force and effect, Rent shall be adjusted pursuant to Section 15.2, Landlord will commence restoring that portion of the Project so damaged as soon as commercially
practicable, and will diligently complete the restoration. 
 15.1.2 Right to Terminate. In the case of a casualty loss not described
in Section 15.1.1, then within sixty (60) days after such a casualty Landlord shall have the right to elect either to terminate this Lease or to restore the Project. Landlord shall make its election by written notice to Tenant within such
sixty (60) day period of time. If Landlord elects to terminate this Lease, the termination shall be effective thirty (30) days after receipt of the notice by Tenant. Tenant shall have the right to terminate this Lease by written notice
given within thirty (30) days of a casualty if the casualty will prevent use of the Premises for more than 180 days. If Landlord estimates that a casualty will not prevent use of the Premises for more than 180 days but in fact the Premises
cannot be used for more than 180 days, then Tenant may terminate this Lease by thirty (30) days written notice given after such 180 days but prior to the Premises again being usable; provided, if Landlord makes the Premises usable within thirty
(30) days of receipt of such notice, the termination notice shall be void and this Lease shall continue. If neither party elects to terminate this Lease, then Rent shall be abated in accordance with Section 15.2 and Landlord shall restore
the Project in accordance with the requirements of Section 15.1.1. 
 15.1.3 Tenant’s Property. If Landlord undertakes to
repair the Project after an event of casualty, such restoration shall not include replacement of furniture, equipment or other items designated as Tenant’s Property herein. 

15.1.4 Late Term Casualty. Regardless of Sections 15.1.1 and 15.1.2, if the casualty loss occurs within the last eighteen
(18) months of the Term, then, regardless of the extent of the damage, Section 15.1.2 shall establish the rights and obligations of Landlord and Tenant. 

15.2 Rent Abatement. If all or part of the Premises shall be damaged or destroyed or rendered untenantable as a result of fire or other
casualty, the Base Rent shall be abated or reduced based on the number of square feet of space rendered untenantable and Additional Rent provided herein shall be abated or reduced, as the case may be, in the proportion that the

  
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untenantable area of the Premises bears to the total area of the Premises, for the period from the date of the damage or destruction to the date the damage to the Premises shall be substantially
repaired, or the date on which Tenant again uses the untenantable portion, whichever first occurs. 
 15.3 Interference with Tenant’s
Business. Tenant shall not be entitled to terminate this Lease and no damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the
Premises or of the Project pursuant to this Section 15. The provisions of this Lease, including this Section 15, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or
any part of the Premises or any other portion of the Project, and any applicable State, federal or local law or ordinance with respect to any rights or obligations concerning damage or destruction, whether now or hereafter in effect, shall have no
application to this Lease or to any damage to or destruction of all or any part of the Premises or any other portion of the Project. Tenant waives any other rights now or hereafter available under applicable law. 

15.4 Insurance on Tenant’s Property. Landlord will not carry insurance of any kind on Tenant’s Property, and, except as
provided by law or by reason of Landlord’s breach of any of its obligations under this Lease, Landlord shall not be obligated to repair any damage to or replace any improvements paid for by Tenant, or any of Tenant’s Property. If Landlord
elects to restore the Premises as provided in this Section 15, Tenant shall use all proceeds from the insurance it carries on Tenant’s Property to restore Tenant’s Property on the Premises. 

15.5 Tenant’s Waiver of Statutory Rights. Tenant waives any statutory rights of termination which may arise by reason of the
partial or total destruction of the Premises. 
 16. Eminent Domain. 

16.1 Total Condemnation. If the whole of the Project or the Premises shall be taken by condemnation or in any other manner for any
public or quasi-public use or purpose, (including a sale under threat of condemnation) this Lease shall terminate as of the date of vesting of title on such taking (the “Date of Taking”), and the Base Rent and Additional Rent shall be
prorated and adjusted as of the Date of Taking. 
 16.2 Partial Condemnation. If a part of the Project or the Land shall be so taken,
this Lease shall be unaffected by such taking, except that: 
 16.2.1 Landlord’s Option to Terminate. Landlord may, at its
option, terminate this Lease by giving Tenant notice to that effect within ninety (90) days after the Date of Taking; and 
 16.2.2
Tenant’s Option to Terminate. If twenty percent (20%) or more of the Premises shall be so taken and the remaining area of the Premises shall not be reasonably sufficient for Tenant to continue feasible operation of its business,
Tenant may terminate this Lease by giving Landlord notice to that effect within ninety (90) days after the Date of Taking. 

  
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 16.3 Effect of Termination or Continuation. This Lease shall terminate on the date that
such notice from the Landlord or Tenant to the other shall be given, and the Base Rent and Additional Rent shall be prorated and adjusted as of such termination date. Upon a partial taking this Lease shall continue in force as to the remaining part
of the Premises, and the Base Rent and Additional Rent shall be adjusted according to the rentable Area remaining. 
 16.4 Award.
Landlord shall be entitled to receive the entire award or payment in connection with any taking without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award. Tenant shall have no claim
against Landlord or the condemning authority for the unexpired portion of the Lease term. Nothing contained in this Section 16.4 shall be deemed to prevent Tenant from making a claim in any condemnation proceeding for the value of any fixtures
or furnishings installed by Tenant at its sole expense and which are included in the taking. 
 16.5 Temporary Taking. A temporary
taking (or transfer in lieu thereof) of any portion of the Premises by any authorized authority shall not cause a termination of this Lease, but Tenant shall be entitled to a rent reduction or abatement during the period its possession is interfered
with because of any such taking of the Premises. Such rent reduction or abatement shall equal the lesser of the Rent that would have been payable by Tenant during the period of such temporary taking or an amount equal to the award paid by the
condemning authority for such taking. If the taking is for a period of longer than one year, or for an indefinite period that extends beyond one year, either Landlord or Tenant may elect to terminate this Lease by giving written notice to the other
given within thirty (30) days after the event giving rise to the right of termination. No temporary taking of the Land or of any portion of the Project not including the Premises shall give Tenant the right to any rent abatement, reduction, or
lease termination. 
 16.6 Sole Rights. The rights of Tenant arising from a condemnation are limited to those set forth in this
Section and Tenant waives any other rights now or hereafter available under applicable law. 
 17. Landlord’s Self-Help Rights; Liability and
Indemnification. 
 17.1 Landlord’s Right to Cure. If Tenant fails to pay or perform any of its obligations under this Lease,
Landlord may, without waiving or releasing Tenant from its obligations hereunder, but shall not be required to, pay or perform such obligations on Tenant’s behalf upon ten (10) days notice to Tenant (except where, in Landlord’s
opinion, an emergency exists, in which event no notice shall be required), and Tenant shall reimburse or pay promptly to Landlord the reasonable cost thereof as Additional Rent. “Reasonable cost,” as used in this Section 17, means
Landlord’s actual out-of-pocket costs to effect such cure plus ten percent (10%) to cover overhead, administrative and collection charges. There shall be no abatement of Rent and no liability of Landlord by reason of any injury to or
interference with Tenant’s business arising from Landlord’s exercise of its rights under this Section 17.1. 
 17.2
Tenant’s Indemnity. Landlord shall not be liable for injury to any person, or for the loss of or damage to any property (including property of Tenant) occurring in or about the Premises from any cause whatsoever. Tenant hereby assumes
all risk of damage to property or injury to persons in, upon or about the Premises, from any cause whatsoever. Tenant hereby indemnifies and holds Landlord harmless, and shall defend Landlord, for, from, against and regarding any and all claims,
charges, liabilities, obligations, penalties, causes of action, liens, 

  
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damages, costs and expenses (including attorneys’ fees) arising, claimed, charged or incurred against or by Landlord and arising from or in connection with: (a) Tenant’s use or
occupancy of, or any activity, work or other thing done, permitted or suffered by Tenant on or about, the Premises, whether before, after or during the Term, (b) any breach or default in the performance of any obligation on Tenant’s part
to be performed under this Lease, or (c) any act or omission of Tenant, or any officer, contractor, agent, employee, guest, licensee, or invitee of Tenant, in all cases, except to the extent caused by the negligence or willful misconduct of
Landlord or its agents, employees or contractors. Such indemnification obligation shall extend to all costs, attorneys’ fees, and liabilities incurred in connection with the defense of any such claim (including appeals and petitions for review)
or any action or proceeding brought thereon. 
 17.3 Limit on Landlord’s Liability. Landlord and its agents shall not be liable
for any loss or damage to property resulting from fire, explosion, falling plaster or other material, steam, gas, electricity, or from bursting, overflowing, or leaking of water, water or rain which may leak from or into any part of the Premises or
from pipes, appliances or plumbing works therein or from the roof, street or subsurface or from any other place, from dampness, from electrical wiring, circuitry, power surges, overloads, spiking or interruption of any kind, from air conditioning
equipment, or from gas or odors, sprinkler leakage, or from any other cause whatsoever. Landlord and its agents shall not be liable for interference with the light, air, or other incorporeal hereditaments or for any latent defect in or on the
Premises or the Project. Tenant shall give prompt notice to Landlord in case of casualty or accidents on or about the Premises. Landlord or its agents shall not be liable for any damage to property entrusted to employees of the Building or its
management. Landlord shall not be liable, regardless of cause (including negligence or breach) for the loss of or damage to any property, income or business, nor in any event for consequential damages. 

