Document:

Exhibit 10.10

 

Execution Version

 

	
         

        CREDIT AGREEMENT

         

        dated as of

         

        August 14, 2014

         

        among

         

        MEDLEY LLC,

        as Borrower,

         

        THE LENDERS PARTY HERETO

         

        and

         

        CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

        as Administrative Agent and Collateral Agent

         

	 	
         

        CREDIT SUISSE SECURITIES (USA)

        LLC,

        as Bookrunner and Lead Arranger

         
	 

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 	 
	Article
    I
	Definitions
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Terms Generally	22
	Section 1.03.	Pro Forma Calculations	23
	Section 1.04.	Classification of Loans and Borrowings	23
	 	 	 
	Article
    II
	The Credits
	 	 	 
	Section 2.01.	Commitments	24
	Section 2.02.	Loans	24
	Section 2.03.	Borrowing Procedure	25
	Section 2.04.	Evidence of Debt; Repayment of Loans	25
	Section 2.05.	Fees	26
	Section 2.06.	Interest on Loans	26
	Section 2.07.	Default Interest	26
	Section 2.08.	Alternate Rate of Interest	26
	Section 2.09.	Termination and Reduction of Commitments	27
	Section 2.10.	Conversion and Continuation of Borrowings	27
	Section 2.11.	Repayment of Term Borrowings	28
	Section 2.12.	Voluntary Prepayment	28
	Section 2.13.	Mandatory Prepayments	29
	Section 2.14.	Reserve Requirements; Change in Circumstances	30
	Section 2.15.	Change in Legality	31
	Section 2.16.	Breakage	32
	Section 2.17.	Pro Rata Treatment	32
	Section 2.18.	Sharing of Setoffs	32
	Section 2.19.	Payments	33
	Section 2.20.	Taxes	33
	Section 2.21.	Assignment of Loans Under Certain Circumstances; Duty to Mitigate	36
	Section 2.22.	Incremental Term Loans	38
	Section 2.23.	Discounted Voluntary Prepayments.	40
	 	 	 
	Article
    III
	Representations and Warranties
	 	 	 
	Section 3.01.	Organization; Powers	42
	Section 3.02.	Authorization	42
	Section 3.03.	Enforceability	42
	Section 3.04.	Governmental Approvals	42
	Section 3.05.	Financial Statements	43
	Section 3.06.	No Material Adverse Change	43
	Section 3.07.	Title to Properties	43
	Section 3.08.	Subsidiaries	43
	Section 3.09.	Litigation; Compliance with Laws	44

 

    	i

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 	 
	Section 3.10.	Agreements	44
	Section 3.11.	Federal Reserve Regulations	44
	Section 3.12.	Investment Company Act	44
	Section 3.13.	Use of Proceeds	44
	Section 3.14.	Tax Returns	44
	Section 3.15.	No Material Misstatements	44
	Section 3.16.	Employee Benefit Plans	45
	Section 3.17.	Environmental Matters	45
	Section 3.18.	Insurance	45
	Section 3.19.	Security Documents	45
	Section 3.20.	Location of Real Property and Leased Premises	46
	Section 3.21.	Labor Matters	46
	Section 3.22.	Solvency	46
	Section 3.23.	Sanctioned Persons	47
	Section 3.24.	Funds; Management Agreements; Management Fees	47
	Section 3.25.	Certain Regulatory Matters	47
	 	 	 
	Article
    IV
	Conditions of Lending
	 	 	 
	Section 4.01.	All Credit Events	48
	Section 4.02.	First Credit Event	48
	 	 	 
	Article
    V
	Affirmative Covenants
	 	 	 
	Section 5.01.	Existence; Compliance with Laws; Businesses and Properties	51
	Section 5.02.	Insurance	51
	Section 5.03.	Obligations and Taxes	52
	Section 5.04.	Financial Statements, Reports, Etc.	52
	Section 5.05.	Litigation and Other Notices, Etc.	54
	Section 5.06.	Information Regarding Collateral	55
	Section 5.07.	Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings	55
	Section 5.08.	Use of Proceeds	55
	Section 5.09.	Employee Benefits	55
	Section 5.10.	Compliance with Environmental Laws	56
	Section 5.11.	[Reserved.]	56
	Section 5.12.	Further Assurances	56
	Section 5.13.	Management Fees	57
	Section 5.14.	Investment Adviser; Other Regulatory Matters	57
	Section 5.15.	Sanction and Anti-Corruption Laws	58
	 	 	 
	Article
    VI
	Negative Covenants
	 	 	 
	Section 6.01.	Indebtedness	58
	Section 6.02.	Liens	60

 

    	ii

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 	 
	Section 6.03.	Sale and Lease-Back Transactions	61
	Section 6.04.	Investments, Loans and Advances	61
	Section 6.05.	Mergers, Consolidations, Sales of Assets and Acquisitions	63
	Section 6.06.	Restricted Payments; Restrictive Agreements	64
	Section 6.07.	Transactions with Affiliates	66
	Section 6.08.	Business of the Borrower and the Subsidiaries	66
	Section 6.09.	Other Indebtedness and Agreements	66
	Section 6.10.	Maximum Net Leverage Ratio	67
	Section 6.11.	Fiscal Year	67
	Section 6.12.	Certain Equity Securities	67
	Section 6.13.	Additional Funds	67
	Section 6.14.	Sanctioned Persons; Anti-Corruption Laws	67
	Section 6.15.	Management Fees	68
	Section 6.16.	Limitation on Accounting Changes	68
	Section 6.17.	Compliance with Financial Covenant	68
	 	 	 
	Article
    VII
	Events of Default
	 	 	 
	Section 7.01.	Events of Default.	68
	Section 7.02.	Application of Proceeds.	71
	 	 	 
	Article VIII
	 	The Administrative Agent and the Collateral Agent; Etc.	 	 
	 	 	 
	Article
    IX
	Miscellaneous
	 	 	 
	Section 9.01.	Notices; Electronic Communications	74
	Section 9.02.	Survival of Agreement	76
	Section 9.03.	Binding Effect	76
	Section 9.04.	Successors and Assigns	76
	Section 9.05.	Expenses; Indemnity	79
	Section 9.06.	Right of Setoff	81
	Section 9.07.	Applicable Law	81
	Section 9.08.	Waivers; Amendment	81
	Section 9.09.	Interest Rate Limitation	82
	Section 9.10.	Entire Agreement	83
	Section 9.11.	WAIVER OF JURY TRIAL	83
	Section 9.12.	Severability	83
	Section 9.13.	Counterparts	83
	Section 9.14.	Headings	83
	Section 9.15.	Jurisdiction; Consent to Service of Process	83
	Section 9.16.	Confidentiality	84
	Section 9.17.	Lender Action	85
	Section 9.18.	USA PATRIOT Act Notice	85
	Section 9.19.	Intercreditor Agreement	85

 

    	iii

    	 

    

 

SCHEDULES

 

	Schedule 1.01(a)	-	Threshold Percentage
	Schedule 1.01(b)	-	Severance Costs
	Schedule 2.01	-	Lenders and Commitments
	Schedule 3.08	-	Subsidiaries
	Schedule 3.09	-	Litigation
	Schedule 3.12	-	Investment Company Act Registrations
	Schedule 3.18	-	Insurance
	Schedule 3.19	-	UCC Filing Offices
	Schedule 3.20	-	Leased Real Property
	Schedule 3.24(a)(i)	-	Funds
	Schedule 3.24(a)(ii) 	-	Separately Managed Accounts
	Schedule 3.24(b)	-	Management Agreements
	Schedule 3.25(a)	-	Investment Advisers Act Registrations
	Schedule 6.01	-	Existing Indebtedness
	Schedule 6.02	-	Existing Liens
	Schedule 6.04(a) 	-	Existing Investments

 

EXHIBITS

 

	Exhibit A	-	Form of Administrative Questionnaire
	Exhibit B	-	Form of Assignment and Acceptance
	Exhibit C	-	Form of Borrowing Request
	Exhibit D	-	Form of Guarantee and Collateral Agreement
	Exhibit E	-	Form of Affiliate Subordination Agreement
	Exhibit F	-	Form of Compliance Certificate
	Exhibit G	-	Auction Procedures
	Exhibit H	-	Form of Irrevocable Direction Letter
	Exhibit I	-	Form of Note 
	Exhibit J	-	Form of Undertaking Agreement
	Exhibit K	-	Form of Intercreditor Agreement
	Exhibit L	-	Management Agreement Requirements
	Exhibit M-1	-	Form of U.S. Tax Compliance Certificate 
	Exhibit M-2	-	Form of U.S. Tax Compliance Certificate
	Exhibit M-3	-	Form of U.S. Tax Compliance Certificate
	Exhibit M-4	-	Form of U.S. Tax Compliance Certificate

 

    	i

    	 

    

 

This CREDIT AGREEMENT
(this “Agreement”), dated as of August 14, 2014, is entered into by and among MEDLEY LLC, a Delaware
limited liability company (the “Borrower”), the Lenders (such term and each other capitalized term used
but not defined in this introductory statement having the meaning given it in Article I), and CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”)
and as collateral agent (in such capacity, including any successor thereto, the “Collateral Agent”) for
the Lenders.

 

The Borrower has requested
that the Lenders extend credit on the Closing Date in the form of Term Loans made pursuant to this Agreement, in an aggregate principal
amount not in excess of $110,000,000. The proceeds of the Term Loans are to be used on the Closing Date, first, to refinance
the Existing Debt (as defined below), second, to pay fees and expenses incurred in connection with the Transactions and,
third, to pay the Subject Dividend, and for general corporate purposes, including the funding of co-investments. The Lenders
are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein. Accordingly, the
parties hereto agree as follows:

 

Article
I

Definitions

 

Section
1.01.         Defined Terms. As used in this Agreement, the following
terms shall have the meanings specified below:

 

“ABR,”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

“Account
Control Agreement” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

 

“Acquired
Entity” shall have the meaning set forth in Section 6.04(e).

 

“Adjusted
LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per
annum equal to the greater of (a) 1.00% per annum and (b) the product of (i) the LIBO Rate in effect for such Interest
Period and (ii) Statutory Reserves.

 

“Administrative
Agent” shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Administrative
Agent Fees” shall have the meaning assigned to such term in Section 2.05(a).

 

“Administrative
Questionnaire” shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as
may be supplied from time to time by the Administrative Agent.

 

“Affiliate”
shall mean, when used 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, however,
that, for purposes of Section 6.07, the term “Affiliate” shall also include (i) any Person that directly or
indirectly owns 10% or more of any class of Equity Interests of the Person specified or that is an officer or director of the Person
specified, (ii) each director (or comparable manager) of the Person specified and (c) each partnership in which the Person specified
is a general partner. Notwithstanding the foregoing, as it relates to the Borrower or any other Subsidiary, the term “Affiliate”
shall not include any Fund or Fund-Related Entity, except with respect to Section 6.07.

 

    	 

    	 

    

 

“Affiliate
Subordination Agreement” shall mean an Affiliate Subordination Agreement in the form of Exhibit E pursuant
to which intercompany obligations and advances owed by any Loan Party are subordinated to the Obligations.

 

“Agents”
shall have the meaning assigned to such term in Article VIII.

 

“Agreement”
shall have the meaning assigned to such term in the introductory statement hereof.

 

“Agreement
Value” shall mean, for each Hedging Agreement, on any date of determination, the maximum aggregate amount (giving
effect to any netting agreements) that the Borrower or any other Subsidiary would be required to pay if such Hedging Agreement
were terminated on such date.

 

“Alternate
Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect
on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1.00% and (c) the Adjusted LIBO
Rate that would then be in effect for a Eurodollar Borrowing with an Interest Period of one month plus 1.00% (provided that,
for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate determined on such day at approximately
11 a.m. (London time) by reference to the interest settlement rates for deposits in Dollars (as set forth by (a) the ICE Benchmark
Administration, (b) any successor service or entity that has been authorized by the U.K. Financial Conduct Authority to administer
the London Interbank Offered Rate or (c) any service selected by the Administrative Agent that has been nominated by such an entity
as an authorized vendor for the purpose of displaying such rates)). If the Administrative Agent shall have determined (which determination
shall be conclusive absent manifest error) that it is unable to ascertain (x) the Federal Funds Effective Rate for any reason,
including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of
the definition thereof, the Alternate Base Rate shall be determined without regard to clause (b) of the preceding sentence
until the circumstances giving rise to such inability no longer exist, or (y) the Adjusted LIBO Rate for any reason, any determination
of Adjusted LIBO Rate for the purposes of determining the Alternate Base Rate shall be determined without regard to clause (b)
of the definition of “Adjusted LIBO Rate” until the circumstances giving rise to such inability no longer exist. Any
change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate or the Adjusted LIBO Rate
shall be effective on the effective date of such change in the Prime Rate or the Federal Funds Effective Rate or the Adjusted LIBO
Rate, as the case may be.

 

“Anti-Corruption
Laws” shall have the meaning assigned to such term in Section 3.23.

 

“Applicable
Margin” shall mean, for any day (a) with respect to any Eurodollar Term Loan, 5.50% per annum and (b) with
respect to any ABR Term Loan, 4.50% per annum.

 

“Asset
Sale” shall mean the sale, transfer or other disposition (by way of merger, casualty, condemnation or otherwise)
by the Borrower or any of its Subsidiaries to any Person (other than to the Borrower or a Wholly Owned Subsidiary of the Borrower)
of any interest in any kind of property or asset, whether real, personal, or mixed real and personal, or whether tangible or intangible,
other than in the ordinary course of business and for not less than the fair value thereof, other than any such sale, transfer
or disposition or series of related sales, transfers or dispositions having value not in excess of $250,000.

 

    	2

    	 

    

 

“Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Eligible Assignee,
and accepted by the Administrative Agent, in the form of Exhibit B or such other form as shall be approved by the Administrative
Agent.

 

“Auction
Manager” shall mean the Lead Arranger (or, if the Lead Arranger declines to act as Auction Manager, an investment
bank of recognized standing selected by the Borrower and reasonably satisfactory to the Lead Arranger), which shall be engaged
to act in such capacity on terms and conditions reasonably satisfactory to the Lead Arranger (or such other investment bank).

 

“Auction
Notice” shall mean an auction notice given by the Borrower in accordance with the Auction Procedures with respect
to a Discounted Prepayment Offer.

 

“Auction
Procedures” shall mean the auction procedures with respect to Discounted Prepayment Offers set forth in Exhibit
G hereto.

 

“Available
Amount” shall mean, on any date of determination (the “Reference Date”), the result of
(without duplication):

 

(a)          an
amount determined on a cumulative basis equal to 100% of Core Net Income for the period (taken as one accounting period) commencing
on the first day of the fiscal quarter of the Borrower ending on June 30, 2014 and ending of the last day of the most recently
ended fiscal quarter or fiscal year, as applicable, for which financial statements and certificates required to be delivered pursuant
to Section 5.04(a) or Section 5.04(b), as the case may be, and Section 5.04(c), have been delivered to the
Administrative Agent, plus

 

(b)          the
Net Cash Proceeds from issuances of Equity Interests (other than Disqualified Stock) of the Borrower after the date hereof, to
the extent such Net Cash Proceeds are actually received by the Borrower (excluding (i) any such Net Cash Proceeds applied to repay
or retire indebtedness, (ii) any such Net Cash Proceeds of a Qualified Public Offering and (iii) any Net Cash Proceeds received
under Section 6.06(a)(vii)(B)), less the aggregate amount of Restricted Payments as of the Reference Date made pursuant
to Section 6.06(a)(iii), minus

 

(c)          the
sum of (i) Restricted Payments as of the Reference Date made pursuant to Sections 6.06(a)(v)(B) and 6.06(a)(vi) and
(ii) investments or expenditures as of the Reference Date made pursuant to (A) subclause (y) of clause (iv)(c) of
the proviso to Section 6.04(f), (B) subclause (y) of clause (ii)(C) of Section 6.04(b) and (C) Section
6.04(h).

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America.

 

“Borrower”
shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Borrower
Materials” shall have the meaning assigned to such term in Section 9.01.

 

“Borrowing”
shall mean Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect.

 

“Borrowing
Request” shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially
in the form of Exhibit C, or such other form as shall be approved by the Administrative Agent.

 

    	3

    	 

    

 

“Breakage
Event” shall have the meaning assigned to such term in Section 2.16.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or day on which banks in New York City are authorized or required
by law to close; provided, however, that when used in connection with a Eurodollar Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Capital
Lease Obligations” of any Person shall mean 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 in accordance with GAAP, and
the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Change
in Control” shall mean, at any time, (a) Permitted Holders shall cease to have the power to vote or direct the vote
of 50.1% or more of the voting power of the outstanding Equity Interests of the Borrower; (b) prior to a Qualified Public Offering,
Permitted Holders shall cease to directly or indirectly own and control on a fully diluted basis 50.1% or more of the economic
interest in the Equity Interests of the Borrower; (c) following a Qualified Public Offering, any Person or group (within the meaning
of Rules 13d-3 and 13d-5 under the Exchange Act) other than the Permitted Holders (and Persons Controlled by the Permitted Holders)
shall directly or indirectly own and control on a fully diluted basis 35% or more on of the economic interest in the Equity Interests
of the Borrower; (d) the Borrower shall cease to directly or indirectly (i) own and control on a fully diluted basis 100% of the
economic interest in the Equity Interests of, or have the power to vote or direct the vote 100% of, the outstanding Equity Interests
of any Subsidiary that is a Loan Party or (ii) own and control on a fully diluted basis the Threshold Percentage or more of the
economic interest in the Equity Interests of, or have the power to vote or direct the vote of 100% of the voting power of, the
outstanding Equity Interests of any Subsidiary that is a not Loan Party; (e) during any period of two consecutive years, the majority
of the seats (other than vacant seats) on the board of directors (or similar governing body) of the Borrower cease to be occupied
by Persons who either (i) were members of the board of directors (or similar governing body) of the Borrower at the beginning of
such period or (ii) were nominated for election by, or appointed by, a Permitted Holder or the board of directors (or similar governing
body) of the Borrower, a majority of whom were directors at the beginning of such period or whose election or nomination for election
was previously approved by a majority of such directors; (f) so long any Loan Party shall have any obligations under Section 10(n)
of the Shareholder Purchase Agreement, a “Change of Control” under and as defined in the Shareholder Purchase Agreement
shall have occurred and be continuing; or (g) any change in control (or similar event, however denominated) with respect to the
Borrower or any of its Subsidiaries shall occur under and as defined in any indenture or agreement in respect of Material Indebtedness
to which such Person is a party.

 

“Change
in Law” shall mean (a) the adoption of any law, rule or regulation after the date of this Agreement (including any
rules or regulations issued under or implementing any existing law), (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, by any lending office of such Lender or by such Lender’s holding company, if any) with any
request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the
date of this Agreement; provided, however, that, for purposes of this Agreement, (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.

 

    	4

    	 

    

 

“Charges”
shall have the meaning assigned to such term in Section 9.09.

 

“Class,”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Term
Loans or Other Term Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Term Loan Commitment
or Incremental Term Loan Commitment.

 

“Closing
Date” shall mean August 14, 2014.

 

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

 

“Collateral”
shall mean all the “Collateral” as defined in any Security Document.

 

“Collateral
Agent” shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Commitment”
shall mean, with respect to any Lender, such Lender’s Term Loan Commitment and Incremental Term Loan Commitment.

 

“Communications”
shall have the meaning assigned to such term in Section 9.01.

 

“Confidential
Information Memorandum” shall mean the Confidential Information Memorandum of the Borrower dated July, 2014.

 

“Consolidated
Funds” shall mean each Fund or Fund-Related Entity which is not a Subsidiary of the Borrower, but for which Borrower,
in accordance with GAAP, is required to report such Fund’s or Fund-Related Entity’s financial position, results of
operations, equity and cash flows on a consolidated basis with those of Borrower and its Subsidiaries.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Cooperating
Guarantor” shall mean “Cooperating Guarantor” as defined in each Cooperation Guaranty.

 

“Cooperation
Guaranty” shall mean, each of the Cooperation Guaranties dated as of the Closing Date signed by the parties thereto
in favor of Collateral Agent, for the benefit of the Secured Parties, and “Cooperation Guaranties” shall
mean all such documents collectively.

 

“Core EBITDA”
shall mean, for any period, (a) Core Net Income plus (b) to the extent deducted in determining such Core Net Income, the
sum of standalone (i) interest expense for such period, (ii) income taxes (including Permitted Tax Distributions) accrued with
respect to such period, (iii) all amounts attributable to depreciation and amortization for such period and (iv) non-recurring
transaction expenses incurred in connection with the incurrence of the Term Loans.

 

    	5

    	 

    

 

“Core Net
Income” shall mean, for any period, (a) the net income (or loss) of the Borrower and the Subsidiaries for such period
determined on a standalone basis in accordance with GAAP; provided that there shall be excluded (i) the income of any Subsidiary
of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that
income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute,
rule or governmental regulation applicable to such Subsidiary, (ii) the income or loss of any Person accrued prior to the date
it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or
the date that such Person’s assets are acquired by the Borrower or any Subsidiary of the Borrower, and (iii) the income of
any Person (other than a Subsidiary of the Borrower) in which any other Person (other than the Borrower or a Wholly Owned Subsidiary
of the Borrower) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to
the Borrower or a Loan Party by such Person during such period; plus (b) to the extent deducted in determining such net
income (or loss) of the Borrower and the Subsidiaries for such period, the sum during such period of (i) reimbursable expenses
associated with the launch of Funds or Fund-Related Entities to the extent reimbursable in accordance with the relevant Management
Agreements or other governing documents relating to such Fund or Fund-Related Entity, (ii) the aggregate amount of one-time severance
costs described in Schedule 1.01(b) hereto, and (iii) the amortization of any one-time equity compensation expense associated
with grants of restricted Equity Interests.

 

“Credit
Event” shall have the meaning assigned to such term in Section 4.01.

 

“Credit
Facilities” shall mean the term loan facilities provided for by this Agreement.

 

“Default”
shall mean any event or condition which upon notice, lapse of time or both would constitute an Event of Default.

 

“Designated
Account” shall mean the deposit account of the Borrower maintained at City National Bank entitled “Medley
LLC” with account number 210247483.

 

“Discounted
Prepayment Offer” shall have the meaning assigned to such term in Section 2.23(a).

 

“Disqualified
Stock” shall mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional
redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable
at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other scheduled payment
constituting a return of capital, or (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof)
for (i) debt securities or (ii) any Equity Interest referred to in clause (a) above.

 

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

 

“Domestic
Subsidiaries” shall mean all Subsidiaries incorporated or organized under the laws of the United States of America,
any State thereof or the District of Columbia (excluding, for the avoidance of doubt, any Subsidiary that is organized in a territory
or possession of the United States of America).

 

    	6

    	 

    

 

“Eligible
Assignee” means any Person (other than a natural Person or a holding company, investment vehicle or trust for, or
owned or operated for the primary benefit of, a natural Person) that is (i) a Lender, (ii) an Affiliate of a Lender, (iii) a Related
Fund of a Lender, and (iv) any other Person (other than a natural person or a holding company, investment vehicle or trust for,
or owned or operated for the primary benefit of, a natural Person) approved by the Administrative Agent and, unless a Default or
an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed,
and which consent, in the case of the Borrower, shall be deemed to have been given by the Borrower if the Borrower has not responded
within five Business Days of a request for such consent); provided that notwithstanding the foregoing, “Eligible
Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or the Funds, Fund-Related Entities or
Separately Managed Accounts or their respective Affiliates.

 

“Engagement
Letter” shall mean the letter agreement, dated July 25, 2014, by and between the Borrower and Credit Suisse
Securities (USA) LLC, as amended, restated, supplemented or otherwise modified from time to time.

 

“Environmental
Laws” shall mean all former, current and future Federal, state, local and foreign laws (including common law), treaties,
regulations, rules, ordinances, codes, decrees, judgments, directives, orders (including consent orders), and agreements in each
case, relating to protection of the environment, natural resources, human health and safety or the presence, Release of, or exposure
to, Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling
or handling of, or the arrangement for such activities with respect to, Hazardous Materials.

 

“Environmental
Liability” shall mean all liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines,
penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs),
whether contingent or otherwise, arising out of or relating to (a) compliance or non-compliance with any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the Release of any Hazardous Materials or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity
Interests” shall mean shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity interests in any Person, and any option, warrant or other right entitling
the holder thereof to purchase or otherwise acquire any such equity interest.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time.

 

“ERISA
Affiliate” shall mean any trade or business (whether or not incorporated) that, together with the 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.

 

    	7

    	 

    

 

“ERISA
Event” shall mean (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) the existence
with respect to any Plan of any conditions for the imposition of a lien under Section 303(k) of ERISA or Section 430(k) of the
Code, (c) any determination that a Plan is in “at risk” status within the meaning of Section 303(i) of ERISA or
Section 430(i) of the Code, (d) a violation of the minimum funding standards under Sections 412 or 430 of the Code or Section 303
of ERISA with respect to a Plan, (e) the filing pursuant to Section 412(c) of the Code of an application for a waiver of the
minimum funding standard with respect to any Plan, (f) the incurrence by the Borrower, any Subsidiary or any of their ERISA
Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or partial
withdrawal of the Borrower, any Subsidiary or any of their ERISA Affiliates from any Plan or Multiemployer Plan, (g) the receipt
by the Borrower, any Subsidiary or any of their ERISA Affiliates from the PBGC or a plan administrator of any notice relating to
the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (h) the adoption of any amendment
to a Plan that would require the provision of security pursuant to Section 436(f) of the Code, (i) the receipt by the Borrower,
any Subsidiary or any of their ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower, any
Subsidiary or any of their ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination
that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA,
(j) the occurrence of a non-exempt “prohibited transaction” with respect to which the Borrower or any other Subsidiary
is a “disqualified person” (within the meaning of Section 4975 of the Code) or with respect to which the Borrower or
any such Subsidiary could otherwise be liable, or (ii) any other event or condition with respect to a Plan or Multiemployer
Plan that could be reasonably likely to result in liability of the Borrower or any Subsidiary.

 

“Eurodollar,”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Events
of Default” shall have the meaning assigned to such term in Article VII.

 

“Excluded
Domestic Holdco” means a Domestic Subsidiary substantially all of the assets of which consist of Equity Interests
or Indebtedness of one or more Foreign Subsidiaries (or in other entities that themselves would be Excluded Domestic Holdcos).

 

“Excluded
Domestic Subsidiary” means any Domestic Subsidiary that is (a) a direct or indirect Subsidiary of a Foreign Subsidiary
or (b) an Excluded Domestic Holdco.

 

“Excluded
Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to
be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise Taxes imposed on (or measured by)
net income (i) by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or (ii)
that are Other Connection Taxes, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction described in clause (a)(i) above or that are Other Connection Taxes, (c) in the case of a Foreign
Lender (other than an assignee pursuant to a request by the Borrower under Section 2.21(a)), any U.S. federal withholding
tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at
the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to
such withholding tax pursuant to Section 2.20(a) or 2.20(c), (d) taxes that would not have been imposed but for a
failure by any Agent or Lender to comply with Section 2.20(e), and (e) any U.S. federal withholding Taxes imposed under
FATCA.

 

“Existing
Credit Facility” shall mean that certain Amended and Restated Credit Agreement, dated as of March 7, 2014, by and
among the Borrower, as borrower, the lenders that are signatories thereto, and City National Bank, as administrative agent and
lead arranger, as amended by that certain Amendment Number One to Amended and Restated Credit Agreement and Disclosure Statement
and Consent, dated as of June 6, 2014.

 

    	8

    	 

    

 

“Existing
Debt” shall mean the loans made to the Borrower under the Existing Credit Facility and any other obligations that
are outstanding thereunder as of the Closing Date.

 

“Existing
Debt Payoff Documents” shall mean any payoff letter or related document received by the Borrower in connection with
the refinancing of the Existing Debt on the Closing Date.

 

“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not
involving distress of either party, determined in good faith by the board of directors, board of managers or similar governing
body of the applicable Person.

 

“Family
Member” shall mean, with respect to any individual, his or her parents, siblings, spouse, children, and each of their
respective spouses.

 

“Family
Trust” shall mean, with respect to any individual, trusts or other estate planning vehicles established for the benefit
of such individual or Family Members of such individual and in respect of which such individual serves as trustee or in a similar
capacity.

 

“FATCA”
means Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretation thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements with respect thereto, and
any Laws implementing intergovernmental agreements.

 

“Federal
Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day
by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average
of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by it.

 

“Financial
Officer” of any Person shall mean the chief financial officer, chief operating officer, treasurer or controller of
such Person.

 

“Fitch”
means Fitch, Inc., or any successor thereto.

 

“Flow-Through
Entity” means an entity that (a) for U.S. federal income tax purposes, constitutes (i) an “S corporation”
(as defined in Section 1361(a) of the Internal Revenue Code), (ii) a “qualified subchapter S subsidiary” (as defined
in Section 1361(b)(3)(B) of the Internal Revenue Code), (iii) a “partnership” (within the meaning of Section 7701(a)(2)
of the Internal Revenue Code), or an entity treated as a partnership for U.S. federal income tax purposes, other than a “publicly
traded partnership” that is treated as a corporation under Section 7704 of the Internal Revenue Code, (iv) a business entity
that is disregarded as an entity separate from its owner under the Internal Revenue Code, the Treasury Regulations, or any published
administrative guidance of the Internal Revenue Service or (v) a trust to the extent its income is excludable in the taxable income
of the grantor or another person under Sections 671 through 679 of the Internal Revenue Code (each of the entities described in
the preceding clauses (i), (ii), (iii), (iv) and (v), a “Federal Flow-Through Entity”)
and (b) for state and local jurisdictions, is subject to treatment on a basis under applicable state or local income tax law substantially
similar to a Federal Flow-Through Entity.

 

    	9

    	 

    

 

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

 

“Foreign
Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

 

“Fund”
shall mean (i) each of the funds listed on Schedule 3.26(a)(i) hereto as of the Closing Date and (ii) each other fund, fund-of-funds
or collective investment vehicle managed, administered or advised by the Borrower or any Affiliate thereof, other than a Fund-Related
Entity or a Separately Managed Account.

 

“Fund GP”
shall mean, with respect to a particular Fund, the general partner, managing member or equivalent thereof.

 

“Fund-Related
Entity” shall mean, with respect to any Fund, any feeder fund, employee investment vehicle, holding company or other
vehicle for a portfolio investment of a Fund, or other ancillary vehicle affiliated with such Fund which, in each case,
does not receive, or directly pay, any Management Fees (in each case excluding any Subsidiary).

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America, as in effect as of the date hereof.

 

“Governmental
Authority” shall mean any Federal, state, local or foreign court or governmental agency, authority, instrumentality
or regulatory body.

 

“Guarantee”
of or by any Person shall mean any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (a) to purchase or
pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance
or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (b) to purchase
or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the
payment of such Indebtedness or other obligation or (c) to maintain working capital, equity capital or any other financial
statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation;
provided, however, that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business.

 

“Guarantee
and Collateral Agreement” shall mean the Guarantee and Collateral Agreement, substantially in the form of Exhibit D,
among the Borrower, the Guarantors party thereto and the Collateral Agent for the benefit of the Secured Parties.

 

“Guarantors”
shall mean, collectively, the Subject Entities and each other Subsidiary (other than the Borrower and the Non-Guarantor Subsidiaries)
that is or becomes party to the Guarantee and Collateral Agreement.

 

“Hazardous
Materials” shall mean (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas,
asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances
and (b) any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant to any Environmental
Law.

 

    	10

    	 

    

 

“Hedging
Agreement” shall mean (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond
or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of
any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed
by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject
to the terms and conditions of, or governed by, any form of ISDA Master Agreement, including any such obligations or liabilities
under any ISDA Master Agreement.

 

“Historical
Financial Statements” shall have the meaning assigned to such term in Section 3.05(a).

 

“Incremental
Term Borrowing” shall mean a Borrowing comprised of Incremental Term Loans.

 

“Incremental
Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

 

“Incremental
Term Loan Amount” shall mean, at any time, an amount equal to the lesser of (a) the excess, if any, of (i) $15,000,000
over (ii) the amount of Incremental Term Loan Commitments established prior to such time pursuant to Section 2.22 in reliance
on this clause (a) since the Closing Date, and (b) such other amount such that, immediately after giving effect to the applicable
Incremental Term Borrowing on a pro forma basis (and calculated as if such Incremental Term Borrowing and the Indebtedness
available under the Revolving Credit Agreement were fully drawn on the funding date thereof), the Net Leverage Ratio, as of the
most recently completed period of four consecutive fiscal quarters for which the financial statements and certificates required
by Section 5.04(a) or 5.04(b), as the case may be, and Section 5.04(c) have been delivered, would not exceed
2.00:1.00.

 

“Incremental
Term Loan Assumption Agreement” shall mean an Incremental Term Loan Assumption Agreement among, and in form and substance
reasonably satisfactory to, the Borrower, the Administrative Agent and one or more Incremental Term Lenders.

 

“Incremental
Term Loan Commitment” shall mean the commitment of any Lender, established pursuant to Section 2.22, to make
Incremental Term Loans to the Borrower.

 

“Incremental
Term Loan Effective Date” shall have the meaning assigned to such term in Section 2.22(c).

 

“Incremental
Term Loan Maturity Date” shall mean the final maturity date of any Incremental Term Loan, as set forth in the applicable
Incremental Term Loan Assumption Agreement.

 

“Incremental
Term Loan Repayment Dates” shall mean the dates scheduled for the repayment of principal of any Incremental Term
Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement.

 

“Incremental
Term Loans” shall mean Loans made by one or more Lenders to the Borrower pursuant to Section 2.01(b). Incremental
Term Loans may be made in the form of additional Term Loans or, to the extent permitted by Section 2.22 and provided for
in the relevant Incremental Term Loan Assumption Agreement, Other Term Loans.

 

    	11

    	 

    

 

“Indebtedness”
of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property or assets purchased by such Person, (e) all
obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable
and accrued obligations incurred in the ordinary course of business), (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 on property owned or
acquired by such Person, whether or not the obligations secured thereby have been assumed, (g) all Guarantees by such Person
of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all Synthetic Lease Obligations of such Person,
(j) net obligations of such Person under any Hedging Agreements, valued at the Agreement Value thereof, (k) all obligations of
such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Disqualified Capital Stock of
such Person or any other Person or any warrants, rights or options to acquire such equity interests, valued, in the case of redeemable
preferred interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends,
(l) all obligations of such Person as an account party in respect of letters of credit and (m) all obligations of such
Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of 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 relationship with such entity, except to the extent the terms of such Indebtedness expressly provides that
such person is not liable therefore.

 

“Indemnified
Taxes” shall mean (a) Taxes other than Excluded Taxes imposed
on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to
the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
shall have the meaning assigned to such term in Section 9.05(b).

 

“Information”
shall have the meaning assigned to such term in Section 9.16.

 

“Intellectual
Property” shall mean all intellectual property of the Borrower or any Subsidiary of every kind and nature now owned
or hereafter acquired by any of the foregoing.

 

“Intercreditor
Agreement” shall mean the Intercreditor Agreement, substantially in the form of Exhibit K, among the
Borrower, the Collateral Agent for the benefit of the Secured Parties, and the Revolving Loan Collateral Agent.

 

“Interest
Payment Date” shall mean (a) with respect to any ABR Loan, the last day of each March, June, September and December,
and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each
day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable
to such Borrowing.

 

    	12

    	 

    

 

“Interest
Period” shall mean, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last Business Day) in
the calendar month that is 1, 2, 3 or 6 months thereafter, as the Borrower may elect; provided, however,
that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, (b) any Interest Period that begins on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period)
shall end on the last Business Day of the calendar month at the end of such Interest Period and (c) no Interest Period for any
Loan shall extend beyond the Term Loan Maturity Date. Interest shall accrue from and including the first day of an Interest Period
to but excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date
on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing.

 

“Investment
Advisers Act” shall mean the Investment Advisers Act of 1940, as amended.

 

“Irrevocable
Direction Letter” shall have the meaning assigned to such term in Section 5.13.

 

“Lead Arranger”
shall mean Credit Suisse Securities (USA) LLC.

 

“Lenders”
shall mean (a) the Persons listed on Schedule 2.01 (other than any such Person that has ceased to be a party hereto
pursuant to an Assignment and Acceptance), (b) any Person that has become a party hereto pursuant to an Assignment and Acceptance,
and (c) each Incremental Term Lender.

 

“LIBO Rate”
shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum determined by the Administrative
Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of such Interest
Period by reference to the interest settlement rates for deposits in Dollars (as set forth by (a) the ICE Benchmark Administration,
(b) any successor service or entity that has been authorized by the U.K. Financial Conduct Authority to administer the London Interbank
Offered Rate or (c) any service selected by the Administrative Agent that has been nominated such an entity as an authorized information
vendor for the purpose of displaying such rates) for a period equal to such Interest Period; provided that, to the
extent that an interest rate is not ascertainable by reference to the ICE Benchmark Administration (or any successor service or
entity that has been authorized by the U.K. Financial Conduct Authority to administer the London Interbank Offered Rate), the “LIBO
Rate” shall be the interest rate per annum reasonably determined by the Administrative Agent to be the average of
the rates per annum at which deposits in Dollars are offered for such relevant Interest Period to major banks in the London
interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two
Business Days prior to the beginning of such Interest Period.

 

“Lien”
shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest
in or on 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) 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.

 

“Liquidity”
shall mean, on any date of determination, the sum of the aggregate amount of cash and Cash Equivalents held by the Borrower and
the Guarantors and the aggregate amount of loans available to be drawn under the Revolving Credit Agreement on such date.

 

“Loan Documents”
shall mean this Agreement, the Security Documents, each Undertaking Agreement, any Affiliate Subordination Agreement, each Cooperation
Guaranty, each Incremental Term Loan Assumption Agreement, the promissory notes, if any, executed and delivered pursuant to Section
2.04(d) and any other document executed in connection with the foregoing.

 

“Loan Parties”
shall mean the Borrower and each Guarantor.

 

    	13

    	 

    

 

“Loans”
shall mean the Term Loans and the Other Term Loans.

 

“Management
Agreements” shall mean, collectively, (i) each management agreement by and between the Borrower or any of its Subsidiaries
and a Fund GP or a Fund and (ii) each agreement pursuant to which the Borrower or any Affiliate of the Borrower agrees to provide
management, administrative, advisory or similar services with respect to a Separately Managed Account.

 

“Management
Fees” shall mean (a) any management, administrative, advisory or similar fees or any other similar compensation payable
by any Fund or any Separately Managed Account (in each case, whether pursuant to a Management Agreement, the Organizational Documents
of a Fund, or otherwise), and shall include amounts, if any, by which such fees are paid through deductions from the capital account
of any defaulting member of any such Fund and (b) other fee-based revenue payable to the Borrower or any of its Subsidiaries and
generated through the formation of new investment partnerships, investment vehicles, managed accounts or similar investment vehicles
or arrangements, or other arrangements or new lines of business that contribute additional fee-based revenue to the Borrower or
any of its Subsidiaries, including in each case, Performance/Incentive Fees.

 

“Margin
Stock” shall have the meaning assigned to such term in Regulation U.

 

“Material
Adverse Effect” shall mean (a) a materially adverse effect on the business, assets, operations, financial condition
or operating results of the Borrower and its Subsidiaries taken as a whole, (b) a material impairment of the ability of the
Borrower or any other Obligor to perform any of its obligations under any Loan Document to which it is or will be a party or (c) a
material impairment of the rights and remedies of or benefits available to the Agents or Lenders under any Loan Document.

 

“Material
Indebtedness” shall mean (i) Indebtedness under the Revolving Credit Agreement and (ii) Indebtedness (other than
the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Loan Parties in an aggregate
principal amount exceeding $5,000,000. For purposes of determining Material Indebtedness, the “principal amount” of
the obligations in respect of any Hedging Agreement at any time shall be the Agreement Value of such Hedging Agreement at such
time.

 

“Maximum
Rate” shall have the meaning assigned to such term in Section 9.09.

 

“Merger
Sub Note” shall mean that certain promissory note issued on December 27, 2013 by Medley SMH Acquisition LLC, a Delaware
limited liability company, as maker, and SMH Partners, LLC, a Delaware limited liability company, as payee, in the original principal
amount of $1,000,000, as in effect on the date hereof.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc., or any successor thereto.

 

“Mortgaged
Properties” shall mean each parcel of real property and improvements thereto with respect to which a Mortgage is
granted pursuant to Section 5.12.

 

“Mortgages”
shall mean the mortgages, deeds of trust, assignments of leases and rents, modifications and other security documents delivered
pursuant to Section 5.12, each in form and substance satisfactory to the Administrative Agent.

 

“Multiemployer
Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

    	14

    	 

    

 

“Net Cash
Proceeds” shall mean (a) with respect to any Asset Sale, the cash proceeds (including cash proceeds subsequently
received (as and when received) in respect of noncash consideration initially received, and any insurance proceeds), net of (i) selling
expenses (including reasonable broker’s fees or commissions, legal fees, transfer and similar taxes and the Borrower’s
good faith estimate of Taxes paid or payable in connection with such sale by the applicable seller or any of its direct or indirect
owners), (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations
or purchase price adjustment associated with such Asset Sale (provided that, to the extent and at the time any such amounts
are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium or
penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by the asset sold in such Asset
Sale and which is required to be repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such asset);
and (b) with respect to any issuance or incurrence of Indebtedness or any Equity Issuance, the cash proceeds thereof, net
of all taxes and customary fees, commissions, costs and other expenses incurred in connection therewith, in each case, to the extent
the same are paid to non-Affiliates.

 

“Net
Leverage Ratio” shall mean, on any date, the ratio of Total Net Debt on such date to Core EBITDA for the period
of four consecutive fiscal quarters most recently ended on or prior to such date.

 

“New York
UCC” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

 

“Non-Guarantor
Subsidiary” shall mean (a) each of MCC Advisors LLC, a Delaware limited liability company, SIC Advisers LLC, a Delaware
limited liability company, MOF II GP LLC, a Delaware limited liability company, and MOF III GP LLC, a Delaware limited liability
company, in each case in the event it has not become a Guarantor pursuant to Section 5.12, and (b) each Subsidiary of the
Borrower acquired or organized after the Closing Date that is not required to become a Guarantor pursuant to Section 5.12.

 

“Obligations”
shall mean all obligations defined as “Obligations” in the Guarantee and Collateral Agreement.

 

“Obligors”
shall mean, collectively, the Borrower, the Guarantors and each Subsidiary party to a Loan Document.

 

“OFAC”
shall have the meaning assigned to such term in Section 3.23.

 

“OID”
shall have the meaning assigned to such term in Section 2.22(b).

 

“Organizational
Documents” shall mean, with respect to any Person, (i) the certificate of formation, certificate of limited partnership,
articles of incorporation or other similar document of such Person, and (ii) the limited liability company agreement, limited partnership
agreement, by-laws or other similar document of such Person.

 

“Other
Connection Taxes” shall mean, with respect to any recipient, Taxes imposed as a result of a present or former connection
between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

    	15

    	 

    

 

“Other
Taxes” shall mean any and all present or future stamp, court or documentary intangible, recording, or filing Taxes
or any other excise or property Taxes, charges or similar levies arising from any payment made under any Loan Document or from
the execution, delivery, performance, registration or enforcement of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except that any such Taxes that are Other Connection Taxes imposed with respect
to an assignment (other than an assignment made pursuant to Section 2.21).

 

“Other
Term Loans” shall have the meaning assigned to such term in Section 2.22(a).

 

“Participant
Register” shall have the meaning assigned to such term in Section 9.04(f).

 

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

 

“Perfection
Certificate” shall mean the Perfection Certificate substantially in the form of Exhibit B to the Guarantee
and Collateral Agreement.

 

“Performance/Incentive
Fees” shall mean performance or incentive fees which are based upon a percentage of the total return over an agreed
preferred return or hurdle rate of a Fund or Separately Managed Account or an agreed percentage of net interest income or net realized
gain of a Fund or Separately Managed Account in excess of an agreed return or hurdle rate, in each case which are payable in addition
to base management fees.

 

“Permitted
Acquisition” shall have the meaning assigned to such term in Section 6.04(e).

 

“Permitted
Holders” shall mean Brook Taube and Seth Taube, and their respective Family Members and Family Trusts.

 

“Permitted
Investments” shall mean:

 

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

 

(b)          investments
in commercial paper maturing within 270 days from the date of issuance thereof and having, at such date of acquisition, the highest
credit rating obtainable from S&P, Moody’s or Fitch;

 

(c)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts and demand deposit accounts issued or offered
by, the Administrative Agent or any domestic office of any commercial bank organized under the laws of the United States of America
or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and that issues
(or the parent of which issues) commercial paper rated at least “Prime-1” (or the then equivalent grade) by Moody’s
or “A-1” (or the then equivalent grade) by S&P;

 

(d)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above
and entered into with a financial institution satisfying the criteria of clause (c) above;

 

    	16

    	 

    

 

(e)          investments
in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially
all of whose assets are invested in investments of the type described in clauses (a) through (d) above; and

 

(f)          other
short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments
of a type analogous to the foregoing.

 

“Permitted
Tax Distributions” shall have the meaning assigned to such term in Section 6.06.

 

“Permitted
Tax Distribution Amount” shall mean, for each taxable year an amount equal to the product of (i) the Tax Rate and
(ii) the net taxable income of the Borrower for the relevant taxable year, determined without regard to any special adjustments
of tax items required as a result of any election under Section 754 of the Code, including adjustments required by Sections 734
and 743 of the Code.

 

“Person”
shall mean any natural person, corporation, business trust, joint venture, association, company, limited liability company, partnership,
Governmental Authority or other entity.

 

“Plan”
shall mean 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, and in respect of which the Borrower, any Subsidiary or any of their
ERISA Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Plan Asset
Regulation” shall mean United States Department of Labor Regulation 29 C.F.R. § 2510.3-101 and any successor
rules and regulations thereto.

 

“Platform”
shall have the meaning assigned to such term in Section 9.01.

 

“Pledged
Collateral” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

 

“Prime
Rate” shall mean the rate of interest per annum determined from time to time by Credit Suisse AG (or any successor
Administrative Agent hereunder) as its prime rate in effect at its principal office in New York City and notified to the Borrower.
The prime rate is a rate set by Credit Suisse AG (or any successor Administrative Agent hereunder) based upon various factors including
Credit Suisse AG’s (or such successor’s) costs and desired return, general economic conditions and other factors, and
is used as a reference point for pricing some loans, which may be priced at, above, or below such rate.

 

“Private
Lender” shall mean Lenders other than Public Lenders.

 

“Public
Co.” shall mean any corporation owning Equity Interests in the Borrower and formed for the purpose of effecting a
public offering of the Equity Interests of such corporation or an affiliate thereof.

 

“Public
Lender” shall have the meaning assigned to such term in Section 9.01.

 

“Qualified
Capital Stock” of any Person shall mean any Equity Interest of such Person that is not Disqualified Stock.

 

    	17

    	 

    

 

“Qualified
Public Offering” shall mean the initial underwritten public offering of common Equity Interests of the Borrower or
of a person owning Equity Interests in the Borrower pursuant to an effective registration statement filed with the SEC in accordance
with the Securities Act of 1933, as amended, that results in at least $50,000,000 of Net Cash Proceeds to the Borrower.

 

“Quarterly
Tax Payment Period” shall mean each calendar quarter ending on each of March 31, June 30, September 30 and December
31 of each calendar year.

 

“Register”
shall have the meaning assigned to such term in Section 9.04(d).

 

“Regulation
T” shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulation X”
shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Related
Fund” shall mean, with respect to any Lender that is a fund or commingled investment vehicle that invests in bank
loans, any other fund that invests in bank loans and is managed or advised by the same investment advisor as such Lender or by
an Affiliate of such investment advisor.

 

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

 

“Release”
shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching
or migration into or through the environment or within or upon any building, structure, facility or fixture.

 

“Repayment
Date” shall have the meaning given such term in Section 2.11(a).

 

“Required
Lenders” shall mean, at any time, Lenders having Loans and Commitments (if any) representing more than 50% of the
sum of all Loans and Commitments (if any) at such time.

 

“Responsible
Officer” of any Person shall mean the chief executive officer of such Person, chief financial officer of such Person
or any other executive officer of such Person identified as such by the chief executive officer or chief financial officer from
time to time, or a Financial Officer of such Person.

 

“Restricted
Indebtedness” shall mean Indebtedness of the Borrower or any other Subsidiary, the payment, prepayment, repurchase,
acquisition or defeasance of which is restricted under Section 6.09(c).

 

“Restricted
Payment” shall mean any dividend or other distribution (whether in cash, securities or other property) with respect
to any Equity Interests in the Borrower or any other Subsidiary, or any payment by the Borrower or any Subsidiary (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 Equity Interests in the Borrower or any other Subsidiary.

 

“Revolving
Credit Agreement” means a revolving facility on terms that are no less favorable in all material respects to the
Borrower than the terms of the City National Bank revolving credit facility term sheet previously provided to Lenders, consistent
with the Intercreditor Agreement and otherwise the subject of customary documentation reasonably acceptable to Administrative Agent.

 

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“Revolving
Loan Collateral Agent” shall mean City National Bank, in its capacity as Collateral Agent under the Revolving Credit
Agreement.

 

“Sanctions”
shall have the meaning assigned to such term in Section 3.23.

 

“Sanctions
Laws” shall have the meaning assigned to such term in Section 3.23.

 

“S&P”
shall mean Standard & Poor’s Ratings Service, or any successor thereto.

 

“SEC”
shall mean the Securities and Exchange Commission.

 

“Secured
Parties” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

 

“Security
Documents” shall mean the Guarantee and Collateral Agreement, the Account Control Agreements, the Irrevocable Direction
Letters, the Cooperation Guaranties, the Mortgages (if any), and each of the security agreements, mortgages and other instruments
and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.12.

 

“Separately
Managed Account” shall mean, as of the Closing Date, Reliance Standard Life Insurance Company, Illinois corporation,
Safety National Casualty Corporation, a Missouri corporation, Philadelphia Indemnity Insurance Company, a Pennsylvania corporation,
and NAV LLC, a New York limited liability company, and thereafter shall include each other third-party account that is managed
or administered by the Borrower or any Affiliate of the Borrower.

 

“Shareholder
Purchase Agreement” means that certain Agreement of Purchase and Sale, dated as of December 27, 2013, by and among
Medley SMH Acquisition, LLC, a Delaware limited liability company, SMH Partners, LLC, a Delaware limited liability company, and
each of the Operating Companies (as defined therein), as in effect on the date hereof.

 

“Specified
Equity Contribution” shall have the meaning given to such term in Section 6.17.

 

“State”
shall mean any State comprising the United States of America.

 

“Statutory
Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to
which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan)
is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute
Eurocurrency Liabilities (as defined in Regulation D of the Board) 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.
Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Subject
Dividend” shall mean a dividend to the holders of the Equity Interests of the Borrower in an amount not to exceed
$74,500,000.

 

    	19

    	 

    

 

“Subject
Entities” shall mean Medley Capital LLC, a Delaware limited liability company, MOF II Management LLC, a Delaware
limited liability company, MOF III Management LLC, a Delaware limited liability company, Medley SMA Advisors LLC, a Delaware limited
liability company, Medley GP Holdings LLC, a Delaware limited liability company and Medley GP LLC, a Delaware limited liability
company.

 

“Subject
Revolving Loan Amendment” shall have the meaning given to such term in Section 5.05(a)(iv).

 

“subsidiary”
shall mean, with respect to any Person (herein referred to as the “parent”), any corporation, partnership,
limited liability company, association or other business entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests
are, at the time any determination is being made, owned, Controlled or held, or (b) that is, at the time any determination
is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries
of the parent.

 

“Subsidiary”
shall mean any subsidiary of the Borrower (other than a Fund or a Fund-Related Entity).

 

“Synthetic
Lease” shall mean, as to any Person, any lease (including leases that may be terminated by the lessee at any time)
of any property (whether real, personal or mixed) (a) that is accounted for as an operating lease in accordance with GAAP and (b)
in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other
than any such lease under which such Person is the lessor.

 

“Synthetic
Lease Obligations” shall mean, as to any Person, an amount equal to the capitalized amount of the remaining lease
payments under any Synthetic Lease that would appear on a balance sheet of such person in accordance in accordance with GAAP if
such obligations were accounted for as Capital Lease Obligations.

 

“Synthetic
Purchase Agreement” shall mean any swap, derivative or other agreement or combination of agreements pursuant to which
the Borrower or any other Subsidiary is or may become obligated to make (a) any payment in connection with a purchase by any third
party from a Person other than the Borrower or any other Subsidiary of any Equity Interest or Restricted Indebtedness or (b) any
payment (other than on account of a permitted purchase by it of any Equity Interest or Restricted Indebtedness) the amount of which
is determined by reference to the price or value at any time of any Equity Interest or Restricted Indebtedness; provided that no
phantom stock or similar plan providing for payments only to current or former directors, officers or employees of the Borrower
or the Subsidiaries (or to their heirs or estates) shall be deemed to be a Synthetic Purchase Agreement.

 

“Tax Rate”
shall mean with respect to the amount of taxable income of Borrower allocable to Equity Interests held by any Person, the highest
effective marginal combined U.S. federal, state and local income tax rate (including, without limitation, the “medicare”
tax imposed under Section 1411 of the Code) for a Fiscal Year prescribed for an individual or corporate resident in California
or New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation described in Section 67(a)
of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income,
but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes).

 

“Taxes”
shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including backup
withholding) imposed by any Governmental Authority.

 

    	20

    	 

    

 

“Term Borrowing”
shall mean a Borrowing comprised of Term Loans.

 

“Term Loan
Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder as
set forth on Schedule 2.01, as the same may be reduced from time to time pursuant to Section 2.09.

 

“Term Loan
Maturity Date” shall mean June 15, 2019.

 

“Term Loans”
shall mean the term loans made pursuant to Section 2.01(a) and, unless the context shall otherwise require, the Incremental
Term Loans (other than Other Term Loans) made pursuant to Section 2.01(b).

 

“Threshold
Percentage” shall mean (i) with respect to each of the Subsidiaries listed on Schedule 1.01(a) hereto, the
percentage set forth opposite such Subsidiary, and (ii) with respect to any other Subsidiary, 80%.

 

“Total
Net Debt” shall mean, at any time, the total Indebtedness of the Borrower and the Subsidiaries at such time on a
standalone basis (excluding Indebtedness of the type described in clause (j), clause (k) and clause (l) of
the definition of such term, except, in the case of such clause (l), to the extent of any unreimbursed drawings thereunder),
net of Unrestricted Cash on deposit or credit to a deposit account or securities account that is subject to a control agreement
pursuant to which the Collateral Agent has a perfected, first priority interest in such Unrestricted Cash. Notwithstanding the
foregoing, in respect of any determination of the Net Leverage Ratio for purposes of Sections 6.04(b)(ii)(C)(y), 6.04(f)(iv)(C)(2)(y),
6.04(h)(ii) and 6.06(v) and (vi), Total Net Debt shall be calculated (without duplication of any Indebtedness
outstanding under the Revolving Credit Agreement) as if all Indebtedness available under the Revolving Credit Agreement were fully
drawn on such date of determination.

 

“TRA”
shall mean that certain Tax Receivable Agreement to be entered into by and among Medley Management Inc., a Delaware corporation
(or other Public Co.) and each of the other parties named therein that provides for the payment by Medley Management Inc. to exchanging
holders of Borrower equity units in respect of the benefits, if any, that Medley Management Inc. is deemed to realize as a result
of an increase in tax deductions and of certain other tax benefits relating to such exchanges.

 

“Trademarks”
shall mean trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade
styles, trade dress, logos, other source or business identifiers, now existing or hereafter adopted or acquired, all registrations
and registration applications thereof, including registrations and registration applications in the United States Patent and Trademark
Office (or any successor office) or any similar offices in any State of the United States or any other country or any political
subdivision thereof, and all extensions or renewals thereof and all goodwill connected with the use thereof and symbolized thereby.

 

“Transactions”
shall mean, collectively, (a) the refinancing of the Existing Debt on the Closing Date, (b) the execution, delivery and
performance by the Obligors of the Loan Documents to which they are a party and the making of the Borrowings hereunder, (c) the
declaration and payment of the Subject Dividend and (d) the payment of related fees and expenses.

 

“Treasury
Rate” means, as of any date of a prepayment or assignment of all or any portion of the Term Loan, the yield to maturity
as of such date (as determined by the Administrative Agent) of United States Treasury securities with a constant maturity of a
period most nearly equal to the period from the date of such prepayment or assignment to the Term Loan Maturity Date (as compiled
and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least three
Business Days prior to such date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)).

 

    	21

    	 

    

 

“Type,”
when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall mean the Adjusted
LIBO Rate and the Alternate Base Rate.

 

“Undertaking
Agreement” shall mean the Undertaking Agreement in the form of Exhibit J attached hereto.

 

“Unrestricted
Cash” shall mean, at any time, the aggregate amount of cash and Permitted Investments held in accounts of the Borrower
and the Guarantors, to the extent that the use of such cash or Permitted Investments for application to the payment of the Obligations
is not prohibited by law or any contract or other agreement, and such cash and Permitted Investments are free and clear of all
liens (other than Liens in favor of the Collateral Agent and other Liens permitted under Section 6.02(n)).

 

“Upfront
Fees” shall have the meaning assigned to such term in Section 2.05(b).

 

“USA PATRIOT
Act” shall mean The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“Wholly
Owned Subsidiary” of any Person shall mean a subsidiary of such Person of which securities (except for directors’
qualifying shares) or other ownership interests representing 100% of the Equity Interests are, at the time any determination is
being made, owned, Controlled or held by such Person or one or more wholly owned subsidiaries of such Person or by such Person
and one or more wholly owned subsidiaries of such Person.

 

“Windsor
Note” means that certain promissory note issues on March 7, 2014 by the Borrower and Medley GP Holdings LLC, a Delaware
limited liability company, in favor Windsor Advisors LLC, a Delaware limited liability company, in the original principal amount
of $2,500,000, as in effect on the date hereof.

 

“Withdrawal
Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means the Borrower, any other Loan Party and the Administrative Agent, as the case may be.

 

“Yield
Differential” shall have the meaning assigned to such term in Section 2.22(b).

 

    	22

    	 

    

 

Section
1.02.         Terms Generally. The definitions in Section
1.01 shall apply equally to both 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”; and the words “asset” and “property”
shall be construed as having 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. All references herein to Articles, Sections, Exhibits and Schedules shall
be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise
require. Except as otherwise expressly provided herein, (a) any reference in this Agreement to any Loan Document shall mean such
document as amended, restated, supplemented or otherwise modified from time to time, in each case, in accordance with the express
terms of this Agreement, and (b) except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP; provided that (i) for purposes of determining the outstanding amount of any
Indebtedness, (A) any election by the Borrower or any of the Subsidiaries to measure an item of Indebtedness using fair value (as
permitted by the Financial Accounting Standards Board Accounting Standards Codification 825-10-25 issued by the Financial Accounting
Standards Board in February 2007, and any statements replacing, modifying or superseding such statement) shall be disregarded and
such determination shall be made as if such election had not been made and (B) any original issue discount with respect to such
Indebtedness shall not be deducted in determining the outstanding amount of such Indebtedness. If at any time after the date of
this Agreement, (i) any change in GAAP or (ii) any change in any law, rule or regulation or adoption of any law, rule or regulations,
in each case applicable to the Borrower or any of its Subsidiaries, would affect the operation of any covenant set forth in Article
VI hereof or the computation of any financial ratio provided for herein, the Borrower may request (and the Administrative Agent
or Required Lenders may request) that the Administrative Agent and the Borrower negotiate in good faith to amend such covenant
or financial ratio to preserve the original intent thereof in light of such change or adoption; provided that, until so
amended, such covenant or financial ratio shall continue to be computed, and compliance with such covenant shall be determined,
in each instance, in conformity with those accounting principles and policies used to prepare the financial statements of the Borrower
immediately prior to such change or adoption, and the Borrower shall provide to Administrative Agent and Lenders the reconciliation
statements provided for in Section 5.04(e).

 

Section
1.03.         Pro Forma Calculations; Standalone Calculations.
All pro forma calculations permitted or required to be made by the Borrower or any Subsidiary pursuant to this Agreement
shall include only those adjustments that would be permitted or required by Regulation S-X under the Securities Act of 1933, as
amended, together with those adjustments that (i) have been certified by a Financial Officer of the Borrower as having been prepared
in good faith based upon reasonable assumptions and (ii) are based on reasonably detailed written assumptions reasonably acceptable
to the Administrative Agent and the Required Lenders. To the extent that any provision of this Agreement requires or tests compliance
with (or with respect to) the covenant set forth in Section 6.10 on a pro forma basis (i) prior to the date that
such covenant is first tested under Section 6.10, such provision shall be deemed to refer to the first covenant level set
forth in Section 6.10, or (ii) prior to the initial date upon which the financial statements and certificates required by
Section 5.04(a) or 5.04(b), as the case may be, and Section 5.04(c) are required to be delivered, compliance
shall be calculated on a pro forma basis as of the period of four consecutive fiscal quarters ending June 30, 2014; it being
understood that such financial information for the quarter ending June 30, 2014 shall be prepared in a manner consistent in all
material respects with the pro forma financial statements delivered to the Lenders on the Closing Date pursuant to Section
4.02(l). All standalone calculations permitted or required to be made by the Borrower pursuant to this Agreement shall be made
in accordance with GAAP and on a basis consistent with the consolidation principles used in the preparation of the Financial Statements
of the Borrower.

 

Section
1.04.         Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Term Loan”) or by Type (e.g.,
a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Term Loan”). Borrowings also may be classified
and referred to by Class (e.g., a “Term Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class
and Type (e.g., a “Eurodollar Term Borrowing”).

 

    	23

    	 

    

 

Article
II

The Credits

 

Section
2.01.         Commitments. (a) Subject to the terms and conditions
and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make a
Term Loan to the Borrower on the Closing Date in a principal amount not to exceed its Term Loan Commitment. Amounts paid or
prepaid in respect of Term Loans may not be reborrowed.

 

(b)          Each
Lender having an Incremental Term Loan Commitment, severally and not jointly, hereby agrees, subject to the terms and conditions
and relying upon the representations and warranties set forth herein and in the applicable Incremental Term Loan Assumption Agreement,
to make Incremental Term Loans to the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment.
Amounts paid or prepaid in respect of Incremental Term Loans may not be reborrowed.

 

Section
2.02.         Loans. (a) Each Loan shall be made as part of a
Borrowing consisting of Loans made by the Lenders ratably in accordance with their applicable Commitments; provided,
however, that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation
to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make
any Loan required to be made by such other Lender). The Loans comprising any Borrowing shall be in an aggregate principal amount
that is (i) an integral multiple of $1,000,000 and not less than $5,000,000 (except, with respect to any Incremental Term Borrowing,
to the extent otherwise provided in the related Incremental Term Loan Assumption Agreement) or (ii) equal to the remaining available
balance of the applicable Commitments.

 

(b)          Subject
to Sections 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower
may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not
affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than
one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled
to request any Borrowing that, if made, would result in more than five Eurodollar Borrowings outstanding hereunder
at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on
the same date, shall be considered separate Borrowings.

 

(c)          Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
to such account in New York City as the Administrative Agent may designate not later than 1:00 p.m., New York City time, and
the Administrative Agent shall promptly credit the amounts so received to an account designated by the Borrower in the applicable
Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have
been met, return the amounts so received to the respective Lenders.

 

(d)          Unless
the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that
such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c)
above and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding
amount. If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made
such portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative
Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made
available to the Borrower to but excluding the date such amount is repaid to the Administrative Agent at (i) in the case of
the Borrower, a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing
and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term
funds (which determination shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent such
corresponding amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement.

 

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Section
2.03.         Borrowing Procedure. In order to request a Borrowing,
a Responsible Officer of the Borrower shall provide written notice by hand delivery or fax to the Administrative Agent of such
request (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days
(or such shorter period as the Administrative Agent may agree) before a proposed Borrowing, and (b) in the case of an ABR
Borrowing, not later than 12:00 noon, New York City time, one Business Day before a proposed Borrowing. Each such Borrowing
Request shall be irrevocable, and shall specify the following information: (i) whether the Borrowing then being requested
is to be a Term Borrowing or an Incremental Term Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR
Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and location of the account
to which funds are to be disbursed; (iv) the amount of such Borrowing; and (v) if such Borrowing is to be a Eurodollar
Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary
specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02.
If no election as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing.
If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed
to have selected an Interest Period of one month’s duration. The Administrative Agent shall promptly advise the applicable
Lenders of any notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s portion
of the requested Borrowing.

 

Section
2.04.         Evidence of Debt; Repayment of Loans. (a)
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender all Obligations
of such Lender as provided in Section 2.11.

 

(b)          The
Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Class
and Type thereof and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest
due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received
by the Administrative Agent hereunder from the Borrower or any Guarantor and each Lender’s share thereof.

 

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

 

(d)          Any
Lender may request that Loans made by it hereunder be evidenced by a promissory note substantially in the form of Exhibit I.
In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender and its registered
assigns and in a form and substance reasonably acceptable to the recipient Lender, Administrative Agent and the Borrower (it being
understood that a legend will be inserted, if applicable, in each note stating that such note was issued with original issue discount
and information as to the issue price, the amount of original issue discount and other information will be available upon request
to the Borrower). Notwithstanding any other provision of this Agreement, in the event any Lender shall request and receive such
a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of
such interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the payee named therein
or its registered assigns.

 

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Section
2.05.         Fees. (a) The Borrower agrees to pay to the Administrative
Agent, for its own account, the administrative fees set forth in the Engagement Letter at the times and in the amounts specified
therein (the “Administrative Agent Fees”). All Administrative Agent Fees shall be paid on the dates due,
in immediately available funds, to the Administrative Agent. Once paid, none of the Administrative Agent Fees shall be refundable
under any circumstances.

 

(b)          The
Borrower agrees to pay to the Administrative Agent, for the account of each Lender on the Closing Date, a commitment fee equal
to 1.00% of the aggregate amount of the Term Loans made on the Closing Date (the “Upfront Fees”). All
Upfront Fees shall be payable in full on the Closing Date.

 

Section
2.06.         Interest on Loans. (a) Subject to the provisions
of Section 2.07 and to any provisions setting forth alternative rates of interests with respect to Other Term Loans in any
Incremental Term Loan Assumption Agreement, the Loans comprising each ABR Borrowing shall bear interest (computed on the basis
of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, and calculated from and including the
date of such Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate
plus the Applicable Margin.

 

(b)          Subject
to the provisions of Section 2.07 and to any provisions setting forth alternative rates of interests with respect to Other
Term Loans in any Incremental Term Loan Assumption Agreement, the Loans comprising each Eurodollar Borrowing shall bear interest
(computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted
LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.

 

(c)          Interest
on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this Agreement.
The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case
may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

Section
2.07.         Default Interest. Upon the occurrence of any Event
of Default, then, until such Event of Default shall be cured or waived in writing, to the extent permitted by law, all Obligations
shall bear interest (after as well as before judgment), payable on demand, (a) in the case of principal, at the rate otherwise
applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (b) in all other cases, at a rate per
annum (computed on the basis of the actual number of days elapsed over a year of 360 days) equal to the rate that would be
applicable to an ABR Loan plus 2.00% per annum.

 

Section
2.08.         Alternate Rate of Interest. In the event, and on
each occasion, that on the day two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the
Administrative Agent shall have determined that Dollar deposits in the principal amounts of the Loans comprising such Borrowing
are not generally available in the London interbank market, or that the rates at which such Dollar deposits are being offered will
not adequately and fairly reflect the cost to the majority of Lenders of making or maintaining Eurodollar Loans during such Interest
Period, or that reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the Administrative Agent shall, as soon
as practicable thereafter, give written or fax notice of such determination to the Borrower and the Lenders. In the event of any
such determination, until the Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or
2.10 shall be deemed to be a request for an ABR Borrowing. Each determination by the Administrative Agent under this Section
2.08 shall be conclusive absent manifest error.

 

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Section
2.09.         Termination and Reduction of Commitments. The Term
Loan Commitments shall automatically terminate upon the making of the Term Loans on the Closing Date. Any Incremental Term Loan
Commitments shall terminate as provided in the related Incremental Term Loan Assumption Agreement.

