Document:

EX-10.9

 Exhibit 10.9 
 ASHFORD PRIME HOTEL MASTER MANAGEMENT AGREEMENT 
 by and between

 ASHFORD PRIME TRS CORPORATION, 
 a Delaware corporation 
 and 

REMINGTON LODGING & HOSPITALITY, LLC 
 a Delaware limited liability company 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITION OF TERMS
	  	 	7	  
		
	 1.01    Definition of Terms
	  	 	7	  
		
	 ARTICLE II TERM OF AGREEMENT
	  	 	17	  
		
	 2.01    Term
	  	 	17	  
		
	 2.02    Actions to be Taken upon Termination
	  	 	18	  
		
	 2.03    Early Termination Rights; Liquidated Damages
	  	 	19	  
		
	 ARTICLE III PREMISES
	  	 	23	  
		
	 ARTICLE IV APPOINTMENT OF MANAGER
	  	 	23	  
		
	 4.01    Appointment
	  	 	23	  
		
	 4.02    Delegation of Authority
	  	 	24	  
		
	 4.03    Contracts, Equipment Leases and Other Agreements
	  	 	24	  
		
	 4.04    Alcoholic Beverage/Liquor Licensing Requirements
	  	 	24	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	24	  
		
	 5.01    Lessee Representations
	  	 	24	  
		
	 5.02    Manager Representations
	  	 	25	  
		
	 ARTICLE VI OPERATION
	  	 	26	  
		
	 6.01    Name of Premises; Standard of Operation
	  	 	26	  
		
	 6.02    Use of Premises
	  	 	27	  
		
	 6.03    Group Services
	  	 	28	  
		
	 6.04    Right to Inspect
	  	 	28	  
		
	 ARTICLE VII WORKING CAPITAL AND INVENTORIES
	  	 	29	  
		
	 7.01    Working Capital and Inventories
	  	 	29	  
		
	 7.02    Fixed Asset Supplies
	  	 	29	  

  
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	 ARTICLE VIII MAINTENANCE, REPLACEMENT AND CHANGES
	  	 	30	  
		
	 8.01    Routine and Non-Routine Repairs and Maintenance
	  	 	30	  
		
	 8.02    Capital Improvement Reserve
	  	 	30	  
		
	 ARTICLE IX EMPLOYEES
	  	 	35	  
		
	 9.01    Employee Hiring
	  	 	35	  
		
	 9.02    Costs; Benefit Plans
	  	 	35	  
		
	 9.03    Manager’s Employees
	  	 	37	  
		
	 9.04    Special Projects - Corporate Employees
	  	 	37	  
		
	 9.05    Termination
	  	 	38	  
		
	 9.06    Employee Use of Hotel
	  	 	39	  
		
	 9.07    Non-Solicitation
	  	 	39	  
		
	 ARTICLE X BUDGET, STANDARDS AND CONTRACTS
	  	 	39	  
		
	 10.01    Annual Operating Budget
	  	 	39	  
		
	 10.02    Budget Approval
	  	 	40	  
		
	 10.03    Operation Pending Approval
	  	 	40	  
		
	 10.04    Budget Meetings
	  	 	40	  
		
	 ARTICLE XI OPERATING DISTRIBUTIONS
	  	 	41	  
		
	 11.01    Management Fee
	  	 	41	  
		
	 11.02    Accounting and Interim Payment
	  	 	41	  
		
	 ARTICLE XII INSURANCE
	  	 	42	  
		
	 12.01    Insurance
	  	 	42	  
		
	 12.02    Replacement Cost
	  	 	43	  
		
	 12.03    Increase in Limits
	  	 	44	  
		
	 12.04    Blanket Policy
	  	 	44	  
		
	 12.05    Costs and Expenses
	  	 	44	  

  
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	 12.06    Policies and Endorsements
	  	 	44	  
		
	 12.07    Termination
	  	 	45	  
		
	 ARTICLE XIII TAXES AND DEBT SERVICE
	  	 	45	  
		
	 13.01    Taxes
	  	 	45	  
		
	 13.02    Debt Service; Ground Lease Payments
	  	 	45	  
		
	 ARTICLE XIV BANK ACCOUNTS
	  	 	46	  
		
	 ARTICLE XV ACCOUNTING SYSTEM
	  	 	47	  
		
	 15.01    Books and Records
	  	 	47	  
		
	 15.02    Monthly Financial Statements
	  	 	47	  
		
	 15.03    Annual Financial Statements
	  	 	47	  
		
	 ARTICLE XVI PAYMENT BY LESSEE
	  	 	48	  
		
	 16.01    Payment of Base Management Fee
	  	 	48	  
		
	 16.02    Distributions
	  	 	48	  
		
	 16.03    Payment Option
	  	 	48	  
		
	 ARTICLE XVII RELATIONSHIP AND AUTHORITY
	  	 	49	  
		
	 ARTICLE XVIII DAMAGE, CONDEMNATION AND FORCE MAJEURE
	  	 	50	  
		
	 18.01    Damage and Repair
	  	 	50	  
		
	 18.02    Condemnation
	  	 	50	  
		
	 18.03    Force Majeure
	  	 	51	  
		
	 18.04    Liquidated Damages if Casualty
	  	 	51	  
		
	 18.05    No Liquidated Damages if Condemnation or Force Majeure
	  	 	51	  
		
	 ARTICLE XIX DEFAULT AND TERMINATION
	  	 	52	  
		
	 19.01    Events of Default
	  	 	52	  
		
	 19.02    Consequence of Default
	  	 	53	  
		
	 ARTICLE XX WAIVER AND INVALIDITY
	  	 	53	  

  
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	 20.01    Waiver
	  	 	53	  
		
	 20.02    Partial Invalidity
	  	 	53	  
		
	 ARTICLE XXI ASSIGNMENT
	  	 	53	  
		
	 ARTICLE XXII NOTICES
	  	 	54	  
		
	 ARTICLE XXIII SUBORDINATION; NON-DISTURBANCE
	  	 	55	  
		
	 23.01    Subordination
	  	 	55	  
		
	 23.02    Non-Disturbance Agreement
	  	 	56	  
		
	 ARTICLE XXIV PROPRIETARY MARKS; INTELLECTUAL PROPERTY
	  	 	56	  
		
	 24.01    Proprietary Marks
	  	 	56	  
		
	 24.02    Computer Software and Equipment
	  	 	56	  
		
	 24.03    Intellectual Property
	  	 	57	  
		
	 24.04    Books and Records
	  	 	57	  
		
	 ARTICLE XXV INDEMNIFICATION
	  	 	57	  
		
	 25.01    Manager Indemnity
	  	 	57	  
		
	 25.02    Lessee Indemnity
	  	 	58	  
		
	 25.03    Indemnification Procedure
	  	 	58	  
		
	 25.04    Survival
	  	 	59	  
		
	 25.05    No Successor Liability
	  	 	59	  
		
	 ARTICLE XXVI NEW HOTELS AND NON-MANAGED HOTELS
	  	 	59	  
		
	 ARTICLE XXVII GOVERNING LAW; VENUE
	  	 	60	  
		
	 ARTICLE XXVIII MISCELLANEOUS
	  	 	60	  
		
	 28.01    Rights to Make Agreement
	  	 	60	  
		
	 28.02    Agency
	  	 	60	  
		
	 28.03    Failure to Perform
	  	 	60	  
		
	 28.04    Headings
	  	 	61	  

  
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	 28.05    Attorneys’ Fees and Costs
	  	 	61	  
		
	 28.06    Entire Agreement
	  	 	61	  
		
	 28.07    Consents
	  	 	61	  
		
	 28.08    Eligible Independent Contractor
	  	 	61	  
		
	 28.09    Environmental Matters
	  	 	62	  
		
	 28.10    Equity and Debt Offerings
	  	 	63	  
		
	 28.11    Estoppel Certificates
	  	 	63	  
		
	 28.12    Confidentiality
	  	 	63	  
		
	 28.13    Modification
	  	 	64	  
		
	 28.14    Counterparts
	  	 	64	  

  
 6 

 ASHFORD PRIME HOTEL MASTER MANAGEMENT AGREEMENT 

THIS ASHFORD PRIME HOTEL MASTER MANAGEMENT AGREEMENT is made and entered into on this
            day of                     , 2013, by and between ASHFORD PRIME TRS
CORPORATION, a Delaware corporation (hereinafter referred to as “Lessee”), REMINGTON LODGING & HOSPITALITY, LLC, a Delaware limited liability company (hereinafter referred to as “Manager”),
and for the limited purposes of Article VIII herein, the Landlords (defined below). 
 R E C I T A L S:

 1. Lessee desires to retain Manager to manage and operate each Hotel (as defined below), and Manager is willing to perform such services
for the account of Lessee, all as more particularly set forth in this Agreement. 
 A G R E E M E N T S: 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITION OF TERMS 
 1.01 Definition of Terms. The following terms when used in
this Agreement shall have the meanings indicated below. 
 “Accounting Period” shall mean a calendar
month. 
 “Addendum” shall have the meaning as set forth in Article XXVI. 

“Agreement” shall mean this Master Management Agreement, and all amendments, modifications, supplements,
consolidations, extensions and revisions to this Master Management Agreement approved by Lessee and Manager in accordance with the provisions hereof. 
 “AHP” means Ashford Hospitality Prime, Inc., a Maryland corporation. 
 “Annual Operating Budget” shall have the meaning as set forth in Section 10.01. 
 “AOB Objection Notice” shall have the meaning as set forth in Section 10.02. 
 “Applicable Standards” shall mean standards of operation for the Premises which are (a) in accordance with the requirements of the applicable Franchise Agreement, this
Agreement and all CCRs affecting the Premises and of which true and complete copies have been made available by Lessee to Manager, (b) in accordance with applicable Legal Requirements, (c) in accordance with the terms and conditions of any
Hotel Mortgage or Ground 

  
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Lease to the extent not otherwise inconsistent with the terms of this Agreement (to the extent Lessee has made available to Manager true and complete copies of the applicable loan documents
relating to any such Hotel Mortgage and/or the Ground Leases), (d) in accordance with the Leases (to the extent Lessee has made available to Manager a true and complete copy thereof), (e) in accordance with the requirements of any carrier
having insurance on the Hotel or any part thereof (to the extent Manager has been given written notice of such requirements or policies and/or has coordinated same on behalf of Lessee), and (f) in accordance with the requirements of
Section 856(d)(9)(D) of the Code for qualifying each Hotel as a Qualified Lodging Facility. 
 “Approval
Requirement” shall have the meaning as set forth in Section 8.02I. 
 “Base
Management Fee” shall have the meaning as set forth in Section 11.01A. 
 “Benefit
Plans” shall have the meaning as set forth in Section 9.02. 
 “Black-Scholes
Amount” shall have the meaning as set forth in Section 16.03B. 
 “Black-Scholes
Model” shall have the meaning as set forth in Section 16.03B. 
 “Business
Day” shall mean any day excluding (i) Saturday, (ii) Sunday, (iii) any day which is a legal holiday under the laws of the States of New York, Maryland or Texas, and (iv) any day on which banking institutions located
in such states are generally not open for the conduct of regular business. 
 “Budgeted HP” shall mean
the House Profit as set forth in the Annual Operating Budget for the applicable Fiscal Year, as approved by Lessee and Manager pursuant to Article X hereof. 
 “CCRs” shall mean those certain restrictive covenants encumbering the Premises recorded in the real property records of the county where such premises are located, as described in
the owner policies of title insurance relating to such premises, a copy of which are acknowledged received by the Manager. 

“Capital Improvement Budget” shall have the meaning as set forth in Section 8.02E. 

“Cash Management Agreements” shall mean agreements, if any, entered into by Lessee, Landlord and a Holder for the
collection and disbursement of any Gross Revenues, Deductions, Management Fees or excess Working Capital with respect to the applicable Premises, which constitute a part of the loan documents executed and delivered in connection with any Hotel
Mortgage by Landlord. 
 “Capital Improvement Reserve” shall have the meaning as set forth in
Section 8.02A. 
 “CIB Objection Notice” shall have the meaning as set forth in
Section 8.02E. 

  
 8 

 “CPI” means the Consumer Price Index, published for all Urban
Consumers for the U.S. City Average for All Items, 1982-84=100 issued by the Bureau of Labor Statistics of the United States Department of Labor, as published in the Wall Street Journal. 

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

“Commencement Date” shall have the meaning as set forth in Section 2.01. 

“Competitive Set” shall mean, for each Hotel, the hotels situated in the same market segment as such Hotel as
noted on Schedule 1 to the applicable Addendum for such Hotel, which competitive set shall include such Hotel. The Competitive Set may be changed from time to time by mutual agreement of Lessee and Manager to reasonably and accurately
reflect a set within the market of such Hotel that is comparable in rate quality and in operation to such Hotel and directly competitive with such Hotel. 
 “Contract(s)” shall have the meaning as set forth in Section 4.03. 
 “Debt Service” shall mean actual scheduled payments of principal and interest, including accrued and cumulative interest, payable by a Landlord with respect to any Hotel Mortgage.

 “Deductions” shall mean the following matters: 

 

	 	1.	Employee Costs and Expenses (including, Employee Claims but excluding Excluded Employee Claims); 

 

	 	2.	Administrative and general expenses and the cost of advertising and business promotion, heat, light, power, communications (i.e., telephone, fax, cable service and
internet) and other utilities and routine repairs, maintenance and minor alterations pertaining to the Premises; 

  

	 	3.	The cost of replacing, maintaining or replenishing Inventories and Fixed Asset Supplies consumed in the operation of the Premises; 

 

	 	4.	A reasonable reserve for uncollectible accounts receivable as reasonably determined by Manager and approved by Lessee (such approval not to be unreasonably withheld);

  

	 	5.	All costs and fees of independent accountants, attorneys or other third parties who perform services related to the Hotel or the operation thereof, including, without
limitation, an allocation of costs of Manager’s in-house corporate counsel who performs legal services directly for the benefit of the Hotels to be allocated on a fair and equitable cost basis as reasonably determined by Manager and approved by
Lessee (such approval not to be unreasonably withheld); 

  

	 	6.	 The cost and expense of non-routine technical consultants and operational experts for specialized services in connection with the Premises, including,
without limitation, an 

  
 9 

	 	
allocation of costs of Manager’s corporate staff who may perform special services directly related to the Hotels such as sales and marketing, revenue management, training, property tax
services, federal, state and/or local tax services, recruiting, and similar functions or services as set forth in Section 9.04, to be allocated on a fair and equitable cost basis as reasonably determined by Manager and approved by
Lessee (such approval not to be unreasonably withheld); 

  

	 	7.	Insurance costs and expenses as provided in Article XII; 

  

	 	8.	Real estate and personal property taxes levied or assessed against the Premises by duly authorized taxing authorities and such other taxes, if any, payable by or
assessed against Manager or the Premises related to the operation and/or ownership of the Premises; 

  

	 	9.	Franchise fees, royalties, license fees, or compensation or consideration paid or payable to the Franchisor (as hereinafter defined), or any successor Franchisor,
pursuant to a Franchise Agreement (as hereinafter defined); 

  

	 	10.	The Premises’ allocable share of the actual costs and expenses incurred by Manager in providing Group Services as provided in Section 6.03
hereof; 

  

	 	11.	The Management Fee; 

  

	 	12.	Rental payments made under equipment leases; and 

  

	 	13.	Other expenses incurred in connection with the maintenance or operation of the Premises not expressly set forth above and authorized pursuant to this Agreement.

 Deductions shall not include: (a) depreciation and amortization, (b) Debt Service, (c) Ground
Lease Payments, or (d) payments allocated or made to the Capital Improvement Reserve. 
 “Designated
Fees” shall have the meaning as set forth in Section 16.03. 
 “Effective
Date” shall mean the date this Agreement is fully executed and delivered. 
 “Eligible Independent
Contractor” shall have the meaning as set forth in Section 28.08. 
 “Emergency
Expenses” shall mean any expenses, regardless of amount, which, in Manager’s reasonable judgment, are immediately necessary to protect the physical integrity or lawful operation of the Hotel or the health or safety of its
occupants. 
 “Employee Claims” shall mean any claims (including all fines, judgments, penalties, costs,
litigation and/or arbitration expenses, attorneys’ fees and expenses, and costs of settlement with respect to any such claim) made by or in respect of an employee or potential hire 

  
 10 

 
of Manager against Manager and/or Lessee which are based on a violation or alleged violation of the Employment Laws or alleged contractual obligations. 

“Employee Costs and Expenses” shall have the meaning as set forth in Section 9.03. 

“Employee Related Termination Costs” shall have the meaning as set forth in Section 9.05.

 “Employment Laws” shall mean all applicable federal, state and local laws (including, without
limitation, any statutes, regulations, ordinances or common laws) regarding the employment, hiring or discharge of persons. 

“Event(s) of Default” shall have the meaning set forth in Article XIX. 

“Excluded Employee Claims” shall mean any Employee Claims (a) to the extent attributable to a substantial
violation by Manager of Employment Laws, or (b) which do not arise from an isolated act of an individual employee but rather is the direct result of corporate policies of Manager which either encourage or fail to discourage the conduct from
which such Employee Claim arises. 
 “Executive Employees” shall mean each member of the senior
executive or Premises level staff and each department head of the Hotel. 
 “Expiration Date” shall have
the meaning as set forth in Section 2.01. 
 “FF&E” shall have the meaning as set
forth in Section 8.01. 
 “Fiscal Year” shall mean the twelve (12) month
calendar year ending December 31, except that the first Fiscal Year and last Fiscal Year of the term of this Agreement may not be full calendar years. 
 “Fixed Asset Supplies” shall mean supply items included within “Property and Equipment” under the Uniform System of Accounts, including linen, china, glassware, silver,
uniforms, and similar items. 
 “Force Majeure” shall mean any act of God (including adverse weather
conditions); act of the state or federal government in its sovereign or contractual capacity; war; civil disturbance, riot or mob violence; terrorism; earthquake, flood, fire or other casualty; epidemic; quarantine restriction; labor strikes or lock
out; freight embargo; civil disturbance; or similar causes beyond the reasonable control of Manager. 

“Franchisor” shall mean the franchisors and any successor franchisors selected by Lessee (subject to the terms of
the Leases) identified on Exhibit “C” to the applicable Addendum for the Hotel. 

  
 11 

 “Franchise Agreement” shall mean any license agreements between a
Franchisor and Lessee and/or Landlord, as applicable, as such license agreements are amended from time to time, and any other contract hereafter entered into between Lessee and/or Landlord, as applicable, and such Franchisor pertaining to the name
and operating procedures, systems and standards, as described on Exhibit “C” to the applicable Addendum for the Hotel. 
 “full replacement cost” shall have the meaning as set forth in Section 12.02. 
 “GAAP” shall mean generally accepted accounting principles consistently applied as recognized by the accounting industry and standards within the United States. 

“General Manager” or “General Managers” shall have the meanings as set forth in
Section 9.07. 
 “Gross Operating Profit” shall mean the actual gross operating
profit of the Premises determined generally in accordance with the Uniform System of Accounts, consistently applied and consistent with the determination thereof in the Annual Operating Budget. 

“Gross Operating Profit Margin” shall mean for any applicable Fiscal Year, the quotient expressed as a
percentage, (i) the numerator of which is the Gross Operating Profit, and (ii) the denominator of which is Gross Revenues. 
 “Gross Revenues” shall mean all revenues and receipts of every kind received from operating the Premises and all departments and parts thereof, including but not limited to, income
from both cash and credit transactions, income from the rental of rooms, stores, offices, banquet rooms, conference rooms, exhibits or sale space of every kind, license, lease and concession fees and rentals (not including gross receipts of
licensees, lessees and concessionaires), vending machines, health club membership fees, food and beverage sales, wholesale and retail sales of merchandise, service charges, and proceeds, if any, from business interruption or other loss of income
insurance; provided, however, Gross Revenues shall not include (a) gratuities to the Premises’ employees, (b) federal, state or municipal excise, sales or use taxes or similar impositions collected directly from customers, patrons or
guests or included as part of the sales prices of any goods or services paid over to federal, state or municipal governments, (c) property insurance or condemnation proceeds (excluding proceeds from business interruption or other loss of income
coverage), (d) proceeds from the sale or refinance of assets other than sales in the ordinary course of business, (e) funds furnished by the Lessee, (f) judgments and awards other than for lost business, (g) the amount of all
credits, rebates or refunds (which shall be deductions from Gross Revenues) to customers, patrons or guests, (h) receipts of licensees, concessionaires, and tenants, (i) payments received at any of the Hotels for hotel accommodations,
goods or services to be provided at other hotels, although arranged by, for or on behalf of Manager; (j) the value of complimentary rooms, food and beverages, (k) interest income, (l) lease security deposits, and (m) items
constituting “allowances” under the Uniform System of Accounts. 
 “Ground Lease Payments”
shall mean payments due under any Ground Lease and payable by Landlord thereunder. 

  
 12 

 “Ground Lease” shall mean any ground lease agreements relating to
the Hotel, executed by Landlord with any third party landlords. 
 “Group Services” shall have the
meaning as set forth in Section 6.03. 
 “Holder” shall mean the holder of any Hotel
Mortgage and the indebtedness secured thereby, and such holder’s successors and assigns. 
 “Hotel”
shall mean the hotel or motel property leased by Lessee and managed by Manager pursuant to an Addendum. 
 “Hotel
Mortgage” shall mean, collectively, any mortgage or deed of trust hereafter from time to time, encumbering all or any portion of the Premises (or the leasehold interest therein), together with all other instruments evidencing or
securing payment of the indebtedness secured by such mortgage or deed of trust and all amendments, modifications, supplements, extensions and revisions of such mortgage, deed of trust, and other instruments. 

“Hotel’s REVPAR Yield Penetration” shall mean, for a Hotel for any applicable Fiscal Year, (i) such
Hotel’s actual occupancy rate multiplied by the actual average daily rate, divided by (ii) the Competitive Set’s occupancy rate multiplied by the Competitive Set’s average daily rate for the same Fiscal Period. The determination
of the Competitive Set’s occupancy and rate shall be made by reference to the Smith Travel Research reports or its successor or comparable market research reports prepared by another nationally recognized hospitality firm reasonably acceptable
to Lessee and Manager. 
 “House Profit” shall mean the actual house profit of the Premises determined
generally in accordance with the Uniform System of Accounts, consistently applied and consistent with the determination thereof in the Annual Operating Budget. 
 “HP Test” shall have the meaning as set forth in Section 11.01B. 
 “Incentive Fee” shall have the meaning as set forth in Section 11.01B. 
 “Indemnifying Party” shall have the meaning as set forth in Section 25.03. 
 “Independent Directors” shall mean those directors of AHP who are “independent” within the meaning of the rules of the New York Stock Exchange or such other national
securities exchange or interdealer quotation system on which AHP’s common stock is then principally traded. 

“Intellectual Property” shall have the meaning as set forth in Section 24.03. 

“Inventories” shall mean “Inventories” as defined in the Uniform System of Accounts, such
as provisions in storerooms, refrigerators, pantries and kitchens, beverages in wine cellars and bars, other merchandise intended for sale, fuel, mechanical supplies, stationery, and other supplies and similar items. 

  
 13 

 “issuing party” shall have the meaning as set forth in
Section 28.10. 
 “Key Employees” shall have the meaning as set forth in
Section 9.07. 
 “Landlords” shall mean the landlords under the Leases. 

“Leases” shall mean any lease agreements as amended, modified, supplemented, and extended from time to time,
executed by Lessee as tenant and the Landlords, as described on Exhibit “B” attached to an Addendum. 

“Legal Requirements” shall mean all laws, statutes, ordinances, orders, rules, regulations, permits, licenses,
authorizations, directions and requirements of all governments and governmental authorities, which now or hereafter may be applicable to the Premises and the operation of the Hotels. 

“Lessee” shall have the meaning as set forth in the introductory paragraph of this Agreement; provided, if Lessee
is not the “lessee” under the Lease for the Hotel or a Non-Managed Hotel, the term “Lessee” with respect to the Hotel or Non-Managed Hotel shall mean the “lessee” under the Lease, as designated in the applicable
Addendum for the Hotel or Project Management Addendum for the Non-Managed Hotel. 
 “Management Fee”
shall collectively mean the Base Management Fee, the Incentive Fee, the Project Management Fee, the Market Service Fee, and any other fees payable to Manager pursuant to the terms of this Agreement. 

“Manager” shall have the meaning as set forth in the introductory paragraph of this Agreement. 

“Manager Affiliate Entity” shall have the meaning as set forth in Article XXI. 

“Market Service Fees” shall have the meaning as set forth in Section 8.02(G). 