17.4 Defense of Claims. In case any action or proceeding shall be brought against Landlord by reason of a claim covered by the
provisions of Section 17.2, Tenant, upon notice from Landlord, shall defend the same at Tenant’s expense, by counsel approved in writing by Landlord. 

18. Defaults and Remedies. 
 18.1
Events of Default. In addition to events described elsewhere in this Lease as constituting a “default” or an “Event of Default,” the occurrence of any one or more of the following events shall constitute an Event of
Default hereunder by Tenant: 
 (a) Tenant’s failure to make any payment of Rent hereunder as and when due, where such failure shall
continue for a period of five (5) business days after Tenant’s receipt of written notice thereof; provided that, unless otherwise required by applicable law, no such notice shall be required more frequently than once in any consecutive 12-month period and, where no notice is required, an Event of Default shall arise automatically upon the due date for the Payment of Rent; 

(b) Tenant’s failure at any time to carry insurance, with the coverage and in the amounts, required to be carried pursuant to
Sections 7.9, 8.4 and 8.5; 

  
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 (c) Tenant’s failure to observe or perform any of the other covenants or provisions of this
Lease to be observed or performed by Tenant, where such failure shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless this Lease elsewhere provides that such failure alone constitutes an
Event of Default hereunder upon its occurrence). If the nature of Tenant’s default is such that more than fifteen (15) days are reasonably required for its cure, then upon Tenant’s written request within such fifteen (15) day
period an Event of Default shall not be deemed to occur if Tenant shall commence such cure within said fifteen (15) day period and shall thereafter diligently prosecute such cure to completion. Once notice of default has been given, no
additional notice shall be required in order for Landlord to exercise remedies under Section 18.2 by reason of a recurrence or continuation of such default; or 

(d) If (i) Tenant or any Guarantor named in the Basic Lease Terms summary preceding this Lease shall make any general assignment for the
benefit of creditors; (ii) a petition to have Tenant adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy shall be filed by or against Tenant or any such Guarantor (unless the same is
dismissed within 30 days); (iii) a trustee or receiver is appointed to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant
within 30 days; or (iv) substantially all of Tenant’s assets located at the Premises, or of Tenant’s interest in this Lease, is attached, executed upon, or otherwise judicially seized, where such seizure is not discharged within 30
days. 
 The notices of defaults to be given under this Section may be the same as any notice required under State law, and this Lease shall not be
construed to require Landlord to give two separate notices to Tenant before proceeding with any remedies. Tenant shall not be deemed to have failed to perform a repair, maintenance or restoration obligation hereunder during a period when Tenant is
prevented from doing so by reason of Force Majeure if Tenant has given Landlord prompt notice of such Force Majeure. 
 18.2 Remedies.
Upon the occurrence of an Event of Default, Landlord may exercise any one or more of the remedies set forth in this Section 18, or any other remedy available under applicable law or contained in this Lease. 

18.2.1 Re-Entry. To the greatest extent allowed by applicable law, Landlord or Landlord’s agents and employees may immediately or
at any time thereafter re-enter the Premises, or any part thereof, peaceably but using such reasonable force as may be required, and without judicial process, or by any suitable action or proceeding at law, and may repossess the Premises, and may
remove any persons, fixtures or chattels therefrom, to the end that Landlord may have, hold and enjoy the Premises. In the event of any such retaking of possession of Premises by Landlord, Tenant shall remove all personal property located thereon
and upon failure to do so upon demand of Landlord, Landlord may in addition to any other remedies allowed by law, remove and store the same in any place selected by Landlord, including but not limited to a public warehouse, at the expense and risk
of Tenant. If Tenant shall fail to pay all sums due hereunder together with the cost of storing any such property within thirty (30) days after it has been stored, Landlord may sell any or all of such property at public or private sale and
shall apply the proceeds of such sale first, to the cost of such sale; second, to the payment of the charges and expenses for reentry, removal and storage; third, to the payment of any other sums 

  
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of money that may be due from Tenant to Landlord under the terms of this Lease; and the balance, if any, to Tenant. Tenant hereby waives all claims for damages that may be caused by
Landlord’s re-entering and taking possession of the Premises or removing and storing or selling the property of Tenant as herein provided, and will indemnify, defend and save Landlord harmless from loss, costs or damages to Tenant occasioned
thereby, and no such re-entry shall be considered or construed to be a forcible entry. RE-ENTRY OR TAKING POSSESSION OF SAID PREMISES BY LANDLORD SHALL NOT BE CONSTRUED AS AN ELECTION ON ITS PART TO TERMINATE THIS LEASE UNLESS A WRITTEN NOTICE OF
SUCH INTENTION IS GIVEN TO TENANT. 
 18.2.2 Continue the Lease. Landlord may elect to continue this Lease in effect, whether or not
Tenant shall have abandoned or Landlord shall have re-entered the Premises. If Landlord continues this Lease in effect, Landlord shall be entitled to enforce all Landlord’s rights and remedies under this Lease, including the right to recover
the Rent as the same may become due hereunder and to recover damages from Tenant in accordance with the provisions of this Section 18. 

18.2.3 Terminate Lease. Landlord may terminate Tenant’s right to possession and use of the Premises and/or terminate this Lease, in
which case Tenant shall immediately surrender possession of the Premises to Landlord and shall pay Landlord damages as provided at this Section 18. 

18.2.4 Monetary Damages and Recovery. Tenant shall have full liability for payment of all damages directly or indirectly suffered by
Landlord which are proximately caused by any default or breach under this Lease, whether or not such default or breach is declared by Landlord, and such elements of damage and recovery by Landlord from Tenant shall specifically include, but not be
limited to: 
 (a) the worth at the time of award of any unpaid Rent which had been earned at the time of such termination of the Lease or
possession; plus 
 (b) the worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination
of the Lease or possession until the time of award exceeds the amount of such Rent loss that Tenant proves could have been reasonably avoided; plus 

(c) the worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the
amount of such Rent loss that Tenant proves could be reasonably avoided; plus 
 (d) the worth at the time of award of any other amount
necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or that in the ordinary course of things would be likely to result therefrom, including but not limited
to, all legal expenses and other related costs incurred by Landlord following Tenant’s default; the unamortized portion of any rent abatement, tenant improvement costs and leasing commission paid or incurred by Landlord related to the then
current Term of this Lease which is attributable to the unexpired portion of this Lease (amortized 

  
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evenly over the then current Term with 8% interest); all costs incurred by Landlord in restoring the Premises to good order and condition, or in remodeling, renovating or otherwise preparing the
Premises for reletting; all other costs incurred by Landlord in reletting the Premises, including, without limitation, any brokerage commissions, legal fees and the value of Landlord’s time; and interest, late charges and administrative fees,
as herein provided. 
 The “worth at the time of award” referred to in Paragraphs (a), (b), and (d) above will additionally
include interest at the Default Rate. The “worth at the time of award” referred to in Paragraph (c) will be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco in effect at the time of
award, plus one percent (1%). 
 “Rent” shall be calculated for each month by adding (i) the monthly Base Rent and (ii) one-twelfth (1/12th) of the Additional Rent payable by Tenant hereunder during the twelve (12) consecutive month period prior to the month in
which Tenant’s default occurred (or one-twelfth (1/12th) of the annualized amount of Additional Rent payable by Tenant for the period between the
Commencement Date and the last day of the calendar month prior to the month in which Tenant’s default occurred, if such default occurs during the first twelve (12) calendar months of the Term). 

Landlord shall not be obligated to relet the Premises to a particular tenant, or, in the event of any such reletting, for refusal or failure
to collect any rent due upon such reletting; and no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability. Landlord at its option may make such physical changes to the
Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting Tenant’s liability. If
there is other unleased space in the Project, Landlord shall have no obligation to attempt to relet the Premises prior to leasing such other space in the Project. 

18.2.5 Form of Action for Damages. To the extent permitted under State law, Landlord may sue periodically for damages as they accrue
without barring a later action for further damages. If the Lease or possession is terminated and the Premises are subsequently re-let, no portion of the rents from such new Lease that is in excess of the contracted rent hereunder shall be treated as
an offset to monies owed by defaulting Tenant. All unpaid Rent after its due date shall bear interest from the date due at the Default Rate in addition to any late charges and administration costs related to such delinquency, whether or not a
default is declared. 
 18.2.6 Deposit. Landlord may apply any deposit held pursuant to Section 21.2, or pursuant to or in
connection with any guarantee of Tenant’s obligations under this Lease, in payment of any sums due from Tenant hereunder. 
 18.3
Cumulative Remedies. The remedies provided for in this Lease are cumulative and in addition to any other remedy available to Landlord at law or in equity. In the event of a breach by Tenant, of any of its obligations under this Lease,
Landlord shall also have the right to obtain an injunction and any other appropriate equitable relief. 