 

Section
2.10.         Conversion and Continuation of Borrowings. The
Borrower shall have the right at any time upon prior irrevocable written notice to the Administrative Agent (a) not later
than 12:00 (noon), New York City time, one Business Day prior to conversion, to convert any Eurodollar Borrowing into an ABR
Borrowing, (b) not later than 12:00 (noon), New York City time, three Business Days prior to conversion or continuation, to
convert any ABR Borrowing into a Eurodollar Borrowing or to continue any Eurodollar Borrowing as a Eurodollar Borrowing for an
additional Interest Period, and (c) not later than 12:00 (noon), New York City time, three Business Days prior to conversion,
to convert the Interest Period with respect to any Eurodollar Borrowing to another permissible Interest Period, subject in each
case to the following:

 

(i)          until
the Administrative Agent shall have notified the Borrower that the primary syndication of the Term Loans has been completed (which
notice shall be given as promptly as practicable and, in any event, within 30 days after the Closing Date), no ABR Borrowing may
be converted into a Eurodollar Borrowing with an Interest Period in excess of one month;

 

(ii)         each
conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts
of the Loans comprising the converted or continued Borrowing;

 

(iii)        if
less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing
shall satisfy the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum
number of Borrowings of the relevant Type;

 

(iv)        each
conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new Loan
of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent
principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being converted shall be paid by the Borrower at
the time of conversion;

 

(v)         if
any Eurodollar Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the Borrower shall
pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16;

 

(vi)        any
portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued as a Eurodollar
Borrowing;

 

(vii)       any
portion of a Eurodollar Borrowing that cannot be converted into or continued as a Eurodollar Borrowing by reason of the immediately
preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing;

 

(viii)      no
Interest Period may be selected for any Eurodollar Term Borrowing that would end later than a Repayment Date occurring on or after
the first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar
Term Borrowings comprised of Term Loans or Other Term Loans, as applicable, with Interest Periods ending on or prior to such Repayment
Date and (B) the ABR Term Borrowings comprised of Term Loans or Other Term Loans, as applicable, would not be at least equal to
the principal amount of Term Borrowings to be paid on such Repayment Date; and

 

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(ix)         upon
notice to the Borrower from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during
the continuance of a Default or Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar Loan.

 

Each notice pursuant
to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (i) the identity and amount
of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is to be converted to or
continued as a Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of such
conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or continued as a Eurodollar Borrowing,
the Interest Period with respect thereto. If no Interest Period is specified in any such notice with respect to any conversion
to or continuation as a Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. The Administrative Agent shall promptly advise the Lenders of any notice given pursuant to this Section 2.10 and
of each Lender’s portion of any converted or continued Borrowing. If the Borrower shall not have given notice in accordance
with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice
in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period
applicable thereto (unless repaid pursuant to the terms hereof), automatically be converted into an ABR Borrowing.

 

Section
2.11.         Repayment of Term Borrowings. (a)(i) The Borrower
shall pay to the Administrative Agent, for the account of the Lenders, on the last Business Day of each March, June, September
and December prior to the Term Loan Maturity Date, commencing on December 31, 2014, or if any such date is not a Business Day,
on the next preceding Business Day (each such date being called a “Repayment Date”), a principal amount
of the Term Loans equal to $1,375,000, (as adjusted from time to time pursuant to Sections 2.12(b), 2.13(d),
2.22(d) and 2.23(c)) together in each case with accrued and unpaid interest on the principal amount to be paid to
but excluding the date of such payment.

 

(ii)         The
Borrower shall pay to the Administrative Agent, for the account of the applicable Incremental Term Lenders, on each applicable
Incremental Term Loan Repayment Date, a principal amount of the Other Term Loans (as adjusted from time to time pursuant to Sections 2.12(b),
2.13(d) and 2.23(c)) equal to the amount set forth for such date in the applicable Incremental Term Loan Assumption
Agreement, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date
of such payment.

 

(b)          To
the extent not previously paid, all Term Loans and Other Term Loans shall be due and payable on the Term Loan Maturity Date and
the applicable Incremental Term Loan Maturity Date, respectively, together with accrued and unpaid interest on the principal amount
to be paid to but excluding the date of payment.

 

(c)          All
repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall otherwise be without premium
or penalty.

 

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Section
2.12.         Voluntary Prepayment. (a) The Borrower shall have
the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days’
prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in the case of Eurodollar Loans,
or written or fax notice (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the
date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided,
however, to the extent any such prepayments, including any prepayments made pursuant to Section 2.23 made
on or prior to the second anniversary of the Closing Date exceed $33,000,000 in the aggregate, Borrower shall pay to the Administrative
Agent for the ratable account of the applicable Lenders a prepayment premium in an amount equal to the then present value of the
required interest payments not yet made (assuming for this purpose an interest rate equal to the Adjusted LIBO Rate for a Eurodollar
Borrowing with a one month Interest Period made on the date of such prepayment or assignment plus the Applicable Margin
with respect thereto) on the principal amount of the Term Loan so prepaid that but for such prepayment would have been payable
through the Term Loan Maturity Date, calculated using a discount rate equal to the Treasury Rate as of the date of such prepayment
or assignment plus 50 basis points; provided, further that each partial prepayment shall be in an amount that is
an integral multiple of $100,000 and not less than $500,000.

 

(b)          Voluntary
prepayments of Term Loans shall be applied against the remaining scheduled installments of principal due in respect of the Term
Loans under Section 2.11 as directed by the Borrower. Voluntary prepayments of Other Term Loans shall be applied against
the remaining scheduled installments of principal due in respect of such Other Term Loans as set forth in the applicable Incremental
Term Loan Assumption Agreement or, if the applicable Incremental Term Loan Assumption Agreement does not provide for the manner
of such application, such prepayments shall be applied as directed by the Borrower.

 

(c)          Each
notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid,
shall be irrevocable and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein;
provided, however, that if such prepayment is for all of the then outstanding Loans, then the Borrower
may, by written notice to the Administrative Agent prior to 1:00 p.m. New York City time on the prepayment date, revoke such notice
and/or extend the prepayment date by not more than five Business Days; provided further, however,
that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under
this Section 2.12 shall be subject to Section 2.16 but shall, except as otherwise set forth above in clause
(a) of this Section 2.12, otherwise be without premium or penalty. All prepayments under this Section 2.12 shall
be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.

 

Section
2.13.         Mandatory Prepayments. (a) No later than the
third Business Day following the receipt of Net Cash Proceeds in respect of any Asset Sale (other than Asset Sales permitted under
Sections 6.05(b)(i) or (b)(ii), the Borrower shall apply 100% of the Net Cash Proceeds received with respect thereto
to make prepayments in accordance with Section 2.13(d); provided that, so long as no Event of Default shall have
occurred and be continuing, no prepayments shall be required from (and the amounts in the preceding sentence shall not include)
Net Cash Proceeds of such Asset Sale, if the Borrower reinvests such Net Cash Proceeds in like assets, financial assets, or other
financial services investment strategies within 365 days of its receipt of such Net Cash Proceeds.

 

(b)          In
the event that the Borrower or any Subsidiary shall receive Net Cash Proceeds from the issuance or incurrence of Indebtedness for
money borrowed of the Borrower or any Subsidiary (other than a Fund GP, with respect to the incurrence of Indebtedness by a Fund
or a Fund Related Entity, and other than any cash proceeds from the issuance of Indebtedness for money borrowed permitted pursuant
to Section 6.01), the Borrower shall, substantially simultaneously with (and in any event not later than the Business Day
next following) the receipt of such Net Cash Proceeds by the Borrower or such Subsidiary, apply an amount equal to 100% of such
Net Cash Proceeds to make prepayments in accordance with Section 2.13(d).

 

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(c)          In
the event that the Borrower receives any Specified Equity Contribution permitted pursuant to Section 6.17, the Borrower
shall, substantially simultaneously with (and in any event not later than the Business Day next following) the receipt of such
Specified Equity Contribution, apply an amount equal to 100% of such Specified Equity Contribution to make prepayments in accordance
with Section 2.13(d).

 

(d)          Amounts
to be applied in connection with prepayments pursuant to clauses (a) and (c) of this Section 2.13 shall
(i) be applied to the prepayment of the Term Loans and the Other Term Loans, (ii) be allocated pro rata between the Term
Loans and the Other Term Loans and (iii)(A) with respect to the Term Loans, be applied, first, to the next succeeding four
scheduled installments of principal due in respect of the Term Loans under Section 2.11 in direct order of maturity and,
thereafter, pro rata to the remaining scheduled installments of principal due in respect of the Term Loans under
Section 2.11 and (B) with respect to the Other Term Loans, be applied pursuant to the applicable Incremental Term Loan Assumption
Agreements or, if the applicable Incremental Term Loan Assumption Agreement does not provide for the manner of such application,
pursuant to the preceding clause (A), mutatis mutandis.

 

(e)          The
Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.13, (i)
a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of the amount of
such prepayment and (ii) not later than 1:00 p.m. New York City time at least three Business Days’ prior written notice of
such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Loan being prepaid and the principal
amount of each Loan (or portion thereof) to be prepaid. All prepayments of Borrowings under this Section 2.13 shall be subject
to Section 2.16, but shall otherwise be without premium or penalty, and shall be accompanied by accrued and unpaid
interest on the principal amount to be prepaid to but excluding the date of payment.

 

Section
2.14.         Reserve Requirements; Change in Circumstances.
(a) Notwithstanding any other provision of this Agreement, if any Change in Law shall 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 which is reflected in the Adjusted LIBO Rate) or shall impose on such Lender or the London
interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender, and the result of any of
the foregoing shall be to increase the cost to such Lender of making, converting to, or maintaining any Eurodollar Loan, or increase
the cost to any Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal,
interest or otherwise) by an amount deemed by such Lender to be material, then the Borrower will pay to such Lender, as the case
may be, upon demand such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction
suffered.

 

(b)          If
any Lender shall have determined that any Change in Law regarding capital adequacy or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company,
if any, as a consequence of this Agreement or the Loans made pursuant hereto to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the
policies of such Lender’s holding company with respect to capital adequacy) by an amount deemed by such Lender to be material,
then from time to time the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or
such Lender’s holding company for any such reduction suffered.

 

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(c)          If
any Change in Law shall subject any Lender or other recipient of payments pursuant to the Loan Documents to any Taxes (other than
Indemnified Taxes and Excluded Taxes) on its Loans, commitments or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto, and the result of any of the foregoing shall be to increase the cost to such Lender or such other
recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan,
or to reduce the amount of any sum received or receivable by such Lender or other recipient hereunder or under any other Loan Document
(whether of principal, interest or any other amount) then, upon request of such Lender or other recipient, the Borrower will pay
to such lender or other recipient such additional amount or amounts as will compensate such lender or other recipient for such
additional costs incurred or reduction suffered.

 

(d)          A
certificate of a Lender or Agent setting forth the amount or amounts necessary to compensate such Lender or Agent or its holding
company, as applicable, as specified in paragraph (a), (b) or (c) above shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender or Agent the amount shown as due on any such
certificate delivered by it within 10 days after its receipt of the same.

 

(e)          Failure
or delay on the part of any Lender or Agent to demand compensation for any increased costs or reduction in amounts received or
receivable or reduction in return on capital shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that the Borrower shall not be under any obligation to compensate any Lender or other Person under paragraph
(a), (b) or (c) above with respect to increased costs or reductions with respect to any period prior to the date
that is 180 days prior to such request if such Lender knew or could reasonably have been expected to know of the circumstances
giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased
compensation by reason of such increased costs or reductions; provided further that the foregoing limitation
shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such
180-day period. The protection of this Section shall be available to each Lender regardless of any possible contention of
the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed.

 

Section
2.15.         Change in Legality. (a) Notwithstanding any other
provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar
Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to
the Borrower and to the Administrative Agent:

 

(i)          such
Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder
(or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into Eurodollar
Loans, whereupon any request for a Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar Borrowing or to continue
a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or
a request to continue an ABR Loan as such for an additional Interest Period or to convert a Eurodollar Loan into an ABR Loan, as
the case may be), unless such declaration shall be subsequently withdrawn; and

 

(ii)         such
Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar
Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b)
below.

 

In the event any Lender shall exercise
its rights under clause (i) or (ii) above, all payments and prepayments of principal that would otherwise
have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such
Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such
Eurodollar Loans.

 

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(b)          For
purposes of this Section 2.15, a notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan made
by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Loan; in all other cases such
notice shall be effective on the date of receipt by the Borrower.

 

Section
2.16.         Breakage. The Borrower shall indemnify each Lender
against any loss or expense that such Lender may sustain or incur as a consequence of (a) any event, other than a default
by such Lender in the performance of its obligations hereunder, that results in (i) such Lender receiving or being deemed
to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor,
(ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar
Loan, in each case other than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar Loan to be
made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion or continuation under Section 2.10)
not being made after notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to in this
clause (a) being called a “Breakage Event”) or (b) any default in the making of any
payment or prepayment required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal
to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is
the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in
effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender
in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender
setting forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered
to the Borrower and shall be conclusive absent manifest error.

 

Section
2.17.         Pro Rata Treatment. Except as required under Section
2.15, each Borrowing, each payment or prepayment of principal of any Borrowing (other than Discounted Voluntary Prepayments
made by the Borrower as expressly provided in Section 2.23), each payment of interest on the Loans (or, with respect to
any payment of interest made in connection with a prepayment of any Borrowing, each payment of interest on the Loans made pursuant
to such Borrowing) and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be
allocated pro rata among the Lenders in accordance with their respective applicable Commitments (or, if such Commitments
shall have expired or been terminated, in accordance with the respective principal amounts of their applicable outstanding Loans).
Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent
may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole Dollar amount.

 

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Section
2.18.         Sharing of Setoffs. Each Lender agrees that if
it shall, through the exercise of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan
Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest
arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar
law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result
of which the unpaid principal portion of its Loans shall be proportionately less than the unpaid principal portion of the Loans
of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly
pay to such other Lender the purchase price for, a participation in the Loans of such other Lender, so that the aggregate unpaid
principal amount of the Loans and participations in Loans held by each Lender shall be in the same proportion to the aggregate
unpaid principal amount of all Loans then outstanding as the principal amount of its Loans prior to such exercise of banker’s
lien, setoff or counterclaim or other event was to the principal amount of all Loans outstanding prior to such exercise of banker’s
lien, setoff or counterclaim or other event; provided, however, that (i) if any such purchase or purchases
or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered,
such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or
adjustment restored without interest, and (ii) the provisions of this Section 2.18 shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by
a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant,
other than to the Borrower or any of its Affiliates or any Fund or Fund-Related Entity or any of their respective Affiliates (as
to which the provisions of this Section 2.18 shall apply). The Borrower expressly consents to the foregoing arrangements
and agree that any Lender holding a participation in a Loan deemed to have been so purchased may exercise any and all rights of
banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof
as fully as if such Lender had made a Loan directly to the Borrower in the amount of such participation.

 

Section
2.19.         Payments. (a) The Borrower shall make each payment
(including principal of or interest on any Borrowing or any fees or other amounts) hereunder and under any other Loan Document
not later than 12:00 (noon), New York City time, on the date when due in immediately available Dollars, without setoff, defense
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest thereon. Each such payment shall
be made to the Administrative Agent at its offices at Eleven Madison Avenue, New York, NY 10010. The Administrative Agent shall
promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender.

 

(b)          Except
as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any fees or
other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business
Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in
the computation of interest or fees, if applicable.

 

Section
2.20.         Taxes. (a) Any and all payments by or on account
of any obligation of the Borrower or any other Loan Party hereunder or under any other Loan Document shall be made free and clear
of and without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of the applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the
full amount deducted or withheld to the relevant Government Authority in accordance with applicable law and, if such Tax is an
Indemnified Tax, then the sum payable by the Borrower or any other Loan Party shall be increased as necessary so that after making
all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this
Section) the Administrative Agent and each Lender (as the case may be) receives an amount equal to the sum it would have received
had no such deductions been made.

 

(b)          In
addition, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law,
or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes.

 

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(c)          The
Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, as the case may be, on or with
respect to any payment by or on account of any obligation of the Borrower or any other Loan Party hereunder or under any other
Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other 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 the Borrower by a Lender, or by the Administrative Agent on behalf of itself,
a Lender, shall be conclusive absent manifest error.

 

(d)          As
soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority, the 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.

 

(e)          Any
Lender that is entitled to an exemption from or reduction of withholding tax, with respect to payments under this Agreement shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested by the Borrower or
the Administrative Agent, such properly completed and executed documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Without limiting the generality of the foregoing, in the event that the Borrower is a resident for tax purposes in
the United States, each Agent and Lender entitled to payments under this Agreement shall provide to the Borrower (with a copy to
the Administrative Agent), on or prior to the date on which such Agent or Lender becomes an Agent or Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent):

 

(i)          in
the case of any Lender that is a “United States person” (as defined in section 7701(a)(30) of the Code), a properly
completed and executed IRS Form W-9 (or successor form), certifying that such Agent or Lender is not subject to U.S. backup withholding
tax;

 

(ii)         in
the case of any Lender that is not a United States person, such Lender shall, to the extent it is legally entitled to do so, deliver
to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the
date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of
the Borrower or the Administrative Agent), whichever of the following is applicable:

 

(A)         in
the case of a Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments
of interest under any Loan Document, executed originals of the applicable IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, the applicable IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax
treaty;

 

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(B)         executed
originals of IRS Form W-8ECI;

 

(C)         in
the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate
substantially in the form of Exhibit M-1 to the effect that such Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of
the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of the applicable IRS Form W-8BEN; or

 

(D)         to
the extent a Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, the applicable
IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit M-2 or Exhibit M-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided that if the Lender is a partnership and one or
more direct or indirect partners of such Lender are claiming the portfolio interest exemption, such Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit M-4 on behalf of each such direct and indirect partner;

 

(iii)        any
Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals
of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower
or the Administrative Agent to determine the withholding or deduction required to be made;

 

(iv)        an
Administrative Agent that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) shall deliver
to the Borrower on or prior to the date on which the Administrative Agent becomes a party to this Agreement (and from time to time
thereafter upon the expiration or invalidity of the IRS form described below, upon the request of the Borrower, or as prescribed
by applicable law) two (2) duly completed, executed, original copies of IRS Form W-8IMY certifying on Part 1 and Part IV of such
Form W-8IMY that it is a U.S. branch that has agreed to be treated as a U.S. person for United States federal withholding tax purposes
with respect to payments received by it from the Borrower. The Administrative Agent shall promptly notify the Borrower at any time
it determines that it is no longer in a position to provide the certification described in the prior sentence; and

 

(v)         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 Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA 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. Solely for purposes of this clause (v), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so.

 

(f)          If
any Agent or Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to
which it has been indemnified by the Borrower or any other Loan Party or with respect to which such Borrower or Loan Party has
paid additional amounts pursuant to this Section 2.20, it shall pay to such Borrower or Loan Party an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower or Loan Party under this
Section 2.20 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of the Agent or Lender,
as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund); provided that the Borrower or such Loan Party, upon the request of such Agent or Lender, agrees to repay the amount
paid over to the Borrower or such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to such Agent or Lender in the event such Agent or Lender is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (f), in no event will any Agent or Lender be required to pay
any amount to the Borrower or any other Loan Party pursuant to this paragraph (f) the payment of which would place the Agent
or Lender in a less favorable net after-Tax position than the Agent or Lender would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Agent or Lender to
make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any
other Person.

 

(g)          Survival.
Each party’s obligations under this Section 2.20 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

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Section
2.21.         Assignment of Loans Under Certain Circumstances; Duty to
Mitigate. (a) In the event (i) any Lender delivers a certificate requesting compensation pursuant to Section 2.14,
(ii) any Lender delivers a notice described in Section 2.15, (iii) the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority on account of any Lender pursuant to Section 2.20, or (iv) any Lender
refuses to consent to any amendment, waiver or other modification of any Loan Document requested by the Borrower that requires
the consent of a greater percentage of the Lenders than the Required Lenders and such amendment, waiver or other modification is
consented to by the Required Lenders, then, in each case, the Borrower may, at its sole expense and effort (including with respect
to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender, as the case may be, and
the Administrative Agent, require such Lender to transfer and assign, without recourse (in accordance with and subject to the restrictions
contained in Section 9.04), all of its interests, rights and obligations under this Agreement (or, in the case of clause
(iv) above, all of its interests, rights and obligations with respect to the Class of Loans that is the subject of the related
consent, amendment, waiver or other modification) to an Eligible Assignee that shall assume such assigned obligations and, with
respect to clause (iv) above, shall consent to such requested amendment, waiver or other modification of any Loan Documents
(which assignee may be another Lender, if a Lender accepts such assignment); provided that (w) such assignment
shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction,
(x) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably
be withheld or delayed, (y) the Borrower or such assignee shall have paid to the affected Lender in immediately available
funds an amount equal to the sum of the principal of and interest accrued to the date of such payment on the outstanding Loans
of such Lender, respectively, plus all fees and other amounts accrued for the account of such Lender hereunder with respect thereto
(including any amounts under Sections 2.12, 2.13, 2.14 and 2.16) and (z) if such assignment is in connection
with a Lender that refuses to consent to (1) a decrease in the rate of, or extension of the date for the payment of, the prepayment
fee described in Section 2.12(a), (2) a waiver or excuse of any payment of, or any part of, or decrease in the amount of,
the prepayment fee described in Section 2.12(a), or (3) an extension of the date for payment of the prepayment fee
described in Section 2.12(a), the Borrower shall pay to such Lender (and not to the assignee of such Lender) the premium
or fee (if any) set forth in Section 2.12(a) on or prior to the date of the consummation of such assignment; provided,
further, that, if prior to any such transfer and assignment the circumstances or event that resulted in such
Lender’s claim for compensation under Section 2.14, notice under Section 2.15 or the amounts paid pursuant
to Section 2.20, as the case may be, cease to cause such Lender to suffer increased costs or reductions in amounts received
or receivable or reduction in return on capital, or cease to have the consequences specified in Section 2.15, or cease to
result in amounts being payable under Section 2.20, as the case may be (including as a result of any action taken by such
Lender pursuant to paragraph (b) below), or if such Lender shall waive its right to claim further compensation under
Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive
its right to further payments under Section 2.20 in respect of such circumstances or event or shall consent to the proposed
amendment, waiver, consent or other modification, as the case may be, then such Lender shall not thereafter be required to make
any such transfer and assignment hereunder. Each Lender agrees that, if necessary to effectuate any assignment of such Lender’s
interests hereunder in the circumstances contemplated by this Section 2.21(a), it shall promptly execute and deliver to
the Administrative Agent an Assignment and Acceptance to evidence the assignment and shall deliver to the Administrative Agent
any promissory note (if promissory notes have been issued in respect of such Lender’s Loans) subject to such Assignment and
Acceptance; provided that the failure of any such Lender to execute an Assignment and Acceptance by the later of (x) the
date on which the assignee Lender executes and delivers such Assignment and Acceptance and (y) the date as of which all obligations
of the Borrower owing to the assigning Lender relating to such assigning Lender’s Loans subject to such Assignment and Acceptance
shall be paid in full by the assignee Lender to the assigning Lender, then such assigning Lender shall be deemed to have executed
and delivered such Assignment and Acceptance as of such date, and the Administrative Agent shall record such assignment in the
Register.

 

(b)          If
(i) any Lender shall request compensation under Section 2.14, (ii) any Lender delivers a notice described in Section
2.15 or (iii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority on account
of any Lender pursuant to Section 2.20, then such Lender shall use reasonable efforts (which shall not require such Lender
to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies
or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) to (x) file any certificate
or document reasonably requested in writing by the Borrower or (y) assign its rights and delegate and transfer its obligations
hereunder to another of its offices, branches or affiliates (other than any Related Fund), if such filing or assignment would reduce
its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant to Section 2.15 or would
reduce amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such filing, assignment, delegation and transfer.

 

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Section
2.22.         Incremental Term Loans. (a) The Borrower may, by
written notice to the Administrative Agent from time to time, request Incremental Term Loan Commitments in an amount not to exceed
the Incremental Term Loan Amount from one or more Incremental Term Lenders, all of which must be Eligible Assignees. Such notice
shall set forth (i) the amount of the Incremental Term Loan Commitments being requested (which shall be in minimum increments
of $1,000,000 and a minimum amount of $5,000,000 or such lesser amount equal to the remaining Incremental Term Loan Amount), (ii) the
date on which such Incremental Term Loan Commitments are requested to become effective (which shall not be less than 10 Business
Days or more than 60 days after the date of such notice), and (iii) whether such Incremental Term Loan Commitments are
commitments to make additional Term Loans or commitments to make term loans with terms different from the Term Loans (“Other
Term Loans”) (with pricing and other terms of the Other Term Loans being subject to the provisions of Section
2.22(b)).

 

(b)          The
Borrower may seek Incremental Term Loan Commitments from any or all of the existing Lenders (each of which shall be entitled to
agree or decline to participate in its sole discretion) and, with the consent of the Administrative Agent (not to be unreasonably
withheld), additional banks, financial institutions and other institutional lenders who will become Incremental Term Lenders in
connection therewith. The Borrower and each Incremental Term Lender shall execute and deliver to the Administrative Agent an Incremental
Term Loan Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the
Incremental Term Loan Commitment of each Incremental Term Lender. The terms and provisions of the Incremental Term Loans shall
be identical to those of the Term Loans except as otherwise set forth herein or in the applicable Incremental Term Loan Assumption
Agreement. The Incremental Term Loans shall rank pari passu in right of payment and security with the Term Loans made on
the Closing Date. Without the prior written consent of the Required Lenders, (i) the final maturity date of any Other Term Loans
shall be no earlier than the Term Loan Maturity Date and (ii) the average life to maturity of the Other Term Loans shall be no
shorter than the remaining average life to maturity of the Term Loans. If the initial yield on any Other Term Loans (as determined
by the Administrative Agent to be equal to the sum of (x) the margin above the Adjusted LIBO Rate on such Other Term Loans and
(y) if such Other Term Loans are initially made at a discount or the Lenders making the same receive a fee (other than any customary
arrangement or similar fees that are paid to the arranger of such Other Term Loans in its capacity as such) directly or indirectly
from the Borrower or any Subsidiary for doing so (the amount of such discount or fee, expressed as a percentage of the Other Term
Loans, being referred to herein as “OID”), the amount of such OID divided by the lesser of (A) the average
life to maturity of such Other Term Loans and (B) four) exceeds the Applicable Margin then in effect for the Term Loans (which,
for such purposes only, shall be deemed to include any initial discount or fee to the Lenders for making the Term Loans (other
than arrangement or similar fees paid to the Lead Arranger in its capacity as such), expressed as a percentage of the Term Loans
and divided by four) by more than 50 basis points (the amount of such excess above 50 basis points being referred to herein as
the “Yield Differential”), then the Applicable Margin then in effect for the Term Loans shall automatically
be increased by the Yield Differential, effective upon the making of such Other Term Loans. To the extent that any Adjusted LIBO
Rate “floor” or Alternate Base Rate “floor” is imposed on the Other Term Loans, the highest of such Adjusted
LIBO Rate “floors” or Alternate Base Rate “floors” shall be automatically applied to the Term Loans. The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Term Loan Assumption Agreement.
Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Term Loan Assumption Agreement, this Agreement
shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental
Term Loan Commitment and the applicable Incremental Term Loans evidenced thereby, and the Administrative Agent and the Borrower
may revise this Agreement to evidence such amendments.

 

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(c)          Notwithstanding
the foregoing, no Incremental Term Loan Commitment shall become effective under this Section 2.22 unless, (i) on the date
of such effectiveness (an “Incremental Term Loan Effective Date”), (x) the conditions set forth in paragraphs (b)
and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received a certificate to that effect
dated such date and executed by a Financial Officer of the Borrower and (y) the Borrower would be in compliance with the covenant
set forth in Section 6.10 as of the most recently completed period of four consecutive fiscal quarters for which the financial
statements and certificates required by Section 5.04(a) or Section 5.04(b), as the case may be, and Section 5.04(c)
have been delivered, after giving pro forma effect to the incurrence of such Incremental Term Loans and the application
of proceeds thereof and any acquisition, disposition or issuance, incurrence or assumption of Indebtedness occurring after such
period and on or prior to such Incremental Term Loan Effective Date, (ii) on such Incremental Term Loan Effective Date, except
as otherwise specified in the applicable Incremental Term Loan Assumption Agreement, the Administrative Agent shall have received
(with sufficient copies for each of the Incremental Term Lenders) legal opinions, board resolutions and other closing certificates
reasonably requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section 4.02,
(iii) on or prior to such Incremental Term Loan Effective Date, the Administrative Agent shall have received all fees and other
amounts due and payable to the Administrative Agent and the Lenders in respect of such Incremental Term Loan Commitment, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder or under each applicable Incremental Term Loan Assumption Agreement, and (iv) to the extent not consistent with this
Agreement, the other terms and documentation in respect of the Incremental Term Loan shall otherwise be reasonably satisfactory
to the Administrative Agent.

 

(d)          Each
of the parties hereto hereby agrees that the Administrative Agent may, in consultation with the Borrower, take any and all action
as may be reasonably necessary to ensure that all Incremental Term Loans (other than Other Term Loans), when originally made, are
included in each Borrowing of outstanding Term Loans on a pro rata basis. This may be accomplished by requiring each outstanding
Eurodollar Term Borrowing to be converted into an ABR Term Borrowing on the date of each Incremental Term Loan, or by allocating
a portion of each Incremental Term Loan to each outstanding Eurodollar Term Borrowing on a pro rata basis. Any conversion
of Eurodollar Term Loans to ABR Term Loans required by the preceding sentence shall be subject to Section 2.16. If any Incremental
Term Loan is to be allocated to an existing Interest Period for a Eurodollar Term Borrowing, then the interest rate thereon for
such Interest Period and the other economic consequences thereof shall be as set forth in the applicable Incremental Term Loan
Assumption Agreement. In addition, to the extent any Incremental Term Loans are not Other Term Loans, (i) the scheduled amortization
payments under Section 2.11(a)(i) required to be made after the making of such Incremental Term Loans shall be ratably
increased by the aggregate principal amount of such Incremental Term Loans and shall be further increased for all Lenders on a
pro rata basis to the extent necessary to avoid any reduction in the amortization payments to which the Lenders were entitled
before such recalculation and (ii) in the event that, prior to the incurrence of any Incremental Term Loans that are not Other
Term Loans, the Term Loans made on the Closing Date and any Incremental Term Loans that are not Other Term Loans that were incurred
prior to the incurrence of the subject Incremental Term Loans (collectively, the “Existing Term Loans”) have
scheduled amortization payments that are less than 1.25% of the aggregate principal amount of such Term Loans when initially incurred,
then, at the Borrower’s option, (x) the scheduled amortization payments of such Existing Term Loans on the effective date
of such Incremental Term Loans shall be increased to be equal quarterly installments of principal equal to 1.25% of the aggregate
principal amount of such Term Loans originally incurred or (y) the scheduled amortization payment of the Incremental Term Loans
shall equal such smaller percentage applicable to the Existing Term Loans on such scheduled amortization payment date(s) (reflected
as a percentage of the aggregate principal amount of such Incremental Term Loans), so long as, in the event this clause (y)
is applicable, and for the avoidance of doubt, such percentage is expressly set forth in the Incremental Facility Amendment with
respect to such Incremental Term Loans.

 

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Section
2.23.         Discounted Voluntary Prepayments.

 

(a)           Notwithstanding
anything to the contrary contained in Section 2.12 or any other provision of this Agreement, subject to the terms and conditions
set forth or referred to below, the Borrower may from time to time, at its discretion, offer to prepay Loans at less than par value
thereof (each, a “Discounted Prepayment Offer”), each such Discounted Prepayment Offer to be managed
exclusively by the Auction Manager, so long as the following conditions are satisfied:

 

(i)          the
aggregate principal amount of all Loans so prepaid shall not exceed 20% of the original aggregate principal amount of the Loans
of such Class (it being understood that the Term Loans and Incremental Term Loans that are not Other Term Loans shall constitute
a single Class and each borrowing of Other Term Loans shall constitute a single and separate class);

 

(ii)         each
Discounted Prepayment Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section
2.23 and the Auction Procedures;

 

(iii)        no
Default or Event of Default shall have occurred and be continuing on the date of the delivery of any Auction Notice and at the
time of prepayment of any Loans in connection with any Discounted Prepayment Offer;

 

(iv)        no
proceeds of extensions of credit under the Revolving Credit Agreement (or any successor revolving credit agreement) or any Incremental
Term Loan Commitment may be used to effect such prepayment;

 

(v)         after
giving effect to such prepayment, Liquidity shall not be less than $15,000,000;

 

(vi)        the
principal amount (calculated on the face amount thereof) of all Loans that the Borrower shall offer to prepay in any such Discounted
Prepayment Offer shall be no less than $5,000,000 (unless another amount is agreed to by the Administrative Agent);

 

(vii)       all
Loans so prepaid by the Borrower shall automatically be cancelled and retired by the Borrower on the applicable settlement date
(and, for the avoidance of doubt, may not be reborrowed);

 

(viii)      no
more than one Discounted Prepayment Offer may be ongoing at any one time and no more than four Discounted Prepayment Offers may
be made in any four-quarter period;

 

(ix)         the
Borrower represents and warrants that, at the commencement and settlement of the Discounted Prepayment Offer, it does not have
material information regarding the Loans or the Borrower or the Subsidiaries that has not been disclosed to the Private Lenders.

 

(x)          the
Borrower would be in compliance with the covenant set forth in Section 6.10 as of the most recently completed period of
four consecutive fiscal quarters for which the financial statements and certificates required by Section 5.04(a) or Section
5.04(b), as the case may be, and Section 5.04(c) have been delivered, after giving pro forma effect to each prepayment
of the Loans made in accordance with this Section 2.23 and any acquisition, disposition and issuance, incurrence or assumption
of Indebtedness occurring after such period as if such prepayment of the Loans occurred as of the first day of such period; and

 

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(xi)         at
the time of the consummation of each purchase of Loans through a Discounted Prepayment Offer, the Borrower shall have delivered
to the Auction Manager and the Administrative Agent an officer’s certificate of a Responsible Officer certifying as to compliance
with preceding clauses (ii), (iii), (iv), (v), (ix) and (x).

 

(b)          The
Borrower must terminate any Discounted Prepayment Offer if it fails to satisfy one or more of the conditions set forth above which
are required to be satisfied at the time at which the Loans would have been prepaid pursuant to such Discounted Prepayment Offer.
If the Borrower commences any Discounted Prepayment Offer (and all relevant requirements set forth above which are required to
be satisfied at the time of the commencement of such Discounted Prepayment Offer have in fact been satisfied), and if at such time
of commencement the Borrower reasonably believes that all required conditions set forth above which are required to be satisfied
at the time of the consummation of such Discounted Prepayment Offer shall be satisfied, then the Borrower shall have no liability
to any Lender or any other Person for any termination of such Discounted Prepayment Offer as a result of its failure to satisfy
one or more of the conditions set forth above which are required to be satisfied at the time which otherwise would have been the
time of consummation of such Discounted Prepayment Offer, and any such failure shall not result in any Default or Event of Default
hereunder. With respect to all prepayments of Loans made by the Borrower pursuant to this Section 2.23, the Borrower shall
pay on the settlement date of each such prepayment all accrued and unpaid interest (except to the extent otherwise set forth in
the relevant Auction Procedures), if any, on the prepaid Loans up to the settlement date of such prepayment.

 

(c)          No
Loan prepayments conducted pursuant to Discounted Prepayment Offers shall constitute voluntary or mandatory prepayments for purposes
of Sections 2.12 and 2.13 hereof, but the face amount of the Loans prepaid pursuant to this Section 2.23 shall
be applied pro rata against the remaining scheduled installments of principal due in respect of such Loans.

 

(d)          Immediately
upon a prepayment of the Loans pursuant to this Section 2.23, (x) such Loans and all rights and obligations as a Lender
related thereto shall for all purposes (including under this Agreement, the other Loan Documents and otherwise) be deemed to be
irrevocably prepaid, terminated, extinguished, cancelled and of no further force and effect and the Borrower shall neither obtain
nor have any rights as a Lender hereunder or under the other Loan Documents by virtue of such payment and (y) the Borrower shall
take all actions necessary to cause such Loans to be extinguished or otherwise cancelled in its books and records in accordance
with GAAP.

 

(e)          The
Auction Manager, acting in its capacity as such hereunder, shall be entitled to the benefits of the provisions of Article VIII
and Section 9.05 to the same extent as if each reference therein to the “Administrative Agent” were a reference
to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction
Manager in order to enable it to perform its responsibilities and duties in connection with each Discounted Prepayment Offer.

 

(f)          No
Lender shall be obligated or required to participate in any Discounted Prepayment Offer.

 

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Article
III

Representations and Warranties

 

The Borrower represents
and warrants to the Administrative Agent, the Collateral Agent and each of the Lenders on the Closing Date and the date of each
Credit Event that:

 

Section
3.01.         Organization; Powers. Each of the Borrower and
each Subsidiary (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization,
(b) has all requisite power and authority to own its property and assets and to carry on its business as now conducted and as proposed
to be conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is
required, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect, and (d)
has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement
or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow hereunder.

 

Section
3.02.         Authorization. The Transactions (a) have been duly
authorized by all requisite corporate, partnership or limited liability company actions and, if required, actions of equity holders,
and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the Organizational Documents of the Borrower
or any Subsidiary or any Fund or Fund-Related Entity, (B) any order of any Governmental Authority, (C) any provision of any
Management Agreement, or (D) any provision of any indenture, agreement or other instrument to which the Borrower or any Subsidiary
is a party or by which any of them or any of their property is or may be bound, except, in the case of clause (D), such
violation as could not reasonably be expected to result in a Material Adverse Effect, (ii) be in conflict with, result in a breach
of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to
require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument, except
such consequences as could not reasonably be expected to result in a Material Adverse Effect, (iii) be in conflict with, result
in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate
or to require the prepayment of any obligation under any Management Agreement or any Organizational Document of a Fund or Fund-Related
Entity, or (iv) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter
acquired by the Borrower or any Subsidiary (other than any Liens created hereunder or under the Security Documents).

 

Section
3.03.         Enforceability. (a) This Agreement has been duly
executed and delivered by the Borrower and constitutes, and each other Loan Document when executed and delivered by each Obligor
party thereto will constitute, a legal, valid and binding obligation of such Obligor enforceable against such Obligor in accordance
with its terms; (b) each of the Management Agreements constitutes a valid and binding obligation of each Obligor party thereto
enforceable against each such Person in accordance with its terms; and (c) each limited partnership agreement, limited liability
company agreement or other similar Organizational Document of each Obligor and the Funds constitutes a valid and binding obligation
of each Obligor or Fund party thereto enforceable against such Person in accordance with its terms; except, in each case, (x) as
the enforceability may be affected by bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement
of creditors’ rights generally, and (y) the limitation of certain remedies by certain equitable principles of general applicability.

 

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Section
3.04.         Governmental Approvals. No action, consent or approval
of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the
Transactions, except for (a) the filing of Uniform Commercial Code financing statements and filings with, and recordations by,
the United States Patent and Trademark Office and, if applicable, the United States Copyright Office, (b) recordation of any Mortgages
required to be recorded following the Closing Date, (c) such as have been made or obtained and are in full force and effect and
(d) actions with respect to the creation or perfection (or attainment, in each case, of analogous status) of the Liens of
the Collateral Agent in Collateral located or established outside the United States to the extent required under the Security Documents.

 

Section
3.05.         Financial Statements. (a) The Borrower has heretofore
furnished to the Lenders the combined and consolidated (and, with respect to the Consolidated Funds, consolidating) balance sheets
and related statements of income, stockholders’ equity and cash flows (i) with respect to the Borrower and the Subsidiaries
as of and for the fiscal years ended December 31, 2012, and December 31, 2013, audited by and accompanied by the opinion of McGladrey
LLP, independent public accountants (collectively, the “Historical Financial Statements”), and (ii) unaudited
combined and consolidated (and, with respect to the Consolidated Funds, consolidating) financial statements as of and for each
fiscal quarter of the Borrower and the Subsidiaries ended at least 45 days prior to the Closing Date. Such financial statements
present fairly the financial condition and results of operations and cash flows of the Borrower and the Subsidiaries as of such
dates and for such periods. Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent,
of the Borrower and the Subsidiaries as of the dates thereof. The financial statements for the Borrower and the Subsidiaries were
prepared in accordance with GAAP, applied on a consistent basis, subject, in the case of unaudited financial statements, to year-end
audit adjustments and the absence of footnotes.

 

(b)          The
Borrower has heretofore delivered to the Lenders the unaudited pro forma combined and consolidated (and, with respect to
the Consolidated Funds, consolidating) balance sheets and related pro forma statements of income with respect to the Borrower
and the Subsidiaries for the twelve-month period ended June 30, 2014, prepared giving effect to the Transactions as if they had
occurred, with respect to such balance sheets, on such date and, with respect to such income statements, on the first day of the
twelve-month period ending on such date. Such pro forma financial statements have been prepared in good faith by the Borrower,
based on the assumptions used to prepare the pro forma financial information prepared in connection with the Confidential
Information Memorandum (which assumptions are believed by the Borrower on the date hereof and on the Closing Date to be reasonable),
are based on the best information available to the Borrower as of the date of delivery thereof, accurately reflect all adjustments
required to be made to give effect to the Transactions and present fairly on a pro forma basis the estimated consolidated
financial position of the Borrower and the Subsidiaries as of such date and for such period, assuming that the Transactions had
actually occurred at such date or at the beginning of such period, as the case may be, subject to audit adjustments and the absence
of footnotes.

 

Section
3.06.         No Material Adverse Change. No event, change or
condition has occurred that has had, or could reasonably be expected to have, a material adverse effect on the business, assets,
operations, financial condition or operating results of the Borrower and the Subsidiaries, taken as a whole, since December 31,
2013.

 

Section
3.07.         Title to Properties. Each of the Borrower and the
Subsidiaries has good and marketable title to, or valid leasehold interests in, all its material properties and assets (including
all Mortgaged Property, if applicable), except for minor defects in title that do not interfere with its ability to conduct its
business as currently conducted or to utilize such properties and assets for their intended purposes. All such material properties
and assets are free and clear of Liens, other than Liens expressly permitted by Section 6.02.

 

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Section
3.08.         Subsidiaries. Schedule 3.08 sets forth
as of the Closing Date a list of all Subsidiaries and the percentage ownership interest of the Borrower or any Subsidiary therein.
The ownership interests so indicated on Schedule 3.08 are fully paid and non-assessable and are owned by the Borrower or
such Subsidiary, directly or indirectly, free and clear of all Liens (other than Liens created under the Security Documents).

 

Section
3.09.         Litigation; Compliance with Laws. Except as set
forth on Schedule 3.09, there are no investigations, actions, suits or proceedings at law or in equity or by or before
any Governmental Authority now pending or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower,
any Subsidiary or any Fund or Fund-Related Entity or any business, property or rights of any such Person (i) that involve
any Loan Document or the Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and
that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect.

 

Section
3.10.         Agreements. Neither the Borrower nor any Subsidiary
nor any Fund or Fund-Related Entity is in default under any provision of any indenture or other agreement or instrument evidencing
Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets
are or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect.

 

Section
3.11.         Federal Reserve Regulations. (a) None of the Borrower,
any Subsidiary, any Fund or any Fund-Related Entity is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose of buying or carrying Margin Stock.

 

(b)          No
part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for
any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including
Regulation T, U or X.

 

Section
3.12.         Investment Company Act. Except as set forth on
Schedule 3.12, none of the Borrower, any Subsidiary, and Fund, and Fund-Related Entity or any of their respective members,
partners, officers, directors or other employees (in their capacity as employees) or Affiliates is required to register as an “investment
company” under the Investment Company Act of 1940. Each Person set forth on Schedule 3.12, as such Schedule 3.12
may be updated from time to time pursuant to Section 5.06(b), is duly registered as an “investment company”
under the Investment Company Act of 1940 (and has been so registered at all times when such registration has been required by applicable
law).

 

Section
3.13.         Use of Proceeds. The Borrower will (i) use
the proceeds of the Loans made on the Closing Date only for the purposes specified in the introductory statement to this Agreement
and (ii) use the proceeds of Incremental Term Loans for general corporate purposes permitted or not otherwise prohibited hereby,
including the funding of co-investments.

 

Section
3.14.         Tax Returns. Each of the Borrower and the Subsidiaries
has filed or caused to be filed all material Federal, state, local and foreign tax returns or materials required to have been filed
by it and has paid or caused to be paid all material taxes due and payable by it and all material assessments received by it, except
taxes that are being contested in good faith by appropriate proceedings and for which any such Person shall have set aside on its
books adequate reserves. There is no proposed material tax assessment against the Borrower or any Subsidiary and none of the Borrower
or any Subsidiary is a party to any tax sharing agreement. For the avoidance of doubt, the TRA shall not be considered a tax sharing
agreement for purposes of the representations and warranties in this Section 3.14.

 

    	44

    	 

    

 

Section
3.15.         No Material Misstatements. None of (a) the Confidential
Information Memorandum or (b) any other written information, report, financial statement, exhibit or schedule furnished by
or on behalf of the Borrower or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of
any Loan Document or included therein or delivered pursuant thereto, as of the date of such Confidential Information Memorandum,
information, report, financial statement, exhibit or schedule, contained any material misstatement of fact or, when taken as a
whole with the other information so furnished, omitted to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that to the extent any such information,
report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, the Borrower represents
only that it acted in good faith and utilized assumptions believed by the management of the Borrower to be reasonable at the time
made (consistent with the accounting principles used in the preparation of the Historical Financial Statements) and due care in
the preparation of such information, report, financial statement, exhibit or schedule; it being understood by the Lenders that
such financial information as it relates to future events are not to be viewed as facts and are subject to significant uncertainties
and contingencies, many of which are beyond the control of the Loan Parties, and no assurance can be given any particular forecast
or projection will be realized and that actual results may differ and such difference may be material.

 

Section
3.16.         Employee Benefit Plans. (a) With respect to each
employee benefit plan subject to ERISA maintained or sponsored by any of the Borrower and the Subsidiaries, each of the Borrower
and the Subsidiaries is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations
and published interpretations thereunder. No ERISA Event has occurred or is reasonably expected to occur that, when taken together
with all other such ERISA Events, could reasonably be expected to result in material liability of the Borrower or any Subsidiary
or any of their respective ERISA Affiliates. No Plan has been determined to be in “at risk” status within the meaning
of Section 303(i) of ERISA, or been in violation of the limitations imposed by Section 436 of the Code. The present value of all
benefit liabilities under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards
No. 87) did not, as of the last annual valuation date applicable thereto, exceed by more than $1,000,000 the fair market value
of the assets of such Plan.

 

(b)          Borrower
and the Subsidiaries have no benefit plans maintained or contributed to by the Borrower or any Subsidiary that is not subject to
the laws of the United States and that, under applicable law, is required to be funded through a trust or other funding vehicle
other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

 

Section
3.17.         Environmental Matters. Except with respect to any
other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect,
none of the Borrower or any Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for
any Environmental Liability.

 

Section
3.18.         Insurance. Schedule 3.18 sets forth a true,
complete and correct description of all insurance maintained by the Borrower and the Subsidiaries as of the date hereof and the
Closing Date. As of each such date, such insurance is in full force and effect and all premiums have been duly paid. The Borrower
and the Subsidiaries have insurance in such amounts and covering such risks and liabilities as are in accordance with normal industry
practice.

 

    	45

    	 

    

 

Section
3.19.         Security Documents. (a) The Guarantee and Collateral
Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the ratable
benefit of the Secured Parties, a legal, valid and enforceable security interest in all right, title and interest of the Loan Parties
in the Collateral and the proceeds thereof, to the extent a security interest therein can be created under the New York UCC, and
(x) when the Pledged Collateral is delivered to the Collateral Agent (to the extent required by the Guarantee and Collateral Agreement),
the Lien created under the Guarantee and Collateral Agreement shall, to the extent such Lien can be perfected under the Uniform
Commercial Code in effect in the jurisdiction of the applicable Loan Party, constitute a fully perfected first priority Lien on,
and security interest in, all right, title and interest of the Loan Parties in such Pledged Collateral, in each case, subject to
the Intercreditor Agreement, prior and superior in right to any other Person, (y) when Account Control Agreements are entered into
with respect to any deposit account constituting Collateral, the Lien created under the Guarantee and Collateral Agreement shall
constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Loan Parties
in such Collateral, in each case, subject to the Intercreditor Agreement, prior and superior in right to any other Person, and
(z) except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under
the Uniform Commercial Code in effect in the jurisdiction of formation of the applicable Loan Party, when financing statements
in appropriate form are filed in the offices specified on Schedule 3.19, the Lien created under the Guarantee and Collateral
Agreement will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties
in all Collateral, in each case, subject to the Intercreditor Agreement, prior and superior in right to any other Person, other
than with respect to Liens expressly permitted by Section 6.02; provided that, notwithstanding any Liens permitted
by Section 6.02, there are no such prior or superior Liens on any Management Fees (or the right to receive Management Fees),
Equity Interests or, except for Liens permitted by Section 6.02(a), Intellectual Property, in each case to the extent constituting
Collateral).

 

(b)          Subject
to the terms and conditions provided therein, each party to a Cooperation Guaranty, upon execution and delivery thereof by the
parties thereto, will guaranty to the due and punctual payment in full of all Obligations hereunder; provided however, that
such Cooperation Guaranty and all obligations thereunder shall terminate on the earlier of (i) the occurrence of the Qualified
Public Offering, or (ii) the date on which the outstanding principal balance of the Term Loans are reduced to $50,000,000 or less.

 

Section
3.20.         Location of Real Property and Leased Premises.
As of the Closing Date, neither the Borrower nor any Subsidiary owns any real property. Schedule 3.20 lists completely
and correctly as of the Closing Date all real property leased by the Borrower and the Subsidiaries and the addresses thereof. The
Borrower and the Subsidiaries have valid leases in all the real property set forth on Schedule 3.20.

 

Section
3.21.         Labor Matters. As of the Closing Date, there are
no strikes, lockouts or slowdowns against the Borrower or any Subsidiary pending or, to the knowledge of the Borrower, threatened
in writing. The hours worked by and payments made to employees of each of the Borrower and the Subsidiaries have not been in violation
of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters. All payments
due from the Borrower or any Subsidiary, or for which any claim may be made against the Borrower or any Subsidiary, on account
of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of
such Person. The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the
part of any union under any collective bargaining agreement to which the Borrower or any Subsidiary is bound.

 

Section
3.22.         Solvency. Immediately after the consummation of
the Transactions to occur on the Closing Date and immediately following the making of each Loan and after giving effect to the
application of the proceeds of each Loan, (a) the fair value of the assets of the Loan Parties, taken as a whole, at a fair
valuation, exceed the debts and liabilities of the Loan Parties, taken as a whole, whether subordinated, contingent or otherwise;
(b) the present fair saleable value of the property of the Loan Parties, taken as a whole, is greater than the amount that will
be required to pay the probable liability of the debts and other liabilities of the Loan Parties, taken as a whole, whether subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) none of the Loan Parties intends
to incur, or believe that it will incur, debts in amounts such that the Loan Parties, taken as a whole, will not be capable of
paying such debts as they mature in the ordinary course of business; and (d) none of the Loan Parties, taken as a whole, have
unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and
is proposed to be conducted following the Closing Date.

 

    	46

    	 

    

 

Section
3.23.         Sanctioned Persons; Anti-Corruption Laws; USA Patriot
Act. None of the Borrower, any Subsidiary or any Fund or Fund-Related Entity or any Separately Managed Account,
or any director, officer, agent, employee or Affiliate of the Borrower, any Subsidiary or any Fund, Fund-Related Entity or
Separately Managed Account is currently subject to any sanctions or economic embargoes administered or enforced by the U.S. Department
of State or the U.S. Department of Treasury (including the Office of Foreign Assets Control) or any other applicable sanctions
authority (collectively, “Sanctions,” and the associated laws, rules, regulations and orders, collectively,
“Sanctions Laws”). To the extent applicable, each Loan Party is in compliance, in all material respects,
with (i) all Sanctions Laws, (ii) the United States Foreign Corrupt Practices Act of 1977, as amended, and any other applicable
anti-bribery or anti-corruption laws, rules, regulations and orders (collectively, “Anti-Corruption Laws”)
and (iii) the USA PATRIOT Act and any other applicable terrorism and money laundering laws, rules, regulations and orders. No
part of the proceeds of the Term Loans will be used, directly or indirectly, (A) for the purpose of financing any activities or
business of or with any Person or in any country or territory that at such time is the subject of any Sanctions or (B) for any
payments to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of any Anti-Corruption Law.

 

Section
3.24.         Funds; Management Agreements; Management Fees.
(a) As of the Closing Date and, thereafter, as of the last day of the most recent fiscal quarter for which schedules have been
updated pursuant to Section 5.06(b), (i) set forth on Schedule 3.24(a)(i) is a list of all of the Funds which have
had closings with third party investors, as such Schedule 3.24(a)(i) may be updated from time to time pursuant to Section
5.06(b), and (ii) set forth on Schedule 3.24(a)(ii) is a list of all of the Separately Managed Accounts, as such Schedule
3.24(a)(ii) may be updated from time to time pursuant to Section 5.06(b).

 

(b)          As
of the Closing Date and, thereafter, as of the last day of the most recent fiscal quarter for which schedules have been updated
pursuant to Section 5.06(b), set forth on Schedule 3.24(b) is a list of all of the Management Agreements, as such
Schedule 3.24(b) may be updated from time to time pursuant to Section 5.06(b). Each Management Agreement has been
duly authorized, executed and delivered by the parties thereto and is in full force and effect. Except for Management Agreements
with respect to Separately Managed Accounts and as otherwise set forth on Schedule 3.24(b), the Borrower or another Obligor
is a party to each of the Management Agreements.

 

(c)          No
Obligor or Fund is a party to any agreement for the payment of Management Fees other than the Management Agreements.

 

Section
3.25.         Certain Regulatory Matters. (a) Each Loan Party,
the other Subsidiaries, their respective members, officers, directors, other employees (in their capacity as employees) and each
of the Funds and Fund-Related Entities, to the extent required thereby, are duly registered as an investment adviser under the
Investment Advisers Act or an investment adviser representative under applicable state law, as applicable (and has been so registered
at all times when such registration has been required by applicable law with respect to the services provided for any Loan Party’s
Subsidiaries and for the Funds). Each Person set forth on Schedule 3.25(a) (if any), as such Schedule 3.25(a) may
be updated from time to time pursuant to Section 5.06(b), is duly registered as an investment adviser or an investment
adviser representative, as applicable, under the Investment Advisers Act or applicable state law (and has been so registered at
all times when such registration has been required by applicable law with respect to the services provided for any Loan Party’s
Subsidiaries and for the Funds).

 

    	47

    	 

    

 

(b)          (i)
The Borrower and the Subsidiaries are in compliance with all applicable anti-money laundering laws, and (ii) the Funds and the
Fund-Related Entities have implemented anti-money laundering policies and procedures that are reasonably designed to comply with
applicable law. The Borrower has caused each applicable Subsidiary to take all actions that are necessary or reasonably advisable
and within its control to cause its respective Separately Managed Accounts to maintain anti-money laundering policies and procedures
that are reasonably designed to comply with applicable law.

 

(c)          The
Borrower and the other Loan Parties have conducted the business of the Funds and Fund-Related Entities and, the applicable Subsidiaries
have established and managed all Separately Managed Accounts in accordance with applicable law to the extent required in all material
respects.

 

Article
IV

Conditions of Lending

 

The obligations of
the Lenders to make Loans hereunder are subject to the satisfaction of the following conditions:

 

Section
4.01.          All Credit Events. On the date of each Borrowing
made pursuant to Section 2.01(a) or 2.01(b) hereof (each such event being called a “Credit Event”):

 

(a)          The
Administrative Agent shall have received a notice of such Borrowing as required by Section 2.03.

 

(b)          The
representations and warranties set forth in Article III and in each other Loan Document shall be true and correct in all
material respects on and as of the date of such Credit Event with the same effect as though made on and as of such date, except
to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct
in all material respects as of such earlier date.

 

(c)          At
the time of and immediately after such Credit Event, no Default or Event of Default shall have occurred and be continuing.

 

Each Credit Event shall
be deemed to constitute a representation and warranty by the Borrower on the date of such Credit Event as to the matters specified
in paragraphs (b) and (c) of this Section 4.01.

 

Section
4.02.          First Credit Event. On the Closing Date:

 

(a)          The
Administrative Agent shall have received, on behalf of itself and the Lenders, favorable written opinions of Winston & Strawn
LLP, counsel for the Loan Parties, and John D. Fredericks, General Counsel of the Loan Parties, each in form and substance reasonably
satisfactory to the Administrative Agent, (i) dated the Closing Date, (ii) addressed to the Administrative Agent and the Lenders,
and (iii) covering such matters relating to the Loan Documents and the Transactions as the Administrative Agent shall reasonably
request, and the Borrower hereby requests such counsel to deliver such opinions.

 

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(b)          All
legal matters incident to this Agreement, the Borrowings and extensions of credit hereunder and the other Loan Documents shall
be reasonably satisfactory to the Lenders and the Administrative Agent.

 

(c)          The
Administrative Agent shall have received (i) a copy of the certificate of formation or certificate of limited partnership, as applicable,
including all amendments thereto, of each Obligor, and a certificate as to the good standing of each Obligor as of a recent date,
from the Secretary of State of such Obligor’s State of formation; (ii) a certificate of the Secretary or Assistant Secretary
of each Obligor or general partner or sole member thereof dated the Closing Date and certifying (A) that attached thereto is a
true and complete copy of the by-laws, limited liability company agreement or limited partnership agreement, as applicable, including
all amendments thereto, of such Obligor as in effect on the Closing Date and at all times since a date prior to the date of the
resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted
by the board of members (or equivalent body) of such Obligor authorizing the execution, delivery and performance of the Loan Documents
to which such Person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not
been modified, rescinded or amended and are in full force and effect, (C) that the certificate of formation or certificate of limited
partnership, as applicable, of such Obligor has not been amended since the date of the last amendment thereto shown on the certificate
of good standing furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer
executing any Loan Document or any other document delivered in connection herewith on behalf of such Obligor or general partner
or sole member thereof; (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or
Assistant Secretary executing the certificate pursuant to clause (ii) above; (iv) copies of each Management Agreement,
the Shareholder Purchase Agreement, the Merger Sub Note and the Windsor Note (in each case, including any amendments thereto, including
amendments to increase the termination period thereof to a period reasonably satisfactory to the Administrative Agent), certified
by a Responsible Officer of the Borrower to be true and complete and in effect on the Closing Date and in each case in form and
substance satisfactory to the Administrative Agent; and (v) such other documents as the Lenders or the Administrative Agent may
reasonably request.

 

(d)          The
Administrative Agent shall have received a certificate, dated the Closing Date and signed by a Financial Officer of the Borrower,
confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of Section 4.01.

 

(e)          The
Administrative Agent shall have received all fees (including the Administrative Agent Fees) and other amounts due and payable on
or prior to the Closing Date, including, without limitation, fees owing pursuant to the Engagement Letter and, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any
other Loan Document.

 

(f)          The
Loan Documents, including, without limitation, each Account Control Agreement, the Undertaking Agreement, the Cooperation Guaranties
and the Irrevocable Direction Letter, shall have been duly executed by each party thereto and shall be in full force and effect
on the Closing Date. The Collateral Agent on behalf of the Secured Parties shall have a security interest in the Collateral of
the type and priority described in each Security Document.

 

(g)          The
Collateral Agent shall have received all Pledged Collateral required to be delivered to the Collateral Agent on the Closing Date
pursuant to the Guarantee and Collateral Agreement, together with duly executed undated blank membership interest powers, as applicable,
or other equivalent instruments of transfer reasonably acceptable to the Collateral Agent.

 

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(h)          The
Collateral Agent shall have received the Perfection Certificate dated the Closing Date and duly executed by a Responsible Officer
of each Loan Party together with all attachments contemplated thereby, including the results of searches of Uniform Commercial
Code filings and the other searches specified therein, and copies of the financing statements (or similar documents) disclosed
by such search, and accompanied by evidence satisfactory to the Collateral Agent that the Liens indicated in any such financing
statement (or similar document) would be permitted under Section 6.02 or have been or will be contemporaneously released
or terminated.

 

(i)          The
Administrative Agent shall have received a copy of, or a certificate as to coverage under, the insurance policies required by Section
5.02 and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended to include
a customary lender’s loss payable endorsement and to name the Collateral Agent as loss payee, in form and substance satisfactory
to the Administrative Agent.

 

(j)          The
Administrative Agent shall have received executed copies of the Existing Debt Payoff Documents, dated the date of this Agreement
and duly executed by a Responsible Officer of the Borrower and an equivalent person for the administrative agent and collateral
agent for the lenders under the Existing Credit Facility.

 

(k)          Immediately
after giving effect to the Transactions and the other transactions contemplated hereby, no Loan Party shall have outstanding any
Indebtedness or preferred stock other than (a) Indebtedness outstanding under this Agreement, (b) Indebtedness of the
Borrower under the Merger Sub Note and the Windsor Note, (c) Indebtedness under the Revolving Credit Agreement, and (d) Indebtedness
set forth on Schedule 6.01.

 

(l)          The
Lenders shall have received the financial statements and opinion referred to in Section 3.05.

 

(m)          The
Administrative Agent shall have received (a) a certificate from the chief financial officer of the Borrower in form and substance
reasonably satisfactory to the Administrative Agent certifying that the Loan Parties, when taken as a whole, after giving effect
to the Transactions to occur on the Closing Date, are solvent as set forth in Section 3.22 and (b) a solvency opinion of
Murray, Devine & Co., Inc., addressed to the Administrative Agent and dated the Closing Date, each of which shall be in form
and substance satisfactory to the Administrative Agent.

 

(n)          All
requisite Governmental Authorities, third parties and holders of Equity Interests in any Loan Party or Fund shall have approved
or consented to the Transactions and the other transactions contemplated hereby to the extent required, all applicable appeal periods
shall have expired and there shall not be any pending or threatened litigation, governmental, administrative or judicial action
that could reasonably be expected to restrain, prevent or impose burdensome conditions on the Transactions or the other transactions
contemplated hereby.

 

(o)          The
Lenders shall have received, at least five Business Days prior to the Closing Date, to the extent requested, all documentation
and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the USA PATRIOT Act.

 

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Article
V

Affirmative Covenants

 

The Borrower covenants
and agrees with each Lender that until the Commitments (if any) have been terminated and the principal of and interest on each
Loan, all fees (including Administrative Agent Fees) and all other expenses or amounts payable under any Loan Document shall have
been paid in full, the Borrower will, and will cause each of the other Subsidiaries to:

 

Section
5.01.         Existence; Compliance with Laws; Businesses and Properties.
(a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except
as otherwise expressly permitted under Section 6.05, or with respect to the Subsidiaries, where failure to do so would not
reasonably be expected to result in a Material Adverse Effect.

 

(b)          Do
or cause to be done all things necessary to (i) obtain, preserve, renew, extend and keep in full force and effect the rights,
licenses, permits, franchises, authorizations, and Intellectual Property material to the conduct of its business; (ii) comply in
all material respects with all applicable laws, rules, regulations and decrees and orders of any Governmental Authority, whether
now in effect or hereafter enacted; and (iii) maintain and operate such business in substantially the manner in which it is presently
conducted and operated and at all times maintain and preserve all property material to the conduct of such business and keep such
property in good repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs,
renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith
may be properly conducted at all times, except, in the case of this clause (iii), where a failure to do so would not reasonably
be expected to result in a Material Adverse Effect.

 

Section
5.02.         Insurance. (a) Keep its insurable properties adequately
insured at all times by financially sound and reputable insurers; maintain such other insurance, to such extent and against such
risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar
businesses operating in the same or similar locations, including public liability insurance against claims for personal injury
or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled
by it; and maintain such other insurance as may be required by law.

 

(b)          Within
sixty (60) days following the Closing Date, (i) cause any material policies covering any Collateral (which policies are identified
in such request) to be endorsed or otherwise amended to include a customary lender’s loss payable endorsement, in form and
substance reasonably satisfactory to the Administrative Agent and the Collateral Agent, which endorsement shall provide that, from
and after the Closing Date, if the insurance carrier shall have received written notice from the Administrative Agent or the Collateral
Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Borrower
or the Loan Parties under such policies directly to the Collateral Agent; (ii) cause all such policies to provide that neither
the Borrower, the Administrative Agent, the Collateral Agent nor any other party shall be a coinsurer thereunder and to contain
a “Replacement Cost Endorsement”, without any deduction for depreciation, and such other provisions as the Administrative
Agent or the Collateral Agent may reasonably require from time to time to protect their interests; (iii) deliver original or certified
copies of all such policies to the Collateral Agent; (iv) cause each such policy to provide that it shall not be canceled, modified
or not renewed (x) by reason of nonpayment of premium upon not less than 10 days’ prior written notice thereof by the
insurer to the Administrative Agent and the Collateral Agent (giving the Administrative Agent and the Collateral Agent the right
to cure defaults in the payment of premiums) or (y) for any other reason upon not less than 30 days’ prior written
notice thereof by the insurer to the Administrative Agent and the Collateral Agent; (v) deliver to the Administrative Agent and
the Collateral Agent, prior to the cancellation, modification or nonrenewal of any such policy of insurance, a copy of a renewal
or replacement policy (or other evidence of renewal of a policy previously delivered to the Administrative Agent and the Collateral
Agent) together with evidence satisfactory to the Administrative Agent and the Collateral Agent of payment of the premium therefor.

 

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(c)          Notify
the Administrative Agent and the Collateral Agent promptly whenever any separate material insurance concurrent in form or contributing
in the event of loss with that required to be maintained under this Section 5.02 is taken out by any Loan Party; and if
the Administrative Agent shall so request, promptly deliver to the Administrative Agent and the Collateral Agent a certificate
evidencing such coverage.

 

Section
5.03.         Obligations and Taxes. Pay its Indebtedness and
other obligations promptly and in accordance with their terms and pay and discharge promptly when due all material taxes, assessments
and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same
shall become delinquent or in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid,
might give rise to a Lien upon such properties or any part thereof; provided, however, that such payment
and discharge shall not be required with respect to any such tax, assessment, charge, levy or claim so long as the validity or
amount thereof shall be contested in good faith by appropriate proceedings and the Borrower and its Subsidiaries shall have set
aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection
of the contested obligation, tax, assessment or charge and enforcement of a Lien and, in the case of a Mortgaged Property, there
is no risk of forfeiture of such property.

 

Section
5.04.         Financial Statements, Reports, Etc. In the
case of the Borrower, furnish to the Administrative Agent, which shall furnish to each Lender:

 

(a)          (i)
prior to such time as a Qualified Public Offering occurs, within 120 days after the end of the fiscal year ending December
31, 2014, and (ii) from and after such time as a Qualified Public Offering occurs, within 120 days after the end of each subsequent
fiscal year, an annual report containing a consolidated and combined (and, with respect to the Consolidated Funds, consolidating)
balance sheet and related statements of operations, changes in equity and cash flows of the Borrower and its subsidiaries as of
the end of such fiscal year and the results of its operations and the operations of its applicable subsidiaries during such year,
together with comparative figures for the immediately preceding fiscal year, all of which shall be accompanied by a report and
an opinion that is unqualified (except as set forth below), and prepared in accordance with GAAP of McGladrey LLP or other independent
public accountants of national recognized standing and accompanied by an opinion of such accountants (which opinion shall be without
(i) a “going concern” or like qualification or exception, (ii) any qualification or exception as to the scope of such
audit or (iii) any qualification that relates to the treatment of classification of any item and that, as a condition to the removal
of such qualification, would require an adjustment to such item, the effect of which would be to cause any noncompliance with the
provisions of Section 6.10) to the effect that such consolidated and combined (and, with respect to the Consolidated Funds,
consolidating) financial statements fairly present the financial condition and results of operations of the Borrower and its subsidiaries;

 

(b)          (i)
prior to such time as a Qualified Public Offering occurs, within 45 days after the end of the first full fiscal quarter (that is
not also the end of a fiscal year ending after the Closing Date, and (ii) from and after such time as a Qualified Public Offering
occurs, within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, the consolidated
and combined (and, with respect to the Consolidated Funds, consolidating) balance sheet and related statements of operations, changes
in equity and cash flows of the Borrower and its subsidiaries as of the end of such fiscal quarter and the results of its operations
and the operations of its applicable subsidiaries during such fiscal quarter and the then elapsed portion of such fiscal year,
and comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers
as fairly presenting the financial condition and results of operations of the Borrower and its subsidiaries on a consolidated basis,
subject to normal year end audit adjustments;

 

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(c)          concurrently
with any delivery of financial statements under paragraph (a) or (b) above, a certificate of a Financial Officer
of the Borrower, in the form of Exhibit F, (i) certifying that no Event of Default or Default has occurred or, if such an
Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed
to be taken with respect thereto, (ii) setting forth computations in reasonable detail reasonably satisfactory to the Administrative
Agent demonstrating compliance with the covenant contained in Sections 6.10, and (iii) setting forth the calculation and
uses of the Available Amount (and each of the components thereof) for the fiscal period then ended;

 

(d)          concurrently
with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on
such statements (which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations)
certifying that as of the last day of the immediately preceding fiscal year no Event of Default or Default has occurred with respect
to Section 6.10 or, if such an Event of Default or Default has occurred, specifying the extent thereof in reasonable detail;

 

(e)          if
(i) as a result of (A) any change in GAAP or (B) any change in any law, rule or regulation or adoption of any law, rule or regulations,
in each case applicable to the Borrower or any of its Subsidiaries, the consolidated financial statements of Borrower and the Subsidiaries
delivered pursuant to Section 5.04(a) or 5.04(b) will differ in any material respect from the consolidated financial
statements that would have been delivered pursuant to such subsections had no such change or adoption of the type described in
the foregoing subclauses (A) and (B) been made and (ii) such change or adoption would have any of the effects described
in the last sentence of Section 1.02, then, together with the first delivery of such financial statements after such change
or adoption, one or more statements of reconciliation against the financial statements that would have been required to be provided
under Section 5.04(a) and 5.04(b) prior to such change or adoption, in form and substance reasonably satisfactory
to Administrative Agent and the Required Lenders;

 

(f)          within
30 days after the beginning of each fiscal year of the Borrower, forecasted profit and loss statements for the Loan Parties prepared
on a basis consistent with the Loan Parties’ historical financial statements, together with appropriate supporting details
and a statement of underlying assumptions, all in form and substance (including as to scope and underlying assumptions) reasonably
satisfactory to the Administrative Agent, for such fiscal year, quarter by quarter, certified by a Financial Officer of the Borrower
as being such officer’s good faith estimate of the financial performance of the Loan Parties during the period covered thereby;

 

(g)          promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed
by any Obligor or public company with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC,
or with any national securities exchange, or other publicly available materials distributed to its shareholders, as the case may
be;

 

(h)          promptly
after the receipt thereof by the Borrower or any Subsidiary, a copy of any “management letter” received by any such
Person from its certified public accountants and the management’s written response thereto;

 

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(i)          promptly
after the request by any Lender, all documentation and other information that such Lender reasonably requests in order for the
Lenders to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules
and regulations, including the USA PATRIOT Act;

 

(j)          at
least three Business Days following the occurrence thereof, written notice of the initial closing with third-party investors of
any newly formed Fund or the establishment of any Separately Managed Account; and

 

(k)          promptly,
from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower, any
Subsidiary or any Fund or Fund-Related Entity, or compliance with the terms of any Loan Document, as the Administrative Agent or
any Lender (through the Administrative Agent) may reasonably request.