“Mutual Exclusivity Agreement” shall mean that certain Mutual Exclusivity Agreement dated the date hereof among
the Partnership, AHP, Manager and Monty J. Bennett. 
 “Necessary Expenses” shall mean any expenses,
regardless of amount, which are necessary for the continued operation of the Hotel in accordance with Legal Requirements and the Applicable Standards and which are not within the reasonable control of Manager (including, but not limited to those for
taxes, utility charges, approved leases and contracts, licensing and permits). 
 “Net Operating Income”
shall be equal to Gross Operating Profit less (i) all amounts to be paid or credited to the Capital Improvement Reserve, and (ii) Rental Payments to the extent that such rental payments are not properly chargeable as an
operating expense. 
 “Non-Disturbance Agreement” means an agreement, in recordable form in the
jurisdiction in which a Hotel is located, executed and delivered by the Holder of a Hotel 

  
 14 

 
Mortgage or a Landlord, as applicable, (which agreement shall by its terms be binding upon all assignees of such lender or landlord and upon any individual or entity that acquires title to or
possession of a Hotel (referred to as a “Subsequent Owner”), for the benefit of Manager, pursuant to which, in the event such holder (or its assignee) or landlord (or its assignee) or any Subsequent Owner comes into
possession of or acquires title to a Hotel, such holder (and its assignee) or landlord (or its assignee) and all Subsequent Owners shall (x) recognize Manager’s rights under this Agreement, and (y) shall not name Manager as a party in
any foreclosure action or proceeding, and (z) shall not disturb Manager in its right to continue to manage the Hotels pursuant to this Agreement; provided, however, that at such time, (i) this Agreement has not expired or otherwise been
earlier terminated in accordance with its terms, and (ii) there are no outstanding Events of Default by Manager, and (iii) no material event has occurred and no material condition exists which, after notice or the passage of time or both,
would entitle Lessee to terminate this Agreement. 
 “non-issuing party” shall have the meaning as set
forth in Section 28.10. 
 “Non-Managed Hotel” shall mean any hotel or motel property
leased by Lessee from an Affiliate of the Partnership for which a Project Management Addendum has been executed and delivered by the parties thereto, and that is not a Hotel managed by Manager pursuant to an Addendum. 

“Notice” shall have the meaning as set forth in Article XXII. 

“Operating Account” shall have the meaning as set forth in Article XIV. 

“Partnership” means Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership. 

“Payment Option Request” shall have the meaning as set forth in Section 16.03. 

“Performance Cure Period” shall have the meaning as set forth in Section 2.03(b)(i)(2).

 “Performance Failure” shall have the meaning as set forth in
Section 2.03(b)(i)(1). 
 “Performance Test” shall have the meaning as defined in
Section 2.03(b)(i). 
 “Predecessor Manager” shall have the meaning as set forth in
Section 25.05. 
 “Premises” shall mean, as to each Hotel, the Lessee’s
leasehold interest in such Hotel and Site pursuant to the terms and conditions of the applicable Lease. 
 “Prime
Rate” shall have the meaning as set forth in Section 28.03. 
 “Project Management
Fee” shall have the meaning as set forth in Section 8.02G. 

  
 15 

 “Project Management Addendum” shall have the meaning as set forth in
Article XXVI. 
 “Project Related Services” shall have the meaning as set forth in
Section 8.02G. 
 “Property Service Account” shall have the meaning as set forth in
Section 13.02. 
 “Proprietary Marks” shall have the meaning as set forth in
Section 24.01. 
 “Prospectus” shall have the meaning as set forth in
Section 28.10. 
 “Qualified Lodging Facility” shall mean a “qualified lodging
facility” as defined in Section 856(d)(9)(D) of the Code and means a “Lodging Facility” (defined below), unless wagering activities are conducted at or in connection with such facility by any person who is engaged in the business
of accepting wagers and who is legally authorized to engage in such business at or in connection with such facility. A “Lodging Facility” is a hotel, motel or other establishment more than one-half of the dwelling units in
which are used on a transient basis, and includes customary amenities and facilities operated as part of, or associated with, the lodging facility so long as such amenities and facilities are customary for other properties of a comparable size and
class owned by other owners unrelated to AHP. 
 “Reasonable Working Capital” shall have the meaning as
set forth in Section 16.02. 
 “Related Person” shall have the meaning as set forth
in Section 28.08(e). 
 “Rental Payments” shall mean rental payments made under equipment
leases permitted pursuant to the terms of this Agreement. 
 “REVPAR” shall mean the revenue per
available room, determined by taking the actual occupancy rate of the applicable hotel and multiplying such rate by the actual average daily rate of such hotel. 
 “Sale” shall mean any sale, assignment, transfer or other disposition, for value or otherwise, voluntary or involuntary of Landlord’s title (whether fee or leasehold) in the
Hotel, or of a controlling interest therein, other than a collateral assignment intended to provide security for a loan, and shall include any such disposition through the disposition of the ownership interests in the entity that holds such title
and any lease or sublease of the Hotel. 
 “Site” shall mean, as to a Hotel, those certain tracts or
parcels of land described in “Exhibit B-1” attached to the applicable Addendum. 

“Software” shall have the meaning as set forth in Section 24.02. 

“Strike Price” shall have the meaning as set forth in Section 16.03. 

  
 16 

 “Subject Hotel” shall have the meaning set forth in
Section 2.03(b)(i). 
 “Targeted REVPAR Yield Penetration” shall mean, as to a Hotel,
80%. 
 “Term” shall mean, as to the Hotel, the contractual duration of this Agreement for the Hotel, as
defined in Section 2.01. 
 “Termination” shall mean the expiration or sooner
cessation of this Agreement as to a Hotel. 
 “Termination Date” shall have the meaning as set forth in
Section 2.01. 
 “Uniform System of Accounts” shall mean the Uniform System of
Accounts for the Lodging Industry, 9th Revised Edition, as may be modified from time to time by the International Association of Hospitality Accountants. 
 “Unrelated Person” shall have the meaning as set forth in Section 28.08(e). 
 “Working Capital” shall mean the amounts by which current assets exceed current liabilities as defined by the Uniform System of Accounts which are reasonably necessary for the
day-to-day operation of the Premises’ business, including, without limitation, the excess of change and petty cash funds, operating bank accounts, receivables, prepaid expenses and funds required to maintain Inventories, over the amount of
accounts payable and accrued current liabilities. 
 ARTICLE II 

TERM OF AGREEMENT 
 2.01 Term. The term (“Term”) of this Agreement shall commence for each Hotel or Non-Managed Hotel, as the case may be, on the “Commencement Date” as noted
on Exhibit “A” of the Addendum for such Hotel or the Project Management Addendum for such Non-Managed Hotel, and, unless sooner terminated as herein provided, shall continue until the “Termination Date.” For
purposes of this Agreement, the “Termination Date” for each Hotel or Non-Managed Hotel shall be the earlier to occur of (i) the Expiration Date applicable to such Hotel or Non-Managed Hotel, (ii) termination at the
option of Lessee in connection with the bona fide Sale of the Hotel or Non-Managed Hotel by Landlord or Lessee to an unaffiliated third party as provided in and subject to the terms of Section 2.03(a) hereof,
(iii) termination at the option of Lessee after the Performance Test has not been satisfied pursuant to and subject to the terms and conditions of Section 2.03(b) below, (iv) termination at the option of Lessee for
convenience pursuant to and subject to the terms and conditions of Section 2.03(c) below, or (v) termination by either Lessee or Manager pursuant to Article XVIII hereof in connection with a condemnation,
casualty or Force Majeure, subject to the terms thereof. The “Expiration Date” with respect to a Hotel or Non-Managed Hotel shall mean the 10th anniversary of the Commencement Date applicable to such Hotel or Non-Managed Hotel, provided that such initial 10-year
term may thereafter be renewed by Manager, at its option, on the same terms and conditions contained herein, for three (3) successive periods of seven (7) Fiscal Years each, and thereafter, for a final period of four (4) Fiscal Years;
and provided further, that at the time of 

  
 17 

 
exercise of any such option to renew, an Event of Default by Manager does not then exist beyond any applicable grace or cure period. If at any time of the exercise of any renewal period, Manager
is then in default under this Agreement, then the exercise of the renewal option will be conditional on timely cure of such default, and if such default is not timely cured, then Lessee may terminate this Agreement regardless of the exercise of such
renewal period and without the payment of any fee or liquidated damages. If Manager desires to exercise any such option to renew, it shall give Lessee Notice to that effect not less than ninety (90) days prior to the expiration of the then
current Term. Notwithstanding the expiration or earlier termination of the Term, Lessee and Manager agree that the obligations of Lessee to pay, remit, reimburse and to otherwise indemnify Manager for any and all expenses and fees incurred or
accrued by Manager pursuant to the provisions of this Agreement prior to the expiration or earlier termination of the Term (or actually incurred by Manager after the termination) shall survive Termination, provided such expenses and fees have been
incurred consistent with the then current terms of this Agreement and the applicable Annual Operating Budget or Capital Improvement Budget, including, without limitation but only to the extent so consistent, all costs, expenses and liabilities
arising from the termination of the Premises’ employees such as accrued vacation and sick leave, severance pay and other accrued benefits, employer liabilities pursuant to the Consolidated Omnibus Budget Reconciliation Act and employer
liabilities pursuant to the Worker Adjustment and Retraining Notification Act. In addition, subject to Section 19.02 below and the foregoing sentence, upon Termination of this Agreement as to a Hotel or Non-Managed Hotel, Lessee
and Manager shall have no further obligations to one another pursuant to this Agreement with respect to such Hotel or Non-Managed Hotel, except that Section 2.02, obligations to make payments under Section 2.03
or Section 9.05, Section 9.07, the last sentence of Section 15.01, obligations to make payments of termination fees pursuant to Article XVIII, Article XXIV,
Article XXV, Article XXVII and Section 28.12 shall survive Termination. 
 2.02 Actions to be
Taken upon Termination. Upon a Termination of this Agreement as to a Hotel, the following shall be applicable: 
  

	 	A.	Manager shall, within forty-five (45) days after Termination of this Agreement as to a Hotel, prepare and deliver to Lessee a final accounting statement with
respect to the Hotel, in form and substance consistent with the statements provided pursuant to Section 15.02, along with a statement of any sums due from Lessee to Manager pursuant hereto, dated as of the date of Termination.
Within thirty (30) days after the receipt by Lessee of such final accounting statement, the parties will make whatever cash adjustments are necessary pursuant to such final statement. The cost of preparing such final accounting statement shall
be a Deduction. Manager and Lessee acknowledge that there may be certain adjustments for which the necessary information will not be available at the time of such final accounting, and the parties agree to readjust such amounts and make the
necessary cash adjustments when such information becomes available. 

  

	 	B.	 As of the date of the final accounting referred to in subsection A above, Manager shall release and transfer to Lessee any of Lessee’s funds which
are held or controlled by Manager with respect to the Hotel, with the exception of funds to 

  
 18 

	 	
be held in escrow pursuant to Section 9.05 and Section 12.07. During the period between the date of Termination and the date of such final accounting, Manager shall pay
(or reserve against) all Deductions which accrued (but were not paid) prior to the date of Termination, using for such purpose any Gross Revenues which accrued prior to the date of Termination. 

 

	 	C.	Manager shall make available to Lessee such books and records respecting the Hotel (including those from prior years, subject to Manager’s reasonable records
retention policies) as will be needed by Lessee to prepare the accounting statements, in accordance with the Uniform System of Accounts, for the Hotel for the year in which the Termination occurs and for any subsequent year. Such books and records
shall not include: (i) employee records which must remain confidential pursuant to either Legal Requirements or confidentiality agreements, or (ii) any Intellectual Property. 

 

	 	D.	Manager shall (to the extent permitted by Legal Requirements) assign to Lessee, or to any other manager employed by Lessee to operate and manage the Hotel, all
operating licenses for the Hotel which have been issued in Manager’s name; provided that if Manager has expended any of its own funds in the acquisition of any of such licenses, Lessee shall reimburse Manager therefor if it has not done so
already. 

  

	 	E.	Lessee agrees that hotel reservations and any and all contracts made in connection with hotel convention, banquet or other group services made by Manager in the
ordinary and normal course of business consistent with this Agreement, for dates subsequent to the date of Termination and at rates prevailing for such reservations at the time they were made, shall be honored and remain in effect after Termination
of this Agreement. 

  

	 	F.	Manager shall cooperate with the new operator of the Hotel as to effect a smooth transition and shall peacefully vacate and surrender the Hotel to Lessee.

  

	 	G.	Manager and Lessee agree to use best efforts to resolve any disputes amicably and promptly under this Section 2.02 to effect a smooth transition of
the Hotel to Lessee and/or Lessee’s new manager. 

 2.03 Early Termination Rights; Liquidated Damages.

 (a) Termination Upon Sale. Upon Notice to Manager, Lessee shall have the option to terminate
this Agreement with respect to one, more or all of the Hotels or Non-Managed Hotels effective as of the closing of the Sale of such Hotels or Non-Managed Hotels to a third party. Such Notice shall be given at least forty-five (45) days’ in
advance (unless otherwise required by Legal Requirements, in which case Lessee shall provide such additional notice in order to comply with such Legal Requirements) and shall inform Manager of the identity of the contract purchaser. Manager, at its
election, may offer to provide management services to such contract purchaser after the closing of the sale. Lessee shall, in connection with such Sale, by a separate document reasonably 

  
 19 

 
acceptable to Lessee and Manager, indemnify and save Manager harmless against any and all losses, costs, damages, liabilities and court costs, claims and expenses, including, without limitation,
reasonable attorneys’ fees arising or resulting from the failure of Lessee or such prospective purchaser to provide any of the services contracted for in connection with the business booked for such hotels to, and including, the date of such
Termination, in accordance with the terms of this Agreement, including without limitation, any and all business so booked as to which facilities and/or services are to be furnished subsequent to the date of Termination, provided that any settlement
by Manager of any such claims shall be subject to the prior written approval of Lessee which shall not be unreasonably withheld, conditioned or delayed. In addition, the following terms shall apply in connection with the sale of any Hotel:

 (i) If this Agreement is terminated pursuant to Section 2.03(a) with respect to a Hotel
prior to the first anniversary of the Commencement Date applicable to such Hotel, then Lessee shall pay to Manager on such termination, a termination fee as liquidated damages and not as a penalty (provided that an Event of Default by Manager is not
then existing beyond any cure or grace periods set forth in this Agreement) in an amount equal to the estimated Base Management Fee and Incentive Fee that was estimated to be paid to Manager with respect to such Hotel pursuant to the Annual
Operating Budget for the remaining Accounting Periods until the first anniversary of the Commencement Date for such Hotel (irrespective of the Management Fees paid to Manager prior to the date of the Termination with respect to such Hotel). If this
Agreement is terminated pursuant to Section 2.03(a) with respect to a Hotel after the first anniversary of the Commencement Date applicable to such Hotel, then no termination fees shall be payable by Lessee for such Hotel.

 (b) Termination Due to Failure to Satisfy Performance Test.  

(i) Performance Test. Lessee shall have the right to terminate this Agreement with respect to any Hotel (for
the purposes of this Section 2.03(b)(i) called “Subject Hotel”), subject to the payment of a termination fee as set forth in subsection (ii) below, in the event of the occurrence of the following
(collectively herein called, the “Performance Test”): 
 (1) If for any Fiscal Year
(a) a Subject Hotel’s Gross Operating Profit Margin for such Fiscal Year is less than seventy-five percent (75%) of the average Gross Operating Profit Margin of comparable hotels in similar markets and geographic locations to the
applicable Hotel as reasonably determined by Lessee and Manager, and (b) such Subject Hotel’s REVPAR Yield Penetration is less than the Targeted REVPAR Yield Penetration for such Fiscal Year (herein (a) and (b) collectively
called “Performance Failure”); then 
 (2) Manager shall have a period of two
(2) years, commencing with the next ensuing Fiscal Year (the “Performance Cure Period”), to 

  
 20 

 
cure the Performance Failure after Manager’s receipt of Notice from Lessee of such Performance Failure and Lessee’s intent to terminate this Agreement with respect to the Subject Hotel
if the Performance Failure is not cured within such Performance Cure Period; and 
 (3) If after the first full
Fiscal Year during the Performance Cure Period, the Performance Failure remains uncured, then upon written Notice to Manager by Lessee, Manager shall engage a consultant reasonably acceptable to Manager and Lessee (with significant experience in the
hotel lodging industry) to make a written determination (within forty-five (45) days of such Notice) as to whether another management company (with comparable breadth of knowledge and experience as any of the hotel management companies owned
and/or controlled by Archie Bennett, Jr. and/or Monty Bennett, including with respect to number and type of hotels managed in similar markets and geographical areas) could manage the Subject Hotel in a materially more efficient manner. If such
consultant determination is in the negative, then Manager will be deemed not to be in default under the Performance Test. If such consultant determination is in the affirmative, then Manager agrees to engage such consultant (such cost and expense to
be shared by Lessee and Manager equally) to assist Manager during the second Fiscal Year of the Performance Cure Period with the cure of the Performance Failure; and 

(4) If after the end of the Performance Cure Period, the Performance Failure remains uncured and the consultant again
makes a written determination that another management company (with comparable breadth of knowledge and experience as any of the hotel management companies owned and/or controlled by Archie Bennett, Jr. and/or Monty Bennett, including with respect
to number and type of hotels managed in similar markets and geographical areas) could manage the Subject Hotel in a materially more efficient manner, then Lessee may, at its election, terminate this Agreement upon forty-five (45) days’
prior Notice to Manager. 
 (ii) Termination Fees. If Lessee elects to terminate this Agreement
with respect to a Subject Hotel for failure to satisfy the Performance Test, Lessee shall pay to Manager as liquidated damages but not as a penalty, a termination fee (provided that there does not then exist an Event of Default by Manager under this
Agreement beyond any applicable cure periods) in the amount equal to 60% of the product obtained by multiplying (A) 65% of the aggregate Base Management Fees and Incentive Fees budgeted in the Annual Operating Budget applicable to the Subject
Hotel for the full current Fiscal Year in which such termination is to occur (but in no event less than the Base Management Fees and Incentive Fees for the preceding full Fiscal Year) by (B) nine (9). 

  
 21 

 (iii) Finance Reports. Determinations of the performance of
the Subject Hotel shall be in accordance with the audited annual financial statements delivered by Lessee’s accountant pursuant to Section 15.03 hereof. 

(iv) Extension of Performance Cure Period. Notwithstanding the foregoing, if at any time during the
Performance Cure Period (a) Lessee is in material default under any of its obligations under this Agreement, or (b) Lessee has terminated, terminates or causes a termination of the Franchise Agreement (other than defaults due to Manager)
and does not obtain a new franchise agreement with a comparable franchisor, or (c) the operation of the Hotel or the use of the Hotel’s facilities are materially disrupted by casualty, condemnation, or events of Force Majeure that are
beyond the reasonable control of Manager, or by major repairs to or major refurbishment of the Hotel, then, for such period, the Performance Cure Period shall be extended. 

(v) Renewal Period. If at the time of Manager’s exercise of a renewal period with respect to any Hotel,
such hotel is a Subject Hotel within a Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the
foregoing provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section 2.03(b) without payment of any termination fee. 

(c) Termination For Convenience. Lessee may terminate this Agreement with respect to a particular Hotel or
Non-Managed Hotel for convenience (except if due to a Sale of a Hotel or Non-Managed Hotel, whereupon Section 2.03(a) shall govern) upon ninety (90) days Notice to Manager, and shall pay to Manager as liquidated damages but
not as a penalty, a termination fee (provided that there does not then exist an Event of Default by Manager under this Agreement beyond any applicable cure or grace periods) in an amount equal to (i) with respect to a Hotel, the product of
(A) 65% of the aggregate Base Management Fees and Incentive Fees budgeted in the Annual Operating Budget applicable to the Hotel for the full current Fiscal Year in which such termination is to occur (but in no event less than the Base
Management Fees and Incentive Fees for the preceding full Fiscal Year) by (B) nine (9), and (ii) with respect to a Non-Managed Hotel, the product of (A) 65% of the aggregate Project Management Fees and Market Service Fees estimated
for the Non-Managed Hotel for the full current Fiscal Year in which such termination is to occur (but in no event less than the Project Management Fees and Market Service Fees for the preceding full Fiscal Year) by (B) nine (9). 

(d) Payment of Liquidated Damages. WITH RESPECT TO ANY TERMINATION FEES PAYABLE IN CONNECTION WITH ANY EARLY
TERMINATION RIGHT SET FORTH IN THIS SECTION 2.03, OR IN SECTION 18.04 BELOW, LESSEE RECOGNIZES AND AGREES THAT, IF THIS AGREEMENT IS TERMINATED WITH RESPECT TO ANY OF THE HOTELS FOR THE REASONS SPECIFIED IN THIS
SECTION 2.03 OR IN SECTION 18.04 BELOW, THEREBY ENTITLING MANAGER TO RECEIVE THE TERMINATION 

  
 22 

 
FEES AS SET FORTH IN THIS SECTION 2.03 OR IN SECTION 18.04 BELOW, MANAGER WOULD SUFFER AN ECONOMIC LOSS BY VIRTUE OF THE RESULTING LOSS OF MANAGEMENT FEES WHICH WOULD
OTHERWISE HAVE BEEN EARNED UNDER THIS AGREEMENT. BECAUSE SUCH FEES VARY IN AMOUNT DEPENDING ON THE TOTAL GROSS REVENUES EARNED AT THE HOTELS AND ACCORDINGLY WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO ASCERTAIN WITH CERTAINTY, THE PARTIES AGREE
THAT THE TERMINATION FEES PROVIDED IN THIS SECTION 2.03 AND IN SECTION 18.04 BELOW CONSTITUTE A REASONABLE ESTIMATE OF LIQUIDATED DAMAGES TO MANAGER FOR PURPOSES OF ANY AND ALL LEGAL REQUIREMENTS, AND IT IS AGREED THAT
MANAGER SHALL NOT BE ENTITLED TO MAINTAIN A CAUSE OF ACTION AGAINST LESSEE, EXCEPT AS SPECIFICALLY PROVIDED HEREIN, FOR ACTUAL DAMAGES IN EXCESS OF THE TERMINATION FEES IN ANY CONTEXT WHERE THE TERMINATION FEES ARE PROVIDED BY THIS AGREEMENT, AND
RECEIPT OF SUCH FEES (TOGETHER WITH ALL OTHER AMOUNTS DUE AND PAYABLE BY LESSEE TO MANAGER WITH RESPECT TO EVENTS OCCURRING PRIOR TO TERMINATION OF THIS AGREEMENT WITH RESPECT TO THE APPLICABLE HOTELS OR AS OTHERWISE PROVIDED HEREIN) SHALL BE
MANAGER’S SOLE REMEDY FOR DAMAGES AGAINST LESSEE IN ANY SUCH CASE. The foregoing shall in no way affect any other sums due Manager under this Article II or otherwise hereunder, including, without limitation, the Management Fees
earned during the Term, or any other rights or remedies, at law or in equity of Manager under this Agreement or under Legal Requirements, including any indemnity obligations of Lessee to Manager under this Agreement. 

ARTICLE III 

PREMISES 

Manager shall be responsible, at the sole cost and expense of Lessee, for keeping and maintaining the Premises fully equipped in
accordance with plans, specifications, construction safety and fire safety standards, and designs pursuant to applicable Legal Requirements, the standards and requirements of a Franchisor pursuant to any applicable Franchise Agreement, any
applicable Hotel Mortgage, the Leases and the Capital Improvement Budgets approved pursuant to the terms hereof, subject in all respects to performance by Lessee of its obligations pursuant to this Agreement. 

ARTICLE IV 

APPOINTMENT OF MANAGER 
 4.01 Appointment. Lessee hereby appoints Manager as its sole, exclusive and continuing operator and manager to supervise and direct, for and at the expense of Lessee, the management and operation of the
Premises under the terms and conditions hereinafter set forth. In exercising its duties hereunder, Manager shall act as agent and for the account of Lessee. Manager hereby accepts said appointment and agrees to manage the Premises during the Term of
this Agreement under the terms and conditions hereinafter set forth. 

  
 23 

 4.02 Delegation of Authority. The operation of the Premises shall be under the exclusive
supervision and control of Manager who, except as otherwise specifically provided in this Agreement, shall be responsible for the proper and efficient management and operation of the Premises in accordance with this Agreement, the Leases, the
Franchise Agreements, the Capital Improvement Budget and the Annual Operating Budget. Subject to the terms of such agreements and budgets, the Manager shall have discretion and control in all matters relating to the management and operation of the
Premises, including, without limitation, charges for rooms and commercial space, the determination of credit policies (including entering into agreements with credit card organizations), food and beverage service and policies, employment policies,
procurement of inventories, supplies and services, promotion, advertising, publicity and marketing, and, generally, all activities necessary for the operation of the Premises. Manager shall also be responsible for the receipt, holding and
disbursement of funds and maintenance of bank accounts in compliance with the Cash Management Agreements, if applicable. 
 4.03
Contracts, Equipment Leases and Other Agreements. Manager is hereby authorized to grant concessions, lease commercial space and enter into any other contract, equipment lease, agreement or arrangement pertaining to or otherwise reasonably necessary
for the normal operation of the Premises (such concession, lease, equipment lease, contract, agreement or arrangement hereinafter being referred to individually as a “Contract” and collectively as
“Contracts”) on behalf of Lessee, as may be necessary or advisable and reasonably prudent business judgment in connection with the operation of the Premises and consistent with the Annual Operating Budget, and subject to any
restrictions imposed by the Franchise Agreements, Leases or any Hotel Mortgage, and subject to the Lessee’s prior written approval of: (i) any Contract which provides for a term exceeding one (1) year (unless such Contract is thirty
day cancellable with cost, premium or penalty equal to or less than $25,000.00) or (ii) any tenant space lease, license or concession concerning any portion of the public space in or on the Premises for stores, office space, restaurant space,
or lobby space. Lessee’s approval of any Contract shall not be unreasonably withheld, delayed or conditioned. Unless otherwise agreed, all Contracts for the Premises shall be entered into in Lessee’s name. Manager shall make available to
Lessee, its agents, and employees, at the Premises during business hours, executed counterparts or certified true copies of all Contracts it enters into pursuant to this Section 4.03. 