  
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 18.4 Termination. Even though Tenant has breached this Lease, Tenant’s contractual
obligations under this Lease shall continue in effect for so long as Landlord does not terminate the same (and even though Landlord may have terminated Tenant’s estate and right to possession) by written notice to Tenant, and Landlord may
enforce all its rights and remedies under this Lease, including the right to recover the Rent as it becomes due under this Lease. Acts of maintenance or preservation or efforts to relet the Premises or the appointment of a receiver upon initiative
of Landlord to protect Landlord’s interest under this Lease shall not constitute a termination of Tenant’s rights to possession unless written notice of termination is given by Landlord to Tenant. 

18.5 Waiver of Rights of Redemption. Tenant waives any and all rights of redemption granted under any present and future laws in the
event Landlord obtains possession of the Premises by reason of the violation by Tenant of any of the covenants and conditions of this Lease or otherwise. 

19. Transfers By Tenant. 
 19.1
General. 
 19.1.1 Assignment and Subletting. Tenant shall not assign this Lease or any interest therein, or sublet the
Premises or any part thereof, or permit the use of the Premises by any party other than Tenant, or hypothecate, mortgage, encumber or otherwise transfer or dispose of Tenant’s interest in the Premises, either voluntarily or involuntarily,
without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed but may be issued subject to reasonable conditions. If Tenant requests consent to a proposed transfer, Tenant shall pay for
Landlord’s reasonable out of pocket expenses in reviewing the request for consent to transfer. Consent to one such assignment or sublease shall not imply any future consent, and all subsequent assignments and subleases shall be made only upon
obtaining prior written consent of Landlord. Notwithstanding that Landlord has consented to an assignment or subletting hereunder, any assignment or sublease hereof shall cause an automatic termination of any renewal options, expansion options,
purchase options or rights of first refusal. 
 19.1.2 Obligations of Assignees. Assignees or subtenants shall become directly liable
to Landlord for all obligations of Tenant hereunder, but Tenant shall remain liable for the performance of all obligations owed to Landlord under this Lease. The instrument by which any assignment or subletting consented to by Landlord is
accomplished shall expressly provide that the assignee or subtenant will perform and observe all the agreements, covenants, conditions and provisions to be performed and observed by Tenant under this Lease and that Landlord will have the right to
enforce such agreements, covenants and conditions directly against such assignee or subtenant. 
 19.1.3 Procedure for Consent. It
shall be the responsibility of Tenant to provide Landlord, in a manner acceptable to Landlord, with such information as Landlord reasonably determines is necessary for Landlord to grant or withhold its consent. If Tenant desires to request approval
to assign, hypothecate or otherwise transfer this Lease or sublet the Premises, then at least thirty (30) days prior to the date when Tenant desires the assignment or sublease to 

  
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be effective (the “Assignment Date”), Tenant shall give Landlord a notice (the “Assignment Notice”), which shall set forth the name, address and business of the proposed
assignees or subtenant, current and signed financial statements, credit information as required by Landlord, the Assignment Date, any ownership or commercial relationship between Tenant and the proposed assignee or subtenant, and the consideration
and all other material terms and conditions of the proposed assignment or sublease, all in such detail as Landlord shall reasonably require. If Landlord requests additional detail, the Assignment Notice shall not be deemed to have been received
until Landlord receives such additional detail, and Landlord may withhold action on the request to any assignment or sublease until such information is provided. Any consent may be granted subject to reasonable conditions including but not limited
to execution of a Consent and Assumption Agreement in form prepared by Landlord. Tenant agrees to pay to Landlord an amount equal to all reasonable attorneys fees and other reasonable out of pocket expenses incurred by Landlord related to a request
for consent regardless of whether such consent is granted and regardless of whether the transfer is consummated. In considering an Assignment Notice, Landlord may, among other things, consider financial capability, business reputation, business
experience, existing and future space requirements of other tenants, existing and future space requirements of the proposed assignee or subtenant, the intended use, the anticipated demand for services by the assignee or subtenant, and the
assignee’s or subtenant’s anticipated contribution to the prestige of the building. 
 19.1.4 Sublease Income. If Tenant
shall sublet all or any portion of the Premises, then fifty percent (50%) of any consideration paid by the subtenant for the portion of the Premises being sublet that exceeds the sum of Base Rent and Additional Rent provided by this Lease for
such portion of the Premises being sublet plus all expenses incurred by Tenant with respect to such sublease shall be due, owing and payable from Tenant to Landlord when paid by the subtenant under the sublease. For the purpose of this
Section 19, the rent for each square foot of floor space in the Premises shall be deemed equal. 
 19.2 Permitted Transfers.
Landlord’s prior written consent shall not be required with respect to (i) a transfer (by one or more transfers) of the stock or partnership interests, or other evidences of ownership of Tenant, or (ii) transactions with an entity
into or with which Tenant is merged or consolidated or to which substantially all of Tenant’s assets are transferred, or (iii) transfers to any entity which controls or is controlled by Tenant or is under common control with Tenant,
provided that in any of such events (x) the successor to Tenant in clause (ii) above has a net worth computed in accordance with generally accepted accounting principles at least equal to the net worth of Tenant immediately prior to such
transfer, as evidenced by financial information provided to Landlord by Tenant, (y) proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of any such
transaction, and (z) the assignee or sublessee agrees directly with Landlord, by written instrument delivered to Landlord prior to such transaction in form reasonably satisfactory to Landlord, to be bound by all the obligations of Tenant
hereunder including, without limitation, the covenant against further assignment or subletting (provided, a sublessee need not assume the obligation to pay rent directly to Landlord). 

19.3 Unapproved Transfers. Any attempted transfer in violation of the requirements of this Section 19 shall be void and, at the
option of Landlord, shall constitute an Event of Default. 

  
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 19.4 Successors and Assigns. Except as otherwise provided in this Lease, all of the
covenants, conditions, and provisions of this Lease shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors, and assigns. 

20. Subordination; Attornment; Quiet Enjoyment. 

20.1 Subordination, Nondisturbance. This Lease, and all rights of Tenant hereunder, are and shall be, upon the election of the holder
thereof, subject and subordinate to all mortgages, trust deeds and other financing and security instruments (“Mortgages”), that may now or hereafter affect the Premises, and to all renewals, modifications, replacements and extensions of
any such Mortgages. This Section shall be self-operative, and no further instrument of subordination shall be required to effect a subordination hereunder; provided, however, that in confirmation of such subordination Tenant shall promptly execute,
acknowledge or deliver any instrument that Landlord or any such mortgagee may reasonably request to evidence such subordination. Landlord shall use commercially reasonable efforts, following request by Tenant and at Tenant’s expense, to obtain
a nondisturbance agreement in Tenant’s favor from the then current holders of Mortgages. If Tenant fails to execute, acknowledge or deliver any such instruments within the ten (10) days after a request therefor, Landlord may declare an
Event of Default hereunder. In addition to the foregoing, any mortgagee under the Mortgages has the right, at any time, to prepare and file a notice of subordination with the County Recorder. 

20.2 Attornment. If the interest of Landlord under this Lease is transferred, whether through possession, foreclosure or delivery of a
new lease or deed, then at the request of such party so succeeding to Landlord’s rights (herein called “Successor Landlord”), Tenant shall attorn to and recognize such Successor Landlord as Tenant’s Landlord under this Lease and
shall promptly execute and deliver any instrument that such Successor Landlord may reasonably request to evidence such attornment. Upon such request for attornment, Tenant’s rights hereunder shall continue in full force and effect as a direct
Lease between the Successor Landlord and Tenant upon all of the terms, conditions and covenants as set forth in this Lease so long as Tenant is not in default. 