 

Section
5.05.         Litigation and Other Notices, Etc.

 

(a)          Furnish
to the Administrative Agent, which shall furnish to each Lender prompt written notice of the following:

 

(i)          any
Default or Event of Default specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be
taken with respect thereto;

 

(ii)         the
filing or commencement of, or any written threat or notice of intention of any Person to file or commence, any investigation, action,
suit or proceeding, whether at law or in equity or by or before any Governmental Authority, against any one or more of the Borrower,
its Subsidiaries, Loan Parties or the Funds, Fund-Related Entities or Separately Managed Accounts that could reasonably be expected
to result in a Material Adverse Effect;

 

(iii)        the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected
to result in (i) a lien with respect to any amount in favor of the PBGC on the assets of any one or more of the Borrower or its
Subsidiaries or (ii) a liability of any one or more of the Borrower or its Subsidiaries in an aggregate amount exceeding $1,000,000;

 

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

 

(v)         the
termination of any Management Agreement or delivery thereunder of any fee blockage or similar notices (other than on the scheduled
termination date thereof) or the delivery or receipt of any notice of termination in respect thereof; and

 

(vi)        any
proposed amendment, waiver or other modification of any provision of the Revolving Credit Agreement or any other Revolving Loan
Document that (i) benefits any lender or secured party thereunder or (ii) imposes additional burdens on the Borrower or any of
its Subsidiaries (any such amendment, a “Subject Revolving Loan Amendment”).

 

(b)          At
the Administrative Agent’s or Required Lender’s request, execute and deliver a Conforming Amendment (as defined in
the Intercreditor Agreement) in form and substance reasonably acceptable to the Administrative Agent in connection with each Subject
Revolving Loan Amendment.

 

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Section
5.06.         Information Regarding Collateral. (a) Furnish to
the Administrative Agent prompt written notice of any change (i) in any Loan Party’s corporate name, (ii) in the
jurisdiction of organization or formation of any Loan Party, (iii) in any Loan Party’s identity or corporate structure
or (iv) in any Loan Party’s Federal Taxpayer Identification Number. The Borrower agrees not to effect or permit any change
referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are
required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected
security interest in all the Collateral. The Borrower also agrees promptly to notify the Administrative Agent if any material portion
of the Collateral is damaged or destroyed.

 

(b)          In
the case of the Borrower, (i) each year, at the time of delivery of the annual financial statements with respect to the preceding
fiscal year pursuant to Section 5.04(a), deliver to the Administrative Agent a certificate of a Financial Officer setting
forth (x) the information required pursuant to Section 2 of the Perfection Certificate or confirming that there has been no
change in such information since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent
annual certificate delivered pursuant to this Section 5.06(b)(i) and (y) such other information as required by Section
4.03(c) of the Guarantee and Collateral Agreement, and (ii) each fiscal quarter, at the time of delivery of the quarterly financial
statements with respect to the preceding fiscal quarter pursuant to Section 5.04(b), deliver to the Administrative a certificate
of a Financial Officer setting forth any updates to Schedules 3.24(a)(i), 3.24(a)(ii), 3.24(b) and 3.25(a)
or confirming that there has been no change in such information since the Closing Date or the date of the most recent quarterly
certificate delivered pursuant to this Section 5.06(b)(ii).

 

Section
5.07.         Maintaining Records; Access to Properties and Inspections;
Maintenance of Ratings. (a) Keep proper books of record and account in which full, true and correct entries in conformity
with all requirements of law are made of all dealings and transactions in relation to its business and activities. The Borrower
will, and will cause each Subsidiary to, permit any representatives designated by the Administrative Agent or any Lender (in the
case of a Lender, with the consent of the Borrower, such consent not to be unreasonably withheld) to visit and inspect the financial
records and the properties of such Person at reasonable times and as often as reasonably requested and to make extracts from and
copies of such financial records, and permit any representatives designated by the Administrative Agent or any Lender (in the case
of a Lender, with the consent of the Borrower, such consent not to be unreasonably withheld) to discuss the affairs, finances and
condition of such Person with the officers thereof and independent accountants therefor; provided, however, that
unless an Event of Default exists and is continuing, the cost of only one such visit shall be borne by the Borrower in any twelve
month period, and in no event will such expense in connection with such visit exceed $50,000.

 

(b)          Use
commercially reasonable efforts to obtain private ratings for the Credit Facilities from S&P and Moody’s on at least
an annual basis and use commercially reasonable efforts to obtain a private corporate credit rating from S&P and a private
corporate family rating from Moody’s, in each case in respect of the Borrower on at least an annual basis.

 

Section
5.08.         Use of Proceeds. (a) Use the proceeds of the Term
Loans made on the Closing Date only for the purposes specified in the introductory statement to this Agreement and (b) use the
proceeds of Incremental Term Loans for general corporate purposes not otherwise prohibited hereby, including the funding of co-investments.

 

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Section
5.09.         Employee Benefits. (a) Comply in all material
respects with the applicable provisions of ERISA and the Code relating to employee benefit plans of the Borrower or any of the
Subsidiaries, (b) furnish to the Administrative Agent as soon as possible after, and in any event within ten days after any
responsible officer of the Borrower, any Subsidiary or any ERISA Affiliate knows or has reason to know that, any ERISA Event has
occurred that, alone or together with any other ERISA Event could reasonably be expected to result in liability of the Borrower
or any Subsidiary or any ERISA Affiliate in an aggregate amount exceeding $1,000,000, a statement of a Financial Officer of the
Borrower setting forth details as to such ERISA Event and the action, if any, that the Borrower proposes to take with respect thereto,
and (c) at all times preserve and maintain its status as an entity the assets of which do not constitute “plan assets”
as defined in the Plan Asset Regulation.

 

Section
5.10.         Compliance with Environmental Laws. Comply, and
cause all lessees and other Person occupying its properties to comply, in all material respects with all Environmental Laws applicable
to its operations and properties; obtain and renew all material environmental permits necessary for its operations and properties;
and conduct any remedial action in accordance with Environmental Laws; provided, however, that none
of the Borrower or any Subsidiary shall be required to undertake any remedial action required by Environmental Laws to the extent
that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained
with respect to such circumstances in accordance with GAAP.

 

Section
5.11.         [Reserved.]

 

Section
5.12.         Further Assurances. Execute any and all further
documents, financing statements, agreements and instruments, and take all further action (including filing Uniform Commercial
Code and other financing statements, mortgages and deeds of trust) that may be required under applicable law, or that the Required
Lenders, the Administrative Agent or the Collateral Agent may reasonably request, in order to effectuate the transactions contemplated
by the Loan Documents and in order to grant, preserve, protect and perfect the validity and first priority of the security interests
created or intended to be created by the Security Documents. The Borrower will cause (i) each subsequently acquired or organized
Wholly Owned Subsidiary (other than (x) a Foreign Subsidiary that is a “controlled foreign corporation” within the
meaning of Section 957 of the Code or (y) an Excluded Domestic Subsidiary) and each Non-Guarantor Subsidiary as of the Closing
Date (excluding, for the purposes of clarity, MOF III GP LLC) that becomes a Wholly Owned Subsidiary after the Closing Date to
become a Loan Party by executing the Guarantee and Collateral Agreement and each applicable Security Document in favor of the
Collateral Agent (except to the extent execution by such Subsidiary of the Guarantee and Collateral Agreement is prohibited by
applicable law after the exercise of commercially reasonable efforts by the Borrower to have such Subsidiary become a Guarantor),
(ii) each applicable Subsidiary, with respect to each subsequently established Separately Managed Account or Fund for which it
serves as an investment advisor, (x) to cause such Separately Managed Account or Fund, as the case may be, to pay to the Borrower
the entire amount of such Management Fees that are distributable to the Borrower or to which the Borrower is otherwise entitled
(which payments shall be made directly into the Designated Account) pursuant to the Irrevocable Direction Letter executed and
delivered by such Subsidiary or (y) to enter into other arrangements for the transfer of such Management Fees that are payable
to such Subsidiary to be paid to the Borrower for deposit into the Designated Account pursuant to terms and conditions reasonably
satisfactory to the Administrative Agent and in each case as to clauses (x) and (y) above, less reserves for costs
and expenses for such entity, (iii) each such Subsidiary that does not become a Guarantor to become a party to the Undertaking
Agreement (other than (x) a Foreign Subsidiary that is a “controlled foreign corporation” within the meaning of Section
957 of the Code or (y) an Excluded Domestic Subsidiary. In addition, from time to time, the Borrower will, at its cost
and expense, promptly secure the Obligations by pledging or creating, or causing to be pledged or created, perfected security
interests with respect to such of its assets and properties as the Administrative Agent or the Required Lenders shall designate
(it being understood that it is the intent of the parties that the Obligations shall be secured by substantially all the assets
of the Borrower and its Wholly Owned Subsidiaries (including assets acquired subsequent to the Closing Date, but excluding assets
of Foreign Subsidiaries and of Excluded Domestic Subsidiaries)). In addition, any pledge of Equity Interests of any Foreign Subsidiary
or of any Excluded Domestic Subsidiary shall be limited to (and shall not exceed) sixty-five percent (65%) of the outstanding
voting Equity Interests and one hundred percent (100%) of outstanding non-voting Equity Interests of each Foreign Subsidiary directly
owned by a Loan Party and each Excluded Domestic Subsidiary directly owned by a Loan Party. Such security interests and Liens
will be created under the Security Documents and other security agreements, mortgages, deeds of trust and other instruments and
documents in form and substance satisfactory to the Collateral Agent, and the Borrower shall deliver or cause to be delivered
to the Lenders all such instruments and documents (including legal opinions, title insurance policies and lien searches) as the
Collateral Agent shall reasonably request to evidence compliance with this Section. The Borrower agrees to provide such evidence
as the Collateral Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien.
In furtherance of the foregoing, the Borrower will give prompt notice to the Administrative Agent of the acquisition by the Borrower
or any of the other Subsidiaries of any real property (or any interest in real property) having a value in excess of $250,000.

 

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Section
5.13.         Management Fees. Each Subsidiary or Affiliate of
the Borrower that is entitled to receive or otherwise receives Management Fees will (a) with respect to Management Fees which are
not required to be further distributed to Persons that are not Affiliates of the Borrower (“Non-Affiliated Third Parties”)
enter into and maintain an irrevocable direction letter substantially in the form of Exhibit H attached hereto (an “Irrevocable
Direction Letter”), pursuant to which the Borrower and each such Subsidiary or Affiliate shall direct (or shall have
directed) the Fund or Separately Managed Account for which it is acting as general partner, managing member, manager, management
company or similar role, to pay to the Borrower, upon each date of payment thereof, 100% of all such Management Fees then owing
to the Borrower or such Subsidiary or Affiliate and (b) with respect to distributions which are required to be further distributed
to Non-Affiliated Third Parties, subject in all respects to the limitations on distributions to third parties in Section 6.09(b),
ensure that the portion of distributions distributable to the Borrower or its Affiliates are promptly paid to the Borrower. Each
such payment shall be made directly to the Designated Account, which shall at all times be subject to a first priority perfected
Lien in favor of the Collateral Agent pursuant to the Security Documents and in each case as to clauses (a) and (b)
above, less reasonable reserves for costs and expenses for such entity. The Borrower will cause the Subsidiaries or Affiliates
that are entitled to receive any Management Fees to enforce their respective rights at law and in equity to receive such Management
Fees from the applicable Fund, Separately Managed Account or other Person holding such Management Fees (except to the extent such
Management Fees may be deferred, delayed, canceled or otherwise modified in accordance with Section 6.09).

 

Section
5.14.         Investment Adviser; Other Regulatory Matters. (a)
Each Person described in Schedule 3.27(a) shall at all times (i) maintain its investment adviser registration with the SEC
and in any State where the conduct of its business so requires, (ii) make all required amendments to form ADV required by the SEC
in a timely manner, and (iii) take all other actions necessary, proper or advisable to ensure that it shall remain in good standing
with the SEC and in any other State where it is registered as an investment adviser.

 

(b)          The
Borrower and the Subsidiaries will conduct all offerings of the Funds and Fund-Related Entities, and will establish all Separately
Managed Accounts, in accordance with applicable law in all material respects, and to the extent applicable, in a manner that is
consistent with the provisions of the Investment Advisers Act of 1940, as amended, the Investment Company Act of 1940, as amended
and the Securities Act of 1933, as amended.

 

(c)          The
Borrower and the Subsidiaries will comply with all applicable anti-money laundering laws, and the Funds and the Fund-Related Entities
will maintain anti-money laundering policies and procedures that are reasonably designed to comply with applicable law. The Borrower
shall cause each applicable Subsidiary to take all actions that are necessary or reasonably advisable and within its control to
cause the applicable Separately Managed Account Funds to maintain anti-money laundering policies and procedures that are reasonably
designed to comply with applicable law.

 

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Section
5.15.         Sanction and Anti-Corruption Laws. The Borrower
shall ensure that it and each of the Subsidiaries, each of the Funds and each of the Fund-Related Entities is in material compliance
with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation or executive order relating thereto,
(ii) the USA PATRIOT Act, (iii) the United States Foreign Corrupt Practices Act of 1977, as amended, and (iv) all anti-money laundering
rules and regulations applicable to it. The Borrower acknowledges that, pursuant to (i) the Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended), and any other enabling legislation or executive order relating thereto, (ii) the USA PATRIOT Act, (iii) the United States
Foreign Corrupt Practices Act of 1977, as amended, or (iv) anti-money laundering rules and regulations, the Administrative Agent
or any Lender may be required to obtain, verify and record information regarding each of the Borrower and the Subsidiaries, their
respective directors, authorized signing officers, direct or indirect shareholders or other persons in control of a Loan Party,
and the transactions contemplated hereby, and disclose such information to Governmental Authorities. The Borrower consents to
such information being obtained, verified, recorded and disclosed to Governmental Authorities and agrees to promptly provide to
Administrative Agent or such Lender all such information, including supporting documentation and other evidence, as may be reasonably
requested by the Administrative Agent or such Lender, or any prospective assignee or participant of such Lender, in order to comply
with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation or executive order relating thereto,
(ii) the USA PATRIOT Act, (iii) the United States Foreign Corrupt Practices Act of 1977, as amended, and (iv) anti-money laundering
rules and regulations.

 

Article
VI

Negative Covenants

 

The Borrower covenants
and agrees with each Lender that, until the Commitments (if any) have been terminated or expired and the principal of and interest
on each Loan, all Administrative Agent Fees and all other fees, expenses or amounts payable under any Loan Document have been paid
in full, unless the Required Lenders shall otherwise consent in writing, the Borrower will not, nor will it cause or permit any
of the Subsidiaries to:

 

Section
6.01.         Indebtedness. Incur, create, assume or permit to
exist any Indebtedness, except:

 

(a)          Indebtedness
existing on the date hereof and set forth in Schedule 6.01 and any extensions, renewals or replacements of such Indebtedness
to the extent the principal amount of such Indebtedness is not increased, neither the final maturity nor the weighted average life
to maturity of such Indebtedness is decreased, such Indebtedness, if subordinated to the Obligations, remains so subordinated on
terms no less favorable to the Lenders, and the original obligors in respect of such Indebtedness remain the only obligors thereon;

 

(b)          Indebtedness
created hereunder and under the other Loan Documents;

 

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(c)          intercompany
Indebtedness of the Borrower and the Subsidiaries to the extent permitted by Section 6.04(c) so long as such Indebtedness
of any Loan Party is subordinated to the Obligations pursuant to an Affiliate Subordination Agreement;

 

(d)          Indebtedness
of the Loan Parties incurred to finance the acquisition, construction or improvement of any fixed or capital assets, and extensions,
renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount there; provided that (i)
such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement
and (ii) the aggregate principal amount of Indebtedness permitted by this Section 6.01(d), when combined with the aggregate
principal amount of all Capital Lease Obligations incurred pursuant to Section 6.01(e), shall not exceed $1,000,000 at any
time outstanding;

 

(e)          Capital
Lease Obligations of the Loan Parties in an aggregate principal amount, when combined with the aggregate principal amount of all
indebtedness incurred pursuant to Section 6.01(d), shall not exceed $1,000,000 at any time outstanding;

 

(f)          Indebtedness
in respect of Hedging Agreements that are not speculative in nature and are incurred in a manner consistent with prudent business
practices; provided that, subject to the approval of Required Lenders, the notional amount thereof that is collateralized
or that could be senior in right of repayment to the Obligations under this Agreement shall not exceed $5,000,000;

 

(g)          Indebtedness
in respect of netting services and overdraft protections and otherwise in connection with deposit accounts;

 

(h)          Indebtedness
in respect of the Merger Sub Note and the Windsor Note;

 

(i)          Guarantees
by Loan Parties of Indebtedness of other Loan Parties to the extent the incurrence of such Indebtedness is not otherwise prohibited
hereunder and the Person providing such Guarantees would be permitted to incur such Indebtedness directly hereunder, and excluding
Indebtedness incurred or assumed pursuant to Section 6.01(k);

 

(j)          Indebtedness
under the Revolving Credit Agreement; provided that the sum of (i) the aggregate principal amount of loans outstanding thereunder,
(ii) the aggregate stated amount of undrawn letters of credit issued thereunder and unreimbursed drawings under letters of credit
issued thereunder and (iii) the aggregate amount of unutilized commitments thereunder shall not exceed $15,000,000 at any time;

 

(k)          Indebtedness
of any Person that becomes a Subsidiary after the date hereof; provided that (i) 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, (ii)
immediately before and after such Person becomes a Subsidiary, no Event of Default shall have occurred and be continuing and (iii)
after giving pro forma effect to such indebtedness and all other transactions consummated in connection with such Person
becoming a Subsidiary, the Borrower would be in compliance on a pro forma basis with the financial covenant set forth in Section
6.10 as of the most recently completed period of four consecutive fiscal quarters for which the financial statements and certificates
required by Section 5.04(a) or Section 5.04(b), as the case may be, and Section 5.04(c) have been delivered;
and any extensions, renewals or replacements of such Indebtedness to the extent the principal amount of such Indebtedness is not
increased (other than on account of any accrued but unpaid interest, fees and premiums payable by the terms of such Indebtedness
thereon), neither the final maturity nor the weighted average life to maturity of such Indebtedness is decreased, such Indebtedness,
if subordinated to the Obligations, remains so subordinated on terms, when taken as a whole, no less favorable to the Lenders,
and the original obligors in respect of such Indebtedness remain the only obligors thereon;

 

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(l)          Indebtedness
resulting from the endorsement of instruments for collection in the ordinary course of business;

 

(m)          other
unsecured Indebtedness of the Borrower or the Subsidiaries in an aggregate principal amount not exceeding $5,000,000 at any time
outstanding so long as no such Indebtedness is owing to a Permitted Holder or an Affiliate of a Permitted Holder; and

 

(n)          other
secured Indebtedness of the Borrower or the Subsidiaries in an aggregate principal amount not exceeding $2,500,000 at any time
outstanding, incurred to finance the acquisition of any subsidiary after the date hereof, provided that (i) the Liens in
connection with such Indebtedness are permitted under Section 6.02(p), and (ii) no such Indebtedness is owing to a Permitted
Holder or an Affiliate of a Permitted Holder.

 

Section
6.02.         Liens. Create, incur, assume or permit to exist
any Lien on any property or assets (including Equity Interests or other securities of any Subsidiary) now owned or hereafter acquired
by it or on any income or revenues or rights in respect of any thereof, except:

 

(a)          Liens
on property or assets (including, for the avoidance of doubt, Intellectual Property) of the Borrower and the other Subsidiaries
existing on the date hereof and set forth in Schedule 6.02; provided that such Liens shall secure only
those obligations which they secure on the date hereof and extensions, renewals and replacements thereof permitted hereunder;

 

(b)          any
Lien created under the Loan Documents;

 

(c)          any
Lien existing on any property or asset prior to the acquisition thereof by the Borrower or existing on any property or assets of
any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary, as the case may
be; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person
becoming a Subsidiary, (ii) such Lien does not apply to any other property or assets of the Borrower or any Subsidiary or to any
Management Fees or rights to receive Management Fees, or any Intellectual Property of any Loan Party (other than the acquired Subsidiary),
or any Equity Interests of any Loan Party (other than the acquired Subsidiary) and (iii) such Lien secures 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;

 

(d)          Liens
for taxes not yet due or which are being contested in compliance with Section 5.03;

 

(e)          carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course
of business and securing obligations that are not overdue for a period of more than thirty (30) days, or which are being contested
in compliance with Section 5.03;

 

(f)          pledges
and deposits made in the ordinary course of business in compliance with workmen’s compensation, unemployment insurance and
other social security laws or regulations;

 

(g)          deposits
to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business;

 

(h)          zoning
restrictions, easements, rights of way, restrictions on use of real property and other similar encumbrances incurred in the ordinary
course of business which, in the aggregate, are not substantial in amount and do not materially detract from the value of the property
subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

 

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(i)          purchase
money security interests in real property, improvements thereto or equipment hereafter acquired (or, in the case of improvements,
constructed) by any Loan Party; provided that (i) such security interests secure Indebtedness permitted by Section 6.01(d),
(ii) such security interests are incurred, and the Indebtedness secured thereby is created, prior to or within 90 days after such
acquisition (or construction), (iii) the Indebtedness secured thereby does not exceed the lesser of the cost or the fair market
value of such real property, improvements or equipment at the time of such acquisition (or construction) and (iv) such security
interests do not apply to any other property or assets of the Borrower or any other Subsidiary;

 

(j)          judgment
Liens securing judgments not constituting an Event of Default under Article VII, or with respect to which payment in full
above any applicable deductible is covered by insurance in respect of which the applicable insurance company has not denied coverage;

 

(k)          normal
and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions;

 

(l)          Liens
granted by a Fund GP in such Fund GP’s rights to make and enforce capital calls to limited partners of a Fund (which Liens,
for the avoidance of doubt, do not extend to any Collateral), in respect of credit facilities entered into by the Fund for which
such Fund GP is the general partner; and the general partner;

 

(m)          Liens
securing Capital Lease Obligations permitted under Section 6.01(e), provided that any such Liens attach only to the
property being financed pursuant to such Capital Lease;

 

(n)          subject
to the terms of the Intercreditor Agreement, (i) Liens securing the obligations under the Revolving Credit Agreement, (ii) Liens
securing Indebtedness permitted under Section 6.01(f) and (iii) Liens securing Bank Product Obligations (as defined in the
Intercreditor Agreement) in an aggregate amount of such Bank Product Obligations not to exceed $1,000,000 at any time;

 

(o)          other
Liens on assets (other than the Management Fees (or rights to receive Management Fees), Intellectual Property of any Loan Party,
or any Equity Interests of any Loan Party) securing liabilities in an aggregate amount not to exceed $5,000,000 at any time outstanding;
and

 

(p)          Liens
on Equity Interests of any subsidiary acquired pursuant to Section 6.04(f) or (h) in connection with Indebtedness
permitted under Section 6.01(n).

 

Section
6.03.         Sale and Lease-Back Transactions. Enter into any
arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any property, real or personal, used or
useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which
it intends to use for substantially the same purpose or purposes as the property being sold or transferred unless (a) the
sale or transfer of such property is permitted by Section 6.05 and (b) any Capital Lease Obligations or Liens arising
in connection therewith are permitted by Sections 6.01 and 6.02, as the case may be.

 

Section
6.04.         Investments, Loans and Advances. Purchase, hold
or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances
to, or make or permit to exist any investment (including by way of Guarantee) in, any other Person, except:

 

(a)          investments
by the Borrower and the Subsidiaries existing on the date hereof and set forth on Schedule 6.04(a);

 

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(b)          (i)
investments by a Loan Party in a Loan Party; and (ii) investments in Subsidiaries, Funds and Fund Related Entities that are not
Loan Parties, so long as (A) no Event of Default has occurred and is continuing or would result therefrom, (B) after giving pro
forma effect to such investments, the Borrower shall be in compliance with the financial covenant set forth in Section 6.10
as of the most recently completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial
statements and certificates required by Section 5.04(a) or 5.04(b), as the case may be, and 5.04(c) have been
delivered, and (C) the aggregate amount of all such investments (determined without regard to any adjustments for increases or
decreases in value or write-up, write-downs or write-offs of such investments) does not exceed the sum of (x) $1,000,000 (less
the amount theretofore utilized under the basket set forth in subclause (x) of clause (iv)(C) of the proviso to Section
6.04(f)) plus (y) so long as the Net Leverage Ratio, as of the most recently completed period of four consecutive fiscal quarters
for which the financial statements and certificates required by Section 5.04(a) or 5.04(b), as the case may be, and
Section 5.04(c) have been delivered and after giving pro forma effect to such investment, would not exceed
3.08:1.00, the Available Amount;

 

(c)          cash
and Permitted Investments;

 

(d)          loans
or advances made by the Borrower or any Subsidiary to the Borrower or any other Loan Party; provided that (i) any
such loans and advances shall be evidenced by a promissory note pledged to the Collateral Agent for the ratable benefit of the
Secured Parties pursuant to the Guarantee and Collateral Agreement and (ii) such loans and advances shall be unsecured and
subordinated to the Obligations pursuant to an Affiliate Subordination Agreement;

 

(e)          investments
made in connection with purchases of goods or services in the ordinary course of business;

 

(f)          the
Borrower may acquire all or substantially all the assets of a Person or line of business of such Person, or not less than 100%
of the Equity Interests (other than directors’ qualifying shares) of a Person (referred to herein as the “Acquired
Entity”); provided that (i) such acquisition was not preceded by an unsolicited tender offer for
such Equity Interests by, or proxy contest initiated by, the Borrower or any Subsidiary; (ii) the Acquired Entity shall be
in a line of business that the Borrower and the other Loan Parties would be permitted to conduct pursuant to Section 6.08;
(iii) all transactions in connection therewith shall be consummated in accordance with applicable law; and (iv) at the time
of such transaction (A) both before and after giving effect thereto, no Default or Event of Default shall have occurred and
be continuing; (B) the Borrower would be in compliance with the covenant set forth in Section 6.10 as of the most recently
completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial statements and certificates
required by Section 5.04(a) or 5.04(b), as the case may be, and 5.04(c) have been delivered, after giving
pro forma effect to such transaction and to any other event occurring after such period as to which pro forma recalculation
is appropriate (including any other transaction described in this Section 6.04(f) occurring after such period) and any Indebtedness
incurred or assumed in connection with such transaction, (including Indebtedness of the Acquired Entity) as if such transaction
had occurred or Indebtedness had been incurred as of the first day of such period (provided that, in the event such acquisition
is financed, in whole or in part, with the proceeds of Incremental Term Loans, the Borrower shall be in compliance with the pro
forma financial covenant requirements set forth in Section 2.22); (C) the total consideration paid in connection with
any such acquisition (and all other such acquisitions pursuant to this Section 6.04(f)) with respect to which (1) the relevant
Acquired Entities (x) do not become Loan Parties by executing the Guarantee and Collateral Agreement and each applicable Security
Document or (y) 100% of the Equity Interests of which are not pledged pursuant to the Guarantee and Collateral Agreement and each
applicable Security Document and subjected to a valid and perfected first priority (subject to Liens of the type permitted under
Section 6.02(c)) security interest in favor of the Collateral Agent and (2) the relevant assets acquired are not pledged
by a Loan Party pursuant to the terms of the Guarantee and Collateral Agreement and each applicable Security Document and subjected
to a valid and perfected first priority (subject to Liens of the type permitted under Section 6.02(c)) security interest
in favor of the Collateral Agent (and including in the calculation of such consideration any Indebtedness of the Acquired Entity
assumed by the Borrower or any Subsidiary following such acquisition (or which remains outstanding) and any payments following
such acquisition pursuant to earn-out provisions or similar obligations), when combined with the value of all investments made
in reliance on clause (a)(iv) of this Section 6.04, shall not exceed the sum of (x) $1,000,000 (less the amount theretofore
utilized under the basket set forth in subclause (x) of clause (ii)(C) of Section 6.04(b)) plus (y) so long
as the Net Leverage Ratio, as of the most recently completed period of four consecutive fiscal quarters for which the financial
statements and certificates required by Section 5.04(a) or 5.04(b), as the case may be, and Section 5.04(c)
have been delivered and after giving pro forma effect to such transaction as provided in the preceding clause (B),
would not exceed 3.08:1.00, the Available Amount plus the Net Cash Proceeds of any Qualified Public Offering (less the amount of
such Net Cash Proceeds applied to repay or retire indebtedness); and (D) the Borrower shall have delivered a certificate of
a Financial Officer, certifying as to the foregoing and containing reasonably detailed calculations in support thereof, in form
and substance satisfactory to the Administrative Agent (any acquisition of an Acquired Entity or such assets meeting all the criteria
of this Section 6.04(f) being referred to herein as a “Permitted Acquisition”);

 

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(g)          investments
by the Borrower in Hedging Agreements permitted under Section 6.01(f);

 

(h)          in
addition to investments permitted by paragraphs (a) through (g) above, additional investments, loans and advances
by the Borrower and the other Subsidiaries so long as the aggregate amount invested, loaned or advanced pursuant to this paragraph
(h) (determined without regard to any adjustments for increases or decreases in value or write-ups, write-downs or write-offs
of such investments, loans and advances) does not exceed the Available Amount plus 100% of the net proceeds of the Qualified Public
Offering (less the amount of any such proceeds used pursuant to clause (f) above), so long as (i) no Default or Event of
Default has occurred and is continuing or would result therefrom and (ii) the Net Leverage Ratio, as of the most recently completed
period of four consecutive fiscal quarters for which the financial statements and certificates required by Section 5.04(a)
or 5.04(b), as the case may be, and Section 5.04(c) have been delivered and after giving pro forma
effect to such investment, would not exceed 3.08:1.00.

 

Section
6.05.         Mergers, Consolidations, Sales of Assets and Acquisitions.
(a) (i) Merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or (ii)
sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all the
assets (whether now owned or hereafter acquired) of the Borrower or any Subsidiary, or less than all the Equity Interests of any
Subsidiary, or (iii) purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or substantially
all of the assets of any other Person, except that if at the time thereof and immediately after giving effect thereto no Event
of Default or Default shall have occurred and be continuing (A) any Wholly Owned Subsidiary of the Borrower may merge into the
Borrower in a transaction in which the Borrower is the surviving Person or may transfer all or substantially all of its assets
to the Borrower (and may subsequently liquidate or dissolve itself) and (B) the Borrower and Subsidiaries may make permitted Acquisitions
pursuant to Section 6.04(f) or other investments pursuant to Section 6.04(b) or (h).

 

(b)          Make
any Asset Sale, otherwise permitted (or not restricted) under paragraph (a) above, except for:

 

(i)          the
sale, transfer or other disposition of obsolete or worn out assets;

 

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(ii)         the
sale, transfer or other disposition of Permitted Investments for which the consideration therefor is at least equal to the Fair
Market Value thereof; and

 

(iii)        other
Asset Sales for consideration at least 75% of which is in cash and which consideration is at least equal to the Fair Market Value
of the assets being sold, transferred or disposed of, provided that the Fair Market Value of all assets sold, transferred or disposed
of pursuant to this clause shall not exceed $25,000,000 in the aggregate.

 

Section
6.06.         Restricted Payments; Restrictive Agreements. (a)
Declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent
or otherwise) to do so; provided, however, that:

 

(i)          the
Borrower may pay the Subject Dividend; provided, however, (A) if the Subject Dividend is not paid on the Closing
Date or within thirty (30) days thereafter, on the date on which the Subject Dividend is paid, prior to making such payment, the
Administrative Agent shall have received a bringdown solvency opinion of Murray, Devine & Co., Inc., addressed to the Administrative
Agent, which shall be in form and substance satisfactory to the Administrative Agent and the Required Lenders and (B) after giving
pro forma effect to the making of the Subject Dividend, the Net Leverage Ratio, as of the most recently completed period
of four consecutive fiscal quarters for which the financial statements and certificates required by Section 5.04(a) or 5.04(b),
as the case may be, and Section 5.04(c) have been delivered (or, if the Subject Dividend is made prior to the first date
after the Closing Date on which such financial statements and certificates are required to be delivered hereunder, as of the last
day of the four-fiscal quarter period ending June 30, 2014), shall not exceed 3.08:1.00;

 

(ii)         (A)
the Subject Entities may declare and make Restricted Payments to the Borrower, and (B) any other Subsidiary that is not a Loan
Party may declare and make Restricted Payments ratably to its equity holders, which shall be paid in accordance with the terms
of the Management Agreements and the Loan Documents;

 

(iii)        for
any taxable year in which the Borrower is a Flow-Through Entity, (1) the Borrower may make distributions of cash to the holders
of its Equity Interests, on or after the twentieth (20th) Business Day before the final day of a Quarterly Tax Payment
Period, in an amount determined as follows: (A) for the first Quarterly Tax Payment Period in such taxable year, 25% of the estimated
Permitted Tax Distribution Amount, (B) for the second Quarterly Tax Payment Period in such taxable year, 50% of the estimated Permitted
Tax Distribution Amount, less the prior tax distributions for such taxable year, (C) for the third Quarterly Tax Payment Period
in such taxable year, 75% of the estimated Permitted Tax Distribution Amount, less the prior tax distributions for such taxable
year and (D) for the fourth Quarterly Tax Payment Period in such taxable year, 100% of the estimated Permitted Tax Distribution
Amount, less the prior tax distributions for such taxable year; (2) no later than the day prior to the due date for the payment
by corporations of income taxes for such taxable year, the Borrower may make an additional tax distribution, in cash, to the
extent that the Borrower’s revised estimate of the Permitted Tax Distribution Amount (the “Amended Tax Amount”)
so calculated exceeds the cumulative tax distributions previously made by the Borrower in respect of such taxable year; and (3)
within 30 days following the date on which the Borrower files a tax return on Form 1065, the Borrower may make an additional tax
distribution, in cash, to the extent that the actual Permitted Tax Distribution Amount (the “Final Tax Amount”)
exceeds the Amended Tax Amount; provided that, to the extent (I) the Amended Tax Amount is less than the cumulative tax
distributions previously made by the Borrower in respect of a taxable year, the difference (the “Credit Amount”)
and/or (II) the Final Tax Amount is less than the Amended Tax Amount, the difference (the “Additional Credit Amount”),
such respective Credit Amount and Additional Credit Amount shall appropriately reduce (without duplication) the Permitted Tax Distribution
Amount in subsequent taxable years; and (y) for any taxable year in which the Borrower is not a Flow-Through Entity but is a member
of any consolidated, combined or unitary group for tax purposes, the Borrower may make distributions to the parent of such group
to allow the parent to timely pay the taxes of such group to the extent attributable to the taxable income of the Borrower and
the Subsidiaries as reasonably determined by the Borrower (each such distribution, a “Permitted Tax Distribution”);

 

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(iv)        
so long as no Default or Event of Default has occurred and is continuing or would result therefrom, after a Qualified Public Offering,
the Borrower may make Restricted Payments in an annual amount not to exceed 5.0% of the Net Cash Proceeds of such Qualified Public
Offering;

 

(v)         so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrower may make mandatory redemptions
of its Class B Units as and when required by the terms of its Organizational Documents (as in effect on the date hereof) (A) in
exchange for the issuance of Equity Interests of the Borrower that do not constitute Disqualified Stock or (B) in an aggregate
amount not to exceed the Available Amount during the term of this Agreement;

 

(vi)        so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower may make Restricted
Payments in an aggregate amount that does not exceed the Available Amount as in effect immediately prior to the time of making
such Restricted Payment; provided that, in the case of any Restricted Payment under this clause (vi), after giving
pro forma effect to the making of such Restricted Payment, the Net Leverage Ratio, as of the most recently completed period
of four consecutive fiscal quarters for which the financial statements and certificates required by Section 5.04(a) or 5.04(b),
as the case may be, and Section 5.04(c) have been delivered would not exceed 3.08:1.00; and

 

(vii)       the
Borrower may redeem Equity Interests with (A) other Equity Interests that are not Disqualified Stock or (B) the proceeds of the
issuance of such other Equity Interests that are applied to such redemption substantially contemporaneously with such issuance
of other Equity Interests.

 

(b)          Enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (i) the
ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, (ii)
the ability of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or
repay loans or advances to the Borrower or any Subsidiary or to Guarantee Indebtedness of the Borrower or any Subsidiary or (iii) the
ability of any Fund to pay Management Fees or any Subsidiary to direct payment of the Management Fees to the Borrower; provided
that (A) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (B) clauses
(i) and (ii) of the foregoing shall not apply to restrictions and conditions imposed under the terms of the Revolving
Credit Agreement as in effect on the date hereof, (C) clauses (i) and (ii) of the foregoing shall not apply to restrictions
or conditions imposed on a Fund GP solely in its capacity as general partner, managing member or equivalent acting for a Fund or
as the general partner, managing member or equivalent of a Fund GP, in respect of Indebtedness of such Fund; provided no
such restriction or condition shall affect the Collateral or the right to receive or pay Management Fees and, in the case of clause
(i), such restrictions or conditions apply only to the property or assets securing such Indebtedness (provided that
such property or assets shall not include the Management Fees or the right to receive Management Fees), and (D) clause (i)
of the foregoing shall not apply to customary provisions in Management Agreements, leases and other contracts restricting the assignment
thereof.

 

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Section
6.07.         Transactions with Affiliates. Except for transactions
between or among Loan Parties, sell or transfer any property or assets to, or purchase or acquire any property or assets from,
or otherwise engage in any other transactions with, any of its Affiliates, unless otherwise approved by the Administrative Agent
(in its sole discretion) and the Required Lenders; provided that (i) the Borrower or any other Subsidiary may engage in
any of the foregoing transactions in the ordinary course of business at prices and on terms and conditions not less favorable to
the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (ii) the Borrower
shall be permitted to make Restricted Payments permitted under Section 6.06, (iii) the Borrower and the Subsidiaries shall
be permitted to make payments of compensation, bonuses and employee benefits to Affiliates in connection with their employment
with a Loan Party, provided that such compensation shall not exceed $5,000,000 in any year, and (iv) following the Qualified Public
Offering, the Borrower may make payments to any Parent entity in connection with any administrative services agreements. Notwithstanding
anything in the foregoing to the contrary, none of the Borrower or any Subsidiary shall enter into any tax sharing agreement (other
than any tax sharing agreement among any of the Borrower and any other Loan Parties). For the avoidance of doubt, (a) the TRA shall
not be construed as a tax sharing agreement for purposes of this Section 6.07 and (b) in connection with and from and after
a Qualified Public Offering, transactions between the Borrower and Public Co. consisting of issuance of Equity Interests of the
Borrower (other than Disqualified Stock) and Public Co. designed to maintain the umbrella partnership C-corporation organizational
structure that are effected at fair market value and on a basis that after giving effect thereto the Borrower has, on a net basis,
not made a cash expenditure, shall be deemed to be in the ordinary course of business and on terms and conditions not less favorable
to the Borrower than could be obtained on an arm’s-length basis from unrelated third parties.

 

Section
6.08.         Business of the Borrower and the Subsidiaries.
(a) With respect to the Borrower, the Subsidiaries, and the other Loan Parties, engage at any time in any business or business
activity other than the business currently conducted by it, related asset management businesses or activities, and business activities
reasonably related or incidental thereto.

 

Section
6.09.         Other Indebtedness and Agreements. (a) Permit:

 

(i)          any
waiver, supplement, modification or amendment of (A) the Merger Sub Note or the Windsor Note that would be adverse to the Lenders,
in any material respect or (B) the Revolving Credit Agreement that would violate the Intercreditor Agreement; or

 

(ii)         except
to the extent required by applicable law, any waiver, supplement, modification or amendment of (x) any Management Agreement, (y)
any of its Organizational Documents, (z) any Organizational Documents of any Fund or Fund-Related Entity, in each case to the extent
any such waiver, supplement, modification or amendment would defer, delay or subordinate in any material respect the payment of,
Management Fees, or would establish any no fault termination provision with respect to the investment period or term of any Fund
or any no fault removal provision with respect to the general partner, managing member or equivalent of any Fund, or would reasonably
be expected to have a Material Adverse Effect.

 

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(b)          (i)
Establish or permit to exist any management agreement or other arrangement pursuant to which Management Fees (and any other fees
and other fee-based revenue in connection with the management advisory or sub-advisory of any Fund or Separately Managed Account)
are paid in respect of one or more Funds or Separately Managed Accounts to a Person other than the Borrower or another Loan Party,
other than in respect of (A) Management Fees payable to a Subsidiary which are paid to the Borrower in accordance with Section
5.12, (B) Management Fees payable to a Subsidiary acting as the management company for a Fund formed following the Closing
Date, subject to compliance with the terms of Section 6.13, or (C) (1) Management Fees (other than Performance/Incentive
Fees) payable to Persons that own a percentage of the Equity Interests of the Subsidiary to which such Management Fees are payable
in an amount not to exceed, for any period, the product of (x) the lesser of the aggregate percentage of such Equity Interests
owned by such Person and 20% multiplied by (y) the aggregate amount of Management Fees such Subsidiary is entitled for such period
and (2) Performance/Incentive Fees as performance-related allocations to Persons that manage the relevant Funds in an amount not
to exceed, for any period, 50% of the aggregate amount of Performance/Incentive Fees to which the Borrower or its Subsidiaries
are entitled for such period or (ii) provide or permit any Subsidiary to provide a notice of termination under or otherwise terminate
any Management Agreement.

 

(c)          Make
any distribution, whether in cash, property, securities or a combination thereof, other than regularly scheduled payments of principal
and interest as and when due in respect of, or pay, or commit to pay, or directly or indirectly (including pursuant to any Synthetic
Purchase Agreement) redeem, repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid purposes,
any Indebtedness under the Merger Sub Note and the Windsor Note.

 

Section
6.10.         Maximum Net Leverage Ratio. Permit the Net
Leverage Ratio as of the last day of any fiscal quarter commencing with the fiscal quarter ending on or about December 31, 2014,
to be greater than 3.50:1.00.

 

Section
6.11.         Fiscal Year. With respect to any Loan Party or
any other Person in the Reporting Group, change their fiscal year-end to a date other than December 31.

 

Section
6.12.         Certain Equity Securities. Issue any Equity Interest
that is not Qualified Capital Stock unless issued by the Borrower and otherwise permitted under Section 6.01.

 

Section
6.13.         Additional Funds. Following the Closing Date, permit
the formation of any Fund, unless such Fund or its Fund GP shall appoint the Borrower or another Loan Party as the management company
of such Fund and enter into a Management Agreement under which all Management Fees are payable to the Borrower or such other Loan
Party; provided that to the extent required under applicable law, or as otherwise requested by the limited partners of a
Fund formed following the Closing Date, such Fund or its Fund GP may appoint a Subsidiary that is not a Loan Party to act as the
management company of such Fund, so long as such Subsidiary, if not theretofore a party to the Undertaking Agreement, becomes a
party to the Undertaking Agreement and (x) to the extent the applicable Management Fees are not required to be further distributed
to Non-Affiliated Third Parties, all Management Fees are either payable to the Borrower or directed to be paid to or at the direction
of the Borrower pursuant to an Irrevocable Direction Letter executed and delivered by such Subsidiary or (y) to the extent the
applicable Management Fees are required to be further distributed to Non-Affiliated Third Parties, subject in all respects to the
limitations on distributions to Non-Affiliated Third Parties in Section 6.09(b), such Subsidiary ensures that the portion
of the Management Fees distributable to the Borrower or its Affiliates are promptly paid to the Borrower.

 

Section
6.14.         Sanctioned Persons; Anti-Corruption Laws. Directly
or indirectly use the proceeds of the Loans or otherwise make available such proceeds to any Person, for the purpose of financing
the activities or business of or with any Person or in any country or territory that at such time is the subject of any Sanctions,
or for any payments to any governmental official or employee, political party, official of a political party, candidate for political
office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of any Anti-Corruption Law.

 

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Section
6.15.         Management Fees. Permit any Fund, Fund-Related
Entity or Separately Managed Account to enter into any agreement for the payment of Management Fees other than Management Agreements
that satisfy the requirements of Exhibit L hereto.

 

Section
6.16.         Limitation on Accounting Changes. Make or permit
any material change in accounting policies or reporting practices that results in a change in the method of calculation of financial
covenants, standards or terms in this Agreement, without the prior written consent of the Required Lenders.

 

Section
6.17.         Compliance with Financial Covenant. Solely for
purposes of determining compliance with the financial covenant in Section 6.10, on or prior to the day that is ten Business
Days after the day on which financial statements and certificates required by Section 5.04(a) or 5.04(b), as the
case may be, and Section 5.04(c) are required to be delivered with respect to a fiscal quarter, the Borrower may issue Qualified
Capital Stock to the holders of its Equity Interests for cash, and such cash will, if so designated by the Borrower, be included
in the calculation of Core EBITDA for the purposes of determining compliance with financial covenant set forth in Section 6.10
at the end of such fiscal quarter and the subsequent three fiscal quarters (any such equity contribution so included in the calculation
of Core EBITDA, a “Specified Equity Contribution”); provided that (i) there shall be no more than four Specified
Equity Contributions made during the term of this Agreement, (ii) in any four-fiscal-quarter period, there shall be at least two
fiscal quarters in which no Specified Equity Contribution is made, (iii) the amount of any Specified Equity Contribution shall
be no greater than the minimum amount required to cause the Borrower to be in compliance with the financial covenant set forth
in Section 6.10, (iv) all Specified Equity Contributions shall be disregarded for all other purposes of this Agreement,
(v) the Specified Equity Contribution shall not result in the pro forma reduction in Indebtedness for purposes of determining compliance
with the financial covenant set forth in Section 6.10, and (vi) all such Specified Equity Contributions shall be applied
to the prepayment of the Term Loans.

 

Article
VII

Events of Default

Section
7.01.         Events of Default.

 

In case of the happening
of any of the following events (“Events of Default”):

 

(a)          any
representation or warranty made or deemed made in or in connection with any Loan Document or any Credit Event hereunder, or any
representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument
furnished in connection with or pursuant to any Loan Document, in each case by any Obligor shall prove to have been false or misleading
in any material respect when so made, deemed made or furnished;

 

(b)          default
shall be made in the payment of any principal of any Loan 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 by acceleration thereof or otherwise;

 

(c)          default
shall be made in the payment of any interest on any Loan or any fee (including Administrative Agent Fees) or any other amount (other
than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and
such default shall continue unremedied for a period of three Business Days;

 

(d)          default
shall be made in the due observance or performance by the Borrower or any other Subsidiary of any covenant, condition or agreement
contained in Section 5.01(a), 5.04(a), (b) or (c), 5.05(a)(i), 5.08 or 5.14
or in Article VI;

 

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(e)          default
shall be made in the due observance or performance by the Borrower or any other Subsidiary of any covenant, condition or agreement
contained in any Loan Document (other than those specified in clauses (b), (c) or (d) above) and such default
shall continue unremedied for a period of 30 days after the earlier of (i) notice thereof from the Administrative Agent to the
Borrower (which notice shall also be given at the request of any Lender) or (ii) knowledge thereof of any Loan Party;

 

(f)          (i)
the Borrower or any Subsidiary, individually or collectively, shall fail to pay any principal or interest, regardless of amount,
due in respect of any Material Indebtedness, when and as the same shall become due and payable, or (ii) any other event or
condition occurs that results in any Material Indebtedness of the Borrower or any Subsidiary becoming due prior to its scheduled
maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of
such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or
to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided
that this clause (ii) 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, to the extent such property or assets are permitted to secure such
Indebtedness hereunder;

 

(g)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of the Borrower or any Subsidiary, or of a substantial part of the property or assets of the Borrower
or any Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal,
state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any other Loan Party or for a substantial part of the property
or assets of the Borrower or any Subsidiary or (iii) the winding-up or liquidation of the Borrower or any Subsidiary; and
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;

 

(h)          the
Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11
of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency,
receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or the filing of any petition described in paragraph (g) above, (iii) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial
part of the property or assets of the Borrower or any Subsidiary, (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, (vi) become
unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for
the purpose of effecting any of the foregoing;

 

(i)          one
or more judgments shall be rendered against the Borrower or any Subsidiary and the same shall remain undischarged for a period
of 45 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to levy upon assets or properties of the Borrower or any Subsidiary and such judgment either (i) is for the payment
of money in an aggregate amount in excess of $5,000,000 or (ii) is for injunctive relief and would reasonably be expected
to result in a Material Adverse Effect;

 

(j)          an
ERISA Event shall have occurred that, in the reasonable opinion of the Administrative Agent, alone, or when taken together with
all other such ERISA Events, would reasonably be expected to result in a Material Adverse Effect;

 

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(k)          any
Guarantee under the Guarantee and Collateral Agreement, obligation of an Obligor under the Undertaking Agreement or any Cooperation
Guaranty for any reason shall cease to be in full force and effect (other than in accordance with its terms), or any Guarantor,
Obligor or Cooperating Guarantor shall deny in writing that it has any further liability or obligation under the Guarantee and
Collateral Agreement, Undertaking Agreement or Cooperation Guaranty, as applicable (other than as a result of the discharge of
such Guarantor, Obligor or Cooperating Guarantor in accordance with the terms of the Loan Documents);

 

(l)          any
security interest purported to be created by any Security Document shall (except as otherwise expressly provided or permitted in
this Agreement or such Security Document) cease to be, or shall be asserted by the Borrower or any other Loan Party not to be,
a valid and perfected security interest, with the priority required by the Security Documents, in the securities, assets or properties
covered thereby except to the extent that (i) any such loss of perfection or priority results from the failure of the Collateral
Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Security Documents
or to file Uniform Commercial Code continuation statements or (ii) the assets in which such security interest are created constitute
only a de minimis portion of the assets of the Borrower and the Loan Parties;

 

(m)          the
Borrower or any Subsidiary shall be enjoined, restrained or in any way prevented by the order of any court or any administrative
agency or regulatory agency from conducting any material part of its business and such order shall continue in effect for more
than thirty (30) days;

 

(n)          the
Borrower or any Subsidiary shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have
been brought or threatened against such Person or Persons, which would reasonably be expected to result in a Material Adverse Effect;

 

(o)          any
judgment or order shall be entered in any investigative, administrative or judicial proceeding involving a determination that the
Borrower or any Subsidiary shall have violated in any material respect any civil or criminal law or regulation applicable to it
in the performance of its duties as an investment manager or an investment adviser, which would reasonably be expected to result
in a Material Adverse Effect;

 

(p)          any
involuntary suspension or termination of the registration of the Borrower or a Subsidiary as an investment adviser under the Investment
Advisers Act of 1940, as amended, or any event that would be deemed to be an “assignment” of any Management Agreement
or investment advisory agreement with respect to the Borrower or any Subsidiary under the Investment Advisers Act of 1940; or

 

(q)          there
shall have occurred a Change in Control,

 

then, and in every such event (other than
an event with respect to a Loan Party described in paragraph (g) or (h) above), and at any time thereafter during
the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i) terminate forthwith the Commitments
(if any) and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal
of the Loans so declared to be due and payable, together with accrued interest thereon and any accrued and unpaid fees (including
Administrative Agent Fees) and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall
become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; and
in any event with respect to a Loan Party described in paragraph (g) or (h) above, the Commitments (if any)
shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid
accrued fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically
become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding.

 

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Section
7.02.         Application of Proceeds.

 

Notwithstanding anything
to the contrary in this Agreement or in any other Loan Document but subject to the terms of the Intercreditor Agreement, all payments
received by the Collateral Agent or the Administrative Agent with respect to the Obligations (whether by prepayment, repayment
or otherwise) after the occurrence and during the continuance of an Event of Default, including from any sale of, collection from,
or other realization upon all or any part of the Collateral pursuant to any Security Document or otherwise shall be applied in
the following order of priority:

 

FIRST, to the payment
of all expenses payable to the Administrative Agent and the Collateral Agent pursuant to Section 9.05;

 

SECOND, to the
payment in full of all other Obligations owing to the Administrative Agent and the Collateral Agent;

 

THIRD, to the payment
in full of all Obligations consisting of interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans (the amounts
so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of such Obligations owed
to them on the date of any such distribution);

 

FOURTH, to the
payment in full of all Obligations (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) consisting of unpaid principal
amount of the Loans and any premium thereon or breakage or termination fees, costs or expenses related thereto (the amounts so
applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them
on the date of any such distribution);

 

FIFTH, to the payment
in full of all other Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance
with the amounts of the Obligations owed to them on the date of any such distribution); and

 

SIXTH, to the Borrower,
its successors and assigns, or as a court of competent jurisdiction may otherwise direct.

 

The Administrative
Agent and the Collateral Agent, as applicable, shall have absolute discretion as to the time of application of any such proceeds,
moneys or balances in accordance with this Agreement and the Security Documents. Upon any sale of Collateral by the Collateral
Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral
Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold
and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to
the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

 

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Article
VIII

The Administrative Agent and the Collateral Agent; Etc.

 

Each Lender hereby
irrevocably appoints the Administrative Agent and the Collateral Agent (for purposes of Section 2.20 and this Article
VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”)
its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent
by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting
the generality of the foregoing, the Agents are hereby expressly authorized to (i) execute any and all documents (including releases)
with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance
with the provisions of this Agreement, the Security Documents and the Intercreditor Agreement and (ii) subject to the Intercreditor
Agreement, negotiate, enforce or settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the
direction of the Required Lenders, which negotiation, enforcement or settlement will be binding upon each Lender.

 

The institution serving
as the Administrative Agent and/or the Collateral 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 and generally engage in any kind of business with the Borrower or any Subsidiary or any Fund or Fund-Related
Entity or, in each case, any Affiliate thereof as if it were not an Agent hereunder.

 

Neither Agent shall
have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing,
(a) neither Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing, (b) neither Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise, subject to
the Intercreditor Agreement, by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under
the circumstances as provided in Section 9.08 or the Intercreditor Agreement), and (c) except as expressly set forth in
the Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information
relating to the Borrower or any of the Subsidiaries or any Fund that is communicated to or obtained by the bank serving as Administrative
Agent and/or Collateral Agent or any of its Affiliates in any capacity. Neither Agent shall be liable for any action taken or not
taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary under the circumstances as provided in Section 9.08 or the Intercreditor Agreement) or in the absence of its
own gross negligence or willful misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and until written
notice thereof is given to such Agent by the Borrower or a Lender, and neither Agent shall be responsible for or have any duty
to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii)
the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly
required to be delivered to such Agent.

 

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Each 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 believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent
may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and
shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

Each Agent may perform
any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Each Agent
and any such sub-agent may perform any and all its duties and exercise its rights and powers by or 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
each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit
Facilities as well as activities as Agent.

 

Subject to provisions
relating to the appointment and acceptance of a successor Agent as provided below, either Agent may resign at any time by notifying
the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent of the Borrower
(which consent shall not be unreasonably withheld and shall not be required for so long as any Event of Default has occurred and
is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on
behalf of the Lenders, appoint a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate of
any such bank. If no successor Agent has been appointed pursuant to the immediately preceding sentence by the 30th day
after the date such notice of resignation was given by such Agent, such Agent’s resignation shall become effective and the
Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or under any other Loan Document until such
time, if any, as the Required Lenders appoint (with the consent of the Borrower, which consent shall not be unreasonably withheld
and shall not be required for so long as any Event of Default has occurred and is continuing) a successor Administrative Agent
and/or Collateral Agent, as the case may be. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent
shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s
resignation hereunder, the provisions of this Article and Section 9.05 shall continue in effect for the benefit of such
retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while acting as Agent.

 

Each Lender acknowledges
that it has, independently and without reliance upon the Agents 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 the Agents 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 or any other Loan Document, any related agreement or any document furnished hereunder or thereunder.

 

Notwithstanding any
other provision of this Agreement or any provision of any other Loan Document, the Lead Arranger is named as such for recognition
purposes only, and in their respective capacities as such shall have no duties, responsibilities or liabilities with respect to
this Agreement or any other Loan Document; it being understood and agreed that the Lead Arranger shall be entitled to all indemnification
and reimbursement rights in favor of the Agents provided herein and in the other Loan Documents. Without limitation of the foregoing
the Lead Arranger shall not, by reason of this Agreement or any other Loan Document, have any fiduciary relationship in respect
of any Lender, Obligor or any other Person.

 

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Article
IX

Miscellaneous

 

Section
9.01.         Notices; Electronic Communications. Notices and
other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed
by certified or registered mail or sent by fax, as follows:

 

(a)          if
to the Borrower, to it at Medley LLC, Attn: Rick Allorto, CFO, 375 Park Ave 33rd Floor, New York, NY 10152, Tel. No.
(646) 465-7898, Fax No. (212) 759-0091, Email: rick.allorto@medleycapital.com;

 

(b)          if
to the Administrative Agent, to Credit Suisse AG, Cayman Islands Branch, Attn: Agency Manager, Eleven Madison Avenue, New York,
NY 10010, Tel. No. (919) 994-6369, Fax No. (212) 322-2291, Email: agency.loanops@credit-suisse.com;

 

(c)          if
to the Collateral Agent, to Credit Suisse AG, Cayman Islands Branch, Attn: Loan Operations, Boutique Management, Eleven Madison
Avenue, New York, NY 10010, Tel. No. (212) 538-3525, Email: list.ops-collateral@credit-suisse.com; and

 

(d)          if
to a Lender, to it at its address (or fax number) set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant
to which such Lender shall have become a party 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 delivered by hand or overnight courier service or sent by fax or on the date five Business Days after
dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as
provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with
this Section 9.01. As agreed to among the Borrower, the Administrative Agent and the applicable Lenders from time to time,
notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable Person
provided from time to time by such Person.

 

The Borrower hereby
agrees, unless directed otherwise by the Administrative Agent or unless the electronic mail address referred to below has not been
provided by the Administrative Agent to the Borrower, that it will, or will cause its Subsidiaries to, provide to the Administrative
Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the
Loan Documents or to the Lenders under Article V, including all notices, requests, financial statements, financial and other
reports, certificates and other information materials, but excluding any such communication that (i) is or relates to a Borrowing
Request or a notice pursuant to Section 2.10, (ii) relates to the payment of any principal or other amount due under this
Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or
any other Loan Document or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement
and/or any Borrowing hereunder (all such non-excluded communications being referred to herein collectively as “Communications”),
by transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the Administrative
Agent to an electronic mail address as directed by the Administrative Agent. In addition, the Borrower agrees, and agrees to cause
its Subsidiaries, to continue to provide the Communications to the Administrative Agent or the Lenders, as the case may be, in
the manner specified in the Loan Documents but only to the extent requested by the Administrative Agent.

 

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The Borrower hereby
acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on
behalf of the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials
on Intralinks or another similar 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 Borrower or its securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all Borrower
Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which,
at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking
Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders
to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities
for purposes of United States federal and state securities laws (provided, however, that to the extent
such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.16); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Investor;”
and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding the foregoing,
the following Borrower Materials shall be deemed to be marked “PUBLIC”, unless the Borrower notifies the Administrative
Agent promptly that any such document contains material non-public information: (1) the Loan Documents, (2) notification of changes
in the terms of the Credit Facilities and (3) all financial statements and reports delivered pursuant to Sections 5.04(a),
(b) and (c).

 

Each Public Lender
agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public
Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United
States Federal and state securities laws, to make reference to Communications that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower
or its securities for purposes of United States Federal or state securities laws.

 

THE PLATFORM IS PROVIDED
“AS IS” AND “AS AVAILABLE”. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE
ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS
OR OMISSIONS IN THE COMMUNICATIONS. 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 THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL
THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY OBLIGOR, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES
OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL OR CONSEQUENTIAL
DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY OBLIGOR’S OR THE ADMINISTRATIVE AGENT’S
TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL
NON-APPEALABLE RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH PERSON’S GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT.

 

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The Administrative
Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
receipt of notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform
shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees
to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s
e-mail address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to
such e-mail address.

 

Nothing herein shall
prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document
in any other manner specified in such Loan Document.

 

Section
9.02.         Survival of Agreement. All covenants, agreements,
representations and warranties made by the Borrower herein and in the certificates or other instruments prepared or delivered in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders
and shall survive the making by the Lenders of the Loans, regardless of any investigation made by the Lenders or on their behalf,
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 or any other Loan Document is outstanding and unpaid and so long as the Commitments (if any)
have not been terminated. The provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative
and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated
hereby, the repayment of any of the Loans, the expiration of the Commitments (if any), the invalidity or unenforceability of any
term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative
Agent, the Collateral Agent or any Lender.

 

Section
9.03.         Binding Effect. This Agreement shall become effective
when it shall have been executed by the Borrower and 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.

 

Section
9.04.         Successors and Assigns. (a) Whenever in this Agreement
any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such
party; and all covenants, promises and agreements by or on behalf of the Borrower, the Administrative Agent, the Collateral Agent,
or the Lenders that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.

 

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(b)          Each
Lender may assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this Agreement
(including all or a portion of the Loans at the time owing to it), with notice to the Borrower (failure to provide or delay in
providing such notice shall not invalidate such assignment) and the prior written consent of the Administrative Agent (not to be
unreasonably withheld or delayed); provided, however, that (i) the amount of the Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall be in an integral multiple of, and not less than, $1,000,000 (or, if less, the
entire remaining amount of such Lender’s Loans of the relevant Class); provided that simultaneous assignments
by two or more Related Funds shall be combined for purposes of determining whether the minimum assignment requirement is met, (ii) the
parties to each assignment shall (A) execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic
settlement system acceptable to the Administrative Agent or (B) if previously agreed with the Administrative Agent, manually execute
and deliver to the Administrative Agent an Assignment and Acceptance, and, in each case, shall pay to the Administrative Agent
a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent),
and (iii) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
(in which the assignee shall designate one or more credit contacts to whom all syndicate-level information (which may contain material
non-public information about the Borrower and its subsidiaries and their Related Parties or their respective securities) will be
made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable
laws, including Federal and state securities laws) and all applicable tax forms. Upon acceptance and recording pursuant to paragraph (e)
of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder
shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations
of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20
and 9.05, as well as to any fees accrued for its account and not yet paid, so long as such Lender continues to comply with
the obligations set forth in such Sections and in Section 2.21).

 

(c)          By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed
to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it
is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim, (ii) except
as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto, or the financial condition of the Borrower or any Subsidiary or the performance or observance by the
Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto; (iii) such assignee represents and warrants that it is an Eligible Assignee legally authorized
to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together
with copies of the most recent financial statements referred to in Section 3.05(a) or delivered pursuant to Section 5.04
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
such Assignment and Acceptance; (v) such assignee will independently and without reliance upon the Administrative Agent, the
Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) such assignee
appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms
hereof, together with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform
in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a
Lender.

 

(d)          The
Administrative Agent, acting for this purpose as an agent of the Borrower, 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 principal amount and stated interest of the Loans 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 Borrower, the
Administrative Agent, the Collateral Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrower, the Collateral Agent and any Lender, at any reasonable time and from time to
time upon reasonable prior notice.

 

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(e)          Upon
its receipt of, and consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, an
Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the Administrative
Agent and, if required, the Borrower, to such assignment and any applicable tax forms, the Administrative Agent shall (i) accept
such Assignment and Acceptance and (ii) promptly record the information contained therein in the Register. No assignment shall
be effective unless it has been recorded in the Register as provided in this paragraph (e).

 

(f)          Each
Lender may without the consent of the Borrower or the Administrative Agent sell participations to one or more banks or other Persons
(other than a natural Person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural Person) in all or a portion of its rights and obligations under this Agreement (including all or a portion of the
Loans owing to it); provided, however, 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, (iii) the participating banks or other Persons shall be entitled to the benefit and subject to the obligations
of the cost protection provisions contained in Sections 2.14, 2.16 and 2.20 to the same extent as if
they were Lenders (but, with respect to any particular participant, to no greater extent than the Lender that sold the participation
to such participant, and, in each case, subject to the requirements and limitations therein, including the requirements under Section
2.20(e) (it being understood that the documentation required under Section 2.20(e) shall be delivered to the participating
Lender)) and (iv) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the sole
right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment, modification or waiver of
any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees payable to such participating
bank or Person hereunder or the amount of principal of or the rate at which interest is payable on the Loans in which such participating
bank or Person has an interest, extending any scheduled principal payment date or date fixed for the payment of interest on the
Loans in which such participating bank or Person has an interest, or releasing all or substantially all of the value of the Guarantees
or all or substantially all of the Collateral (other than in connection with a transaction permitted by Section 6.05 or
as provided in the Intercreditor Agreement)). In the event that any Lender sells a participation pursuant to this Section 9.04(f),
such Lender shall maintain with respect to such participation, acting solely for this purpose as a non-fiduciary agent of the Borrower,
a register comparable to the Register (the “Participant Register”). Interests in the rights and/or obligations
of a Lender under this Agreement may be participated in whole or in part only by registration of such participation on such Participant
Register. If requested by the Administrative Agent or the Borrower, such Lender shall make the Participant Register available to
the Administrative Agent or the Borrower upon either (i) the exercise by a participant of remedies hereunder or (ii) a request
for the Register by the Internal Revenue Service.

 

(g)          Any
Lender or participant may, in connection with any assignment or participation or proposed assignment or participation pursuant
to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating
to the Borrower and the Subsidiaries or the Funds and Fund-Related Entities furnished to such Lender by or on behalf of the Borrower;
provided that, prior to any such disclosure of information, each such assignee or participant or proposed assignee
or participant shall execute an agreement whereby such assignee or participant shall agree (subject to customary exceptions) to
preserve the confidentiality of such confidential information on terms no less restrictive than those applicable to the Lenders
pursuant to Section 9.16.

 

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(h)          Any
Lender may at any time assign all or any portion of its rights under this Agreement to secure extensions of credit to such Lender
or in support of obligations owed by such Lender; provided that no such assignment shall release a Lender from any
of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.

 

(i)          The
Borrower shall not assign or delegate any of its rights or duties hereunder without the prior written consent of the Administrative
Agent and each Lender, and any attempted assignment without such consent shall be null and void.

 

(j)          Notwithstanding
anything to the contrary contained in this agreement, any Lender may exchange, continue or roll over all or a portion of its Loans
in connection with any refinancing, extension, loan modification or other similar transaction permitted by the terms of the Agreement,
pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.