4.04 Alcoholic Beverage/Liquor Licensing Requirements. With respect to any licenses and permits held by Lessee or any of its subsidiaries
for the sale of any liquor and alcoholic beverages at any of the Premises, Manager agrees, as part of its management duties and services under this Agreement, to fully cooperate with any applicable liquor and/or alcoholic beverage authority and to
assist Lessee with any documentation and other requests of such authority to the extent necessary to comply with any licensing and/or permitting requirements applicable to the Premises. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 5.01 Lessee Representations. Upon execution of an Addendum or a Project Management Addendum, the Lessee identified in the Addendum or Project Management

  
 24 

 
Addendum, in order to induce Manager to enter into this Agreement, will be deemed to hereby represent and warrant to Manager as of the date of such Addendum as follows: 

5.01.1. The execution of this Agreement is permitted by the organizational documents of Lessee and this Agreement has been
duly authorized, executed and delivered on behalf of Lessee and constitutes the legal, valid and binding obligation of Lessee enforceable in accordance with the terms hereof; 

5.01.2. There is no claim, litigation, proceeding or governmental investigation pending, or, to the best knowledge and
belief of Lessee, threatened, against or relating to Lessee, the properties or businesses of Lessee or the transactions contemplated by this Agreement which does, or may reasonably be expected to, materially or adversely affect the ability of Lessee
to enter into this Agreement or to carry out its obligations hereunder, and, to the best knowledge and belief of Lessee, there is no basis for any such claim, litigation, proceeding or governmental investigation except as has been fully disclosed in
writing by Lessee to Manager; 
 5.01.3. Neither the consummation of the transactions contemplated by this
Agreement on the part of Lessee to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will result in the breach of any of the terms, conditions or provisions of, or constitute a default
under, any agreement, indenture, instrument or undertaking to which Lessee is a party or by which it is bound; 

5.01.4. No approval of any third party (including any Landlord or the Holder of any Hotel Mortgage in effect as of the
date of this Agreement) is required for Lessee’s execution, delivery and performance of this Agreement that has not been obtained prior to the execution hereof; 

5.01.5. Lessee holds all required governmental approvals required (if applicable) to be held by it to lease the Hotel or
Non-Managed Hotel; and 
 5.01.6. As of the date of this Agreement there are no defaults under any of the Leases.

 5.02 Manager Representations. Upon execution of an Addendum or Project Management Addendum, Manager, in order to induce
Lessee to enter into this Agreement, will be deemed to hereby represent and warrant to Lessee as of the date of such Addendum or Project Management Addendum as follows: 

5.02.1. The execution of this Agreement is permitted by the organizational documents of Manager and this Agreement has
been duly authorized, executed and delivered on behalf of Manager and constitutes a legal, valid and binding obligation of Manager enforceable in accordance with the terms hereof; 

5.02.2. There is no claim, litigation, proceeding or governmental investigation pending, or, to the best knowledge and
belief of Manager, threatened, against or relating 

  
 25 

 
to Manager, the properties or business of Manager or the transactions contemplated by this Agreement which does, or may reasonably be expected to, materially or adversely affect the ability of
Manager to enter into this Agreement or to carry out its obligations hereunder, and, to the best knowledge and belief of Manager, there is no basis for any such claim, litigation, proceeding or governmental investigation, except as has been fully
disclosed in writing by Manager to Lessee; 
 5.02.3. Neither the consummation of the transactions contemplated
by this Agreement on the part of Manager to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will result in the breach of any of the terms, conditions or provisions of, or constitute a
default under, any agreement, indenture, instrument or undertaking to which Manager is a party or by which it is bound; 
 5.02.4. No approval of any third party is required for Manager’s execution, delivery and performance of this Agreement that has not been obtained prior to the execution and delivery hereof;

 5.02.5. Manager holds all required governmental approvals required to be held by it to perform its obligations
under this Agreement; and 
 5.02.6. Manager qualifies as an Eligible Independent Contractor, and during the Term
of this Agreement, agrees to continue to qualify as an Eligible Independent Contractor. 
 ARTICLE VI 

OPERATION 
 6.01
Name of Premises; Standard of Operation. During the Term of this Agreement, the Premises shall be known and operated by Manager as a hotel licensed with the applicable Franchisor as noted on Exhibit C to each Addendum, with additional
identification as may be necessary to provide local identification, provided Manager and/or Lessee have obtained and are successful in continuously maintaining the right to so operate the Premises, which Manager agrees to use its reasonable best
efforts to do. Manager agrees to manage the Premises, for the account of Lessee, and so far as is legally possible, in accordance with the Annual Operating Budget and Applicable Standards subject to Force Majeure. In the event of termination of a
Franchise Agreement for one or more of the Premises, Manager shall operate such Premises under such other franchise agreement, if any, as Lessee enters into or obtains as franchisee. If the name of a Franchisor’s hotel system is changed, Lessee
shall have the right to change the name of the applicable Hotel to conform thereto. 
 Notwithstanding the foregoing or any
other provision in this Agreement to the contrary, Manager’s obligation with respect to operating and managing the Hotel in accordance with any Hotel Mortgage, Ground Leases, the Leases and the CCRs shall be limited to the extent (i) true
and complete copies thereof have been made available to Manager by Lessee reasonably sufficient in advance to allow Manager to manage the Hotel in compliance with such documents, and (ii) the provisions thereof and/or compliance with such
provisions by Manager (a) are 

  
 26 

 
applicable to the day-to-day management, maintenance and routine repair and replacement of the Hotel, the FF&E or any portion thereof, (b) do not require contribution of funds from
Manager, (c) do not materially increase Manager’s obligations hereunder or materially decrease Manager’s rights or benefits hereunder, (d) do not limit or restrict, or attempt to limit or restrict any corporate activity or
transaction with respect to Manager or any Manager Affiliate Entity or any other activity, transfer, transaction, property or other matter involving Manager or the Manager Affiliate Entities other than at the Site of the Hotel and (e) are
otherwise within the scope of Manager’s duties under this Agreement. Lessee acknowledges and agrees, without limiting the foregoing, that any failure of (i) Lessee to comply with the provisions of any Hotel Mortgage, Ground Leases, the
Leases and the CCRs or Legal Requirements or (ii) Manager to comply with the provisions of any such agreements or Legal Requirements arising out of, in the case of both (i) and (ii), (A) the condition of the Hotel, and/or the failure
of the Hotel to comply with the provisions of such agreements, prior to the Commencement Date, (B) construction activities at the Hotel prior to the Commencement Date, (C) inherent limitations in the design and/or construction of, location
of the Hotel and/or parking at the Hotel prior to the Commencement Date, (D) failure of Lessee to provide funds, from operations or otherwise, sufficient to allow timely compliance with the provisions of the Applicable Standards or the Leases,
the Ground Leases, any Hotel Mortgage and/or the CCRs through reasonable and customary business practices, and/or (E) Lessee’s failure to approve any matter reasonably requested by Manager in Manager’s good faith business judgment as
necessary or appropriate to achieve compliance with such items, shall not be deemed a breach by Manager of its obligations under this Agreement. Manager and Lessee agree, that Manager may from time to time, so long as Manager is in compliance with
the Franchise Agreements and Legal Requirements, provide collateral marketing materials in the rooms of the Hotel which advertise other hotels or programs of Manager or its Affiliates (including, through a dedicated television channel in the rooms
of the Hotel), at the sole cost and expense of Manager, provided such other hotels or programs being marketed by Manager are not competing directly in the same market with the Hotel where the marketing materials and information are being placed by
Manager. 
 6.02 Use of Premises. Manager shall use the Premises solely for the operation of the Hotel in accordance with the
Applicable Standards and for all activities in connection therewith which are customary and usual to such an operation. Subject to the terms of this Agreement, Manager shall comply with and abide by all applicable Legal Requirements, and the
requirements of any insurance companies covering any of the risks against which the Premises are insured, any Hotel Mortgage, the Ground Leases, the Leases, and the Franchise Agreements. If there are insufficient funds in the Operating Account to
make any expenditure required to remedy non-compliance with such Legal Requirements or with the requirements of any Hotel Mortgage, the Ground Leases, the Leases, or the Franchise Agreements or applicable insurance, Manager shall promptly notify
Lessee of such non-compliance and estimated cost of curing such non-compliance. If Lessee fails to make funds available for the expenditure so requested by Manager within thirty (30) days, Lessee agrees to indemnify and hold Manager harmless
from and against any and all costs, expenses and other liabilities incurred by Manager resulting from such non-compliance (which such indemnity shall survive any termination of this Agreement). In no event shall Manager be required to make available
or distribute, as applicable, sexually explicit materials or items of any kind, whether through retail stores or gift shops located at the Hotel or through “pay for view” programming in the guest rooms of the Hotel. 

  
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 6.03 Group Services. Manager may cause to be furnished to the Premises certain services
(“Group Services”) which are furnished generally on a central or regional basis to other hotels managed by Manager or any Manager Affiliate Entity and which benefit each hotel managed by Manager including, by way of example
and not by way of limitation, (i) marketing, advertising and promotion; (ii) centralized accounting payroll processing, ADP management, management and administration of accounts payable, accounts receivable and cash management accounting
and MIS support services; (iii) the preparation and maintenance of the general ledger and journal entries, internal audit, budgeting and financial statement preparation, (iv) recruiting, training, career development and relocation in
accordance with Manager’s or any Manager Affiliate Entities’ relocation plan; (v) employee benefits administration; (vi) engineering and risk management; (vii) information technology; (viii) legal support (such as
license and permit coordination, filing and completion, standardized contracts, negotiation and preparation, and similar legal services benefiting the Hotel); (ix) purchasing arising out of ordinary hotel operations not otherwise contemplated
in Section 8.02G hereof; (x) internal audit services; (xi) reservation systems; and (xii) such other additional services as are or may be, from time to time, furnished for the benefit of Manager’s or any
Manager Affiliate Entities’ hotels or in substitution for services now performed at Manager’s individual hotels which may be more efficiently performed on a group basis. Group Services shall include Manager’s costs relating to the
establishment of an office(s) and the placement of Manager’s personnel at international locations as may be reasonably required to oversee the performance of its services and duties hereunder for international assets. International office
expenses, overhead, international personnel costs and benefits, travel and other costs directly related to Manager’s personnel (other than property level personnel who are employed at a Hotel and whose Employee Costs and Expenses constitute
Deductions) who oversee the operations of international assets shall be allocated pro-rata to international Hotels based on room count and/or revenues in a fair and equitable manner reasonably determined by Manager. Manager shall assure that the
costs and expenses incurred in providing Group Services to the Premises shall have been allocated to the Premises on a pro-rata basis consistent with the method of allocation to all of Manager’s (and any Manager Affiliate Entities’) hotels
receiving the same services, shall be incurred at a cost consistent with the Annual Operating Budget and shall constitute Deductions. All Group Services provided by Manager shall be at the actual costs (without mark up for fee or profit to Manager
or any Manager Affiliate Entity, but including salary and employee benefit costs and costs of equipment used in performing such services and overhead costs) of Group Services for the benefit of all of Manager’s hotels receiving the same
services, and shall be of a quality comparable to which Manager could obtain from other providers for similar services. 
 6.04
Right to Inspect. Lessee, the beneficial owners of Lessee, the Landlords (to the extent permitted under such Leases), any Holder under any Hotel Mortgage (to the extent permitted under such Hotel Mortgage), and their respective agents, shall have
access to the Premises at any and all reasonable times for any purpose. Manager will be available to consult with and advise such parties, at their reasonable request, concerning all policies and procedures affecting all phases of the conduct of
business at the Hotel. 

  
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 ARTICLE VII 
 WORKING CAPITAL AND INVENTORIES 
 7.01 Working Capital and Inventories. The Lessee
shall cause funds to be deposited in one or more operating accounts established by Manager, in amounts sufficient to operate the Premises in accordance with the Annual Operating Budget, including the establishment and maintenance of positive Working
Capital and Inventories as reasonably determined by Manager. All Working Capital and Inventories are and shall remain the property of Lessee. In the event Lessee fails to advance funds which are necessary in order to maintain positive Working
Capital and Inventories at reasonable levels for a Hotel, Manager shall have the right to elect to terminate this Agreement upon sixty (60) days’ prior written notice to Lessee with respect to the affected applicable Hotel. During such
sixty (60) day period, Lessee and Manager shall use reasonable efforts to resolve the dispute over such Working Capital and Inventory requirements. If such dispute is not resolved, then this Agreement shall terminate with respect to the
affected applicable Hotel on the sixtieth (60th) day following Manager’s delivery of written notice of termination as provided above. If such dispute is resolved, then the notice will be deemed rescinded and this Agreement shall not be
terminated pursuant to the notice with respect to the affected applicable Hotel. Further, if Manager should so terminate this Agreement with respect to the affected applicable Hotel and if Manager in good faith incurs expenditures, or otherwise
accrues liabilities in accordance with the Annual Operating Budget and variances allowed herein, in each case, prior to the date of termination, Lessee agrees to promptly indemnify and hold Manager harmless from and against (i) any and all
liabilities, costs and expenses properly incurred by Manager in connection with the operations of the applicable Hotel through the date of Termination of this Agreement with respect to such Hotel, and (ii) any and all liabilities, costs and
expenses properly incurred by Manager as a result of Lessee’s failure to perform any obligation or pay any liability arising under any service, maintenance, franchise or other agreements, employment relationships (other than Excluded Employee
Claims), leases or contracts pertaining to the applicable Hotel after Termination of this Agreement with respect to such Hotel. Lessee acknowledges that liabilities arising in connection with the operation and management of the applicable Hotel
including, without limitation, all Deductions, incurred in accordance with the terms of this Agreement, are and shall remain the obligations of Lessee, and Manager shall have no liability therefor unless otherwise expressly provided herein. In the
event of a Termination by Manager pursuant to this Section 7.01, Manager shall be entitled to a termination fee as liquidated damages but not as a penalty, as set forth in connection with a termination for convenience as described
in Section 2.03(c) and subject to Section 2.03(d) above. 
 7.02 Fixed Asset Supplies.
Lessee shall provide the funds necessary to supply the Premises initially with Fixed Asset Supplies as reasonably determined by Manager consistent with the cost budgeted therefor in the Annual Operating Budget and otherwise consistent with the
intent of the parties that the level of such supplies will be adequate for the proper and efficient operation of the Premises at the Applicable Standards. Fixed Asset Supplies shall remain the property of Lessee. 

  
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 ARTICLE VIII 
 MAINTENANCE, REPLACEMENT AND CHANGES 
 8.01 Routine and Non-Routine Repairs and
Maintenance. Manager, at the expense of Lessee, shall maintain the Premises in good repair and condition as is required by the Applicable Standards. Manager, on behalf of Lessee, shall make or cause to be made such routine maintenance, repairs and
minor alterations as Manager from time to time deems reasonably necessary for such purposes, the cost of which: (i) can be expensed under GAAP, (ii) shall be paid from Gross Revenues, and treated as a Deduction, and (iii) are
consistent with the Annual Operating Budget. In addition, Manager, on behalf of Lessee, shall make or cause to be made such non-routine repairs and maintenance, either to the Premises’ building or its fixtures, furniture, furnishings and
equipment (“FF&E”), pursuant to the Capital Improvement Budget approved by Lessee and Landlord, the cost of which shall be paid for in the manner described in Section 8.02. Manager and Lessee shall use
their respective best efforts to prevent any liens from being filed against the Premises which arise from any maintenance, changes, repairs, alterations, improvements, renewals or replacements in or to the Premises. Lessee and Manager shall
cooperate fully in obtaining the release of any such liens. If the lien arises as a result of the fault of either party, then the party at fault shall bear the cost of obtaining the lien release. All changes, repairs, alterations, improvements,
renewals or replacements made pursuant to this Article VIII shall be the property of the Lessee. 
 8.02 Capital
Improvement Reserve. 
  

	 	A.	Manager shall establish (on behalf of Landlord), in respect of each Fiscal Year during the term of this Agreement, a reserve account on each Hotel’s books of
account (“Capital Improvement Reserve”) to cover the cost of: 

  

	 	1.	Replacements and renewals to the Premises’ FF&E; and 

  

	 	2.	Certain non-routine repairs and maintenance to the Hotel’s building(s) which are normally capitalized under GAAP such as, but not limited to, exterior and interior
repainting, resurfacing, building walls, floors, roofs and parking areas, and replacing folding walls and the like, and major repairs, alterations, improvements, renewals or replacement to the Hotel’s building structure or to its mechanical,
electrical, heating, ventilating, air conditioning, plumbing or vertical transportation systems. 

  

	 	B.	For each Fiscal Year, the Capital Improvement Reserve shall be an amount equal to four percent (4%) of the Hotel’s Gross Revenues for the applicable year (or
greater if required by any Landlord, Holder or Franchisor), or in such other amount as agreed to by Landlord, Lessee and Manager. 

 Payments of the percentage amounts specified above shall be made on an interim accounting basis as specified in Section 11.02 hereof. Calculations and payments from the Capital
Improvement Reserve made with respect to each Accounting Period shall be accounted for cumulatively for each Fiscal Year. After the close of each Fiscal Year, any adjustments required by the Fiscal Year accounting shall

  
 30 

 
be made by Manager. Any proceeds from the sale of the Premises’ FF&E no longer necessary to the operations of the Premises shall also be credited to the Capital Improvement Reserve. All
payments from the Capital Improvement Reserve shall be reserved and paid from Gross Revenues. Such payments and sale proceeds shall be placed in an escrow account or accounts consistent with the requirements of the Cash Management Agreements, if
any. Any interest earned in said account attributable to funds deposited pursuant to this Agreement shall be added to such Capital Improvement Reserve, thereby reducing the amount required to be placed in the account from Gross Revenues. 

 

	 	C.	Manager shall, in accordance with and subject to the Capital Improvement Budget described in Section 8.02E, from time to time make such substitutions
and replacements of or renewals to FF&E and non-routine repairs and maintenance as described in Section 8.01 as it deems necessary to maintain the Hotel as required by this Agreement. Except as hereinafter provided, no
expenditures will be made except as otherwise provided in the Capital Improvement Budget without the approval of Lessee and Landlord, and provided further, however, that if any such expenditures which are required by reason of any
(i) emergency, or (ii) applicable Legal Requirements, or (iii) the terms of the Franchise Agreement, or (iv) are otherwise required for the continued safe and orderly operation of the Hotel, Manager shall immediately give Lessee
and Landlord notice thereof and shall be authorized to take appropriate remedial action without such approval whenever there is a clear and present danger to life, limb or property of the Hotel or its guests or employees. The cost of all such
changes, repairs, alterations, improvements, renewals, or replacements will be paid for first from the Capital Improvement Reserve or other monies advanced by Lessee from funds received or owned by Landlord. At the end of each Fiscal Year any amount
remaining in the Capital Improvement Reserve in excess of the amounts unspent but contemplated to be spent pursuant to the Capital Improvement Budget for such Fiscal Year or as otherwise approved by Lessee and Landlord may be withdrawn by the Lessee
on behalf of Landlord. 

  

	 	D.	All changes, repairs, alterations, improvements, renewals or replacements made pursuant to this Article VIII shall be the property of Landlord.

  

	 	E.	 Manager shall prepare a budget (“Capital Improvement Budget”) of the expenditures necessary for replacement of FF&E and
building repairs of the nature contemplated by Section 8.01 during the ensuing Fiscal Year and shall provide such Capital Improvement Budget to Lessee and Landlord for approval at the same time Manager submits the Annual Operating
Budget. The Capital Improvement Budget shall not be deemed accepted by Lessee and Landlord in the absence of their respective express written approval. Not later than thirty (30) days after receipt by Lessee and Landlord of a proposed Capital
Improvement Budget (or such longer period as Lessee and Landlord may reasonably request on Notice to the Manager), Lessee and/or Landlord may deliver a Notice (a “CIB Objection Notice”) to the Manager stating that Lessee

  
 31 

	 	
and/or Landlord objects to any information contained in or omitted from such proposed Capital Improvement Budget and setting forth the nature of such objections with reasonable specificity.
Failure of Lessee and/or Landlord to deliver a CIB Objection Notice shall be deemed rejection of the Manager’s proposed Capital Improvement Budget in its entirety. Upon receipt of any CIB Objection Notice, the Manager shall, after consultation
with Lessee and Landlord, modify the proposed Capital Improvement Budget, taking into account Lessee’s and/or Landlord’s objections, and shall resubmit the same to Lessee and Landlord for Lessee’s approval within fifteen
(15) days thereafter, and Lessee and/or Landlord may deliver further CIB Objection Notices (if any) within fifteen (15) days thereafter (in which event, the re-submission and review process described above in this sentence shall continue
until the proposed Capital Improvement Budget in question is accepted and consented to by Lessee and Landlord). Notwithstanding anything to the contrary set forth herein, Lessee and Landlord shall have the right at any time subsequent to the
acceptance and consent with respect to any Capital Improvement Budget, on Notice to the Manager, to revise, with the reasonable approval of Manager, such Capital Improvement Budget or to request that the Manager prepare for Lessee’s and/or
Landlord’s approval a revised Capital Improvement Budget, taking into account such circumstances as Lessee and Landlord deem appropriate; provided, however, that the revision of a Capital Improvement Budget shall not be deemed a revocation of
the Manager’s authority with respect to such actions as the Manager may have already taken prior to receipt of such revision notice in implementing a previously approved budget or plan. Manager shall have the right and discretion to expend
funds from the Capital Improvement Reserve for replacements and renewals of FF&E in the Hotel’s interior public areas and guest rooms and routine maintenance, repairs and minor alterations during the Fiscal Year in question (but not for any
other capital expenditures) in accordance with the provisions of the Capital Improvement Budget. 

  

	 	F.	It is the intent of Manager and Lessee to maintain the Premises in conformance with the Applicable Standards. Accordingly, as the Hotel ages, if the Capital Improvement
Reserve established pursuant to the terms hereof is insufficient to meet such standards, and if the Capital Improvement Budget prepared in good faith by Manager and approved by Lessee and Landlord exceeds the available and anticipated funds in the
Capital Improvement Reserve, Lessee, Landlord and Manager will consider the matter and Lessee and Landlord may elect to: 

  

	 	1.	increase the annual reserve provision to provide the additional funds required; or 

 

	 	2.	obtain financing for the additional funds required. 

  

	 	G.	 In consideration of the Project Management Fee (as defined below), Manager shall be responsible for managing, coordinating, planning and executing the
Capital Improvement Budget and all major repositionings of the Hotel and, to the 

  
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extent Lessee has the right to direct such matters (e.g., the manager for the Non-Managed Hotel does not have the right under its management agreement to direct such matters or elects not to
exercise such right), each Non-Managed Hotel (for such purposes with respect to a Non-Managed Hotel, the term Capital Improvement Budget shall mean the capital improvement budget for such Non-Managed Hotel). In addition, Manager shall be paid
additional fees at current market rates (determined with reference to other third party providers of such services who are not discounting such fees as result of fees generated from other services) (collectively, the “Market Service
Fees”), subject to the Approval Requirement (defined in subparagraph 8.02(I) below), for the following services (the “Project Related Services”) to be provided in accordance with the Applicable Standards (with
the understanding that Manager may subcontract for any or all of the following Project Related Services) for the Hotel and, to the extent Lessee has the right to direct such matters, Non-Managed Hotel: 

 

	 	1.	Construction Management - Manager shall, on major renovation tasks which involve the selection and engagement of a general contractor, coordinate the selection
process with Lessee and/or Landlord, shall assist in the negotiation of construction contracts, manage such construction contracts and related issues, and shall engage separate contractors and subcontractors for specific tasks outside the scope of
the general contractor. 

  

	 	2.	Interior Design - With respect to any interior design elements involved in the implementation of the Capital Improvement Budget, Manager shall be responsible for
overseeing the development of conceptual plans (consistent with Lessee’s and Landlord’s objectives), shall arrange for preparation of specifications, coordinate and make all fabric, flooring, furniture and wall treatment selections (both
colors and finishes), coordinate reselections and document all selections in specification books as required under the terms of the Franchise Agreement and coordinate all related franchise approvals, and will manage the applicable Franchisor process
on approval of all selections relating to initial and final selections. 