20.3 Quiet Enjoyment. So long as no Event of Default remains uncured, Tenant shall peaceably and quietly have, hold and enjoy the
Premises. This covenant shall, subject to the provisions of this Lease, be binding upon the subsequent successors in interest of Landlord’s interest in this Lease including those to whom Tenant is subordinate and/or to whom Tenant agreed to
attorn pursuant to Sections 20.1 and 20.2. 
 20.4 Estoppel Certificates. Within ten (10) days following any written request that
Landlord may make from time to time, Tenant shall execute and deliver to Landlord and/or any prospective mortgagee or purchaser designated by Landlord, a statement certifying: (a) the date of commencement of this Lease; (b) the fact that
this Lease is unmodified and in full force and effect (or, if there have been modifications hereto, that this Lease is in full force and effect, and stating the date and nature of such modifications); (c) the date to which the rental and other
sums payable under this Lease have been paid; (d) that there are no current defaults under this Lease by Landlord except as specified in such statement; and (e) such other matters as may be reasonably requested. Landlord and Tenant intend
that any statement delivered by Tenant 

  
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pursuant to this Section may be relied upon by any mortgagee, beneficiary, purchaser, or prospective purchaser of the Premises or any interest therein. Tenant’s failure to deliver such
statement within such time (x) shall be conclusive upon Tenant (i) that this Lease is in full force and effect, without modification except as may be represented by Landlord, (ii) that there are no uncured defaults in the
Landlord’s performance, and (iii) that no more than one month’s rental has been paid in advance, and (y) at Landlord’s election, shall constitute an Event of Default hereunder. If Landlord desires to finance or refinance the
Premises, or any part thereof, Tenant shall, within ten (10) days following Landlord’s request therefor, deliver to any lender designated by Landlord such financial information of Tenant as shall be required by such lender. All such
information shall be received in confidence and shall be used only for the purpose herein set forth. 
 20.5 Mortgagee Protection. If
there occurs any default on the part of Landlord, Tenant will give notice by registered or certified mail to any beneficiary of a deed of trust or mortgage covering the Premises, and shall offer such beneficiary or mortgagee a reasonable opportunity
to cure the default, including time to obtain possession of the Premises by power of sale or a judicial foreclosure, if such should prove necessary to effect a cure. 

20.6 Modification for Lender. If, in connection with obtaining construction, interim, or permanent financing related to the Premises, a
lender shall request reasonable modifications in this Lease as a condition to such financing, Tenant will not unreasonably withhold, delay, or defer its consent thereto provided that such modifications do not materially, adversely increase
Tenant’s obligations, or decrease Tenant’s rights, hereunder. 
 20.7 New Owner Obligations. Any person or entity who
acquires the Property in a foreclosure sale, or by a deed in lieu of foreclosure, and any direct transferee of the beneficiary under a deed of trust or mortgage who so-acquires the Property (all of the foregoing are together referred to as a
“New Owner”), shall not be responsible for liabilities of the Landlord that accrued before the date on which such title was first acquired. A New Owner shall not be bound by Rents paid more than one month in advance, or by any amendment,
modification, extension, renewal or other action affecting this Lease or the tenancy hereunder, unless such Rents were collected, or such action was taken, in compliance with the Mortgage under which the New Owner (or the New Owner’s
transferor) was the beneficiary. 
 20.8 Assignment of Rents. Upon receipt of written notice from any beneficiary of a deed of trust
or mortgage covering the Premises (a “Mortgagee”) in which such Mortgagee (a) certifies that Landlord has assigned all Rents under the Lease to such Mortgagee, and (b) demands that all Rents under the Lease henceforth be paid to
such Mortgagee at an address specified therein, Tenant shall pay all further Rents coming due in accordance with such notice. 
 21. Security. 

21.1 Financial Statements. Tenant shall furnish to Landlord, on or before the 90th
day following the end of each fiscal year, the financial statements of Tenant and of any Guarantor for the preceding fiscal year (consisting of a balance sheet and a profit and loss statement) each prepared by a certified public accountant in
accordance with generally accepted accounting principles (or other method approved by Landlord) consistently applied. Tenant shall furnish to 

  
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Landlord interim financial statements within thirty (30) days following the end of each of Tenant’s fiscal quarters. Notwithstanding the foregoing, if and so long as Tenant is a public
company whose financial statements are readily available to Landlord without charge, Tenant shall not be obligated to provide financial statements under this Section. 

21.2 Deposit. Contemporaneously with Tenant’s execution and delivery of this Lease, Tenant shall deposit with Landlord the amount
specified in the Basic Lease Terms preceding this Lease, such amount to be held by Landlord during the Lease Term as security for Tenant’s performance of its obligations hereunder. If an Event of Default shall occur, Landlord may use, apply or
retain all or any portion of the Security Deposit for the payment of such obligation or default, or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or
damage that Landlord may suffer thereby. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after written demand therefor from Landlord, deposit cash with Landlord in an amount
sufficient to restore the Security Deposit to the full amount stated in this Section 21.2, and Tenant’s failure to do so shall constitute an Event of Default under this Lease. If Tenant performs all of Tenant’s obligations hereunder,
Landlord shall return the Security Deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section 21.2) within sixty (60) days following the date of expiration of the Lease Term or the date on
which Tenant has vacated the Premises. Landlord shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. Landlord shall be entitled to deliver the funds
constituting the Security Deposit hereunder to any purchaser of Landlord’s interest in the Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall be discharged from any further
liability with respect to the Security Deposit. Tenant hereby waives the provisions of any law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the
payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Section 21.2 above and/or those sums reasonably necessary to compensate Landlord for
any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant. If Landlord transfers this Lease (as part of a transfer of the Project or otherwise),
then Landlord shall be relieved of all liability to Tenant arising or accruing after the date of such transfer, including, without limitation, the return of the Security Deposit, provided the Security Deposit is transferred to said transferee.
Tenant shall look solely to the transferee for return of any Security Deposit. Tenant hereby grants Landlord a security interest in the Security Deposit. 

22. Governing Law. This Lease shall be governed by and construed pursuant to the laws of the State shown in the Basic Lease Information. 

23. No Merger. The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, shall not constitute a merger of the
Landlord’s and Tenant’s estate, and shall, at the option of Landlord, operate either as an assignment to Landlord of any or all subleases or subtenancies or as a termination thereof. 

  
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 24. Disputes. 

24.1 Attorneys’ and Collection Fees. If either party should bring an action or suit for possession of the Premises, for the
recovery of any sum due under this Lease, or because of the breach of any provisions of this Lease, or for any other relief hereunder, or in the event of any other arbitration or litigation between the parties with respect to this Lease, then all
costs and expenses, including collection agency fees and reasonable attorneys’ fees incurred by the prevailing party in such arbitration or litigation, including on any arbitration or court proceeding, appeal, petition for review therefrom or
in any proceeding before a U.S. Bankruptcy Court, shall be paid by the other party, such amount to be set by the court before which the matter is heard, which obligation on the part of the other party shall be deemed to have accrued on the date of
the commencement of such action and shall be enforceable whether or not the action is prosecuted to judgment. 
 25. [Omitted] 

26. Tenant’s Liability and Performance. Except as may be otherwise specifically provided in this Lease, all covenants and agreements to be
performed by Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any abatement of Rent. If more than one person or entity executes this Lease as Tenant, (a) each of them is
jointly and severally liable for the keeping, observing and performing of all of the terms, covenants, conditions, provisions and agreements of this Lease to be kept, observed and performed by Tenant, and (b) the term “Tenant” as used
in this Lease shall mean and include each of them jointly and severally. The act or notice from, or notice or refund to, or the signature of any one or more of them, with respect to the tenancy of this Lease, including, but not limited to any
renewal, extension, expiration, termination or modification of this Lease, shall be binding upon each and all of the persons executing this Lease as Tenant with the same force and effect as if each and all of them had so acted or so given or
received such notice or refund or so signed. 
 27. Definition of Landlord; Limitation of Liability. The term “Landlord,” as used in this
Lease, so far as covenants or obligations on the part of Landlord are concerned, shall be limited to mean and include only the owner or owners, at the time in question, of the fee title of the Premises or the tenants under any ground lease, if any.
In the event of any transfer, assignment, or other conveyance or transfers of any such title, Landlord herein named (and in case of any subsequent transfers or conveyances, the then grantor) shall be automatically freed and relieved from and after
the date of such transfer, assignment, or conveyance of all liability as respects the performance of any covenants or obligations on the part of Landlord contained in this Lease thereafter to be performed. Without further agreement, the transferee
of such title shall be deemed to have assumed and agreed to observe and perform any and all obligations of Landlord hereunder, during its ownership of the Premises. Landlord may transfer its interest in the Premises without the consent of Tenant and
such transfer or subsequent transfer shall not be deemed a violation on Landlord’s part of any of the terms and conditions of this Lease. Tenant and all successors and assigns acknowledge that, in the event of any actual or alleged failure,
breach or default hereunder by Landlord: 
 (a) The sole and exclusive remedy shall be a claim against the Landlord, with any judgment
against Landlord being satisfied only out of its interest in the Project (no other assets of Landlord shall be subject to levy, execution or other procedure to satisfy such a judgment); 

  
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 (b) No member or manager of Landlord and no agent or employee of Landlord or of any such member
or manager shall be sued, named as a party in any suit or action, served with process or subjected to any judgment, and any such judgment taken against any member, manager, agent or employee may be vacated and set aside at any time nunc pro tunc;
and 
 (c) No writ of execution will ever by levied against the assets of any such member, manager, agent or employee. 