 

Section
9.05.         Expenses; Indemnity. (a) The Borrower agrees to
pay (i) all reasonable out-of-pocket expenses (including the reasonable fees, charges and disbursements of Skadden, Arps, Slate,
Meagher & Flom LLP, counsel for the Administrative Agent, the Collateral Agent and the Lead Arranger) incurred by the Administrative
Agent, the Collateral Agent or the Lead Arranger, in connection with the syndication of the Credit Facilities and the preparation,
negotiation and administration of this Agreement and the other Loan Documents or in connection with any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated)
and (ii) except as set forth in Section 5.07(a), all out-of-pocket expenses incurred by the Administrative Agent, the Collateral
Agent, the Lead Arranger or the Lenders (including but not limited to the reasonable fees, charges and disbursements of counsel
for the Administrative Agent, the Collateral Agent, the Lead Arranger or the Lenders, expenses of due diligence investigation,
consultants’ and other professionals’ fees, syndication expenses, and travel expenses (provided that reimbursement
for fees, charges and disbursements of additional counsel of the Lenders will be limited to one additional counsel (and one additional
counsel per specialty area and one local counsel per applicable jurisdiction), plus additional counsel in the event of an actual
or potential conflict of interest among such parties)) in connection with the enforcement or protection of its rights in connection
with this Agreement and the other Loan Documents or in connection with the Loans made hereunder.

 

(b)          The
Borrower agrees to indemnify the Administrative Agent, the Collateral Agent, the Lead Arranger, each Lender and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable and
documented counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of (i) the preparation, execution or delivery of this Agreement or any other Loan Document or any agreement
or instrument contemplated thereby (including any amendments, modifications and waivers thereto), the performance by the parties
thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated
thereby (including the syndication of the Credit Facilities), (ii) the use of the proceeds of the Loans, (iii) any claim,
litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto (and
regardless of whether such matter is initiated by a third party or by the Borrower, any Subsidiary, any Fund or any of their respective
Affiliates), or (iv) any actual or alleged presence or Release of Hazardous Materials on any property currently or formerly owned
or operated by the Borrower or any of the Subsidiaries, or any Environmental Liability related in any way to the Borrower or the
Subsidiaries; provided that the foregoing indemnity shall not, as to any Indemnitee, apply to (x) losses, claims,
damages, liabilities or related expenses to the extent determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee, and (y) any claim disputed
solely among the Indemnitees other than losses, claims, damages, liabilities or related expenses arising out of any act or omission
on the part of the Borrower or any of its Subsidiaries and other than losses, claims, damages, liabilities or related expenses
involving an Indemnitee in its capacity or in fulfilling its role as an agent, arranger or any similar role with respect to the
Credit Facilities or any of the Transactions.

 

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(c)          To
the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent
or the Lead Arranger under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative
Agent, the Collateral Agent or the Lead Arranger, as the case may be, such Lender’s pro rata share (determined as
of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent, the Collateral Agent or the Lead Arranger. For purposes hereof, a Lender’s
“pro rata share” shall be determined based upon its share of the sum of the outstanding Loans.

 

(d)          To
the extent permitted by applicable law, the Borrower shall not assert, and 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)          The
provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the
term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration
of the Commitments (if any), the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document,
or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, the Lead Arranger or any Lender. All
amounts due under this Section 9.05 shall be payable on written demand therefor.

 

(f)          To
the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent
to any applicable withholding tax. If the Internal Revenue Service or any other Governmental Authority asserts a claim that the
Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender because the appropriate
form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change
in circumstance which rendered the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender
shall indemnify the Administrative Agent fully within ten (10) days after demand therefor for all amounts paid, directly or indirectly,
by the Administrative Agent as tax or otherwise, including any penalties or interest and together with all expenses (including
legal expenses, allocated internal costs and out-of-pocket expenses) incurred. In addition, each Lender shall indemnify the Administrative
Agent within ten (10) days after demand therefor for the full amount of any (i) Taxes attributable to such Lender’s failure
to comply with the provisions of Section 9.04(f) relating to the maintenance of a Participant Register, and (ii) Excluded
Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent, including any penalties
or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) arising
therefrom or with respect thereto, whether or not such 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 any Lender by the Administrative Agent shall
be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender under any Loan Document against any amount due to the Administrative Agent under this paragraph.
The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent any assignment of
rights by, or the replacement of, a Lender, the termination of the Revolving Commitments and the repayment, satisfaction or discharge
of all other Obligations.

 

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Section
9.06.         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, except to the extent prohibited
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 the Borrower against any of and all
the obligations of the Borrower now or hereafter existing under this Agreement and other Loan Documents held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Agreement or such other Loan Document and although such obligations
may be unmatured. The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have.

 

Section
9.07.         Applicable Law. THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS (AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

 

Section
9.08.         Waivers; Amendment. (a) No failure or delay of
the Administrative Agent, the Collateral Agent or any Lender in exercising any power or right hereunder or under any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Lead Arranger and the
Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower
or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or
other circumstances.

 

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(b)          Subject
to the terms of the Intercreditor Agreement, 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 Borrower and the Required Lenders; provided,
however, that no such agreement shall (i) decrease the principal amount of, or extend the maturity of or any
scheduled principal payment date or date for the payment of any interest on or any fees (including any prepayment fee or premium
(including, for the avoidance of doubt, the fees set forth in Section 2.12(a)) payable with respect to any Loan, or waive
or excuse any such payment or any part thereof, or decrease the rate of interest on or any fees (including any prepayment fee or
premium (including, for the avoidance of doubt, the fees set forth in Section 2.12(a)) payable with respect to any Loan,
without the prior written consent of each Lender directly adversely affected thereby, (ii) increase or extend the Commitment
(if any) or decrease or extend the date for payment of any fees (including any prepayment fee or premium (including, for the avoidance
of doubt, the fees set forth in Section 2.12(a)) of any Lender without the prior written consent of such Lender, (iii)
amend or modify the pro rata requirements of Section 2.17, the provisions of Section 9.04(i) or the provisions
of this Section or release all or substantially all of the value of the Guarantees, any Cooperation Guaranty or all or substantially
all of the Collateral without the prior written consent of each Lender (other than in connection with a transaction permitted by
Section 6.05 or as provided in the Intercreditor Agreement), (iv) change the provisions of any Loan Document in a manner
that by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of one Class differently from
the rights of Lenders holding Loans of any other Class without the prior written consent of Lenders holding a majority in interest
of the outstanding Loans and Commitments (if any) of each adversely affected Class, (v) reduce the percentage contained in the
definition of the term “Required Lenders” without the prior written consent of each Lender (it being understood that
with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination
of the Required Lenders on substantially the same basis as the Term Loan Commitments on the date hereof), (vi) impose any additional
restriction on any Lender’s ability to assign any of its rights or obligations without the prior written consent of such
Lender or (vii) subordinate (x) payment of any of the Obligations to any other Indebtedness
(except as provided in the Intercreditor Agreement with respect to the Revolver Obligations (as defined in the Intercreditor Agreement)),
or (y) the Lien created under the Loan Documents in respect of the Obligations to any Lien in respect of any other Indebtedness,
in the case of each of subclauses (vii)(x) and (vii)(y), without the prior written consent of each Lender; provided,
further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or the Collateral Agent hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent or the Collateral Agent.

 

(c)          Notwithstanding
anything in clause (b) or otherwise herein to the contrary, (i) any amendment or modification that would extend the final
maturity date of the Loans of any Lender, in each case, with such Lender’s prior written consent, and increase the rate of
interest and fees payable on the Loans of such Lender shall not require the prior written consent of each Lender, so long as such
extension is offered to all Lenders holding such Loans on a pro rata basis based on the aggregate principal amount of such
Loans then outstanding pursuant to procedures approved by the Administrative Agent and (ii) the payment in full of any Loans on
the applicable final maturity date of such Loans and the payment of interest and fees made on account of the Commitments and/or
Loans of any Lender as required under this Agreement after giving effect to an amendment or other modification described in the
preceding clause (i), shall not be deemed to violate Section 2.17 or be an event that would require the purchase
of participations pursuant to Section 2.18; provided that, except as expressly set forth in the preceding clause
(i), no such amendment or modification shall alter the pro rata requirements of Section 2.17.

 

(d)          The
Administrative Agent and the Borrower may amend any Loan Document (i) to correct administrative errors or omissions, or to effect
administrative changes that are not adverse to any Lender and (ii) to effect any Conforming Amendment (as defined in the Intercreditor
Agreement) in respect of a Subject Revolving Loan Amendment. Notwithstanding anything to the contrary contained herein, such amendment
shall become effective without any further consent of any other party to such Loan Document.

 

Section
9.09.         Interest Rate Limitation. Notwithstanding anything
herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts
which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed
the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
the interest and Charges that would have been payable in respect of such Loan or participation but were not payable as a result
of the operation of this Section 9.09 shall be cumulated and the interest and Charges payable to such Lender in respect
of other Loans or participations or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount,
together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

    	82

    	 

    

 

Section
9.10.         Entire Agreement. This Agreement, the Engagement
Letter and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof. Any
other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other
Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any
Person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Lead Arranger
and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.

 

Section
9.11.         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 RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. 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 AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 9.11.

 

Section
9.12.         Severability. In the event any one or more of the
provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in
and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

Section
9.13.         Counterparts. 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, and shall become effective as provided in Section 9.03. Delivery
of an executed signature page to this Agreement by facsimile transmission or other electronic image transmission (e.g., “PDF”
or “TIF” via electronic mail) shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section
9.14.         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 are not to affect the construction
of, or to be taken into consideration in interpreting, this Agreement.

 

    	83

    	 

    

 

Section
9.15.         Jurisdiction; Consent to Service of Process. (a)
The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough
of Manhattan in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement or the other Loan 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 or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Collateral
Agent, the Lead Arranger or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other
Loan Documents against the Borrower or its properties in the courts of any jurisdiction.

 

(b)          The
Borrower 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 or the other Loan Documents in any New York State or Federal court. 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.

 

(c)          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.

 

    	84

    	 

    

 

Section
9.16.         Confidentiality. Each of the Administrative Agent,
the Collateral Agent, the Lead Arranger and the Lenders agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and its and their respective
officers, directors, employees and agents, including accountants, legal counsel, other advisors and administration, settlement
and other similar service providers in connection with the administration and management of this Agreement and the other Loan Documents
(including to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Loans) and to other Persons authorized by the Administrative Agent, Collateral Agent, Lead Arranger and Lenders
to organize, present or disseminate such Information in connection with disclosures otherwise made in accordance with this Section
9.16 (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
or quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies
hereunder or under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder
or thereunder, (e) subject to an agreement containing provisions substantially the same as, or no less restrictive than, those
of this Section 9.16, (i) to any actual or prospective assignee of or participant in any of its rights or obligations under
this Agreement and the other Loan Documents or (ii) to any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction relating to the Borrower or any Subsidiary or any of their respective obligations, (f) to any rating
agency when required by it; provided that, prior to any disclosure, such rating agency shall undertake in writing to preserve
the confidentiality of the Information relating to the Loan Parties received by it from any Agent or any Lender, (g) with the consent
of the Borrower or (h) to the extent such Information is or becomes publicly available other than as a result of a breach
of this Section 9.16. For the purposes of this Section, “Information” shall mean all non-public
information received from the Borrower and related to the Borrower or its business (including the Funds), other than any such information
that was or becomes available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential basis or was
or is independently developed by the Administrative Agent, the Collateral Agent or such Lender without reliance upon the Information;
provided that, in the case of Information received from the Borrower 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 9.16 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 its own confidential information. In addition, the Administrative Agent may disclose the existence of this Agreement
and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers
to the Agents and Lenders in connection with the administration of this Agreement, the other Loans Documents and the Commitments.

 

Section
9.17.         Lender Action. Each Lender agrees that it shall
not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against any Obligor or any other
obligor under any of the Loan Documents (including the exercise of any right of setoff, rights on account of any banker’s
lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial
procedures, with respect to any Collateral or any other property of any such Obligor, unless expressly provided for herein or in
any other Loan Document, without the prior written consent of the Administrative Agent. The provisions of this Section 9.17
are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Obligor.

 

Section
9.18.         USA PATRIOT Act Notice. Each Lender and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that, pursuant to the requirements of the USA PATRIOT
Act, it is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information
includes the name and address of the Borrower and Guarantors and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower in accordance with the USA PATRIOT Act.

 

Section
9.19.         Intercreditor Agreement. Notwithstanding anything
to the contrary contained herein, the Agents and each Lender hereby acknowledge that the Liens and security interests securing
the Obligations, the exercise of any right or remedy with respect thereto, and certain rights of the parties hereto are subject
to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement,
on the one hand, and this Agreement and the Security Documents, on the other hand, the terms of the Intercreditor Agreement shall
govern and control.

 

[The remainder of this page is
intentionally blank.]

 

    	85

    	 

    

 

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

 

	 	MEDLEY LLC,

as Borrower
	 	 	 
	 	By:	/s/ Richard Allorto
	 	 	Name: Richard Allorto
	 	 	Title:   Chief Financial Officer

 

    	S-1

    	 

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually and as Administrative Agent and Collateral Agent,
	 	 	 
	 	by	 
	 	 	 
	 	 	  /s/ John D. Toronto
	 	 	Name: John D. Toronto
	 	 	Title:   Authorized Signatory
	 	 	 
	 	By	 
	 	 	 
	 	 	  /s/ Whitney Gaston
	 	 	Name:  Whitney Gaston
	 	 	Title:    Authorized Signatory

 

    	S-2EX-10.1

 Exhibit 10.1 

Execution Copy 

AMENDMENT No. 4, dated as of August 13, 2014 (this “Amendment”), to the Credit Agreement dated as of
February 24, 2011 as amended by that certain Amendment No. 1 dated as of May 16, 2012 as further amended by that certain Amendment No. 2 dated as of February 15, 2013 and as further amended by that certain Amendment
No. 3 dated as of May 17, 2013, among BURLINGTON COAT FACTORY WAREHOUSE CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time party to the
Credit Agreement (the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”) and Collateral Agent and the other parties thereto (as amended, restated, modified and supplemented
from time to time prior to the effectiveness of the Amendment, the “Credit Agreement”), by and among the Borrower, the Facility Guarantors party hereto, each Lender party hereto and the Administrative Agent, as Administrative Agent
and as Additional Term B-3 Lender (as defined in Exhibit A). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

WHEREAS, the Borrower desires to amend the Credit Agreement on the terms set forth herein; 

WHEREAS, Section 9.02 of the Credit Agreement provides that the relevant Loan Parties and the Required Lenders may amend the Credit
Agreement and the other Loan Documents for certain purposes including to permit additional extensions of credit to be included in the Credit Agreement; 

WHEREAS, (i) each Amendment No. 4 Consenting Lender (as defined in Exhibit A) has agreed, on the terms and conditions set
forth herein, to consent to the amendments to the Credit Agreement as provided in Section 1 below, (ii) each Amendment No. 4 Consenting Lender who has indicated on their signature page that they wish to convert its Term B-2
Loans into Term B-3 Loans on the Amendment No. 4 Effective Date will have up to all of its outstanding Term B-2 Loans (as defined in Exhibit A), converted into a like principal amount of Term B-3 Loans (as defined in Exhibit A)
effective as of the Amendment No. 4 Effective Date (as defined below) and (iii) the Additional Term B-3 Lender has agreed to make a Term B-3 Loan pursuant to the Additional Term B-3 Commitment (as defined in Exhibit A) in a
principal amount equal to $1,200,000,000 minus the principal amount of Term B-3 Loans resulting from converted Term B-2 Loans (as defined in Exhibit A), the proceeds of which shall be applied to repay in full such Non-Converted Term B-2 Loans
and to affect the other Amendment Transactions (as defined in Exhibit A) ; 
 NOW, THEREFORE, in consideration of the premises
contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Amendment. The Credit Agreement is, effective as of the Amendment No. 4 Effective Date, hereby amended to
delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto (the “Amended Credit Agreement”). 

 Section 2. Representations and Warranties, No Default. The Borrower
hereby represents and warrants that as of the Amendment No. 4 Effective Date, after giving effect to the amendments set forth in this Amendment, (i) no Default or Event of Default exists and is continuing and (ii) all representations
and warranties contained in the Amended Credit Agreement are true and correct in all material respects on and as of the date hereof, as though made on and as of the date hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date.  

Section 3. Effectiveness. Section 1 of this Amendment shall become effective on the date (such date, if any,
the “Amendment No. 4 Effective Date”) that the following conditions have been satisfied or waived:  

(i) Consents. The Administrative Agent shall have received executed signature pages hereto from Lenders constituting the
Required Lenders, the Additional Term B-3 Lender and each Loan Party; 
 (ii) Fees. The Administrative Agent shall
have received (x) all fees required to be paid, and all expenses required to be paid or reimbursed under the Engagement Letter dated as of July 14, 2014, between the Borrower and the Arrangers (as defined on Exhibit A) for which
invoices have been presented at least three (3) Business Days prior to the Amendment No. 4 Effective Date, in each case on or before the Amendment No. 4 Effective Date; and (y) for the account of each Lender with a Converted Term
B-2 Loan and/or an Additional Term B-3 Commitment, a fee equal to 0.50% of the aggregate principal amount of such Lender’s Converted Term B-2 Loans and Additional Term B-3 Commitment outstanding immediately prior to the Amendment No. 4
Effective Date; 
 (iii) Legal Opinions. The Agents and the Arrangers shall have received a customary written opinion
of Kirkland & Ellis LLP, special counsel for the Loan Parties. The Loan Parties hereby request such counsel to deliver such opinions. 

(iv) Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of
the Borrower dated the Amendment No. 4 Effective Date certifying as to the satisfaction (or waiver) of the conditions set forth in Section 2. 

(v) Flood Determinations. The Agents shall have received a completed “Life-of-Loan” Federal Emergency
Management Agency Standard Flood Hazard Determination with respect to the Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and the applicable Loan Party
relating thereto) and, if any such Mortgaged Property is located in a special flood hazard area, evidence of flood insurance to the extent required pursuant to the Credit Agreement. 

  
 -2- 

 (vi) Amendment to ABL Facility. The Borrower shall have obtained an
amendment to the ABL Facility to, among other things, permit the incurrence of the full amount of the Term B-3 Loans. 

Section 4. Post-Closing Agreements. The Company shall comply with the post-closing covenants set forth on
Schedule I. 
 Section 5. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a
signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

Section 6. Applicable Law.  

(a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES
FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND BY EXECUTION AND DELIVERY OF THIS AMENDMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF
THOSE COURTS. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AMENDMENT OR ANY OTHER DOCUMENT RELATED HERETO. EACH PARTY HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK
LAW. 
 Section 7. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or
otherwise affect the meaning hereof. 

  
 -3- 

 Section 8. Effect of Amendment. Except as expressly set forth herein,
(i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or any other Agent, in each case under the Credit Agreement or
any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any
other Loan Document. Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement as amended hereby, or any other Loan Document as amended hereby, is hereby ratified and re-affirmed in all respects and shall
continue in full force and effect. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 4 Effective Date, all references to the Credit Agreement in any Loan Document and all
references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as
amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement
as amended hereby. 
 Section 9. Reaffirmation. Each of the Loan Parties hereby consents to the amendment of the Credit
Agreement described in Section 1 of this Amendment and hereby confirms its respective guarantees, pledges, grants of security interests, subordinations and other obligations, as applicable, under and subject to the terms of each of the Loan
Documents to which it is party, and confirms, agrees and acknowledges that, notwithstanding the consummation of this Amendment, such guarantees, pledges, grants of security interests, subordinations and other obligations, and the terms of each of
the Loan Documents to which it is a party, except as expressly modified by this Amendment, are not affected or impaired in any manner whatsoever and shall continue to be in full force and effect and shall also guarantee and secure all obligations as
amended and reaffirmed pursuant to the Credit Agreement and this Amendment. Each of the Loan Parties confirms, acknowledges and agrees that the Lenders and the Additional Term B-3 Lender providing Term B-3 Loans pursuant to the Joinder
Agreement are “Lenders” and “Secured Parties” for all purposes under the Loan Documents. For the avoidance of doubt, each Loan Party hereby restates the provisions of Section 2.01 of the Security Agreement and
Section 2 of the Pledge Agreement and agrees that all references in the Security Agreement and the Pledge Agreement to the “Secured Obligations” shall include the Term B-3 Loans. 

Section 10. WAIVER OF RIGHT TO TRIAL BY JURY. 

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 AMENDMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY); AND WAIVES DUE DILIGENCE, DEMAND, PRESENTMENT AND PROTEST AND ANY NOTICES THEREOF AS WELL AS NOTICE OF NONPAYMENT.
EACH PARTY HERETO (A) CERTIFIES THAT NO 

  
 -4- 

 
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 WAIVERS,
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 11. Loss of FATCA Grandfathering; Fungibility. The parties hereto intend to treat (a) this amendment as
a significant modification of the Term B-2 Loans for U.S. federal income tax purposes and, accordingly, none of the Term B-3 Loans as “grandfathered obligations” for purposes of FATCA and (b) all of the Term B-3 Loans (including the
Additional Term B-3 Loans) as fungible for U.S. federal income tax purposes. 
 [Remainder of page left intentionally blank] 

  
 -5- 

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

							
		  	BURLINGTON COAT FACTORY WAREHOUSE CORPORATION,
		  	as Borrower
			
		  	By:	  	
                 /s/ Robert LaPenta,
Jr.

		  		  	Name:	  	Robert LaPenta, Jr.
		  		  	Title:	  	Vice President and Treasurer
		
		  	 BURLINGTON COAT FACTORY HOLDINGS, LLC,

as a Facility Guarantor

			
		  	By:	  	
                /s/ Robert LaPenta,
Jr.

		  		  	Name:	  	Robert LaPenta, Jr.
		  		  	Title:	  	Vice President and Treasurer
		
		  	 BURLINGTON COAT FACTORY INVESTMENT HOLDINGS, INC.,

as a Facility Guarantor

			
		  	By:	  	
                 /s/ Robert LaPenta,
Jr.

		  		  	Name:	  	Robert LaPenta, Jr.
		  		  	Title:	  	Vice President and Treasurer
		
		  	 EACH OF THE SUBSIDIARIES LISTED ON ANNEX A HERETO,

as Facility Guarantors

			
		  	By:	  	
                 /s/ Robert LaPenta,
Jr.

		  		  	Name:	  	Robert LaPenta, Jr.
		  		  	Title:	  	Vice President and Treasurer

  
 [Signature Page to
Burlington Coat Factory Amendment No. 4] 

							
		
		  	JPMORGAN CHASE BANK, N.A.,
		  	 as Administrative Agent and the Additional

Term B-3 Lender

			
		  	By:	  	
                 /s/ Jennifer
Heard

		  		  	Name:	  	Jennifer Heard
		  		  	Title:	  	Authorized Officer

  
 [Signature Page to
Burlington Coat Factory Amendment No. 4] 

 The undersigned Term B-2 Lender hereby consents to this Amendment and to its Term B-2 Loans being converted to
Term B-3 Loans on the Amendment No. 4 Effective Date: 
  

			
	                                    
                                         
                         ,
	(Name of Institution)
		
	By:	 	  

		 	Name:
		 	Title:
	
	[If a second signature is necessary:
		
	By:	 	  

		 	Name:
		 	Title:]

  
 [Signature Page to
Burlington Coat Factory Amendment No. 4] 

 The undersigned Term B-2 Lender hereby consents to this Amendment but will not convert its Term B-2 Loans into
Term B-3 Loans on the Amendment No. 4 Effective Date: 
  

			
	                                    
                                         
                         ,
	(Name of Institution)
		
	By:	 	  

		 	Name:
		 	Title:
	
	[If a second signature is necessary:
		
	By:	 	  

		 	Name:
		 	Title:]

  
 [Signature Page to
Burlington Coat Factory Amendment No. 4] 

 Schedule I 

1. With respect to each existing Mortgage encumbering Mortgaged Property, the Collateral Agent shall have received the following within sixty (60) days
after the Amendment No. 4 Effective Date, unless extended by the Administrative Agent in its sole discretion: 
  

	 	•	 	either: 

 (A) email correspondence provided to the Collateral Agent in form and
substance reasonably satisfactory to the Collateral Agent, from local counsel in the jurisdiction in which the Mortgaged Property is located substantially to the effect that: 

(1) the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien
created by such Mortgage as security for the Obligations (as defined in the Mortgage), including the Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for
the benefit of the Secured Parties; and
 (2) no other documents, instruments, filings, recordings, re-recordings, re-filings or other
actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the Lien created by
such Mortgage as security for the Obligations, including the Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties; or

 (B) such other documentation with respect to the Mortgaged Property, in each case in form and substance reasonably
acceptable to the Collateral Agent, as shall confirm the enforceability, validity and perfection of the lien in favor of the Secured Parties, including, if determined to be necessary or advisable by the Collateral Agent: 

(1) an amendment to the existing Mortgage (the “Mortgage Amendment”) duly executed and acknowledged by the applicable Loan
Party, and in form for recording in the recording office where such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof under
applicable law, in each case in form and substance reasonably satisfactory to the Collateral Agent and otherwise approved by the applicable local counsel for filing in the appropriate jurisdiction; 

 (2) to the extent any Mortgage Amendment is required pursuant to clause (B)(1) above, a date
down endorsement to the existing title insurance policy (if such endorsement is available in the jurisdiction, and if such endorsement is not available, a title search and modification endorsement in lieu thereof, if available), which shall be in
form and substance reasonably satisfactory to the Collateral Agent and reasonably assures the Collateral Agent as of the date of such endorsement that the Mortgaged Property subject to the Lien of such Mortgage is free and clear of all defects and
encumbrances except those Liens permitted under such Mortgage; and 
 (3) such affidavits, certificates, information and instruments of
indemnification as shall be required to induce the title insurance company to issue the endorsement to the title insurance policy contemplated in this Schedule I and evidence of payment of all applicable title insurance premiums, search and
examination charges, mortgage recording taxes and related charges, costs and expenses required for the recording of the Mortgage Amendment referred to above and required for the issuance of the endorsement to the Title Policy contemplated in this
Schedule I. 

 Schedule II 

None. 

 ANNEX A 

Facility Guarantors 
 Burlington Coat
Factory of Alabama, LLC 
 Burlington Coat Factory Warehouse of Anchorage, Inc. 

Burlington Coat Factory of Arizona, LLC 
 Burlington Coat Factory
of Arkansas, LLC 
 Baby Depot of California, LLC 
 Burlington
Coat Factory of California, LLC 
 Burlington Coat Factory of San Bernardino, LLC 

MJM Designer Shoes of California, LLC 
 Burlington Coat Factory of
Colorado, LLC 
 Burlington Coat Factory of Connecticut, LLC 

Cohoes Fashions of Connecticut, LLC 
 Burlington Coat Factory of
Delaware, LLC 
 Burlington Coat Factory of Texas, L.P. 
 MJM
Designer Shoes of Delaware, LLC 
 Burlington Coat Factory of Florida, LLC 

MJM Designer Shoes of Florida, LLC 
 Burlington Coat Factory of
Georgia, LLC 
 Burlington Coat Factory Warehouse of Atlanta, Inc. 

Burlington Coat Factory of Hawaii, LLC 
 Burlington Coat Factory
of Idaho, LLC 
 Burlington Coat Factory of Illinois, LLC 

Burlington Coat Factory Warehouse of East St. Louis, Inc. 

Burlington Coat Factory of Indiana, LLC 
 Burlington Coat Factory
of Iowa, LLC 
 Burlington Coat Factory of Kansas, LLC 

Burlington Coat Factory of Kentucky, Inc. 
 Burlington Coat
Factory of Louisiana, LLC 
 Burlington Coat Factory of Maine, LLC 

Burlington Coat Factory of Maryland, LLC 
 Burlington Coat Factory
of Massachusetts, LLC 
 Cohoes Fashions of Massachusetts, LLC 

Burlington Coat Factory of Michigan, LLC 
 Burlington Coat Factory
Warehouse of Detroit, Inc. 
 Burlington Coat Factory Warehouse of Redford, Inc. 

Burlington Coat Factory Warehouse of Grand Rapids, Inc. 

Burlington Coat Factory of Minnesota, LLC 
 Burlington Coat
Factory of Mississippi, LLC 
 Burlington Coat Factory of Missouri, LLC 

Burlington Coat Factory of Montana, LLC 
 Burlington Coat Factory
of Nebraska, LLC 
 Burlington Coat Factory of Nevada, LLC 

Burlington Coat Factory of New Hampshire, LLC 
 Burlington Coat
Factory Direct Corporation 
 Burlington Coat Factory of New Jersey, LLC 

Burlington Coat Factory Warehouse of Edgewater Park, Inc. 

Burlington Coat Factory Warehouse of New Jersey, Inc. 

 Cohoes Fashions of New Jersey, LLC 

MJM Designer Shoes of Moorestown, Inc. 
 MJM Designer Shoes of New
Jersey, LLC 
 Super Baby Depot of Moorestown, Inc. 
 Burlington
Coat Factory of New Mexico, LLC 
 Burlington Coat Factory of New York, LLC 

Georgetown Fashions Inc. 
 Monroe G. Milstein, Inc. 

Cohoes Fashions of New York, LLC 
 MJM Designer Shoes of New York,
LLC 
 Burlington Coat Factory of North Carolina, LLC 

Burlington Coat Factory of North Dakota, LLC 
 Burlington Coat
Factory of Ohio, LLC 
 Burlington Coat Factory Warehouse of Cleveland, Inc. 

Burlington Coat Factory of Oklahoma, LLC 
 Burlington Coat Factory
of Oregon, LLC 
 Burlington Coat Factory Warehouse of Bristol, LLC 

Burlington Coat Factory of Pennsylvania, LLC 
 Burlington Coat
Factory Warehouse of Montgomeryville, Inc. 
 Burlington Coat Factory Warehouse of Cheltenham, Inc. 

Burlington Coat Factory Warehouse of Langhorne, Inc. 
 Burlington
Factory Warehouse of Reading, Inc. 
 Burlington Coat Factory Warehouse Inc. 

MJM Designer Shoes of Pennsylvania, LLC 
 Burlington Coat Factory
of Puerto Rico, LLC 
 Burlington Coat Factory of Rhode Island, LLC 

Cohoes Fashions of Cranston, Inc. 
 Burlington Coat Factory of
South Carolina, LLC 
 Burlington Coat Factory Warehouse of Charleston, Inc. 

Burlington Coat Factory of South Dakota, LLC 
 Burlington Coat
Factory Warehouse of Memphis, Inc. 
 Burlington Coat Factory Warehouse of Shelby, Inc. 

Burlington Coat Factory Warehouse of Hickory Commons, Inc. 

Burlington Coat Factory Warehouse of Baytown, Inc. 
 MJM Designer
Shoes of Texas, Inc. 
 Burlington Coat Factory of Utah, LLC 

Burlington Coat Factory of Vermont, LLC 
 Burlington Coat Factory
of Virginia, LLC 
 Burlington Coat Factory of Pocono Crossing, LLC 

BCF Cards, Inc. 
 Burlington Coat Factory Warehouse of Coliseum,
Inc. 
 Burlington Coat Factory of Washington, LLC 
 Burlington
Coat Factory of West Virginia, LLC 
 Burlington Coat Factory of Wisconsin, LLC 

Burlington Coat Factory Realty of Huntsville, LLC 
 Burlington
Coat Factory Realty of Mesa, Inc. 
 Burlington Coat Factory Realty of Desert Sky, Inc. 

Burlington Coat Factory Realty of Dublin, Inc. 
 Burlington Coat
Factory Realty of Florin, Inc. 
 Burlington Coat Factory Realty of Ventura, Inc. 

Burlington Coat Realty of East Windsor, Inc. 

 Burlington Coat Factory of Texas, Inc. 

C.F.I.C. Corporation 
 Burlington Coat Factory Realty Corp. 

Burlington Coat Factory Realty of University Square, Inc. 

Burlington Coat Factory Realty of Coral Springs, Inc. 
 Burlington
Coat Factory Realty of West Colonial, Inc. 
 Burlington Coat Factory Realty of Orlando, Inc. 

Burlington Coat Factory Realty of Sarasota, Inc. 
 K&T
Acquisition Corp. 
 Bee Ridge Plaza, LLC 
 Burlington Coat
Factory Realty of Morrow, Inc. 
 Burlington Coat Realty of Gurnee, Inc. 

Burlington Coat Factory Realty of Bloomingdale, Inc. 
 Burlington
Coat Factory Realty of River Oaks, Inc. 
 Burlington Coat Factory Realty of Greenwood, Inc. 

Burlington Coat Factory Realty of North Attleboro, Inc. 

Burlington Coat Factory Realty of Des Peres, Inc. 
 Burlington
Coat Realty of Las Vegas, Inc. 
 Burlington Coat Factory Realty of Edgewater Park, Inc. 

Burlington Coat Factory Realty of Paramus, Inc. 
 Burlington Coat
Factory Realty of Pinebrook, Inc. 
 Burlington Coat Factory Warehouse of Edgewater Park Urban Renewal Corp. 

Burlington Coat Factory Realty of Yonkers, Inc. 
 LC Acquisition
Corp. 
 Burlington Coat Factory Realty of Tulsa, Inc. 

Burlington Coat Factory Realty of West Mifflin, Inc. 
 Burlington
Coat Factory Realty of Langhorne, Inc. 
 Burlington Coat Factory Realty of Whitehall, Inc. 

Burlington Coat Factory Realty of Memphis, Inc. 
 Burlington Coat
Realty of Plano, Inc. 
 Burlington Coat Realty of Houston, Inc. 

Burlington Coat Factory Realty of Westmoreland, Inc. 
 Burlington
Coat Factory Realty of Bellaire, Inc. 
 Burlington Coat Factory Realty of El Paso, Inc. 

Burlington Coat Realty of Potomac, Inc. 
 Burlington Coat Factory
Realty of Fairfax, Inc. 
 Burlington Coat Factory Realty of Coliseum, Inc. 

Burlington Coat Factory Realty of Franklin, Inc. 
 Scottchris, LLC

 BCF Florence Urban Renewal, L.L.C. 
 Burlington Shell 1, Inc.

 Exhibit A 

CREDIT AGREEMENT 
 dated as of
February 24, 2011 
 and as Amended by Amendment No. 1 on May 16, 2012 

and as further Amended by Amendment No. 2 on February 15, 2013 

and as further Amended by Amendment No. 3 on May 17, 2013 

and as further Amended by Amendment No. 4 on August 13, 2014 

BURLINGTON COAT FACTORY WAREHOUSE CORPORATION, 

as Borrower 
 THE FACILITY
GUARANTORS NAMED HEREIN 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent and Collateral Agent 

THE LENDERS NAMED HEREIN 
 and

 J.P. MORGAN SECURITIES LLC, 

GOLDMAN SACHS LENDING PARTNERS LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

MORGAN STANLEY SENIOR FUNDING, INC. and 

WELLS FARGO SECURITIES, LLC 
 as
Joint Lead Arrangers and Joint Book Runners 
 for Amendment No. 4 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 SECTION 1.01
	 	Definitions	  	 	1	  
	 SECTION 1.02
	 	Terms Generally	  	 	39	  
	 SECTION 1.03
	 	Accounting Terms	  	 	39	  
	 SECTION 1.04
	 	Rounding	  	 	40	  
	 SECTION 1.05
	 	Times of Day	  	 	40	  
	 SECTION 1.06
	 	Certifications	  	 	40	  
	 SECTION 1.07
	 	Compliance with Article VI	  	 	40	  
	 SECTION 1.08
	 	Timing of Payment or Performance	  	 	40	  
	
	ARTICLE II	  
	
	AMOUNT AND TERMS OF CREDIT	  
			
	 SECTION 2.01
	 	Commitment of the Lenders	  	 	41	  
	 SECTION 2.02
	 	[Reserved]	  	 	41	  
	 SECTION 2.03
	 	Procedure for Term Loan Borrowing	  	 	41	  
	 SECTION 2.04
	 	Repayment of Term Loans	  	 	42	  
	 SECTION 2.05
	 	Incremental Term Loans	  	 	42	  
	 SECTION 2.06
	 	Extended Term Loans	  	 	43	  
	 SECTION 2.07
	 	Notes	  	 	44	  
	 SECTION 2.08
	 	Interest on Term Loans	  	 	45	  
	 SECTION 2.09
	 	Conversion and Continuation of Term Loans	  	 	45	  
	 SECTION 2.10
	 	Alternate Rate of Interest for Term Loans	  	 	46	  
	 SECTION 2.11
	 	Change in Legality	  	 	46	  
	 SECTION 2.12
	 	Default Interest	  	 	46	  
	 SECTION 2.13
	 	[Reserved]	  	 	46	  
	 SECTION 2.14
	 	Increased Costs	  	 	47	  
	 SECTION 2.15
	 	[Reserved]	  	 	47	  
	 SECTION 2.16
	 	Optional Prepayment of Term Loans; Reimbursement of Lenders	  	 	48	  
	 SECTION 2.17
	 	Mandatory Prepayment	  	 	50	  
	 SECTION 2.18
	 	[Reserved]	  	 	52	  
	 SECTION 2.19
	 	Fees	  	 	52	  
	 SECTION 2.20
	 	Maintenance of Loan Account; Statements of Account	  	 	52	  
	 SECTION 2.21
	 	Payments	  	 	53	  
	 SECTION 2.22
	 	[Reserved]	  	 	53	  
	 SECTION 2.23
	 	Taxes	  	 	53	  
	 SECTION 2.24
	 	Mitigation Obligations; Replacement of Lenders	  	 	56	  
	 SECTION 2.25
	 	Permitted Debt Exchanges	  	 	56	  
	
	ARTICLE III	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	 SECTION 3.01
	 	Organization; Powers	  	 	58	  
	 SECTION 3.02
	 	Authorization; Enforceability	  	 	58	  
	 SECTION 3.03
	 	Governmental and Other Approvals; No Conflicts	  	 	58	  
	 SECTION 3.04
	 	Financial Condition	  	 	58	  
	 SECTION 3.05
	 	Properties	  	 	59	  

  
 -i- 

							
	 	 	 	  	Page	 
	 SECTION 3.06
	 	Litigation and Environmental Matters	  	 	59	  
	 SECTION 3.07
	 	Compliance with Laws and Agreements	  	 	60	  
	 SECTION 3.08
	 	Investment and Holding Company Status	  	 	60	  
	 SECTION 3.09
	 	Taxes	  	 	60	  
	 SECTION 3.10
	 	ERISA	  	 	60	  
	 SECTION 3.11
	 	Disclosure	  	 	60	  
	 SECTION 3.12
	 	Subsidiaries	  	 	61	  
	 SECTION 3.13
	 	Insurance	  	 	61	  
	 SECTION 3.14
	 	Labor Matters	  	 	61	  
	 SECTION 3.15
	 	Security Documents	  	 	61	  
	 SECTION 3.16
	 	Federal Reserve Regulations	  	 	62	  
	 SECTION 3.17
	 	Solvency	  	 	62	  
	 SECTION 3.18
	 	Anti-Corruption Laws and Sanctions	  	 	62	  
	
	ARTICLE IV	  
	
	[RESERVED]	  
	
	ARTICLE V	  
	
	AFFIRMATIVE COVENANTS	  
			
	 SECTION 5.01
	 	Financial Statements and Other Information	  	 	62	  
	 SECTION 5.02
	 	Notices of Material Events	  	 	64	  
	 SECTION 5.03
	 	Information Regarding Collateral	  	 	64	  
	 SECTION 5.04
	 	Existence; Conduct of Business	  	 	65	  
	 SECTION 5.05
	 	Payment of Obligations	  	 	65	  
	 SECTION 5.06
	 	Maintenance of Properties	  	 	65	  
	 SECTION 5.07
	 	Insurance	  	 	65	  
	 SECTION 5.08
	 	Books and Records; Inspection and Audit Rights; Appraisals; Accountants	  	 	66	  
	 SECTION 5.09
	 	[Reserved]	  	 	66	  
	 SECTION 5.10
	 	Compliance with Laws	  	 	66	  
	 SECTION 5.11
	 	Use of Proceeds	  	 	67	  
	 SECTION 5.12
	 	Additional Restricted Subsidiaries	  	 	67	  
	 SECTION 5.13
	 	Further Assurances	  	 	67	  
	 SECTION 5.14
	 	[Reserved]	  	 	67	  
	 SECTION 5.15
	 	Maintenance of Ratings	  	 	68	  
	 SECTION 5.16
	 	Designation of Subsidiaries	  	 	68	  
	
	ARTICLE VI	  
	
	NEGATIVE COVENANTS	  
			
	 SECTION 6.01
	 	Indebtedness and Other Obligations	  	 	68	  
	 SECTION 6.02
	 	Liens	  	 	69	  
	 SECTION 6.03
	 	Fundamental Changes	  	 	69	  
	 SECTION 6.04
	 	Investments, Guarantees and Acquisitions	  	 	69	  
	 SECTION 6.05
	 	Asset Sales	  	 	69	  
	 SECTION 6.06
	 	Restricted Payments; Certain Payments of Indebtedness	  	 	69	  
	 SECTION 6.07
	 	Transactions with Affiliates	  	 	72	  
	 SECTION 6.08
	 	Restrictive Agreements	  	 	73	  
	 SECTION 6.09
	 	Amendment of Material Documents	  	 	73	  
	 SECTION 6.10
	 	Fiscal Year	  	 	74	  

  
 -ii- 

							
	 	 	 	  	Page	 
	
	ARTICLE VII	  
	
	EVENTS OF DEFAULT	  
	 SECTION 7.01
	 	Events of Default	  	 	74	  
	 SECTION 7.02
	 	Remedies on Default	  	 	76	  
	 SECTION 7.03
	 	Application of Proceeds	  	 	76	  
	
	ARTICLE VIII	  
	
	THE AGENTS	  
			
	 SECTION 8.01
	 	Appointment and Administration by Administrative Agent	  	 	77	  
	 SECTION 8.02
	 	Appointment of Collateral Agent	  	 	77	  
	 SECTION 8.03
	 	Sharing of Excess Payments	  	 	77	  
	 SECTION 8.04
	 	Agreement of Applicable Lenders	  	 	77	  
	 SECTION 8.05
	 	Liability of Agents	  	 	78	  
	 SECTION 8.06
	 	Notice of Default	  	 	78	  
	 SECTION 8.07
	 	Credit Decisions	  	 	79	  
	 SECTION 8.08
	 	Reimbursement and Indemnification	  	 	79	  
	 SECTION 8.09
	 	Rights of Agents	  	 	79	  
	 SECTION 8.10
	 	Notice of Transfer	  	 	79	  
	 SECTION 8.11
	 	Successor Agents	  	 	79	  
	 SECTION 8.12
	 	Relation Among the Lenders	  	 	80	  
	 SECTION 8.13
	 	Reports and Financial Statements	  	 	80	  
	 SECTION 8.14
	 	Agency for Perfection	  	 	80	  
	 SECTION 8.15
	 	Authority to Enter Into Intercreditor Agreements	  	 	80	  
	 SECTION 8.16
	 	Collateral Matters	  	 	81	  
	 SECTION 8.17
	 	Arrangers	  	 	81	  
	 SECTION 8.18
	 	Withholding Taxes	  	 	81	  
	
	ARTICLE IX	  
	
	MISCELLANEOUS	  
			
	 SECTION 9.01
	 	Notices	  	 	82	  
	 SECTION 9.02
	 	Waivers; Amendments	  	 	82	  
	 SECTION 9.03
	 	Expenses; Indemnity; Damage Waiver	  	 	86	  
	 SECTION 9.04
	 	Successors and Assigns	  	 	87	  
	 SECTION 9.05
	 	Survival	  	 	91	  
	 SECTION 9.06
	 	Counterparts; Integration; Effectiveness	  	 	92	  
	 SECTION 9.07
	 	Severability	  	 	92	  
	 SECTION 9.08
	 	Right of Setoff	  	 	92	  
	 SECTION 9.09
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	92	  
	 SECTION 9.10
	 	WAIVER OF JURY TRIAL	  	 	93	  
	 SECTION 9.11
	 	Press Releases and Related Matters	  	 	93	  
	 SECTION 9.12
	 	Headings	  	 	93	  
	 SECTION 9.13
	 	Interest Rate Limitation	  	 	93	  
	 SECTION 9.14
	 	Additional Waivers	  	 	93	  
	 SECTION 9.15
	 	Confidentiality	  	 	95	  
	 SECTION 9.16
	 	Patriot Act	  	 	95	  
	 SECTION 9.17
	 	[Reserved].	  	 	95	  
	 SECTION 9.18
	 	Intercreditor Agreements	  	 	95	  
	 SECTION 9.19
	 	No Advisory or Fiduciary Responsibility	  	 	96	  

  
 -iii- 

 EXHIBITS 
  

			
	Exhibit A:	  	Form of Assignment and Acceptance
	Exhibit B-1:	  	Borrowing Request
	Exhibit B-2:	  	Conversion/Continuation Notice
	Exhibit C:	  	Form of Note
	Exhibit D:	  	Form of Joinder Agreement
	Exhibit E:	  	Form of Compliance Certificate
	Exhibit F:	  	Closing Agenda
	Exhibit G:	  	Pari Passu Lien Intercreditor Agreement
	Exhibit H:	  	Discounted Prepayment Option Notice
	Exhibit I:	  	Lender Participation Notice
	Exhibit J:	  	Discounted Voluntary Prepayment Notice
	Exhibit K:	  	Affiliated Lender Assignment and Acceptance
	Exhibit L-1	  	Form of Tax Status Certificate
	Exhibit L-2	  	Form of Tax Status Certificate
	Exhibit L-3	  	Form of Tax Status Certificate
	Exhibit L-4	  	Form of Tax Status Certificate

 SCHEDULES 
  

			
	Schedule 1.1(a):	  	Lenders and Commitments
	Schedule 1.1(b):	  	Pending Real Estate Dispositions
	Schedule 3.01:	  	Organization Information
	Schedule 3.05(a):	  	Title Exceptions
	Schedule 3.05(b):	  	Intellectual Property
	Schedule 3.05(c)(i):	  	Owned Real Estate
	Schedule 3.05(c)(ii):	  	Leased Real Estate
	Schedule 3.06(a):	  	Disclosed Matters
	Schedule 3.06(b):	  	Environmental Matters
	Schedule 3.06(c):	  	Superfund Sites
	Schedule 3.06(d):	  	Real Estate Liens
	Schedule 3.10:	  	ERISA Matters
	Schedule 3.12:	  	Subsidiaries; Joint Ventures
	Schedule 3.13:	  	Insurance
	Schedule 3.14:	  	Collective Bargaining Agreements
	Schedule 5.14:	  	Post Closing Covenants
	Schedule 6.01:	  	Existing Indebtedness
	Schedule 6.02:	  	Existing Encumbrances
	Schedule 6.04:	  	Existing Investments
	Schedule 6.05:	  	Asset Sales
	Schedule 6.07:	  	Affiliate Transactions

  
 -iv- 

 CREDIT AGREEMENT dated as of February 24, 2011 (as amended on May 16,
2012, February 15, 2013 and May 17, 2013 and August 13, 2014) among: 
 BURLINGTON COAT FACTORY WAREHOUSE
CORPORATION (in such capacity, the “Borrower”), a corporation organized under the laws of the State of Delaware, with its principal executive offices at 1830 Route 130, Burlington, New Jersey 08016; 

The FACILITY GUARANTORS from time to time party hereto; 

JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and as collateral
agent (in such capacity, the “Collateral Agent”), for its own benefit and the benefit of the other Secured Parties; and 

The LENDERS party hereto; 
 in
consideration of the mutual covenants herein contained and benefits to be derived herefrom, the parties hereto agree as follows: 
 ARTICLE I
 
 Definitions 

SECTION 1.01 Definitions. As used in this Agreement, the following terms have the meanings specified below: 

“ABL Agreement” means that certain second amended and restated credit agreement dated September 2, 2011 by and among the
Borrower, as the lead borrower, the other borrowers named therein, Bank of America, N.A., as administrative agent and as collateral agent as replaced by any successor agent, and the lenders identified therein, as amended, restated, supplemented,
modified, refinanced, extended, replaced or renewed from time to time. 
 “ABL Borrowings Amount” means, as of any date
(the “Reference Date”), an amount equal to (a) the sum of the aggregate amount of Revolving Credit Loans of the Borrower and its Subsidiaries outstanding as of the Reference Date and the last day of each of the eleven months
ending immediately prior to the Reference Date divided by (b) twelve. 
 “ABL Facility” means the revolving
credit loan facility established pursuant to the ABL Agreement, as amended, restated, amended and restated, modified, supplemented, refinanced, extended, renewed or replaced from time to time. 

“ABL Intercreditor Agreement” means that certain Intercreditor Agreement dated as of April 13, 2006 by and among Bear
Stearns Corporate Lending Inc., as predecessor administrative agent and collateral agent to the Term Agent (as defined in the ABL Intercreditor Agreement) thereunder, Bank of America, N.A., as administrative agent and as collateral agent under the
ABL Facility, and the Loan Parties, as amended, restated, supplemented or otherwise modified from time to time. 
 “Acceptable
Discount” has the meaning provided in SECTION 2.16(d)(iii). 
 “Acceptance Date” has the meaning provided in
SECTION 2.16(d)(ii). 
 “Account(s)” means “accounts” as defined in the UCC, and also means a right to payment of
a monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, or (c) arising out of the
use of a credit or charge card or information contained on or for use with the card. The term “Account” does not include (a) rights to payment evidenced by chattel paper or an instrument, (b) commercial tort claims,
(c) deposit accounts, (d) investment property, or (e) letter-of-credit rights or letters of credit. 

 “Acquired EBITDA” means, with respect to any entity or business acquired in a
Permitted Acquisition or Person, business unit or business division or other Acquisition or any Unrestricted Subsidiary redesignated as a Restricted Subsidiary (any of the foregoing, an “Acquired Entity”), for any period, the amount
of Consolidated EBITDA of such Acquired Entity for such period (determined using such definition as if references to BCF Holdings and its Restricted Subsidiaries therein were to such Acquired Entity and its Restricted Subsidiaries), all as
determined on a Consolidated basis for such Acquired Entity in accordance with GAAP. 
 “Acquired Entity” has the meaning
provided in the definition of “Acquired EBITDA.” 
 “Acquisition” means, with respect to a specified Person,
(a) an Investment in or a purchase of a 50% or greater interest in the Capital Stock of any other Person, (b) a purchase or acquisition of all or substantially all of the assets of any other Person, (c) a purchase or acquisition of a
Real Estate portfolio or Stores from any other Person, or (d) any merger or consolidation of such Person with any other Person or other transaction or series of transactions resulting in the acquisition of all or substantially all of the
assets, or a 50% or greater interest in the Capital Stock of, any Person, in each case in any transaction or group of transactions which are part of a common plan. 

“Additional Term B-3 Commitment” means, with respect to each Additional Term B-3 Lender, its commitment to make a Term B-3
Loan on the Amendment No. 4 Effective Date in an amount equal to $1,200,000,000 minus the aggregate principal amount of all Converted Term B-2 Loans. 

“Additional Term B-3 Lender” means JPMorgan Chase Bank, N.A., in its capacity as such. 

“Additional Term B-3 Loans” means Additional Term B-3 Loan made by the Additional Term B-3 Lender on the Amendment No 4
Effective Date pursuant to SECTION 2.01(d). 
 “Adjusted LIBO Rate” means, with respect to any LIBO Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of one percent) equal to the greater of (i) the product of (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate and (ii) 1.00%. At any time the Adjusted LIBO Rate is determined pursuant to clause (i) of the preceding sentence, the Adjusted LIBO Rate will be adjusted automatically as to all LIBO Borrowings then outstanding as of the
effective date of any change in the Statutory Reserve Rate. 
 “Administrative Agent” has the meaning provided in the
preamble to this Agreement. 
 “Administrative Questionnaire” means an administrative questionnaire in a form supplied by
the Administrative Agent. 
 “Advisory Fees” means all fees and expense reimbursement paid by Parent and its Subsidiaries
to the Sponsor Group prior to the Amendment No. 4 Effective Date. 
 “Affiliate” means, with respect to a specified
Person, any other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with the Person specified. 

“Agents” means collectively, the Administrative Agent and the Collateral Agent. 

“Agreement” means this Credit Agreement, as modified, amended, supplemented or restated, and in effect from time to time.

 “Agreement Value” means for each Hedge Agreement, on any date of determination, an amount equal to: 

(a) In the case of a Hedge Agreement documented pursuant to an ISDA Master Agreement, the amount, if any, that would be payable
by any Loan Party to its counterparty to such Hedge Agreement, as if (i) such Hedge Agreement was being terminated early on such date of determination and (ii) such Loan Party was the sole “Affected Party” (as therein defined);

  
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 (b) In the case of a Hedge Agreement traded on an exchange, the mark-to-market
value of such Hedge Agreement, which will be the unrealized loss, if any, on such Hedge Agreement to the Loan Party which is party to such Hedge Agreement, based on the settlement price of such Hedge Agreement on such date of determination; or 

(c) In all other cases, the mark-to-market value of such Hedge Agreement, which will be the unrealized loss, if any, on such
Hedge Agreement to the Loan Party that is party to such Hedge Agreement as the amount, if any, by which (i) the present value of the future cash flows to be paid by such Loan Party exceeds (ii) the present value of the future cash flows to
be received by such Loan Party, in each case pursuant to such Hedge Agreement. 
 “Amendment No. 4” means Amendment
No. 4 to this Agreement, dated as of August 13, 2014, by and among the Loan Parties, the Administrative Agent and the Amendment No. 4 Consenting Lenders. 

“Amendment No. 4 Consenting Lender” means each Lender that provided the Administrative Agent with a counterpart to
Amendment No. 4 executed by such Lender. 
 “Amendment No. 4 Effective Date” has the meaning specified in
Amendment No. 4. 
 “Amendment Transactions” means the entry into Amendment No. 4 executed and delivered on the
Amendment No. 4 Effective Date, the borrowings of the Additional Term B-3 Loans, the prepayment of the Non-Converted Term B-2 Loans, the repurchase or redemption of all of the Senior Notes the distribution to Burlington Stores, Inc. of an
amount sufficient to redeem in full the Holdco Notes, the amendment to the ABL Agreement, the payment of fees and expenses in connection with each of the foregoing and the related transactions in connection therewith. 

“Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable to the Borrower or any of its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Discount” has the meaning
provided in SECTION 2.16(d)(iii). 
 “Applicable Law” means as to any Person: (a) all laws, statutes, rules,
regulations, orders, codes, ordinances or other requirements having the force of law; and (b) all court orders, decrees, judgments, injunctions, enforceable notices, binding agreements and/or rulings, in each case of or by any Governmental
Authority which has jurisdiction over such Person, or any property of such Person. 
 “Applicable Lenders” means the
Required Lenders or all Lenders, as applicable. 
 “Applicable Margin” means 3.25%, in the case of Term B-3 Loans which are
LIBO Loans, and 2.25%, in the case of Term B-3 Loans which are Prime Rate Loans. The Incremental Term Loans and Extended Term Loans shall have Applicable Margins as set forth in the applicable Incremental Term Loan Amendment or Term Loan Extension
Amendment; provided that, in the event that the Yield applicable to any Incremental Term Loans (other than Refinancing Term Loans) of any Class would be more than 0.50% greater than the Yield for the Term B-3 Loans, the Applicable Margins set
forth above for the Term B-3 Loans shall be increased from those provided above so that the Yield for the Term B-3 Loans is equal to (x) the Yield for such Incremental Term Loans minus (y) 0.50%. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means, collectively,
J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC in their capacities as joint lead arrangers and bookrunners for Amendment No. 4. 

  
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 “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, in substantially the form of Exhibit A or any other form approved by the Administrative Agent and the
Borrower. 
 “Auction Manager” means any Person appointed by the Borrower to manage any Discounted Voluntary Prepayment.

 “Available Amount” means, on any date (the “Specified Date”), an amount equal at such time to
(a) the sum of (i) the excess, if positive, of (x) an amount, not less than zero, equal to the cumulative amount of Excess Cash Flow for all full Fiscal Years commencing after the Amendment No. 4 Effective Date (commencing with
the Fiscal Year ending January 28, 2012) and prior to the Specified Date minus (y) the portion of such Excess Cash Flow that has been after the Amendment No. 4 Effective Date and on or prior to the Specified Date applied to the
prepayment of Term Loans in accordance with SECTION 2.17(d) plus (ii) $366,000,000, which represents the aggregate amount permitted by the definition of Available Amount prior to giving effect to Amendment No. 4 plus
(iii) the aggregate net cash proceeds (excluding any proceeds that were relied upon as the basis for taking any other action under ARTICLE VI the permissibility of which was conditioned on the application of such proceeds for such purpose)
received by the Borrower following the Amendment No. 4 Effective Date from the issuance and sale (other than to a Loan Party or a Subsidiary) of its Capital Stock (other than Disqualified Capital Stock) or contributions to the capital of the
Borrower plus (iv) all Declined Amounts plus (v) the aggregate amount received by the Borrower or any Restricted Subsidiary after the Amendment No. 4 Effective Date from cash (or Cash Equivalents) dividends and
distributions made by any Unrestricted Subsidiary or any joint venture and returns of principal, cash repayments and similar payments made by any Unrestricted Subsidiary or joint venture in respect of Investments made by the Borrower or any
Restricted Subsidiary to any Unrestricted Subsidiary or joint venture, and the Net Proceeds in connection with the sale, transfer or other disposition of assets or the Capital Stock of any Unrestricted Subsidiary or joint venture of the Borrower to
any Person other than the Borrower or a Restricted Subsidiary after the Amendment No. 4 Effective Date; plus (vi) in the event that the Borrower redesignates any Unrestricted Subsidiary as a Restricted Subsidiary after the Amendment
No. 4 Effective Date (which, for purposes hereof, shall be deemed to also include (A) the merger, consolidation, liquidation or similar amalgamation of any Unrestricted Subsidiary into the Borrower or any Restricted Subsidiary, so long as
the Borrower or such Restricted Subsidiary is the surviving Person, and (B) the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Borrower or any Restricted Subsidiary), the fair market value (as determined
in good faith by the Borrower) of the Investment in such Unrestricted Subsidiary at the time of such redesignation; plus (vii) net cash proceeds received by the Borrower or any of its Restricted Subsidiaries from Indebtedness or
Disqualified Capital Stock of the Borrower or any of its Restricted Subsidiaries issued after the Amendment No. 4 Effective Date (other than to a Loan Party or a Subsidiary) that is subsequently converted into Capital Stock (other than
Disqualified Capital Stock) of the Borrower or any of its direct or indirect parent companies; minus (b) the sum of (i) the aggregate amount of Investments made in reliance on clause (t) of the definition of “Permitted
Investments” after the Amendment No. 4 Effective Date (net of any cash return on such Investments received by any Loan Party or Restricted Subsidiary from such Investments (including in connection with any disposition thereof) after the
Amendment No. 4 Effective Date and in the case of any Investment in any Person that was an Unrestricted Subsidiary from the Available Amount, net of the fair market value of any such Investment at the time, if any such Unrestricted Subsidiary
was redesignated as a Restricted Subsidiary) plus (ii) the aggregate amount of payments in respect of Specified Indebtedness made pursuant to SECTION 6.06(b)(v) after the Amendment No. 4 Effective Date plus (iii) the
aggregate amount of Restricted Payments made pursuant to SECTION 6.06(a)(vii) after the Amendment No. 4 Effective Date. 

“Bankruptcy Code” means Title 11, U.S.C., as now or hereafter in effect, or any successor thereto. 

“BCF Holdings” means Burlington Coat Factory Holdings, LLC. 

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

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

  
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 “Borrowing” means the incurrence of Term Loans of a single Class and Type
having, in the case of LIBO Loans, a single Interest Period. 
 “Borrowing Base” means, as of any date, an amount
equal to the sum of (x) 95% of the face value of all accounts receivable of the Loan Parties and their Restricted Subsidiaries and (y) 65% of the net book value of all inventory owned by the Loan Parties and their Restricted Subsidiaries,
in each case, calculated on a consolidated basis; provided, however, that if Indebtedness is being incurred to finance an Acquisition pursuant to which any accounts receivable or inventory will be acquired (whether through the direct
acquisition of assets or the acquisition of Capital Stock of a Person), the Borrowing Base shall be calculated to give appropriate pro forma effect to any increase in the amount of the Loan Parties’ and their Restricted Subsidiaries’
accounts receivable and inventory resulting from such Acquisition. 
 “Borrowing Request” means a request by the Borrower
for a Borrowing in accordance with SECTION 2.03. 
 “Breakage Costs” has the meaning provided in SECTION 2.16(b). 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to remain closed; provided, however, that when used in connection with a LIBO Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits
in the London interbank market. 
 “Capital Expenditures” means, with respect to BCF Holdings and its Restricted
Subsidiaries for any period, the additions to property, plant and equipment and other capital expenditures of BCF Holdings and its Restricted Subsidiaries that are (or would be) set forth in a Consolidated statement of cash flows of BCF Holdings and
its Restricted Subsidiaries for such period prepared in accordance with GAAP; provided that “Capital Expenditures” shall not include (i) any additions to property, plant and equipment and other capital expenditures made with
(A) the proceeds of any equity securities issued or capital contributions received by any Loan Party or any Subsidiary in connection with such capital expenditures, (B) the proceeds from any casualty insurance or condemnation or eminent
domain, to the extent that the proceeds therefrom are utilized for capital expenditures within twelve months of the receipt of such proceeds or (C) the proceeds or consideration received from any sale, trade in or other disposition of assets
(other than assets constituting Collateral consisting of Inventory and Accounts), to the extent that the proceeds and/or consideration therefrom are utilized for capital expenditures within twelve months of the receipt of such proceeds (or, in the
case of any disposition of Real Estate committed to be reinvested within 12 months of receipt of such proceeds and actually reinvested within 18 months of such receipt), (ii) any such expenditures which constitute a Permitted Acquisition and
(iii) any expenditures which are contractually required to be, and are, reimbursed to the Loan Parties in cash by a third party (including landlords) during such period of calculation. 

“Capital Lease Obligations” means, with respect to any Person for any period, 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 as in effect on the Amendment No. 4 Effective Date; for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP (except for temporary treatment of
construction related expenditures under EITF 97-10, “The Effects of Lessee Involvement in Asset Construction” which will ultimately be treated as operating leases upon a sale-leaseback transaction). 

“Capital Stock” means, as to any Person that is a corporation, the authorized shares of such Person’s capital stock,
including all classes of common, preferred, voting and nonvoting capital stock, and, as to any Person that is not a corporation or an individual, the membership or other ownership interests in such Person, including, without limitation, the right to
share in profits and losses, the right to receive distributions of cash and other property, and the right to receive allocations of items of income, gain, loss, deduction and credit and similar items from such Person, whether or not such interests
include voting or similar rights entitling the holder thereof to exercise Control over such Person, collectively with, in any such case, all warrants, options and other rights to purchase or otherwise acquire, and all other instruments convertible
into or exchangeable for, any of the foregoing; provided, that any instrument evidencing Indebtedness convertible or exchangeable for Capital Stock shall not be deemed to be Capital Stock, unless and until any such instruments are so converted or
exchanged. 

  
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 “Cash Equivalents” means Permitted Investments set forth in clauses
(a) through (k) in the definition thereof. 
 “CERCLA” means the Comprehensive Environmental Response,
Compensation, and Liability Act, 42 U.S.C. § 9601 et seq. 
 “CFC” means a “controlled foreign
corporation” within the meaning of Section 957 of the Code. 
 “CFC Holding Company” means a domestic Subsidiary
substantially all of whose assets consist of the Capital Stock or debt of one or more Foreign Subsidiaries or other CFC Holding Companies. 

“Change in Control” means, at any time: 

(a) any person or “group” (within the meaning of the Securities and Exchange Act of 1934, as amended), other than any
one or more of the Sponsor Group, is or becomes the beneficial owner (within the meaning of Rule 13d-3 or 13d-5 of the Securities and Exchange Act of 1934, as amended, except that such person shall be deemed to have “beneficial ownership”
of all Capital Stock that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of fifty percent (50%) or more (on a fully diluted basis) of the total
then outstanding Capital Stock of Burlington Stores, Inc. entitled to vote for the election of directors of Burlington Stores, Inc. or 

(b) Burlington Stores, Inc. fails at any time to own, directly or indirectly, 100% of the Capital Stock of the Borrower. 

“Change in Law” means (a) the adoption of any Applicable Law after the Amendment No. 4 Effective Date, (b) any
change in any Applicable Law or in the interpretation or application thereof by any Governmental Authority after the Amendment No. 4 Effective Date or (c) compliance by any Credit Party (or, for purposes of SECTION 2.14, by any lending
office of such Credit Party or by such Credit Party’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Amendment No. 4
Effective Date; 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 regulatory
authorities (or foreign regulatory authorities having jurisdiction over the applicable Lender), 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.

 “Charges” has the meaning provided in SECTION 9.13. 

“Charter Document” means as to any Person, its partnership agreement, certificate of incorporation, certificate of formation,
operating agreement, membership agreement or similar constitutive document or agreement or its by-laws. 
 “Class” refers
to (a) the Term B-2 Loans, (b) the Term B-3 Loans, (c) any particular Series of Incremental Term Loans and (d) any particular Extension Series of Extended Term Loans, each as an individual Class of Term Loans hereunder. 

“Closing Date” means February 24, 2011. 

“Code” means the Internal Revenue Code of 1986 and the Treasury regulations promulgated thereunder, as amended from time to
time. 

  
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 “Collateral” means any and all “Collateral,” “Pledged
Collateral” or words of similar intent as defined in any applicable Security Document. 
 “Collateral Agent” has the
meaning provided in the preamble to this Agreement. 
 “Commitment” means, as to any Lender, the obligation of such Lender
to make a Term Loan to the Borrower in a principal amount not to exceed the amount set forth opposite its name on Schedule 1.1(a). 

“Compliance Certificate” has the meaning provided in SECTION 5.01(d). 

“Consolidated” means, when used to modify a financial term, test, statement, or report of a Person, the application or
preparation of such term, test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or operating results of such Person and its Restricted Subsidiaries. 

“Consolidated Current Assets” means, at any date, all amounts (other than cash, Cash Equivalents and the current portion of
deferred income taxes) that would, in conformity with GAAP, be included in the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date (for the
avoidance of doubt, Consolidated Current Assets shall exclude any (i) assets held for sale, (ii) loans (permitted) to third parties, (iii) pension plan assets, (iv) deferred bank fees and (v) derivative financial
instruments). 
 “Consolidated Current Liabilities” means, at any date, all amounts that would, in conformity with GAAP, be
included in the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the
Borrower and its Restricted Subsidiaries, (b) without duplication of clause (a) above, all Indebtedness consisting of Revolving Loans (as defined in the ABL Agreement) and Swingline Loans (as defined in the ABL Agreement) to the extent
otherwise included therein, (c) the current portion of deferred income taxes, (d) any liability in respect of net obligations pursuant to Hedge Agreements related solely to interest rate protection, and (e) accruals of any costs or
expenses related to restructuring reserves and (f) the current portion of pension liabilities. 
 “Consolidated
EBITDA” means, with respect to any Person for any period, (i) the sum (without duplication) of (a) Consolidated Net Income for such period, plus in each case without duplication and to the extent deducted in determining
Consolidated Net Income for such period (other than in the case of clause (r)), (b) depreciation, amortization, and all other non-cash charges, non-cash expenses or non-cash losses, (c) provisions for Consolidated Taxes based on income,
(d) Consolidated Interest Expense, (e) Advisory Fees whether accrued or paid in cash, (f) all transactional costs, expenses and charges in connection with, the consummation of the Transactions, the Amendment Transactions, any
amendment, waiver or modification of any Loan Document or other Indebtedness and any transaction related to any Investment, Restricted Payment, Permitted Acquisition, Permitted Disposition, issuance of Permitted Indebtedness or issuance of Capital
Stock, in each case whether or not consummated, (g) to the extent not already included in Consolidated Net Income, proceeds from business interruption insurance, (h) to the extent not already included in Consolidated Net Income and
actually indemnified or reimbursed, or so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be indemnified or reimbursed (and such amount is in fact reimbursed within 365 days of the
date of such charge or payment (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days)), any expenses and charges that are covered by indemnification or reimbursement provisions in connection with any
Permitted Acquisition, Permitted Investment or any Permitted Disposition, (i) cash receipts (or reduced cash expenditures) in respect of income received in connection with subleases to the extent non-cash gains relating to such income were
deducted in the calculation of Consolidated EBITDA pursuant to clause (ii)(b) below for any previous period, (j) the amount of any restructuring charge, reserve, integration cost or other business optimization expense or cost (including charges
directly related to implementation of cost-savings initiatives) that is deducted (and not added back) in such period in computing Consolidated Net Income including, without limitation, those related to severance, retention, signing bonuses,
relocation, recruiting and other employee related costs, future lease commitments, contract and lease termination expenses and costs related to the opening and closure and/or consolidation of facilities, (k) unusual, nonrecurring, exceptional,
extraordinary or nonrecurring expenses, losses or charges, (l) any after-tax effect of income (loss) from the early retirement, extinguishment or cancellation of Indebtedness or Swap Obligations or other derivative instruments shall be
excluded, (m) gains and losses on the 

  
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sale, exchange or other disposition of assets outside the ordinary course of business or abandonment of assets and from discontinued operations, (n) the amount of any minority interest
expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-wholly owned Subsidiary deducted in calculating Consolidated Net Income (and not added back in such period to Consolidated Net Income),
(o) any other charges, write-downs, expenses, losses or items reducing Consolidated Net Income for such period, including any impairment charges or the impact of purchase accounting, or other items classified by the BCF Holdings as special
items, (p) any costs or expense incurred by the Loan Parties or any Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder
agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of BCF Holdings or net cash proceeds of an issuance of Capital Stock (other than Disqualified Capital Stock) of BCF Holdings or any parent
of BCF Holdings to the extent contributed to the Borrower’s Capital Stock (other than Disqualified Capital Stock), (q) costs related to the implementation of operational and reporting systems and technology initiatives and (r) all
items described in Pro Forma Adjustments, minus (ii) the sum of (a) non-cash gains for such period to the extent included in Consolidated Net Income, (b) cash payments made during such period on account of non-cash charges
added back in the calculation of Consolidated EBITDA pursuant to clause (i)(b) above for any previous period and (c) all cash payments made during such period to the extent made on account of non-cash reserves and other non-cash charges added
back to Consolidated Net Income pursuant to clause (i)(l) above in a previous period (it being understood that this clause (ii)(c) shall not be utilized in reversing any non-cash reserve or charge added to Consolidated Net Income). 