  

	 	3.	Architectural - Manager shall, if applicable, make recommendations of engagement of architects, negotiate architectural agreements on behalf of Lessee and
Landlord (with Lessee’s and Landlord’s approval), manage all architects applicable to the implementation of the Capital Improvement Budget, oversee all conceptual designs and sketches, review all necessary plans, drawings, shop drawings
and other matters necessary for the proper implementation of the Capital Improvement Budget, and coordinate and manage all approvals necessary for the implementation of the Capital Improvement Budget such as Franchisor approvals, governmental
approvals and Holder approvals. 

  
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	 	4.	FF&E Purchasing - Manager shall be responsible for the evaluation of all specifications and negotiations of all prices associated with the purchasing of
FF&E, shall manage and issue all purchase orders and place orders necessary for the proper and timely delivery of all FF&E. 

  

	 	5.	FF&E Expediting/Freight Management - Manager shall be responsible for the expediting of all FF&E contemplated in an applicable Capital Improvement Budget
including managing the freight selection and shipping process in a cost effective manner. 

  

	 	6.	FF&E Warehousing - Manager shall be responsible, if applicable, for the management and coordination of all warehousing of goods delivered at the job site,
inspection of materials delivered, and the filing of all claims associated with the delivery of defective or damaged goods. 

  

	 	7.	FF&E Installation and Supervision - Manager shall be responsible for the management and oversight of the installation of all FF&E in compliance with
specifications and Franchisor standards as required to implement the Capital Improvement Budget. 

 Manager shall
be paid a project management fee (herein, the “Project Management Fee”) equal to four percent (4%) of the total project costs associated with the implementation of the Capital Improvement Budget (both hard and soft)
payable monthly in arrears based upon the prior calendar month’s total expenditures under the Capital Improvement Budget until such time that the Capital Improvement Budget and/or renovation project involves the expenditure of an amount in
excess of five percent (5%) of Gross Revenues of the applicable Hotel or Non-Managed Hotel, whereupon the Project Management Fee shall be reduced to three percent (3%) of the total project costs in excess of the five percent (5%) of
Gross Revenue threshold. The Project Management Fee shall be accounted for and documented and consistent with the requirements of Section 11.02 herein. Any onsite or dedicated personnel required for the direct supervision of the
implementation of a Capital Improvement Budget or other renovation project will be a direct cost to, and shall be reimbursed by, the Landlord. 
  

	 	H.	Except as otherwise provided herein, in no event shall Manager realize any kick backs, rebates, cash incentives, administration fees, concessions, profit
participations, investment rights or similar payments or economic consideration from or in, as applicable, vendors or suppliers of goods or services. Manager agrees that any such amounts or benefits derived shall be held in trust for the benefit of
Lessee or Landlord (as applicable). 

  

	 	I.	 Any Market Service Fees for the Project Related Services shall be, once approved, reflected in the Capital Improvements Budget (such Market Service
Fees subject to any adjustments necessary for then existing market conditions) 

  
 34 

	 	
shall be submitted for approval to Lessee and Landlord with the applicable Capital Improvement Budget, and shall be deemed approved by the Lessee and Landlord unless a majority of the Independent
Directors of AHP affirmatively vote that such Market Service Fees are not market (determined by reference to fees charged by third party providers who are not hotel managers or who are not discounting such fees as result of fees generated from other
services) (herein called the “Approval Requirement”). In the event that the majority of the Independent Directors of AHP affirmatively votes that the Market Service Fees proposed by Manager are not market, the Lessee and
Manager agree to engage a consultant reasonably satisfactory to both Lessee and Manager to provide then current market information with respect to the proposed Market Service Fees and a written recommendation as to whether such fees are market or
not. If the consultant’s recommendation provides that such Market Service Fees as proposed by Manager are market, then the Landlord agrees to pay any consultant fees incurred by such consultant in making the recommendation. If the
consultant’s recommendation does not support the Market Service Fees as proposed by Manager, then Manager agrees to pay the consultant’s fees incurred in connection with the recommendation and agrees to either re-submit Manager’s
proposed Market Service Fees consistent with the market research and recommendation of the consultant for approval to Lessee and Landlord, or elect by Notice to Lessee and Landlord that Manager will not provide the Project Related Services. If
Manager elects not to provide Project Related Services for a Non-Managed Hotel, no termination fee shall be payable by Lessee under Section 2.03(c) of this Agreement. 

ARTICLE IX 

EMPLOYEES 
 9.01
Employee Hiring. Manager will hire, train, promote, supervise, direct the work of and discharge all personnel working on the Premises. Manager shall be the sole judge of the fitness and qualification of such personnel and is vested with absolute
discretion in the hiring, discharging, supervision, and direction of such personnel during the course of their employment and in the operation of the Premises. 
 9.02 Costs; Benefit Plans. 
  

	 	A.	 Manager shall fix the employees’ terms of compensation and establish and maintain all policies relating to employment, so long as they are
reasonable and in accordance with the Applicable Standards and the Annual Operating Budget. Without limiting the foregoing, Manager may, consistent with the applicable budgets, enroll the employees of the Hotel in pension, medical and health, life
insurance, and similar employee benefit plans (“Benefit Plans”) substantially similar to plans reasonably necessary to attract and retain employees and generally remain competitive. The Benefit Plans may be joint plans for
the benefit of employees at more than one hotel owned, leased or managed by Manager or Manager Affiliate Entities. Employer contributions to such plans 

  
 35 

	 	
(including any withdrawal liability incurred upon Termination of this Agreement) and reasonable administrative fees (but without further markup by Manager), which Manager may expend in connection
therewith, shall be the responsibility of Lessee and shall be a Deduction. The administrative expenses of any joint plans will be equitably apportioned by Manager among properties covered by such plan. 

 

	 	B.	 [Manager may elect to enroll employees in a medical and health Benefit Plan that is a self insured health plan (the “Plan”)
without collection of any fee or profit to Manager or any Manager Affiliate Entity. The aggregate actual costs incurred by Manager in operating and managing the Plan shall be allocated on a pro rata basis by Manager among the properties covered by
the Plan based on the number of members participating in the Plan, and such costs shall include, without limitation, the administration and payment of claims, costs and fees of third party administration and gateway or reference pricing services,
and premiums for stop-loss insurance and reinsurance policies (collectively, the “Health Plan Costs”). Prior to the commencement of each Plan year, Manager shall in good faith establish premium levels for employee individual
and family coverages based on relevant factors such as historic health service consumption by members participating in the Plan, participation in wellness programs, and the projected Health Plan Costs for the upcoming Plan year (the
“Health Care Premiums”). The amount of employer contribution to Health Care Premiums for each employee at a Hotel shall be a Deduction for such Hotel, and Manager may periodically draw down from Gross Revenues for the Hotel
the amount of such employer contribution to Health Care Premiums as same become payable under the terms of the Plan. Manager shall establish an account into which all Health Care Premiums for the Plan shall be deposited and out of which Health Plan
Costs shall be paid (the “Plan Account”). Upon implementation of a Plan, Lessee shall initially fund into a reserve (the “Reserve Account”) a cash amount equal to fifteen percent (15%) of the
estimated Health Plan Costs for the first Plan year allocable to the Hotels (the “Plan Reserve”). Thereafter, Lessee shall be responsible to maintain the level of the Plan Reserve in an amount not less than ten percent
(10%) of the estimated Health Plan Costs allocable to the Hotels for the then current Plan year, as same may be adjusted from time to time during such Plan year (the “Minimum Plan Reserve Balance”). Manager may transfer
funds (a) from the Plan Reserve to the Plan Account if and as reasonably necessary to maintain at all times sufficient amounts in the Plan Account to pay Health Plan Costs when due and payable, and (b) from the Plan Account to the Plan
Reserve if Manager reasonably determines that the balance in the Plan Account (whether by deposit of Health Care Premiums or transfers from the Plan Reserve) exceeds that which is reasonably necessary to pay Health Plan Costs when due and payable.
If in any Plan year the balance in the Plan Reserve falls below the Minimum Plan Reserve Balance, including by reason of transfers of funds to the Plan Account or an increase in the estimated Health Plan Costs allocable to the Hotels for the then
current Plan year (the “Reserve Shortfall”), Lessee shall deposit into the Reserve Account the amount of the Reserve Shortfall within ten (10) days after receipt of Manager’s written request therefore. If Lessee
fails to timely deposit the Reserve 

  
 36 

	 	
Shortfall, Manager shall have the right (without affecting Manager’s other remedies under this Agreement) to draw down from Gross Revenues for the Hotels the amount of the Reserve Shortfall.
If Gross Revenues are not sufficient to fund the Reserve Shortfall, Manager shall have the right to withdraw the amount of the Reserve Shortfall from the Operating Accounts, the Capital Improvements Reserves, Working Capital or any other funds of
Lessee held by or under the control of Manager for the Hotels. If at any time the balance in the Plan Reserve exceeds twenty percent (20%) of the estimated Health Plan Costs allocable to the Hotels for the then current Plan year, as same may be
adjusted from time to time during such Plan year, such excess amounts shall be returned to Lessee. Manager may elect in connection with the Plan to make contributions to health reimbursement accounts (HRA) or health savings accounts (HSA) maintained
for the benefit of employees (“HRA/HSA Fundings”). In the event Manager makes HRA/HSA Fundings for employees at a Hotel, such HRA/HSA Fundings shall be a Deduction for such Hotel and shall be treated hereunder in the same
manner as other Employee Costs and Expenses.] 

 9.03 Manager’s Employees. It is expressly understood and
agreed that all such personnel employed at the Hotel, including the Manager’s acting General Manager for the Hotel, will be the employees of Manager for all purposes including, without limitation, federal, state and local tax and reporting
purposes, but the expense incurred in connection therewith will be a Deduction and for Lessee’s account. A General Manager’s compensation may be allocated to other Hotels on a fair and equitable basis if the General Manager oversees and
supervises other Hotel operations. Manager shall use such care when hiring any employees as may be common to the hospitality business and consistent with the Manager’s standards of operation. Lessee acknowledges and agrees that Manager, as the
employer of the Hotel’s employees, shall be entitled to all federal, state and/or local tax credits or benefits allowed to employers relating to the Hotel’s employees including, without limitation, the Work Opportunity Tax Credit, the
Targeted Jobs Tax Credit, and similar tax credits (provided that Manager shall pay all incremental fees, if applicable, to qualify for such tax credits). Manager, in accordance with the Annual Operating Budget, may draw down from Gross Revenues all
costs and expenses, of whatever nature, incurred in connection with such employees, including, but not limited to, wages, salaries, on-site staff, bonuses, commissions, fringe benefits, employee benefits, recruitment costs, workmen’s
compensation and unemployment insurance premiums, payroll taxes, vacation and sick leave (collectively, “Employee Costs and Expenses”). 
 9.04 Special Projects - Corporate Employees. The costs, fees, compensation and other expenses of any persons engaged by Manager to perform duties of a special nature, directly related to the operation of
the Premises, including, but not limited to, in-house or outside counsel, accountants, bookkeepers, auditors, employment search firms, marketing and sales firms, and similar firms of personnel, shall be operating expenses, payable from and
consistent with the Annual Operating Budget and not the responsibility of the Manager. The costs, fees, compensation and other expenses of those personnel of Manager assigned to special projects for the Hotel shall also be operating expenses payable
by the Lessee and not the responsibility of 

  
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Manager. The daily per diem rate for those personnel shall be based upon the actual costs of Manager in providing its personnel for such special services or projects, without mark-up for fee or
profit but including salary and employee benefit costs and costs of equipment used in performing such services, overhead costs, travel costs and long distance telephone. Such special services shall include, but not be limited to, those matters which
are not included within the scope of the duties to be performed by Manager hereunder and, if not provided by Lessee, would involve the Lessee’s engagement of a third party to perform such services; for example, special sales or marketing
programs, market reviews, assistance in opening new food and beverage facilities, legal services, accounting services, tax services, insurance services, data processing, engineering personnel, and similar services. 

9.05 Termination. At Termination, subject to Section 2.01 above, Lessee shall reimburse Manager for costs and expenses
incurred by Manager which arise out of either the transfer or termination of Manager’s employees at the Hotel, such as reasonable transfer costs, compensation in lieu of vacation and sick leave, severance pay (including a reasonable allowance
for severance pay for Executive Employees of the Hotel, the amount of such allowance not to exceed an amount equal to Manager’s then current severance benefits for such terminated Executive Employees, unless Lessee otherwise approves),
unemployment compensation, employer liability pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA liability) and the Worker Adjustment and Retraining Notification Act (WARN Act) and other employment liability costs arising out of
the termination of the employment of the Manager’s employees at the Premises (herein collectively called “Employee Related Termination Costs”). This reimbursement obligation shall not apply to any corporate personnel of
Manager assigned to the Hotel for special projects or who perform functions for Manager at the corporate level. In order to be reimbursable hereunder, any Employee Related Termination Costs must be pursuant to policies of Manager which shall be
consistent with those of other managers managing similar hotels in similar markets and geographical locations and which shall be subject to review and reasonable approval of Lessee from time to time upon Notice from Lessee and which review and
approval shall occur no more than one time during each Fiscal Year during the term of this Agreement. 
 At Termination, an
escrow fund shall be established from Gross Revenues (or, if Gross Revenues are not sufficient, with funds provided by Lessee) to reimburse Manager for all reimbursable Employee Related Termination Costs. 

[Employee Related Termination Costs shall include Health Plan Costs allocable to the Hotels that become payable under a Plan following a
Termination. Manager shall be entitled to hold the balance of funds in the Plan Reserve to pay such Health Plan Costs as they become due for the following periods of time (the “Contingency Period”): (a) six
(6) months following Termination with respect to Health Plan Costs relating to claims incurred prior to Termination, and eighteen (18) months following Termination with respect to COBRA liability (or such earlier date upon which there are
no employees electing COBRA coverage relating to such Termination) (the “Contingent Costs”). In addition, in the event Manager reasonably determines that the balance of funds in the Plan Reserve is not sufficient to cover
Manager’s estimate of Contingent Costs, Lessee shall deposit into the Plan Account on or before the date of Termination or following a Termination, within ten (10) days after receipt of Manager’s written

  
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request therefore, the amount that Manager reasonably determines is sufficient to cover Manager’s estimate of Contingent Costs (the “Contingent Shortfall”). If Lessee
fails to timely deposit the Contingent Shortfall, Manager shall have the right (without affecting Manager’s other remedies under this Agreement) to draw down from Gross Revenues for the Hotels the amount of the Contingent Shortfall. If Gross
Revenues are not sufficient to fund the Contingent Shortfall, Manager shall have the right to withdraw the amount of the Contingent Shortfall from the Operating Accounts, the Capital Improvement Reserves, Working Capital or any other funds of Lessee
held by or under the control of Manager for the Hotel(s). Following the expiration of the Contingency Period for a Termination of this Agreement in its entirety, any balance remaining in the Plan Reserve shall be returned to Lessee.] 

9.06 Employee Use of Hotel. Manager, in its discretion, may (i) provide lodging for Manager’s Executive Employees and corporate
staff visiting the Hotel in connection with the performance of Manager’s services hereunder and allow them the use of the facilities of the Hotel, and (ii) provide the management of the Hotel with temporary living quarters within the Hotel
and the use of all facilities of the Hotel, in either case at a discounted price or without charge, as the case may be. Manager shall, on a space available basis, provide lodging at the Hotel for Lessee’s employees, officers and directors
visiting the Hotel and allow them the use of all facilities of the Hotel in either case without charge, except for recreational facilities for which a charge will apply. 
 9.07 Non-Solicitation. During the term of this Agreement and for a period of two (2) years thereafter, unless an Event of Default by Manager exists under this Agreement beyond applicable grace or
cure periods, or the Agreement has been terminated as a result of an uncured Event of Default by Manager, Lessee agrees that it (and its Affiliates) will not, without the prior written consent of Manager, either directly or indirectly, alone or in
conjunction with any other person or entity, (i) solicit or attempt to solicit any general manager (each a “General Manager” and, collectively, “General Managers”) of the Hotel or any other hotels
managed by Manager or any of Manager’s Executive Employees (collectively, the General Manager and Executive Employees are herein called the “Key Employees”) to terminate, alter or lessen Key Employees’ employment or
affiliation with Manager or to violate the terms of any agreement or understanding between any such Key Employee and Manager, as the case may be, or (ii) employ, retain, or contract with any Key Employee. 

ARTICLE X 

BUDGET, STANDARDS AND CONTRACTS 
 10.01 Annual Operating Budget. Not less than forty-five (45) days prior to the beginning of each Fiscal Year, Manager shall submit to Lessee for each Hotel, a budget (the “Annual Operating
Budget”) setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the event of a partial first Fiscal Year, including a schedule of hotel
room rentals and other rentals and a marketing and business plan for each Hotel, such budget to be substantially in the format of Exhibit “D” attached to the Addendum for such Hotel. 

  
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 10.02 Budget Approval. The Annual Operating Budget submitted to Lessee by Manager shall be
subject to the approval of Lessee (such approval not to be unreasonably withheld). The Annual Operating Budget shall not be deemed accepted by Lessee in the absence of its express written approval. Not later than thirty (30) days after receipt
by Lessee of a proposed Annual Operating Budget (or such longer period as Lessee may reasonably request on Notice to Manager), Lessee may deliver an AOB Objection Notice with reasonable detail to the Manager stating that Lessee objects
to any information contained in or omitted from such proposed Annual Operating Budget and setting forth the nature of such objections with reasonable specificity. Failure of Lessee to deliver an AOB Objection Notice shall be deemed rejection of the
Manager’s proposed Annual Operating Budget in its entirety. Upon receipt of any AOB Objection Notice, the Manager shall, after consultation with Lessee, modify the proposed Annual Operating Budget, taking into account Lessee’s objections,
and shall resubmit the same to Lessee for Lessee’s approval within fifteen (15) days thereafter, and Lessee may deliver further AOB Objection Notices (if any) within fifteen (15) days thereafter (in which event, the re-submission and
review process described above in this sentence shall continue until the proposed Annual Operating Budget in question is accepted and consented to by Lessee). Notwithstanding anything to the contrary set forth herein, Lessee shall have the right at
any time subsequent to the acceptance and consent with respect to any Annual Operating Budget, on Notice to the Manager, to revise such Annual Operating Budget or to request that the Manager prepare for Lessee’s approval a revised Annual
Operating Budget (with the approval of Manager, such approval not to be unreasonably withheld), taking into account such circumstances as Lessee deems appropriate; provided, however, that the revision of an Annual Operating Budget shall not be
deemed a revocation of the Manager’s authority with respect to such actions as the Manager may have already taken prior to receipt of such revision notice in implementing a previously approved budget or plan. Lessee and Manager acknowledge and
agree that the Annual Operating Budgets are merely forecasts of operating revenues and expenses for an ensuing year and shall be revised, by agreement of Lessee and Manager, from time to time as business and operating conditions shall demand.
However, Manager shall use its reasonable best efforts to operate the Premises in accordance with the Annual Operating Budget. The failure of the Hotel to perform in accordance with such Annual Operating Budget shall not constitute a default by
Manager of this Agreement, however, the Lessee has a right to terminate this Agreement with respect to a Subject Hotel if such Subject Hotel fails to satisfy the Performance Test as set forth in Section 2.03(c) above. 

10.03 Operation Pending Approval. If the Annual Operating Budget (or any component thereof) has not yet been approved by Lessee prior to
any applicable Fiscal Year, then, until approval of such Annual Operating Budget (or such component) by Lessee, Manager shall operate the Hotel substantially in accordance with the prior year’s Annual Operating Budget except for (a) those
components of the Annual Operating Budget for the applicable Fiscal Year approved by Lessee, (b) the Necessary Expenses which shall be paid as required, (c) the Emergency Expenses which shall be paid as required, and (d) those
expenses that vary in correlation with Gross Revenues and/or occupancy in the aggregate. 
 10.04 Budget Meetings. At each
budget meeting and at any additional meetings during a Fiscal Year reasonably called by Lessee or Manager, Manager shall consult with Lessee on matters of policy concerning management, sales, room rates, wage scales, personnel, general

  
 40 

 
overall operating procedures, economics and operation and other matters affecting the operation of the Hotel. 
 ARTICLE XI 
 OPERATING DISTRIBUTIONS 

11.01 Management Fee. As consideration for the services to be rendered by Manager pursuant to this Agreement as manager and operator of
the Premises, Manager shall be paid the following Base Management Fee and Incentive Management Fee (as such terms are hereinafter defined), collectively called the “Management Fee”, for each Hotel on a property by property
basis as follows: 
  

	 	A.	Base Management Fee. The base management fee (“Base Management Fee”) shall be equal to the greater of (i) $12,673.48 (to be
increased annually based on any increases in CPI over the preceding annual period), or (ii) three percent (3%) of the Gross Revenues for each Accounting Period, to be paid monthly in arrears. If this Agreement shall commence or expire on
other than the first and last day of a calendar month, respectively, the Base Management Fee shall be apportioned based on the actual number of days of service in the month. 

 

	 	B.	Incentive Fee. The incentive fee (the “Incentive Fee”) shall be equal to the lesser of (i) one percent (1%) of Gross
Revenues for each Fiscal Year and (ii) the amount by which the actual House Profit exceeds the Budgeted HP determined on a property by property basis (“HP Test”). The Incentive Fee shall be payable annually in arrears
within ninety (90) days after the end of each Fiscal Year; provided, however, if based on actual operations and revised forecasts from time to time, it is reasonably anticipated that the Incentive Fee is reasonably expected to be earned for
such Fiscal Year, Lessee shall reasonably consider payment of the Incentive Fee, pro-rata on a quarterly basis, within twenty (20) days following the end of each calendar quarter, subject to final adjustment within ninety (90) days
following the end of the Fiscal Year. 

 11.02 Accounting and Interim Payment. 

 

	 	A.	Manager shall submit monthly, pursuant to Section 15.02, an interim accounting to Lessee showing Gross Revenues, Deductions, House Profit, Gross
Operating Profit and Net Operating Income before Debt Service. 

  

	 	B.	Calculations and payments of the Base Management Fee made with respect to each Accounting Period shall be made on an interim accounting basis and shall be accounted for
cumulatively for each Fiscal Year. After the end of each Fiscal Year, Manager shall submit to Lessee an accounting for such Fiscal Year, consistent with Section 15.03, which accounting shall be controlling over the interim
accountings. Any adjustments required by the Fiscal Year accounting shall be made promptly by the parties. 

  
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	 	C.	The Incentive Fee shall only be calculated and earned based upon the House Profit achieving the required HP Test for any given Fiscal Year or a portion thereof if the
period of calculation cannot include the full period from January 1 to December 31. 

  

	 	D.	If Lessee raises no objection for any reason (excluding fraud) within one (1) year from the receipt of annual accounting statements as provided herein (or for
fraud within any applicable statute of limitations period, and if no statute of limitations period exists, then in no event to exceed four (4) years from receipt of annual accounting statements as provided herein), such accounting shall be
deemed to have been accepted by Lessee as true and correct, and Lessee shall have no further right to question its accuracy. Manager will provide Lessee profit and loss statements for the current period and year-to-date, including actual, budget and
last year comparisons, as required by Section 15.03. 

 ARTICLE XII 

INSURANCE 
 12.01
Insurance. Manager shall coordinate with Lessee, at all times during any period of development, construction, renovation, furnishing and equipping of the Premises, the procurement and maintenance in amount and scope as available and market for the
hotel lodging industry for hotels of similar type and in similar markets and geographical locations as the Hotel, public liability and indemnity and property insurance with minimum limits of liability as required by Lessee, the Landlords, any
Holder, or Franchisors, if applicable, to protect Lessee, Landlord, Manager, any Holder, and any Franchisor, if applicable, against loss or damage arising in connection with the development, construction, renovation, furnishing and equipping of the
Premises (and pre-opening activities, if applicable), including, without limitation, the following: 
 12.01.1. Extended
Coverage, Boiler, Business Interruption and Liability Insurance. 
 (a) Building insurance on the
“Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessee) in an amount not less than 100% of the then “full replacement cost” thereof
(as defined below) or such other amount which is acceptable to Lessee, and personal property insurance on the “Special Form” in the full amount of the replacement cost thereof; 

(b) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or
hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary or as may be reasonably requested by Lessee from time to time; 

(c) Loss of income insurance on the “Special Form”, in the amount of one year of the sum of Base Rent
plus Percentage Rent (as such terms are defined in and as determined pursuant to the Leases) for the benefit of Landlords, and business interruption insurance on the “Special Form” in the amount of one year of Gross Operating
Profit, for 

  
 42 

 
the benefit of Lessee. All loss of income insurance proceeds shall be part of Gross Revenues; 
 (d) Commercial general liability insurance, with amounts not less than $1,000,000 combined single limit for each occurrence and $2,000,000.00 for the aggregate of all occurrences within each policy year,
as well as excess liability (umbrella) insurance with limited of at least $35,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general
aggregate, products and completed operations, and “all risk legal liability” (including liquor law or “dram shop” liability if liquor or alcoholic beverages are served at the Hotel); 

(e) Automobile insurance on vehicles operating in conjunction with the Hotel with limits of liability of at least
$1,000,000.00 combined, single limit coverage; and 
 (f) Insurance covering such other hazards and in such
amounts as may be customary for comparable properties in the area of the Hotel and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State where the Hotel is located at rates which
are economically practicable in relation to the risks covered as may be reasonably requested by Lessee and otherwise consistent with the costs allocated therefor in the Annual Operating Budget. 