This Lease and the obligations of the Tenant hereunder shall not be affected or impaired because Landlord is unable to fulfill any of its
obligations hereunder, or is delayed in doing so, if such inability or delay is caused by reason of strike, labor trouble, inclement weather, war, riot, acts of God or any other cause beyond the reasonable control of Landlord (these are events of
“Force Majeure”). Landlord shall be excused from performing any obligation hereunder while such obligation cannot reasonably be performed due to an event of Force Majeure. 

Tenant acknowledges that many uses and events at the Project may be governed by recorded documents, legal requirements, one or more ground
leases, and one or more owners associations or other third parties. Notwithstanding any other provision hereof, Landlord shall have no liability and shall not be in default, and Tenant shall have no right to terminate this Lease, based upon any act,
omission or failure of any such third party, and Landlord is not obligated to perform any act if Landlord does not have the right to do so. 
 28.
Waiver. Landlord’s waiver of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant or condition herein contained, nor shall any
custom or practice that may evolve between the parties in the administration of the terms hereof be deemed a waiver of or in any way affect the right of Landlord to insist upon the performance by Tenant in strict accordance with said terms. The
subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant, of any term, covenant, or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted,
regardless of Landlord’s knowledge of such preceding breach at the time of such acceptance of such Rent. The consent or approval of Landlord to or of any act by Tenant requiring Landlord’s consent or approval shall not be deemed to waive
or render unnecessary the consent or approval to or of any subsequent similar acts by the acting party. Acceptance of one or more rental or other payments after the dates when the same first became due or after the applicable grace period shall not
prevent Landlord, with respect to subsequent payments, (a) from insisting upon prompt payment of all amounts due hereunder, (b) from insisting upon payment of the late fees provided for herein, or (c) from declaring an Event of
Default hereunder. Without limiting the generality of the foregoing, no payment by Tenant or receipt by Landlord of a lesser amount than the full Rent then due shall be deemed to be other than on account of the earliest stipulated Rent due, nor
shall any endorsement or statement on any check or any letter accompanying any check, or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of
such Rent or pursue any other remedy provided for in this Lease or available at law or in equity. Acceptance of Rent from another company or entity does not constitute consent to a purported sublease or assignment. 

  
 39 

 29. Miscellaneous Provisions. 

29.1 Successors or Assigns. Except as otherwise provided herein, all the terms, conditions, covenants and agreements of this Lease shall
extend to and be binding upon Landlord, Tenant and their respective heirs, administrators, executors, successors, subtenants, concessionaires, assigns and marital communities, if any, and upon any person or persons coming into ownership or
possession of any interest in the Premises by operation of law or otherwise. 
 29.2 Authority of Parties. If Tenant is a corporation,
each individual executing this Lease on behalf of said corporation represents and warrants that he is duly authorized to execute and deliver this Lease on behalf of said corporation in accordance with a duly adopted resolution of the Board of
Directors of said corporation or in accordance with the bylaws of said corporation, and this Lease is binding upon said corporation. Tenant shall, simultaneously with the execution of this Lease, deliver to Landlord a certified copy of a resolution
of the Board of Directors of said corporation authorizing or ratifying the execution of this Lease, and certified copies of other corporation documents as may reasonably be requested by Landlord or Landlord’s Lender to authenticate the
transaction. Any person executing this instrument, its exhibits, addenda, extensions, or renewals, or represents any material fact relevant hereto in writing, warrants and represents that he/she is duly authorized to so act. 

29.3 Interest on Past Due Obligations. Any amount due from Tenant to Landlord hereunder which is not paid when due shall bear interest
at the Default Rate from the date due until paid, but the payment of such interest shall not excuse or cure any default by Tenant, and interest shall be compensation for the loss of Tenant’s use of the past due funds, and shall be in addition
to late or delinquent charges which are reimbursements for administrative costs associated with collecting and processing such past due amounts. An administrative charge of $25.00 will be assessed for any check from Tenant which is returned for any
reason. 
 29.4 Broker’s Commission. The brokers who negotiated this Lease, if any, are identified in the Basic Lease Terms
preceding this Lease. Landlord shall be solely responsible for the payment of brokerage commissions to said brokers, and Tenant shall have no responsibility therefor. If Tenant has dealt with any other person or real estate broker with respect to
leasing or renting space in the Project, Tenant shall be solely responsible for the payment of any fee due said person or firm and Tenant shall indemnify and hold Landlord harmless for, from, against and regarding any liability in respect thereto,
including attorney’s fees and costs. 
 29.5 Terms and Headings. The words “Landlord” and “Tenant” as used
herein shall include the plural as well as the singular. Words used in any gender include other genders. The Section headings of this Lease are not a part of this Lease and shall have no effect upon the construction or interpretation of any part
hereof. 

  
 40 

 29.6 Examination of Lease. Submission of this document for examination and signature by
Tenant is not an offer to lease and does not create a reservation or option to lease. Landlord may negotiate with, and lease the Premises to, other third parties and may cease negotiation with Tenant at any time. No claim for reliance, estoppel,
contract, breach of good faith, or other claim can be made based upon the circulation and negotiation of this Lease. This document will become effective and binding only upon full execution and delivery by both Tenant and Landlord. 

29.7 Time. Except as otherwise specifically provided herein, time is of the essence with respect to the performance of every provision
of this Lease in which time of performance is a factor. 
 29.8 Amendments. No provision of this Lease may be amended or added to
except by an agreement in writing signed by the parties hereto or their respective successors in interest. 
 29.9 Partial Invalidity.
If any term, covenant, or condition of this Lease or the application thereof to any person or circumstance is, to any extent, invalid or unenforceable, the remainder of this Lease, or the application of such terms, covenant or condition to persons
or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Lease shall be valid and be enforced to the fullest extent permitted by law. 

29.10 Recording. Tenant shall not record or file this Lease, or any assignment or security document pertaining to this Lease or all or
any part of Tenant’s interest therein without the prior written consent of Landlord, which consent may be subject to such conditions as Landlord shall deem appropriate. However, upon the request of Landlord, both parties shall execute a
memorandum or “short form” of this Lease for the purposes of recordation in a form customarily used for such purposes. Said memorandum or short form of this Lease shall describe the parties, the Premises and the Lease Term and shall
incorporate this Lease by reference. 
 29.11 Notices. All notices that either party shall be required or may desire to deliver
hereunder shall be given in writing and shall be sent by registered or certified mail, return receipt requested, or by facsimile transmission followed by delivery of a “hard” copy, and shall be deemed received upon the earlier of the date
of receipt or refusal thereof. Notices shall be delivered to Tenant at the Premises and to Landlord at both the address for Landlord and the address for Landlord’s property manager, if any, each set forth in the Summary of Basic Lease Terms
preceding this Lease. In addition, a copy of any notice to Landlord shall be delivered to the following address: 

Schwabe, Williamson & Wyatt, P.C. 

Pacwest Center 

1211 SW Fifth Avenue, Suite 1700 

Portland, OR 97204 

Facsimile: (503) 796-2900 

Attn: John Guinasso 

  
 41 

 Landlord may change its address for notice by giving notice to Tenant in the manner set forth above, which notice
shall only be effective upon receipt or refusal. Notice to Tenant hereunder may be given by Landlord’s attorney. 
 29.12 Entire
Agreement. This Lease, including the Table of Contents, the Basic Lease Terms, and the Exhibits listed in the Basic Lease Terms and attached hereto, all of which are incorporated herein by this reference to them, together with any other document
to be furnished pursuant to the provisions hereof, embody the entire agreement and understanding of the parties hereto as to the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants, or
undertakings other than those expressly set forth or referred to in such documents. This Lease and such documents supersede all prior agreements and understandings among the parties with respect to the subject matter hereof. 

29.13 Survival of Obligations. The covenants, duties, and obligations of Tenant contained herein that by their nature do not depend upon
Tenant’s possession of the Premises (including, without limitation, obligations arising under Section 17.2) shall survive the expiration or earlier termination of this Lease and such expiration or termination shall not excuse Tenant from
the full performance thereof. 
 29.14 Representations and Warranties. Landlord has made no representations or warranties except as
contained herein. No agent or broker of Landlord has authority to make nor has made any promise, warranty or representation to Tenant. Any offering materials or advertisements are specifically disclaimed and are superseded by this Lease; Tenant has
not relied upon any of the same. Except only for Landlord’s covenants stated in this Lease, the Premises is leased “AS IS.” Tenant hereby represents and warrants that financial statements and other information furnished by Tenant to
Landlord are true, accurate and complete, and such representation and warranty shall survive the execution and termination of this Lease and is material consideration relied upon by Landlord in executing this Lease. Any false, misleading or
inaccurate statement made by Tenant therein shall constitute a material breach and an Event of Default hereunder. 
 29.15 [Omitted] 

29.16 USA Patriot Act Compliance. Tenant represents to Landlord that Tenant is not (and is not engaged in this transaction on behalf of)
a person or entity with which Landlord is prohibited from doing business pursuant to any law, regulation or executive order pertaining to national security (“Anti-Terrorism Laws”). “Anti-Terrorism Laws”, as referenced above,
shall specifically include, but shall not limited to, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and obstruct Terrorism Act of 2001, Pub. L. No. 107-56 (aka, the USA Patriot Act); Executive Order
13224; the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq.; the Trading with the Enemy Act, 50 U.S.C. App. Section 1 et. seq.; the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq.; sanctions and
regulations promulgated pursuant thereto by the Office of Foreign Assets Control (“OFAC”), as well as laws related to the prevention and detection of money laundering in 18 U.S.C. Sections 1956 and 1957. 