“Consolidated Interest Coverage Ratio” means, on the last day of any Fiscal Quarter, the ratio of (a) Consolidated
EBITDA of the Borrower and its Restricted Subsidiaries for the period of four consecutive Fiscal Quarters most recently ended on and prior to such date, taken as one accounting period, to (b) Consolidated Interest Expense of the Borrower and
its Restricted Subsidiaries for the period of four consecutive Fiscal Quarters most recently ended on and prior to such date, taken as one accounting period. 

“Consolidated Interest Expense” means, with respect to any Person for any period, total interest expense (including that
attributable to Capital Lease Obligations in accordance with GAAP but excluding any imputed interest as a result of purchase accounting) of such Person on a Consolidated basis with respect to all outstanding Indebtedness of such Person, including,
without limitation, the Obligations and all commissions, discounts and other fees and charges owed with respect thereto, but excluding amortization or write-off of deferred financing costs and bridge facility fees, all as determined on a
Consolidated basis in accordance with GAAP and reduced by interest income received or receivable in cash for such period. For purposes of the foregoing, interest expense of any Person shall be determined after giving effect to any net payments made
or received by such Person with respect to interest rate Hedge Agreements. 
 “Consolidated Leverage Ratio” means, as of
any date, the ratio of (a) the sum of (i) Consolidated Total Debt (other than any portion of such Consolidated Total Debt that is attributed to Revolving Credit Loans of the Borrower and its Restricted Subsidiaries outstanding at such
date) plus (ii) the ABL Borrowings Amount on such date less (iii) unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries on such date to (b) Consolidated EBITDA of the Borrower and its
Restricted Subsidiaries for the period of four consecutive Fiscal Quarters most recently ended on or prior to such date, taken as one accounting period. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (or loss) of such Person on a
Consolidated basis for such period taken as a single accounting period determined in accordance with GAAP; provided, however, that there shall be excluded the income (or loss) of any Person that is not a Restricted Subsidiary, except
to the extent of the amount of dividends or other distributions actually paid in cash to such Person and its Restricted Subsidiaries by such Person during such period. 

“Consolidated Secured Leverage Ratio” means, as of any date, the ratio of (a) the sum of (i) Consolidated Total
Debt (other than any portion of such Consolidated Total Debt that is (x) attributed to Revolving Credit Loans of the Borrower and its Restricted Subsidiaries outstanding at such date or (y) not secured by any Liens on any assets of the
Borrower or any of its Restricted Subsidiaries) plus (ii) the ABL Borrowings Amount on such date less (iii) unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries on such date to
(b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the period of four consecutive Fiscal Quarters most recently ended on or prior to such date, taken as one accounting period. 

  
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 “Consolidated Taxes” means, as of any date for the applicable period ending on
such date with respect to the Borrower and its Restricted Subsidiaries on a Consolidated basis, the aggregate of all income, withholding, franchise and similar taxes and foreign withholding taxes, as determined in accordance with GAAP, to the extent
the same are paid or accrued during such period. 
 “Consolidated Total Assets” means, as of any date of determination, the
amount that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on the most recent consolidated balance sheet of the Parent and its Restricted Subsidiaries and that is attributable
to assets of the Borrower and its Restricted Subsidiaries at such date or, for the period prior to the time any such statements are so delivered. 

“Consolidated Total Debt” means, at any date, the aggregate principal amount of all funded Indebtedness for borrowed money
and Capital Lease Obligations of the Borrower and its Restricted Subsidiaries on a Consolidated basis outstanding at such date in the amount that would be reflected on a balance sheet prepared on such date in accordance with GAAP. 

“Consolidated Working Capital” means, at any date, the excess of Consolidated Current Assets on such date over Consolidated
Current Liabilities on such date. 
 “Control” means the possession, directly or indirectly, of the power (a) to vote
50% or more of the securities having ordinary voting power for the election of directors (or any similar governing body) of a Person, or (b) to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power or by contract. The terms “Controlling” and “Controlled” have meanings correlative thereto. 

“Converted Term B-2 Loan” means each Term B-2 Loan held by an Amendment No. 4 Consenting Lender on the Amendment
No. 4 Effective Date (or, if less, the amount notified to such Lender by the Administrative Agent) immediately prior to the effectiveness of Amendment No. 4. 

“Credit Party” means (a) the Lenders, (b) the Agents and their respective Affiliates and branches, (c) the
Arrangers and (d) the successors and permitted assigns of each of the foregoing. 
 “Credit Party Expenses” means, all
of the following to the extent incurred in connection with this Agreement and the other Loan Documents: (a) all reasonable and documented out-of-pocket expenses incurred by the Agents and their Affiliates, (which in the case of legal expenses
shall be limited to the reasonable and documented fees, charges and disbursements of one counsel for the Agents and their Affiliates (plus one local counsel in each other jurisdiction to the extent reasonably necessary)), in connection with the
preparation and administration of the Loan Documents, the syndication of the credit facilities provided for herein, or any amendments, modifications or waivers requested by a Loan Party of the provisions hereof or thereof (whether or not any such
amendments, modifications or waivers shall be consummated) and (b) all reasonable and documented out-of-pocket expenses incurred by the Arrangers, Agents or, subject to the proviso below any Lender and their respective Affiliates and branches,
including the reasonable and documented fees, charges and disbursements of one counsel for the Arrangers, the Agents and their Affiliates (plus one local counsel in each other jurisdiction to the extent reasonably necessary) in connection with the
enforcement and protection of their rights in connection with the Loan Documents, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or related negotiations in respect of such Term Loans;
provided that the Lenders who are not the Arrangers or Agents shall be entitled to reimbursement for no more than one counsel representing all such Lenders who shall be selected by the Agent (absent a conflict of interest in which case each
group of similarly situated Lenders, taken as a whole, may engage and be reimbursed for one additional counsel to the affected party). Credit Party Expenses shall not include the allocation of any overhead expenses of any Credit Party or expenses of
third-party advisors (other than counsel as provided above) absent the prior written consent of the Borrower; provided that the Borrower’s prior written consent shall not be required for expenses of third-party advisors retained
following the occurrence and during the continuance of an Event of Default in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to the enforcement of any rights
hereunder or under any Loan Document. 

  
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 “Default” means any event or condition described in SECTION 7.01 that
constitutes an Event of Default or that upon notice, lapse of any cure period set forth in SECTION 7.01, would, unless cured or waived, become an Event of Default. 

“Default Rate” has the meaning provided in SECTION 2.12. 

“Designated Non-Cash Consideration” means the fair market value (as determined in good faith by the Borrower) of non-cash
consideration received by the Loan Parties or one of their Restricted Subsidiaries in connection with a Permitted Disposition that is so designated as Designated Non-Cash Consideration pursuant to an officer’s certificate, setting forth the
basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated
Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with SECTION 6.05. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed on Schedule
3.06(a) and Schedule 3.06(b). 
 “Discount Range” has the meaning provided in SECTION 2.16(d)(ii). 

“Discounted Prepayment Option Notice” has the meaning provided SECTION 2.16(d)(ii). 

“Discounted Voluntary Prepayment” has the meaning provided in SECTION 2.16(d)(i). 

“Discounted Voluntary Prepayment Notice” has the meaning provided in SECTION 2.16(d)(v). 

“Disqualified Capital Stock” means any Capital Stock which, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or upon the happening of any event, (a) is mandatorily redeemable in whole or in part prior to the Maturity Date of any Class of Term Loans outstanding on the date such Capital Stock is issued,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) Indebtedness
or any Capital Stock referred to in (a) above prior to the Maturity Date of any Class of Term Loans outstanding on the date such Capital Stock is issued, or (c) contains any mandatory repurchase obligation which comes into effect prior to
the Maturity Date of any Class of Term Loans outstanding on the date such Capital Stock is issued, provided, that Capital Stock shall not constitute Disqualified Capital Stock to the extent (i) such redemption or conversion is
(x) upon payment in full of the Obligations (other than contingent obligations for which no claim has been made) or (y) upon a “change in control,” asset sale or similar event or (ii) such Capital Stock is issued
pursuant to a plan for the benefit of employees of Parent (or any parent entity), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, and such plan requires such Capital Stock to be repurchased by the Borrower or its
Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability. 

“Disqualified Institution” means (i) (x) any Person listed on Schedule II to Amendment No. 4 and (y) any
Affiliate thereof that is either (I) identified in writing by the Borrower to the Administrative Agent and the Lenders from time to time or (II) readily identifiable as such on the basis of its name and (ii) (x) any Person that is a
direct competitor of the Borrower or any of its Restricted Subsidiaries and (y) any Affiliate thereof (excluding any Affiliate that is a bona fide debt fund, bank or institutional investor) that is either (I) identified in writing by the
Borrower to the Administrative Agent and the Lenders from time to time or (II) readily identifiable as such on the basis of its name. 

“Documents” has the meaning assigned to such term in the Security Agreement. 

“dollars” or “$” refers to lawful money of the United States of America. 

  
 -10- 

 “Earn-Out Obligations” means the maximum amount of all obligations incurred or
to be incurred in connection with any Acquisition of a Person pursuant to a Permitted Acquisition or other Permitted Investment under non-compete agreements, consulting agreements, earn-out agreements and similar deferred purchase agreements. 

“ECF Percentage” means, with respect to any Fiscal Year of the Borrower ending on or after January 31, 2015, 50%;
provided that the ECF Percentage shall be reduced to (i) 25%, if the Consolidated Secured Leverage Ratio as of the last day of such Fiscal Year is less than or equal to 3.00 to 1.00 and greater than 2.75 to 1.00 or (ii) 0%, if the
Consolidated Secured Leverage Ratio as of the last day of such Fiscal Year is less than or equal to 2.75 to 1.00. 
 “Eligible
Assignee” means any Lender, Affiliate of a Lender or Fund (including, without limitation, any Investment Fund or Approved Fund); provided that in any event, “Eligible Assignee” shall not include any natural person or any
Disqualified Institution. 
 “Environmental Laws” means all Applicable Laws issued, promulgated or entered into by or with
any Governmental Authority, relating in any way to (a) the protection of the environment, (b) the handling, treatment, storage, disposal of Hazardous Materials, (c) exposure of any Person to Hazardous Materials, or the Release or
threatened Release of any Hazardous Material to the environment, (d) the assessment or remediation of any such Release or threatened Release of any Hazardous Material to the environment or (e) occupational health or safety matters to the
extent relating to Hazardous Materials. 
 “Environmental Liability” means any liability, contingent or otherwise
(including, without limitation, any liability for damages, natural resource damage, costs of environmental remediation, administrative oversight costs, fines, penalties or indemnities), of any Loan Party directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or
threatened Release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing. 

“Equipment” has the meaning set forth in the Security Documents. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section 414(b) or (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 with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) with respect to any Plan, the failure to satisfy the minimum funding standard under Section 412 of the Code or
Section 302 of ERISA, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower 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 the Borrower or any ERISA Affiliate of any liability in excess of $75,000,000 (or such lesser amount as would
reasonably be expected to result in a Material Adverse Effect) with respect to the withdrawal or partial withdrawal from any Plan (including any liability under Section 4062(e) of ERISA) or Multiemployer Plan; or (g) the receipt by the
Borrower or any ERISA Affiliate of any notice, concerning the imposition on it of Withdrawal Liability in excess of $75,000,000 (or such lesser amount as would reasonably be expected to result in a Material Adverse Effect) or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Event of
Default” has the meaning provided in SECTION 7.01. 

  
 -11- 

 “Excess Cash Flow” means, for any Fiscal Year of the Borrower, the excess, if
any, of (a) the sum, without duplication, of (i) Consolidated Net Income for such Fiscal Year, (ii) the amount of all non-cash charges (including Consolidated depreciation and amortization) deducted in arriving at such Consolidated
Net Income to the extent such non-cash charges do not result in a cash payment in a future period, (iii) decreases in Consolidated Working Capital for such Fiscal Year, and (iv) the aggregate net amount of non-cash loss on the sale,
transfer or other disposition of any assets by the Borrower and its Subsidiaries during such Fiscal Year outside the ordinary course of business, to the extent deducted in arriving at such Consolidated Net Income over (b) the sum,
without duplication, of (i) the amount of all non-cash credits included in arriving at such Consolidated Net Income, (ii) the aggregate amount actually paid by the Borrower and its Subsidiaries in cash during such Fiscal Year on account of
unfinanced Capital Expenditures, Permitted Acquisitions or Permitted Investments constituting an Acquisition, (or, at the election of the Borrower, otherwise committed to be spent within 180 days of the end of the fiscal year), (iii) the
aggregate amount of all regularly scheduled principal payments of the Term Loans during such Fiscal Year, (iv) the aggregate amount of all regularly scheduled, mandatory or optional principal payments of Funded Debt (other than the Term Loans)
of the Borrower and its Subsidiaries made during such Fiscal Year (other than (x) in respect of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder and (y) any such principal
prepayments financed with the proceeds of other Indebtedness), (v) increases in Consolidated Working Capital for such Fiscal Year, (vi) the aggregate net amount of non-cash gain on the sale, transfer or other disposition of any assets by
the Borrower and its Subsidiaries during such Fiscal Year outside the ordinary course of business, to the extent included in arriving at such Consolidated Net Income, (vii) the aggregate amount of cash payments made in respect of
(x) long-term liabilities of the Borrower and its Subsidiaries other than Indebtedness and (y) Restricted Payments pursuant to clauses (ii), (iii), (iv), (v), (vi), (vii), (x), (xi), (xii), (xiii), (xiv), (xvi), and, to the extent relating
to the foregoing, (xviii) of SECTION 6.06(a) paid to any Person other than the Borrower or any Restricted Subsidiary, except, in each case, to the extent financed with the proceeds of Indebtedness of the Borrower or the Restricted Subsidiaries
(other than revolving loans or intercompany loans) and (viii) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries during such period that are made in
connection with any prepayment of Indebtedness to the extent that such payments are not deducted in calculating Consolidated Net Income. 

“Excess Cash Flow Application Date” has the meaning provided in SECTION 2.17(d). 

“Excluded Taxes” means, with respect to the Agents, any Lender or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (a) Taxes imposed on or measured by such recipient’s net income or overall gross income or receipts (however denominated), franchise Taxes imposed on it (in lieu of such income Taxes)
and branch profits (or similar) Taxes imposed on it, in each case, by any jurisdiction (or any political subdivision thereof) as a result of the recipient being organized or having its principal office or, in the case of any Lender, its applicable
lending office, in such jurisdiction or as a result of any other present or former connection of such recipient with the jurisdiction imposing such Taxes (other than any such connection arising solely from this Agreement or any other Loan Documents
or any transactions contemplated thereunder), (b) Taxes imposed pursuant to FATCA, and (d) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under SECTION 2.24(a)), any United States federal
withholding tax that is imposed on amounts payable to such Foreign Lender (i) under any law in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office other than at the request of the
Borrower under SECTION 2.24), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to designation of a new lending office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to SECTION 2.23(a) or (ii) is attributable to such Foreign Lender’s failure to comply with SECTION 2.23(e). 

“Existing Term Loan Class” has the meaning provided in SECTION 2.06(a). 

“Extended Term Loans” has the meaning provided in SECTION 2.06(a). 

“Extending Term Lender” has the meaning provided in SECTION 2.06(c). 

“Extension Election” has the meaning provided in SECTION 2.06(c). 

“Extension Request” has the meaning provided in SECTION 2.06(a). 

  
 -12- 

 “Extension Series” has the meaning provided in SECTION 2.06(b). 

“Facility Guarantee” means any Guarantee of the Obligations executed by BCF Holdings and its Restricted Subsidiaries which
are or hereafter become Facility Guarantors in favor of the Agents and the other Secured Parties. 
 “Facility Guarantors”
means any Person executing a Facility Guarantee. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable) and any current or future Treasury regulations with respect thereto or official governmental interpretations thereof, and any intergovernmental agreements or FFI
agreements implementing the foregoing. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of one percent (1%)) of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by
the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of one percent (1%)) of the quotations for such day for such
transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 
 “Fee
Letter” means the Amended and Restated Fee Letter dated April 30, 2012 by and between the Borrower and the Administrative Agent. 

“Financial Officer” means, with respect to any Loan Party, the chief financial officer, chief accounting officer, treasurer,
assistant treasurer, controller or assistant controller of such Loan Party. 
 “Fiscal Month” means any fiscal month of any
Fiscal Year, which month shall generally consist of (i) in the case of the first, third, fourth, sixth, seventh, ninth and tenth Fiscal Months of each Fiscal Year, four calendar weeks, (ii) in the case of the second, fifth, eighth and
eleventh Fiscal Months of each Fiscal Year, five calendar weeks and (iii) in the case of the twelfth Fiscal Month of each Fiscal Year, the period from the first day following the eleventh Fiscal Month of such Fiscal Year through the last day of
such Fiscal Year, in accordance with the fiscal accounting calendar of BCF Holdings and its Subsidiaries. 
 “Fiscal
Quarter” means any fiscal quarter of any Fiscal Year, which quarter shall generally end on (i) in the case of the first three Fiscal Quarters of each Fiscal Year, on the date that is 13 weeks after the last day of the preceding Fiscal
Quarter and (ii) in the case of the last Fiscal Quarter of each Fiscal Year, on the last day of such Fiscal Year, in accordance with the fiscal accounting calendar of BCF Holdings and its Subsidiaries. 

“Fiscal Year” means any period of twelve consecutive Fiscal Months ending on the Saturday closest to January 31 of any
calendar year. 
 “Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or
hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter
in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in
effect or any successor statute thereto. 
 “Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than the United States of America or any State thereof or the District of Columbia. 
 “Foreign
Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America or any State thereof or the District of Columbia. 

  
 -13- 

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

“Funded Debt” means, as to any Person, all Indebtedness for borrowed money of such Person that matures more than one year
from the date of its creation or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking
fund payments in respect of such Indebtedness whether or not required to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Term Loans and Revolving Credit Loans (as defined in the
ABL Agreement). 
 “Funding Office” means the office of the Administrative Agent specified in SECTION 9.01 or such other
office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United State of America which are
consistent with those promulgated or adopted by the Financial Accounting Standards Board and its predecessors (or successors) in effect and applicable to that accounting period in respect of which reference to GAAP is being made. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or obligation, provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity
obligations, including but not limited to, those in effect on the Closing Date or entered into in connection with any Permitted Acquisition, Permitted Investment or Permitted Disposition (other than such obligations with respect to Indebtedness).
The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. 
 “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, toxic mold, and all other substances or wastes of any nature regulated pursuant to any Environmental Law, including any material listed as a hazardous substance under Section 101(14) of CERCLA. 

“Hedge Agreement” means any derivative agreement, or any interest rate protection agreement, interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

“Holdco Notes” means the 9.00%/9.75% Senior Notes due 2018 issued by Burlington Stores, Inc. outstanding immediately prior to
the Amendment No. 4 Effective Date. 

  
 -14- 

 “Immaterial Subsidiary” means a Restricted Subsidiary of BCF Holdings (other
than the Borrower) for which (a) the assets of such Restricted Subsidiary constitute less than or equal to 3% of the total assets of BCF Holdings and its Restricted Subsidiaries on a consolidated basis and collectively with all Immaterial
Subsidiaries, less than or equal to 5% of the total assets of BCF Holdings and its Restricted Subsidiaries on a consolidated basis, and (b) the revenues of such Restricted Subsidiary account for less than or equal to 3% of the total revenues of
BCF Holdings and its Restricted Subsidiaries on a consolidated basis and collectively with all Immaterial Subsidiaries, less than or equal to 5% of the total revenues of BCF Holdings and its Restricted Subsidiaries on a consolidated basis. 

“Impacted Interest Period” has the meaning assigned to it in the definition of “LIBO Rate.” 

“Incremental Effective Date” has the meaning provided in SECTION 2.05(a). 

“Incremental Term Lender” has the meaning provided in SECTION 2.05(b). 

“Incremental Term Loan” has the meaning provided in SECTION 2.05(a). 

“Incremental Term Loan Amendment” has the meaning provided in SECTION 2.05(c). 

“Indebtedness” of any Person means, without duplication: 

(a) all obligations of such Person for borrowed money (including any obligations which are without recourse to the credit of
such Person); 
 (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; 

(c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by
such Person; 
 (d) all obligations of such Person in respect of the deferred purchase price of property or services; 

(e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed or is limited in recourse; 

(f) all Guarantees by such Person of Indebtedness of others described in clauses (a) - (e), and (g) - (l) hereof; 

(g) all Capital Lease Obligations of such Person; 

(h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of
guaranty; 
 (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances; 

(j) the Agreement Value of all Hedge Agreements; 

(k) the principal and interest portions of all rental obligations of such Person under any Synthetic Lease, tax retention
operating lease, off-balance sheet loan or similar off-balance sheet financing where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP; and 

  
 -15- 

 (l) all mandatory obligations of such Person to purchase, redeem, retire, defease
or otherwise make any payment in respect of any Capital Stock of such Person (including, without limitation, Disqualified Capital Stock) to the extent required by GAAP to be accounted for as indebtedness. 

Indebtedness shall not include (A) any sale-leaseback transactions to the extent the lease or sublease thereunder is not required to be recorded under
GAAP as a Capital Lease Obligation, (B) any obligations relating to overdraft protection ,netting services, and other cash management services, (C) any preferred stock required to be included as Indebtedness in accordance with GAAP,
(D) items that would appear as a liability on a balance sheet prepared in accordance with GAAP as a result of the application of EITF 97-10, “The Effects of Lessee Involvement in Asset Construction.”, (E) trade accounts payable,
deferred revenues, liabilities associated with customer prepayments and deposits and any such obligations incurred under ERISA, and other accrued obligations (including transfer pricing), in each case incurred in the ordinary course of business,
(F) operating leases, (G) customary obligations under employment agreements and deferred compensation and (H) deferred revenue and deferred tax liabilities. Notwithstanding the foregoing, the term “Indebtedness” shall not
include contingent post-closing purchase price adjustments, non-compete or consulting obligations or earn-outs to which the seller in an Acquisition or Investment may become entitled. The amount of Indebtedness of any Person for purposes of clause
(e) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby
as determined by such Person in good faith. 
 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 relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor. 
 “Indemnified Taxes” means all Taxes other than Excluded
Taxes. 
 “Indemnitee” has the meaning provided in SECTION 9.03(b). 

“Information” has the meaning provided in SECTION 9.15. 

“Installment” has the meaning provided in SECTION 2.04(a). 

“Installment Date” has the meaning provided in SECTION 2.04(a). 

“Instruments” has the meaning assigned to such term in the Security Agreement. 

“Intellectual Property” means all present and future: trade secrets, know-how and other proprietary information; trademarks,
Internet domain names, service marks, trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations, derivations and combinations of the foregoing), indicia and other source and/or business identifiers, all of
the goodwill related thereto, and all registrations and applications for registrations thereof; works of authorship and other copyrighted works (including copyrights for computer programs), and all registrations and applications for registrations
thereof; inventions (whether or not patentable) and all improvements thereto; patents and patent applications, together with all continuances, continuations, continuations-in-part, divisions, revisions, extensions, reissuances, and reexaminations
thereof; industrial design applications and registered industrial designs; books, records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data, databases and
other physical manifestations, embodiments or incorporations of any of the foregoing; all other intellectual property and intellectual property rights; all rights to sue and recover at law or in equity for any past, present or future infringement,
dilution or misappropriation, or other violation thereof; and all common law and other rights throughout the world in and to all of the foregoing. 

“Intellectual Property Security Agreement” means the Intellectual Property Security Agreement dated as of the Closing Date
among the Loan Parties and the Collateral Agent for its own benefit and for the benefit of the other Credit Parties, granting a Lien in the Intellectual Property of the Loan Parties, as amended, restated, supplemented or otherwise modified and in
effect from time to time. 

  
 -16- 

 “Intercreditor Agreement” means, collectively, the ABL Intercreditor Agreement
and, following the effectiveness thereof, any Pari Passu Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement. 

“Interest Payment Date” means (a) with respect to any Prime Rate Loan, the last day of each Fiscal Quarter and
(b) with respect to any LIBO Loan, on the last day of the Interest Period applicable to the Borrowing of which such LIBO Loan is a part, and, in addition, if such LIBO Loan has an Interest Period of greater than three months, on the last day of
every third month of such Interest Period; provided that the Amendment No. 4 Effective Date shall constitute an Interest Payment Date for the Term B-2 Loans (including the Converted Term B-2 Loans). 

“Interest Period” means, with respect to any LIBO Borrowing, the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is one (1), two (2), three (3), or six (6) months, and, if agreed to by all applicable Lenders, twelve (12) months thereafter (or such shorter period, to the extent available
to all Lenders and as to which the Administrative Agent may reasonably consent) (or with respect to the initial interest periods commencing on the Amendment No. 4 Effective Date, such other periods of less than three (3) months as to which
the Administrative Agent may reasonably consent) as the Borrower may elect by notice to the Administrative Agent in accordance with the provisions of this Agreement; provided, however, that (a) if any Interest Period would end on
a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day, (b) any Interest Period of one month or more 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 during which such
Interest Period ends) shall end on the last Business Day of the calendar month of such Interest Period and (c) any Interest Period that would otherwise end after the Maturity Date for any Class of Term Loans shall end on the Maturity Date for
such Class of Term Loans. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of
decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the
LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available) that
exceeds the Impacted Interest Period, in each case, at such time. 
 “Inventory” has the meaning assigned to such term in
the Security Agreement. 
 “Investment” means with respect to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of: 
 (a) any Capital Stock of another Person, evidence of Indebtedness or other security
of another Person, including any option, warrant or right to acquire the same; 
 (b) any loan, advance, contribution to
capital, extension of credit (except for current trade and customer accounts receivable for inventory sold or services rendered in the ordinary course of business) to, or guaranty of Indebtedness of, another Person; and 

(c) any Acquisition; 
 in all
cases whether now existing or hereafter made. For purposes of calculation, the amount of any Investment outstanding at any time shall be the aggregate cash Investment less all cash returns, cash dividends and cash distributions (or the fair market
value of any non-cash returns, dividends and distributions) received by such Person. 

  
 -17- 

 “Investment Fund” means (i) Sankaty Advisors, LLC and any affiliate of
Sankaty Advisors, LLC that Sankaty Advisors, LLC manages, makes investment decisions for or controls and (ii) any affiliate of the Sponsors that is a bona fide diversified debt fund or a bona fide diversified investment vehicle that is engaged
in, or advises funds and other investment vehicles that are engaged in, the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course. 

“ISDA Master Agreement” means the form entitled “2002 ISDA Master Agreement” or such other replacement form then
currently published by the International Swap and Derivatives Association, Inc., or any successor thereto. 
 “Joinder
Agreement” means an agreement, in substantially the form attached hereto as Exhibit D, pursuant to which, among other things, a Person becomes a party to, and bound by the terms of, this Agreement and/or the other Loan Documents in
the same capacity and to the same extent as a Facility Guarantor. 
 “Lease” means any agreement pursuant to which a Loan
Party is entitled to the use or occupancy of any space in a structure, land, improvements or premises for any period of time. 

“Lender Participation Notice” has the meaning provided in SECTION 2.16(d)(iii). 

“Lenders” means the Lenders having Commitments or Term Loans from time to time or at any time, and each assignee that becomes
a party to this Agreement as set forth in SECTION 9.04(b). 
 “LIBO Borrowing” means a Borrowing comprised of LIBO Loans.

 “LIBO Loan” means any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in
accordance with the provisions of Article II. 
 “LIBO Rate” means, with respect to any LIBO Borrowing for any Interest
Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for dollars for a period equal in length to such Interest Period as displayed on pages
LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBO Screen Rate”)) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBO
Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement. 
 “LIBO Screen Rate” has the meaning assigned to it in the
definition of “LIBO Rate.” 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien
(statutory or otherwise), pledge, hypothecation, encumbrance, collateral assignment, charge or security interest in, 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) 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 Account” has the meaning provided in SECTION 2.20. 

“Loan Documents” means this Agreement, the Notes, the Security Documents, the Facility Guarantees, the Intercreditor
Agreements, and any other instrument or agreement now or hereafter executed and delivered in connection herewith, and identified as a “Loan Document”. 

“Loan Party” or “Loan Parties” means the Borrower and the Facility Guarantors. 

  
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 “Margin Stock” has the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” means any event, facts, or circumstances, which has a material adverse effect on (i) the
business, assets or financial condition of the Loan Parties taken as a whole or (ii) the validity or enforceability of this Agreement or the other Loan Documents, taken as a whole, or the rights or remedies of the Secured Parties hereunder or
thereunder, taken as a whole. 
 “Material Indebtedness” means Indebtedness (other than the Obligations) of the Loan
Parties, individually or in the aggregate, having an aggregate principal amount exceeding $75,000,000. 
 “Maturity Date”
means (i) for Term B-3 Loans, August 13, 2021, (ii) for Incremental Term Loans of any Series, the date specified as the “Maturity Date” for such Incremental Term Loans in the applicable Incremental Term Loan Amendment and
(iii) for the Extended Term Loans of any Extension Series, the date specified as the “Maturity Date” for such Extended Term Loans in the applicable Term Loan Extension Amendment. 

“Maximum Incremental Amount” means the sum of (a) $400,000,000 plus (b) the maximum aggregate principal
amount that can be incurred without causing the Consolidated Secured Leverage Ratio, after giving effect to the incurrence of any Incremental Term Loans (other than Refinancing Term Loans) and the aggregate principal amount of Qualifying Secured
Debt and Qualifying Other Debt issued pursuant to clause (v)(ii) of the definition of “Permitted Indebtedness” on a Pro Forma Basis (excluding the cash proceeds to the Borrower of any Incremental Term Loans, treating all Qualifying Other
Debt issued pursuant to clause (v)(ii) of the definition of “Permitted Indebtedness” as secured (whether or not secured) and without giving effect to any simultaneous incurrence of any Incremental Term Loans or Qualifying Secured Debt
made pursuant to the foregoing clause (a), to exceed 3.5:1.0, at the Borrower’s option, either at the time (A) of the effectiveness of such Incremental Term Loans or Qualifying Secured Debt (as applicable) or (B) a definitive
agreement is entered into with respect to the Permitted Acquisition to be financed by such Incremental Term Loans or Qualifying Secured Debt (“Early Determination Date”); provided that if the Borrower has made an election to
determine compliance with the Consolidated Secured Leverage Ratio on the Early Determination Date, in connection with the calculation of any ratio with respect to the ability to incur debt or create liens, on or following the Early Determination
Date and prior to the earlier of the date on which such Permitted Acquisition and the date on which the definitive documentation for such Permitted Acquisition is terminated, any such ratio usage shall be calculated both on a stand-alone and on a
Pro Forma Basis as if the Incremental Term Loans or Qualifying Secured Debt to finance such Permitted Acquisition is then outstanding and such Permitted Acquisition has been consummated as of the date of such calculation (it being understood and
agreed that the Borrower may redesignate any Indebtedness originally designated as incurred under clause (a) as having been incurred under clause (b), so long as at the time of such redesignation, the Borrower would be permitted to incur under
clause (b) the aggregate principal amount of Indebtedness being so redesignated (for purposes of clarity, with any such redesignation having the effect of increasing the Borrower’s ability to incur such Indebtedness as of the date of such
redesignation by the amount of such Indebtedness so redesignated)). 
 “Maximum Rate” has the meaning provided in SECTION
9.13. 
 “Minority Lenders” has the meaning provided in SECTION 9.02(c)(i). 

“MNPI” means, on any date, material non-public information with respect to any Loan Party or their Restricted Subsidiaries or
their respective securities or the Term Loans. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor thereto. 
 “Mortgaged Property” means all Real Estate listed on Schedule 5.14. 

“Mortgages” means the mortgages and deeds of trust and any and all other security documents, including any amendments
thereto, granting a Lien on Mortgaged Property between the Loan Party owning, leasing or otherwise holding the Mortgaged Property encumbered thereby and the Collateral Agent for its own benefit and the benefit of the other Secured Parties which
shall be in form reasonably satisfactory to the Collateral Agent and the Borrower. 

  
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 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Proceeds” means, with respect to any event, (a) the cash proceeds received
in respect of such event, including (i) any cash received in respect of any non-cash proceeds or amounts escrowed pursuant to clause (iv) of this definition, but only as and when received, (ii) in the case of a casualty, cash
insurance proceeds, and (iii) in the case of a condemnation or similar event, cash condemnation awards and similar payments, in each case net of (b) the sum of (i) all fees and out-of-pocket fees and expenses (including appraisals and
brokerage, legal, title and recording or transfer tax expenses, underwriting discounts and commissions) paid by any Loan Party or a Restricted Subsidiary to third parties in connection with such event, and (ii) in the case of a sale or other
disposition of an asset (including pursuant to a casualty or condemnation), the amount of all payments required to be made by any Loan Party or any of their respective Restricted Subsidiaries as a result of such event to repay (or to establish an
escrow for the repayment of) any Indebtedness (other than the Obligations and other obligations secured by Liens ranking pari passu with the Obligations pursuant to a Pari Passu Lien Intercreditor Agreement) secured by a Permitted Encumbrance
on the assets disposed of that is senior to the Lien of the Collateral Agent; provided that to the extent any Qualifying Secured Debt with a Lien ranking pari passu with the Liens securing the Obligations pursuant to the terms of a
Pari Passu Lien Intercreditor Agreement requires a prepayment from the proceeds of any disposition or casualty event, then the amount of Net Proceeds otherwise actually required to be applied to prepay Term Loans pursuant to SECTION 2.17(a) or (b),
as applicable, shall be the product of (x) the amount of such Net Proceeds as determined above and (y) a fraction (A) the numerator of which is the aggregate principal amount of Term Loans and (B) the denominator of which is the
aggregate principal amount of Term Loans and such other Qualifying Secured Debt requiring such prepayment, (iii) capital gains or other income taxes paid or payable as a result of any such sale or disposition (after taking into account any
available tax credits or deductions) and (iv) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any
such sale or disposition. 
 “New Lending Office” has the meaning provided in SECTION 2.23(f). 

“Non-Converted Term B-2 Loans” means each Term B-2 Loan (or portion thereof) other than a Converted Term B-2 Loan. 

“Note” means any promissory note of the Borrower substantially in the form of Exhibit C, payable to the applicable
Lender, evidencing the Term Loan(s) made by such Lender to the Borrower. 
 “Obligations” means (a) (i) the
principal of, and interest (including all interest that accrues after the commencement of any case or proceeding by or against the Borrower or any Facility Guarantor under the Bankruptcy Code or any state or federal bankruptcy, insolvency,
receivership or similar law, whether or not allowed in such case or proceeding) on the Term Loans and Facility Guarantees and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary,
direct, contingent, fixed or otherwise, of the Loan Parties to the Secured Parties under this Agreement and the other Loan Documents and (b) the due and punctual payment and performance of all the covenants, agreements, obligations and
liabilities of each Loan Party under or pursuant to this Agreement and the other Loan Documents. 
 “Other Taxes” means any
and all current or future stamp or documentary Taxes or any other excise or property Taxes arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 

“Parent” means Burlington Coat Factory Investments Holdings, Inc. 

“Pari Passu Lien Intercreditor Agreement” means an agreement substantially in the form of Exhibit G to this Agreement
entered into by the Collateral Agent, the Administrative Agent and the agents for the holders of any Qualifying Secured Debt that is intended to be secured by a Lien on the Collateral ranking pari passu with the Lien of the Security Documents. 

“Participant” has the meaning provided in SECTION 9.04(c)(i). 

  
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 “Participant Register” has the meaning provided in SECTION 9.04(c)(i). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permitted Acquisition” means an Acquisition in which each of the following conditions are satisfied:

 (a) no Specified Default then exists or would arise from the consummation of such Acquisition; 

(b) if the Acquisition is an Acquisition of Capital Stock, the Person whose Capital Stock is acquired shall become a Restricted Subsidiary;
provided that the aggregate amount expended by Loan Parties in connection with all Permitted Acquisitions with respect to the assets that are not owned by a Loan Party immediately after giving effect to the applicable Permitted Acquisition
and compliance with SECTION 5.12 shall not exceed the greater of (x) $150,000,000 and (y) 6.0% of Consolidated Total Assets, except as otherwise permitted by the definition of “Permitted Investments”; and 

(c) any material assets acquired shall be utilized in, and if the Acquisition involves a merger, consolidation or stock acquisition, the
Person which is the subject of such Acquisition shall be engaged in, a business otherwise permitted to be engaged in by the Borrower under this Agreement. 

“Permitted Disposition” means any of the following: 

(a) licenses of Intellectual Property of a Loan Party or any of its Restricted Subsidiaries entered into in the ordinary course of business;

 (b) licenses for the conduct of licensed departments within the Loan Parties’ or any of their Restricted Subsidiaries’ Stores
in the ordinary course of business; 
 (c) dispositions of Securitization Assets in connection with Qualified Securitization Financings and
Receivables Facilities permitted by clause (bb) of the definition of “Permitted Indebtedness”; 
 (d) dispositions of assets,
including abandonment of or failure to maintain Intellectual Property that are worn, damaged, obsolete, uneconomical or, in the judgment of a Loan Party or its Restricted Subsidiary, no longer used or useful or necessary in, or material to, its
business or that of any Restricted Subsidiary; 
 (e) sales, transfers and dispositions among the Loan Parties and their Restricted
Subsidiaries; 
 (f) any disposition in a single transaction or series of related transactions that does not result in more than $5,000,000
Net Proceeds; 
 (g) sales, discounting or forgiveness of Accounts in the ordinary course of business or in connection with the collection
or compromise thereof; 
 (h) leases, subleases, licenses and sublicenses of real or personal property (other than Intellectual Property)
entered into by Loan Parties and their Restricted Subsidiaries in the ordinary course of business at arm’s length or on market terms; 

(i) sales of non-core assets acquired in connection with Permitted Acquisitions or other Permitted Investment; 

(j) sales or other dispositions of Permitted Investments described in clauses (a) through and including (k) of the definition
thereof; 
 (k) any disposition of Real Estate to a Governmental Authority as a result of a condemnation of such Real Estate; 

  
 -21- 

 (l) the making of Permitted Investments and payments permitted under SECTION 6.06; 

(m) sales, transfers and dispositions as set forth on Schedule 6.05; 

(n) leasing of Real Estate no longer used or useful in the business of the Loan Parties and their Restricted Subsidiaries to the extent not
otherwise prohibited hereunder; 
 (o) forgiveness of Permitted Investments; 

(p) exchanges or swaps, including, but not limited to, transactions covered by Section 1031 of the Code, of Leases and other Real Estate
of the Loan Parties and their Restricted Subsidiaries so long as such exchange or swap is made for fair market value and on an arm’s-length basis, 

(q) other dispositions of assets as long as (A) no Specified Default then exists or would arise therefrom and (B) in the case of any
assets with a fair market value in excess of $20,000,000, such sale or transfer is made for fair market value and the consideration received for such sale or transfer is at least (i) 75% cash, (ii) Cash Equivalents, (iii) the
assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of the Borrower or any of its Restricted Subsidiaries (other than liabilities that are expressly subordinated to the Obligations) and the valid release of the
Borrower or such Restricted Subsidiary, by all applicable creditors in writing, from all liability on such Indebtedness or other liability in connection with such disposition, (iv) securities, notes or other obligations received by the Borrower
or any of its Restricted Subsidiaries from the transferee that are converted by the Borrower or any of its Restricted Subsidiaries into cash or Cash Equivalents within 180 days following the closing of such Disposition, (v) Indebtedness of any
Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Disposition, to the extent that the Borrower and each other Restricted Subsidiary are released from any Guarantee of payment of such Indebtedness in connection with
such disposition, (vi) in connection with an asset swap, any assets used or useful in a Loan Parties’ or Restricted Subsidiaries business, all of which shall be deemed “cash”, or (vii) Designated Non-Cash Consideration to
the extent that all Designated Non-Cash Consideration at such time does not exceed the greater of (x) $35,000,000 and (y) 1.5% of Consolidated Total Assets as of the Applicable Date of Determination (with the fair market value of each item
of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value); provided that all Net Proceeds, if any, received in connection with any such sales are applied to the Term
Loans if then required in accordance with SECTION 2.17(a). 
 (r) any issuance, sale or pledge of Capital Stock in, or Indebtedness, or
other securities of, an Unrestricted Subsidiary; 
 (s) condemnation or any similar action on assets or casualty or insured damage to
assets; 
 (t) the Company and any Restricted Subsidiary may surrender or waive contractual rights and settle or waive contractual or
litigation claims; 
 (u) dispositions of property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property that is promptly purchased or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property (which replacement property is actually promptly purchased); 

(v) the disposition of assets that do not constitute Collateral in an amount not to exceed $100,000,000 from and after the Amendment
No. 4 Effective Date; and 
 (w) the incurrence of Permitted Liens, sales, transfers and other dispositions constituting any permitted
Restricted Payment. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes that are not required to be paid pursuant to SECTION 5.05; 

  
 -22- 

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
landlord’s and other like Liens imposed by Applicable Law, (i) arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days, (ii) (A) that are being contested in good
faith by appropriate proceedings, (B) the applicable Loan Party or Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (C) such contest effectively suspends collection of the contested
obligation and enforcement of any Lien securing such obligation, or (iii) the existence of which would not reasonably be expected to result in a Material Adverse Effect; 

(c) Liens provided in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social
security laws or regulations; 
 (d) Liens to secure or relating to the performance of bids, trade contracts (other than for Indebtedness),
leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds (and Liens arising in accordance with Applicable Law in connection therewith), and other obligations of a like nature, in each case in
the ordinary course of business; 
 (e) judgment Liens in respect of judgments that do not constitute an Event of Default under SECTION
7.01(k); 
 (f) easements, covenants, conditions, restrictions, building code laws, zoning restrictions, other land use laws, rights-of-way,
development, site plan or similar agreements and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the
affected property when used in a manner consistent with current usage or materially interfere with the ordinary conduct of business of a Loan Party as currently conducted and such other minor title defects, or survey matters that are disclosed by
current surveys, but that, in each case, do not interfere with the current use of the property in any material respect; 
 (g) any Lien on
any property or asset set forth on Schedule 6.02; 
 (h) Liens on fixed or capital assets acquired by any Loan Party or any of its
Restricted Subsidiaries to secure Indebtedness permitted under clause (e) of the definition of Permitted Indebtedness so long as (i) such Liens and the Indebtedness secured thereby are incurred prior to or within two hundred seventy
(270) days after such acquisition or the completion of the construction or improvement thereof (other than refinancings thereof permitted hereunder) and (ii) such Liens shall not extend to any other property or assets of the Loan Parties
or any of their Restricted Subsidiaries (other than any replacements of such property or assets and additions and accessions thereto and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of
multiple financings of equipment provided by any lender, other equipment financed by such lender); 
 (i) Liens in favor of the Collateral
Agent, for its own benefit and the benefit of the other Secured Parties; 
 (j) landlords’ and lessors’ Liens in respect of rent
not in default for more than sixty (60) days or the existence of which, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 

(k) possessory Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Investments owned as of the
date hereof and other Permitted Investments, provided that such Liens (a) attach only to such Investments or other Investments held by such broker or dealer and (b) secure only obligations incurred in the ordinary course and arising
in connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing; 
 (l)
Liens arising solely by virtue of any statutory or common law provisions relating to banker’s liens, liens in favor of securities intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or
other funds maintained with depository institutions or securities intermediaries; 

  
 -23- 

 (m) Liens on Real Estate; provided that such Liens shall only secure obligations with
respect to a Permitted Real Estate Financing; 
 (n) Liens (i) attaching solely to cash advances and earnest money deposits in
connection with any letter of intent or purchase agreement in connection with a Permitted Acquisition, Permitted Investment or Investment that will be consummated in connection with refinancing the Terms Loans or (ii) consisting of an agreement
to Dispose of any property in a Disposition permitted hereunder (or to be reasonably expected to be permitted hereunder); 
 (o) Liens
arising from precautionary UCC filings regarding “true” operating leases or the consignment of goods to a Loan Party; 
 (p) any
Lien existing on any property or asset prior to the acquisition thereof by a Loan Party or any Restricted Subsidiary or existing on any property or asset of any Person that became or becomes a Restricted Subsidiary (including as a result of any
Unrestricted Subsidiary being redesignated as a Restricted Subsidiary) after the Closing Date prior to the time such Person became or becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of such
acquisition or such Person becoming a Restricted Subsidiary as the case may be, (ii) such Lien shall not apply to any other property or asset of a Loan Party or any Restricted Subsidiary (other than any replacements of such property or assets
and additions and accessions thereto, after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time, a pledge of after-acquired property, and the proceeds and the products thereof and customary
security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender) and (iii) such Lien shall secure only those obligations and unused commitments (and to the
extent such obligations and commitments constitute Indebtedness, such Indebtedness is permitted hereunder) that it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be, and extensions,
renewals and replacements thereof so long as the principal amount of such extensions, renewals and replacements does not exceed the principal amount of the obligations being extended, renewed or replaced (plus any accrued but unpaid interest
(including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Indebtedness) and premium payable by the terms of such obligations thereon and fees and expenses associated therewith); 

(q) Liens in favor of customs and revenues authorities imposed by Applicable Law arising in the ordinary course of business in connection with
the importation of goods and securing obligations (i) that are not overdue by more than thirty (30) days, (ii) (A) that are being contested in good faith by appropriate proceedings, (B) the applicable Loan Party or
Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (C) such contest effectively suspends collection of the contested obligation and enforcement of any Lien securing such
obligation, or (iii) the existence of which would not reasonably be expected to result in a Material Adverse Effect; 
 (r) Liens
granted by the Loan Parties or any of their Restricted Subsidiaries to the secured parties under the ABL Facility and any refinancings thereof permitted hereunder so long as such Liens are subject to the terms of the ABL Intercreditor Agreement;

 (s) any interest or title of a licensor, sublicensor, lessor or sublessor under any license or operating or true lease agreement; 

(t) leases or subleases granted to third Persons in the ordinary course of business; 

(u) licenses or sublicenses of Intellectual Property granted in the ordinary course of business; 

(v) the replacement, refinancing, extension or renewal of any Permitted Encumbrance; provided that such Lien shall at no time be
extended to cover any assets or property other than such assets or property subject thereto on the Closing Date or the date such Lien was incurred, as applicable (other than any replacements of such property or assets and additions and accessions
thereto and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender or Liens otherwise permitted
hereunder); 

  
 -24- 

 (w) Liens on insurance policies and insurance proceeds incurred in the ordinary course of
business in connection with the financing of insurance premiums; 
 (x) Liens on securities which are the subject of repurchase agreements
incurred in the ordinary course of business; 
 (y) Liens arising by operation of law under Article 4 of the UCC in connection with
collection of items provided for therein; 
 (z) Liens arising by operation of law under Article 2 of the UCC in favor of a reclaiming
seller of goods or buyer of goods; 
 (aa) Liens on deposit accounts or securities accounts in connection with overdraft protection netting
services, other cash management services, automatic clearinghouse arrangements, overdraft protections and similar arrangements or otherwise in connection with securities accounts and deposit accounts, in each case, in the ordinary course of
business; 
 (bb) security given to a public or private utility or any Governmental Authority as required in the ordinary course of
business; 
 (cc) Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Loan Parties or
any of their Restricted Subsidiaries in the ordinary course of business; 
 (dd) other Liens securing obligations in an amount not to exceed
the greater of (x) $75,000,000 and (y) 3.0% of Consolidated Total Assets (measured at the time such Liens are created) in the aggregate at any time outstanding; 

(ee) Liens in favor of customs and revenue authorities to secure payment of customs duties in connection with the importation of goods; 

(ff) purchase options, call and similar rights of, and restrictions for the benefit of, a third party with respect to Capital Stock held by
the Borrower or any Restricted Subsidiary in joint ventures; 
 (gg) Liens disclosed as exceptions to coverage in the final title policies
and endorsements issued to the Collateral Agent with respect to any Mortgaged Properties; 
 (hh) Liens on assets of any Restricted
Subsidiary that is not a Loan Party to the extent such Liens secure Indebtedness of such Restricted Subsidiary permitted by SECTION 6.01; 

(ii) Liens securing Indebtedness permitted under clause (v)(iii) of “Permitted Indebtedness” provided that the pro forma
Consolidated Secured Leverage Ratio is equal to or less than 3.5:1.0 and, to the extent such Indebtedness is secured by Liens on Collateral, such Indebtedness is subject to either (i) the terms of the Pari Passu Lien Intercreditor Agreement as
“Additional First Lien Obligations” or (ii) the terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations; 

(jj) Liens securing any Hedge Agreement so long as the fair market value of the collateral securing such Hedge Agreement does not exceed
$25,000,000 at any time; 
 (kk) Liens on Collateral securing Qualifying Secured Debt issued pursuant to clause (v)(i) or (v)(ii) of the
definition of “Permitted Indebtedness”; and 

  
 -25- 

 (ll) Liens on (i) Securitization Assets arising in connection with a Qualified
Securitization Financing or (ii) the Receivables Assets arising in connection with a Receivables Facility, in each case securing Indebtedness permitted under clause (bb) of “Permitted Indebtedness.” 

“Permitted Indebtedness” means each of the following: 

(a) Indebtedness created under the Loan Documents; 

(b) Indebtedness set forth on Schedule 6.01; 

(c) Indebtedness of (i) any Loan Party to any other Loan Party, (ii) any Loan Party to any Restricted Subsidiary that is not a
Subsidiary Guarantor and (iii) any Restricted Subsidiary that is not a Subsidiary Guarantor to any Restricted Subsidiary that is not a Subsidiary Guarantor; 

(d) Guarantees by any Loan Party or any of its Restricted Subsidiaries of Indebtedness or other obligations arising in the ordinary course of
business of any other Loan Party or any of its Restricted Subsidiaries; 
 (e) purchase money Indebtedness of any Loan Party or any of its
Restricted Subsidiaries to finance the improvement, acquisition, development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement of any fixed or capital assets (including Real Estate), including Capital Lease
Obligations (including therein any Indebtedness incurred in connection with sale-leaseback transactions permitted under clause (k) of this definition), and any Indebtedness assumed in connection with the acquisition of any such assets or
secured by a Lien on any such assets prior to the acquisition thereof, provided that the aggregate principal amount of Indebtedness permitted by this clause (e) outstanding at any time, when aggregated with the amount of Permitted
Refinancings in respect thereof pursuant to clause (bb) below, shall not exceed the greater of (x) $75,000,000 and (y) 3.0% of Consolidated Total Assets (measured at the time of incurrence); 

(f) Indebtedness under Hedge Agreements, other than for speculative purposes, entered into in the ordinary course of business; 

(g) contingent liabilities under surety bonds, customs and appeal bonds, governmental contracts and leases or similar instruments incurred in
the ordinary course of business; 
 (h) [Reserved]; 

(i) Indebtedness under the ABL Facility; provided that in no event shall the aggregate principal amount of loans and the face amount of
letters of credit and bank guaranties issued under the ABL Facility exceed the greater of (x) $900,000,000 and (y) the Borrowing Base as of the time such Indebtedness is incurred; 

(j) Indebtedness with respect to the deferred purchase price for any Permitted Acquisition or Permitted Investment, provided that such
Indebtedness does not require the payment in cash of principal (other than in respect of working capital adjustments and Indebtedness described in clause (p)) prior to the Maturity Date, has a maturity which extends beyond the Maturity Date, and is
subordinated to the Obligations on terms customary for senior subordinated high yield debt securities (as determined in good faith by the Borrower); 

(k) Indebtedness incurred in connection with sale-leaseback transactions permitted hereunder; 

(l) Subordinated Indebtedness in an amount, when aggregated with the amount of Permitted Refinancing in respect thereof pursuant to clause
(bb), not to exceed $200,000,000 in the aggregate; and provided that, in each case, such Subordinated Indebtedness (i) shall not have a maturity date or be subject to amortization, mandatory repurchase or redemption (except pursuant to
customary asset sale, and similar event, and similar events and change of control provisions and AHYDO payments) prior to the date that is three months after the Maturity Date of each then outstanding Class of Term Loans, and (ii) shall not be
exchangeable or convertible into any other Indebtedness (other than any Indebtedness that is otherwise permitted to be incurred under this Agreement at the time of such exchange or conversion); 

  
 -26- 

 (m) Indebtedness incurred in the ordinary course of business in connection with the financing of
insurance premiums; 
 (n) Indebtedness of any Loan Party or any of its Restricted Subsidiaries incurred or assumed in connection with a
Permitted Acquisition or other Acquisition permitted hereunder; provided; that on a Pro Forma Basis the Consolidated Interest Coverage Ratio for the most recent four Fiscal Quarter period for which financial statements have been or are
required to be delivered hereunder would either be (x) at least 2.0 to 1.0 or (y) not less than the Consolidated Interest Coverage Ratio for such period immediately prior to such acquisition; 

(o) Indebtedness relating of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees, workers’
compensation claims, letters of credit, bank guarantees and banker’s acceptances, warehouse receipts or similar instruments and similar obligations (other than in respect of other Indebtedness for borrowed money) including, without limitation,
those incurred to secure health, safety and environmental obligations, in each case provided in the ordinary course of business or consistent with past practice; 

(p) Indebtedness constituting the obligation to make purchase price adjustments for working capital, indemnities and similar obligations
(including earnouts) in connection with Permitted Acquisition, Permitted Investments and Permitted Dispositions; 
 (q) Guarantees and
letters of credit and surety bonds (other than Guarantees of, or letters of credit and surety bonds related to, Indebtedness) issued in connection with Permitted Acquisitions, Permitted Investments and Permitted Dispositions; 

(r) without duplication of any other Indebtedness, non-cash accruals of interest, accretion or amortization of original issue discount and
payment-in-kind interest with respect to Indebtedness permitted hereunder; 
 (s) Indebtedness due to any landlord in connection with the
financing by such landlord of leasehold improvements; 
 (t) without duplication of, or accumulation with, other categories of Indebtedness
permitted hereunder, other Indebtedness of any Loan Party or Restricted Subsidiary in an aggregate principal amount not to exceed the greater of $150,000,000 and 6.0% of Consolidated Total Assets at any time outstanding; 

(u) Indebtedness under Permitted Real Estate Financings; 

(v) Qualifying Other Debt or Qualifying Secured Debt (i) that is either (x) issued solely for cash consideration, the net proceeds
of which are applied solely to the prepayment (in whole or in part) of Term Loans in accordance with SECTION 2.17 or (y) issued in exchange for Term Loans pursuant to SECTION 2.25, or (ii) in the case of Qualifying Secured Debt and, at the
option of the Borrower, Qualifying Other Debt, so long as (x) no Specified Default has occurred and is continuing or would result therefrom and (y) the aggregate principal amount of such Qualifying Secured Debt and Qualifying Other Debt,
when aggregated with the aggregate principal amount of all Incremental Term Loans, would not exceed the Maximum Incremental Amount or (iii) in the case of Qualifying Other Debt, so long as on a Pro Forma Basis (x) no Event of Default has
occurred or is continuing or would result therefrom and (y) the Consolidated Interest Coverage Ratio is at least 2.0 to 1.0 for the most recent four Fiscal Quarter period; 

(w) Indebtedness of any Restricted Subsidiary that is not a Loan Party; provided that the aggregate amount of Indebtedness outstanding
at any time pursuant to this clause (w) shall not exceed the greater of $25,000,000 and 1.0% of Consolidated Total Assets; 
 (x)
Indebtedness with respect of treasury, depositary, cash management and netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements or otherwise in connection with securities accounts and deposit accounts,
in each case, in the ordinary course of business; 

  
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 (y) Indebtedness consisting of take or pay obligations contained in supply arrangements, in each
case, in the ordinary course of business or consistent with past practice; 
 (z) Indebtedness incurred in connection with the repurchase of
Capital Stock pursuant to SECTION 6.06; provided that the original principal amount of any such Indebtedness incurred pursuant this clause (z) shall not exceed the amount of such Capital Stock so repurchased with such Indebtedness
(or with the proceeds thereof); 
 (aa) Indebtedness in an amount equal to 100% of the aggregate Net Proceeds received by Parent after the
Amendment No. 4 Effective Date from the issue or sale of Capital Stock (other than Disqualified Capital Stock) plus cash contributed to Parent and to the extent such Net Proceeds or cash have been contributed as common equity to the Borrower
and have not been applied pursuant to SECTION 6.06(a)(xiv), clause (gg) of the definition of “Permitted Investment” or utilized to increase the Available Amount; 

(bb) Indebtedness of (i) any Securitization Subsidiary arising under any Securitization Facility or (ii) the Borrower or any
Restricted Subsidiary arising under any Receivables Facility; provided that the Outstanding Securitization Amount permitted by this clause (bb) shall not exceed $150,000,000 at any time outstanding; and 

(cc) extensions, renewals, refinancings, and replacements of any such Indebtedness described in clauses (b), (e), (f), (j), (k), (m), (n),
(r), (s), (u), (v), (z) and (aa) above and this clause (cc); provided that such Indebtedness constitutes a Permitted Refinancing. 

“Permitted Investments” means each of the following: 

(a) Direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America) or any state or state agency thereof, in each case maturing within one (1) year from the date of
acquisition thereof; 
 (b) Investments in commercial paper maturing within one (1) year from the date of acquisition thereof and
having, at the date of acquisition, the highest or next highest credit rating obtainable from S&P or from Moody’s; 
 (c)
Investments in certificates of deposit, banker’s acceptances and time deposits maturing within one (1) year from the date of acquisition thereof which are issued or guaranteed by, or placed with, and demand deposit and money market deposit
accounts issued or offered by, any Lender or any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than
$100,000,000; 
 (d) Master demand notes and fully collateralized repurchase agreements with a term of not more than thirty (30) days
for securities described in clause (a) above (without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying the criteria described in clause (c) above or with any primary
dealer; 
 (e) readily marketable direct obligations issued by any state, commonwealth or territory of the United States of America, any
province of Canada, any member of the European Union, any other foreign government or any political subdivision or taxing authority thereof, in each case, having one of the two highest rating categories obtainable from either Moody’s or S&P
(or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two years from the date of acquisition; 

(f) Indebtedness or preferred stock issued by Persons with a rating of “BBB-” or higher from S&P or “Baa3” or higher
from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of 12 months or less from the date of acquisition; 

  
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 (g) bills of exchange issued in the United States, Canada, or a member state of the European
Union for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); 
 (h) instruments and
investments of the type and maturity described in clause (a) through (g) denominated in any foreign currency or of foreign obligors, which investments or obligors are, in the reasonable judgment of the Borrower, comparable in
investment quality to those referred to above; 
 (i) solely with respect to any Restricted Subsidiary that is a Foreign Subsidiary,
investments of comparable tenor and credit quality to those described in the foregoing clauses (a) through (h) customarily utilized in countries in which such Foreign Subsidiary operates for short term cash management
purposes. 
 (j) (i) dollars, Euro, or any national currency of any member state of the European Union; or (ii) any other foreign
currency held by a Loan Party or any of its Restricted Subsidiaries in the ordinary course of business (notwithstanding the foregoing, cash equivalents shall include amounts denominated in currencies other than set forth in this clause;
provided that such amounts are converted into currencies listed in this clause within ten Business Days following the receipt of such amounts). 

(k) shares of any money market or mutual fund that has substantially all of its assets invested in the types of investments referred to in
clauses (a) through (i), above; 
 (l) Investments existing on the Closing Date and set forth on Schedule 6.04; 

(m) capital contributions, loans or other Investments made by (i) (x) any Loan Party to any other Loan Party and (y) any
Restricted Subsidiary that is not a Subsidiary Guarantor to any other Restricted Subsidiary that is not a Subsidiary Guarantor or (ii) so long as no Specified Default then exists or would arise therefrom, any Loan Party to any Restricted
Subsidiary or Affiliate of any Loan Party in an aggregate amount not to exceed the greater of $125,000,000 and 5.0% of Consolidated Total Assets at any time outstanding; provided that the aggregate amount of all Investments of the type
described in this clause (m)(ii) and clause (x) of this definition may not exceed the greater of $125,000,000 and 5.0% of Consolidated Total Assets in the aggregate outstanding at any time; 

(n) Guarantees constituting Permitted Indebtedness; 

(o) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(p) loans or advances to employees for the purpose of travel, entertainment or relocation in the ordinary course of business, provided
that all such loans and advances to employees shall not exceed $5,000,000 in the aggregate at any time outstanding, and determined without regard to any write-downs or write-offs thereof; 

(q) Investments received from purchasers of assets pursuant to dispositions permitted pursuant to SECTION 6.05; 

(r) Permitted Acquisitions and existing Investments of the Persons acquired in connection with Permitted Acquisitions or other Acquisition
permitted hereunder so long as such Investment was not made in contemplation of such Permitted Acquisition; 
 (s) Hedge Agreements entered
into in the ordinary course of business for non-speculative purposes; 
 (t) to the extent permitted by Applicable Law, notes from officers
and employees in exchange for equity interests of BCF Holdings (or any direct or indirect parent) purchased by such officers or employees pursuant to a stock ownership or purchase plan or compensation plan; 

  
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 (u) earnest money required in connection with Permitted Acquisitions and other Permitted
Investments; 
 (v) Investments in deposit accounts opened in the ordinary course of business; 

(w) Capital Expenditures; 
 (x)
Guarantee of Indebtedness under clause (m)(ii) above of Restricted Subsidiaries that are not Loan Parties not in excess of the greater of $125,000,000 and 5.0% of Consolidated Total Assets in the aggregate at any time outstanding; ; provided
that the aggregate amount of all Investments of the type described in this clause (x) and clause (m) (ii) of this definition may not exceed the greater of $125,000,000 and 5.0% of Consolidated Total Assets in the aggregate outstanding
at any time; 
 (y) other Investments in an amount not to exceed the greater of (x) $100,000,000 and (y) 4.0% of Consolidated
Total Assets (measured as of the time any such Investment is made) in the aggregate outstanding at any time; 
 (z) Investments out of the
portion of the Available Amount that any Loan Party or any Restricted Subsidiary elects to apply pursuant to this clause (z); 
 (aa) so
long as (x) no Event of Default has occurred and is continuing or would result therefor and (y) on a Pro Forma Basis, the Consolidated Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial
statements have been or are then required to have been delivered would be less than or equal to 3.5 to 1.0, any Loan Party or any Restricted Subsidiary may make any Investment; 

(bb) Investments made by a Loan Party or any Restricted Subsidiary in any joint venture or any Unrestricted Subsidiary in an aggregate amount
of such Investments made after the Closing Date pursuant to this clause (bb) by (x) Loan Parties and Restricted Subsidiaries in joint ventures and (y) the Loan Parties and their Restricted Subsidiaries in Unrestricted Subsidiaries shall
not exceed the greater of (A) $25,000,000 and (B) 1.0% of Consolidated Total Assets at any time; 
 (cc) Investments resulting
from Permitted Liens; 
 (dd) Investments solely to the extent such Investments reflect an increase in the value of Investments otherwise
permitted under SECTION 6.04; 
 (ee) Investments consisting of or resulting from Indebtedness, Liens, Restricted Payments, fundamental
changes and Permitted Dispositions; 
 (ff) Term Loans repurchased by the Borrower or a Restricted Subsidiary pursuant to and in accordance
with SECTION 2.16(d); 
 (gg) Investments to the extent that payment for such Investments is made solely with Capital Stock (other than
any Disqualified Capital Stock) of the Borrower (or any direct or indirect parent) or proceeds of an equity contribution initially made to BCF Holdings in each case to the extent contributed to the Qualified Capital Stock of the Borrower and have
not been applied pursuant to SECTION 6.06(a)(xiv), clause (aa) of the definition of “Permitted Indebtedness” or utilized to also increase the Available Amount; 

(hh) loans and advances to BCF Holdings (or any direct or indirect parent entity) in lieu of, and not in excess of the amount of (after giving
effect to any other such loans or advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made in accordance with SECTION 6.06; 

(ii) Investments consisting of purchases and acquisitions of inventory, supplies, material, equipment, or other similar assets in the ordinary
course of business; 

  
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 (jj) cash or property distributed from any Restricted Subsidiary that is not a Loan Party
(i) may be contributed to other Restricted Subsidiaries that are not Loan Parties, and (ii) without duplication of amounts that increase the amount available under to any other clause above, may pass through the Borrower and/or any
intermediate Restricted Subsidiaries, so long as all part of a series of related transactions and such transaction steps are not unreasonably delayed and are otherwise permitted hereunder; and 

(kk) (i) Investments in any Receivables Facility or any Securitization Subsidiary in order to effectuate a Qualified Securitization Financing,
including the ownership of Equity Interests in such Securitization Subsidiary and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase
Obligation in connection with a Qualified Securitization Financing or a Receivables Facility; 
 provided, however, that for purposes of
calculation, the amount of any Investment outstanding at any time shall be the aggregate cash Investment less all cash returns, cash dividends and cash distributions (or the fair market value of any non-cash returns, dividends and distributions)
received by such Person and less all liabilities expressly assumed by another Person in connection with the sale of such Investment. 

“Permitted Real Estate Financing” means any financing by any Loan Party or any of its Restricted Subsidiaries that is secured
solely by Real Estate of such Loan Party or such Restricted Subsidiary, as the case may be; provided that (a) the Indebtedness incurred in connection with such financing shall not be directly or indirectly Guaranteed by, or directly or
indirectly collateralized or secured by, or otherwise have any recourse to, such Loan Party or any such Restricted Subsidiary or any of the assets of such Loan Party or such Restricted Subsidiary, other than (i) the Real Estate that is the
subject of such financing and/or (ii) an unsecured Guarantee by the direct or indirect parent of such Loan Party or such Restricted Subsidiary that shall own the Real Estate that is the subject of such financing, (b) none of the Loan
Parties or any of their Restricted Subsidiaries shall provide any other direct or indirect credit support of any kind in respect of such Indebtedness (other than the security interest on the Real Estate that is the subject of such financing as
described in clause (a) above), (c) the such Loan Party or such Restricted Subsidiary, as the case may be, shall have received proceeds with respect to such financing in an amount equal to not less than 90% of the fair market value of the
Real Estate that is the subject of such financing, (d) the Indebtedness incurred in connection with such financing shall have a final maturity that is no sooner than the date that is three months following the Maturity Date and a weighted
average life to maturity that is no shorter than the Term Loans and (e) all Net Proceeds received in connection therewith are applied to repay Term Loans. 

“Permitted Refinancing” means any Indebtedness that replaces, renews, extends or refinances any other Permitted Indebtedness,
as long as, after giving effect thereto (i) the principal amount of the Indebtedness outstanding at such time is not increased (except by the amount of any accrued interest, closing costs, expenses, fees, and premium paid in connection with
such extension, renewal or replacement plus an amount equal to any unused commitment thereunder), (ii) the result of such refinancing of or replacement shall not be an earlier maturity date or decreased weighted average life, (iii) the
obligor or obligors under any such refinancing Indebtedness and the collateral, if applicable, granted pursuant to any such refinancing Indebtedness are the same (or in the case of collateral, the same or less than) as the obligor(s) and collateral
under the Indebtedness being extended, renewed or replaced, (iv) the subordination, to the extent applicable, of the refinancing Indebtedness are not materially less favorable to the Lenders than those subordination terms of the Indebtedness
being refinanced (as determined by the Borrower in good faith) and (v) the refinancing Indebtedness is not exchangeable or convertible into any other Indebtedness which does not comply with clauses (i) through (iv) above. 

“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, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Pledge
Agreement” means the Pledge Agreement dated as of the Closing Date among the Loan Parties party thereto and the Collateral Agent for its own benefit and the benefit of the other Secured Parties. 

  
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 “Post-Acquisition Period” means, with respect to any Permitted Acquisition or
Investment the period beginning on the date such Permitted Acquisition is consummated and ending 18 months following the date on which such Permitted Acquisition or Investment is consummated. 

“Prepayment Event” means the occurrence of any of the events described in SECTIONS 2.17(a) through (c). 