12.01.2. Operational Insurance. 

(a) Workers’ compensation and employer’s liability insurance as may be required under Legal Requirements and as
Manager may deem reasonably prudent covering all of Manager’s employees at the Premises, with such deductible limits or self-insured retentions as may be reasonably established from time to time by Manager; 

(b) Fidelity bonds, with limits and deductibles as may be reasonably requested by Lessee, covering Manager’s
employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; and 
 (c) Such other insurance in amounts as Manager in its reasonable judgment deems advisable for its protection against claims, liabilities and losses arising out of or connected with its performance under
this Agreement, and otherwise consistent with the costs allocated therefor in the Annual Operating Budget. 
 12.02 Replacement
Cost. The term “full replacement cost” as used herein shall mean the actual replacement cost of the Hotel requiring replacement from time to time including an increased cost of construction endorsement, if available, and the
cost of debris removal. In the event either party to this Agreement believes that full replacement cost (the then-replacement cost less such exclusions) has increased or decreased at any time during the Term, it shall have the right to have such
full replacement cost re-determined. 

  
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 12.03 Increase in Limits. If either party to this Agreement at any time deems the limits of
the personal injury or property damage under the comprehensive commercial general liability insurance then carried to be either excessive or insufficient, such parties shall endeavor in good faith to agree on the proper and reasonable limits for
such insurance to be carried and such insurance shall thereafter be carried with the limits thus agreed on until further change pursuant to the provisions of this Section. 
 12.04 Blanket Policy. Notwithstanding anything to the contrary contained in this Article XII, Manager may include the insurance required hereunder within the coverage of a so-called blanket
policy or policies of insurance carried and maintained by Manager; provided, however, that the coverage afforded to the parties as required herein will not be reduced or diminished or otherwise be different from that which would exist under a
separate policy meeting all other requirements of this Agreement by reason of the use of such blanket policy of insurance, and provided further that the requirements of this Article XII are otherwise satisfied. 

12.05 Costs and Expenses. Insurance premiums and any costs or expenses with respect to the insurance, including, without limitation,
agent’s and consultant’s costs used to place insurance or adjust claims, shall be Deductions. Premiums on policies for more than one year shall be charged pro-rata against Gross Revenues over the period of the policies and to the extent,
through blanket policies, cover other hotels managed by Manager or owned by Lessee or any of its Affiliates, shall be allocated based on rooms, number of employees, values or other methods as determined to be reasonable by Manager and Lessee. Any
reserves, losses, costs, damages or expenses which are uninsured, self-insured, or fall within deductible limits shall be treated as a cost of insurance and shall be Deductions, subject to Article XXV. 

12.06 Policies and Endorsements. 
  

	 	A.	Where permitted, all insurance provided for under this Article XII shall name Lessee as insured, and Manager, any Holder, the Landlords, and, if required,
the Franchisors, as additional insureds. The party procuring such insurance shall deliver to the other party certificates of insurance with respect to all policies so procured, including existing, additional and renewal policies and, in the event of
insurance about to expire, shall deliver certificates of insurance with respect to the renewal policies not less than ten (10) days prior to the respective dates of expiration. 

 

	 	B.	All policies of insurance provided for under this Article XII shall, to the extent obtainable, be with insurance companies licensed or authorized to do
business in the state in which the Premises are located, with a minimum rating of A or better in the Best’s Insurance Guide and an S&P rating of at least A+V (or such higher rating if so required by any Holder, Landlord or Franchisor), and
shall have attached thereto an endorsement that such policy shall not be cancelled or materially changed without at least thirty (30) days’ (and for Texas Hotels, ten (10) days’) prior written notice to Lessee. All insurance
policies obtained pursuant to this Article XII shall contain a standard waiver of subrogation endorsement. 

  
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 12.07 Termination. Upon Termination of this Agreement, an escrow fund in an amount
reasonably acceptable to Manager shall be established from Gross Revenues (or, if Gross Revenues are not sufficient, with funds provided by Lessee) to cover the amount of any costs which, in Manager’s reasonable business judgment, will likely
need to be paid by either Lessee or Manager with respect to pending or contingent claims, including those which arise after Termination for causes arising during the Term of this Agreement. Upon the final disposition of all such pending or
contingent claims, any unexpended funds remaining in such escrow shall be paid to Lessee. 
 ARTICLE XIII 

TAXES AND DEBT SERVICE 
 13.01 Taxes. 
 (a) All real estate and ad valorem property taxes,
assessments and similar charges on or relating to the Premises during the Term of this Agreement shall be paid by Manager, on behalf of Lessee, before any fine, penalty, or interest is added thereto or lien placed upon the Premises, unless payment
thereof is stayed. All such payments shall be reserved and paid from Gross Revenues and treated as Deductions in determining Net Operating Income. Gross Revenues reserved for such purposes shall be placed in an escrow account or accounts established
pursuant to the requirements of any applicable Holder. Interest earned in said account attributable to funds deposited pursuant to this Agreement shall be added to such reserve, thereby reducing the amount required to be placed in the account from
Gross Revenues. 
 (b) Notwithstanding the foregoing, upon Lessee’s request, Manager shall, as a Deduction,
contest the validity or the amount of any such tax or assessment. Lessee agrees to cooperate with Manager and execute any documents or pleadings required for such purpose, provided that Lessee is satisfied that the facts set forth in such documents
or pleadings are accurate and that such execution or cooperation does not impose any unreasonable obligations on Lessee, and Lessee agrees to reimburse Manager as a Deduction for all expenses occasioned to Manager by any such contest, provided that
such expenses shall be approved by Lessee prior to the time that they are incurred. 
 13.02 Debt Service; Ground Lease
Payments. In the event of a Hotel Mortgage and/or Ground Lease and upon direction of Lessee, Manager shall establish an account (the “Property Service Account”) to pay Debt Service and/or Ground Lease Payments in such
periodic payments as required by any applicable Holder under any applicable Hotel Mortgage and/or landlord under any Ground Lease. The Property Service Account shall be funded by Landlord under the Lease from funds paid by Landlord to Lessee. In the
event sufficient funds are unavailable for the payment of Debt Service and/or Ground Lease Payments from the Property Service Account, then Manager shall notify Lessee in writing of such insufficiency who shall in turn advise the Landlord under the
applicable Lease to replenish the Property Service Account to provide funds for payment of Debt Service and/or Ground Lease Payments. 

  
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 ARTICLE XIV 
 BANK ACCOUNTS 
 All funds made available to Manager by Lessee for operations of
the Premises, exclusive of those amounts described in Article VIII, shall be deposited into a banking checking account or accounts to be established in the name of Lessee (the “Operating Account”), consistent
with the requirements of any Cash Management Agreements, if any. The Operating Account shall be interest bearing when possible. Subject to the limitation of Manager’s authority set forth herein, both Manager and Lessee shall be authorized to
withdraw funds from said Operating Account, except that Lessee may withdraw funds from said account only if an Event of Default by Manager has occurred under this Agreement or an event has occurred that with the passage of time might be an Event of
Default by Manager. Prior to any such withdrawal by Lessee, Lessee shall provide Notice of same to Manager, and Manager shall not be liable to Lessee for any checks written by Manager for operating expenses which are returned due to insufficient
funds caused by such Lessee withdrawal. From time to time both Manager and Lessee shall designate signatory parties on such account and shall provide written notice of such designation or change in designation to the other party, and the signatures
of such persons shall be formally and expressly recognized by the bank in which such account or accounts are maintained. The bank or banks to be utilized shall be selected and approved by Lessee and Manager. All monies received shall be deposited
in, including, but not limited to, Gross Revenues, and expenses paid, including, but not limited to, Deductions, shall be paid from such bank checking account(s) except that Manager shall have the right to maintain payroll and petty cash funds and
to make payments therefrom as the same are customary and utilized in the lodging business. Such funds shall not be commingled with Manager’s funds. Lessee shall have the right, at its expense, to audit said account or accounts at any reasonable
time. 
 Manager may establish one or more separate bank accounts for handling payroll costs in the name of Lessee. Such
accounts shall be in a bank selected by Manager and approved by Lessee, and shall be handled exclusively by the individuals designated by Manager and approved in writing by Lessee. Funds shall be deposited in the payroll account or accounts from the
Operating Account, as needed, in order to meet payroll requirements. 
 Until otherwise prescribed by Lessee in writing, the
Operating Account shall be under the control of Manager, without prejudice, however, to Manager’s obligation to account to Lessee as and when provided herein. All receipts and income, including without limitation, Gross Revenues shall be
promptly deposited in the Operating Account. Checks or other documents of withdrawal shall be signed only by the individual representatives of Manager approved in writing by Lessee and duly recognized for such purpose by the bank or banks in which
the referenced accounts are maintained. Manager shall supply Lessee with fidelity bonds or other insurance insuring the fidelity of authorized signatories to such accounts, unless said bonds or other insurance shall have been placed by Lessee and
delivered directly by the bonding or insurance company to Lessee. The cost of such fidelity bonds or other insurance shall be a Deduction, at Lessee’s expense, and subject to Lessee’s approval. Neither Lessee nor Manager shall be
responsible for any losses occasioned by the failure or insolvency of the bank or banks in which the referenced accounts are maintained. Upon expiration or termination of this Agreement for the Hotel and the payment to Manager of all amounts due
Manager hereunder 

  
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upon such expiration or termination, as provided in this Agreement, all remaining amounts in the referenced accounts shall be transferred forthwith to Lessee, or made freely available to Lessee.

 Manager shall not be required to advance funds, and Manager shall not be obligated to incur any liability or obligation for
Lessee’s account, without assurance that necessary funds for the discharge thereof will be provided by Lessee. 
 All
reserve accounts established pursuant to this Agreement shall be placed in segregated interest-bearing accounts in the name of Lessee which interest shall be added to such reserve and serve to reduce the amount required to be placed in such reserve
account. 
 ARTICLE XV 
 ACCOUNTING SYSTEM 
 15.01 Books and Records. Manager shall maintain an adequate
and separate accounting system in connection with its management and operation of the Premises. The books and records shall be kept in accordance with GAAP and the Uniform System of Accounts (to the extent consistent with GAAP) and shall be
maintained at all times either on the Premises, at the principal office of the Manager, or in storage, for at least three (3) years after the Fiscal Year to which the books and records relate. Lessee, the beneficial owners of Lessee, the
Landlords (to the extent permitted under the Leases), any Holder (to the extent permitted under the Hotel Mortgage), any Franchisor (to the extent permitted under any applicable Franchise Agreement), or their respective employees or duly authorized
agents, shall have the right and privilege of examining and inspecting the books and records at any reasonable time. Upon termination of this Agreement for a Hotel, all such books and records shall be turned over to Lessee so as to insure the
orderly continuance of the operation of the Hotel; provided however, that all such books and records thereafter shall be available to Manager at the Hotel at all reasonable times for inspection, audit, examination and copying for a period of three
(3) years. 
 15.02 Monthly Financial Statements. Within twenty-five (25) days following each Accounting Period,
Manager shall furnish Lessee with respect to the Hotel an accrual basis balance sheet on Manager’s standard format in reasonable detail, together with a reasonably detailed accrual basis profit and loss statement for the calendar month next
preceding and with a cumulative calendar year accrual basis profit and loss statement to date, including a comparison to the Annual Operating Budget and the Capital Improvements Budget and a statement of cash flows for each monthly and cumulative
period for which a profit and loss statement is prepared. Further, from time to time as reasonably requested by Lessee, Manager shall provide a statement of bank account balances, an allocation to reserve accounts, a sources and uses statement, a
narrative discussing any of the aforementioned reports and material variances from the Annual Operating Budget and the Capital Improvements Budget, such other reports and financial statements as Lessee may reasonably request and as are customarily
provided by managers of similar hotel properties in the area of the Hotel without Manager receiving additional fees to provide same. 
 15.03 Annual Financial Statements. Within forty-five (45) days after the end of each Fiscal Year, Manager shall furnish to Lessee year-end financial statements for the Hotel

  
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(including a balance sheet, income statement and statement of sources and uses of funds) which statements shall be unaudited and shall be prepared in accordance with GAAP and the Uniform System
of Accounts (to the extent consistent with GAAP). Lessee will engage an independent national certified public accounting firm with hospitality experience and reasonably acceptable to Lessee to provide audited annual financial statements. Manager
shall cooperate in all respects with such accountant in the preparation of such statements, including the delivery of any financial information generated by Manager pursuant to the terms of this Agreement and reasonably required by the Lessee’s
accountant to prepare such audited financial statements. 
 ARTICLE XVI 

PAYMENT BY LESSEE 

16.01 Payment of Base Management Fee. On the fifth (5th) day of each month during the term of this Agreement, Manager shall be paid
out of the Operating Account, the Base Management Fee for the preceding Accounting Period, as determined from the books and records referred to in Article XV. 
 16.02 Distributions. Subject to retention of Reasonable Working Capital (including any amounts as required by the Capital Improvement Budget) and retention of such reserves as may be required under any
Hotel Mortgage and/or Ground Lease, as applicable, Manager shall deliver to Lessee from the Operating Account, any excess Working Capital for the preceding Accounting Period on the 25th day of the following month, and such amounts of Lessee’s
money in the possession or under the control of Manager as Lessee shall from time to time request. For purposes of this Article “Reasonable Working Capital” shall mean an amount reasonably determined by Manager at the same
time as the monthly financial statements are prepared pursuant to Section 15.02 hereof, but in no event to exceed a sum equal to a ratio of current assets to current liabilities of 2:1 (but excluding from such calculation cash
restricted or unavailable under any Cash Management Agreement). 
 16.03 Payment Option. Management Fees
shall be paid in cash, except that subject to the requirements of Section 5.02.6 and Section 28.08 Manager may request, no later than thirty (30) days prior to the payment due date, by Notice to Lessee
(such request to be subject to the approval of a majority of the Independent Directors of AHP, in their sole discretion, and to any applicable restrictions of a national securities exchange (including NASDAQ NMS and NASDAQ Small Cap) and to federal
and state securities laws), payment of up to one-third
(1/3rd) of its Base Management Fee and up to one
hundred percent (100%) of its Incentive Fee, in the form of shares of common stock of AHP priced at the “Strike Price,” or in the form of stock options priced in accordance with the “Black-Scholes Model” (the
“Payment Option Request”), as follows: 
  

	 	A.	 Common Stock at “Strike Price”. The number of shares of common stock of AHP to be issued in lieu of the applicable Base
Management Fees and/or Incentive Fee as noted in the Payment Option Request (the “Designated Fees”) shall be based upon the “Strike Price” of such common stock determined as follows: The term “Strike
Price” shall be and mean the amount obtained (rounded upward to the next highest cent) by determining the simple average of 

  
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the daily closing price of the common stock of AHP for the twenty (20) trading days ending on the last trading day of the calendar week immediately preceding the applicable payment due date
on the New York Stock Exchange or, if the shares of such common stock are not then being traded on the New York Stock Exchange, then on the principal stock exchange (including without limitation NASDAQ NMS or NASDAQ Small Cap) on which such common
stock is then listed or admitted to trading as determined by AHP or, if such common stock is not then so listed or admitted to trading the average of the last reported closing bid and asked prices on such days in the over-the-counter market or, if
no such prices are available, the fair market value per share of such common stock, as determined by a majority of the Independent Directors of AHP in their sole discretion. The Strike Price shall not be subject to any adjustment as a result of the
issuance of any additional shares of common stock by AHP for any purpose, except for stock splits (whether accomplished by stock dividends or otherwise) or reverse stock splits occurring during the 20 trading days referenced in the calculation of
the Strike Price. Upon determination of the Strike Price for such common stock (and provided payment in the form of common stock has been approved by the board of directors of AHP), AHP agrees to issue to Manager the number of shares of common stock
in AHP determined by dividing the Designated Fees by the Strike Price per share of common stock, and any balance remaining shall be paid to Manager in cash. 

 

	 	B.	Options based on Black-Scholes Model. The number of stock options to be issued in lieu of the Designated Fees shall be based upon the “Black-Scholes
Model” as follows: The term “Black-Scholes Model” means the Black-Scholes model for valuing the “fair value” of an option calculated based on historical data and calculated probabilities of future stock prices,
reasonably applied. Upon determination of the value of an option on the date such options are to be issued, as determined using the Black-Scholes Model (the “Black-Scholes Amount”), provided payment in the form of options has
been approved by the board of directors of AHP, AHP agrees to issue to Manager the number of options for common stock of AHP determined by dividing the Designated Fees by the Black-Scholes Amount per option, and any balance remaining shall be paid
to Manager in cash. The “Strike Price” for any option (which must be exercised within ten (10) years of issuance), shall have the meaning of the term “Strike Price” as used in subparagraph A above. 

ARTICLE XVII 

RELATIONSHIP AND AUTHORITY 
 Lessee and Manager shall not be construed as partners, joint venturers or as members of a joint enterprise and neither shall have the power to bind or obligate the other except as set forth in this
Agreement. Nevertheless, Manager is granted such authority and power as may be reasonably necessary for it to carry out the provisions of this Agreement. This Agreement, either alone or in conjunction with any other documents, shall not be deemed to
constitute a lease of any portion of the Premises. Nothing contained herein shall prohibit or 

  
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restrict Manager or any affiliate of Manager from operating, owning, managing, leasing or constructing any hotel of any nature or description which may in any manner compete with that of the
Premises, except as otherwise set forth in the Mutual Exclusivity Agreement; provided that Manager agrees to comply with the conflicts policies of AHP. Except as otherwise expressly provided in this Agreement, (a) all debts and liabilities to
third persons incurred by Manager in the course of its operation and management of the Hotel in accordance with the provisions of this Agreement shall be the debts and liabilities of Lessee only, and (b) Manager shall not be liable for any such
obligations by reason of its management, supervision, direction and operation of the Hotel as agent for Lessee. Manager may so inform third parties with whom it deals on behalf of Lessee and may take any other reasonable steps to carry out the
intent of this paragraph. 
 ARTICLE XVIII 
 DAMAGE, CONDEMNATION AND FORCE MAJEURE 
 18.01 Damage and Repair. If, during the
Term hereof, a Hotel is damaged or destroyed by fire, casualty, or other cause, Lessee shall, subject to the requirements of the applicable underlying Lease, repair or replace the damaged or destroyed portion of the Hotel to the same condition as
existed previously. In the event the underlying Lease relating to such damaged Hotel is terminated pursuant to the provisions of such Lease, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days’ Notice from
the date of such damage or destruction, in which case this Agreement shall then terminate with respect to such Hotel sixty (60) days from the date of such notice and neither party shall have any further rights, obligations, liabilities or
remedies one to the other hereunder with respect to such Hotel, except as otherwise provided in Article II (provided that no termination fees shall be payable by Lessee pursuant to Article II) and
Section 18.04. If this Agreement remains in effect with respect to such damaged Hotel and the damage does not result in a reduction of Gross Revenues at such Hotel, the Management Fee will be unabated. If however, this Agreement
remain in effect with respect to such Hotel, but the damage does result in a reduction of Gross Revenues at such Hotel, Lessee shall be entitled to partial, pro rata abatement with respect to the Management Fee until such time as such Hotel is
restored. 
 18.02 Condemnation. 
  

	 	A.	In the event all or substantially all of a Hotel shall be taken in any eminent domain, condemnation, compulsory acquisition, or similar proceeding by any competent
authority for any public or quasi-public use or purpose, this Agreement shall terminate with respect to such Hotel, subject to the requirements of the applicable underlying Lease. However, in any event of such termination, Lessee shall give Manager
at least fifteen (15) days prior Notice of such termination. In the event of such termination, neither party shall have any further rights, remedies, obligations or liabilities one to the other hereunder with respect to such Hotel except as
otherwise provided in Article II above (provided that no termination fees shall be payable by Lessee pursuant to Article II). 

  
 50 

	 	B.	If a portion of the Premises shall be taken by the events described in Section 18.02A or the entire Premises are temporarily affected, the result of
either of which is not to make it, in the reasonable business judgment of Lessee, unreasonable to continue to operate the applicable Hotel, subject to the requirements of the applicable underlying Lease, this Agreement shall not terminate with
respect to such Hotel. However, so much of any award for any such partial taking or condemnation shall be made available to the extent necessary to render the applicable Premises equivalent to its condition prior to such event and the balance shall
be paid to Lessee or the Holder, if required by any Hotel Mortgage covering the Premises. 

 18.03 Force Majeure.
If an event of Force Majeure directly involves a Hotel and has a significant adverse effect upon the continued operations of such Hotel, then Lessee shall be entitled to terminate this Agreement with respect to the applicable Hotel by written Notice
within sixty (60) days from the date of such Force Majeure, and this Agreement shall then terminate with respect to the applicable Hotel sixty (60) days from such notice, in which event neither Lessee nor Manager shall have any further
rights, remedies, obligations or liabilities, one to the other, hereunder, with respect to the applicable Premises except as otherwise provided in Article II (provided that no termination fees shall be payable by Lessee pursuant to
Article II). 
 18.04 Liquidated Damages if Casualty. 

 

	 	A.	Omitted. 

  

	 	B.	Casualty of a Hotel. Notwithstanding anything contained in this Agreement to the contrary, if any Hotel is damaged pursuant to a casualty as set forth in
Section 18.01 hereof within the first year of the initial 10-year term for such Hotel, and Lessee elects, for any reason, not to rebuild such Hotel, Lessee agrees to pay Manager (provided there does not then exist an Event of
Default by Manager beyond any applicable cure periods), a termination fee, if any, that would be owed if such hotel were then sold, as set forth in Section 2.03(a)(i) above. However, if after the first year of the initial 10-year
term for a Hotel, such Hotel is damaged and Lessee elects not to rebuild such hotel even though sufficient casualty proceeds are available to do so, then Lessee will pay to Manager a termination fee (provided there does not then exist an Event of
Default by Manager beyond any applicable cure periods), equal to the product obtained by multiplying (i) 65% of the aggregate Base Management Fee and Incentive Fee estimated to be paid Manager budgeted in the Annual Operating Budget applicable
to such Hotel (but in no event less than the Base Management Fee and Incentive Fee for the preceding full Fiscal Year) by (ii) nine (9). 

 Payment of the termination fees set forth in this Section 18.04 shall be subject to Section 2.03(d) above with respect to liquidated damages. 

18.05 No Liquidated Damages if Condemnation or Force Majeure. No liquidated damages shall be payable in the event of a condemnation
relating to a Hotel, provided that 

  
 51 

 
Manager shall be entitled to seek recovery from the condemning authority for its loss of contract and this Agreement shall not terminate for that purpose. No liquidated damages shall be payable
by Lessee as a result of its termination of this Agreement as to a Hotel pursuant to Section 18.03 (Force Majeure). 
 ARTICLE XIX 
 DEFAULT AND TERMINATION 

19.01 Events of Default. The following shall constitute events of default (each an “Event of Default”):

  

	 	A.	The filing of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law by Lessee or Manager; 

 

	 	B.	The consent to any involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days from the date of entry thereof, any order approving an
involuntary petition by Lessee or Manager; 

  

	 	C.	The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating Lessee or Manager as bankrupt or
insolvent, or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator of all or a substantial part of such party’s assets, and such order, judgment or decree continues unstayed and in effect for any period
of ninety (90) days or more; 

  

	 	D.	The appointment of a receiver for all or any substantial portion of the property of Lessee or Manager; 

 

	 	E.	The failure of Lessee or Manager to make any payment required to be made in accordance with the terms of this Agreement within ten (10) days after receipt of
Notice, specifying said default with reasonable specificity, when such payment is due and payable; or 

  

	 	F.	The failure of Lessee or Manager to perform, keep or fulfill any of the other covenants, undertakings, obligations or conditions set forth in this Agreement, and the
continuance of such default for a period of thirty (30) days after written notice of said failure; provided, however, if such default cannot be cured within such thirty (30) day period and Lessee or Manager, as the case may be, commences
to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended so long as it shall require Lessee or Manager, as the case may be,
in the exercise of due diligence to cure such default, it being agreed that no such extension (including the original 30 day cure period) shall be for a period in excess of one hundred twenty (120) days. 

 

	 	G.	The Manager does not qualify as an Eligible Independent Contractor. 

  
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 19.02 Consequence of Default. Upon the occurrence of any Event of Default, the
non-defaulting party may give the defaulting party Notice of intention to terminate this Agreement (after the expiration of any applicable grace or cure period provided in Section 19.01), and upon the expiration of thirty
(30) days from the date of such notice, this Agreement shall terminate, whereupon the non-defaulting party shall be entitled to pursue all of its rights and remedies, at law or in equity, under this Agreement (including, without limitation, any
indemnity obligations which shall survive termination of this Agreement) and any other rights and remedies available under Legal Requirements except as otherwise expressly limited by the terms of Article II. Notwithstanding the
foregoing, in the event that an Event of Default is applicable to one or more of the Hotels but not all of the Hotels, such termination shall only be as to such applicable Hotel(s). 