  
 42 

 29.17 Consents. The grant of any consent or approval required from Landlord under this
Lease shall be proved only by proof of a written document signed and delivered by Landlord expressly setting forth such consent or approval. Unless otherwise specified herein, any such consent or approval may be withheld in Landlord’s sole
discretion. Any consent may be issued subject to conditions determined by Landlord, in its sole discretion, with which Tenant shall comply. Landlord has the right to withhold any consent for which an additional third party consent is required;
issuance of such third party consent does not require Landlord to issue its consent, nor is Landlord required to accept any third party consent that is not acceptable to Landlord, in its sole discretion. Notwithstanding any other provision of this
Lease, the sole and exclusive remedy of Tenant for any alleged or actual improper withholding, delaying or conditioning of any consent or approval by Landlord shall be the right to specifically enforce any right of Tenant to require issuance of such
consent or approval on conditions not prohibited by this Lease; in no event shall Tenant have the right to terminate this Lease, to collect monetary damages, or to pursue any other remedy for any actual or alleged improper withholding, delaying or
conditioning of any consent or approval, regardless of whether this Lease requires that such consent or approval not be unreasonably withheld, conditioned or delayed. 

29.18 Confidentiality. Tenant shall not disclose to any third party the terms or provisions of this Lease, nor any communications or
information sent to Tenant from Landlord under or pursuant to this Lease, except only as may be required by law and except to its lenders, investors, potential subtenants or assignees, and attorneys, accountants and other consultants of Tenant. 

29.19 Security. Landlord has no duty to provide security for any portion of the Project. To the extent Landlord elects to provide any
security, Landlord is not warranting the effectiveness of any security personnel, services, procedures or equipment and Tenant shall not rely on any such personnel, services, procedures or equipment. Landlord shall not be liable for failure of any
such security personnel, services, procedures or equipment to prevent or control, or to apprehend anyone suspected of, personal injury or property damage in, on or around the Project. 

[Signatures on following pages] 

  
 43 

 IN WITNESS WHEREOF, the parties have executed this Lease on the Effective Date. 

 

			
	LANDLORD:        	  	 NCWP-Inverness Business Park, LLC,
 a Delaware
limited liability company

  

					
		  	    By:	  	 National CW Portfolio JV, LLC,
 a Delaware
limited liability company
 its Sole Member

  

							
		  		  	By:	  	 SKB-CW Investors, LLC,
 an Oregon limited
liability company
 its Managing Member

  

									
		  		  		  	By:	  	 ScanlanKemperBard Companies, LLC
 an Oregon
limited liability company
 its Operating Manager

  

													
		  		  		  		  	By:	  	 /s/ James Paul
	  	
		  		  		  		  	Name:	  	James Paul	  	
		  		  		  		  	Title:	  	Principal	  	

  

									
	TENANT:            	  		  	 Ampio Pharmaceuticals, Inc.,
 a
Delaware corporation
	  	
					
		  		  	By:	  	 /s/ Michael Macaluso
	  	
		  		  	Name:	  	Michael Macaluso	  	
		  		  	Title:	  	CEO	  	

  
 44 

 EXHIBIT A 

Project Legal Description  
 All
that certain lot, piece or parcel of land, with the building and improvements thereon erected, situate, lying and being in the City of Englewood, County of Douglas, State of Colorado 

Lot 1, Superblock B, 2nd Amended Plat of Inverness Subdivision Filing No. 7, recorded June 26, 1984 under Reception Number 330377, County of
Douglas, State of Colorado. 
 Excepting therefrom that portion conveyed to the Board of County Commissioners of the County of Douglas, State of Colorado,
by Deed recorded August 3, 2001 in Book 2101 at Page 1212. 
 NOTE: Being Parcel No. 0435193 of the City of Englewood, County of Douglas, State of
Colorado. 

  
 1—Exhibit A: Project Legal
Description 

 EXHIBIT B 

Premises 
 The Premises shall be
comprised of Suite 200 and 204 totaling 19,346 rentable square feet shown below. 
  
 

 

  

1—Exhibit B: Premises 

 EXHIBIT C 

Work Letter 
 1. Landlord
Work. Landlord has not agreed to perform any tenant improvement work. 
 2. Tenant Work. Tenant intends to install certain leasehold improvements
in the Premises (the “Tenant Improvements”). The installation of such Tenant Improvements shall be accomplished in accordance with this Exhibit C and also all other applicable provisions of the Lease; provided, in the event of a
conflict, the provisions of this Exhibit shall control. The installation of such Tenant Improvements is herein referred to as “Tenant’s Work.” 

3. Plans. Prior to commencing Tenant’s Work, Tenant shall obtain Landlord’s prior written approval of the final plans and specifications for
Tenant’s Work, which approval shall not be unreasonably withheld, but which may be issued subject to reasonable conditions. Landlord shall respond to proposed plans within ten (10) business days, failing which Landlord’s approval
shall be deemed given. Landlord approves the space plan attached as Exhibit C-1 but has the right to approve complete construction drawings and specifications. The proposed plans must include the location
and specifications of a separate HVAC unit for the clean room, the generator, and all related screening, equipment and improvements. The final plans and specifications as approved by Landlord are herein referred to as the “Final Plans.”

 4. Permits and Approvals. Prior to commencing any construction activity, Tenant shall obtain, at its sole cost and expense, all permits and
approvals necessary to perform Tenant’s Work in accordance with the Final Plans. Copies of all such permits and approvals shall be delivered to Landlord as obtained. 

5. Contractors. 
 a. General
Contract. Tenant shall engage a licensed general contractor to perform Tenant’s Work and licensed mechanical, structural and electrical engineers. Tenant shall consult with Landlord regarding the identity of such general contractor and
engineers, and shall not engage a general contractor or any engineer without Landlord’s prior written approval, not to be unreasonably withheld. Tenant shall include, within the provisions of its contract with the general contractor, the
following provisions: 
 i. The general contractor shall subcontract only to appropriately licensed subcontractors. 

ii. The general contract shall contain all customary warranties for work of the types performed and shall require the general contractor to
obtain all customary warranties from each subcontractor and supplier. All such warranties, whether from the general contractor or from a subcontractor or supplier, shall expressly state that they are for the benefit of both Landlord and Tenant, that
the same are assignable to Landlord, and that Landlord shall have a direct right to enforce the same. 

  
 1—Exhibit C: Work Letter 

 b. Performance. A copy of the general contract and of all subcontracts, supplier
contracts, and operating manuals shall be delivered to Landlord as executed/received. Tenant shall pay and perform all of its obligations to the general contractor and otherwise with respect to the Tenant’s Work as it is completed in accordance
with the general construction contract. Payments to the general contractor shall be made, in full, no less frequently than monthly. 
 c.
Subcontractors. Tenant and its general contractor shall employ only subcontractors approved by Landlord to perform mechanical, HVAC, electrical and plumbing work. Approval of any such subcontractor by Landlord does not impose any obligation
or liability upon Landlord. 
 6. Construction. Tenant shall comply with the following provisions. 

a. Course of work. Tenant shall commence construction of Tenant’s Work promptly after fulfillment of the above provisions.
Tenant’s Work shall be constructed continuously and expeditiously to proceed to final completion. Tenant’s Work shall be conducted and scheduled so as to avoid disruption of the operations of other Tenants or occupants of the Project. No
dust or debris shall be created, nor materials stored, outside of enclosed Premises. 
 b. Compliance. Tenant’s Work shall be
constructed in strict conformity with all applicable permits and approvals, all applicable laws, any conditions of Landlord’s approval of the Final Plans, and all rules, regulations, directions or requirements of Landlord’s property
manager. 
 c. Deliveries. Upon final completion, Tenant shall deliver to Landlord the following: 

i. A complete set of “as built” plans and specifications showing fully and in detail all work, including changes from the approved
Final Plans and any variations from the work as shown on the Final Plans. 
 ii. A complete copy of all inspection reports from governmental
authorities and of all certificates of occupancy. 
 iii. A copy of all warranties from the architect, the general contractor, all
subcontractors, and all material suppliers, together with an assignment of the rights of Tenant with respect to all such warranties in form acceptable to Landlord. 

iv. A certified copy of a completion notice showing proper recording. 

d. Indemnity. Tenant shall defend, indemnify and hold harmless Landlord for, regarding, from and against all loss, claims, liability,
cost, expense and damages incurred as a result of Tenant’s, its general contractor’s, subcontractors’, architect’s, or engineer’s presence in the Premises or in connection with Tenant’s Work. 