“Prime Rate” means, as to any Borrowing, for any day, the highest of (a) the rate of interest per annum publicly
announced from time to time by the Administrative Agent as its “prime rate” in effect on such day at its office located at 270 Park Avenue, New York, New York; each change in the “prime rate” shall be effective from and including
the date such change is publicly announced as being effective, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% (0.50%)
per annum and (c) the Adjusted LIBO Rate for the applicable Class of Term Loans (after giving effect to any applicable minimum rate set forth in the definition thereof) for a one-month Interest Period commencing on such day (or if such day is
not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate at approximately 11:00 a.m. London time on such day. The
Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. The Prime Rate is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s
costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. If for any reason the Administrative Agent shall have
determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations
thereof in accordance with the terms hereof, the Prime Rate shall be determined without regard to clause (b) of the first sentence of this definition, until the circumstances giving rise to such inability no longer exist. Any change in the
Prime Rate due to a change in the Administrative Agent’s Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Administrative Agent’s Prime Rate, the Federal
Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “Prime Rate Loan” means any Term Loan bearing interest at
a rate determined by reference to the Prime Rate in accordance with the provisions of Article II. 
 “Pro Forma
Adjustments” means, for any applicable period that includes all or any part of a Fiscal Quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or the Consolidated EBITDA of the
Borrower and its Restricted Subsidiaries, the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA of the Borrower and its Restricted Subsidiaries, as the case may be, projected by the Borrower in good faith as a result
of (a) actions taken (or commenced) during such Post-Acquisition Period for the purposes of realizing reasonably identifiable cost savings, operating expense reductions, other operating improvements and initiatives and synergies projected by
the Borrower in good faith or (b) any additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination of the operations of such Acquired Entity with the operations of the Borrower and its
Restricted Subsidiaries; provided that (i) so long as such actions are taken (or commenced) during such Post-Acquisition Period or such costs are incurred (or commenced) during such Post-Acquisition Period, as applicable, the cost
savings, operating expense reduction, other operating improvements and initiatives and synergies related to such actions or such additional costs, as applicable, it may be assumed, for purposes of projecting such pro forma increase or decrease in
such Acquired EBITDA or such Consolidated EBITDA of the Borrower and its Restricted Subsidiaries, as the case may be, that such costs savings, operating expense reductions, other operating improvements and initiatives and synergies will be
realizable during the entirety of such period, or such additional costs, as applicable, will be incurred during the entirety of such period and (ii) any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA of
the Borrower and its Restricted Subsidiaries, as the case may be, shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA of the Borrower and its Restricted Subsidiaries,
as the case may be, for such period; and provided further that any such increase, decrease and other adjustments of such Acquired EBITDA or such Consolidated EBITDA of the Borrower and its Restricted Subsidiaries, as the case may be, either
(x) would be permitted to be included in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act of 1933, as amended, or (y) shall have been certified by the chief financial officer of the
Borrower as having been calculated in good faith and in compliance with the requirements of this definition; provided that any 

  
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such adjustment pursuant to this clause (y) does not exceed 20% of the most recently calculated Consolidated EBITDA of the Borrower and its Restricted Subsidiaries (prior to giving effect to
the adjustments pursuant to this subclause (y)). 
 “Pro Forma Basis” means, with respect to compliance with any test or
covenant hereunder, that (A) to the extent applicable, the Pro Forma Adjustments shall have been made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the
first day of the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a
disposition of all or substantially all equity interests in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (ii) in the case of a
Permitted Acquisition or Investment described in the definition of “Specified Transaction,” shall be included, (b) any retirement of Indebtedness, and (c) any Indebtedness incurred or assumed by the Borrower or any of the
Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or
would be in effect with respect to such Indebtedness as at the relevant date of determination; provided that, without limiting the application of the Pro Forma Adjustments pursuant to (a) above, the foregoing pro forma adjustments may be
applied to any such test or covenant solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA and give effect to events (including operating expense reductions and operating initiatives) that are
consistent with the definition of Pro Forma Adjustment. 
 “Proposed Discounted Prepayment Amount” has the meaning provided
in SECTION 2.16(d)(ii). 
 “Outstanding Securitization Amount” means, at any time with respect to any Qualified
Securitization Financing or Receivables Facility, the amount advanced or received (in the case of a sale) at such time in respect of Receivables Assets that are not yet due in accordance with their payment terms 

“Qualified Securitization Financing” means any Securitization Facility of a Securitization Subsidiary that meets the
following conditions: (i) the Borrower shall have determined in good faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to
the Borrower and its Restricted Subsidiaries; (ii) all sales of Securitization Assets and related assets by the Borrower or any Restricted Subsidiary to the Securitization Subsidiary or any other Person are made at fair market value (as
determined in good faith by the Borrower); (iii) the financing terms, covenants, termination events and other provisions thereof shall be on market terms (as determined in good faith by the Borrower) and may include Standard Securitization
Undertakings; and (iv) the obligations under such Securitization Facility are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Borrower or any of its
Restricted Subsidiaries (other than a Securitization Subsidiary). 
 “Qualifying Lender” has the meaning provided in
SECTION 2.16(d)(iv). 
 “Qualifying Loans” has the meaning provided in SECTION 2.16(d)(iv). 

“Qualifying Other Debt” means any Indebtedness, no part of the principal of which is required to be paid (whether by way of
mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the date that is six months after the Maturity Date of each Class of Term Loans outstanding on the date on which such Indebtedness is incurred other than
(i) any required (x) offer to purchase or (y) prepayment obligation in respect of such Indebtedness as a result of a change of control, similar event or asset sale or AHYDO payment or (ii) amortization no greater than the Term
B-3 Loans (excluding any prepayment). 
 “Qualifying Secured Debt” means any secured Indebtedness of any Loan Party, no
part of the principal of which is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the Maturity Date of each Class of Term Loans outstanding on the date on which such
Indebtedness is incurred other than (i) any required (x) offer to purchase or (y) prepayment obligation in respect of such Indebtedness as a result of a change of control, similar event or asset sale or AHYDO payment or
(ii) amortization no greater than the Term B-3 Loans (excluding any prepayment) and which is subject to either (i) the terms of the Pari Passu Lien Intercreditor Agreement as “Additional First Lien Obligations” or (ii) the
terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations. 

  
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 “Receivables Assets” means (a) any accounts receivable owed to the Borrower
or a Restricted Subsidiary subject to a Receivables Facility and the proceeds thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations in respect of such accounts
receivable, all records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed,
assigned or otherwise transferred or pledged by the Borrower or a Restricted Subsidiary to a commercial bank or an Affiliate thereof in connection with a Receivables Facility. 

“Receivables Facility” means an arrangement between the Borrower or a Restricted Subsidiary and a commercial bank or an
Affiliate thereof pursuant to which (a) the Borrower or such Restricted Subsidiary, as applicable, sells (directly or indirectly) to such commercial bank (or such Affiliate) accounts receivable owing by customers, together with Receivables
Assets related thereto, at a maximum discount, for each such account receivable, not to exceed 5.0% of the face value thereof, (b) the obligations of the Borrower or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except
for Securitization Repurchase Obligations) to the Borrower and such Restricted Subsidiary and (c) the financing terms, covenants, termination events and other provisions thereof shall be on market terms (as determined in good faith by the
Borrower) and may include Standard Securitization Undertakings, and shall include any guaranty in respect of such arrangement. 

“Real Estate” means all interests in real property now or hereafter owned or held by any Loan Party or Restricted Subsidiary,
including all leasehold interests held pursuant to Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon, now or hereafter owned by any Loan Party or Restricted Subsidiary, including all
easements, rights-of-way, appurtenances and other rights relating thereto and all leases, tenancies, and occupancies thereof. 

“Refinancing Term Loans” means Incremental Term Loans that are designated as Refinancing Term Loans in the applicable
Incremental Term Loan Amendment. 
 “Register” has the meaning provided in SECTION 9.04(b)(iv). 

“Regulation U” means Regulation U of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof. 
 “Regulation X” means Regulation X of the Board as from time to time in effect and all official
rulings and interpretations thereunder or thereof. 
 “Reinvestment Deferred Amount” means, with respect to a Prepayment
Event described in SECTION 2.17(a) or (b), the aggregate Net Proceeds received by any Loan Party in connection therewith that are not applied to prepay the Term Loans in accordance with the provisos in SECTIONS 2.17(a) or (b), as applicable. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents, trustees and advisors of such Person and such Person’s Affiliates. 
 “Release” has the
meaning provided in Section 101(22) of CERCLA. 
 “Replacement Lender” has the meaning provided in SECTION 9.02(c)(i).

 “Reports” has the meaning provided in SECTION 8.13(a). 

“Required Lenders” means, at any time and subject to SECTION 9.04(f), Lenders whose percentage of the outstanding Term Loans
aggregate more than 50% of all then outstanding Term Loans. 

  
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 “Responsible Officer” of any Person shall mean any executive officer or
financial officer of such Person and any other officer or similar official thereof with responsibility for the administration of the obligations of such Person in respect of this Agreement. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any class of Capital Stock of a 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 Capital Stock of a Person or any option, warrant or other right to acquire any Capital Stock of a Person or on account of any return of capital to the Person’s stockholders, partners or members, provided that “Restricted
Payments” shall not include any dividends payable solely in Capital Stock of a Loan Party. 
 “Restricted Subsidiary”
means each Subsidiary of BCF Holdings that is not an Unrestricted Subsidiary. 
 “Revolver Priority Collateral” has the
meaning set forth in the ABL Intercreditor Agreement. 
 “Revolving Credit Loans” has the meaning set forth in the ABL
Agreement. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. and any successor thereto. 
 “Sanctioned Country” means, at any time, a country or territory which is itself the
subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the
United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described
in the foregoing clause (a) or (b). 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal
functions. 
 “Second Lien Intercreditor Agreement” means an intercreditor agreement in form and substance reasonably
satisfactory to the Administrative Agent providing that the Liens securing the Obligations rank prior to the Liens securing Qualifying Secured Debt which is intended to be secured by Liens ranking junior to the Liens securing the Obligations. 

“Secured Party” means (a) each Credit Party, (b) the beneficiaries of each indemnification obligation undertaken by
any Loan Party under any Loan Document, and (c) the successors and, subject to any limitations contained in this Agreement, assigns of each of the foregoing. 

“Securitization Asset” means (a) any accounts receivable or related assets and the proceeds thereof, in each case
subject to a Securitization Facility and (b) all collateral securing such receivable or asset, all contracts and contract rights, guaranties or other obligations in respect of such receivable or asset, lockbox accounts and records with respect
to such account or asset and any other assets customarily transferred (or in respect of which security interests are customarily granted), together with accounts or assets in a securitization financing and which in the case of clause (a) and
(b) above are sold, conveyed, assigned or otherwise transferred or pledged by the Borrower or a Restricted Subsidiary in connection with a Qualified Securitization Financing. 

  
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 “Securitization Facility” means any transaction or series of securitization
financings that may be entered into by the Borrower or any of its Restricted Subsidiaries pursuant to which the Borrower or any of its Restricted Subsidiaries may sell, convey or otherwise transfer, or may grant a security interest in,
Securitization Assets to either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells such Securitization Assets to a Person that is not a Restricted Subsidiary, or may grant a security
interest in, any Securitization Assets of the Borrower or any of its Subsidiaries. 
 “Securitization Fees” means
distributions or payments made directly or by means of discounts with respect to any Securitization Asset or participation interest therein issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of
legal counsel) paid to a Person that is not a Restricted Subsidiary in connection with, any Qualified Securitization Financing or a Receivables Facility. 

“Securitization Repurchase Obligation” means any obligation of a seller (or any guaranty of such obligation) of
Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables Facility to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including,
without limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to
the seller. 
 “Securitization Subsidiary” means any Subsidiary the Borrower in each case formed for the purpose of and
that solely engages in one or more Qualified Securitization Financings and other activities reasonably related thereto or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any
Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets. 

“Security Agreement” means the Security Agreement dated as of the Closing Date among the Loan Parties and the Collateral
Agent for its benefit and for the benefit of the other Secured Parties, as amended, restated, supplemented or otherwise modified and in effect from time to time. 

“Security Documents” means the Security Agreement, the Mortgages, the Intellectual Property Security Agreement, the Pledge
Agreement, the Facility Guarantee, and each other security agreement or other instrument or document executed and delivered pursuant to this Agreement or any other Loan Document that creates a Lien in favor of the Collateral Agent to secure any of
the Obligations. 
 “Senior Notes” means the $450,000,000 10% Senior Notes due 2019 issued by the Borrower and outstanding
immediately prior to the Amendment No. 4 Effective Date. 
 “Series” has the meaning provided in SECTION 2.05(b). 

“Software” has the meaning assigned to such term in the Security Agreement. 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) at fair valuation on a going
concern basis, all of the properties and assets of such Person are greater than the sum of the debts, including contingent liabilities, of such Person, (b) the present fair saleable value of the properties and assets of such Person on a going
concern basis is not less than the amount that would be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its properties and assets and generally pay
its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur debts beyond such Person’s ability
to generally pay as such debts mature, and (e) such Person is not engaged in a business or a transaction, and is not about to engage in a business or transaction, for which such Person’s properties and assets would constitute unreasonably
small capital after giving due consideration to the prevailing practices in the industry in which such Person is engaged. 

“Specified Default” means the occurrence of any Event of Default specified in SECTION 7.01(a), (b), (h) or (i). 

  
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 “Specified Indebtedness” means Indebtedness that is subordinated in right of
payment to the Obligations. 
 “Specified Transaction” means any (a) disposition of all or substantially all the
assets or Capital Stock of any Subsidiary or of any division or product line of the Borrower or any of the Subsidiaries, (b) Permitted Acquisition or Acquisition constituting a Permitted Investment, (c) the Amendment Transactions and
(d) proposed incurrence of Indebtedness in respect of which compliance a financial ratio are by the terms of this Agreement required to be calculated on a Pro Forma Basis. 

“Sponsor Group” means the Sponsors and the Sponsor Related Parties. 

“Sponsor Related Parties” means, with respect to any Person, (a) any Controlling stockholder or partner (including in
the case of an individual Person who possesses Control, the spouse or immediate family member of such Person provided such Person retains Control of the voting rights, by stockholders agreement, trust agreement or otherwise of the Capital Stock
owned by such spouse or immediate family member) or 80% (or more) owned Subsidiary, or (b) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding a 51% or more
Controlling interest of which consist of such Person and/or such Persons referred to in the immediately preceding clause (a) or (b) the limited partners of the Sponsors. 

“Sponsors” means collectively, Bain Capital Fund VIII, L.P. and its Affiliates. 

“SPV” has the meaning assigned to such term in SECTION 9.04(e). 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Borrower or any Subsidiary of the Borrower which the Borrower has determined in good faith to be customary in a Securitization Facility, including, without limitation, those relating to the servicing of the assets of a Securitization Subsidiary, it
being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement. 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative
Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D. LIBO 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. 

“Store” means any retail store (which includes any real property, fixtures, equipment, inventory and other property related
thereto) operated, or to be operated, by any Loan Party. 
 “Subordinated Indebtedness” means Indebtedness which is
expressly subordinated in right of payment to the prior payment in full of the Obligations on terms reasonably acceptable to the Agents. 

“Subsidiary” means with respect to any Person (the “parent”) at any date, any corporation, limited liability
company, partnership, association or other entity (a) of which Capital Stock representing more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date,
owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Synthetic Lease” means any lease or other agreement for the use or possession of property creating obligations which do not
appear as Indebtedness on the balance sheet of the lessee thereunder but which, upon the insolvency or bankruptcy of such Person, may be characterized as Indebtedness of such lessee without regard to the accounting treatment. 

  
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 “Taxes” means all current or future taxes, levies, imposts, duties (including
stamp duties), deductions, charges (including ad valorem charges) or withholdings imposed by any Governmental Authority, and all interest, additions to tax and penalties related thereto. 

“Term B-2 Loan” means all Term Loans outstanding under this Agreement immediately prior to the Amendment No. 4 Effective
Date. 
 “Term B-3 Loan” has the meaning provided in SECTION 2.01(d). 

“Term Loan Extension Amendment” has the meaning provided in SECTION 2.06(d). 

“Term Loans” means Term B-2 Loans, Term B-3 Loans, Incremental Term Loans and Extended Term Loans. 

“Term Priority Collateral” has the meaning set forth in the ABL Intercreditor Agreement. 

“Transactions” means the entry into this Agreement and the other Loan Documents executed and delivered on the Closing Date,
the repayment in full of the Loan Parties’ term loans under the existing term loan agreement, dated as of April 13, 2006, between the Loan Parties, Bear Sterns Corporate Lending Inc. and the other parties thereto, the repurchase or
redemption of all of the Borrower’s existing 11 1⁄8% senior unsecured notes due 2014 and all of Parent’s
14 1⁄2% senior discount notes due 2014, the dividend payment paid in connection with entering into this Agreement and the payment of fees and expenses in
connection with the foregoing. 
 “Type,” when used in reference to any Term Loan or Borrowing, refers to whether the rate
of interest on such Term Loan, or on the Term Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Prime Rate, as applicable. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York provided,
however, that if a term is defined in Article 9 of the Uniform Commercial Code differently than in another Article thereof, the term shall have the meaning set forth in Article 9; provided further that, if by reason of mandatory
provisions of law, perfection, or the effect of perfection or non-perfection, of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of
such remedy, as the case may be. 
 “Unrestricted Subsidiary” means (i) any Subsidiary of the Borrower designated by
the board of directors of the Borrower as an Unrestricted Subsidiary pursuant to SECTION 5.16 subsequent to the date hereof and (ii) any Subsidiary of an Unrestricted Subsidiary. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect
thereof (excluding in each case prepayments thereof) by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (2) the then outstanding principal
amount of such Indebtedness. 
 “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 1 of Subtitle E of Title IV of ERISA. 

“Yield” for any Term Loan on any date of determination will be the internal rate of return on such Term Loan determined by
the Administrative Agent utilizing (a) the greater of (i) if applicable, any “LIBOR floor” 

  
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applicable to such Term Loan on such date and (ii) the forward LIBOR curve (calculated on a quarterly basis) as calculated by the Administrative Agent in accordance with its customary
practice during the period from such date to the Maturity Date of such Term Loan; (b) the Applicable Margin for such Term Loan on such date; and (c) the issue price of such Term Loan (after giving effect to any original issue discount of
upfront fees paid to the market in respect of such Term Loan) (it being understood that the “issue price” of (x) the Term B-3 Loans shall be 99.50% of the principal amount thereof and (y) any Extended Term Loan shall be deemed to
be the issue price of the Term B-3 Loan (as determined above) minus any upfront fees paid to the Lenders providing such Extended Term Loans). 

SECTION 1.02 Terms Generally. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document: 
 (a) 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, (i) any definition of or reference
to any agreement, instrument or other document (including any Charter Document) 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 or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns,
(iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any
particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such
references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time, (vi) the words “asset” and “property” shall 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, (vii) all references to “$” or “dollars” or to amounts of money and all calculations of permitted “baskets”
and other similar matters shall be deemed to be references to the lawful currency of the United States of America, and (viii) references to “knowledge” of any Loan Party means the actual knowledge of a Responsible Officer. 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document. 
 (d) This Agreement and the other Loan Documents are the result of
negotiation among, and have been reviewed by counsel to, among others, the Loan Parties and the Administrative Agent and are the product of discussions and negotiations among all parties. Accordingly, this Agreement and the other Loan Documents are
not intended to be construed against the Administrative Agent or any of the Lenders merely on account of the Administrative Agent’s or any Lender’s involvement in the preparation of such documents. 

SECTION 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the audited financial statements described in SECTION 3.04, except as otherwise specifically prescribed herein. All amounts used for purposes of financial calculations required to be made shall be
without duplication. Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Specified Transaction occurs, the
Consolidated Leverage Ratio, Consolidated Secured Leverage Ratio and Consolidated Interest Coverage Ratio shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis. 

  
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 (b) Issues Related to GAAP. If at any time any change in GAAP would affect the computation
of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders as reasonably requested hereunder a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. In addition, the definitions set forth in the Loan Documents and any financial calculations required by the Loan Documents shall be computed to exclude (a) the effect of purchase accounting
adjustments, including the effect of non-cash items resulting from any amortization, write-up, write-down or write-off of any assets or deferred charges (including without limitation intangible assets, goodwill and deferred financing costs in
connection with the BCFWC Acquisition, any Permitted Acquisition or any Acquisition, merger, consolidation or other similar transaction permitted by this Agreement), (b) the application of ASC 815 (Derivatives and Hedging), ASC 480
(Distinguishing Liabilities from Equity) or ASC 718 (Stock Compensation) (to the extent the pronouncements in ASC 718 result in recording an equity award as a liability on the Consolidated balance sheet of BCF Holdings and its Subsidiaries in the
circumstance where, but for the application of the pronouncements, such award would have been classified as equity), (c) any mark-to-market adjustments to any derivatives (including embedded derivatives contained in other debt or equity
instruments under ASC 815), (d) any non-cash compensation charges resulting from the application of ASC 718, and (e) any change to lease accounting rules from those in effect pursuant to ASC 840 (Leases) and other related lease accounting
guidance as in effect on the Closing Date. Notwithstanding anything in this Agreement to the contrary, any change in GAAP or the application or interpretation thereof that would require operating leases to be treated similarly as a capital lease
shall not be given effect in the definitions of Indebtedness or Liens or any related definitions or in the computation of any financial ratio or requirement. 

Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant)
contained herein, the effects of FASB ASC 825 (Financial Instruments) and ASC 470-20 (Debt with Conversion and Other Options) on financial liabilities shall be disregarded. 

SECTION 1.04 Rounding. Any financial ratios required to be maintained by the Borrower (or otherwise required to be complied with to
consummate a transaction) pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 SECTION 1.05 Times of
Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 

SECTION 1.06 Certifications. All certifications to be made hereunder by an officer or representative of a Loan Party shall be made by
such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party’s behalf and not in such person’s individual capacity. 

SECTION 1.07 Compliance with Article VI. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or
upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, affiliate transaction, restrictive agreement or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions
then permitted pursuant to any clause of such SECTIONS in Article VI, such transaction (or portion thereof) at any time, and from time to time, shall be permitted under one or more of such clauses as determined by the Borrower in its sole
discretion at such time. 
 SECTION 1.08 Timing of Payment or Performance. When the payment of any obligation or the performance of
any covenant, duty or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of “Interest Period”) or performance
shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

  
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 ARTICLE II 

Amount and Terms of Credit 

SECTION 2.01 Commitment of the Lenders. 

(a) [Reserved]. 
 (b)
[Reserved]. 
 (c) [Reserved]. 

(d) (i) The Additional Term B-3 Lender agrees to make term loans to the Borrower in dollars (each, a “Term B-3 Loan”) on
the Amendment No. 4 Effective Date in an amount not to exceed the amount of its Additional Term B-3 Commitments and (ii) each Converted Term B-2 Loan of each Amendment No. 4 Consenting Lender shall be converted into a Term B-3 Loan of
such Lender effective as of the Amendment No. 4 Effective Date in a principal amount equal to the principal amount of such Lender’s Converted Term B-1 Loan immediately prior to such conversion. Amounts repaid with respect to Term B-3 Loans
may not be reborrowed. As of the Amendment No. 4 Effective Date the aggregate outstanding principal amount of Term B-3 Loans is $1,200,000,000. 

SECTION 2.02 [Reserved]. 

SECTION 2.03 Procedure for Term Loan Borrowing. 

(a) The Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to
11:00 A.M., New York City time, one Business Day prior to the anticipated Closing Date) requesting that the Lenders make the Term Loans on the Closing Date and specifying the amount to be borrowed and whether the Term Loans will initially be LIBO
Loans or Prime Rate Loans (and, if LIBO Loans, the Interest Period for such Term Loans). Upon receipt of such notice the Administrative Agent shall promptly notify each Lender thereof. Not later than 12:00 noon, New York City time, on the Closing
Date each Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Term B Loan to be made by such Lender. The Administrative Agent shall credit the account of the Borrower on
the books of such office of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Lenders in immediately available funds. 

(b) Except as set forth in SECTION 2.09, SECTION 2.10 and SECTION 2.11, Term Loans shall be either Prime Rate Loans or LIBO Loans as the
Borrower may request (which request shall substantially be made in the form attached hereto as Exhibit B-1) subject to and in accordance with this SECTION 2.03. Each Lender may fulfill its Commitment with respect to any Term Loan by causing
any lending office of such Lender to make such Term Loan; provided, however, that any such use of a lending office shall not affect the obligation of the Borrower to repay such Term B Loan in accordance with the terms of the applicable
Note. Each Lender shall, subject to its overall policy considerations, use reasonable efforts to select a lending office which will not result in the payment of increased costs by the Borrower. Subject to the other provisions of this SECTION 2.03
and the provisions of SECTION 2.11, Borrowings of Term Loans of more than one Type may be incurred at the same time, but in any event no more than ten (10) Borrowings of LIBO Loans may be outstanding at any time. 

(c) The procedures for the funding of Incremental Term Loans shall be as set forth in the applicable Incremental Term Loan Amendment. 

(d) [Reserved]. 
 (e) Not later
than 1:00 p.m. (Eastern time) on the Amendment No. 4 Effective Date each Additional Term B-3 Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Term B-3 Loan to be
made by such Additional Term B-3 Lender pursuant to its 

  
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Additional Term B-3 Commitment. The Administrative Agent shall credit the account of the Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made
available to the Administrative Agent by the Additional Term B-3 Lenders in immediately available funds. 
 SECTION 2.04 Repayment of
Term Loans. 
 (a) The principal amount of the Term B-3 Loans shall be repaid in consecutive quarterly installments (each, an
“Installment”) of 0.25% of the original aggregate principal amount thereof on the Amendment No. 4 Effective Date (to be decreased in accordance with SECTION 2.17(f) in the event of any mandatory prepayments of the Term Loans
made hereunder), each on the last day of each Fiscal Quarter (each, an “Installment Date”) commencing on the first Installment Date after the Amendment No. 4 Effective Date with the entire remaining unpaid balance due on the
Maturity Date of the Term B-3 Loans. 
 (b) The principal amount of each Incremental Term Loan of any Series shall amortize as provided in
the applicable Incremental Term Loan Amendment. 
 (c) The principal amount of the Extended Term Loans of any Extension Series shall
amortize as provided in the applicable Term Loan Extension Amendment (to be decreased in accordance with SECTION 2.17(f) in the event of any mandatory prepayments of such Extended Term Loan made hereunder or as directed by the Borrower in the event
of any voluntary prepayments of the Term Loans hereunder). 
 Notwithstanding the foregoing, (x) the amounts required to be paid with
respect to the Term Loans of any Class shall be reduced in connection with any prepayment of the Term Loans of such Class in accordance with SECTION 2.16 or 2.17, as applicable; and (y) the Term Loans of each Class, together with all other
amounts owed hereunder with respect thereto, shall, in any event, be paid in full no later than the Maturity Date. 
 SECTION 2.05
Incremental Term Loans. 
 (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of
one or more additional Classes of Term Loans denominated in dollars under this Agreement (“Incremental Term Loans”). Each such notice shall specify the date (each, an “Incremental Effective Date”) on which the
Borrower proposes that the Incremental Term Loans shall be made, which shall be a date not less than five Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period as agreed by the
Administrative Agent); provided that: 
 (i) before and after giving effect to the borrowing of such Incremental Term Loans on the
Incremental Effective Date no Event of Default shall have occurred and be continuing (or, to the extent the proceeds of any Incremental Term Loans are being used to finance a Permitted Acquisition or other Acquisition, no Specified Default shall
have occurred and be continuing); 
 (ii) the Weighted Average Life to Maturity of such Incremental Term Loans shall not be shorter than the
then remaining Weighted Average Life to Maturity of the Term B-3 Loans outstanding at the time of such borrowing; 
 (iii) all other terms
applicable to such Incremental Term Loans (other than provisions relating to original issue discount, upfront fees and interest rates, amortization (other than the Maturity Date and subject to clause (ii) above), optional prepayments or
redemption terms, in each case, which shall be as agreed between the Borrower and the Incremental Term Lenders providing such Incremental Term Loans subject to the proviso contained in the definition of Applicable Margin), shall be on market terms
(as determined by the Borrower); provided that, in the event any financial maintenance covenant is included, which is applicable to any Incremental Term Loans, either (x) such financial maintenance covenant does not apply until the Term B-3
Loans have been repaid in full or (y) such financial maintenance covenant shall also apply to the Term B-3 Loans; 
 (iv) the aggregate
principal amount of Incremental Term Loans (other than Refinancing Term Loans) borrowed following the Closing Date, when aggregated with the principal amount of Qualifying Secured Debt and Qualifying Other Debt issued pursuant to clause (v)(ii) of
the definition of “Permitted Indebtedness,” would not exceed the Maximum Incremental Amount; 

  
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 (v) the representations and warranties in this Agreement and the other Loan Documents shall be
accurate in all material respects as of the Incremental Effective date (except to the extent that any such representation or warranty relates to a prior date), subject to customary “SunGard” limitations to the extent the proceeds of any
Incremental Term Loans are being used to finance a Permitted Acquisition or other similar Permitted Investments; and 
 (vi) the Loan
Parties and the Collateral Agent shall enter into such amendments to the Security Documents as may be reasonably requested by the Collateral Agent (which shall not require any consent from any Lender other than those consents provided pursuant to
this Agreement and which may be provided on a post-closing basis) in order to ensure that the Incremental Term Loans are provided with the benefit of the applicable Security Documents and shall deliver such other documents, certificates and opinions
of counsel in connection therewith as may be reasonably requested by the Collateral Agent. 
 (b) The Borrower may approach any Lender or
any other Person that would be an Eligible Assignee to provide all or a portion of the Incremental Term Loans (a “Incremental Term Lender”); provided that any Lender offered or approached to provide all or a portion of the
Incremental Term Loans may elect or decline, in its sole discretion, to provide an Incremental Term Loan. Any Incremental Term Loans made on any Incremental Effective Date shall be designated a series (a “Series”) of Incremental
Term Loans for all purposes of this Agreement; provided that, subject to the limitations set forth in clause (a) above, any Incremental Term Loans may, to the extent provided in the applicable Incremental Term Loan Amendment, be
designated as an increase in any previously established Class of Term Loans. 
 (c) The Incremental Term Loans shall be established pursuant
to an amendment to this Agreement among the Borrower, the Administrative Agent and the Incremental Term Lenders providing such Incremental Term Loans (an “Incremental Term Loan Amendment”) which shall be consistent with the
provisions set forth in clause (a) above (but which shall not require the consent of any other Lender other than those consents provided pursuant this Agreement). Each Incremental Term Loan Amendment shall be binding on the Lenders, the Loan
Parties and the other parties hereto. 
 SECTION 2.06 Extended Term Loans. 

(a) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing Term
Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended
Term Loans”) and to provide for other terms consistent with this SECTION 2.06. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each
of the Lenders under the Existing Term Loan Class) (an “Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be consistent with the Term Loans under the Existing Term Loan
Class from which such Extended Term Loans are to be converted except that: 
 (i) all or any of the scheduled amortization payments of
principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Class to the extent provided in the applicable Term Loan Extension Amendment; 

(ii) the interest rates and call protection with respect to the Extended Term Loans may be different than the interest rates and call
protection for the Term Loans of such Existing Term Loan Class and fees, premiums, and AHYDO payments may be paid to the Extending Term Lenders to the extent provided in the applicable Term Loan Extension Amendment; and 

(iii) the Term Loan Extension Amendment may provide for except as to interest rates, fees, premiums, amortization, prepayments, AHYDO payments
and, subject to clause (i) above, scheduled amortization (which shall, 

  
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subject to the terms of this SECTION 2.06, be determined by the Borrower and set forth in the relevant offer of Extended Term Loans), the Extended Term Loans shall have covenants and events
of default, if not consistent with the terms of the existing Term Loans, shall not be materially more restrictive to the Loan Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms of the existing Term Loans
unless (x) the Lenders of the existing Term Loans receive the benefit of such more restrictive terms or (y) any such provisions apply after the Term Loan Maturity Date). 

(b) Any Extended Term Loans converted pursuant to any Extension Request shall be designated a series (an “Extension Series”)
of Extended Term Loans for all purposes of this Agreement; provided that, subject to the limitations set forth in clause (a) above, any Extended Term Loans converted from an Existing Term Loan Class may, to the extent provided in the
applicable Term Loan Extension Amendment, be designated as an increase in any previously established Class of Term Loans. 
 (c) The
Borrower shall provide the applicable Extension Request at least five (5) Business Days (or such shorter period as may be agreed by the Administrative Agent) prior to the date on which Lenders under the applicable Existing Term Loan Class are
requested to respond. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Lender wishing to have all or a portion of its
Term Loans under the Existing Term Loan Class subject to such Extension Request (such Lender an “Extending Term Lender”) converted into Extended Term Loans shall notify the Administrative Agent (an “Extension
Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Class which it has elected to request be converted into Extended Term Loans (subject to any minimum
denomination requirements reasonably imposed by the Administrative Agent and acceptable to the Borrower). In the event that the aggregate amount of Term Loans under the Existing Term Loan Class subject to Extension Elections exceeds the amount of
Extended Term Loans requested pursuant to an Extension Request, Term Loans of the Existing Term Loan Class subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in
each such Extension Election. 
 (d) Extended Term Loans shall be established pursuant to an amendment (a “Term Loan Extension
Amendment”) to this Agreement among the Borrower, and each Extending Term Lender providing an Extended Term Loan thereunder which shall be consistent with the provisions set forth in clause (a) above (but which shall not require the
consent of any other Lender other than those consents provided pursuant to this Agreement). Each Term Loan Extension Amendment shall be binding on the Lenders, the Loan Parties and the other parties hereto. In connection with any Term Loan Extension
Amendment, the Loan Parties and the Collateral Agent shall enter into such amendments to the Security Documents as may be reasonably requested by the Collateral Agent (which shall not require any consent from any Lender other than those consents
provided pursuant to this Agreement) in order to ensure that the Extended Term Loans are provided with the benefit of the applicable Security Documents and shall deliver such other documents, certificates and opinions of counsel in connection
therewith as may be reasonably requested by the Collateral Agent. 
 SECTION 2.07 Notes. 

(a) Promptly following the request of any Lender, the Term Loans made by such Lender shall be evidenced by a Note duly executed on behalf of
the Borrower. 
 (b) Each Lender is hereby authorized by the Borrower to endorse on a schedule attached to each Note delivered to such
Lender (or on a continuation of such schedule attached to such Note and made a part thereof), or otherwise to record in such Lender’s internal records, an appropriate notation evidencing the date and amount of each Term Loan from such Lender,
each payment and prepayment of principal of any such Term Loan, each payment of interest on any such Term Loan and the other information provided for on such schedule; provided, however, that the failure of any Lender to make such a
notation or any error therein shall not affect the obligation of the Borrower to repay the Term Loans made by such Lender in accordance with the terms of this Agreement and the applicable Notes. 

(c) Upon receipt of an affidavit and indemnity of a Lender as to the loss, theft, destruction or mutilation of such Lender’s Note and
upon cancellation of such Note, the Borrower will promptly issue, in lieu thereof, a replacement Note in favor of such Lender, in the same principal amount thereof and otherwise of like tenor at such Lender’s expense. 

  
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 SECTION 2.08 Interest on Term Loans. 

(a) Subject to SECTION 2.12, each Prime Rate Loan of any Class shall bear interest (computed on the basis of the actual number of days elapsed
over a year of 365 or 366 days, as applicable) at a rate per annum that shall be equal to the then Prime Rate plus the Applicable Margin for Prime Rate Loans of such Class. 

(b) Subject to SECTION 2.09 through SECTION 2.12, each LIBO Loan of any Class shall bear interest (computed on the basis of the actual number
of days elapsed over a year of 360 days) at a rate per annum equal, during each Interest Period applicable thereto, to the Adjusted LIBO Rate for such Class for such Interest Period, plus the Applicable Margin for LIBO Loans of such Class. 

(c) Accrued interest on all Term Loans shall be payable in arrears on each Interest Payment Date applicable thereto, at maturity (whether by
acceleration or otherwise) and after such maturity on written demand. 
 SECTION 2.09 Conversion and Continuation of Term Loans. 

(a) The Borrower shall have the right at any time, on three (3) Business Days’ prior notice to the Administrative Agent (which
notice shall be in the form of Exhibit B-2 hereto and to be effective, must be received by the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the date of any conversion), (i) to convert any outstanding
Borrowings of Prime Rate Loans to Borrowings of LIBO Loans, or (ii) to continue an outstanding Borrowing of LIBO Loans for an additional Interest Period, or (iii) to convert any outstanding Borrowings of LIBO Loans to a Borrowing of Prime
Rate Loans, subject in each case to the following: 
 (i) no Borrowing of Term Loans may be converted into, or continued as, LIBO Loans at
any time when any Event of Default has occurred and is continuing and Required Lenders have provided notice that such conversions and continuations are not permitted (nothing contained herein being deemed to obligate the Borrower to incur Breakage
Costs upon the occurrence and during the continuance of an Event of Default unless the Obligations are accelerated); 
 (ii) if less than a
full Borrowing of Term Loans is converted, such conversion shall be made pro rata among the Lenders based upon the respective principal amounts of the Term Loans comprising such Borrowing held by such Lenders immediately prior to such conversion;

 (iii) the aggregate principal amount of Prime Rate Loans being converted into or continued as LIBO Loans shall be in an integral of
$1,000,000 and at least $5,000,000; 
 (iv) each Lender shall effect each conversion by applying the proceeds of its new LIBO Loan or Prime
Rate Loan, as the case may be, to its Term Loan being so converted; 
 (v) the Interest Period with respect to a Borrowing of LIBO Loans
effected by a conversion or in respect to the Borrowing of LIBO Loans being continued as LIBO Loans shall commence on the date of conversion or the expiration of the current Interest Period applicable to such continuing Borrowing, as the case may
be; 
 (vi) a Borrowing of LIBO Loans may be converted only on the last day of an Interest Period applicable thereto, unless the applicable
Borrower pays all Breakage Costs incurred in connection with such conversion (it being understood that no Amendment No. 4 Consenting Lender shall be entitled to receive any amount under this SECTION 2.09(a)(vi) in connection with the
Converted Term B-2 Loans); and 
 (vii) each request for a conversion or continuation of a Borrowing of LIBO Loans which fails to state an
applicable Interest Period shall be deemed to be a request for an Interest Period of one (1) month. 

  
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 (b) If the Borrower does not give notice to convert any Borrowing of LIBO Loans, or does not give
notice to continue, or does not have the right to continue, any Borrowing as LIBO Loans, in each case as provided in SECTION 2.09(a) above, such Borrowing shall automatically be converted to, or continued as, as applicable, a Borrowing of Prime Rate
Loans, at the expiration of the then-current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give each Lender notice of any conversion, in whole or part, of any Term Loan made by such Lender.

 SECTION 2.10 Alternate Rate of Interest for Term Loans. If prior to the commencement of any Interest Period for a LIBO Borrowing,
the Administrative Agent: 
 (a) reasonably determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate (in accordance with the terms of the definition thereof) for such Interest Period; or 

(b) is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly
reflect the cost to such Required Lenders of making or maintaining their Term Loans included in such Borrowing for such Interest Period; 
 then the
Administrative Agent shall give written notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the applicable Lenders that the circumstances giving rise to
such notice no longer exist (which notice the Administrative Agent shall deliver promptly upon obtaining knowledge of the same), (i) any Borrowing Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
LIBO Borrowing shall be ineffective and (ii) if any Borrowing Request requests a LIBO Borrowing, such Borrowing shall be made as a Borrowing of Prime Rate Loans unless withdrawn by the Borrower. 

SECTION 2.11 Change in Legality. 

(a) Notwithstanding anything to the contrary contained elsewhere in this Agreement, if any Change in Law occurring after the Amendment
No. 4 Effective Date shall make it unlawful for a Lender to make or maintain a LIBO Loan or to give effect to its obligations as contemplated hereby with respect to a LIBO Loan, then, by written notice to the Borrower, such Lender may
(x) declare that LIBO Loans will not thereafter be made by such Lender hereunder, whereupon any request by the Borrower for a LIBO Borrowing shall, as to such Lender only, be deemed a request for a Prime Rate Loan unless such declaration shall
be subsequently withdrawn; and (y) require that all outstanding LIBO Loans made by such Lender be converted to Prime Rate Loans, in which event all such LIBO Loans shall be automatically converted to Prime Rate Loans as of the effective date of
such notice as provided in SECTION 2.09(b). In the event any Lender shall exercise its rights hereunder, all payments and prepayments of principal which would otherwise have been applied to repay the LIBO Loans that would have been made by such
Lender or the converted LIBO Loans of such Lender, shall instead be applied to repay the Prime Rate Loans made by such Lender in lieu of, or resulting from the conversion of, such LIBO Loans. 

(b) For purposes of this SECTION 2.11, a notice to the Borrower pursuant to SECTION 2.11(a) above shall be effective, if lawful, and if any
LIBO Loans shall then be outstanding, on the last day of the then-current Interest Period; and otherwise such notice shall be effective on the date of receipt by the Borrower. 

SECTION 2.12 Default Interest. After the occurrence of any Event of Default pursuant to SECTION 7.01(a) or SECTION 7.01(b) and at all
times thereafter while such Event of Default is continuing, interest shall accrue on all overdue amounts owing by the Borrower (after as well as before judgment, as and to the extent permitted by law) at a rate per annum (computed on the basis of
the actual number of days elapsed over a year of 365 or 366 days as applicable) (the “Default Rate”) equal to the rate (including the Applicable Margin) in effect from time to time plus two percent (2.00%) per annum and
such interest shall be payable on written demand. 
 SECTION 2.13 [Reserved]. 

  
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 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 or any holding company of any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 

(ii) subject any Credit Party or any Loan Party to any Tax of any kind whatsoever with respect to LIBO Loans under this Agreement (except for
Indemnified Taxes or Other Taxes covered by SECTION 2.23 (for the avoidance of doubt, no duplication of the Borrower’s obligation under SECTION 2.23 with respect to Indemnified Taxes or Other Taxes is intended under this clause (ii))
and any Excluded Taxes); or 
 (iii) impose on any Lender or the London interbank market any other condition affecting LIBO Loans made by
such Lender; 
 and the result of any of the foregoing shall be to increase the cost in any material amount in excess of those incurred by similarly
situated lenders to such Lender of making or maintaining any LIBO Loan or to increase the cost in any material amount in excess of those incurred by similarly situated lenders to such Lender or to reduce the amount in any material respect of any sum
received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction
suffered. 
 (b) If any Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the
rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Term Loans made by, such Lender, to a level below that which such Lender or such Lender’s
holding company would have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will
pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company as specified in
paragraph (a) or (b) of this SECTION 2.14 and setting forth in reasonable detail the manner in which such amount or amounts were determined shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within fifteen (15) Business Days after receipt thereof. 
 (d)
Failure or delay on the part of any Lender to demand compensation pursuant to this SECTION 2.14 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to
compensate a Lender pursuant to this SECTION for any increased costs or reductions incurred more than 90 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s intention to claim compensation therefor, and provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90 day period referred to above shall be extended to include
the period of retroactive effect thereof. 
 SECTION 2.15 [Reserved]. 

  
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 SECTION 2.16 Optional Prepayment of Term Loans; Reimbursement of Lenders. 

(a) The Borrower shall have the right at any time and from time to time to prepay without premium (except as provided in SECTION 2.19(d)) or
penalty (but subject to payment of Breakage Costs as provided herein) outstanding Term Loans of any Class in whole or in part, (x) with respect to LIBO Loans, upon at least two (2) Business Days’ prior written, telex or facsimile
notice to the Administrative Agent, prior to 12:00 noon, and (y) with respect to Prime Rate Loans, on the same Business Day if written, telex or facsimile notice is received by the Administrative Agent prior to 12:00 noon, subject in each case
to the following limitations: 
 (i) all prepayments shall be applied to reduce scheduled remaining installments on the applicable Term
Loans as directed by the Borrower; 
 (ii) subject to the foregoing, outstanding Prime Rate Loans of any Class shall be prepaid before
outstanding LIBO Loans of such Class are prepaid (except as otherwise directed by the Borrower). Each partial prepayment of LIBO Loans shall be in an integral multiple of $1,000,000 (but in no event less than $5,000,000). No prepayment of LIBO Loans
of any Class shall be permitted pursuant to this SECTION 2.16 other than on the last day of an Interest Period applicable thereto, unless the Borrower reimburses the Lenders for all Breakage Costs associated therewith within ten (10) Business
Days of receiving a written demand for such reimbursement which sets forth the calculation of such Breakage Costs in reasonable detail. No partial prepayment of a Borrowing of LIBO Loans shall result in the aggregate principal amount of the LIBO
Loans remaining outstanding pursuant to such Borrowing being less than $5,000,000 (unless all such outstanding LIBO Loans are being prepaid in full); and 

(iii) each notice of prepayment shall specify the prepayment date, the principal amount, Type and Class of Term Loans to be prepaid and, in
the case of LIBO Loans, the Borrowing or Borrowings pursuant to which such Term Loans were made. Each notice of prepayment shall be revocable, provided that, within ten (10) Business Days of receiving a written demand for such
reimbursement which sets forth the calculation of such Breakage Costs in reasonable detail, the Borrower shall reimburse the Lenders for all Breakage Costs associated with the revocation of any notice of prepayment. The Administrative Agent shall,
promptly after receiving notice from the Borrower hereunder, notify each applicable Lender of the principal amount, Type and Class of Term Loans held by such Lender which are to be prepaid, the prepayment date and the manner of application of the
prepayment. 
 (b) The Borrower shall reimburse each Lender as set forth below for any loss (other than loss of anticipated profits)
incurred or to be incurred by the Lenders in the reemployment of the funds resulting from any prepayment (for any reason whatsoever, including, without limitation, conversion to Prime Rate Loans or acceleration by virtue of, and after, the
occurrence and during the continuance of an Event of Default) of any LIBO Loan required or permitted under this Agreement, if such LIBO Loan is prepaid other than on the last day of the Interest Period for such LIBO Loan (it being understood that no
Amendment No. 4 Consenting Lender shall be entitled to receive any amount under this SECTION 2.16(b) in connection with the Converted Term B-2 Loans). Such loss shall be the amount (herein, collectively, “Breakage Costs”) as
reasonably determined by such Lender as the excess, if any, of (A) the amount of interest which would have accrued to such Lender on the amount so paid, not prepaid or not borrowed at a rate of interest equal to the Adjusted LIBO Rate for such
LIBO Loan (but specifically excluding any Applicable Margin), for the period from the date of such payment or failure to borrow or failure to prepay to the last day (x) in the case of a payment or refinancing of a LIBO Loan with Prime Rate
Loans other than on the last day of the Interest Period for such LIBO Loan or the failure to prepay a LIBO Loan, of the then current Interest Period for such LIBO Loan or (y) in the case of such failure to borrow, of the Interest Period for
such LIBO Loan which would have commenced on the date of such failure to borrow, over (B) the amount of interest which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks
in the London interbank market. Any Lender demanding reimbursement for such loss shall deliver to the Borrower from time to time one or more certificates setting forth the amount of such loss as determined by such Lender and setting forth in
reasonable detail the manner in which such amount was determined and such amounts shall be due within ten (10) Business Days after the receipt of such notice. 

(c) Whenever any partial prepayment of Term Loans are to be applied to LIBO Loans of any Class, such LIBO Loans shall be prepaid in the
chronological order of their Interest Payment Dates or as the Borrower may otherwise designate in writing. 
 (d) (i) Notwithstanding
anything to the contrary in this SECTION 2.16 (which provisions shall not be applicable to this SECTION 2.16(d)), the Borrower shall have the right at any time and from time to time to prepay Term Loans of any Class from Lenders electing to
participate in such prepayments at a discount to the par value of such Term Loans and on a non-pro rata basis (each, a “Discounted Voluntary Prepayment”) pursuant to the applicable procedures described in this SECTION 2.16(d);
provided that (A) no Discounted Voluntary Prepayment shall be made unless (A) immediately after giving effect to such Discounted Voluntary Prepayment, no Event of Default has occurred and is continuing and (B) any Discounted
Voluntary Prepayment shall be offered to all Lenders with Term Loans of such Class on a pro rata basis. Each Lender making such assignment pursuant to this SECTION 2.16(d) acknowledges and agrees that in connection with such assignment, (1) the
Loan Parties then may have and 

  
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later may come into possession of MNPI, (2) such Lender has independently, and without reliance on any Loan Party, the Administrative Agent or any of their respective Affiliates, made its
own analysis and determination to enter into such assignment, notwithstanding such Lender’s lack of knowledge of the MNPI and (3) none of the Loan Parties, the Administrative Agent or any of their respective Affiliates shall have any
liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by Applicable Law, any claims such Lender may have against any Loan Party, the Administrative Agent and their respective Affiliates, under Applicable Law
or otherwise, with respect to the nondisclosure of the MNPI. Each Lender entering into such an assignment further acknowledges that the MNPI may not be available to the Administrative Agent or the other Lenders. 

(ii) To the extent the Borrower seeks to make a Discounted Voluntary Prepayment, the Borrower will provide written notice to the Auction
Manager (and if not the Auction Manager, the Administrative Agent) substantially in the form of Exhibit H hereto (each, a “Discounted Prepayment Option Notice”) that the Borrower desires to prepay Term Loans in an aggregate
principal amount specified therein by the Borrower (each, a “Proposed Discounted Prepayment Amount”), in each case at a discount to the par value of such Term Loans as specified below. The Proposed Discounted Prepayment Amount of
Term Loans shall not be less than $10,000,000. The Discounted Prepayment Option Notice shall further specify with respect to the proposed Discounted Voluntary Prepayment: (A) the Proposed Discounted Prepayment Amount for Term Loans and the
Class of Term Loans to which such offer relates, (B) a discount range (which may be a single percentage) selected by the Borrower with respect to such proposed Discounted Voluntary Prepayment equal to a percentage of par of the principal amount
of such Term Loans (the “Discount Range”) and (C) the date by which Lenders are required to indicate their election to participate in such proposed Discounted Voluntary Prepayment which shall be at least five Business Days
following the date of the Discounted Prepayment Option Notice (the “Acceptance Date”). 
 (iii) Upon receipt of a
Discounted Prepayment Option Notice in accordance with SECTION 2.16(d)(ii), the Auction Manager (and if not the Auction Manager, the Administrative Agent) shall promptly notify each applicable Lender thereof. On or prior to the Acceptance Date, each
Lender with Term Loans of the applicable Class may specify by written notice substantially in the form of Exhibit I hereto (each, a “Lender Participation Notice”) to the Administrative Agent (A) a maximum discount to par
(the “Acceptable Discount”) within the Discount Range (for example, a Lender specifying a discount to par of 20% would accept a prepayment price of 80% of the par value of the Term Loans to be prepaid) and (B) a maximum
principal amount (subject to rounding requirements specified by the Administrative Agent) of Term Loans of the applicable Class held by such Lender with respect to which such Lender is willing to permit a Discounted Voluntary Prepayment at the
Acceptable Discount (“Offered Loans”). Based on the Acceptable Discounts and principal amounts of Term Loans of the applicable Class specified by the Lenders in Lender Participation Notices, the Auction Manager, with the consent of
the Borrower, shall calculate the applicable discount for Term Loans (the “Applicable Discount”), which Applicable Discount shall be (A) the percentage specified by the Borrower if the Borrower has selected a single percentage
pursuant to SECTION 2.16(d)(ii) for the Discounted Voluntary Prepayment or (B) otherwise, the highest Acceptable Discount at which the Borrower can pay the Proposed Discounted Prepayment Amount in full (determined by adding the principal
amounts of Offered Loans commencing with the Offered Loans with the highest Acceptable Discount); provided, however, that in the event that such Proposed Discounted Prepayment Amount cannot be repaid in full at any Acceptable Discount,
the Applicable Discount shall be the lowest Acceptable Discount specified by the Lenders that is within the Discount Range. The Applicable Discount shall be applicable for all Lenders who have offered to participate in the Discounted Voluntary
Prepayment and have Qualifying Loans (as defined below). Any Lender with outstanding Term Loans under the applicable Class whose Lender Participation Notice is not received by the Auction Manager by the Acceptance Date shall be deemed to have
declined to accept a Discounted Voluntary Prepayment of any of its Term Loans at any discount to their par value within the Applicable Discount. 

(iv) The Borrower shall make a Discounted Voluntary Prepayment by prepaying those Term Loans (or the respective portions thereof) offered by
the Lenders (“Qualifying Lenders”) that specify an Acceptable Discount that is equal to or greater than the Applicable Discount (“Qualifying Loans”) at the Applicable Discount; provided that if the aggregate
proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would exceed the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by
applying the Applicable Discount, the Borrower shall prepay such Qualifying Loans ratably among the Qualifying Lenders based on their respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Auction
Manager). If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would be less than the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such
amounts in each case calculated by applying the Applicable Discount, the Borrower shall prepay all Qualifying Loans. 

  
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 (v) Unless such notice is rescinded, each Discounted Voluntary Prepayment shall be made within
five Business Days of the Acceptance Date, without premium or penalty (and without Breakage Costs), upon notice substantially in the form of Exhibit J hereto (each a “Discounted Voluntary Prepayment Notice”), delivered to the
Auction Manager no later than 1:00 P.M. New York City time, two Business Days prior to the date of such Discounted Voluntary Prepayment, which notice shall specify the date and amount of the Discounted Voluntary Prepayment and the Applicable
Discount determined by the Auction Manager. Upon receipt of any Discounted Voluntary Prepayment Notice the Auction Manager shall promptly notify each relevant Lender thereof. If any Discounted Voluntary Prepayment Notice is given, the amount
specified in such notice shall be due and payable to the applicable Lenders, subject to the Applicable Discount on the applicable Term Loans, on the date specified therein together with accrued interest (on the par principal amount) to, but not
including, such date on the amount prepaid unless such notice is rescinded. 
 (vi) To the extent not expressly provided for herein, each
Discounted Voluntary Prepayment shall be consummated pursuant to reasonable procedures (including as to timing, rounding, minimum amounts, Type and Interest Periods and calculation of Applicable Discount in accordance with SECTION 2.16(d)(iii)
above) reasonably established by the Auction Manager and the Borrower. 
 (vii) Prior to the delivery of a Discounted Voluntary Prepayment
Notice, upon written notice to the Administrative Agent, the Borrower may withdraw its offer to make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment Option Notice. 

(viii) To the extent the Term Loans of any Class are prepaid pursuant to this SECTION 2.16(d), scheduled amortization amounts for the Term
Loans of such Class under SECTION 2.04 shall be reduced on in direct order maturity by the principal amount of the Term Loans so prepaid. 

(ix) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this SECTION 2.16(d) and hereby waive
the requirements of any provision of this Agreement (including, without limitation, any pro rata payment requirements) (it being understood and acknowledged that purchases of the Term Loans contemplated by this SECTION 2.16(d) shall not
constitute Investments by such Person) or any other Loan Document that may otherwise prohibit any transaction contemplated by this SECTION 2.16(d). The Administrative Agent may rely conclusively on any information provided by the Auction
Manager and shall have no liability therefore. 
 SECTION 2.17 Mandatory Prepayment. The outstanding Obligations shall be subject to
prepayment as follows: 
 (a) If on any date any Loan Party shall have received Net Proceeds from any sale, transfer or other
disposition (including pursuant to a sale and leaseback transaction) of any Collateral permitted pursuant to clause (q) of the definition of “Permitted Dispositions”, to the extent that such Net Proceeds are not required to be applied
to the payment of obligations of the Borrower or other borrowers under the ABL Facility, an amount equal to 100% of such Net Proceeds shall be applied within five Business Days after such date toward the prepayment of Term Loans as set forth in
SECTION 2.17(f) unless, provided that (a) no Specified Default has occurred and is continuing, (i) the proceeds therefrom are utilized for purposes of replacing, restoring or repairing the assets in respect of which such proceeds
were received or reinvesting in assets used or useful in any of the Loan Parties’ or Restricted Subsidiaries business within twelve (12) months of the receipt of such proceeds (or within eighteen (18) months of receipt of such
proceeds if a letter of intent or other binding commitment to reinvest such proceeds is entered into within twelve (12) months of receipt of such proceeds) and (b) no such prepayment shall be required in respect of any Net Proceeds unless
and until such amount exceeds $10,000,000 in any Fiscal Year (and all amounts under such amount may be retained by the Borrower). 

(b) If on any date any Loan Party shall have received Net Proceeds from any casualty or other insured damage to, or any taking
under power of eminent domain or by condemnation, expropriation 

  
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or similar proceeding of, any Collateral of a Loan Party, to the extent that such Net Proceeds are not required to be applied to the payment of obligations of the Borrower or other borrowers
under the ABL Facility, an amount equal to 100% of such Net Proceeds shall be applied within five Business Days after such date toward the prepayment of Term Loans as set forth in SECTION 2.17(f) unless (i) the proceeds therefrom are required
to be paid to the holder of a Lien on such property or asset having priority over the Lien of the Collateral Agent, or (ii) the proceeds therefrom are utilized for purposes of replacing, restoring or repairing the assets in respect of which
such proceeds, awards or payments were received or reinvesting in assets used or useful in any of the Loan Parties’ or their Restricted Subsidiaries’ business within twelve (12) months of the receipt of such proceeds (or within
eighteen (18) months of receipt of such proceeds if a letter of intent or other binding commitment to reinvest such proceeds is entered into within twelve (12) months of receipt of such proceeds); provided that no such prepayment shall be
required in respect of any Net Proceeds unless and until such amount exceeds $10,000,000 in any Fiscal Year (and all amounts under such amount may be retained by the Borrower). 

(c) If on any date any Loan Party shall have received Net Proceeds (i) from any Refinancing Term Loans or Indebtedness
pursuant to clause (v)(i) of the definition of “Permitted Indebtedness” or (ii) from the incurrence of any Indebtedness of the Borrower or any of its Subsidiaries (other than Permitted Indebtedness), an amount equal to 100% of such
Net Proceeds shall be applied within five Business Days after such date toward the prepayment of Term Loans as set forth in SECTION 2.17(f). 

(d) If, for any Fiscal Year of the Borrower commencing with the Fiscal Year ending January 28, 2012, there shall be Excess
Cash Flow, the Borrower shall, on the relevant Excess Cash Flow Application Date (as defined below), apply an amount, if positive, equal to the excess of (i) the ECF Percentage of such Excess Cash Flow minus (ii) the principal amount of
Term Loans optionally prepaid pursuant to SECTION 2.16 during such Fiscal Year toward the prepayment of the Term Loans as set forth in SECTION 2.17(f) and the amount expended by the Borrower pursuant to SECTIONS 2.16(d) and 9.04(g) during such
Fiscal Year. Each such prepayment shall be made on a date (an “Excess Cash Flow Application Date”) no later than five Business Days after the date on which the compliance certificate of the Borrower has been delivered pursuant to
SECTION 5.01(d). 
 (e) [Reserved]. 

(f) Any prepayment of any Term Loans pursuant to SECTIONS 2.17(a) through (d) above shall be applied to repay Term Loans
of each then outstanding Class, provided, that (i) any prepayment of any Term Loans pursuant to SECTION 2.17(c) shall be applied to repay Term Loans of only those Class(es) selected by the Borrower. Any prepayment of any Class of Term
Loans in accordance with the foregoing shall be applied to the remaining scheduled installments of principal of such Term Loans pursuant to SECTION 2.04 as directed by the Borrower, (ii) to the extent any Qualifying Secured Debt that is secured
on a pari passu basis with the Obligations requires a prepayment from Excess Cash Flow, the amount of the prepayment of the Term Loans required above shall be reduced in proportion of the ratio of the aggregate principal amount of the Term Loans
then outstanding to the aggregate amount of the Term Loans and such Qualifying Secured Debt then outstanding and (iii) any Lender may elect to decline its share of any prepayment pursuant to clause (a), (b) or (d) above by giving
notice to the Administrative Agent within one Business Day following the date the Borrower gives notice of such prepayment (any amount declined by a Lender pursuant to this subclause (iii) a “Declined Amount”). Subject to the
foregoing, outstanding Prime Rate Loans of any Class shall be prepaid before outstanding LIBO Loans of such Class are prepaid. No prepayment of LIBO Loans of any Class shall be permitted pursuant to this SECTION 2.17 until the last day of an
Interest Period applicable thereto, unless the Borrower reimburses the Lenders for all Breakage Costs associated therewith within fifteen (15) Business Days of receiving a written demand for such reimbursement which sets forth the calculation
of such Breakage Costs in reasonable detail. In order to avoid such Breakage Costs, as long as no Specified Default has occurred and is continuing, at the request of the Borrower, the Administrative Agent shall hold all amounts required to be
applied to LIBO Loans of a particular Class in a Cash Collateral Account and will apply such funds to the applicable LIBO Loans of such Class at the end of the then pending Interest Period therefor (provided that the foregoing shall in no way
limit or restrict the Agents’ rights upon the occurrence and during the continuance of any other Event of Default). 

  
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 (g) The Borrower shall prepay all Non-Converted Term B-2 Loans on the Amendment
No. 4 Effective Date. 
 (h) Notwithstanding any other provisions of this SECTION 2.17, (A) to the extent that any
or all of the Excess Cash Flow of a Foreign Subsidiary is prohibited or delayed by any requirement of law from being repatriated to the Loan Parties, an amount equal to the portion of Excess Cash Flow so affected will not be required to be applied
to repay Term Loans at the times provided in clause (d) above, as the case may be, but only so long, as the applicable requirement of law will not permit repatriation to the Loan Parties (the Loan Parties hereby agreeing to cause the
applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable requirement of law to permit repatriation), and once a repatriation of any of such affected Excess Cash Flow is permitted under the applicable
requirement of law, an amount equal to such Excess Cash Flow will be promptly (and in any event not later than ten Business Days after such repatriation is permitted) applied (net of any taxes that would be payable or reserved against if such
amounts were actually repatriated whether or not they are repatriated) to the repayment of the Term Loans, and (B) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Excess Cash Flow of a Foreign
Subsidiary could have an adverse tax consequence with respect to such Excess Cash Flow, an amount equal to the Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary. For the avoidance of doubt, nothing in this
Agreement, including SECTION 2.17 shall be construed to require any Foreign Subsidiary to repatriate cash. 
 SECTION 2.18
[Reserved]. 
 SECTION 2.19 Fees. 

(a) The Borrower shall pay to the Agents, for their respective accounts, (i) the fees set forth in the Fee Letter as and when payment of
such fees is due as therein set forth and (ii) such other fees in the amounts and at the times separately agreed upon between the Borrower and the Agents. 

(b) All fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for the account of the Administrative
Agent and other Credit Parties as provided herein. Once due, all fees shall be fully earned and shall not be refundable under any circumstances (except to the extent set forth in the Fee Letter). 

(c) The Borrower shall pay to each Lender on the Closing Date an upfront fee equal to 1.00% of the Term Loan made by such Lender on the
Closing Date (which fee may be netted by each Lender from the proceeds of its Term Loan made to the Borrower). 
 (d) In the event that, at
any time on or prior to the date which is six months after the Amendment No. 4 Effective Date and except for any event in connection with a Change in Control or other transaction prohibited by this Agreement, the Borrower makes any voluntary
prepayment of all of the Term B-3 Loans with the proceeds of any secured term loan Indebtedness under any credit facility (other than pursuant to a Discounted Prepayment Offer or open market purchases), which term loan Indebtedness has a lower Yield
than the Yield of the Term B-3 Loans and such term loan Indebtedness was incurred for the primary purpose of reducing the Yield of its term loan Indebtedness, then the Borrower agrees to pay to the Administrative Agent, for the account of each Term
B-3 Lender a fee in an amount equal to 1.00% of such Lender’s Term B-3 Loans prepaid with the proceeds of such term loan Indebtedness. 

SECTION 2.20 Maintenance of Loan Account; Statements of Account. The Administrative Agent shall maintain an account on its books in the
name of the Borrower (each, the “Loan Account”) which will reflect (i) all Term Loans of each Class made by the Lenders to the Borrower or for the Borrower’s account and (ii) any and all other monetary Obligations
that have become payable. The Loan Account will be credited with all amounts received by the Administrative Agent from the Borrower or from other Persons for the Borrower’s account, and the amounts so credited shall be applied as set forth in
and to the extent required by SECTION 2.17(f) or 7.03, as applicable. 

  
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 SECTION 2.21 Payments. 

(a) The Borrower shall make each payment required to be made hereunder or under any other Loan Document (whether of principal, interest, fees,
amounts payable under SECTION 2.14, 2.16(b) or 2.23, or otherwise) prior to 2:00 p.m. on the date when due, in immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the discretion of
the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its Funding Office, except that payments
pursuant to SECTIONS 2.14, 2.16(b), 2.23, 9.03 or any other provision hence specifying a Person, shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The
Administrative Agent shall distribute any such payments to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, except with respect to LIBO Borrowings,
the date for payment shall be extended to the next succeeding Business Day, and, if any payment due with respect to LIBO Borrowings 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, unless that succeeding Business Day is in the next calendar month, in which event, the date of such payment shall be on the last Business Day of subject calendar month, and, in the case of any payment accruing interest, interest
thereon shall be payable for the period of such extension. 
 (b) Except as specifically provided herein all funds received by and available
to the Administrative Agent to pay principal, interest, fees and other amounts then due hereunder, shall be applied in accordance with the provisions of SECTIONS 2.17(f) or 7.03 ratably among the parties entitled thereto in accordance with the
amounts of principal, interest, fees and other amounts then due to such respective parties. 
 (c) Unless the Administrative Agent shall
have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the
Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the 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, at the Federal Funds Effective Rate. 
 SECTION 2.22 [Reserved]. 

SECTION 2.23 Taxes. 
 (a)
Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided, however,
that if any applicable withholding agent shall be required to deduct or remit any such Taxes from such payments, then (i) in the case of any Indemnified Taxes or Other Taxes, the sum payable shall be increased as necessary so that after all
required deductions or remittances for such Taxes have been made by the applicable withholding agent (including deductions applicable to additional sums payable under this SECTION 2.23) the applicable Credit Party receives an amount equal to the sum
it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall pay the full amount deducted to the relevant Governmental Authority
in accordance with Applicable Law. 
 (b) In addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in
accordance with Applicable Law. 
 (c) The Borrower shall indemnify each Credit Party, within ten (10) days after written demand
therefor, for the full amount of any Indemnified Taxes paid or payable by such Credit Party on or with respect to any payment by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document and any Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this SECTION 2.23) and any penalties, interest and reasonable expenses arising therefrom or with

  
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respect thereto (whether or not correctly or legally asserted) to the extent not already paid by the Loan Parties pursuant to SECTION 2.23(a); provided that if the Borrower reasonably
believes that such Taxes were not correctly or legally asserted, each Lender will use reasonable efforts to cooperate with the Borrower to obtain a refund of such taxes so long as such efforts would not, in the sole determination of such Lender,
result in any additional costs, expenses or risks or be otherwise disadvantageous to it; provided further, that the Borrower shall not be required to compensate any Lender pursuant to this SECTION 2.23 for any penalties and interest incurred
in any Fiscal Year for which such Lender is claiming compensation if such Lender does not furnish notice of such claim within six (6) months from the end of such Fiscal Year; provided further, that if the circumstances giving rise
to such claim have a retroactive effect, then the beginning of such six month period shall be extended to include such period of retroactive effect. A certificate as to the amount of such payment or liability delivered to the Borrower by a Credit
Party, or by the Administrative Agent on its own behalf or on behalf of any other Credit Party, setting forth in reasonable detail the manner in which such amount was determined, shall be conclusive absent manifest error. 

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority, the 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. 
 (e) Each Lender shall, at such times as are reasonably requested by the Borrower or the
Administrative Agent, provide the Borrower and the Administrative Agent with any documentation prescribed by law, or reasonably requested by the Borrower or the Administrative Agent, certifying as to any entitlement of such Lender to an exemption
from, or reduction in, withholding Tax with respect to any payments to be made to such Lender under the Loan Documents. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under
any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an applicable tax treaty, the Borrower, Administrative Agent or other applicable withholding agent shall withhold amounts
required to be withheld by applicable law from such payments at the applicable statutory rate. 
 Without limiting the generality of the
foregoing: 
 (i) Each Lender that is a U.S. Person within the meaning of Section 7701(a)(3) of the Code (a “Domestic
Lender”) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed original copies of Internal Revenue Service Form W-9 (or any
successor form) certifying that such Lender is exempt from U.S. federal backup withholding. 
 (ii) Each Foreign Lender shall deliver to the
Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter when required by law or upon the reasonable request of the Borrower or the Administrative Agent) whichever of
the following is applicable: 
 (A) two duly completed and executed original copies of Internal Revenue Service Form W-8BEN
or W-8BEN-E (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States of America is a party; 

(B) two duly completed and executed original copies of Internal Revenue Service Form W-8ECI (or any successor forms); 

(C) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate, in substantially the form of Exhibit L-1, or any other form approved by the Administrative Agent and the Borrower, to the effect that such Lender is not (A) a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code, and that no payments in connection with the Loan Documents are effectively connected with such Lender’s conduct of a U.S. trade or business and (y) two duly completed and executed original copies of
Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form); 

  
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 (D) to the extent a Foreign Lender is not the beneficial owner (for example,
where the Foreign Lender is a partnership, or a is a Participant holding a participation granted by participating Lender), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN, W-8BEN-E,
certificate in substantially the form of Exhibit L-2, L-3 or L-4 (as applicable), Form W-9, Form W-8IMY (or other successor forms) or any other required information from each beneficial owner, as applicable (provided
that, if the Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, a certificate in substantially the form of Exhibit L-2 shall be provided by such
Lender on behalf of such direct or indirect partners); or 
 (E) any other form prescribed by applicable requirements of U.S.
federal income tax law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable requirements of law to permit the Borrower
and the Administrative Agent to determine the withholding or deduction required to be made. 
 Each Lender shall, from time to time after
the initial delivery by such Lender of the forms described above, whenever a lapse in time or change in such Lender’s circumstances renders such forms, certificates or other evidence so delivered expired, obsolete or inaccurate, promptly
(1) deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) renewals, amendments or additional or successor forms, properly completed and duly executed by such Lender, together with
any other certificate or statement of exemption required in order to confirm or establish such Lender’s status or that such Lender is entitled to an exemption from or reduction in U.S. federal withholding tax or (2) notify Administrative
Agent and the Borrower of its legal ineligibility to deliver any such forms, certificates or other evidence. 
 Notwithstanding any other
provision of this clause (e), a Lender shall not be required to deliver any documentation or information that such Lender is not legally eligible to deliver. 