ARTICLE XX 

WAIVER AND INVALIDITY 
 20.01 Waiver. The failure of either party to insist upon a strict performance of any of the terms or provisions of this Agreement or to exercise any option, right or remedy herein contained, shall not be
construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force and effect. No waiver by either party of any term or provision hereof shall be deemed
to have been made unless expressed in writing and signed by such party. 
 20.02 Partial Invalidity. In the event that any
portion of this Agreement shall be declared invalid by order, decree or judgment of a court, this Agreement shall be construed as if such portion had not been inserted herein except when such construction would operate as an undue hardship on the
Manager or Lessee or constitute a substantial deviation from the general intent and purpose of said parties as reflected in this Agreement, in which event it shall be terminated. 

ARTICLE XXI 

ASSIGNMENT 

Subject to the requirements of any Hotel Mortgage, Franchise Agreement, Ground Lease or any of the Leases, neither party shall assign or
transfer (by operation of law or otherwise) or permit the assignment or transfer of this Agreement without the prior written consent of the other (which may be withheld in its sole discretion) and any such prohibited assignment or transfer shall be
null and void; provided, however, that Manager shall have the right, without such consent, to assign its interest in this Agreement to any “Manager Affiliate Entity”, provided such Manager Affiliate Entity qualifies as an Eligible
Independent Contractor as of the date of such transfer. The term “Manager Affiliate Entity” shall mean any entity controlled directly or indirectly by (i) Archie Bennett, Jr. and/or Monty Bennett, (ii) family
partnerships or trusts (the sole members or beneficiaries of which are at all times lineal descendants of Archie Bennett, Jr. or Monty Bennett (including step-children) and spouses of any of the foregoing), or (iii) by lineal descendants of
Archie Bennett, Jr. or Monty Bennett (including step-children) and spouses of any of the foregoing. For purposes hereof, “controlled” shall mean (i) the possession, directly or indirectly of a majority of the voting power and capital

  
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stock or ownership interest of such entity, or (ii) the power to direct or cause the direction of the management and policies of such entity in the capacity of chief executive officer,
president, chairman, or other similar capacity where they are actively engaged and/or involved in providing such direction or control and spend a substantial amount of time managing such entity. Any such permitted assignee shall be deemed to be the
Manager for purposes of this Agreement provided such assignee assumes all of Manager’s future obligations under this Agreement pursuant to an assumption agreement reasonably acceptable to Lessee. Any and all such assignments, however, shall at
all times be subject to the prior right, title and interest of Lessee with respect to the Premises. An assignment by Manager or any permitted assignee of its interest in this Agreement, shall not relieve Manager or any such permitted assignee, as
the case may be, from their respective obligations under this Agreement, and shall inure to the benefit of, and be binding upon, their permitted successors and assigns. For purposes of this Article XXI any change in the ownership of
the Manager or other event that would cause the Manager to fail to be a Manager Affiliate Entity shall be deemed to be a transfer of this Agreement, prohibited by this Article XXI unless first consented to in writing by Lessee.

 ARTICLE XXII 
 NOTICES 
 All notices, demands, elections, or other communications that any party
this Agreement may desire or be required to be given hereunder shall be in writing and shall be given by hand, by depositing the same in the United States mail, first class, postage prepaid, certified mail, return receipt requested, or by a
recognized overnight courier service providing confirmation of delivery, to the addresses set forth below, or at such address as may be designated by the addressee upon written notice to the other party, (herein called
“Notice”). 

  
 54 

			
	To Lessee:	  	Ashford Prime TRS Corporation (or its specified designee set forth in an Addendum)
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: Chief Financial Officer
		  	Fax: (972) 490-9605
		
	With a copy to:	  	Ashford Hospitality Prime Limited Partnership
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: General Counsel
		  	Fax: (972) 490-9605
		
	To Manager:	  	Remington Lodging & Hospitality, LLC
		  	14185 Dallas Parkway, Suite 1150
		  	Dallas, Texas 75254
		  	Attn: Monty Bennett
		  	Fax: (972) 980-2705
		
	With a copy to:	  	Remington Lodging & Hospitality, LLC
		  	14185 Dallas Parkway, Suite 1150
		  	Dallas, Texas 75254
		  	Attn: Legal Department
		  	Fax: (972) 490-9605
		
	To the Landlords:	  	c/o Ashford Hospitality Prime Limited Partnership
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: General Counsel
		  	Fax: (972) 490-9605

 All notices given pursuant to this Article XXII shall be deemed to have been given
(i) if delivered by hand on the date of delivery or on the date that delivery was refused by the addressee, or (ii) if delivered by certified mail or by overnight courier, on the date of delivery as established by the return receipt or
courier service confirmation (or the date on which the return receipt or courier service confirms that acceptance of delivery was refused by the addressee). 
 ARTICLE XXIII 
 SUBORDINATION; NON-DISTURBANCE 

23.01 Subordination. This Agreement shall be subject and subordinate to any Hotel Mortgage and Lease, and Manager agrees to enter into a
lender-manager or landlord-manager (as applicable) agreement with respect to each Hotel, which agreement shall contain reasonable provisions, including, without limitation, Manager’s acknowledgment that its real estate interest in and to the
applicable Hotel, if any, created by this Agreement is subject and subordinate to the applicable Hotel Mortgage or Lease, including providing any purchaser of such Hotel at a 

  
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foreclosure sale or deed-in-lieu of foreclosure, including the Holder, with the right to terminate this Agreement with respect to the applicable Hotel; provided, however, in no event will Manager
agree to subordinate or waive its right to receive fees, reimbursements or indemnification payments under this Agreement arising prior to termination (but (a) if this Agreement is terminated by the Holder or such purchaser or Landlord (or its
assignee) with respect to such Hotel, Manager shall not look to the Holder for payment of such fees, reimbursements or indemnification payments and Manager’s right to receive such fees, reimbursements or indemnification payments shall be
subordinated to the Holder’s rights and (b) if this Agreement is not terminated by the Holder or such purchaser with respect to such Hotel, then such fees, reimbursements or indemnification payments shall be payable by the Holder or such
purchaser). Notwithstanding the foregoing, Manager shall in no event be obligated to perform its duties hereunder without payment and/or reasonable assurance of payment of such fees, reimbursements or indemnification payments. 

23.02 Non-Disturbance Agreement. Notwithstanding Section 23.01, Lessee agrees that, prior to obtaining any Hotel
Mortgage or executing any Lease, Lessee will use its commercially reasonable efforts to obtain from each prospective Holder or Landlord (as applicable), a Non-Disturbance Agreement pursuant to which Manager’s rights under this Agreement will
not be disturbed as a result of a default stemming from non-monetary factors which (i) relate to Lessee and do not relate solely to the applicable Hotel, and (ii) are not defaults by Manager under Section 19.01 of this
Agreement. If Lessee desires to obtain a Hotel Mortgage or to execute a Lease, Manager, on written request from Lessee, shall promptly identify those provisions in the proposed Hotel Mortgage or Lease documents which fall within the categories
described in clauses (i) and (ii) above, and Manager shall otherwise assist in expediting the preparation of an agreement between the prospective Holder and/or Landlord and Manager which will implement the provisions of this
Section 23.02. 
 ARTICLE XXIV 
 PROPRIETARY MARKS; INTELLECTUAL PROPERTY 
 24.01 Proprietary Marks. During the
Term of this Agreement, the name “Remington,” whether used alone or in connection with other another word(s), and all proprietary marks (being all present and future trademarks, trade names, symbols, logos, insignia, service marks,
and the like) of Manager or any one of its Manager Affiliate Entities, whether or not registered (“Proprietary Marks”) shall in all events remain the exclusive property of Manager and its Manager Affiliate Entities. Lessee
shall have no right to use any Proprietary Mark, except during the term of this Agreement to have signage installed using any Proprietary Mark in conformance with the specifications provided by Manager. Upon Termination, any use of a Proprietary
Mark by Lessee under this Agreement shall immediately cease. Upon Termination, Manager shall have the option to purchase, at their then book value, any items of the applicable Hotel’s Inventories and Fixed Asset Supplies as may be marked with a
Proprietary Mark. In the event Manager does not exercise such option, Lessee agrees that it will use any such items not so purchased exclusively in connection with the Hotel until they are consumed. 

24.02 Computer Software and Equipment. All “Software” (meaning all computer software and accompanying
documentation, other than software which is commercially 

  
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available, which are used by Manager in connection with the property management system, any reservation system and all future electronic systems developed by Manager for use in the Hotel) is and
shall remain the exclusive property of Manager or any one of its Manager Affiliate Entities (or the licensor of such Software, as the case may be), and Lessee shall have no right to use, or to copy, any Software. Upon Termination, Manager shall have
the right to remove from the Hotel, without compensation to Lessee, all Software, and any computer equipment which is utilized as part of a centralized property management system or is otherwise considered proprietary by Manager, excepting any
software which is owned by the applicable Franchisor; provided that Manager shall cooperate with Lessee in the transition of the centralized management system to the new manager, including in the change of any Software and computer equipment. If any
of such computer equipment is owned by Lessee or Landlord, Manager shall reimburse Lessee for previous expenditures made by Lessee for the purchase of such equipment, subject to a reasonable allowance for depreciation. 

24.03 Intellectual Property. All “Intellectual Property” (meaning all Software and manuals, brochures and
directives issued by Manager to its employees at the Hotel regarding procedures and techniques to be used in operating the Hotel) shall at all times be proprietary to Manager or its Affiliates, and shall be the exclusive property of Manager or its
Affiliates. Upon Termination, all Intellectual Property shall be removed from the Hotel by Manager, without compensation to Lessee. 
 24.04 Books and Records. All Books and Records maintained with respect to the Hotel, including guest records but excluding employee records, shall be the sole property of Lessee but may be used by the
Manager during the Term in connection with its management and operation of the Hotel. 
 ARTICLE XXV 

INDEMNIFICATION 

25.01 Manager Indemnity. Manager shall indemnify and hold Lessee (and Lessee’s agents, principals, shareholders, partners, members,
officers, directors, attorneys and employees) harmless from and against all liabilities, losses, claims, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) which are not covered by insurance
proceeds that may be incurred by or asserted against any such party and that arise from (a) the fraud, willful misconduct or gross negligence of Manager; provided, however, that the act or omission of any employee of Manager who is not an
Executive Employee, which act or omission is willful or constitutes fraud or gross negligence on the part of such employee, shall not constitute fraud, gross negligence or willful misconduct on the part of Manager unless Manager’s home office
or regional staff, or an Executive Employee, acted with gross negligence in employing, training, supervising or continuing the employment of such employee; (b) the infringement by Manager on the intellectual property rights of any third party;
(c) any Excluded Employee Claims; (d) knowing or reckless placing, discharge, leakage, use or storage of hazardous materials on the Premises or in the Hotel by Manager during the Term of this Agreement as set forth in
Section 28.09C; or (e) the breach by Manager of any provision of this Agreement, including, without limitation, any action taken by Manager which is beyond the scope of Manager’s authority under this Agreement, which is
not cured within any applicable 

  
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notice and cure periods. Lessee shall promptly provide Manager with written notice of any claim or suit brought against it by a third party which might result in such indemnification. 

25.02 Lessee Indemnity. Except with respect to matters for which Manager is obligated to provide indemnification pursuant to
Section 25.01, Lessee shall indemnify and hold Manager (and Manager’s agents, principals, shareholders, partners, members, officers, directors, attorneys and employees) harmless from and against all liabilities, losses,
claims, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) which are not covered by insurance proceeds and that may be incurred by or asserted against such party and that arise from or in
connection with (a) the performance of Manager’s services under this Agreement; (b) the condition or use of the Hotel, to the fullest extent permitted by law, including without limitation, any injury to person(s) or damage to property
or business by reason of any cause whatsoever in or about the Hotel; (c) any Employee Related Termination Costs, including any liability to which Manager is subjected pursuant to the WARN Act in connection with the termination of this
Agreement, provided that Manager has provided notices in the form (other than any reference to the time period) required by the WARN Act within five (5) business days of Manager’s receipt of a notice of the termination of this Agreement
(excluding any termination of this Agreement which results from the commission of any theft, embezzlement or other criminal misappropriation of funds of the Hotel or from the Lessee or any fraud or felony by any Executive Employee that relates to or
materially affects the operation or reputation of the Hotel); (d) the Employee Costs and Expenses as set forth in Article IX herein above; or (e) any Employee Claims, but excluding any Excluded Employee Claims. Manager shall
promptly provide Lessee with written Notice of any claim or suit brought against it by a third party which might result in such indemnification. THIS INDEMNITY PROVISION IS INTENDED TO INDEMNIFY MANAGER (i) AGAINST THE CONSEQUENCES OF ITS
OWN NEGLIGENCE OR FAULT WHEN MANAGER IS SOLELY NEGLIGENT OR CONTRIBUTORILY, PARTIALLY, JOINTLY, COMPARATIVELY OR CONCURRENTLY NEGLIGENT WITH LESSEE OR ANY OTHER PERSON (BUT IS NOT GROSSLY NEGLIGENT, HAS NOT COMMITTED AN INTENTIONAL ACT OR MADE
INTENTIONAL OMISSION) AND (ii) AGAINST ANY LIABILITY OF MANAGER BASED ON ANY APPLICABLE DOCTRINE OF STRICT LIABILITY. 

25.03 Indemnification Procedure. Any party obligated to indemnify the other party under this Agreement (the “Indemnifying
Party”) shall have the right, by Notice to the other party, to assume the defense of any claim with respect to which the other party is entitled to indemnification hereunder. If the Indemnifying Party gives such notice, (i) such
defense shall be conducted by counsel selected by the Indemnifying Party and approved by the other party, such approval not to be unreasonably withheld or delayed (provided, however, that the other party’s approval shall not be required with
respect to counsel designated by the Indemnifying Party’s insurer); (ii) so long as the Indemnifying Party is conducting such defense with reasonable diligence, the Indemnifying Party shall have the right to control said defense and shall
not be required to pay the fees or disbursements of any counsel engaged by the other party for services rendered after the Indemnifying Party has given the Notice provided for above to the other party, except if there is a conflict of interest
between the parties with respect to such claim or defense; and (iii) the Indemnifying Party shall have the right, without the consent of the other party, to settle such claim, but only provided that such settlement involves only the payment of
money, 

  
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the Indemnifying Party pays all amounts due in connection with or by reason of such settlement and, as part thereof, the other party is unconditionally released from all liability in respect of
such claim. The other party shall have the right to participate in the defense of such claim being defended by the Indemnifying Party at the expense of the other party, but the Indemnifying Party shall have the right to control such defense (other
than in the event of a conflict of interest between the parties with respect to such claim or defense). In no event shall (i) the other party settle any claim without the consent of the Indemnifying Party so long as the Indemnifying Party is
conducting the defense thereof in accordance with this Agreement; or (ii) if a claim is covered by the Indemnifying Party’s liability insurance, take or omit to take any action which would cause the insurer not to defend such claim or to
disclaim liability in respect thereof. 
 25.04 Survival. The provisions of this Article shall survive the termination of this
Agreement with respect to acts, omissions and occurrences arising during the Term. 
 25.05 No Successor Liability.
Notwithstanding anything herein to the contrary, Manager shall not be liable as a successor employer or entity for any actions Manager’s predecessors ( a “Predecessor Manager”) may have taken in the employer-employee
relationship with Manager’s current or former employees or employees of Manager’s agents before the commencement of the term. 
 ARTICLE XXVI 
 NEW HOTELS AND NON-MANAGED HOTELS 

Lessee acknowledges and agrees that any Hotel leased by Lessee or its designees from any Affiliates of the Partnership (including the
Landlords) from and after the Effective Date may at the election of the parties to the Mutual Exclusivity Agreement either be subject to the terms and provisions of this Agreement effective upon execution of an addendum to this Agreement (the
“Addendum”) in the form of Exhibit “A” attached hereto, or pursuant to a management agreement in form and substance substantially similar to the terms of this Agreement with either Manager or an
Affiliate of Manager (provided said Affiliate constitutes an Eligible Independent Contractor); provided that there does not then exist an uncured Event of Default by Manager under this Agreement and the independent director approval requirements
under the Mutual Exclusivity Agreement have been satisfied. Effective upon execution of said Addendum, all terms and conditions of this Agreement shall be deemed amended to include and apply to such Hotel(s) as provided in the Addendum. Lessee
further acknowledges and agrees that any Non-Managed Hotel leased by Lessee or its designees from any Affiliates of the Partnership (including the Landlords) from and after the Effective Date may at the election of the parties to the Mutual
Exclusivity Agreement be subject to the terms and provisions of this Agreement that expressly relate to Non-Managed Hotels effective upon execution of an addendum to this Agreement (the “Project Management Addendum”) in the
form of Exhibit “B” attached hereto; provided that there does not then exist an uncured Event of Default by Manager under this Agreement and the independent director approval requirements under the Mutual Exclusivity
Agreement have been satisfied. Effective upon execution of said Project Management Addendum, all terms and conditions of this Agreement relating to Non-Managed Hotels shall be deemed amended to include and apply to such Non-Managed Hotel(s) as
provided in the Project Management Addendum. 

  
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 ARTICLE XXVII 
 GOVERNING LAW; VENUE 
 This Agreement and its interpretation, validity and
performance shall be governed by the laws of the State of Texas without regard to its conflicts of laws principles. In the event any court of law of appropriate judicial authority shall hold or declare that the law of another jurisdiction is
applicable, this Agreement shall remain enforceable under the laws of the appropriate jurisdiction. The parties hereto agree that venue for any action in connection herewith shall be proper in Dallas County, Texas. Each party hereto consents to the
jurisdiction of any local, state or federal court situated in any of such locations and waives any objection which it may have pertaining to improper venue or forum non conveniens to the conduct of any proceeding in any such court. 

ARTICLE XXVIII 

MISCELLANEOUS 

28.01 Rights to Make Agreement. Each party warrants, with respect to itself, that neither the execution of this Agreement nor the
finalization of the transactions contemplated hereby shall violate any provision of law or judgment, writ, injunction, order or decree of any court or governmental authority having jurisdiction over it; result in or constitute a breach or default
under any indenture, contract, other commitment or restriction to which it is a party or by which it is bound; or require any consent, vote or approval which has not been given or taken. Each party covenants that it has and will continue to have
throughout the term of this Agreement and any extensions thereof, the full right to enter into this Agreement and perform its obligations hereunder. 
 28.02 Agency. Manager’s limited agency established by this Agreement is coupled with an interest and may not be terminated by Lessee until the expiration of the Term of this Agreement except as
otherwise provided in this Agreement. 
 28.03 Failure to Perform. If Manager or Lessee at any time fails to make any payments
as specified or required hereunder or fails to perform any other act required on its part to be made or performed hereunder without limitation, then the other party after thirty (30) days’ written notice to the defaulting party may (but
shall not be obligated to) pay any such delinquent amount or perform any such other act on the defaulting party’s part. Any sums thus paid and all costs and expenses incurred in connection with the making of such payment or the proper
performance of any such act, together with interest thereon at the lesser of (i) the interest rate allowed by the applicable usury laws or (ii) at the Prime Rate plus three percent (3%), from the date that such payment is made or such
costs and expenses incurred, shall constitute a liquidated amount to be paid by the defaulting party under this Agreement to the other party on demand. For the purposes of this Section 28.03, the term “Prime
Rate” shall mean the “prime rate” as published in the “Money Rates” section of The Wall Street Journal; however, if such rate is, at any time during the Term of this Agreement, no longer so published, the term
“Prime Rate” shall mean the average of the prime interest rates which are announced, from time to time, by the three (3) largest banks (by assets) headquartered in the United States which publish a “prime rate”. 

  
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 28.04 Headings. Headings of Articles and Sections are inserted only for convenience and are
in no way to be construed as a limitation on the scope of the particular Articles or Sections to which they refer. 
 28.05
Attorneys’ Fees and Costs. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled. 
 28.06 Entire Agreement. This Agreement, together with other
writings signed by the parties expressly stated to be supplementary hereto and together with any instruments to be executed and delivered pursuant to this Agreement, constitutes the entire agreement between the parties and supersedes all prior
understandings and writings, and may be changed only by a writing signed by the parties hereto. 
 28.07 Consents. Whenever the
consent or approval of Lessee is required under the terms of this Agreement, unless otherwise stated to the contrary, such consent or approval may be granted or withheld by Lessee in its reasonable discretion. 

28.08 Eligible Independent Contractor. During the Term of this Agreement, Manager shall at all times qualify as an “eligible
independent contractor” as defined in Section 856(d)(9) of the Code (“Eligible Independent Contractor”). To that end, during the Term of this Agreement, Manager agrees that: 

(a) Manager shall not conduct wagering activities at any of the Hotels; 

(b) Manager shall not own, directly or indirectly (within the meaning of Section 856(d)(5) of the Code), more than
thirty-five percent (35%) of the outstanding stock of AHP; 
 (c) no more than thirty-five percent
(35%) of the Manager’s partnership interest (in its assets or net profits) shall be owned (within the meaning of Section 856(d)(5) of the Code), directly or indirectly, by one or more persons owning thirty-five percent
(35%) (within the meaning of Section 856(d)(5) of the Code) or more of the outstanding stock of AHP; 

(d) neither AHP, the Partnership, the Landlords, nor the Lessee, shall derive any income from the Manager or any of its
subsidiaries; and 
 (e) Manager (or a person who is a “related person” within the meaning of
Section 856(d)(9)(F) of the Code (a “Related Person”) with respect to Manager) shall be actively engaged in the trade or business of operating “qualified lodging facilities” within the meaning of
Section 856(d)(9)(D) of the Code (defined below) for one or more persons who are not Related Persons with respect to AHP or Lessee (“Unrelated Persons”). For purposes of determining whether the requirement of this
paragraph (e) has been met, Manager shall be treated as being “actively engaged” in such a trade or business if Manager (i) derives at least 10% of both its profits and revenue from operating “qualified

  
 61 

 
lodging facilities” within the meaning of Section 856(d)(9)(D) of the Code for Unrelated Persons or (ii) complies with any regulations or other administrative guidance under
Section 856(d)(9) of the Code that provide a “safe harbor” rule with respect to the hotel management business with Unrelated Persons that is necessary to qualify as an “eligible independent contractor” within the meaning of
such Code section. 
 A “qualified lodging facility” is defined in Section 856(d)(9)(D) of the
Code and means a “Lodging Facility” (defined below), unless wagering activities are conducted at or in connection with such facility by any person who is engaged in the business of accepting wagers and who is fully authorized to engage in
such business at or in connection with such facility. A “Lodging Facility” is a hotel, motel or other establishment more than one-half of the dwelling units in which are used on a transient basis, and includes customary
amenities and facilities operated as party of, or associated with, the lodging facility so long as such amenities and facilities are customary for other properties of a comparable size and class owned by other owners unrelated to AHP. 

28.09 Environmental Matters. 
  

	 	A.	For purposes of this Section 28.09, “hazardous materials” means any substance or material containing one or more of any of the following:
“hazardous material,” “hazardous waste,” “hazardous substance,” “regulated substance,” “petroleum,” “pollutant,” “contaminant,” or “asbestos,” as such terms are defined
in any applicable environmental law, in such concentration(s) or amount(s) as may impose clean-up, removal, monitoring or other responsibility under any applicable environmental law, or which may present a significant risk of harm to guests,
invitees or employees of the Hotel. 

  

	 	B.	Regardless of whether or not a given hazardous material is permitted on the Premises under applicable environmental law, Manager shall only bring on the Premises such
hazardous materials as are needed in the normal course of business of the Hotel. 

  

	 	C.	In the event of the discovery of hazardous materials (as such term may be defined in any applicable environmental law) on the Premises or in the Hotel during the Term
of this Agreement, Lessee shall promptly remove, if required by applicable environmental law, such hazardous materials, together with all contaminated soil and containers, and shall otherwise remedy the problem in accordance with all environmental
laws (except to the extent knowingly or recklessly caused by Manager during the Term of this Agreement, whereupon the responsibility to promptly remove and/or remedy the environmental problem shall be that of Manager and at Manager’s sole cost
and expense). All costs and expenses of the compliance with all environmental laws shall be paid by Lessee from its own funds (except to the extent knowingly or recklessly caused by Manager during the Term of this Agreement as set forth herein
above). 

  
 62 

 28.10 Equity and Debt Offerings. Neither Lessee nor Manager (as an “issuing
party”) shall make reference to the other party (the “non-issuing party”) or any of its Affiliates in any prospectus, private placement memorandum, offering circular or offering documentation related thereto
(collectively, referred to as the “Prospectus”), issued by the issuing party, unless the non-issuing party has received a copy of all such references. In no event will the non-issuing party be deemed a sponsor of the offering
described in any such Prospectus, nor will it have any responsibility for the Prospectus, and the Prospectus will so state. The issuing party shall be entitled to include in the Prospectus an accurate summary of this Agreement but shall not include
any proprietary mark of the non-issuing party without prior written consent of the non-issuing party. The issuing party shall indemnify, defend and hold the non-issuing party and its Affiliates (and their respective directors, officers,
shareholders, employees and agents) harmless from and against all loss, costs, liability and damage (including attorneys’ fees and expenses, and the cost of litigation), arising out of any Prospectus or the offering described therein, except
for any such losses, costs, liability and damage arising from material misstatements or omissions in a Prospectus based on information provided in writing by the non-issuing party expressly for inclusion in the Prospectus. 