7. Utilities. Certain existing utility lines may not be necessary for continued use following completion of Tenant’s Work. All such utility lines
shall be legally abandoned in place in conformity with all applicable laws and codes. All such abandoned utility lines shall be shown on the Final Plans. Tenant shall place attractive and openly visible permanent caps over such utilities. 

  
 2—Exhibit C: Work Letter 

 8. Liens. Tenant shall pay, as and when due, all amounts with respect to the Tenant’s Work. Tenant
shall not allow any claim of lien to be perfected by filing with respect to Tenant’s Work. In the event any such claim of lien is filed, and Tenant does not discharge (and deliver to Landlord proof of discharge of) the lien within ten
(10) business days, then without waiver of such default or of other rights or remedies, but with at least two (2) business days notice to Tenant, Landlord shall have the right to cause such claim of lien to be removed by any means,
including by payment; Landlord is not obligated to inquire as to the validity of any such lien or to determine whether all amounts claimed are due. Tenant acknowledges that Tenant’s failure to discharge a lien and the subsequent payment of the
same by Landlord may preclude Tenant from contesting the amount claimed. Any amounts expended by Landlord in connection with such claim of lien and/or in payment or other discharge of such lien shall be immediately reimbursed from Tenant to
Landlord. 
 9. Construction Insurance. Prior to commencing any construction activity at the Premises, Tenant shall obtain the following insurance:
Complete course of construction insurance in form and content satisfactory to Landlord. The form of insurance shall be delivered to Landlord for approval prior to commencement of construction. A copy of the policies and a certificate indicating that
such insurance is in effect and fully paid and that the same will not be terminated or modified without at least 10 days prior written notice to Landlord shall be delivered to Landlord prior to the commencement of any construction activity at
the Premises. 
 10. Payment Contribution. Tenant shall finally complete Tenant’s Work in accordance with the provisions of this Lease, shall
fully pay for the same, and shall obtain all necessary certificates of occupancy and a certificate from the architect that Tenant’s Work has been finally completed in accordance with the Final Plans. Tenant shall submit evidence of compliance
with the foregoing requirements to Landlord following final completion and shall make the deliveries listed in Section 6c. Within thirty (30) days following such submission and deliveries, Landlord shall pay to Tenant the Costs of
Tenant’s Work up to the amount of the Allowance (as those terms are defined herein), as follows. Notwithstanding the foregoing, Landlord will make up to three (3) monthly disbursements of $100,000.00 each from the Allowance prior to final
completion subject to approval of paid invoices, lien releases or waivers, an architect’s certificate regarding work completed to date, the absence of any Event of Default, and other customary interim draw requirements. 

a. Allowance. The Costs of Tenant’s Work shall be reimbursed by Landlord up to the amount of the Allowance. If any part of the
Allowance is not used to pay Costs prior to December 31, 2014, the unused part of the Allowance is forfeited and will not be available for any purpose, it being the responsibility of Tenant to ensure that Tenant’s Work is completed and
Tenant’s right to reimbursement is perfected by such date. 
 b. Costs. The “Costs” of Tenant’s Work are all hard
and soft costs related to Tenant’s Work including but not limited to architectural plans, permits, and construction costs, and also a construction oversight fee that Tenant shall pay to Landlord monthly equal to 1.5% of all other Costs.
Notwithstanding the foregoing, up to $58,038.00 ($3.00 per rentable square foot) of the Allowance may be used to reimburse Tenant’s moving costs, installation of furniture and fixtures, cabling and signage. Tenant shall pay all Costs as and
when due. 

  
 3—Exhibit C: Work Letter 

 c. Default. No disbursement of the Allowance shall be due or paid at any time that an
Event of Default exists. 
 11. Construction Oversight. Landlord and its property manager shall have the right to conduct such construction
oversight, as desired, and for this purpose shall at all times have access to the Premises. Landlord and/or its property manager (or designee) shall be given the schedule for all project meetings and shall have the right to attend all such meetings.
Landlord and Landlord’s agents shall have the right, but not the obligation, to inspect the construction of Tenant’s Work from time to time during the progress thereof. If Landlord shall give Tenant written notice of faulty construction or
any deviation from the Final Plans (except as approved in writing by Landlord), Tenant shall promptly make the necessary corrections to Landlord’s reasonable satisfaction. However, neither the right herein granted to Landlord to make such
inspections, nor the making of such inspections by Landlord, shall operate as a waiver of any rights of Landlord to require good and workmanlike performance of all Tenant’s Work in accordance with the requirements of this Work Letter.
Notwithstanding any inspection or acceptance by Landlord of Tenant’s Work, or any portion thereof, Tenant acknowledges that Landlord’s sole interest in doing so is to protect the Building and Landlord’s interests. Accordingly, Tenant
shall not rely upon Landlord’s inspections or approvals, and agrees that Landlord shall not be the guarantor of, nor responsible for, any of Tenant’s Work, Tenant shall be solely responsible for, and shall remedy, at Tenant’s sole
expense, any and all defects in Tenant’s Work that may appear during or after the completion thereof, whether the same shall affect the Premises in particular or any part of the Building in general. 

  
 4—Exhibit C: Work Letter 

 EXHIBIT C-1 
  

 

  
 1—Exhibit C-1: Initial Space Plan

 EXHIBIT D 

Rules and Regulations 
 1. No sign,
placard, picture, advertisement, name or notice (collectively referred to as “Signs”) shall be installed or displayed on any part of the outside of the Premises without the prior written consent of the Landlord which consent shall be in
Landlord’s sole discretion. All approved Signs shall be printed, painted, affixed or inscribed at Tenant’s expense by a person or vendor approved by Landlord and shall be removed by Tenant at Tenant’s expense upon vacating the
Premises. Landlord shall have the right to remove any Sign installed or displayed in violation of this rule at Tenant’s expense and without notice. 

2. If Landlord objects in writing to any curtains, blinds, shades or screens attached to or hung in or used in connection with any window or door of the
Premises, Tenant shall immediately discontinue such use. No awning shall be permitted on any part of the Premises. Tenant shall not place anything or allow anything to be placed against or near any glass partitions or doors or windows which may
appear unsightly, in the opinion of Landlord, from outside the Premises. 
 3. Tenant shall not alter any lock or other access device or install a new or
additional lock or access device or bolt on any door of its Premises without the prior written consent of Landlord. Tenant, upon the termination of its tenancy, shall deliver to Landlord the keys or other means of access to all doors. 

4. If Tenant requires telephone, data, burglar alarm or similar service, the cost of purchasing, installing and maintaining such service shall be borne solely
by Tenant. No boring or cutting for wires will be allowed without the prior written consent of Landlord. Landlord shall direct electricians as to where and how telephone, data, and electrical wires are to be introduced or installed. The location of
burglar alarms, telephones, call boxes or other office equipment affixed to the Premises shall be subject to the prior written approval of Landlord. 
 5.
Tenant shall not place a load upon any floor of its Premises, including mezzanine area, if any, which exceeds the load per square foot that such floor was designed to carry and that is allowed by law. Heavy objects shall stand on such platforms as
determined by Landlord to be necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any such equipment or other property from any cause, and all damage done to the Project by maintaining or moving such
equipment or other property shall be repaired at the expense of Tenant. 
 6. Tenant shall not install any radio or television antenna, satellite dish,
loudspeaker or other device on the roof or exterior walls of the Project without Landlord’s prior written consent which consent shall be in Landlord’s sole discretion. 

7. Tenant shall not mark, drive nails, screw or drill into the partitions, woodwork, plaster or drywall (except for pictures and general office uses) or in
any way deface the Premises or any part thereof. Tenant shall not affix any floor covering to the floor of the Premises or paint or seal any floors in any manner except as approved by Landlord. Tenant shall repair any damage resulting from
noncompliance with this rule. 

  
 1—Exhibit D: Rules and Regulations

 8. No cooking shall be done or permitted on the Premises, except that Underwriters’ Laboratory approved
microwave ovens or equipment for brewing coffee, tea, hot chocolate and similar beverages shall be permitted, provided that such equipment and use is in accordance with all applicable federal, state and city laws, codes, ordinances, rules and
regulations. 
 9. Tenant shall not use any hand trucks except those equipped with the rubber tires and side guards, and may use such other
material-handling equipment as Landlord may approve. Tenant shall not bring any other vehicles of any kind into the Premises. Forklifts which operate on asphalt area shall only use tires that do not damage the asphalt. 

10. Tenant shall not use the name of the Project or any photograph or other likeness of the Project in connection with or in promoting or advertising
Tenant’s business except that Tenant may include the Project name in Tenant’s address. Landlord shall have the right, exercisable without notice and without liability to any tenant, to change the name and address of the Project. 