(f) [Reserved]. 
 (g)
Should a Lender become subject to Taxes because of its failure to deliver any documentation required hereunder, the Loan Parties shall, at such Lender’s expense, take such steps as such Lender shall reasonably request to assist such Lender to
recover such Taxes. 
 (h) If any Loan Party shall be required pursuant to this SECTION 2.23 to pay any additional amount to, or to
indemnify, any Credit Party to the extent that such Credit Party becomes subject to Taxes subsequent to the Closing Date (or, if applicable, subsequent to the date such Person becomes a party to this Agreement) as a result of any change in the
circumstances of such Credit Party (other than a change in Applicable Law), including without limitation a change in the residence, place of incorporation, principal place of business of such Credit Party or a change in the branch or lending office
of such Credit Party, as the case may be, such Credit Party shall use reasonable efforts to avoid or minimize any amounts which might otherwise be payable pursuant to this SECTION 2.23(h); provided, however, that such efforts shall not
include the taking of any actions by such Credit Party that would result in any tax, costs or other expense to such Credit Party (other than a tax, cost or other expense for which such Credit Party shall have been reimbursed or indemnified by the
Loan Parties pursuant to this Agreement or otherwise) or any action which would or might in the reasonable opinion of such Credit Party have an adverse effect upon its business, operations or financial condition or otherwise be disadvantageous to
such Credit Party. 
 (i) If the Administrative Agent or a Lender determines, in its good faith discretion, that it has received a refund in
respect of any Indemnified Taxes or Other Taxes with respect to which the Borrower has paid additional amount pursuant to this SECTION 2.23, it shall pay over such refund within 30 days of its receipt thereof to the Borrower (but only to the
extent of indemnity payments made, or additional amounts paid, by the Borrower or other relevant Loan Party under this SECTION 2.23 with respect to the Taxes giving rise to such refund), net of all
out-of-

  
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pocket expenses (including Taxes) of such Lender or Administrative Agent and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided, that the Borrower, upon the request of such Lender or Administrative Agent, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This SECTION 2.23 shall not be construed to require the Administrative Agent or any Lender
to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 

(j) If a payment made to a Credit Party would be subject to United States federal withholding Tax imposed by FATCA if such Credit Party fails
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 Credit Party shall deliver to the Borrower and the Administrative Agent at the time or
times prescribed by FATCA and at such time or times reasonably requested by the Loan Parties or the Administrative Agent any documentation reasonably requested by the Loan Parties or the Administrative Agent sufficient for the Administrative Agent
and the Loan Parties to comply with their obligations under FATCA, to determine whether such Credit Party has complied with such applicable reporting requirements and to determine the amount, if any, required to be withheld. 

SECTION 2.24 Mitigation Obligations; Replacement of Lenders. 

(a) If any Lender requests compensation under SECTION 2.14 or cannot make LIBO Loans under SECTION 2.11, or if the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to SECTION 2.23, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Term Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to SECTION 2.14 or SECTION 2.23, as the case may be, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense. The Borrower hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred
by any Lender in connection with any such designation or assignment; provided, however, that the Borrower shall not be liable for such costs and expenses of a Lender requesting compensation if (i) such Lender becomes a party to
this Agreement on a date after the Closing Date and (ii) the relevant Change in Law occurs on a date prior to the date such Lender becomes a party hereto. 

(b) If any Lender requests compensation under SECTION 2.14 or cannot make Term Loans under SECTION 2.11, or if the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to SECTION 2.23 or any Lender rejects an Extension request, then the Borrower may, at their sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in SECTION 9.04), all its interests, rights and obligations under this Agreement to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) or (ii) prepay any such Lender on a non pro rata basis; provided, however, that (i) in the case of an assignment,
the Borrower shall have received the prior written consent of the Administrative Agent to the extent required by SECTION 9.04, which consent shall not be unreasonably withheld, delayed or conditioned, (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its Term 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 Borrower (in the case of all other amounts or in the case of a non pro rata prepayment) and (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 2.23, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation or otherwise accept such payment if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

SECTION 2.25 Permitted Debt Exchanges 

(a) Notwithstanding anything to the contrary contained in this Agreement, pursuant to one or more offers (each, a “Permitted
Debt Exchange Offer”) made from time to time by the Borrower, the Borrower may  

  
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from time to time following the Closing Date consummate one or more exchanges of Term Loans for Qualifying Secured Debt or Qualifying Other Debt in the form of notes (such notes,
“Permitted Debt Exchange Notes,” and each such exchange a “Permitted Debt Exchange”), so long as the following conditions are satisfied: (i) no Event of Default shall have occurred and be continuing at the time
the final offering document in respect of a Permitted Debt Exchange Offer is delivered to the relevant Lenders, (ii) the aggregate principal amount (calculated on the face amount thereof) of Term Loans exchanged shall equal no more than the
aggregate principal amount (calculated on the face amount thereof) of Permitted Debt Exchange Notes issued in exchange for such Term Loans; provided that the aggregate principal amount of the Permitted Debt Exchange Notes may include accrued
interest and premium (if any) under the Term Loans exchanged and underwriting discounts, fees, commissions and expenses in connection with the issuance of such Permitted Debt Exchange Notes, (iii) the aggregate principal amount (calculated on
the face amount thereof) of all Term Loans exchanged under each applicable Class by a Borrower pursuant to any Permitted Debt Exchange shall automatically be cancelled and retired by the Borrower on the date of the settlement thereof (and, if
requested by the Administrative Agent, any applicable exchanging Lender shall execute and deliver to the Administrative Agent an Assignment and Acceptance, or such other form as may be reasonably requested by the Administrative Agent, in respect
thereof pursuant to which the respective Lender assigns its interest in the Term Loans being exchanged pursuant to the Permitted Debt Exchange to the Borrower for immediate cancellation), (iv) if the aggregate principal amount of all Term Loans
of a given Class (calculated on the face amount thereof) tendered by Lenders in respect of the relevant Permitted Debt Exchange Offer (with no Lender being permitted to tender a principal amount of Term Loans which exceeds the principal amount
thereof of the applicable Class actually held by it) shall exceed the maximum aggregate principal amount of Term Loans of such Class offered to be exchanged by the Borrower pursuant to such Permitted Debt Exchange Offer, then the Borrower shall
exchange Term Loans subject to such Permitted Debt Exchange Offer tendered by such Lenders ratably up to such maximum amount based on the respective principal amounts so tendered, (v) all documentation in respect of such Permitted Debt Exchange
shall be consistent with the foregoing, and all written communications generally directed to the Lenders in connection therewith shall be in form and substance consistent with the foregoing and made in consultation with the Borrower and the Auction
Manager, and (vi) any applicable Minimum Tender Condition shall be satisfied. 
 (b) With respect to all Permitted Debt
Exchanges effected by the Borrower pursuant to this SECTION 2.25, (i) such Permitted Debt Exchanges (and the cancellation of the exchanged Term Loans in connection therewith) shall not constitute voluntary or mandatory payments or
prepayments, and (ii) such Permitted Debt Exchange Offer shall be made for not less than $5,000,000 in aggregate principal amount of Term Loans; provided that subject to the foregoing clause (ii) the Representative may at its
election specify as a condition (a “Minimum Tender Condition”) to consummating any such Permitted Debt Exchange that a minimum amount (to be determined and specified in the relevant Permitted Debt Exchange Offer in the
Borrower’s discretion) of Term Loans of any or all applicable Classes be tendered. 
 (c) In connection with each Permitted Debt
Exchange, the Borrower and the Auction Manager shall mutually agree to such procedures as may be necessary or advisable to accomplish the purposes of this SECTION 2.25 and without conflict with SECTION 2.25(a); provided that the
terms of any Permitted Debt Exchange Offer shall provide that the date by which the relevant Lenders are required to indicate their election to participate in such Permitted Debt Exchange shall be not less than a reasonable period (in the discretion
of the Borrower and the Auction Manager) of time following the date on which the Permitted Debt Exchange Offer is made. 
 (d) The Borrower
shall be responsible for compliance with, and hereby agrees to comply with, all applicable securities and other laws in connection with each Permitted Debt Exchange, it being understood and agreed that (x) none of the Auction Manager, the
Administrative Agent nor any Lender assumes any responsibility in connection with such Borrower’s compliance with such laws in connection with any Permitted Debt Exchange and (y) each Lender shall be solely responsible for its compliance
with any applicable “insider trading” laws and regulations to which such Lender may be subject under the Securities Exchange Act of 1934, as amended. 

  
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 ARTICLE III 

Representations and Warranties 

To induce the Credit Parties to enter into this Agreement and make the Term Loans, the Loan Parties executing this Agreement or a Joinder
Agreement hereto, jointly and severally, make the following representations and warranties to each Credit Party with respect to each Loan Party on the Closing Date, and in each case as of the date such representation and warranty is made unless an
earlier date is specified: 
 SECTION 3.01 Organization; Powers. Each Loan Party is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, has all requisite corporate or other applicable entity power and authority to own its property and assets and to carry on its business as now conducted, except, in each case, where the
failure to do so, or so possess, individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect. Each Loan Party has all requisite organizational power and authority to execute and deliver and perform all
its obligations under all Loan Documents to which such Loan Party is a party. Each Loan Party is qualified to do business in, and is in good standing (where such concept exists) in, every jurisdiction in which the nature of its business or the
ownership or leasing of its properties makes such qualification necessary, except where the failure to be so qualified or in good standing individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect.
Schedule 3.01 attached hereto sets forth, as of the Closing Date, each Loan Party’s name as it appears in official filings in its state of incorporation or organization, its state of incorporation or organization, organization type,
organization number, if any, issued by its state of incorporation or organization, and its federal employer identification number. 

SECTION 3.02 Authorization; Enforceability. The transactions contemplated hereby and by the other Loan Documents to be entered into by
each Loan Party are within such Loan Party’s corporate powers and have been duly authorized by all necessary corporate, membership, partnership or other necessary action. This Agreement has been duly executed and delivered by each Loan Party
that is a party hereto or thereto and constitutes, and each other Loan Document to which any Loan Party is a party, when executed and delivered by such Loan Party will constitute, a legal, valid and binding obligation of such Loan Party, enforceable
in accordance with its terms, subject to (i) 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, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties and (iii) with respect to enforceability
against Foreign Subsidiaries or under foreign laws, the effect of foreign laws, rules and regulations as they relate to pledges, if any, of Capital Stock in Foreign Subsidiaries and intercompany Indebtedness owed by Foreign Subsidiaries. 

SECTION 3.03 Governmental and Other Approvals; No Conflicts. The transactions to be entered into and contemplated by the Loan Documents
(a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings and
recordings necessary to perfect in the United States Liens created under the Loan Documents and enforce the rights of the Lenders and the Secured Parties under the Loan Documents, in each case to the extent required under the Security Documents or
(iii) the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect, (b) will not violate any Applicable Law (except to the extent that such violation would not reasonably be expected to result in a
Material Adverse Effect) or the Charter Documents of any Loan Party, (c) do not violate or result in a default (with due notice, lapse of grace period or both) under any indenture or any other agreement, instrument or other evidence of Material
Indebtedness, except to the extent that such default would not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party, except Liens created
under the Loan Documents and other Permitted Encumbrances. 
 SECTION 3.04 Financial Condition. The Borrower has heretofore furnished
to the Agents the Consolidated balance sheet, and statements of operations, stockholders’ equity, and cash flows for the Borrower and its Subsidiaries (i) as of and for the Fiscal Year ended February 1, 2014, audited by
Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the Fiscal Quarter ending May 3, 2014, certified by a Financial Officer of the Borrower. Such financial statements present fairly, in all material
respects, the financial position, results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in 

  
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accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes. Since February 1, 2014 there has been no event, change, condition or development that has had or
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 3.05 Properties. 

(a) Except as disclosed on Schedule 3.05(a), each Loan Party has title to, or valid leasehold interests in or right to use, all its
real and personal property material to its business, except for defects which would not reasonably be expected to have a Material Adverse Effect. 

(b) Schedule 3.05(b) sets forth with respect to each Loan Party a list of all registrations and issuances of the United States
registered Intellectual Property owned by such Loan Party and all applications for the registrations or issuance thereof as of the Closing Date. To the knowledge of each Loan Party, each such registration, issuance and application is subsisting
except as would not, individually or in the aggregate, have a Material Adverse Effect. To the knowledge of each Loan Party, the Intellectual Property owned by each Loan Party is valid and enforceable, and no proceeding is pending challenging the
ownership, registration, validity, enforceability or use of any item of Intellectual Property except as would not, individually or in the aggregate, have a Material Adverse Effect. Each Loan Party owns or is licensed to use, all Intellectual
Property used in its business, except to the extent that the failure to so own or have the right to use would not reasonably be expected to have a Material Adverse Effect, and each Loan Party’s use of Intellectual Property owned by such Loan
Party does not infringe upon, misappropriate, dilute or otherwise violate the rights of any other Person, except for any such infringements, misappropriations, dilutions or other violations that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect. No proceeding is pending (or to the knowledge of each Loan Party, threatened) in which any Person is alleging that a Loan Party is infringing, misappropriating, diluting, or otherwise
violating the Intellectual Property rights of any Person except as would not, individually or in the aggregate, have a Material Adverse Effect. 

(c) Schedule 3.05(c)(i) sets forth the address (including county) of all Real Estate that is owned by the Loan Parties as of the
Closing Date. Schedule 3.05(c)(ii) sets forth the address (including county) of all Real Estate that is leased by the Loan Parties as of the Closing Date. Except as would not reasonably be expected to result in a Material Adverse Effect, to
the knowledge of the Responsible Officers of the Loan Parties each of such Leases is in full force and effect and the Loan Parties are not in default of the terms thereof. 

SECTION 3.06 Litigation and Environmental Matters. 

(a) Except as set forth on Schedule 3.06(a), there are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the actual knowledge of Responsible Officers of a Loan Party, threatened in writing against or affecting any Loan Party as to which there is a reasonable expectation of an adverse determination which, if adversely
determined, would reasonably be expected individually or in the aggregate to result in a Material Adverse Effect (other than Disclosed Matters). 

(b) Except as set forth on Schedule 3.06(b), no Loan Party (i) has failed to comply with any Environmental Law or to obtain,
maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice of any actual or potential claim with respect to
any Environmental Liability or (iv) knows of any basis for any Environmental Liability, which, in each case, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. 

(c) Except as set forth on Schedule 3.06(c), to the knowledge of the Loan Parties, no Real Estate or facility owned, operated or leased
by any Loan Party is listed or proposed for listing on the National Priorities List promulgated pursuant to CERCLA or similar state “Superfund” list except to the extent that such filings, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect. 

  
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 (d) Except as set forth on Schedule 3.06(d) as of the Closing Date, no Lien has been
recorded or, to the knowledge of any Loan Party, threatened under any Environmental Law with respect to any Real Estate of the Loan Parties. 

SECTION 3.07 Compliance with Laws and Agreements. Each Loan Party is in compliance with all Applicable Law and all Material
Indebtedness, and no event of default has occurred and is continuing thereunder, except in each case where the failure to comply or the existence of a default, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect. Without limiting the generality of the foregoing, each Loan Party has obtained all permits, licenses and other authorizations which are required with respect to the ownership and operations of its business, except where the
failure to obtain such permits, licenses or other authorizations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Each Loan Party is in compliance with all terms and conditions of all such
permits, licenses, orders and authorizations, except where the failure to comply with such terms or conditions, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.08 Investment Company Status. No Loan Party is an “investment company” as defined in, and subject to regulation
under, the Investment Company Act of 1940, as amended. 
 SECTION 3.09 Taxes. Each Loan Party has timely filed or caused to be filed
all tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings, for which such Loan Party
has set aside on its books adequate reserves in accordance with GAAP, and as to which no Lien has arisen or (b) to the extent that the failure to do so would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. 
 SECTION 3.10 ERISA. The Loan Parties and their ERISA Affiliates are in compliance with the applicable provisions
of ERISA and the Code with respect to each Plan except as would not reasonably be expected to result in a Material Adverse Effect. Except as would not result in a Material Adverse Effect, each Plan which is intended to qualify under
Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service and nothing has occurred subsequent to the issuance of such determination letter which would cause such Plan to lose its qualified
status. 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, would reasonably be expected to result in a Material Adverse
Effect. Except as would not result in a Material Adverse Effect, the present value of all accumulated benefit obligations under each Plan subject to ERISA (based on the assumptions used for purposes of the most recent actuarial report prepared by
such Plan’s actuaries) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan. 

SECTION 3.11 Disclosure. None of the written reports, financial statements, certificates or other written information (other than any
projections, pro formas, budgets and general market information) concerning the Loan Parties furnished by or on at the direction of any Loan Party to any Credit Party in connection with the negotiation of this Agreement or any other Loan Document or
delivered hereunder or thereunder (as modified or supplemented by other information so furnished (together with the Borrower’s (or its direct or indirect parent entity’s) Annual Reports on Form 10-K for prior fiscal years and Quarterly
Reports on Form 10-Q for the fiscal quarters since the last fiscal year-end, Form 8-Ks and Definitive Proxy Statement on Form 14A for the Borrower’s (or its direct or indirect parent entity’s) 2014 annual shareholder meeting)), when taken
as a whole, contains, as of the date furnished, any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading
in light of the circumstances under which such statements were made. 

  
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 SECTION 3.12 Subsidiaries. Schedule 3.12 sets forth the name of, and the ownership
interest of each Loan Party in, each Subsidiary as of the Closing Date; there is no other Capital Stock of any class outstanding as of the Closing Date. To the knowledge of the Loan Parties, all such shares of Capital Stock as of the Closing Date
are validly issued, fully paid, and, with respect to corporate shares, nonassessable. 
 SECTION 3.13 Insurance. Schedule 3.13
sets forth a description of all business interruption, general liability, directors and officers liability, comprehensive, casualty and other insurance maintained by or on behalf of the Loan Parties as of the Closing Date. Each insurance policy
listed on Schedule 3.13 is in full force and effect as of the Closing Date and all premiums in respect thereof that are due and payable as of the Closing Date have been paid and such insurance is in such amounts and covering such risks and
liabilities (and with such deductibles, retentions and exclusions) as are in accordance with normal and prudent industry practice. As of the Closing Date, none of BCF Holdings or any of its Subsidiaries (a) has received notice from any insurer
(or any agent thereof) that substantial capital improvements or other substantial expenditures will have to be made in order to continue such insurance or (b) has any reason to believe that it will not be able to renew its existing coverage as
and when such coverage expires or to obtain similar coverage from similar insurers at a substantially similar cost. 
 SECTION 3.14 Labor
Matters. As of the Closing Date, there are no strikes, lockouts or slowdowns against any Loan Party pending or, to the actual knowledge of any Responsible Officer of any Loan Party, threatened, except to the extent that strikes, lockouts or
slowdowns would not reasonably be expected to result in a Material Adverse Effect. The hours worked by and payments made to employees of the Loan Parties have not been in violation of the Fair Labor Standards Act or any other applicable federal,
state, local or foreign law dealing with such matters to the extent that any such violation could reasonably be expected to have a Material Adverse Effect. Except to the extent that such liability would not reasonably be expected to have a Material
Adverse Effect, all payments due from any Loan Party, or for which any claim may be made against any Loan Party, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued in accordance with GAAP as a
liability on the books of such Loan Party. Except as set forth on Schedule 3.14, as of the Closing Date no Loan Party is a party to or bound by any material collective bargaining agreement. As of the Closing Date, the consummation of the
transactions contemplated by the Loan Documents will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which any Loan Party is bound to the extent that such
would be reasonably expected to result in a Material Adverse Effect. 
 SECTION 3.15 Security Documents. The Security Documents
create in favor of the Collateral Agent, for the benefit of the Collateral Agent and the other Secured Parties, a legal, valid and enforceable security or mortgage interests in the Collateral (subject to (a) 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, (b) any filings and registrations required
under Applicable Law to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Collateral Agent for the benefit of the Secured Parties (which filings or recordings shall be made to the extent required by any Security
Document) and (c) with respect to enforceability against Foreign Subsidiaries or under non-U.S. laws, the effect of non-U.S. laws, rules and regulations as they relate to pledges, if any, of Capital Stock in Foreign Subsidiaries and
intercompany Indebtedness owed by Foreign Subsidiaries), and the Security Documents constitute, or will upon the filing of financing statements or other instruments within the time periods prescribed under Applicable Law and/or the obtaining of
“control,” in each case with respect to the relevant Collateral as required under the applicable Uniform Commercial Code or similar legislation of any jurisdiction, to the extent security interests in such Collateral can be perfected by
such filings or control, the creation of a fully perfected and enforceable (subject to (a) 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 and (b) with respect to enforceability against Foreign Subsidiaries or under non-U.S. laws, the effect of non-U.S. laws, rules and regulations as they relate to
pledges, if any, of Capital Stock in Foreign Subsidiaries and intercompany Indebtedness owed by Foreign Subsidiaries) first priority Lien on, and security interest in, all right, title and interest of the Loan Parties thereunder in such Collateral
(to the extent required under the Security Documents), in each case prior and superior in right to any other Person, except for Permitted Encumbrances (x) having priority by operation of Applicable Law on all Term Priority Collateral,
(y) in favor of the agent under the ABL Facility on any Revolver Priority Collateral or (z) Qualifying Secured Debt ranking pari passu with the Liens securing the Obligations. 

  
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 SECTION 3.16 Federal Reserve Regulations. 

(a) No Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying
or carrying Margin Stock. As of the Closing Date, no Loan Party owns any Margin Stock. 
 (b) No part of the proceeds of any Term Loan will
be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to buy or carry Margin Stock or to extend credit to others for the purpose of buying or carrying Margin Stock or to refund indebtedness originally
incurred for such purpose in violation of Regulation U or X or (ii) for any purpose that entails a violation of the provisions of the Regulations of the Board, including Regulation U or Regulation X. 

SECTION 3.17 Solvency. The Loan Parties, on a Consolidated basis, are Solvent (and, on the Amendment No. 4 Effective Date will be
Solvent immediately after giving effect to the Amendment Transactions). No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in connection with the Transactions, this Agreement or the other
Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of any Loan Party. 
 SECTION 3.18
Anti-Corruption Laws and Sanctions. As of the Amendment No. 4 Effective Date, none of (a) the Loan Parties, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower,
any agent of any Loan Party or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. 

ARTICLE IV 
 [Reserved] 

ARTICLE V 
 Affirmative
Covenants 
 Until (i) the Commitments have expired or been terminated and (ii) the principal of and interest on the Term
Loans and all fees and other Obligations (other than contingent indemnity obligations with respect to then unasserted claims) shall have been paid in full, each Loan Party covenants and agrees with the Credit Parties that: 

SECTION 5.01 Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent: 

(a) within ninety (90) days after the end of each Fiscal Year of BCF Holdings commencing with the Fiscal Year ending
January 29, 2011, the Consolidated balance sheet and related statements of operations, and Consolidated statements of cash flows as of the end of and for such year for BCF Holdings and its Subsidiaries (or, at the option of BCF Holdings, a
direct or indirect parent company of BCF Holdings and its Subsidiaries), setting forth in comparative form, the Consolidated figures for the previous Fiscal Year and the figures as set forth in the projections delivered pursuant to SECTION 5.01(e),
all audited and reported on by independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without a qualification or exception as to the scope of such audit (except to
the extent such qualification or exception results solely from a current maturity of Indebtedness or an actual or potential default of a financial covenant)), except for the aforementioned projections, to the effect that such Consolidated financial
statements present fairly in all material respects the financial condition and results of operations of the applicable Loan Parties and their Subsidiaries on a Consolidated basis in accordance with GAAP; 

(b) within forty-five (45) days after the end of each Fiscal Quarter of BCF Holdings commencing with the Fiscal Quarter
ending April 30, 2011, excluding the last Fiscal Quarter of each Fiscal Year of BCF Holdings, the Consolidated balance sheet and related statements of operations, and 

  
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Consolidated statements of cash flows for BCF Holdings and its Subsidiaries (or, at the option of BCF Holdings, a direct or indirect parent company of BCF Holdings and its Subsidiaries) as of the
end of and for such Fiscal Quarter and the elapsed portion of the Fiscal Year, setting forth in each case, in comparative form the Consolidated figures for the previous Fiscal Year and the figures as set forth in the projections delivered pursuant
to SECTION 5.01(e), all such Consolidated figures certified by one of the Borrower’s Financial Officers as fairly presenting in all material respects the financial condition and results of operations of the Loan Parties and their Subsidiaries
on a Consolidated basis in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes; 
 (c)
for any period when the financial statements provided pursuant to clause (a) or (b) above (i) are financial statements of any direct or indirect parent company of BCF Holdings and such parent company owns any material assets other
than BCF and its Subsidiaries or (ii) include the results of any Unrestricted Subsidiary, the Borrower shall furnish, together with such reports, a reasonably detailed explanation of the assets and results of operations included in such
financial statements that are attributable to BCF Holdings, the Borrower and the Borrower’s Restricted Subsidiaries; 

(d) within 15 days following any delivery of financial statements under clause (a) or clause (b) above, a certificate
of a Financial Officer of the Borrower in the form of Exhibit E hereto (a “Compliance Certificate”) (i) certifying as to whether a Default or Event of Default has occurred and is continuing and, if a Default or Event of
Default has occurred and is continuing, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) in the case of financial statements delivered pursuant to clause (a), setting forth reasonably
detailed calculations with respect to the Excess Cash Flow (in the case of any delivery of financial statements under clause (a) above for any Fiscal Year ending after the Closing Date), (iii) a reasonably detailed calculation of the
Consolidated Leverage Ratio and Consolidated Secured Leverage Ratio, in each case, as of the last day of the applicable period and (iv) stating whether any change in GAAP or in the application thereof has occurred since the date of BCF
Holdings’ (or its direct or indirect parent’s) most recent audited financial statements and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such Compliance Certificate; 

(e) within sixty (60) days after the commencement of each Fiscal Year of the Loan Parties, commencing with the Fiscal Year
ending January 28, 2012, a detailed, Consolidated budget by quarter for the applicable Fiscal Year for BCF Holdings (or its direct or indirect parent) and its Restricted Subsidiaries and including a projected Consolidated income statement,
balance sheet, and statement of cash flow, by quarter; 
 (f) [Reserved]; 

(g) promptly after the same become publicly available, copies of (i) all material periodic and other reports, proxy
statements and other materials filed by any Loan Party with the SEC, and (ii) SEC Forms 10-K and 10-Q for Burlington Store, Inc. (for so long as Burlington Stores, Inc. is subject to the reporting requirements under the Securities Exchange Act
of 1934, as amended); 
 (h) promptly following any reasonable request therefor, such other information regarding the
operations, business affairs and financial condition of any Loan Party as the Agents may reasonably request (other than information which is subject to an attorney-client privilege or would result in a breach of a confidentiality obligation of the
Loan Parties to any other Person or applicable law); and 
 (i) not later than any date on which financial statements are
delivered with respect to any period in which any Pro Forma Adjustment is made as a result of the consummation of an acquisition of an Acquired Entity, a disposition of an entity or business or a shut-down of any discontinued operations, as the case
may be, for which there shall be any Pro Forma Adjustments, a certificate of one of the Borrower’s Responsible Officers setting forth the amount of such Pro Forma Adjustments and, in reasonable detail, the calculations and basis therefor. 

  
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 Notwithstanding the foregoing, the obligations in paragraphs (a), and (b) of
this SECTION 5.01 may be satisfied with respect to financial information of the Borrower and its Subsidiaries by furnishing (A) the applicable consolidated financial statements of any direct or indirect parent of the Borrower that, directly or
indirectly, holds all of the Capital Stock of the Borrower or (B) the Borrower’s (or any direct or indirect parent thereof, as applicable) Form 10-K or 10-Q or other filings, as applicable, filed with the SEC; provided that this
paragraph shall not limit the obligation to deliver the reconciliation required, if any, by SECTION 5.01(c) above. 
 Any financial
statement or other document, reports, proxy statements or other materials (to the extent any such financial statement or document, reports, proxy statements or other materials included in materials otherwise filed with the SEC) required to be
delivered pursuant to this SECTION 5.01 or SECTION 5.02 may be satisfied with respect to such financial statements or other documents, reports, proxy statements or other materials by the filing of the Borrower’s (or its direct or
indirect parent of the Borrower that, directly or indirectly, holds all the Capital Stock of the Borrower) Form 8-K, 10-K, 10-Q or other filing, as applicable, with the SEC. All financial statements and other documents, reports, proxy
statements or other materials required to be delivered pursuant to this SECTION 5.01 or SECTION 5.02 may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) such financial
statements and/or other documents are posted on the SEC’s website on the Internet at www.sec.gov, (ii) on which the Borrower posts such documents, or provide a link thereto, on the Borrower’s website or (iii) on which such
documents are posted on the Borrower’s behalf on an Internet or Intranet website, if any, to which the Administrative Agent and each Lender has access (whether a commercial third-party website or a website sponsored by the Administrative
Agent). 
 SECTION 5.02 Notices of Material Events. The Borrower will furnish to the Administrative Agent prompt written notice of
the occurrence of any of the following after any Responsible Officer of the Borrower obtains knowledge thereof: 
 (a) A
Default or Event of Default, specifying the nature and extent thereof and the action (if any) which is proposed to be taken with respect thereto; 

(b) The filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting any Loan Party or any Restricted Subsidiary of the Borrower that, has a reasonable likelihood of adverse determination and such adverse determination, would reasonably be expected to result in a Material Adverse Effect; 

(c) The occurrence of an ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably
be expected to result in a Material Adverse Effect; and 
 (d) Any development that results in, or would reasonably be
expected to result in, a Material Adverse Effect. 
 Each notice delivered under this SECTION shall be accompanied by a statement of a Financial Officer or
other executive officer of the Borrower setting forth the details of the event or development requiring such notice and, if applicable, any action taken or proposed to be taken with respect thereto. 

SECTION 5.03 Information Regarding Collateral. The Borrower will furnish to the Agents prompt written notice of any change in:
(a) any Loan Party’s name; (b) the location of any Loan Party’s chief executive office or its principal place of business; (c) any Loan Party’s organizational structure or jurisdiction of incorporation or formation; or
(d) any Loan Party’s Federal Taxpayer Identification Number or organizational identification number assigned to it by its state of organization. The Loan Parties agree not to effect or permit any change referred to in the preceding
sentence unless all filings, publications and registrations, have been made (or will be made in a timely fashion) under the Uniform Commercial Code or other Applicable Law that are required in order for the Collateral Agent to continue at all times
following such change to have a valid, legal and perfected first priority security interest to the extent required under the Security Documents (subject only to Permitted Encumbrances having priority by operation of Applicable Law or in favor of the
agent under the ABL Facility on any Revolver Priority Collateral and Liens permitted to be pari passu to the Liens of the Collateral Agent pursuant to the Pari Passu Lien Intercreditor Agreement) in all the Collateral for its own benefit and the
benefit of the other Secured Parties. 

  
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 SECTION 5.04 Existence; Conduct of Business. Each Loan Party will do all things necessary
to comply with its Charter Documents in all material respects, and to obtain, preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade
names material to the conduct of its business, except, in each case to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; provided, however, that the foregoing shall not prohibit
any merger, consolidation, liquidation, disposition or dissolution permitted under SECTION 6.03 or SECTION 6.05. 
 SECTION 5.05 Payment
of Obligations. Each Loan Party will pay its Taxes 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 and such Loan Party or
such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, (b) such contest effectively suspends collection of the contested obligation and enforcement of any Lien securing such obligation, or
(c) the failure to make payment, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.06 Maintenance of Properties. Each Loan Party will keep and maintain all tangible property material to the conduct of its
business in substantially the same condition as of the Amendment No. 4 Effective Date (ordinary wear and tear, casualty loss and condemnation excepted), except (a) where the failure to do so would not reasonably be expected to result in a
Material Adverse Effect or (b) for Store closings and Permitted Dispositions permitted hereunder. Each Loan Party will use commercially reasonable efforts to prosecute, maintain, and enforce the Intellectual Property, except to the extent such
Intellectual Property is no longer used or deemed by such Loan Party in its reasonable business judgment to be useful in the conduct of the business of the Loan Parties. 

SECTION 5.07 Insurance. 

(a) Each Loan Party shall (i) maintain insurance with financially sound and reputable insurers (or, to the extent consistent with
business practices in effect on the Amendment No. 4 Effective Date, a program of self-insurance) on such of its property and in at least such amounts and against at least such risks as is consistent with business practices in effect on the
Amendment No. 4 Effective Date or as otherwise determined by the Responsible Officers of the Loan Parties acting reasonably in their business judgment, including public liability insurance against claims for personal injury or death occurring
upon, in or about or in connection with the use of any properties owned, occupied or controlled by it (including the insurance required pursuant to the Security Documents); (ii) maintain such other insurance as may be required by law; and
(iii) furnish to the Agents, promptly following written reasonable request, full information as to the insurance carried. 
 (b) Fire
and extended coverage policies maintained with respect to any Collateral shall be endorsed or otherwise amended to include (i) a lenders’ loss payable clause (regarding personal property), in form and substance reasonably satisfactory to
the Agents, which endorsements or amendments shall provide that the insurer shall pay all proceeds otherwise payable to the Loan Parties under the policies directly to the Administrative Agent, and (ii) a provision to the effect that none of
the Loan Parties, Credit Parties (in their capacity as such) or any other Affiliate of a Loan Party shall be a co-insurer (the foregoing not being deemed to limit the amount of self-insured retention or deductibles under such policies, which
self-insured retention or deductibles shall be consistent with business practices in effect on the Closing Date or as otherwise determined by the Responsible Officers of the Loan Parties acting reasonably in their business judgment). Commercial
general liability policies shall be endorsed to name the Collateral Agent as an additional insured. Business interruption policies shall name the Collateral Agent as a loss payee and shall be endorsed or amended to include a provision that after the
occurrence and during the continuance of a Specified Default and notice from the Collateral Agent to the insurer, the insurer shall pay all proceeds of such business interruption policies otherwise payable to the Loan Parties under the policies
directly to the Collateral Agent. Each such casualty or liability policy referred to in this SECTION 5.07(b) shall also provide that it shall not be canceled, modified in any manner that would cause this SECTION 5.07 to be violated, or not renewed
(i) by reason of nonpayment of premium except upon not less than thirty (30) days’ prior written notice thereof by the insurer to the Administrative Agent (giving the Administrative Agent the right to cure defaults in the payment of
premiums) or (ii) for any other reason except upon not less than thirty (30) days’ prior written notice thereof by the insurer to the Administrative Agent. The Borrower shall deliver to the Administrative Agent, prior to the

  
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cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the
Administrative Agent, including an insurance binder) together with evidence reasonably satisfactory to the Administrative Agent of payment of the premium therefor. 

(c) If any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any
successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then the Borrower shall, or shall
cause each Loan Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to
the Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent. 

(d) The Agents acknowledge that the insurance policies described on Schedule 3.13 are satisfactory to them as of the Amendment
No. 4 Effective Date and are in compliance with the provisions of this SECTION 5.07. 
 SECTION 5.08 Books and Records; Inspection
and Audit Rights; Appraisals; Accountants. 
 (a) Each Loan Party will keep proper books of record and account in accordance in all
material respects with GAAP and in which full, true and correct entries are made of all material dealings and transactions in relation to its business and activities. Each Loan Party will permit any representatives designated by any Agent, upon
reasonable prior notice, to visit and inspect its properties, to discuss its affairs, finances and condition with its officers and to examine and make extracts from its books and records, all at such reasonable times and as often as reasonably
requested. Notwithstanding anything to the contrary in this SECTION 5.08, neither the Borrower nor any Restricted Subsidiary will be required to disclose or permit the inspection or discussion of, any document, information or other matter
(i) in respect of which disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is prohibited by law, fiduciary duty or any binding agreement or (ii) that is subject to attorney client or similar
privilege or constitutes attorney work product. 
 (b) At its election, upon its reasonable belief that any Loan Party has breached any
representation, warranty or covenant herein relating to environmental matters in any respect that would reasonably be expected to result in a Material Adverse Effect, or in connection with the enforcement of remedies against any Real Estate after
the occurrence and during the continuance of an Event of Default, the Collateral Agent (or any Lender, at the sole cost and expense of such Lender) may retain an independent engineer or environmental consultant reasonably acceptable to the Loan
Parties to conduct an environmental assessment (but, prior to the occurrence of any such Event of Default, only with respect to the subject matter of such breach, including, as relevant to such breach, of the condition of any Real Estate or facility
of any Loan Party) and/or such Loan Party’s compliance with Environmental Law). Each Loan Party shall reasonably cooperate in the performance of any such environmental assessment and permit any such engineer or consultant designated by the
Collateral Agent or such Lender to have reasonable access to each property or facility at reasonable times and after reasonable notice to the Borrower of the plans to conduct such an environmental assessment. Environmental assessments conducted
under this paragraph shall be limited to visual inspections of the Real Estate or facility, interviews with representatives of the Loan Parties or facility personnel, and review of applicable records and documents pertaining to the condition of the
property or facility, its compliance with Environmental Law and any potential Environmental Liabilities, in each case prior to the occurrence and during the continuance of an Event of Default, to the extent relevant to the subject matter of such
breach. 
 SECTION 5.09 [Reserved]. 

SECTION 5.10 Compliance with Laws. Each Loan Party will comply with all Applicable Laws and the orders of any Governmental Authority
except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. Except where the failure to do so, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect, each Loan Party shall: (a) conduct its operations and keep and maintain its Real Estate in compliance with all Environmental Laws; and (b) implement any and all investigation, remediation, removal and
response actions that are necessary to comply with 

  
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Environmental Laws pertaining to the presence, generation, treatment, storage, use, disposal, transportation or Release of any Hazardous Materials on, at, in, under, above, to, from or about any
of its Real Estate. The Loan Parties shall (a) notify the Administrative Agent promptly after such Person becomes aware of any violation of or non-compliance with any Environmental Laws or any Release on, at, in, under, above, to, from or about
any Real Estate that could reasonably be expected to result in a Material Adverse Effect; and (b) promptly forward to Administrative Agent a copy of any order, notice, request for information or any communication or report received by such
Person in connection with any such violation or Release or any other matter that could reasonably be expected to result in a Material Adverse Effect, in each case whether or not any Governmental Authority has taken or threatened any action in
connection with any such violation, Release or other matter. 
 SECTION 5.11 Use of Proceeds. The proceeds of the Term Loans made
hereunder will be used only to finance a portion of the Transactions. The proceeds of Incremental Term Loans shall be used for general corporate purposes (except for Refinancing Term Loans, the proceeds of which shall be applied pursuant to SECTION
2.17). No part of the proceeds of any Term Loans 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. The proceeds of the Additional Term B-3
Loans will be used on the Amendment No. 4 Effective Date to finance a portion of the Amendment Transactions. The Borrower will not request that any Borrowing that is or could be incurred on the Amendment No. 4 Effective Date, and the
Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing that is or could be incurred on the Amendment No. 4 Effective
Date to (A) offer, pay, promise to pay, or authorize the payment or giving of money, or anything else of value, to any Person in violation in any material respects of any Anti-Corruption Laws, (B) for the purpose of funding, financing or
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation in any material respect of any Sanctions applicable to any party
hereto. 
 SECTION 5.12 Additional Restricted Subsidiaries. If any Loan Party shall form or acquire a Restricted Subsidiary
(including by redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary) that is not (i) an Immaterial Subsidiary, (ii) a Foreign Subsidiary, (iii) a CFC Holding Company, (iv) a Subsidiary that is not a wholly-owned
Restricted Subsidiary (other than with respect to directors’ qualifying or nominee shares), (v) a captive insurance subsidiary or other special purpose entity, (vi) not-for-profit Subsidiary, (vii) a subsidiary prohibited by
applicable law or contractual obligation (existing at the time of acquisition thereof (or redesignation) and not created in contemplation of such acquisition) from guaranteeing or granting Liens to secure any of the Obligations or with respect to
which any consent, approval, license or authorization from any governmental authority would be required for the provision of any such guaranty, and (viii) with respect to which the Borrower and the Administrative Agent reasonably agree that the
cost or other consequences (including adverse tax consequences) of providing a guaranty of the Obligations outweigh the benefits to the Lenders. The Borrower will notify the Agents thereof and will cause such Restricted Subsidiary to become a Loan
Party hereunder and under each applicable Security Document in the manner provided therein within fifteen (15) Business Days after such Restricted Subsidiary is formed or acquired and promptly take such actions to create and perfect Liens on
such Restricted Subsidiary’s assets to secure the Obligations as the Agents shall reasonably request. If any shares of Capital Stock or Indebtedness of such Restricted Subsidiary are owned by or on behalf of any Loan Party, the Borrower will
cause such shares and promissory notes evidencing such Indebtedness and otherwise constituting Collateral to be pledged to secure the Obligations within fifteen (15) Business Days after such Restricted Subsidiary is formed or acquired (except
that, if such Subsidiary is a Foreign Subsidiary, or a CFC Holding Company, shares of Capital Stock of such Restricted Subsidiary to be pledged may be limited to 65% of the outstanding shares of Capital Stock of such Subsidiary). 

SECTION 5.13 Further Assurances. Subject to the terms herein or therein, each Loan Party will execute any and all further documents,
financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), that may be required under any Applicable Law, or which any Agent or the Required
Lenders may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect in the United States the Liens created or intended to be created by the Security Documents or the validity or
priority of any such Lien, all at the expense of the Loan Parties, and in each case to the extent required under the Security Documents. 

SECTION 5.14 [Reserved]. 

  
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 SECTION 5.15 Maintenance of Ratings. The Borrower will use commercially reasonable efforts
to maintain a public corporate credit rating from S&P and a public corporate family rating from Moody’s, in each case in respect of the Borrower, and a public rating of the Term Loans by each of S&P and Moody’s. 

SECTION 5.16 Designation of Subsidiaries. 

(a) Subject to SECTION 5.16(b) below, the board of directors of the Borrower may at any time designate any Restricted Subsidiary as an
Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an
amount equal to the fair market value of the Borrower’s Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of
such Subsidiary existing at such time. Upon any such designation (but without duplication of any amount reducing such Investment in such Unrestricted Subsidiary pursuant to the definition of “Investment” included in the Available Amount),
the Borrower and/or the applicable Restricted Subsidiaries shall receive a credit against the applicable clause in the definition of “Permitted Investments” that was utilized for the Investment in such Unrestricted Subsidiary for the fair
market value of such Restricted Subsidiary at such time. Upon any designation of a Subsidiary as an Unrestricted Subsidiary, notwithstanding anything in any Loan Document to the contrary, the Facility Guarantee of such Subsidiary shall be
automatically released. 
 (b) The Borrower may not (x) designate any Restricted Subsidiary as an Unrestricted Subsidiary or
(y) designate an Unrestricted Subsidiary as a Restricted Subsidiary, in each case unless no Event of Default exists or would result therefrom 

ARTICLE VI 
 Negative
Covenants 
 Until (i) the Commitments have expired or been terminated and (ii) the principal of and interest on each Term
Loan and all fees and other Obligations (other than contingent indemnity obligations with respect to then unasserted claims) shall have been paid in full, each Loan Party covenants and agrees with the Credit Parties that: 

SECTION 6.01 Indebtedness and Other Obligations. No Loan Party will, nor will it permit any of its Restricted Subsidiaries to, create,
incur, assume or permit to exist any Indebtedness, except Permitted Indebtedness. 
 For purposes of determining compliance with this
SECTION 6.01, in the event that an item of Indebtedness (or any portion thereof) at any time meets the criteria of more than one of the categories described in “Permitted Indebtedness” or is entitled to be incurred pursuant to
multiple clauses in the definition of “Permitted Indebtedness,” the Borrower, in its sole discretion, may classify or reclassify (or later divide, classify or reclassify) such item of Indebtedness (or any portion thereof) and shall only be
required to include the amount and type of such Indebtedness in one of such clauses. Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest,
premium, fees or expenses, in the form of additional Indebtedness, Disqualified Capital Stock or preferred stock shall not be deemed to be an incurrence of Indebtedness for purposes of this SECTION 6.01. 

For purposes of determining compliance with any restriction on the incurrence of Indebtedness, the principal amount of Indebtedness
denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt;
provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would
cause the applicable restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such restriction shall be deemed not to have
been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, plus the amount of any premium paid, and
fees and expenses incurred, in connection with such extension, replacement, refunding refinancing, renewal or defeasance (including any fees and original issue discount incurred in respect of such resulting Indebtedness). 

  
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 SECTION 6.02 Liens. No Loan Party will, nor will it permit any of its 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 Permitted Encumbrances. 

SECTION 6.03 Fundamental Changes. 

(a) No Loan Party will, nor will it permit any of its Restricted Subsidiaries to, merge into or consolidate with any other Person, or permit
any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing or would arise therefrom,
(i) any Restricted Subsidiary may liquidate, dissolve, consolidate, or merge into a Loan Party in a transaction in which a Loan Party is the surviving corporation, (ii) any Restricted Subsidiary that is not a Loan Party may liquidate,
dissolve, consolidate, or merge into any Restricted Subsidiary that is not a Loan Party, (iii) any Loan Party may merge with or into any other Loan Party, (iv) the Loan Parties and their Restricted Subsidiaries may dispose of Capital Stock
of their respective Restricted Subsidiaries in a transaction permitted by SECTION 6.05, and (v) Permitted Acquisitions and other Permitted Investments and transactions permitted pursuant to SECTION 6.05 and SECTION 6.04 may be consummated in
the form of a merger or consolidation. 
 (b) No Loan Party will engage, to any material extent, in any business other than businesses of
the type conducted by such Loan Party on the date of execution of this Agreement and businesses reasonably related thereto and those supportive, complementary, synergistic or ancillary thereto. 

SECTION 6.04 Investments, Guarantees and Acquisitions. No Loan Party will, nor will it permit any of its Restricted Subsidiaries to,
make or permit to exist any Investment, except Permitted Investments. 
 SECTION 6.05 Asset Sales. No Loan Party will, nor will it
permit any of its Restricted Subsidiaries to, sell, transfer, lease (as lessor), license (as licensor), abandon or otherwise voluntarily dispose of any asset, including any Capital Stock of another Person, except sales of Inventory and the use of
cash or cash equivalents in the ordinary course of business, transactions permitted by SECTION 6.03 and Permitted Dispositions and the making of Permitted Investments (to the extent such Investment would involve a sale, transfer, lease, abandonment
or disposition of any assets). 
 SECTION 6.06 Restricted Payments; Certain Payments of Indebtedness. 

(a) No Loan Party will, nor will it permit any of its Restricted Subsidiaries to, declare or make, directly or indirectly, any Restricted
Payment, except that: 
 (i) any Loan Party or any Restricted Subsidiary of a Loan Party may declare and pay Restricted Payments to a Loan
Party or a Restricted Subsidiary that is the direct parent of such Restricted Subsidiary and a pro rata Restricted Payment to any third party in respect of non-wholly owned Restricted Subsidiaries; 

(ii) Restricted Payments made to BCF Holdings or Parent (or any other direct or indirect parent of the Borrower) (w) to pay general
corporate and overhead expenses incurred by BCF Holdings, Parent or Burlington Stores, Inc. in the ordinary course of business, or the amount of any indemnification claims made by any director or officer of BCF Holdings, Parent or Burlington Stores,
Inc., (x) to pay franchise taxes and other fees, taxes and expenses required to maintain the corporate existence of BCF Holdings, Parent or Burlington Stores, Inc. (or any other direct or indirect Parent of the Borrower), (y) to pay taxes
that are due and payable by BCF Holdings as the parent of a consolidated group that includes Parent and its Restricted Subsidiaries or (z) to make other payments that BCF Holdings and Parent are not otherwise prohibited from making pursuant to
this Agreement (including to pay fees and expenses in connection with unsuccessful equity (or debt offering) permitted by this Agreement); 

  
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 (iii) the Loan Parties and their Restricted Subsidiaries may make Restricted Payments made prior
to or substantially concurrently with the initial public offering of Burlington Stores, Inc. for the purpose of paying amounts owing under the advisory agreement with the Sponsor, to the extent permitted under SECTION 6.07; 

(iv) the Loan Parties and their Restricted Subsidiaries may make Restricted Payments consisting of Permitted Dispositions of the type
described, and subject to the limitations contained, in the definition thereof; 
 (v) the Loan Parties and their Restricted Subsidiaries
may make Restricted Payments constituting repurchases of Capital Stock in BCF Holdings, Burlington Stores, Inc. or any Restricted Subsidiary (or distributions to BCF Holdings or Burlington Stores, Inc. or any direct or indirect Parent of the
Borrower for such purpose) in connection with the exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such option or warrants, provided that Restricted Payments made pursuant to this
clause (iv) shall not exceed $10,000,000 in any Fiscal Year of BCF Holdings (with unused amounts from any Fiscal Year available for carry-forward to future Fiscal Years subject to a maximum amount of $20,000,000 in any Fiscal Year); 

(vi) the Loan Parties may make Restricted Payments to Burlington Stores, Inc. using a portion of the net proceeds of the Additional Term B-3
Loans on or after the Closing Date to fund Burlington Stores, Inc.’s repurchase or redemption, defeasance or other retirement of the Holdco Notes; 

(vii) so long as (x) no Event of Default has occurred and is continuing or would result therefrom and (y) the Consolidated Leverage
Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been or are then required to have been delivered would be less than or equal to 3.5 to 1.0, any Loan Party or any Restricted Subsidiary may make
any Restricted Payment; 
 (viii) so long as (x) no Event of Default has occurred and is continuing or would result therefrom and
(y) on a Pro Forma Basis the Consolidated Interest Coverage Ratio is at least 2.00 to 1.00 for the most recently ended period of four Fiscal Quarters for which financial statements have been or were required to be delivered, any Loan Party and
any of its Restricted Subsidiaries may make any Restricted Payments from the portion of the Available Amount such Loan Party or such Restricted Subsidiary elects to apply pursuant to this clause (viii); 

(ix) the Borrower and the Restricted Subsidiaries may declare and make Restricted Payments with respect to its Capital Stock payable solely in
shares of Capital Stock of the Borrower that is not Disqualified Capital Stock; 
 (x) the Borrower may make payments (or may make
Restricted Payments to any parent, the proceeds of which will be used to make payments) at such times and in such amounts as are necessary to make payments of or on account of (1) monitoring or management or similar fees or transaction fees and
(2) reimbursement of out-of-pocket costs, expenses and indemnities, in each case to the Sponsor or any of its Affiliates, in each case to the extent permitted by SECTION 6.07(o) (assuming the Borrower was party thereto); 

(xi) the Restricted Subsidiaries may make a Restricted Payment as consideration for the acquisition of additional Capital Stock in any
Restricted Subsidiary from minority shareholders that are not Affiliates; 
 (xii) Restricted Payments made (A) in respect of working
capital adjustments or purchase price adjustments pursuant to any Permitted Acquisition or other permitted Investments and (B) to satisfy indemnity and other similar obligations under Permitted Acquisitions or other Permitted Investments,; 

(xiii) Restricted Payments necessary to consummate Investments permitted pursuant to SECTION 6.04; 

(xiv) the Borrower or any Restricted Subsidiary may make additional Restricted Payments to the extent that such Restricted Payments are made
with Net Proceeds received by the Borrower (or any parent entity) after the Amendment No. 4 Effective Date from the issuance or sale of Capital Stock of the Borrower that is not Disqualified Capital Stock (or any parent entity) or proceeds of
an equity contribution initially made to Parent, in each case to the extent such proceeds have been contributed to the common equity of the Borrower and have not been applied pursuant to (gg) of the definition of “Permitted Investment”,
clause (aa) of the definition of “Permitted Indebtedness” or utilized to also increase the Available Amount; 

  
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 (xv) the Borrower and the Restricted Subsidiaries may make Restricted Payments to BCF Holdings
(or any parent entity) to pay cash in lieu of fractional Capital Stock in connection with (a) any dividend, split or combination thereof or any Acquisition, Investment or other transaction otherwise permitted hereunder and (b) any
conversion request by a holder of convertible Indebtedness (to the extent such conversion request is paid solely in shares of Capital Stock of BCF Holdings (or any parent entity) that is not Disqualified Capital Stock); 

(xvi) the Borrower and the Restricted Subsidiaries may make Restricted Payments to its direct or indirect parent to declare and pay regular
quarterly dividends on its common stock (or similar Capital Stock of its direct or indirect parent) in an amount not to exceed 6% per year of the aggregate net cash proceeds of the initial public offering of such parent that were actually
received by or contributed to the Capital Stock of the Borrower in or from such initial public offering; 
 (xvii) the Borrower and the
Restricted Subsidiaries may make Restricted Payments consisting of Capital Stock in any Unrestricted Subsidiary, whether pursuant to a distribution, dividend or any other transaction not prohibited hereunder; 

(xviii) the making of any Restricted Payment within 60 days after the date of declaration thereof, if at the date of such declaration such
Restricted Payment would have complied with another provision of this SECTION 6.06(a); provided that the making of such Restricted Payment will reduce capacity for Restricted Payments pursuant to such other provision when so made; 

(xix) the Loan Parties and their Restricted Subsidiaries may make other Restricted Payments in an aggregate amount, when taken together with
all other Restricted Payments made pursuant to this clause (xix) not to exceed the greater of $50,000,000 and 2.0% of Consolidated Total Assets; and 

(xx) distributions or payments of Securitization Fees, sales contributions and other transfers of Securitization Assets or Receivables
Assets and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligations, in each case in connection with a Qualified Securitization Financing or a Receivables Facility. 

(b) No Loan Party will, nor will it permit any of its Restricted Subsidiaries to, make any voluntary payment or other distribution (whether in
cash, securities or other property) of or in respect of principal of or interest on any Specified Indebtedness, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Specified Indebtedness, except: 
 (i)
payments in Capital Stock (so long as no Change in Control would result therefrom) and payments of interest in-kind of the Loan Parties and their Restricted Subsidiaries; 

(ii) payments of regularly scheduled interest in respect of any Specified Indebtedness (subject to applicable subordination provisions
relating thereto); 
 (iii) [Reserved]; 

(iv) prepayment in whole or in part of Specified Indebtedness from any refinancing of such Specified Indebtedness with the proceeds of
(x) any equity securities issued or capital contributions received by any Loan Party (or direct or indirect parent of such Person) or any Restricted Subsidiary for the purpose of making such payment or prepayment and/or (y) other
Indebtedness not prohibited hereunder; 
 (v) so long as (x) no Event of Default has occurred and is continuing or would result
therefrom and (y) on a Pro Forma Basis the Consolidated Interest Coverage Ratio is at least 2.00 to 1.00 for the most recently ended period of four Fiscal Quarters for which financial statements have been or were required to be delivered, any
Loan 

  
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Party and any of its Restricted Subsidiaries may make payments in respect of Specified Indebtedness from the portion of the Available Amount such Loan Party or such Restricted Subsidiary elects
to apply pursuant to this clause (v); 
 (vi) refinancings, replacements and renewals of Specified Indebtedness to the extent permitted
under this Agreement; 
 (vii) AHYDO catch-up payments relating to Permitted Indebtedness of the Borrower and its Restricted Subsidiaries;

 (viii) any such payments or other distributions in an amount not to exceed the greater of $50,000,000 and 2.0% of Consolidated Total
Assets; and 
 (ix) so long as (x) no Event of Default has occurred and is continuing or would result therefrom and (y) on a Pro
Forma Basis, the Consolidated Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been or are then required to have been delivered would be less than or equal to 3.5 to 1.0, any Loan Party
or any Restricted Subsidiary may make any payment on Specified Indebtedness. 
 SECTION 6.07 Transactions with Affiliates. No Loan
Party will, nor will it permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions
with, any of its Affiliates in each case with a fair market value in excess of $5,000,000, except (a) transactions in the ordinary course of business that are at prices and on terms and conditions, taken as a whole, not less favorable to such
Loan Party or Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Loan Parties and their Restricted Subsidiaries not otherwise prohibited hereunder,
(c) compensation (including bonuses) and employee benefit arrangements paid to, indemnities provided for the benefit of, and employment and severance arrangements entered into with, directors, officers, managers, consultants or employees of
Parent, BCF Holdings, the Borrower or their Subsidiaries in the ordinary course of business, including in connection with the Amendment Transactions and any other transaction permitted hereunder, (d) [Reserved], (e) as set forth on
Schedule 6.07, as these agreements and instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time in accordance with the other terms of this covenant or to the extent not more disadvantageous to the
Secured Parties in any material respect (taken as a whole), (f) [Reserved], (g) payment of director’s fees, expenses and indemnities, (h) stock option, stock incentive, equity, bonus and other compensation plans of the Loan
Parties and their Restricted Subsidiaries, (i) employment contracts with officers, management and consultants of the Loan Parties and their Restricted Subsidiaries, (j) Restricted Payments to the extent specifically permitted under this
Agreement, (k) advances and loans to officers and employees of the Loan Parties and their Restricted Subsidiaries to the extent specifically permitted under this Agreement, (l) Investments consisting of notes from officers, directors and
employees to purchase equity interests to the extent specifically permitted under this Agreement, (m) payments pursuant to the tax sharing agreements among the Loan Parties and their Restricted Subsidiaries to the extent attributable to the
ownership or operations of BCF Holdings and its Restricted Subsidiaries and to the extent permitted under SECTION 6.06(a)(ii), (n) other transactions with Affiliates specifically permitted under this Agreement (including, without limitation,
sale/leaseback transactions, Permitted Dispositions, Restricted Payments, Permitted Investments and Indebtedness), (o) payment of fees and expenses pursuant to the Amendment Transactions, and other customary transaction fees payable to any
Sponsor or its Affiliates by the Borrower and any Restricted Subsidiaries for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or
divestitures), which payments are approved by a majority of the disinterested members of the board of directors of the Borrower in good faith, (p) transactions between and among the Borrower and its Subsidiaries which are in the ordinary course
of business and transactions between the Borrower, Parent and its direct or indirect shareholders in the ordinary course of business with respect to the Capital Stock of Parent (or any direct or indirect parent entity), such as shareholder
agreements, registration agreements and including providing expense reimbursement and indemnities in respect thereof, (q) any transaction between or among the Borrower or any Restricted Subsidiary and any Affiliate of the Borrower or a joint
venture or similar entity that would constitute an Affiliate transaction solely because the Borrower or a Restricted Subsidiary owns Capital Stock in or otherwise controls such Affiliate, joint venture or similar entity, and (r) transactions in
which the Borrower or any Restricted Subsidiary, as the case may be, delivers to the Administrative Agent a letter from an independent financial advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a
financial point of view or meets the requirements of clause (a) of this SECTION 6.07. 

  
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 SECTION 6.08 Restrictive Agreements. No Loan Party will, nor will it permit any of its
Restricted Subsidiaries to, directly or indirectly enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Loan Party to create, incur or permit to
exist any Lien upon any of its property or assets in favor of the Collateral Agent to secure Obligations under this Agreement then outstanding or (b) the ability of any Restricted Subsidiary thereof to pay dividends or other distributions with
respect to any shares of its Capital Stock to such Loan Party or to make or repay loans or advances to a Loan Party or to guarantee Indebtedness of the Loan Parties, provided that (i) the foregoing shall not apply to restrictions and
conditions imposed by Applicable Law, by any Loan Document, by any documents in existence on the Closing Date or under any documents relating to joint ventures of any Loan Party to the extent that such joint ventures are not prohibited hereunder and
any Permitted Refinancing thereof, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of assets or equity permitted hereunder by a Loan Party or a Restricted Subsidiary
pending such sale, provided such restrictions and conditions apply only to the assets of the Loan Party or Restricted Subsidiary that are to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (iv) the foregoing shall not
apply to customary provisions in contracts or leases restricting the assignment, subleasing, sublicensing or transfer thereof, (v) the foregoing shall not apply to any agreement related to Indebtedness under the ABL Facility, (vi) the
foregoing shall not apply to licenses or contracts which by the terms of such licenses and contracts prohibit the granting of Liens on the rights contained therein, (vii) the foregoing shall not apply to any restrictions in existence prior to
the time any such Person became a Subsidiary (or was designated a Restricted Subsidiary) and not created in contemplation of any such acquisition (or designation), (viii) in the case of restrictions of a type described in clause (b) above,
the foregoing shall not apply to any restrictions in Indebtedness so long as such restrictions are not (I) materially more onerous, taken as a whole, to the Borrower and its Subsidiaries than the terms of this Agreement or (II) either
(X) the Borrower determines at the time of entry into such agreement or instrument that such encumbrances or restrictions will not adversely affect, in any material respect, any Borrower’s ability to make principal or interest payments
required hereunder or (Y) such encumbrance or restriction applies only during the continuance of a default relating to such agreement or instrument, (ix) other agreements evidencing Indebtedness permitted by SECTION 6.01,
provided that in each case under this clause (ix) such restrictions or conditions (x) apply solely to a Restricted Subsidiary that is not a Loan Party, (y) are no more restrictive than the restrictions or conditions set forth
in the Loan Documents, or (z) do not materially impair the Borrower’s ability to pay their respective obligations under the Loan Documents as and when due (as determined in good faith by the Borrower), (x) restrictions and conditions
contained in agreements relating to the sale of a Subsidiary or any assets pending such sale, provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are to be sold and such sale is permitted hereunder
(or is reasonably expected to be permitted); (A) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the sale, transfer or other disposition of all or substantially all of
the Capital Stock or assets of such Subsidiary or (B) restrictions on transfers of assets subject to Liens permitted by SECTION 6.02 (but, with respect to any such Lien, only to the extent that such transfer restrictions apply solely to
the assets that are the subject of such Lien), (xi) customary provisions in shareholders agreements, joint venture agreements, organizational or constitutive documents or similar binding agreements relating to any joint venture or
non-wholly-owned Restricted Subsidiary and other similar agreements applicable to joint ventures and non-wholly-owned Restricted Subsidiaries and applicable solely to such joint venture or non-wholly-owned Restricted Subsidiary and the Capital Stock
issued thereby, (xii) any restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business, (xiii) arise in connection with cash or other deposits permitted under SECTION 6.02 and
SECTION 6.04, (xiv) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business and (xv) restrictions created in connection with any Qualified
Securitization Financing. 
 SECTION 6.09 Amendment of Material Documents. No Loan Party will amend, modify or waive any of its
rights under (a) its Charter Documents or (b) any Specified Indebtedness, in each case to the extent that such amendment, modification or waiver would reasonably likely have a Material Adverse Effect (other than any permitted refinancing).

  
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 SECTION 6.10 Fiscal Year. No Loan Party will change its Fiscal Year without the consent of
Administrative Agent. 
 ARTICLE VII 

Events of Default 
 SECTION
7.01 Events of Default. If any of the following events (“Events of Default”) shall occur: 
 (a) any
Loan Party shall fail to pay any principal of any Term Loan 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 by acceleration or otherwise; 

(b) any Loan Party shall fail to pay any interest on any Term Loan or any fee or any other amount (other than an amount
referred to in SECTION 7.01(a)) as the same shall become due and payable under this Agreement or any other Loan Document and such failure continues for five (5) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of any Loan Party in, or in connection with, any Loan
Document or any amendment or modification thereof or waiver thereunder (including, without limitation, in any certificate of a Financial Officer accompanying any financial statement) shall prove to have been incorrect in any material respect when
made or deemed made; 
 (d) any Loan Party shall fail to observe or perform when due any covenant, condition or agreement
contained in (i) any other SECTION of ARTICLE VI or (ii) in any of SECTION 5.02(a), SECTION 5.07 or SECTION 5.11 (provided that, if (A) any such Default described in this clause (ii) is of a type that can be cured within 5
Business Days and (B) such Default could not materially adversely impact the Lenders’ Liens on the Collateral, such default shall not constitute an Event of Default for 5 Business Days after the occurrence of such Default so long as the
Loan Parties are diligently pursuing the cure of such Default); 
 (e) any Loan Party shall fail to observe or perform when
due any covenant, condition or agreement contained in any Loan Document (other than those specified in SECTION 7.01(a), SECTION 7.01(b), SECTION 7.01(c), or SECTION 7.01(d)), and such failure shall continue unremedied for a period of thirty
(30) days after written notice thereof from the Administrative Agent to the Borrower; 
 (f) (i) any Loan Party 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 the expiration of any grace or cure period set
forth therein) or (ii) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or (iii) any event or condition occurs that enables or permits (with or without the giving of
notice, the lapse of time or both) the holder or holders of any such Material Indebtedness or any trustee or agent on its or their behalf to cause any such Material Indebtedness (x) to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity, which default, event or condition is not being contested in good faith; provided that (w) any event of default under the ABL Facility shall not constitute a Default or
Event of Default under this clause (f)(iii) unless the commitments thereunder have been terminated or the loans thereunder have been accelerated, or (y) this paragraph (f) shall not apply to (I) secured Indebtedness that
becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not
prohibited under this Agreement), (II) Indebtedness which is convertible into Capital Stock of the Borrower or Capital Stock of any direct or indirect parent of the Borrower and converts to such Capital Stock in accordance with its terms, or (III)
any breach or default that (X) is remedied by the Borrower or the applicable Restricted Subsidiary or (Y) waived (including in the form of amendment) by the requisite holders of the applicable item of Material Indebtedness, in either case,
prior to the acceleration of all the Term Loans pursuant to this SECTION 7.01; 

  
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 (g) a Change in Control shall occur; 

(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 Loan Party or its debts, or of a substantial part of its assets, under the Bankruptcy Code or any other 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 Loan Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) any Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under the Bankruptcy Code or any other federal, state, provincial 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 SECTION 7.01(h), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party 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 corporate action for the
purpose of authorizing any of the foregoing; 
 (j) [Reserved]; 

(k) one or more final judgments for the payment of money in an aggregate amount in excess of $75,000,000 (or such lesser amount
as would reasonably be expected to result in a Material Adverse Effect or an Event of Default under the ABL Agreement) in excess of insurance coverage (or indemnities from indemnitors reasonably satisfactory to the Agents) shall be rendered against
any Loan Party or any Restricted Subsidiary (other than an Immaterial Subsidiary) and the same shall remain undischarged for a period of sixty (60) days during which execution shall not be effectively stayed, satisfied or bonded or any action
shall be legally taken by a judgment creditor to attach or levy upon any material assets of any Loan Party to enforce any such judgment; 

(l) an ERISA Event shall have occurred that when taken together with all other ERISA Events that have occurred, would
reasonably be expected to result in a Material Adverse Effect; 
 (m) any challenge by or on behalf of any Loan Party to the
validity of any Loan Document or the applicability or enforceability of any Loan Document strictly in accordance with the subject Loan Document’s terms or which seeks to void, avoid, limit, or otherwise adversely affect any security interest
created by or in any Loan Document or any payment made pursuant thereto; 
 (n) any challenge by or on behalf of any other
Person to the validity of any Loan Document or the applicability or enforceability of any Loan Document strictly in accordance with the subject Loan Document’s terms or which seeks to void, avoid, limit, or otherwise adversely affect any
security interest created by or in any Loan Document or any payment made pursuant thereto, in each case, as to which an order or judgment has been entered materially adverse to the Agents and the Lenders; 

(o) any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party not
to be, a valid and perfected Lien on any such Collateral, with the priority required by (but subject to the limitations set forth in) the applicable Security Document and this Agreement except (i) as a result of the sale, release or other
disposition of the applicable Collateral in a Permitted Disposition or other transaction permitted under the Loan Documents, (ii) relating to an immaterial amount of Collateral or (iii) as a result of the failure of the Collateral Agent,
through its acts or omissions and through no fault of the Loan Parties, to maintain the perfection or priority of its Liens in accordance with Applicable Law; or 

  
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 (p) the termination of the Facility Guarantee or any other material guaranty of
the Obligations (except, in each case for any release or termination permitted hereunder); 
 then, and in every such event (other than an event with
respect to the Borrower described in SECTION 7.01(h) or SECTION 7.01(i)), and at any time thereafter during the continuance of such event the Administrative Agent at the request of the Required Lenders, shall, by notice to the Borrower, take any or
all of the following actions, at the same or different times: (a) require each of the following to become immediately due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby
expressly waived by each Loan Party to the extent permitted under Applicable Law: (i) the unpaid principal amount of and accrued interest on the Term Loans and (ii) all other Obligations; and (b) subject to the Intercreditor
Agreements, cause the Collateral Agent to enforce any and all Liens and security interests created pursuant to the Security Documents. In the case of any event with respect to the Borrower described in SECTION 7.01(h) or SECTION 7.01(i),
(a) each of the following shall automatically become immediately due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Loan Party to the extent
permitted under Applicable Law: (i) the unpaid principal amount of and accrued interest on the Term Loans and (ii) all other Obligations, and (b) Administrative Agent may, subject to the Intercreditor Agreements, cause Collateral
Agent to enforce any and all Liens and security interests created pursuant to Collateral Documents. 
 SECTION 7.02 Remedies on
Default. In case any one or more of the Events of Default shall have occurred and be continuing, and whether or not the maturity of the Obligations shall have been accelerated pursuant hereto, the Agents may (at the direction of the Required
Lenders) proceed to protect and enforce their rights and remedies under this Agreement or any of the other Loan Documents (and subject to the terms thereof) by suit in equity, action at law or other appropriate proceeding, whether for the specific
performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any instrument pursuant to which the Obligations are evidenced, and, if such amount shall have become due, by declaration or otherwise, proceed to
enforce the payment thereof or any other legal or equitable right of the Secured Parties. No remedy herein is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law. 
 SECTION 7.03 Application
of Proceeds. After the occurrence and during the continuance of any Event of Default and acceleration of the Obligations, all proceeds realized from any Loan Party or on account of any Collateral owned by a Loan Party or, without limiting the
foregoing, on account of any Prepayment Event or Excess Cash Flow, any payments in respect of any Obligations and all proceeds of the Collateral, shall be applied in the following order: 

(a) FIRST, ratably to pay the Obligations in respect of any Credit Party Expenses, indemnities and other amounts then due to
the Agents until paid in full; 
 (b) SECOND, ratably to pay any Credit Party Expenses and indemnities, and to pay any fees
then due to the Lenders, until paid in full; 
 (c) THIRD, ratably to pay interest accrued in respect of the Obligations
until paid in full; 
 (d) FOURTH, to pay principal due in respect of the Term Loans until paid in full; 

(e) FIFTH, to pay all other Obligations until paid in full; and 

(f) SIXTH, to the Borrower or such other Person entitled thereto under Applicable Law. 