28.11 Estoppel Certificates. Lessee and Manager will, at any time and from time to time within fifteen (15) days of the request of
the other party or a Holder, or a Franchisor (if so permitted under the applicable Franchise Agreement), or a Landlord (if so permitted under the applicable Lease), execute, acknowledge, and deliver to the other party and such Holder, Franchisor or
Landlord, as applicable, a certificate certifying: 
  

	 	A.	That the Agreement is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating
such modifications); 

  

	 	B.	The dates, if any, to which the distributions of excess Working Capital have been paid; 

 

	 	C.	Whether there are any existing Event(s) of Default or events which, with the passage of time, would become an Event of Default, by the other party to the knowledge of
the party making such certification, and specifying the nature of such Event(s) of Default or defaults or events which, with the passage of time, would become an Event of Default, if any; and 

 

	 	D.	Such other matters as may be reasonably requested. 

 Any such certificates may be relied upon by any party to whom the certificate is directed. 
 28.12 Confidentiality. The Manager shall keep confidential all non-public information obtained in connection with the services rendered under this Agreement and shall not disclose any such information or
use any such information except in furtherance of its duties under this Agreement and as may be required by any of its lenders or owners (provided said lenders and/or owners, as applicable agree prior to disclosure to keep such information
confidential as set forth in this subparagraph 28.12), or as may be required by applicable Legal Requirements or court 

  
 63 

 
order, or as may be required under any Franchise Agreement, Hotel Mortgage, Lease or Ground Lease. 
 28.13 Modification. Any amendment, supplement or modification of this Agreement must be in writing signed by both parties hereto. 
 28.14 Counterparts. This Agreement may be executed in multiple counterparts, each of which is an original and all of which collectively constitute one instrument. 

[Signature Pages to Follow] 

  
 64 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized officers, as of the Effective Date. 
  

			
	LESSEE:
	
	 ASHFORD PRIME TRS CORPORATION, a
 Delaware corporation

		
	By:	 	  

		 	 David J. Kimichik

President

	
	MANAGER:
	
	 REMINGTON LODGING & HOSPITALITY,
 LLC, a Delaware limited liability company

		
	By:	 	  

		 	 Monty J. Bennett
 Chief
Executive Officer

 EXHIBIT “A” 

Addendum to Ashford Prime Hotel Master Management Agreement 
                     , 20            

 Remington Lodging & Hospitality, LLC 
 14185 Dallas Parkway, Suite 1150 
 Dallas, Texas 75254 

Attn: Mr. Monty Bennett 
  

	 	Re:	Management of Hotel by Remington Lodging & Hospitality, LLC as Manager 

 Dear Mr. Bennett: 
 Please refer to the Ashford Prime Hotel Master Management
Agreement, dated as of                     , 20            (the “Management
Agreement”), between Ashford Prime TRS Corporation, a Delaware corporation (“Lessee”) and Remington Lodging & Hospitality, LLC, a Delaware limited liability company, as Manager (“Remington”).
Capitalized terms appearing but not defined herein shall have the meanings ascribed to such terms in the Management Agreement. 

Lessee, through its wholly owned subsidiary,
                    , a Delaware limited liability company (“New Lessee”), hereby appoints Remington to act as manager of the
                    property located at the location set forth on Exhibit “A” attached to this Addendum
(“Addendum”) and fully incorporated herein by reference for all purposes (the “New Hotel”). 

Accordingly, effective as of
                    , 20            (“Effective Date”), the Management
Agreement is amended and modified as follows: 
 1. New Lessee shall be a party to the Management Agreement as a
“Lessee” and agrees to be bound by all of the terms and conditions of the Management Agreement as “Lessee” thereunder to the extent same are applicable to the New Hotel. Lessee shall have no obligations under the Management
Agreement with respect to the New Hotel, and New Lessee shall have no obligations under the Management Agreement with respect to any other Hotel (other than the New Hotel). 
 2. Remington’s retention by New Lessee as the manager of the New Hotel from and after the Effective Date shall be subject to the terms and conditions of the Management Agreement, as amended hereby,
to the same extent as if New Lessee were the “Lessee” thereunder. 
 3. The following exhibits and schedules attached
to the Management Agreement are hereby supplemented with the information on such exhibits as shown on the following exhibits attached hereto: 

  
 Schedule 1-1

 Exhibits: 
 Exhibit “A” – Hotel Information for New Hotel 
 Exhibit
“B” – Description of Lease for New Hotel 
 Exhibit “B-1” – Legal Description for Site of New Hotel

 Exhibit “C” – Description of Franchise Agreement and Franchisor for New Hotel 

Exhibit “D” – Annual Operating Budget for the Hotel 

Schedules: 
 Schedule 1 – Competitive Set of New Hotel 
 [Signature pages to follow]

  
 2 

 Please execute in the space provided for your signature below to evidence your agreement to
the contents of this Addendum. 
  

			
	Sincerely yours,
	
	LESSEE:
	
	ASHFORD PRIME TRS CORPORATION, a Delaware corporation
		
	By:	 	
	Name: David J. Kimichik
	Title:   President
	
	NEW LESSEE:
	
	                     LLC, a Delaware limited liability
company
		
	By:	 	
	Name: David J. Kimichik
	Title:   President

  
 3 

 AGREED TO AND ACCEPTED 
 AS OF                     , 20            :

 MANAGER: 
 REMINGTON LODGING & HOSPITALITY, LLC, 
 a Delaware limited liability company 

 

			
	By:	 	  

		 	Monty Bennett
		 	CEO

  
 4 

 EXHIBIT “A” 

Hotel Information 
  

					
	 Affiliate
 Property Owner
	  	Property	  	Commencement Date
		  		  	

  
 5 

 EXHIBIT “B” 

Description of Lease 
  

							
	 PROPERTY
	  	LANDLORD	  	LESSEE	  	DATE OF LEASE
		  		  		  	

  
 6 

 EXHIBIT “B-1” 

Legal Description of Site of New Hotel 

  
 7 

 Exhibit “C” 

Description of Franchise Agreement and Franchisor  

  
 8 

 EXHIBIT “D” 

Annual Operating Budget 

  
 9 

 SCHEDULE 1 

Competitive Set of Hotel 

  
 10 

 EXHIBIT “B” 

Project Management Addendum to Ashford Prime Hotel Master Management Agreement 

                    ,
20             
 Remington Lodging & Hospitality, LLC 

14185 Dallas Parkway, Suite 1150 
 Dallas, Texas
75254 
 Attn: Mr. Monty Bennett 
  

	 	Re:	Project Management of a New Non-Managed Hotel by Remington Lodging & Hospitality, LLC  

Dear Mr. Bennett: 
 Please
refer to the Ashford Prime Hotel Master Management Agreement, dated as of             , 2013 (the “Management Agreement”), between Ashford Prime TRS Corporation, a Delaware
corporation (“Lessee”) and Remington Lodging & Hospitality, LLC, a Delaware limited liability company (“Manager”). Capitalized terms appearing but not defined herein shall have the meanings ascribed to such
terms in the Management Agreement. 
 Effective as of the date hereof (the “Commencement Date”), Lessee,
through its wholly owned subsidiary, Ashford TRS             LLC, a Delaware limited liability company (“New Lessee”), hereby appoints Manager to manage, coordinate, plan
and execute the capital improvements budget (“Project Management Work”) and Project Related Services for the             property located at the location set forth on
Exhibit “A” attached to this Project Management Addendum (the “New Non-Managed Hotel”), in exchange for payment by Lessee of the Project Management Fee and Market Service Fees, all in accordance with and subject to
the terms and conditions of the Management Agreement. 
 In addition: 

1. The New Non-Managed Hotel shall constitute a “Non-Managed Hotel” under the Management Agreement. New Lessee shall be a party
to the Management Agreement as “Lessee” and agrees to be bound by all of the terms and conditions of the Management Agreement as “Lessee” thereunder to the extent same are applicable to the New Non-Managed Hotel. Lessee shall
have no obligations under the Management Agreement with respect to the New Non-Managed Hotel, and New Lessee shall have no obligations under the Management Agreement with respect to any of the other Hotels or other Non-Managed Hotels (other than the
New Non-Managed Hotel). 
 2. Remington’s retention by New Lessee to perform Project Management Work and Project Related
Services at the New Non-Managed Hotel from and after the Effective Date shall be 

  
 11 

 
subject to the terms and conditions of the Management Agreement to the same extent as if New Lessee were the “Lessee” thereunder. 

[Signature pages to follow] 

  
 12 

 Please execute in the space provided for your signature below to evidence your agreement to
the contents of this Project Management Addendum. 
  

			
	Sincerely yours,
	
	LESSEE:
	
	ASHFORD TRS CORPORATION, a Delaware corporation
		
	By:	 	  

	Name: David J. Kimichik
	Title:   President
	
	NEW LESSEE:
	
	ASHFORD TRS LLC, a Delaware limited liability company
		
	By:	 	  

	Name: David J. Kimichik
	Title:   President

  
 13 

 AGREED TO AND ACCEPTED 
 AS OF                     , 20            :

 MANAGER: 
 REMINGTON LODGING & HOSPITALITY, LLC, 
 a Delaware limited liability company 

 

			
	By:	 	  

		 	Monty Bennett
		 	CEO

  
 14 

 EXHIBIT “A” 

Hotel Information 
  

			
	 Affiliate
 Property Owner
	  	Property
		  	

  
 15EX-4.1

 Exhibit 4.1 
 EXECUTION COPY 
  
  

 

			
	CUSIP NO.	  	65489TAG4
		  	65489TAH2

 364-DAY REVOLVING CREDIT AGREEMENT 

Dated as of 

August 22, 2013 
 among 
 NOBLE CORPORATION, 

as Borrower, 
 THE LENDERS PARTIES HERETO, 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent and Swingline Lender, 
 BARCLAYS BANK PLC, CITIBANK, N.A., DEUTSCHE BANK SECURITIES, INC., 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION, 
 as Co-Syndication Agents, 

BNP PARIBAS, CREDIT AGRICOLE CORPORATE & INVESTMENT BANK, 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, GOLDMAN SACHS BANK USA, 

HSBC BANK USA, N.A., SUNTRUST BANK, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 

as Co-Documentation Agents, 
 J.P. MORGAN SECURITIES LLC, 
 BARCLAYS BANK PLC, CITIGROUP GLOBAL MARKETS
INC., 
 DEUTSCHE BANK SECURITIES INC. and WELLS FARGO SECURITIES, LLC, 

as Joint Lead Arrangers and Joint Lead Bookrunners 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	 	Page	 
	 ARTICLE 1
	 	DEFINITIONS; INTERPRETATION	 	 	1	  
	 Section 1.1.
	 	Definitions	 	 	1	  
	 Section 1.2.
	 	Time of Day	 	 	21	  
	 Section 1.3.
	 	Accounting Terms; GAAP	 	 	21	  
	 ARTICLE 2
	 	THE CREDIT FACILITIES	 	 	21	  
	 Section 2.1.
	 	Commitments for Revolving Loans	 	 	21	  
	 Section 2.2.
	 	Types of Revolving Loans and Minimum Borrowing Amounts	 	 	21	  
	 Section 2.3.
	 	Manner of Borrowings; Continuations and Conversions of Borrowings	 	 	21	  
	 Section 2.4.
	 	Interest Periods	 	 	23	  
	 Section 2.5.
	 	Funding of Loans	 	 	24	  
	 Section 2.6.
	 	Applicable Interest Rates	 	 	25	  
	 Section 2.7.
	 	Default Rate	 	 	26	  
	 Section 2.8.
	 	Repayment of Loans; Evidence of Debt	 	 	27	  
	 Section 2.9.
	 	Optional Prepayments	 	 	28	  
	 Section 2.10.
	 	Mandatory Prepayments of Loans	 	 	28	  
	 Section 2.11.
	 	Breakage Fees	 	 	29	  
	 Section 2.12.
	 	Commitment Terminations	 	 	29	  
	 Section 2.13.
	 	Increase of Commitments; Additional Lenders	 	 	30	  
	 Section 2.14.
	 	Extensions of Commitment Termination Date	 	 	31	  
	 Section 2.15.
	 	Swingline Advances	 	 	32	  
	 Section 2.16.
	 	Designated Borrowers	 	 	33	  
	 Section 2.17.
	 	Defaulting Lenders	 	 	35	  
	 ARTICLE 3
	 	FEES AND PAYMENTS	 	 	37	  
	 Section 3.1.
	 	Fees.	 	 	37	  
	 Section 3.2.
	 	Place and Application of Payments	 	 	38	  
	 Section 3.3.
	 	Withholding Taxes	 	 	38	  
	 ARTICLE 4
	 	CONDITIONS PRECEDENT	 	 	42	  
	 Section 4.1.
	 	Initial Borrowing	 	 	42	  
	 Section 4.2.
	 	All Borrowings	 	 	43	  
	 ARTICLE 5
	 	REPRESENTATIONS AND WARRANTIES	 	 	44	  
	 Section 5.1.
	 	Corporate Organization	 	 	44	  
	 Section 5.2.
	 	Power and Authority; Validity	 	 	44	  
	 Section 5.3.
	 	No Violation	 	 	45	  
	 Section 5.4.
	 	Litigation	 	 	45	  
	 Section 5.5.
	 	Use of Proceeds; Margin Regulations	 	 	45	  

							
	 Section 5.6.
	 	Investment Company Act	  	 	45	  
	 Section 5.7.
	 	Anti-Corruption Laws	  	 	46	  
	 Section 5.8.
	 	OFAC; Sanctioned Persons and Sanctioned Entities	  	 	46	  
	 Section 5.9.
	 	True and Complete Disclosure	  	 	46	  
	 Section 5.10.
	 	Financial Statements	  	 	46	  
	 Section 5.11.
	 	No Material Adverse Change	  	 	47	  
	 Section 5.12.
	 	Taxes	  	 	47	  
	 Section 5.13.
	 	Consents	  	 	47	  
	 Section 5.14.
	 	Insurance	  	 	47	  
	 Section 5.15.
	 	Intellectual Property	  	 	47	  
	 Section 5.16.
	 	Ownership of Property	  	 	48	  
	 Section 5.17.
	 	Existing Indebtedness	  	 	48	  
	 Section 5.18.
	 	Existing Liens	  	 	48	  
	 ARTICLE 6
	 	COVENANTS	  	 	48	  
	 Section 6.1.
	 	Corporate Existence	  	 	48	  
	 Section 6.2.
	 	Maintenance	  	 	48	  
	 Section 6.3.
	 	Taxes	  	 	49	  
	 Section 6.4.
	 	ERISA	  	 	49	  
	 Section 6.5.
	 	Insurance	  	 	49	  
	 Section 6.6.
	 	Financial Reports and Other Information	  	 	50	  
	 Section 6.7.
	 	Lender Inspection Rights	  	 	52	  
	 Section 6.8.
	 	Conduct of Business	  	 	52	  
	 Section 6.9.
	 	Restrictions on Fundamental Changes	  	 	52	  
	 Section 6.10.
	 	Liens	  	 	53	  
	 Section 6.11.
	 	Subsidiary Indebtedness	  	 	55	  
	 Section 6.12.
	 	Use of Property and Facilities; Environmental Laws	  	 	57	  
	 Section 6.13.
	 	Transactions with Affiliates	  	 	57	  
	 Section 6.14.
	 	Sale and Leaseback Transactions	  	 	57	  
	 Section 6.15.
	 	Compliance with Laws	  	 	57	  
	 Section 6.16.
	 	Consolidated Indebtedness to Total Tangible Capitalization Ratio	  	 	57	  
	 Section 6.17.
	 	Use of Proceeds	  	 	58	  
	 ARTICLE 7
	 	EVENTS OF DEFAULT AND REMEDIES	  	 	58	  
	 Section 7.1.
	 	Events of Default	  	 	58	  
	 Section 7.2.
	 	Non-Bankruptcy Defaults	  	 	60	  
	 Section 7.3.
	 	Bankruptcy Defaults	  	 	60	  
	 Section 7.4.
	 	Collateral for Fronting Exposure	  	 	60	  
	 Section 7.5.
	 	Notice of Default	  	 	61	  
	 Section 7.6.
	 	Expenses	  	 	61	  

  
 -ii-

							
	 Section 7.7.
	 	Distribution and Application of Proceeds	  	 	61	  
	 ARTICLE 8
	 	CHANGE IN CIRCUMSTANCES	  	 	62	  
	 Section 8.1.
	 	Change in Law	  	 	62	  
	 Section 8.2.
	 	Unavailability of Deposits or Inability to Ascertain LIBOR Rate	  	 	63	  
	 Section 8.3.
	 	Increased Cost and Reduced Return	  	 	63	  
	 Section 8.4.
	 	Lending Offices	  	 	65	  
	 Section 8.5.
	 	Discretion of Lender as to Manner of Funding	  	 	65	  
	 Section 8.6.
	 	Substitution of Lender	  	 	65	  
	 ARTICLE 9
	 	THE AGENTS	  	 	66	  
	 Section 9.1.
	 	Appointment and Authorization of Administrative Agent	  	 	66	  
	 Section 9.2.
	 	Rights and Powers	  	 	66	  
	 Section 9.3.
	 	Action by Administrative Agent and the Other Agents	  	 	67	  
	 Section 9.4.
	 	Consultation with Experts	  	 	67	  
	 Section 9.5.
	 	Indemnification Provisions; Credit Decision	  	 	67	  
	 Section 9.6.
	 	Indemnity	  	 	68	  
	 Section 9.7.
	 	Resignation of Agents	  	 	69	  
	 Section 9.8.
	 	Release of Guaranties	  	 	69	  
	 ARTICLE 10
	 	MISCELLANEOUS	  	 	69	  
	 Section 10.1.
	 	No Waiver	  	 	69	  
	 Section 10.2.
	 	Non-Business Day	  	 	70	  
	 Section 10.3.
	 	Documentary Taxes	  	 	70	  
	 Section 10.4.
	 	Survival of Representations	  	 	70	  
	 Section 10.5.
	 	Survival of Indemnities	  	 	70	  
	 Section 10.6.
	 	Setoff	  	 	70	  
	 Section 10.7.
	 	Notices	  	 	71	  
	 Section 10.8.
	 	Counterparts	  	 	74	  
	 Section 10.9.
	 	Successors and Assigns	  	 	74	  
	 Section 10.10.
	 	Sales and Transfers of Borrowing and Notes; Participations in Borrowings and Notes	  	 	75	  
	 Section 10.11.
	 	Amendments, Waivers and Consents	  	 	78	  
	 Section 10.12.
	 	Headings	  	 	79	  
	 Section 10.13.
	 	Legal Fees, Other Costs and Indemnification	  	 	79	  
	 Section 10.14.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	80	  
	 Section 10.15.
	 	Confidentiality	  	 	82	  
	 Section 10.16.
	 	Effectiveness	  	 	83	  
	 Section 10.17.
	 	Severability	  	 	83	  
	 Section 10.18.
	 	Change in Accounting Principles, Fiscal Year or Tax Laws	  	 	83	  
	 Section 10.19.
	 	Final Agreement	  	 	83	  

  
 -iii-

							
	 Section 10.20.
	  	Officer’s Certificates	  	 	83	  
	 Section 10.21.
	  	Effect of Inclusion of Exceptions	  	 	84	  
	 Section 10.22.
	  	Margin Stock	  	 	84	  
	 Section 10.23.
	  	Patriot Act Notice	  	 	84	  
	 Section 10.24.
	  	No Advisory or Fiduciary Responsibility	  	 	84	  

 Exhibits: 
  

					
	Exhibit 1.1A	 	—	 	Form of NDC Guaranty
	Exhibit 1.1B	 	—	 	Form of NHIL Guaranty
	Exhibit 2.3	 	—	 	Form of Borrowing Request
	Exhibit 2.8A	 	—	 	Form of Revolving Note
	Exhibit 2.8B	 	—	 	Form of Swingline Note
	Exhibit 2.13C	 	—	 	Form of Joinder Agreement
	Exhibit 2.15	 	—	 	Form of Swingline Request
	Exhibit 2.16A	 	—	 	Form of Designated Borrower Request and Assumption Agreement
	Exhibit 2.16B	 	—	 	Designated Borrower Notice
	Exhibit 2.16C	 	—	 	Company Guaranty
	Exhibit 4.1A	 	—	 	Form of Opinion of Baker Botts L.L.P.
	Exhibit 4.1B	 	—	 	Form of Opinion of Maples and Calder, Cayman Islands Counsel
	Exhibit 6.6	 	—	 	Form of Compliance Certificate
	Exhibit 6.11	 	—	 	Form of Subsidiary Guaranty
	Exhibit 10.10	 	—	 	Form of Assignment Agreement

 Schedules: 
  

					
	Schedule 5.17	 	—	 	Existing Indebtedness
	Schedule 5.18	 	—	 	Existing Liens

  
 -iv-

 364-DAY REVOLVING CREDIT AGREEMENT 

THIS 364-DAY REVOLVING CREDIT AGREEMENT (this “Agreement”), dated as of August 22, 2013, among NOBLE
CORPORATION, a Cayman Islands exempted company limited by shares (the “Company”), the lenders from time to time parties hereto (each a “Lender” and collectively, the “Lenders” but those terms shall
not include the Swingline Lender in its capacity as the Swingline Lender), JPMORGAN CHASE BANK, N.A., as swingline lender (in such capacity, the “Swingline Lender”), JPMORGAN CHASE BANK, N.A., as Administrative Agent for the
Lenders, BARCLAYS BANK PLC, CITIBANK, N.A., DEUTSCHE BANK SECURITIES, INC. and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agents for the Lenders, and BNP PARIBAS, CREDIT AGRICOLE CORPORATE & INVESTMENT BANK, CREDIT SUISSE AG,
CAYMAN ISLANDS BRANCH, GOLDMAN SACHS BANK USA, HSBC BANK USA, N.A., SUNTRUST BANK and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Co-Documentation Agents for the Lenders. 
 WITNESSETH: 
 WHEREAS, the Company has requested that the Lenders establish in its
favor a revolving credit facility in the aggregate principal amount of U.S. $600,000,000 (as such amount may increase or decrease in accordance with the terms hereof), pursuant to which facility revolving loans would be made to the Company and at
its election, the Designated Borrower; and 
 WHEREAS, the Lenders are willing to make such revolving credit facility available
to the Borrowers on the terms and subject to the conditions and requirements hereinafter set forth; 
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE 1

 DEFINITIONS; INTERPRETATION 
 Section 1.1. Definitions. Unless otherwise defined herein, the following terms shall have the following meanings, which meanings shall be equally applicable to both the singular and plural forms of
such terms: 
 “Additional Lender” shall have the meaning set forth in Section 2.13(b). 

“Adjusted LIBOR” means, for any Borrowing of Eurocurrency Loans for any Interest Period, a rate per annum determined in
accordance with the following formula: 
  

							
	Adjusted LIBOR	 	=	 	LIBOR Rate for such Interest Period	 	
		 		 	1.00 - Statutory Reserve Rate	 	

 “Administrative Agent” means JPMorgan Chase Bank, N.A., acting in its capacity as
administrative agent for the Lenders, and any successor Administrative Agent appointed hereunder pursuant to Section 9.7. 