11. The Project receptacles are for office-generated waste only. All office-generated trash and refuse shall be contained in suitable receptacles at locations
approved by Landlord and the receptacle lids must be closed after each use. All cardboard items shall be broken down before being placed in the Project recycling container. Tenant shall not place in the trash receptacles any personal trash or
material that cannot be disposed of in the ordinary and customary manner of removing such trash without violation of any law or ordinance governing such disposal. Tenant’s trash and refuse containers shall be stored inside the Premises. 

12. Tenant shall comply with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governing authority. 

13. Tenant assumes all responsibility for securing and protecting its Premises and its contents including keeping doors locked and other means of entry to the
Premises closed. 
 14. Tenant shall not use any method of heating or air conditioning other than that supplied by Landlord without Landlord’s prior
written consent. 
 15. No person shall go on the roof without Landlord’s permission. 

16. Tenant shall not permit any animals, other than seeing-eye dogs, to be brought or kept in or about the Premises or any common area of the Project. 

17. Tenant shall not permit any motor vehicles to be washed or mechanical work or maintenance of motor vehicles to be performed on any portion of the Project
or parking lot. 
 18. These Rules and Regulations are in addition to, and shall not be construed to in any way modify or amend, in whole or in part, the
terms, covenants, agreements and conditions of any lease of any premises in the Project. Landlord may waive any one or more of these Rules and Regulations for the benefit of any tenant or tenants, and any such waiver by Landlord shall not be
construed as a waiver of such Rules and Regulations for any or all tenants. 

  
 2—Exhibit D: Rules and Regulations

 19. Landlord reserves the right to make such other and reasonable rules and regulations as in its judgment may
from time to time be needed for safety and security, for care and cleanliness of the Project and for the preservation of good order in and about the Project. Tenant agrees to abide by all such rules and regulations herein stated and any additional
rules and regulations which are adopted. Tenant shall be responsible for the observance of all of the foregoing rules by Tenant’s employees, agents, clients, customers, invitees and guests. 

20. Any toilet rooms, toilets, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed and
no foreign substance of any kind whatsoever shall be thrown into them. The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the Tenant who, or whose employees or invitees, shall have caused it.

 21. Tenant shall not permit smoking or carrying of lighted cigarettes or cigars in areas reasonably designated by Landlord or any applicable governmental
agencies as non-smoking areas. 
 22. Any directory of the Premises or Project, if provided, will be exclusively for the display of the name and location of
tenants only and Landlord reserves the right to charge for the use thereof and to exclude any other names. 
 23. Canvassing, soliciting, distribution of
handbills or any other written material in the Project is prohibited and each tenant shall cooperate to prevent the same. No tenant shall solicit business from other tenants or permit the sale of any goods or merchandise in the Project without the
written consent of Landlord. 
 24. Any equipment belonging to Tenant which causes noise or vibration that may be transmitted to the structure of the
Project or to any space therein to such a degree as to be objectionable to Landlord or to any tenants in the Project shall be placed and maintained by Tenant, at Tenant’s expense, on vibration eliminators or other devices sufficient to
eliminate the noise or vibration. 
 25. Driveways, sidewalks, halls, passages, exits, entrances and stairways (“Access Areas”) shall not be
obstructed by tenants or used by tenants for any purpose other than for ingress to and egress from their respective premises. Access areas are not for the use of the general public and Landlord shall in all cases retain the right to control and
prevent access thereto by all persons whose presence, in the judgment of Landlord, shall be prejudicial to the safety, character, reputation and interests of the Project or its tenants. 

26. Landlord reserves the right to designate the use of parking areas and spaces. Tenant shall not park in visitor, reserved, or unauthorized parking areas.
Tenant and Tenant’s guests shall park between designated parking lines only and shall not park motor vehicles in those areas designated by Landlord for loading and unloading. Vehicles in violation of the above shall be subject to being towed at
the vehicle owner’s expense. Vehicles parked overnight without prior written consent of the Landlord shall be deemed abandoned and shall be subject to being towed at vehicle owner’s expense. Tenant will from time to time, upon the request
of Landlord, supply Landlord with a list of license plate numbers of vehicles owned or operated by its employees or agents. 

  
 3—Exhibit D: Rules and Regulations

 27. No trucks, tractors or similar vehicles can be parked anywhere other than in Tenant’s own truck dock
area. Tractor-trailers which must be unhooked or parked with dolly wheels beyond the concrete loading areas must use steel plates or wood blocks under the dolly wheels to prevent damage to the asphalt paving surfaces. No parking or storing of such
trailers will be permitted in the parking areas or on streets adjacent thereto. 
 28. During periods of loading and unloading, Tenant shall not
unreasonably interfere with traffic flow and loading and unloading areas of other tenants. All products, materials or goods must be stored within the Tenant’s Premises and not in any exterior areas, including, but not limited to, exterior dock
platforms, against the exterior of the Premises, parking areas and driveway areas. Tenant agrees to keep the exterior of the Premises clean and free of nails, wood, pallets, packing materials, barrels and any other debris produced from their
operation. 
 29. Landlord may waive any one or more of these Rules and Regulations for the benefit of Tenant or any other tenant, but no such waiver by
Landlord shall be construed as a waiver of such Rules and Regulations in favor of Tenant or any other tenant, nor prevent Landlord from thereafter enforcing any such Rules and Regulations against any or all of the tenants of the Building. 

30. These Rules and Regulations are in addition to, and shall not be construed to in any way modify or amend, in whole or in part, the terms, covenants,
agreements and conditions of any lease of premises in the Building. 
 31. Landlord reserves the right to make such other and reasonable Rules and
Regulations as, in its judgment, may from time to time be needed for safety and security, for care and cleanliness of the Building and for the preservation of good order therein. Tenant agrees to abide by all such Rules and Regulations hereinabove
stated and any additional rules and regulations which are adopted. 
 32. Tenant shall be responsible for the observance of all of the foregoing rules of
Tenant’s employees, agents, clients, customers, invitees and guests. 

  
 4—Exhibit D: Rules and Regulations

 EXHIBIT E 

Acceptance Letter 

[date] 
 NCWP–Inverness Business Park, LLC

 c/o ScanlanKemperBard Companies 
 810 NW Marshall Street,
Suite 300 
 Portland, Oregon 97209 
  

	RE:	Lease Dated:
                                         
    

 Landlord: NCWP-Inverness Business Park, LLC 

Tenant:
                                         
                                         
                                         
                                         
                           

Premises:                   
                                         
                                         
                                         
                                         
       
 Gentlemen: 
 The
undersigned, Tenant under the above-described Lease, hereby confirms, as of the date hereof, the following: 
 1. That it is in full and complete possession
of the Premises, such possession having been delivered by Landlord and having been accepted by the undersigned. 
 2. That the improvements and space
required to be furnished by the terms of the Lease have been completed in all respects to the satisfaction of the undersigned and are open for the use of, the undersigned, its employees and invitees. 

3. That all duties of an inducement nature required of Landlord in said Lease have been fulfilled. 

4. That said Lease is in full force and effect; that there are no existing defaults on the part of the Landlord under the terms thereof. 

 

			
	5. That said Lease has not been amended, modified, supplemented or superseded except as
follows:                                       
     
	
	  

	
	  

	
	  

	
	  

 6. That no rents have been prepaid except as provided by said Lease. 

  
 1—Exhibit E: Acceptance Letter 

 7. That the rents provided in said Lease commenced to accrue and the Commencement Date occurred, on
                    ,             , and the Expiration Date shall be
                    ,             . 

 

			
	Very truly yours,
	
	  

	(Tenant)
		
	By:	 	  

		 	(Title)

  
 2—Exhibit E: Acceptance Letter 

 EXHIBIT F 

Tenant Sign Regulations 

The Tenant Sign Criteria establishes uniform criterion and policies for all Tenant sign identification. These have been established for the
purpose of maintaining a professional environment and the overall appearance of the Building. 
 1. General Requirements: 

a. Tenant may install signage described in the Lease, in accordance with the following criteria. 

b. Tenant shall submit a sketch of its proposed signage to the Landlord for approval prior to installation. 

c. Tenant shall be responsible for the fulfilling all the requirements and specifications described herein. 

2. Sign Specifications: 
  

					
		 	Location:	  	As stated in the Lease.
			
		 	Maximum Sign Area:	  	  

			
		 	Material:	  	  

			
		 	Font size and type:	  	  

 3. Except as provided herein, no advertising placards, banners, insignia, or other materials may be placed on
the glass, or exterior of the Premises, including landscaped areas, sidewalks or parking areas. 
 4. Landlord may refuse consent to any
proposed Tenant signage that does not comply with the criteria herein, or that in Landlord’s opinion is inconsistent with or inappropriate for the Building. Landlord retains the right to remove any sign, graphics, or other material installed
that does not conform to this criterion. Any costs incurred by the Landlord to remove non-conforming signs or to correct defacement from mounting of non-conforming signs shall be the responsibility of Tenant. 

  
 1—Exhibit F: Tenant Sign
Regulations

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