  
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 ARTICLE VIII 

The Agents 
 SECTION 8.01
Appointment and Administration by Administrative Agent. Each Credit Party hereby irrevocably designates JPMorgan Chase Bank, N.A. as Administrative Agent under this Agreement and the other Loan Documents. The general administration of the
Loan Documents shall be by the Administrative Agent. The Credit Parties each hereby (a) irrevocably authorizes the Administrative Agent (i) to enter into the Loan Documents to which it is a party, and (ii) at its discretion, to take
or refrain from taking such actions as agent on its behalf and to exercise or refrain from exercising such powers under the Loan Documents as are delegated by the terms hereof or thereof, as appropriate, together with all powers reasonably
incidental or related thereto, and (b) agrees and consents to all of the provisions of the Security Documents. The Administrative Agent shall have no duties or responsibilities except as set forth in this Agreement and the other Loan Documents,
nor shall it have any fiduciary relationship with any other Credit Party, and no implied covenants, responsibilities, duties, obligations, or liabilities shall be read into the Loan Documents or otherwise exist against the Administrative Agent. 

SECTION 8.02 Appointment of Collateral Agent. Each Secured Party hereby irrevocably designates JPMorgan Chase Bank, N.A. as Collateral
Agent under this Agreement and the other Loan Documents. The Secured Parties each hereby (i) irrevocably authorizes the Collateral Agent (x) to enter into the Loan Documents to which it is a party, and (y) at its discretion, to take
or refrain from taking such actions as agent on its behalf and to exercise or refrain from exercising such powers under the Loan Documents as are delegated by the terms hereof or thereof, as appropriate, together with all powers reasonably
incidental or related thereto, and (ii) agrees and consents to all of the provisions of the Security Documents. All Collateral shall be held or administered by the Collateral Agent (or its duly-appointed agent) for its own benefit and for the
ratable benefit of the other Credit Parties. Any proceeds received by the Collateral Agent from the foreclosure, sale, lease or other disposition of any of the Collateral and any other proceeds received pursuant to the terms of the Security
Documents or the other Loan Documents shall be paid over to the Administrative Agent for application as provided in this Agreement and the other Loan Documents. The Collateral Agent shall have no duties or responsibilities except as set forth in
this Agreement and the other Loan Documents, nor shall it have any fiduciary relationship with any other Secured Party, and no implied covenants, responsibilities, duties, obligations, or liabilities shall be read into the Loan Documents or
otherwise exist against the Collateral Agent. 
 SECTION 8.03 Sharing of Excess Payments. Except as otherwise provided in this
Agreement, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, banker’s lien, counterclaim, or otherwise, or any payments with respect to the Obligations owing to such Secured Party arising under, or relating
to, this Agreement or the other Loan Documents, or (ii) payments from the Administrative Agent in excess of such Secured Party’s ratable portion of all such distributions by the Administrative Agent, such Secured Party shall promptly
(1) turn the same over to the Administrative Agent, in kind, and with such endorsements as may be required to negotiate the same to the Administrative Agent, or in same day funds, as applicable, for the account of all of the Secured Parties and
for application to the Obligations in accordance with the applicable provisions of this Agreement, or (2) purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Secured Parties so
that such excess payment received shall be applied ratably as among the Secured Parties in accordance with the provisions of SECTION 2.17 or SECTION 7.03, as applicable; provided, however, that if all or part of such excess payment
received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such
purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. In no event shall the provisions of this paragraph be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (or any other Loan Document) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Term
Loans to any assignee or participant, other than, except as provided in this Agreement or may be approved by the Required Lenders, to the Borrower or any Subsidiary thereof (as to which provisions of this paragraph shall apply). 

SECTION 8.04 Agreement of Applicable Lenders. Upon any occasion requiring or permitting an approval, consent, waiver, election or other
action on the part of the Applicable Lenders, action shall be taken by each Agent for and on behalf or for the benefit of all Credit Parties upon the direction of the Applicable Lenders, and any such action shall be binding on all Credit Parties. No
amendment, modification, consent, or waiver shall be effective except in accordance with the provisions of SECTION 9.02. 

  
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 SECTION 8.05 Liability of Agents. 

(a) The Agents, when acting on behalf of the Credit Parties, may execute any of their respective duties under this Agreement or any of the
other Loan Documents by or through any of their respective officers, agents and employees, and no Agent nor any of their respective directors, officers, agents or employees shall be liable to any other Secured Party for any action taken or omitted
to be taken in good faith, or be responsible to any other Secured Party for the consequences of any oversight or error of judgment, or for any loss, except to the extent of any liability imposed by law by reason of such Agent’s own gross
negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). No Agent nor any of their respective directors, officers, agents and employees shall in any event be liable to any other
Secured Party for any action taken or omitted to be taken by it pursuant to instructions received by it from the Applicable Lenders, or in reliance upon the advice of counsel selected by it. Without limiting the foregoing no Agent, nor any of their
respective directors, officers, employees, or agents shall be: (i) responsible to any other Secured Party for the due execution, validity, genuineness, effectiveness, sufficiency, or enforceability of, or for any recital, statement, warranty or
representation in, this Agreement, any other Loan Document or any related agreement, document or order; (ii) required to ascertain or to make any inquiry concerning the performance or observance by any Loan Party of any of the terms,
conditions, covenants, or agreements of this Agreement or any of the Loan Documents; (iii) responsible to any other Secured Party for the state or condition of any properties of the Loan Parties or any other obligor hereunder constituting
Collateral for the Obligations or any information contained in the books or records of the Loan Parties; (iv) responsible to any other Secured Party for the validity, enforceability, collectability, effectiveness or genuineness of this
Agreement or any other Loan Document or any other certificate, document or instrument furnished in connection therewith; or (v) responsible to any other Secured Party for the validity, priority or perfection of any Lien securing or purporting
to secure the Obligations or for the value or sufficiency of any of the Collateral. 
 (b) The Agents may execute any of their duties under
this Agreement or any other Loan Document by or through their agents or attorneys-in-fact, and shall be entitled to the advice of counsel concerning all matters pertaining to its rights and duties hereunder or under the other Loan Documents. The
Agents shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by them with reasonable care. 

(c) None of the Agents nor any of their respective directors, officers, employees, or agents shall have any responsibility to any Loan Party
on account of the failure or delay in performance or breach by any other Secured Party (other than by each such Agent in its capacity as a Lender) of any of its respective obligations under this Agreement or any of the other Loan Documents or in
connection herewith or therewith. 
 (d) The Agents shall be entitled to rely, and shall be fully protected in relying, upon any notice,
consent, certificate, affidavit, or other document or writing believed by them in good faith to be genuine and correct and to have been signed, sent or made by the proper person or persons, and upon the advice and statements of legal counsel
(including, without, limitation, counsel to the Loan Parties), independent accountants and other experts selected by any Loan Party or any Secured Party. The Agents shall be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless they shall first receive such advice or concurrence of the Applicable Lenders as they deem appropriate or they shall first be indemnified to their satisfaction by the other Secured Parties against any and
all liability and expense which may be incurred by them by reason of the taking or failing to take any such action. 
 SECTION 8.06
Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless such Agent has actual knowledge of the same or has received notice from a Secured Party or Loan Party
referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that an Agent obtains such actual knowledge or receives such a notice, such Agent shall give
prompt notice thereof to each of the other Secured Parties. Upon the occurrence of an Event of Default, the Agents shall (subject to the provisions of SECTION 9.02) take such action with respect to such Default or Event of Default as shall be
reasonably directed by the Required Lenders. Unless and until the Agents shall have received such direction, the Agents may (but shall not be obligated to) take such 

  
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action, or refrain from taking such action, with respect to any such Default or Event of Default as they shall deem advisable in the best interest of the Secured Parties. In no event shall the
Agents be required to comply with any such directions to the extent that the Agents believe that their compliance with such directions would be unlawful. 

SECTION 8.07 Credit Decisions. Each Secured Party (other than the Agents) acknowledges that it has, independently and without reliance
upon the Agents or any other Secured Party, and based on the financial statements prepared by the Loan Parties and such other documents and information as it has deemed appropriate, made its own credit analysis and investigation into the business,
assets, operations, property, and financial and other condition of the Loan Parties and has made its own decision to enter into this Agreement and the other Loan Documents. Each Credit Party (other than the Agents) also acknowledges that it will,
independently and without reliance upon the Agents or any other Secured Party, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in determining whether or not conditions
precedent to closing any Revolving Credit Loan hereunder have been satisfied and in taking or not taking any action under this Agreement and the other Loan Documents. 

SECTION 8.08 Reimbursement and Indemnification. Each Secured Party (other than the Agents) agrees to (i) reimburse the Agents for
such Secured Party’s pro rata share of all Obligations held by such Secured Party of (x) any expenses and fees incurred by any Agent for the benefit of Secured Parties under this Agreement and any of the other Loan Documents, including,
without limitation, counsel fees and compensation of agents and employees paid for services rendered on behalf of the Secured Parties, and any other expense incurred in connection with the operations or enforcement thereof not reimbursed by the Loan
Parties, and (y) any expenses of any Agent incurred for the benefit of the Secured Parties that the Loan Parties have agreed to reimburse pursuant to this Agreement or any other Loan Document and have failed to so reimburse, and
(ii) indemnify and hold harmless each Agent and any of their respective directors, officers, employees, or agents, on demand, in the amount of such Secured Party’s pro rata share of all Obligations held by such Secured Party, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against it or any Secured Party
in any way relating to or arising out of this Agreement or any of the other Loan Documents or any action taken or omitted by it or any of them under this Agreement or any of the other Loan Documents to the extent not reimbursed by the Loan Parties,
including, without limitation, costs of any suit initiated by each Agent against any Secured Party (except such as shall have been determined by a court of competent jurisdiction or another independent tribunal having jurisdiction by final and
non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent); provided, however, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against such Secured Party in its capacity as such. The provisions of this SECTION 8.08 shall survive the repayment of the Obligations and the termination of the Commitments. 

SECTION 8.09 Rights of Agents. It is understood and agreed that the Agents shall have the same rights and powers hereunder (including
the right to give such instructions) as the other Lenders and may exercise such rights and powers, as well as their rights and powers under other agreements and instruments to which they are or may be party, and engage in other transactions with the
Loan Parties, as though they were not the Agents. Each Agent and their respective Affiliates may accept deposits from, lend money to, and generally engage in any kind of commercial or investment banking, trust, advisory or other business with the
Loan Parties and their Affiliates as if it were not an Agent thereunder. 
 SECTION 8.10 Notice of Transfer. The Administrative Agent
may deem and treat a Lender party to this Agreement as the owner of such Lender’s portion of the Obligations for all purposes, unless and until, and except to the extent, an Assignment and Acceptance shall have become effective as set forth in
SECTION 9.04. 
 SECTION 8.11 Successor Agents. Any Agent may resign at any time by giving thirty (30) Business Days’
written notice thereof to the other Secured Parties and the Borrower. Upon any such resignation of an Agent, the Required Lenders shall have the right to appoint a successor Agent, which, so long as there is no payment or bankruptcy Event of
Default, shall be reasonably satisfactory to the Borrower (whose consent in any event shall not be unreasonably withheld, delayed or conditioned). If no successor Agent shall have been so appointed by the Required Lenders and/or none shall have
accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation, the retiring Agent may, on behalf of the other Secured Parties, appoint a successor Agent which shall be a commercial bank (or
affiliate thereof) organized under the laws of the United 

  
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States of America or of any State thereof and having a combined capital and surplus of a least $1,000,000,000, or capable of complying with all of the duties of such Agent hereunder (in the
opinion of the retiring Agent and as certified to the other Secured Parties in writing by such successor Agent) which, so long as there is no payment or bankruptcy Event of Default, shall be reasonably satisfactory to the Borrower (whose consent
shall not in any event be unreasonably withheld, delayed or conditioned). Upon the acceptance of any appointment as Agent by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Agent and the retiring Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Agent’s resignation hereunder as such Agent, the provisions of this Article VIII shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was such Agent under this Agreement. 
 SECTION 8.12 Relation
Among the Lenders. The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of any Agent) authorized to act for, any other Lender. 

SECTION 8.13 Reports and Financial Statements. By signing this Agreement, each Lender: 

(a) is deemed to have requested that the Agents furnish such Lender, promptly after they become available, copies of all
financial statements required to be delivered by the Borrower hereunder and all commercial finance examinations and appraisals of the Collateral received by the Agents (collectively, the “Reports”) (and the Agents agree to furnish
such Reports promptly to the Lenders, which Reports may be furnished in accordance with the final paragraph of SECTION 5.01); 

(b) expressly agrees and acknowledges that no Agent makes any representation or warranty as to the accuracy of the Reports, and
shall not be liable for any information contained in any Report; 
 (c) expressly agrees and acknowledges that the Reports
are not comprehensive audits or examinations, that the Agents or any other party performing any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and
records, as well as on representations of the Loan Parties’ personnel; 
 (d) agrees to keep all Reports confidential
and strictly for its internal use, and not to distribute except to its participants, or use any Report in any other manner; and 

(e) without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to
hold each Agent and any such other Lender preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any Term Loans that the indemnifying
Lender has made or may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a Term Loan or Term Loans of the Borrower; and (ii) to pay and protect, and indemnify, defend, and
hold each Agent and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including attorney costs) incurred by the Agents and any such other Lender
preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender in violation of the terms hereof. 

SECTION 8.14 Agency for Perfection. Each Lender hereby appoints each other Lender as agent for the purpose of perfecting Liens for the
benefit of the Agents and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other Applicable Law of the United States of America can be perfected only by possession or control. Should any Secured Party (other than
an Agent) obtain possession or control of any such Collateral, such Secured Party shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor shall deliver such Collateral to the Collateral Agent, or
otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions. 
 SECTION 8.15 Authority to Enter Into
Intercreditor Agreements. The Administrative Agent and Collateral Agent are hereby authorized, without any further consent of any Lender (other than the consent of the 

  
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Required Lenders provided in connection with this Agreement) to enter into (a) any Pari Passu Lien Intercreditor Agreement or Second Lien Intercreditor Agreement (together with (i) any
immaterial changes thereto and (ii) material changes thereto in light of prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders
shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into such intercreditor agreement
(with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof, in each case in form and substance reasonably
satisfactory to the Administrative Agent and/or Collateral) with the holders of any Qualifying Secured Debt (or their agents), (b) to amend any Intercreditor Agreement in order to include the holders of such Qualifying Secured Debt
appropriately therein. 
 SECTION 8.16 Collateral Matters. 

(a) The Lenders hereby irrevocably authorize the Collateral Agent to release any Lien upon any Collateral (i) upon the termination of the
Commitments and payment and satisfaction in full of all Obligations (other than contingent obligations with respect to then unasserted claims), (ii) constituting property being sold, transferred or disposed of in a Permitted Disposition to a
Person that is not a Loan Party, (iii) which constitutes property subject to the proviso in the definition of “Collateral” in the Security Agreement or subject to the proviso in SECTION 2.1 of the Pledge Agreement, (iv) as
provided in any Intercreditor Agreement, including the ABL Intercreditor Agreement with respect to Revolver Priority Collateral and (v) as to the Collateral of any Facility Guarantor, upon its release from its Facility Guarantee (including as a
result of designation as an Unrestricted Subsidiary). Except as provided above, the Collateral Agent will not release any of the Collateral Agent’s Liens without the prior written authorization of the Applicable Lenders. Upon request by any
Agent or any Loan Party at any time, the Lenders will confirm in writing the Collateral Agent’s authority to release any Liens upon particular types or items of Collateral pursuant to this SECTION 8.16. 

(b) The Collateral Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence
the release of the Liens upon any Collateral described in SECTION 8.16(a); provided, however, that (i) the Collateral Agent shall not be required to execute any such document on terms which, in its reasonable opinion, would, under
Applicable Law, expose the Collateral Agent to liability or create any obligation or entail any adverse consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge,
affect or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of any Loan Party in respect of) all interests retained by any Loan Party, including (without limitation) the proceeds of any sale, all of
which shall continue to constitute part of the Collateral. 
 (c) Each Lender irrevocably authorizes each of the Administrative Agent and
the Collateral Agent to (i) release any Guarantor from its obligations under a Facility Guarantee if such Person ceases to be a Restricted Subsidiary as a result of a transaction or designation permitted hereunder and (ii) upon the request
of the Borrower and pursuant to documentation reasonably acceptable to the Administrative Agent and/or Collateral Agent, to subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan
Document to the holder of any Lien on such property that is permitted under clause (f) or (h) of the definition of Permitted Encumbrances. 

SECTION 8.17 Arrangers. Notwithstanding the provisions of this Agreement or any of the other Loan Documents, the Arrangers shall have
no powers, rights, duties, responsibilities or liabilities with respect to this Agreement and the other Loan Documents. 
 SECTION 8.18
Withholding Taxes. To the extent required by any applicable law, the Administrative Agent may deduct or withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any
authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly
executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify and hold
harmless the Administrative Agent 

  
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(to the extent that the Administrative Agent has not already been reimbursed by the Borrower pursuant to SECTIONS 2.14 and 2.23 and without limiting, expanding or otherwise affecting any
obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket
expenses ,whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative
Agent under this SECTION 8.18. The agreements in this SECTION 8.18 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Agreement and the
repayment, satisfaction or discharge of all other obligations. 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.01 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone or electronically, all notices and other communications provided for herein shall be in writing and shall be delivered by hand
or overnight courier service, mailed by certified or registered mail or sent by telecopy or e-mail, as follows: 
 (a) if to
any Loan Party, to it at 1830 Route 130, Burlington, New Jersey 08016, Attention: Legal Department (Telecopy No. (609) 239-9675) (E-Mail: paul.tang@coat.com), with copies to Bain Capital Partners, LLC, 111 Huntington Avenue, Boston,
Massachusetts 02199, Attention: Tricia Patrick (Telecopy No. (617) 516-3884) (E Mail: tpatrick@baincapital.com), and Kirkland & Ellis LLP, 300 North LaSalle Street, Chicago, Illinois 60654, Attention: Michelle Kilkenney (Telecopy No.
(312) 861-2200) (E-Mail mkilkenney@kirkland.com); 
 (b) if to the Administrative Agent or the Collateral Agent,
to JPMorgan Chase Bank, N.A., 10 S. Dearborn St. 7th floor, Chicago, IL 60603 Attention: Irma Yanez (Telecopy No. (312) 385-7107 (E-Mail: irma.yanez@jpmorgan.com) With copies to: JPMorgan Chase Bank, N.A., 277 Park Ave., 22nd floor,
New York, NY 10172, Attention: Kennedy A. Capin (Telecopy No. (646) 534-2273 (E-Mail: kennedy.a.capin@jpmorgan.com), and to Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005, Attention: Corey Wright
(Telecopy No. (212) 378-2544) (E-Mail: cwright@cahill.com); 
 (c) if to any other Credit Party, to it at its
address (or telecopy number or electronic mail address) set forth on the signature pages hereto or on any Assignment and Acceptance. 

Notwithstanding the foregoing, any notice hereunder sent by e-mail shall be solely for the distribution of (i) routine communications
such as financial statements and (ii) documents and signature pages for execution by the parties hereto, and for no other purpose. Any party hereto may change its address or telecopy 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. 

SECTION 9.02 Waivers; Amendments. 

(a) No failure or delay by any Credit Party in exercising any right or power hereunder or under any other Loan Document shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Credit Parties hereunder and under the other Loan Documents are cumulative and are not exclusive of any other rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or
consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by SECTION 9.02(b), 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 Term Loan shall not be construed as a waiver of any Default or Event of Default, regardless of whether any Credit Party may have had notice or knowledge of such Default
or Event of Default at the time. 

  
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 (b) Except as otherwise specifically provided herein (including SECTIONS 2.05 and 2.06), neither
this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Loan Parties and the
Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Agent(s) and the Loan Parties that are parties thereto, in each case with the consent of the Required Lenders;
provided, however, that no such waiver, amendment, modification or other agreement shall: 
 (i) increase the Commitment of
any Lender without the prior written consent of such Lender (it being understood that a waiver of any condition precedent or of any Default or Event of Default or mandatory prepayment hereunder shall not constitute an increase of any Commitment of
any Lender); 
 (ii) without: 

(A) the prior written consent of all Lenders directly and adversely affected thereby (but not the Required Lenders), reduce the
principal amount of any Obligation or reduce the rate of interest thereon (other than the waiver of the Default Rate), or reduce any fees payable under the Loan Documents; 

(B) the prior written consent of all Lenders directly and adversely affected thereby (but not the Required Lenders), postpone
the scheduled date of payment of the principal amount of any Obligation, or any interest thereon, or reduce the amount of, waive or excuse any such payment, or postpone the Maturity Date (it being understood that the waiver of (or amendment to the
terms of) any mandatory prepayment shall not constitute a postponement of any date scheduled for the payment of principal or interest or constitute a reduction, waiver or excuse of any payment of principal or interest and a waiver of interest
pursuant to SECTION 2.12 shall not constitute a reduction, waiver or excuse of any payment of interest); 
 (C) the
prior written consent of Lenders directly and adversely affected thereby (but not the Required Lenders), except for Permitted Dispositions or for Collateral releases as provided in SECTION 8.16, release all or substantially all of the Collateral
from the Liens of the Security Documents (it being understood that entering into any Pari Passu Intercreditor Agreement or incurring any Qualifying Secured Debt shall not constitute a release of all or substantially all of the Collateral from the
Liens of the Security Documents); 
 (D) the prior written consent of all Lenders directly and adversely affected thereby
(but not the Required Lenders), except as expressly permitted hereby and by the Facility Guarantees, release all or substantially all of the value of the Facility Guarantees; or 

(E) the prior written consent of all Lenders directly and adversely affected thereby (but not the Required Lenders), change
SECTION 2.17(a) or (b) or SECTION 7.03 to adversely affect pro rata sharing; or 
 (iii) the prior written consent of all Lenders,
change any of the provisions of this SECTION 9.02(b) or reduce the percentage required to consent in the definition of “Required Lenders.” 

(c) Notwithstanding anything to the contrary contained in this SECTION 9.02: 

(i) in the event that the Borrower shall request that this Agreement or any other Loan Document be modified, amended or waived in a manner
which would require the consent of the Lenders pursuant to SECTION 9.02(b) or all directly and adversely affected Lenders and such amendment is approved by the Required Lenders but not by the requisite percentage of the Lenders (other than the
Required Lenders (or more than 50% of the directly 

  
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and adversely affected Lenders)), the Borrower and the Administrative Agent shall be permitted to amend this Agreement without the consent of the Lender or Lenders which did not agree to the
modification or amendment requested by the Borrower (such Lender or Lenders, collectively the “Minority Lenders”), provided that, with respect to each such Minority Lender, the Borrower shall, by giving written notice to
Administrative Agent and such Minority Lender of its election to do so, elect either (x) to cause such Minority Lender (and such Minority Lender hereby irrevocably agrees) to assign its outstanding Term Loans in full to one or more Eligible
Assignees (each a “Replacement Lender”) in accordance with the provisions of SECTION 9.04 and such Minority Lender shall pay any fees payable thereunder in connection with such assignment or (y) prepay such Minority Lender on a
non pro rata basis; provided further that (1) on the date of such assignment, the Replacement Lender shall pay to the Minority Lender an amount equal to the principal of, and all accrued interest on, all outstanding Term Loans of the
Minority Lender; (2) on the date of such assignment, the Borrower shall pay any amounts payable to such Minority Lender pursuant to SECTIONS 2.14, 2.16(b) or 2.23 or otherwise as if it were a prepayment (and, if, other than in connection with a
Change in Control or other transaction not permitted hereby, such Minority Lender is being removed in connection with an amendment for the primary purpose of lowering the effective interest rates of the Term B-3 Loan or that modifies SECTION 2.19(d)
prior to the date which is six months after the Amendment No. 4 Effective Date, the Borrower shall also pay to such Minority Lender a fee equal to 1.00% of the Term B-3 Loan of such Minority Lender that is required to be so assigned); and
(3) each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Minority Lender did not consent. In connection with any such replacement, if the Minority Lender does not execute and deliver to
the Administrative Agent a duly completed Assigned and Acceptance and/or any other documentation necessary to reflect such replacement within a period of time deemed reasonably by the Administrative Agent as of the date on which the Replacement
Lender executes such Assignment and Acceptance and/or such other documentation, then such Minority Lender shall be deemed to have executed and delivered such Assignment and Acceptance and/or such other documentation as of such date and the Borrower
shall be entitled (but not obligated) to execute and deliver such Assignment and Acceptance and/or such documentation on behalf of such Minority Lender. Upon the prepayment of all amounts owing to any Minority Lender, such Minority Lender shall no
longer constitute a “Lender” for purposes hereof; provided, any rights of such Minority Lender to indemnification hereunder shall survive as to such Minority Lender; 

(ii) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and
the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the
benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required
Lenders. 
 (iii) the Borrower and the Administrative Agent may without the input or consent of the Lenders, effect amendments to this
Agreement and the other Loan Documents as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and Borrower to effect the provisions of SECTION 2.05 or 2.06 or to effect any refinancing, extension, renewal or
replacement of the Term Loans with any Refinancing Term Loans, Qualifying Secured Debt or Qualifying Other Debt. 
 (iv) guarantees,
collateral security documents and related documents executed by the Loan Parties and Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended,
supplemented and waived with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment, supplement or waiver is delivered in order (a) to comply with
local Law or advice of local counsel, (b) to cure ambiguities, omissions, mistakes or defects or (c) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

 (v) if the Administrative Agent and the Borrower shall have jointly identified (x) any obvious error, any error or omission of a
technical or immaterial nature, in any provision of the Loan Documents, (y) to effect administrative changes of a technical or immaterial nature or (z) incorrect cross references or similar inaccuracies in this Agreement or the applicable
Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not
objected to in writing by the Required Lenders within five Business Days following receipt of notice thereof. 

  
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 (vi) in connection with an amendment that addresses solely a re-pricing transaction in which any
Class of Term Loans is refinanced with a replacement Class of term loans bearing (or is modified in such a manner such that the resulting term loans bear) a lower Yield (a “Permitted Repricing Amendment”), only the consent of the
Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans. 

(vii) notwithstanding the foregoing, this Agreement may be amended (or amended and restated) solely with the written consent of the
Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans (as such term is defined below) to permit the refinancing of all or any portion of any Class of Term Loans outstanding as of the applicable date of
determination (the “Refinanced Term Loans”) with a replacement term loan tranche hereunder (the “Replacement Term Loans”), provided that (i) the aggregate principal amount of such Replacement Term Loans
shall not exceed the aggregate principal amount of such Refinanced Term Loans plus premiums, accrued interest, fees and expenses in connection therewith, (ii) the Applicable Margin for such Replacement Term Loans shall not be higher than the
Applicable Margin for such Refinanced Term Loans, unless the any such higher Applicable Margin applies after the final maturity date of all then outstanding Term Loans, (iii) the Weighted Average Life to Maturity and final maturity of such
Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity and final maturity of such Refinanced Term Loans at the time of such refinancing (without giving effect to nominal amortization for periods where amortization has
been eliminated as a result of a prepayment of the applicable Refinanced Term Loans) and (iv) the mandatory prepayment provisions of the Replacement Term Loans shall not require more than pro rata payments with the existing Term Loans. 

(d) No notice to or demand on any Loan Party shall entitle any Loan Party to any other or further notice or demand in the same, similar or
other circumstances. Each holder of a Note shall be bound by any amendment, modification, waiver or consent authorized as provided herein, whether or not a Note shall have been marked to indicate such amendment, modification, waiver or consent and
any consent by a Lender, or any holder of a Note, shall bind any Person subsequently acquiring a Note, whether or not a Note is so marked. No amendment to this Agreement or any other Loan Document shall be effective against any Loan Party unless
signed by such Loan Party. 
 (e) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, the Administrative
Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to
such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of Borrower and the Restricted Subsidiaries by the time or times at which it would otherwise be required to
be satisfied under this Agreement or any other Loan Document. 
 (f) Subject to the provisos of this paragraph, for purposes of any
amendment, modification, waiver or consent (other than pursuant to SECTIONS 9.02(b)(i), (ii), (iii) or any amendment, modification, waiver or consent that directly and adversely affects any member of the Sponsor Group in its capacity as a
Lender disproportionately in relation to other affected Lenders) under any Loan Document, any Term Loans held by a member of the Sponsor Group (other than any Investment Fund) shall be automatically deemed to be voted in the same proportion as all
other Lenders who are not members of the Sponsor Group; provided that (a) in the event that any proceeding under the Bankruptcy Code shall be instituted by or against the Borrower, each member of the Sponsor Group (other than any
Investment Fund) shall acknowledge and agree that they are each “insiders” under Section 101(31) of the Bankruptcy Code and, as such, the claims associated with the Term Loans and Commitments owned by it shall not be included in
determining whether the applicable class of creditors holding such claims has voted to accept a proposed plan for purposes of Section 1129(a)(10) of the Bankruptcy Code, or, alternatively, to the extent that the foregoing designation is deemed
unenforceable for any reason, each member of the Sponsor Group (other than any Investment Fund) shall vote in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not members of the
Sponsor Group, except to the extent that any plan of reorganization proposes to treat the Obligations held by such member of the Sponsor Group in a manner that is less favorable in any material respect to such member of the Sponsor Group than the
proposed treatment of similar Obligations held by Lenders that are not members of the Sponsor Group; and (c) for purposes of this paragraph, for the avoidance of doubt, members of the Sponsor Group shall be deemed to not include Investment
Funds (and the foregoing limitations shall not apply in respect of Investment Funds). 

  
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 SECTION 9.03 Expenses; Indemnity; Damage Waiver. 

(a) The Loan Parties shall jointly and severally pay all Credit Party Expenses incurred as of the Closing Date on the Closing Date.
Thereafter, the Loan Parties shall jointly and severally pay all Credit Party Expenses within thirty (30) days after receipt of an invoice therefor setting forth such expenses in reasonable detail; provided that in the event the Loan
Parties have a bona fide dispute with any such expenses, payment of such disputed amounts shall not be required until the earlier of the date such dispute is resolved to the reasonable satisfaction of the Loan Parties or thirty (30) days after
receipt of any such invoice (and any such disputed amount which is so paid shall be subject to a reservation of the Loan Parties’ rights with respect thereto). 

(b) The Loan Parties shall, jointly and severally, indemnify the Secured Parties and each of their Subsidiaries and Affiliates, and each of
the respective stockholders, directors, officers, employees, agents, attorneys, and advisors of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and
all damages, actual out-of-pocket losses, claims, actions, causes of action, settlement payments, obligations, liabilities and related expenses, (including legal expenses limited to the reasonable fees, charges and disbursements of one counsel for
the Agents and one counsel for all other Indemnitees (other than the Agents) plus one local counsel in each applicable jurisdiction plus, in the event of an actual or potential conflict of which the Borrower has been advised, one additional counsel
to all the affected persons, incurred, suffered, sustained or required to be paid by, or asserted against, any Indemnitee) arising out of, in any way connected with, or as a result of (i) the execution or delivery of any Loan Document or any
other agreement or instrument contemplated hereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the transactions contemplated by the Loan Documents or any other transactions
contemplated hereby, (ii) any Term Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by any Loan Party or any
Subsidiary, or any Environmental Liability related in any way to any Loan Party or any Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding relating to or arising from any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or (v) any documentary taxes, assessments or similar charges made by any Governmental Authority by reason of the execution and delivery of this
Agreement or any other Loan Document; provided, however, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (w) are determined by a
court of competent jurisdiction or another independent tribunal having jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of any Agent or such Indemnitee or any Related Indemnitee of such Indemnitee or
(x) are relating to disputes among Indemnitees (other than the Agents and Arrangers in their capacities as such and other than conduct involving a Loan Party) or (y) are finally determined in a non-appealable judgment of a court of
competent jurisdiction or another independent tribunal having jurisdiction to have resulted from a material breach by such Indemnitee of its obligations under this Agreement provided further that to the extent of any amounts paid to an
Indemnitee in respect of this SECTION 9.03 for indemnified liabilities, such Indemnitee, by its acceptance of the benefits hereof, agrees to refund and return any and all amounts paid by the Borrower to it if, pursuant to operation of any of
the foregoing clauses (w) through (y), such Indemnitee was finally judicially determined by a court of competent jurisdiction in a non-appealable judgment to not be entitled to receipt of such amount. In connection with any
indemnified claim hereunder, the Indemnitee shall be entitled to select its own counsel and the Loan Parties shall promptly pay the reasonable fees and expenses of such counsel. 

(c) No party to this Agreement shall assert and, to the extent permitted by Applicable Law, each such party hereby waives, any claim against
any other party to this Agreement or 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,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated by the Loan Documents, any Term Loan or the use of the proceeds thereof; provided that nothing in this paragraph
(c) shall limit the Loan Parties’ indemnification obligations under SECTION 9.03(b) to any Indemnitee. 
 (d) The provisions of
paragraphs (b) and (c) of this SECTION 9.03 shall remain operative and in full force and effect regardless of the termination of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the
Obligations, the invalidity or unenforceability of any term or provision of any Loan Document, or any investigation made by or on behalf of any Credit Party. All amounts due under this SECTION 9.03 shall be payable within thirty (30) days of
written demand therefor, which written demand shall set forth such amounts in reasonable detail. 

  
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 (e) For purposes of the foregoing, “Related Indemnitee” of an Indemnitee means
(i) any controlling person or controlled affiliate of such Indemnitee involved in the negotiation and preparation of the Loan Documents, performing services under the Loan Documents or extending of credit or holding of credit hereunder and
(ii) the respective directors, officers, partners, member, agents or employees of such Indemnitee or any of its controlling person or controlled affiliates involved in the negotiation and preparation of the Loan Documents, performing services
under the Loan Documents or extending of credit or holding of credit hereunder. 
 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, except that (i) except as permitted by SECTION 6.03, the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this SECTION. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this SECTION) and, to the
extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees all or a
portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Term Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, delayed or
conditioned) of (A) the Borrower (which consent shall not be unreasonably withheld, delayed or conditioned); provided that if the Borrower does not respond to a request within 10 Business Days after receipt thereof, the Borrower will be
deemed to have consented thereto), provided further that no consent of the Borrower shall be required for an assignment of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or, if an Event of Default under clauses
(a) or (b) of SECTION 7.01 or under clauses (h) or (i) (in each case with respect to the Borrower) of SECTION 7.01 has occurred and is continuing and (B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund. 

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

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Term Loans of any Class, the amount of Term Loans of the assigning Lender subject to each such assignment (determined as of the trade date specified in the Assignment and Acceptance with respect
to such assignment or, if no trade date is so specified, as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000, unless the Borrower and the
Administrative Agent otherwise consent (such consent not to be unreasonably withheld, delayed or conditioned), provided that no such consent of the Borrower shall be required if an Event of Default under clauses (a) or (b) of
SECTION 7.01 or under clauses (h) or (j) (in each case with respect to the Borrower) of SECTION 7.01 has occurred and is continuing, 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement, provided that this clause (B) shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Term Loans,

 (C) 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 $3,500, provided that assignments made pursuant to SECTION 9.02(c) shall not require the signature of the assigning Lender to become effective, provided, further, that only one
such processing and recordation fee shall be payable in connection with simultaneous assignments to two or more assignees that are Affiliates of one another, or to two or more Approved Funds that are managed or advised by the same investment
advisor, 

  
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 (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and
their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws and any
tax forms required by SECTION 2.23(e), 
 (E) No assignment shall be made to any member of the Sponsor Group (other than an
Investment Fund) except in accordance with clause (f) below and no member of the Sponsor Group (other than an Investment Fund) may assign any Term Loans except in compliance with the requirements of this clause (b) and the requirements of
paragraph (f)(i)(x) and (f)(i)(y) below, and 
 (F) the Borrower shall, upon reasonable request by the Administrative Agent,
provide such documentation to the Administrative Agent in connection with any assignment by a Lender to an assignee that bears a relationship to the Borrower under Section 108(e)(4) of the Code, so as to allow the Administrative Agent to
determine whether the assigned portion of the Term Loan will have original issue discount for U.S. federal income tax purposes and, if so, the amount of such original issue discount. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this SECTION, from and after the effective date specified in
each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of SECTIONS 2.14, 2.23, 2.24 and 9.03, subject to the limitations and requirements of those SECTIONS including
documentation requirements in SECTION 2.23, and entitled to any fees payable hereunder that have accrued for such Lender’s account but have not yet been paid). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this SECTION shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c)(i) of this SECTION. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices 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 principal amount (and related interest amounts) of the Term Loans owing to, each Lender pursuant to the terms hereof from time
to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Loan Parties, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an
assignee, the assignee’s completed Administrative Questionnaire and any tax forms required by SECTION 2.23(e) and 2.23(j) (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b)(ii) of this SECTION and any written consent to such assignment required by paragraph (b)(i) 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. 

(vi) The words “execution”, “signed”, “signature” and words of like import in any Assignment and Acceptance
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state
laws based on the Uniform Electronic Transactions Act. 

  
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 (c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) other than to (x) the Borrower or any of its Affiliates (other than (i) Investment Funds and (ii) other than to a member of the Sponsor Group to
the extent the terms of such participation comply with the requirements applicable to an assignment to a member of the Sponsor Group and for purposes of this paragraph (c) and paragraph (f) below, any Term Loans in which a member of the
Sponsor Group holds a participating interest shall be subject to the 20% limitation set forth in paragraph (f)(i)(z) below and shall be treated as held directly by such member of the Sponsor Group for purposes of such paragraph; provided that
(A) any Lender who sells a participation to a member of the Sponsor Group shall notify the Agent of the terms thereof and (B) no member of the Sponsor Group (other than an Investment Fund) shall sell a participation unless the conditions
set forth in paragraph (f)(i)(x) below are satisfied) or (y) any Disqualified Institution (provided that such Disqualified Institutions shall have been identified in writing to all Lenders (other than Affiliates of Disqualified Institutions who
are listed on Schedule II to Amendment No. 4 that are reasonably identifiable on the basis of their name)) and in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of the Term Loans
owing to it), provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(C) the Loan Parties, 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
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents,
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 clause (i), (ii) or (iii) of the first proviso to
SECTION 9.02(b) that directly and adversely affects such Participant. Subject to paragraph (c)(ii) of this SECTION, the Borrower agrees that each Participant shall be entitled to the benefits of SECTIONS 2.14, 2.23 and 2.24 to the same extent as if
it were a Lender (subject to the requirements and limitations of those SECTIONS to the same extent as if it were a Lender; provided that any documentation required to be provided by a Participant pursuant to SECTION 2.23(e) shall be provided
solely to the participating Lender) and had acquired its interest by assignment pursuant to paragraph (b) of this SECTION. To the extent permitted by law, each Participant also shall be entitled to the benefits of SECTION 9.08 as though it were
a Lender. Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrower (solely for tax purposes), shall maintain a register on which it enters the name and address of each Participant and the
principal amounts (and related interest amounts) of each Participant’s interest in the Term Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation
to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Term Loan or its other obligations under any Loan Document)
except to the extent that such disclosure is necessary to establish that such Commitment, Term Loan 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, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes
of this Agreement, notwithstanding notice to the contrary. 
 (ii) A Participant shall not be entitled to receive any greater payment under
SECTION 2.14 or SECTION 2.23 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 Borrower’s prior
written consent or the right to receive a greater payment results from a Change in Law after the participant becomes a Participant. 
 (d)
Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank, and this SECTION shall not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 (e) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower
all or any part of any Term Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement, provided that (i) nothing herein shall constitute a commitment by any SPV to make any Term Loan
and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Term Loan, the Granting Lender shall be obligated to make such Term Loan pursuant to the terms hereof. The making of a Term Loan by an
SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Term Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment
obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the
date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, such party will not institute against, or join any other person in instituting against, such SPV any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this SECTION 9.04, any SPV may (i) with notice
to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Term Loan to the Granting Lender or to any financial institutions
(consented to by the Borrower and Administrative Agent) providing liquidity or credit support to or for the account of such SPV to support the funding or maintenance of Term Loans and (ii) disclose on a confidential basis any non-public
information relating to its Term Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. 

(f) (i) Notwithstanding SECTION 9.04(b), any Lender may assign all or a portion of its Term Loans to a member of the Sponsor Group (other than
a natural person) in accordance with this SECTION 9.04(f) (and any member of the Sponsor Group (other than any Investment Fund) shall not assign any Term Loan pursuant to SECTION 9.04(b) above or acquire a participation in a Term Loan or sell a
participation in its Term Loans unless the conditions set forth in subparagraph (x) and, solely in the case of an assignment, subparagraph (y) below are satisfied); provided that: 

(x) each Lender making such assignment to a member of the Sponsor Group acknowledges and agrees that in connection with such
assignment, (1) such member of the Sponsor Group then may have and later may come into possession of MNPI, (2) such Lender has independently, and without reliance on any Loan Party, the Administrative Agent or any of their respective
Affiliates, made its own analysis and determination to enter into such assignment notwithstanding such Lender’s lack of knowledge of the MNPI and (3) none of the Loan Parties, the Administrative Agent or any of their respective Affiliates
shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by Applicable Law, any claims such Lender may have against any Loan Party, the Administrative Agent, and their respective Affiliates, under
Applicable Law or otherwise, with respect to the nondisclosure of the MNPI; each Lender entering into such an assignment further acknowledges that the MNPI may not be available to the Administrative Agent or the other Lenders; 

(y) the assigning Lender or the Lender to whom such assignment is being made, as the case may be, and the member of the Sponsor
Group (other than any Investment Fund) purchasing such Lender’s Term Loans or assigning Term Loans to such Lender, as applicable, shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of
Exhibit K hereto (an “Affiliated Lender Assignment and Acceptance”) in lieu of an Assignment and Acceptance; and 

(z) no Term Loan may be assigned to a member of the Sponsor Group (other than any Investment Fund) pursuant to this SECTION
9.04(f), if after giving effect to such assignment, the members of the Sponsor Group (other than any Investment Fund) in the aggregate would own (or hold participations in) in excess of 20% of all Term Loans of any Class then outstanding at the time
of assignment. 
 (ii) Notwithstanding anything to the contrary in this Agreement, no member of the Sponsor Group (other than any Investment
Fund) shall have any right to (a) attend (including by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Loan

  
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Parties are not invited, (b) receive any information or material prepared by Administrative Agent or any Lender or any communication by or among Administrative Agent and/or one or more
Lenders, except to the extent such information or materials have been made available to any Loan Party or its representatives (and in any case, other than the right to receive notices of prepayments and other administrative notices in respect of its
Term Loans required to be delivered to Lenders pursuant to ARTICLE II), or (c) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against
the Administrative Agent, the Collateral Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents. 

(iii) Notwithstanding anything in SECTION 9.01 or the definition of “Required Lenders” to the contrary, for purposes of determining
whether the Required Lenders have (a) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom,
(b) otherwise acted on any matter related to any Loan Document, or (c) directed or required the Administrative Agent, Collateral Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any
Loan Document all Term Loans held by any member of the Sponsor Group (other than an Investment Fund) shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders have taken any actions. 

(iv) Additionally, if there is any assignment of any Term Loan pursuant to this SECTION 9.04(f), each Loan Party and each member of the
Sponsor Group (other than any Investment Fund) that becomes a Lender hereunder hereby agree that if a case under Title 11 of the United States Code is commenced against any Loan Party, such Loan Party shall seek (and each such member of the Sponsor
Group (other than any Investment Fund) shall consent) to provide that the vote of any member of the Sponsor Group (other than any Investment Fund) (in its capacity as a Lender) with respect to any plan of reorganization of such Loan Party shall not
be counted except that any member of the Sponsor Group’s (other than any Investment Fund) vote (in its capacity as a Lender) may be counted to the extent any such plan of reorganization proposes to treat the Obligations held by such member of
the Sponsor Group (other than any Investment Fund) in a manner that is less favorable to such member of the Sponsor Group (other than any Investment Fund) than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of
the Borrower. 
 (g) Any Lender may, at any time, assign all or a portion of its Term Loans to any Loan Party through (x) offers to
purchase open to all Lenders on a pro rata basis in accordance with SECTION 2.16(d) and/or (y) open market purchases on a non-pro rata basis, provided that in the case of clause (y) (i) no Event of Default has occurred and
is continuing, (ii) any Term Loans that are so assigned will be automatically and irrevocably cancelled and the aggregate principal amount of the tranches and installments of the relevant Term Loans then outstanding shall be reduced by an
amount equal to the principal amount of such Term Loans, (iii) each Lender making such assignment to any Loan Party acknowledges and agrees that in connection with such assignment, (1) the Loan Parties then may have and later may come into
possession of MNPI, (2) such Lender has independently, and without reliance on any Loan Party, the Administrative Agent or any of their respective Affiliates, made its own analysis and determination to enter into such assignment,
notwithstanding such Lender’s lack of knowledge of the MNPI and (3) none of the Loan Parties, the Administrative Agent or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and
releases, to the extent permitted by Applicable Law, any claims such Lender may have against Loan Party, the Administrative Agent and their respective Affiliates, under Applicable Law or otherwise, with respect to the nondisclosure of the MNPI
(other than claims as a result of a breach of SECTION 9.04). Each Lender entering into such an assignment further acknowledges that the MNPI may not be available to the Administrative Agent or the other Lenders. 

SECTION 9.05 Survival. All covenants, agreements, indemnities, representations and warranties made by the Loan Parties in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of the Loan Documents and the making of any Term Loans, regardless of any investigation made by any such other party or on its behalf and, notwithstanding that any Credit Party may have had notice or knowledge of any Default or Event of
Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until (i) the Commitments have expired or been terminated and (ii) the principal of and interest on
each Term Loan and all fees and other Obligations (other than contingent indemnity obligations with respect to then unasserted claims) shall have 

  
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been paid in full. The provisions of SECTION 2.14, SECTION 2.23, SECTION 9.03 and Article VIII shall survive and remain in full force and effect regardless of the repayment of the Obligations,
the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. In connection with the termination of this Agreement and the release and termination of the security interests in the Collateral, the
Agents, on behalf of themselves and the other Credit Parties, may require such indemnities as they shall reasonably deem necessary or appropriate to protect the Credit Parties against loss on account of credits previously applied to the Obligations
that may subsequently be reversed or revoked. 
 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 the other Loan Documents
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all contemporaneous or previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall
become effective when it shall have been executed by the applicable Credit Parties and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or e-mail 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 any Specified Default shall have occurred and be continuing, each Secured Party, each Participant and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, but excluding any
payroll, trust and tax withholding accounts) at any time held and other obligations at any time owing by such Secured Party, Participant or Affiliate to or for the credit or the account of the Loan Parties against any and all of the Obligations of
the Loan Parties now or hereafter existing under this Agreement or other Loan Document to the extent such are then due and owing, although such Obligations may be otherwise fully secured; provided that such Secured Party shall provide the
Borrower with written notice promptly after its exercise of such right of setoff. The rights of each Secured Party under this SECTION 9.08 are in addition to other rights and remedies (including other rights of setoff) that such Credit Party may
have. No Credit Party will, or will permit its Participant to, exercise its rights under this SECTION 9.08 without the consent of the Administrative Agent or the Required Lenders. ANY AND ALL RIGHTS TO REQUIRE THE COLLATERAL AGENT TO EXERCISE ITS
RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES ANY OF THE OBLIGATIONS PRIOR TO THE EXERCISE BY ANY SECURED PARTY, PARTICIPANT OR AFFILIATE OF ITS RIGHT OF SETOFF UNDER THIS SECTION ARE HEREBY KNOWINGLY, VOLUNTARILY AND
IRREVOCABLY WAIVED. 
 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(b) Each Loan Party agrees that any suit for the enforcement of this Agreement or any other Loan Document may be brought in the courts of the
State of New York sitting in the Borough of Manhattan or any federal court sitting therein as the Administrative Agent may elect in its sole discretion and consents to the exclusive jurisdiction of such courts. Each party to this Agreement hereby
waives any objection which it may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an inconvenient forum and agrees that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Credit Party may otherwise have to bring any action or proceeding relating to this
Agreement against a Loan Party or its properties in the courts of any jurisdiction. 

  
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 (c) Each Loan Party agrees that any action commenced by any Loan Party asserting any claim or
counterclaim arising under or in connection with this Agreement or any other Loan Document shall be brought solely in a court of the State of New York sitting in the Borough of Manhattan or any federal court sitting therein as the Administrative
Agent may elect in its sole discretion and consents to the exclusive jurisdiction of such courts with respect to any such action. 
 (d)
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in SECTION 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in
any other manner permitted by law. 
 SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY); AND WAIVES DUE DILIGENCE, DEMAND, PRESENTMENT AND PROTEST AND ANY NOTICES THEREOF AS WELL AS NOTICE OF NONPAYMENT. 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 WAIVERS, 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 Press Releases and Related
Matters. The Borrower consents to the publication by the Administrative Agent of customary trade advertising material in tombstone format relating to the financing transactions contemplated by this Agreement using the Borrower’s name, and
with the consent of the Borrower, logo or trademark. The Administrative Agent shall provide a draft reasonably in advance of any advertising material to the Borrower for review and comment prior to the publication thereof. The Administrative Agent
reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements. 

SECTION 9.12 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.13 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to
any Term Loan, together with all fees, charges and other amounts that are treated as interest on such Term Loan under Applicable Law (collectively, the “Charges”), shall be found by a court of competent jurisdiction in a final order
to exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Term Loan in accordance with Applicable Law, the rate of interest payable in respect
of such Term Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Term Loan but were not
payable as a result of the operation of this SECTION shall be cumulated and the interest and Charges payable to such Lender in respect of other Term Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated
amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

SECTION 9.14 Additional Waivers. 

(a) The Obligations are the joint and several obligation of each Loan Party. To the fullest extent permitted by Applicable Law, the
obligations of each Loan Party hereunder shall not be affected by (i) the failure of any Credit Party to assert any claim or demand or to enforce or exercise any right or remedy against any other Loan Party under the provisions of this
Agreement, any other Loan Document or under Applicable Law, (ii) any rescission, waiver, amendment or modification of, or any release of any Loan Party from, any of the terms or provisions of, this Agreement, any other Loan Document, or
(iii) the failure to perfect any security interest in, or the release of, any of the Collateral or other security held by or on behalf of the Collateral Agent or any other Credit Party. 

  
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 (b) The obligations of each Loan Party to pay the Obligations in full hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason (other than the payment of such Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be
subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Loan Party hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or any other Credit Party to assert any claim or demand or to enforce any remedy under this Agreement, any
other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, any default, failure or delay, willful or otherwise, in the performance of any of the Obligations, or by any other act or omission that may or
might in any manner or to any extent vary the risk of any Loan Party or that would otherwise operate as a discharge of any Loan Party as a matter of law or equity (other than the payment of such Obligations). 

(c) To the fullest extent permitted by Applicable Law, each Loan Party waives any defense based on or arising out of any defense of any other
Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any other Loan Party, other than the payment in full in cash of all the Obligations after the termination
of all Commitments to any Loan Party under any Loan Document. The Collateral Agent and the other Credit Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an
assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with any other Loan Party, or exercise any other right or remedy available to them against any other Loan Party,
without affecting or impairing in any way the liability of any Loan Party hereunder except to the extent that all the Obligations have been indefeasibly paid in full in cash and performed in full after the termination of Commitments to any Loan
Party under any Loan Document. Pursuant to Applicable Law, each Loan Party waives any defense arising out of any such election even though such election operates, pursuant to Applicable Law, to impair or to extinguish any right of reimbursement or
subrogation or other right or remedy of such Loan Party against any other Loan Party, as the case may be, or any security. 
 (d) Without
limiting the generality of the foregoing, or of any other waiver or other provision set forth in this Agreement, each Loan Party waives all rights and defenses arising out of an election of remedies by any Credit Party, even though that election of
remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed such Credit Party’s rights of subrogation and reimbursement against such Loan Party by the operation of Section 580(d) of the
California Code of Civil Procedure or otherwise. Each Loan Party waives all rights and defenses that such Loan Party may have because the Obligations are secured by Real Estate which means, among other things: (i) a Credit Party may collect
from any Loan Party without first foreclosing on any Real Estate or personal property Collateral pledged by a Loan Party; (ii) if any Credit Party forecloses on any Real Estate pledged by any Loan Party, the amount of the Obligations may be
reduced only by the price for which that Real Estate is sold at the foreclosure sale, even if the Real Estate is worth more than the sale price; and (iii) the Credit Parties may collect Obligations from a Loan Party even if a Credit Party, by
foreclosing on any such Real Estate, has destroyed any right any Loan Party may have to collect from the other Loan Parties. This is an unconditional and irrevocable waiver of any rights and defenses any Loan Party may have because the Obligations
are secured by Real Estate. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. Each Loan Party hereby absolutely, knowingly,
unconditionally, and expressly waives any and all claim, defense or benefit arising directly or indirectly under any one or more of Sections 2787 to 2855 inclusive of the California Civil Code or any similar law of California. 

(e) Each Loan Party hereby agrees to keep each other Loan Party fully apprised at all times as to the status of its business, affairs,
finances, and financial condition, and its ability to perform its Obligations under the Loan Documents, and in particular as to any adverse developments with respect thereto. Each Loan Party hereby agrees to undertake to keep itself apprised at all
times as to the status of the business, affairs, finances, and financial condition of each other Loan Party, and of the ability of each other Loan Party to perform its Obligations under the Loan Documents, and in particular as to any adverse
developments with respect to any thereof. Each Loan Party 

  
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hereby agrees, in light of the foregoing mutual covenants to inform each other, and to keep themselves and each other informed as to such matters, that the Credit Parties shall have no duty to
inform any Loan Party of any information pertaining to the business, affairs, finances, or financial condition of any other Loan Party, or pertaining to the ability of any other Loan Party to perform its Obligations under the Loan Documents, even if
such information is adverse, and even if such information might influence the decision of one or more of the Loan Parties to continue to be jointly and severally liable for, or to provide Collateral for, the Obligations of one or more of the other
Loan Parties. To the fullest extent permitted by applicable law, each Loan Party hereby expressly waives any duty of the Credit Parties to inform any Loan Party of any such information. 

SECTION 9.15 Confidentiality. Each of the Credit Parties agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to their and their Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors involved with the financing (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and agree to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required
by Applicable Laws or by any subpoena or similar legal process (the Credit Parties’ agreeing to furnish the Borrower with notice of such process and an opportunity to contest such disclosure as long as furnishing such notice and opportunity
would not result in the Credit Parties’ violation of Applicable Law), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as, or not less favorable to the Borrower than, those of this SECTION, to any assignee of
or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement and any actual or prospective counterparty or advisors to any swap or derivative transactions relating to the Loan Parties and
the Obligations so long as such Person or any of their Affiliates is not a competitor of any Loan Party (other than Disqualified Institutions (provided that such Disqualified Institutions shall have been identified in writing to all Lenders (other
than Affiliates of Disqualified Institutions who are listed on Schedule II to Amendment No. 4 that are reasonably identifiable on the basis of their name)), (g) with the consent of the Loan Parties, (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this SECTION, or to the knowledge of such Credit Party, the breach of any other Person’s obligation to keep the information confidential, or (ii) becomes available
to any Credit Party on a nonconfidential basis from a source other than the Loan Parties, or (i) to the extent that such Information is independently developed by such Credit Party. For the purposes of this SECTION, the term
“Information” means all information received from or on behalf of the Loan Parties or any of their Affiliates relating to their business. Any Person required to maintain the confidentiality of Information as provided in this SECTION shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.16 Patriot Act. Each Lender hereby notifies the Borrower 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 Borrower, which information includes the name and address of such Borrower and other
information that will allow such Lender to identify such Borrower in accordance with the Act. The Borrower is in compliance, in all material respects, with the Act. No part of the proceeds of the Term Loans will be used by the Loan Parties, directly
or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 SECTION 9.17
[Reserved]. 
 SECTION 9.18 Intercreditor Agreements. The Loan Parties, the Agents, the Lenders and the other Credit Parties
acknowledge that the exercise of certain of the Agents’ rights and remedies hereunder may be subject to, and restricted by, the provisions of the Intercreditor Agreements. Except as specified herein, nothing contained in the Intercreditor
Agreements shall be deemed to modify any of the provisions of this Agreement and the other Loan Documents, which, as among the Loan Parties, the Agents, the Lenders and the other Credit Parties shall remain in full force and effect. 

  
 -95- 

 SECTION 9.19 No Advisory or Fiduciary Responsibility. In connection with all aspects of
each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Loan Parties acknowledges and agrees that (i) (A) the arranging and other
services regarding this Agreement provided by the Agents and the Arrangers, are arm’s-length commercial transactions between the Loan Parties and their respective Subsidiaries, on the one hand, and the Agents and the Arrangers, on the other
hand, (B) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of Loan Parties is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each Agent and each Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any of their respective Subsidiaries, or any other Person and (B) neither any Agent nor any Arranger has any obligation to the Loan
Parties or any of their respective Subsidiaries with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents, the Arrangers and their respective
Subsidiaries may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Subsidiaries, and neither any Agent nor any Arranger has any obligation to disclose any of such
interests to the Loan Parties or any of their respective Subsidiaries. To the fullest extent permitted by law, each of the Loan Parties hereby waives and releases any claims that it may have against the Agents and the Arrangers with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 [SIGNATURE
PAGES FOLLOW] 

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

					
		  	BURLINGTON COAT FACTORY WAREHOUSE CORPORATION,
		  	as Borrower
			
		  	By:	  	  

		  		  	Name:
		  		  	Title:
		
		  	 BURLINGTON COAT FACTORY HOLDINGS, LLC,

as a Facility Guarantor

			
		  	By:	  	  

		  		  	Name:
		  		  	Title:
		
		  	 BURLINGTON COAT FACTORY INVESTMENT HOLDINGS, INC.,

as a Facility Guarantor

			
		  	By:	  	  

		  		  	Name:
		  		  	Title:
		
		  	 EACH OF THE SUBSIDIARIES LISTED ON ANNEX A HERETO,

as Facility Guarantors

			
		  	By:	  	  

		  		  	Name:
		  		  	Title:

					
		
		  	JPMORGAN CHASE BANK, N.A.,
		  	as Administrative Agent, as Collateral Agent and as a Lender
			
		  	By:	  	  

		  		  	Name:
		  		  	Title:

 ANNEX A 

Facility Guarantors 
 Burlington Coat
Factory of Alabama, LLC 
 Burlington Coat Factory Warehouse of Anchorage, Inc. 

Burlington Coat Factory of Arizona, LLC 
 Burlington Coat Factory
of Arkansas, LLC 
 Baby Depot of California, LLC 
 Burlington
Coat Factory of California, LLC 
 Burlington Coat Factory of San Bernardino, LLC 

MJM Designer Shoes of California, LLC 
 Burlington Coat Factory of
Colorado, LLC 
 Burlington Coat Factory of Connecticut, LLC 

Cohoes Fashions of Connecticut, LLC 
 Burlington Coat Factory of
Delaware, LLC 
 Burlington Coat Factory of Texas, L.P. 
 MJM
Designer Shoes of Delaware, LLC 
 Burlington Coat Factory of Florida, LLC 

MJM Designer Shoes of Florida, LLC 
 Burlington Coat Factory of
Georgia, LLC 
 Burlington Coat Factory Warehouse of Atlanta, Inc. 

Burlington Coat Factory of Hawaii, LLC 
 Burlington Coat Factory
of Idaho, LLC 
 Burlington Coat Factory of Illinois, LLC 

Burlington Coat Factory Warehouse of East St. Louis, Inc. 

Burlington Coat Factory of Indiana, LLC 
 Burlington Coat Factory
of Iowa, LLC 
 Burlington Coat Factory of Kansas, LLC 

Burlington Coat Factory of Kentucky, Inc. 
 Burlington Coat
Factory of Louisiana, LLC 
 Burlington Coat Factory of Maine, LLC 

Burlington Coat Factory of Maryland, LLC 
 Burlington Coat Factory
of Massachusetts, LLC 
 Cohoes Fashions of Massachusetts, LLC 

Burlington Coat Factory of Michigan, LLC 
 Burlington Coat Factory
Warehouse of Detroit, Inc. 
 Burlington Coat Factory Warehouse of Redford, Inc. 

Burlington Coat Factory Warehouse of Grand Rapids, Inc. 

Burlington Coat Factory of Minnesota, LLC 
 Burlington Coat
Factory of Mississippi, LLC 
 Burlington Coat Factory of Missouri, LLC 

Burlington Coat Factory of Montana, LLC 
 Burlington Coat Factory
of Nebraska, LLC 
 Burlington Coat Factory of Nevada, LLC 

Burlington Coat Factory of New Hampshire, LLC 
 Burlington Coat
Factory Direct Corporation 
 Burlington Coat Factory of New Jersey, LLC 

Burlington Coat Factory Warehouse of Edgewater Park, Inc. 

Burlington Coat Factory Warehouse of New Jersey, Inc. 

 Cohoes Fashions of New Jersey, LLC 

MJM Designer Shoes of Moorestown, Inc. 
 MJM Designer Shoes of New
Jersey, LLC 
 Super Baby Depot of Moorestown, Inc. 
 Burlington
Coat Factory of New Mexico, LLC 
 Burlington Coat Factory of New York, LLC 

Georgetown Fashions Inc. 
 Monroe G. Milstein, Inc. 

Cohoes Fashions of New York, LLC 
 MJM Designer Shoes of New York,
LLC 
 Burlington Coat Factory of North Carolina, LLC 

Burlington Coat Factory of North Dakota, LLC 
 Burlington Coat
Factory of Ohio, LLC 
 Burlington Coat Factory Warehouse of Cleveland, Inc. 

Burlington Coat Factory of Oklahoma, LLC 
 Burlington Coat Factory
of Oregon, LLC 
 Burlington Coat Factory Warehouse of Bristol, LLC 

Burlington Coat Factory of Pennsylvania, LLC 
 Burlington Coat
Factory Warehouse of Montgomeryville, Inc. 
 Burlington Coat Factory Warehouse of Cheltenham, Inc. 

Burlington Coat Factory Warehouse of Langhorne, Inc. 
 Burlington
Factory Warehouse of Reading, Inc. 
 Burlington Coat Factory Warehouse Inc. 

MJM Designer Shoes of Pennsylvania, LLC 
 Burlington Coat Factory
of Puerto Rico, LLC 
 Burlington Coat Factory of Rhode Island, LLC 

Cohoes Fashions of Cranston, Inc. 
 Burlington Coat Factory of
South Carolina, LLC 
 Burlington Coat Factory Warehouse of Charleston, Inc. 

Burlington Coat Factory of South Dakota, LLC 
 Burlington Coat
Factory Warehouse of Memphis, Inc. 
 Burlington Coat Factory Warehouse of Shelby, Inc. 

Burlington Coat Factory Warehouse of Hickory Commons, Inc. 

Burlington Coat Factory Warehouse of Baytown, Inc. 
 MJM Designer
Shoes of Texas, Inc. 
 Burlington Coat Factory of Utah, LLC 

Burlington Coat Factory of Vermont, LLC 
 Burlington Coat Factory
of Virginia, LLC 
 Burlington Coat Factory of Pocono Crossing, LLC 

BCF Cards, Inc. 
 Burlington Coat Factory Warehouse of Coliseum,
Inc. 
 Burlington Coat Factory of Washington, LLC 
 Burlington
Coat Factory of West Virginia, LLC 
 Burlington Coat Factory of Wisconsin, LLC 

Burlington Coat Factory Realty of Huntsville, LLC 
 Burlington
Coat Factory Realty of Mesa, Inc. 
 Burlington Coat Factory Realty of Desert Sky, Inc. 

Burlington Coat Factory Realty of Dublin, Inc. 
 Burlington Coat
Factory Realty of Florin, Inc. 
 Burlington Coat Factory Realty of Ventura, Inc. 

Burlington Coat Realty of East Windsor, Inc. 

 Burlington Coat Factory of Texas, Inc. 

C.F.I.C. Corporation 
 Burlington Coat Factory Realty Corp. 

Burlington Coat Factory Realty of University Square, Inc. 

Burlington Coat Factory Realty of Coral Springs, Inc. 
 Burlington
Coat Factory Realty of West Colonial, Inc. 
 Burlington Coat Factory Realty of Orlando, Inc. 

Burlington Coat Factory Realty of Sarasota, Inc. 
 K&T
Acquisition Corp. 
 Bee Ridge Plaza, LLC 
 Burlington Coat
Factory Realty of Morrow, Inc. 
 Burlington Coat Realty of Gurnee, Inc. 

Burlington Coat Factory Realty of Bloomingdale, Inc. 
 Burlington
Coat Factory Realty of River Oaks, Inc. 
 Burlington Coat Factory Realty of Greenwood, Inc. 

Burlington Coat Factory Realty of North Attleboro, Inc. 

Burlington Coat Factory Realty of Des Peres, Inc. 
 Burlington
Coat Realty of Las Vegas, Inc. 
 Burlington Coat Factory Realty of Edgewater Park, Inc. 

Burlington Coat Factory Realty of Paramus, Inc. 
 Burlington Coat
Factory Realty of Pinebrook, Inc. 
 Burlington Coat Factory Warehouse of Edgewater Park Urban Renewal Corp. 

Burlington Coat Factory Realty of Yonkers, Inc. 
 LC Acquisition
Corp. 
 Burlington Coat Factory Realty of Tulsa, Inc. 

Burlington Coat Factory Realty of West Mifflin, Inc. 
 Burlington
Coat Factory Realty of Langhorne, Inc. 
 Burlington Coat Factory Realty of Whitehall, Inc. 

Burlington Coat Factory Realty of Memphis, Inc. 
 Burlington Coat
Realty of Plano, Inc. 
 Burlington Coat Realty of Houston, Inc. 

Burlington Coat Factory Realty of Westmoreland, Inc. 
 Burlington
Coat Factory Realty of Bellaire, Inc. 
 Burlington Coat Factory Realty of El Paso, Inc. 

Burlington Coat Realty of Potomac, Inc. 
 Burlington Coat Factory
Realty of Fairfax, Inc. 
 Burlington Coat Factory Realty of Coliseum, Inc. 

Burlington Coat Factory Realty of Franklin, Inc. 
 Scottchris, LLC

 BCF Florence Urban Renewal, L.L.C. 
 Burlington Shell 1, Inc.

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