[364-Day Revolving Credit Agreement] 

 “Administrative Agent’s Account” means the account of the
Administrative Agent designated in writing from time to time by the Administrative Agent to the Company and the Lenders for such purpose. 
 “Administrative Questionnaire” means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative
Agent duly completed by such Lender. 
 “Affiliate” means, with respect to any Person, any other Person that,
directly or indirectly, controls, is controlled by or is under direct or indirect common control with, such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling” and
“controlled”), when used with respect to any Person, means the power, directly or indirectly, to direct or cause the direction of management or policies of a Person (through the ownership of voting securities, other equity interests, by
contract or otherwise). 
 “Agreement” means this 364-Day Revolving Credit Agreement, as the same may be
amended, restated and supplemented from time to time. 
 “Anti-Corruption Laws” means FCPA and all other
laws, rules, and regulations of any jurisdiction applicable to the Company and its affiliated companies concerning or relating to bribery or corruption. 
 “Applicable Facility Fee Rate” means, for any day, at such times as a rating (either express or implied) by S&P, Moody’s or Fitch is in effect on the Company’s non-credit
enhanced senior unsecured long-term debt, the percentage per annum set forth opposite such debt rating: 
  

					
	 Debt Rating (S&P and Fitch/Moody’s)
	  	Percentage	 
	 A/A2 or above
	  	 	0.085	% 
	 A-/A3
	  	 	0.100	% 
	 BBB+/Baa1
	  	 	0.125	% 
	 BBB/Baa2
	  	 	0.150	% 
	 BBB-/Baa3 or below
	  	 	0.200	% 

 The Applicable Facility Fee Rate will be determined based upon the two highest ratings issued by S&P,
Moody’s and Fitch. If such two highest ratings differ (i) by one rating, the higher of such two highest ratings will apply to determine the Applicable Facility Fee Rate so long as the higher rating is from either S&P or Moody’s,
otherwise the lower of such two highest ratings will apply, (ii) by two ratings, the rating which falls between such two highest ratings will apply to determine the Applicable Facility Fee Rate, or (iii) by more than two ratings, the
rating which is one level above the lower of such two highest ratings will apply to determine the Applicable Facility Fee Rate. If only one such rating is issued by S&P, Moody’s or Fitch, the Applicable Facility Fee Rate will be determined
by such rating. The Company shall give written notice to the Administrative Agent of any changes to such ratings, within three (3) Business Days thereof, and any change to the Applicable Facility Fee Rate shall be effective on the date of

  
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the relevant change. Notwithstanding the foregoing, if the Company shall at any time fail to have in effect at least one such rating on the Company’s non-credit enhanced senior unsecured
long-term debt, the Company shall seek and obtain (if not already in effect), within thirty (30) days after such rating first ceases to be in effect, a corporate credit rating or a bank loan rating from Fitch, Moody’s and/or S&P (or if
none of Fitch, Moody’s and S&P issue such types of ratings or ratings comparable thereto, from another nationally recognized rating agency approved by each of the Company and the Administrative Agent), and the Applicable Facility Fee Rate
shall thereafter be based on such ratings in the same manner as provided herein with respect to the Company’s non-credit enhanced senior unsecured long-term debt rating (with the Applicable Facility Fee Rate in effect prior to the issuance of
such corporate credit rating or bank loan rating being the same as the Applicable Facility Fee Rate in effect at the time the non-credit enhanced senior unsecured long-term debt rating ceases to be in effect). 

“Applicable Margin” means, for any day, at such times as a rating (either express or implied) by S&P, Moody’s
or Fitch is in effect on the Company’s non-credit enhanced senior unsecured long-term debt, the percentage per annum set forth opposite such debt rating: 
  

									
	 	  	Percentage	 
	 Debt Rating (S&P and Fitch/Moody’s)
	  	Base Rate	 	 	LIBOR Rate	 
	 A/A2 or above
	  	 	0.000	% 	 	 	0.790	% 
	 A-/A3
	  	 	0.000	% 	 	 	0.900	% 
	 BBB+/Baa1
	  	 	0.000	% 	 	 	1.000	% 
	 BBB/Baa2
	  	 	0.100	% 	 	 	1.100	% 
	 BBB-/Baa3 or below
	  	 	0.300	% 	 	 	1.300	% 

 The Applicable Margin will be determined based upon the two highest ratings issued by S&P,
Moody’s and Fitch. If such two highest ratings differ (i) by one rating, the higher of such two highest ratings will apply to determine the Applicable Margin so long as the higher rating is from either S&P or Moody’s, otherwise
the lower of such two highest ratings will apply, (ii) by two ratings, the rating which falls between such two highest ratings will apply to determine the Applicable Margin, or (iii) by more than two ratings, the rating which is one level
above the lower of such two highest ratings will apply to determine the Applicable Margin. If only one such rating is issued by S&P, Moody’s or Fitch, the Applicable Margin will be determined by such rating. The Company shall give written
notice to the Administrative Agent of any changes to such ratings, within three (3) Business Days thereof, and any change to the Applicable Margin shall be effective on the date of the relevant change. Notwithstanding the foregoing, if the
Company shall at any time fail to have in effect any such rating on the Company’s non-credit enhanced senior unsecured long-term debt, the Company shall seek and obtain (if not already in effect), within thirty (30) days after such rating
first ceases to be in effect, a corporate credit rating or a bank loan rating from Fitch, Moody’s and/or S&P (or if none of Fitch, Moody’s and S&P issue such types of ratings or ratings comparable thereto, from another nationally
recognized rating agency approved by each of the Company and the Administrative Agent), and the Applicable Margin shall thereafter be based on such ratings in the same manner as provided 

  
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herein with respect to the Company’s non-credit enhanced senior unsecured long-term debt rating (with the Applicable Margin in effect prior to the issuance of such corporate credit rating or
bank loan rating being the same as the Applicable Margin in effect at the time the non-credit enhanced senior unsecured long-term debt rating ceases to be in effect). 
 “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; “Fund” as used above means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary
course of its business. 
 “Assignment Agreement” means an agreement in substantially the form of
Exhibit 10.10 whereby a Lender conveys part or all of its Commitment and Loans to another Person that is, or thereupon becomes, a Lender, or increases its Commitments and outstanding Loans pursuant to Section 10.10. 

“Base Rate” means for any day the greatest of: 
 (i) the fluctuating commercial loan rate announced by the Administrative Agent from time to time at its New York, New York office (or other corresponding office, in the case of any successor
Administrative Agent) as its prime rate or base rate for U.S. Dollar loans in the United States of America in effect on such day (which base rate may not be the lowest rate charged by such Lender on loans to any of its customers), with any
change in the Base Rate resulting from a change in such announced rate to be effective on the date of the relevant change; 
 (ii) the sum of (x) the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers
on such day, as published by the Federal Reserve Bank of New York on the next Business Day, provided that (A) if such day is not a Business Day, the rate on such transactions on the immediately preceding Business Day as so published on
the next Business Day shall apply, and (B) if no such rate is published on such next Business Day, the rate for such day shall be the average of the offered rates quoted to the Administrative Agent by two (2) federal funds brokers of
recognized standing on such day for such transactions as selected by the Administrative Agent, plus (y) a percentage per annum equal to one-half of one percent
( 1/2%) per annum; and 
 (iii) the sum of (x) the LIBOR Market Index
Rate plus (y) a percentage per annum equal to one percent (1%) per annum. 
 “Base Rate Loan” means a
Revolving Loan bearing interest prior to maturity at the rate specified in Section 2.6(a). 
 “Borrower” means
either the Company or, on and after the effective date specified in the Designated Borrower Notice, each of the Company and the Designated Borrower, and “Borrowers” means, collectively, the Company and, on and after the effective date
specified in the Designated Borrower Notice, the Designated Borrower. 

  
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 “Borrowing” means Revolving Loans of the same Type made, converted or
continued on the same date and, in respect of Eurocurrency Loans, having a single Interest Period. A Borrowing is “advanced” on the day the Lenders advance funds comprising such Borrowing to a Borrower, is
“continued” (in the case of Eurocurrency Loans) on the date a new Interest Period commences for such Borrowing, and is “converted” (in the case of Eurocurrency Loans or Base Rate Loans) when such Borrowing is
changed from one Type of Loan to the other, all as requested by the applicable Borrower pursuant to Section 2.3. 

“Borrowing Multiple” means, for any Loan, $100,000. 

“Borrowing Request” has the meaning set forth in Section 2.3(a). 

“Business Day” means any day other than a Saturday or Sunday on which banks are not authorized or required to close in
New York, New York and, if the applicable Business Day relates to the advance or continuation of, conversion into, or payment on a Eurocurrency Borrowing, on which banks are dealing in Dollar deposits in the interbank eurodollar market in London,
England. 
 “Capitalized Lease Obligations” means, for any Person, the aggregate amount of such
Person’s liabilities under all leases of real or personal property (or any interest therein) which is required to be capitalized on the balance sheet of such Person as determined in accordance with GAAP. Notwithstanding anything to the contrary
in this Agreement or any other Credit Document, for purposes of calculating Capitalized Lease Obligations pursuant to the terms of this Agreement or any other Credit Document, GAAP will be deemed to treat leases that would have been classified as
operating leases in accordance with generally accepted accounting principles in the United States of America as in effect on December 31, 2012 in a manner consistent with the treatment of such leases under generally accepted accounting
principles in the United States of America as in effect on December 31, 2012, notwithstanding any modifications or interpretive changes thereto that may occur thereafter. 

“Cash Equivalents” means (i) securities issued or directly and fully guaranteed or insured by the United States of
America or any agency or instrumentality thereof having maturities of not more than twelve (12) months from the date of acquisition, (ii) time deposits and certificates of deposits maturing within one year from the date of acquisition
thereof or repurchase agreements with any Lender or any other financial institution whose short-term unsecured debt rating is A or above as obtained from either S&P or Moody’s, (iii) commercial paper or Eurocommercial paper with a
rating of at least A-1 by S&P or at least P-1 by Moody’s, with maturities of not more than twelve (12) months from the date of acquisition, (iv) repurchase obligations entered into with any Lender, or any other Person whose
short-term senior unsecured debt rating from S&P is at least A-1 or from Moody’s is at least P-1, which are secured by a fully perfected security interest in any obligation of the type described in (i) above and has a market value of
the time such repurchase is entered into of not less than 100% of the repurchase obligation of such Lender or such other Person thereunder, (v) marketable direct obligations issued by any state of the United States of America or any political
subdivision of any such state or any public instrumentality thereof maturing within twelve (12) months from the date of acquisition thereof or providing for the resetting of the interest rate applicable thereto not less 

  
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often than annually and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, and (vi) money market funds which have at least
$1,000,000,000 in assets and which invest primarily in securities of the types described in clauses (i) through (v) above. 
 “Change in Law” means the adoption of or any change in, on or after the date hereof (or, if later, on or after the date the Administrative Agent or any Lender becomes the Administrative
Agent or a Lender), any applicable law, rule or regulation or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof; provided
that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) 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. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Co-Arrangers” means, collectively, J.P. Morgan Securities LLC, Barclays Bank PLC, Citigroup Global Markets Inc.,
Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint lead bookrunners, acting in their capacities as joint lead arrangers and joint lead bookrunners for the Revolving Credit; provided, however, that
no such Co-Arrangers shall have any duties, responsibilities, or obligations hereunder in such capacity. 

“Co-Documentation Agents” means, collectively, BNP Paribas, Credit Agricole Corporate & Investment Bank, Credit
Suisse AG, Cayman Islands Branch, Goldman Sachs Bank USA, HSBC Bank USA, N.A., SunTrust Bank and The Bank Of Tokyo-Mitsubishi UFJ, Ltd., in their capacities as co-documentation agents, and any successor Co-Documentation Agents appointed pursuant to
Section 9.7; provided, however, as provided in Section 9.3, no such Co-Documentation Agent shall have any duties, responsibilities, or obligations hereunder in such capacity. 

“Collateral” means all cash and Cash Equivalents of the Company in which the Administrative Agent or the Collateral
Agent is granted a Lien for the benefit of the Lenders, the Swingline Lender and the Administrative Agent, under the terms of Section 7.4. 
 “Collateral Account” has the meaning set forth in Section 7.4(a). 

“Collateral Agent” means JPMorgan Chase Bank, N.A. acting in its capacity as collateral agent for the Lenders, and any
successor collateral agent appointed hereunder pursuant to Section 9.7. 
 “Collateralized Obligations”
has the meaning set forth in Section 7.4(a). 

  
 [364-Day
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 “Commitment” means, relative to any Lender, such Lender’s obligations
to make Revolving Loans pursuant to Section 2.1, initially in the amount and percentage set forth opposite its signature hereto or pursuant to Section 10.10, as such obligations may be reduced or increased from time to time as expressly
provided pursuant to this Agreement. For avoidance of doubt, “Commitment” does not include the Swingline Commitment. 

“Commitment Termination Date” means the earliest of (i) August 20, 2014, subject to the extension thereof
pursuant to Section 2.14, (ii) the date on which the Commitments are terminated in full or reduced to zero pursuant to Section 2.12, and (iii) the occurrence of any Event of Default described in Section 7.1(f) or
(g) with respect to any Credit Party or the occurrence and continuance of any other Event of Default and either (x) the declaration of the Loans to be due and payable pursuant to Section 7.2, or (y) in the absence of such
declaration, the giving of written notice by the Administrative Agent, acting at the direction of the Required Lenders, to the Company pursuant to Section 7.2 that the Commitments have been terminated; provided, however, that the
Commitment Termination Date of any Lender that is a Declining Lender with respect to any requested extension pursuant to Section 2.14 shall be the earlier of (x) the Commitment Termination Date in effect immediately prior to such extension
and (y) (i) the date on which the Commitments are terminated in full or reduced to zero pursuant to Section 2.12, and (ii) the occurrence of any Event of Default described in Section 7.1(f) or (g) with respect to any
Credit Party or the occurrence and continuance of any other Event of Default and either (x) the declaration of the Loans to be due and payable pursuant to Section 7.2, or (y) in the absence of such declaration, the giving of written
notice by the Administrative Agent, acting at the direction of the Required Lenders, to the Company pursuant to Section 7.2 that the Commitments have been terminated.  

“Company” has the meaning specified in the first paragraph of this Agreement. 

“Company Guaranty” means the Company Guaranty made by the Company substantially in the form of Exhibit 2.16C.

 “Compliance Certificate” means a certificate in the form of Exhibit 6.6. 

“Consolidated Indebtedness” means all Indebtedness of the Company and its Subsidiaries that would be reflected on a
consolidated balance sheet of such Persons prepared in accordance with GAAP. 
 “Consolidated Indebtedness to
Total Tangible Capitalization Ratio” means, at any time, the ratio of Consolidated Indebtedness at such time to Total Tangible Capitalization at such time. 
 “Consolidated Net Assets” means, as of any date of determination, an amount equal to the aggregate book value of the assets of the Company, its Subsidiaries and, to the extent of the
equity interest of the Company and its Subsidiaries therein, SPVs at such time, minus the current liabilities of the Company and its Subsidiaries, all as determined on a consolidated basis in accordance with GAAP based on the most recent
quarterly or annual consolidated financial statements of the Company referred to in Section 5.10 or delivered (or publicly filed) as provided in Section 6.6(a), as the case may be. 

  
 [364-Day
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 “Consolidated Tangible Net Worth” means, as of any date of determination,
consolidated total equity of the Company and its Subsidiaries determined in accordance with GAAP but excluding the effect on shareholders equity of cumulative foreign exchange translation adjustments, and less the net book
amount of all assets of the Company and its Subsidiaries that would be classified as intangible assets on the consolidated balance sheet of the Company as of such date prepared in accordance with GAAP. For purposes of this definition, SPVs shall be
accounted for pursuant to the equity method of accounting. 
 “Controlling Affiliate” means, any Person
that directly or indirectly through one or more intermediaries controls, or is under common control with, the Company (other than Persons controlled by the Company). As used in this definition, “control” means the power, directly or
indirectly, to direct or cause the direction of management or policies of a Person (through ownership of voting securities or other equity interests, by contract or otherwise). 

“Co-Syndication Agents” means Barclays Bank PLC, Citibank, N.A., Deutsche Bank Securities, Inc. and Wells Fargo Bank,
National Association, in their capacities as co-syndication agents, and any successor Co-Syndication Agents appointed hereunder pursuant to Section 9.7; provided, however, as provided in Section 9.3, no such Co-Syndication Agent
shall have any duties, responsibilities, or obligations hereunder in such capacity. 
 “Credit
Documents” means this Agreement, the Notes, Borrowing Requests, Swingline Requests, the NDC Guaranty, the NHIL Guaranty, the Designated Borrower Request and Assumption Agreement and any other Subsidiary Guaranties in effect from time to
time. 
 “Credit Party” means each of the Company, the Designated Borrower (if any) and each Guarantor.

 “Currency Rate Protection Agreement” shall mean any foreign currency exchange and future agreements,
arrangements and options designed to protect against fluctuations in currency exchange rates, regardless of whether such agreements are subject to hedge accounting. 
 “Declining Lender” shall have the meaning set forth in Section 2.14. 
 “Default” means any event or condition the occurrence of which would, with the passage of time or the giving of notice, or both, constitute an Event of Default. 

“Defaulting Lender” means, subject to Section 2.17(b), any Lender that (a) has failed to perform any of its
funding obligations hereunder, including in respect of its Loans or participations in respect of Swingline Loans, within three Business Days of the date required to be funded by it hereunder, unless such Lender notifies the Administrative Agent and
the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, (b) has notified any Borrower, or the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding
obligations hereunder or under other agreements generally in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be  

  
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specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after request by the Administrative Agent, to confirm in writing
that it will comply with its funding obligations (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or
(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, (ii) had a receiver, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to,
approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 
 “Designated Borrower” means, following such designation as a Designated Borrower pursuant to Section 2.16, either Noble Holding International Limited, a Cayman Islands company and
wholly-owned Subsidiary of the Company, or such other wholly-owned foreign Subsidiary of the Company as may be designated by the Company and reasonably acceptable to the Administrative Agent.  

“Designated Borrower Notice” has the meaning specified in Section 2.16(c). 

“Designated Borrower Request and Assumption Agreement” has the meaning specified in Section 2.16(a). 

“Dollar” and “U.S. Dollar” and the sign “$” mean lawful money of the United States of
America. 
 “Effective Date” means the date this Agreement shall become effective as defined in Section 10.16.

 “Environmental Claims” means any and all claims, liens, notices of non-compliance or violation,
investigations or proceedings relating to any Environmental Law (“Claims”) or to any permit issued under any Environmental Law, including, without limitation, (i) any and all Claims by governmental or regulatory authorities for
enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law, and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery,
compensation or injunctive relief resulting from a release of or exposure to Hazardous Materials or arising from alleged injury or threat of injury to the environment. 
 “Environmental Law” means any federal, state or local statute, law, rule, regulation, ordinance, code or rule of common law now or hereafter in effect, including any judicial or
administrative order, consent, decree or judgment, relating to the environment. 

  
 [364-Day
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 9 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “ERISA Affiliate” means each trade or business (whether or not incorporated) which together with
the Company would (at any relevant time) be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b) or (c) of section 414 of the Code (or subsections (m) or (o) of section
414 of the Code for purposes of provisions relating to section 412, 430 or 436 of the Code). 

“Eurocurrency”, when used in reference to any Revolving Loan or Borrowing, means such Loan, or the Loans comprising such
Borrowing, shall bear interest at a rate determined by reference to Adjusted LIBOR and the Applicable Margin. 

“Eurocurrency Loan” means a Revolving Loan bearing interest before maturity at the rate specified in Section 2.6(b).

 “Event of Default” means any of the events or circumstances specified in Section 7.1. 

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

“Extending Lender” shall have the meaning set forth in Section 2.14. 

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

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 

“Foreign Plan” means any pension, profit sharing, deferred compensation, or other employee benefit plan, program or
arrangement maintained by any foreign Subsidiary of the Company which, under applicable local law, is required to be funded through a trust or other funding vehicle, but shall not include any benefit provided by a foreign government or its agencies.
 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, an amount (if any) equal to
such Defaulting Lender’s Percentage of the outstanding Swingline Exposure other than Swingline Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or secured by Collateral in
accordance with the terms hereof. 
 “GAAP” means generally accepted accounting principles from time to
time in effect as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board or in such
other statements, opinions and pronouncements by such other entity as may be approved by a significant segment of the U.S. accounting profession. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

  
 [364-Day
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 “Guarantor” means any Subsidiary of the Company (including NDC and NHIL)
that has executed and delivered a Subsidiary Guaranty, unless and until released pursuant to the terms hereof. 

“Guaranty” by any Person means all contractual obligations (other than endorsements in the ordinary course of business
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business) of such Person guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, all obligations incurred through an agreement, contingent or otherwise, by such Person: (i) to purchase such Indebtedness or to purchase any property or assets constituting security therefor,
primarily for the purpose of assuring the owner of such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (ii) to advance or supply funds (x) for the purchase or payment of such Indebtedness, or
(y) to maintain working capital or other balance sheet condition, or otherwise to advance or make available funds for the purchase or payment of such Indebtedness, in each case primarily for the purpose of assuring the owner of such
Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (iii) to lease property, or to purchase securities or other property or services, of the primary obligor, primarily for the purpose of assuring the
owner of such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (iv) otherwise to assure the owner of such Indebtedness of the primary obligor against loss in respect thereof. For the purpose of all
computations made under this Agreement, the amount of a Guaranty in respect of any Indebtedness shall be deemed to be equal to the amount that would apply if such Indebtedness was the direct obligation of such Person rather than the primary obligor
or, if less, the maximum aggregate potential liability of such Person under the terms of the Guaranty. 

“Hazardous Material” shall mean “hazardous substances”, as such term is defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Acts of 1986, and shall also include petroleum, including crude oil or any fraction thereof, or any other substance defined
as “hazardous” or “toxic” or words with similar meaning and effect under any Environmental Law applicable to the Company or any of its Subsidiaries. 

“Highest Lawful Rate” means the maximum nonusurious interest rate, if any, that any time or from time to time may be
contracted for, taken, reserved, charged or received on any Loans, under laws applicable to any of the Lenders which are presently in effect or, to the extent allowed by applicable law, under such laws which may hereafter be in effect and which
allow a higher maximum nonusurious interest rate than applicable laws now allow. Determination of the rate of interest for the purpose of determining whether any Loans are usurious under all applicable laws shall be made by amortizing, prorating,
allocating, and spreading, in equal parts during the period of the full stated term of the Loans, all interest at any time contracted for, taken, reserved, charged or received from a Borrower in connection with the Loans. 

  
 [364-Day
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 “Impacted Interest Period” shall have the meaning set forth in the
definition of “LIBOR Rate”. 
 “Indebtedness” means, for any Person, the following obligations of
such Person, without duplication: (i) obligations of such Person for borrowed money; (ii) obligations of such Person representing the deferred purchase price of property or services other than accounts payable and accrued liabilities
arising in the ordinary course of business and other than amounts which are being contested in good faith and for which reserves in conformity with GAAP have been provided; (iii) obligations of such Person evidenced by bonds, notes, bankers
acceptances, debentures or other similar instruments of such Person, or obligations of such Person arising, whether absolute or contingent, out of drawn letters of credit issued for such Person’s account or pursuant to such Person’s
application securing Indebtedness; (iv) obligations of other Persons, whether or not assumed, secured by Liens (other than Permitted Liens) upon property or payable out of the proceeds or production from property now or hereafter owned or
acquired by such Person, but only to the extent of such property’s fair market value; (v) Capitalized Lease Obligations of such Person; (vi) net obligations under Interest Rate Protection Agreements that have been cancelled or
otherwise terminated before their scheduled expiration or are otherwise due and payable, and (vii) obligations of such Person pursuant to a Guaranty of any of the foregoing obligations of another Person; provided, however, Indebtedness
shall exclude Non-recourse Debt. For purposes of this Agreement, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture to the extent such Indebtedness is recourse to such Person. 

“Interest Payment Date” means (a) with respect to any Base Rate Loan or any Swingline Loan, the last day of each
March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period
of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or with the consent of each Lender making a Loan as part of such Borrowing, any other period), in each case as the applicable
Borrower may elect. 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.

 “Interest Rate Protection Agreement” shall mean any interest rate swap, interest rate cap, interest rate
collar, or other interest rate hedging agreement or arrangement designed to protect against fluctuations in interest rates, regardless of whether such agreements are subject to hedge accounting. 

“Interpolated Rate” means, for any Impacted Interest Period, the rate per annum reasonably 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 

  
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linear basis between: (a) the applicable Screen Rate for the longest period (for which such Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the
applicable Screen Rate for the shortest period (for which such Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Impacted
Interest Period. 
 “Joinder Agreement” means an agreement in substantially the form of Exhibit 2.13C
signed by the Company, by each Additional Lender and by each other Lender whose Commitment is to be increased, setting forth the new Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a party to this
Agreement and to be bound by all the terms and provisions hereof. 
 “Lender” is defined in the preamble
to this Agreement. 
 “Lending Office” means the “Lending Office” of such Lender (or an Affiliate of
such Lender) designated for each Type of Loan in the Administrative Questionnaire submitted by such Lender or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent
and the Company as the office by which its Loans of such Type are to be made and maintained. 
 “LIBOR Market
Index Rate” means, for any day, with respect to any interest calculation for Base Rate Loans, the rate per annum quoted at approximately 11:00 A.M. (London time) on such day on that page of the Reuters, Telerate or Bloomberg reporting
service (as then being used by the Administrative Agent to obtain such interest rate quotes) that displays the London interbank offered rate administered by the British Bankers’ Association (or any other Person that takes over the
administration of such rate) for deposits in U.S. Dollars in the amount of $5,000,000 for a period of one month, or if such page or such service shall cease to be available, such other page or other service (as the case may be) for the purpose of
displaying British Bankers’ Association interest settlement rates as reasonably determined by the Administrative Agent after consultation with the Company as to the use of any such other service; provided, that if the Administrative Agent shall
reasonably determine that it is not possible to determine any such other service (which conclusion shall be conclusive and binding absent manifest error), then the “LIBOR Market Index Rate” shall be the applicable Reference Bank
Rate for such day. 
 “LIBOR Rate” means, for any Interest Period for each Eurocurrency Loan, the rate per
annum quoted at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period on that page of the Reuters, Telerate or Bloomberg reporting service (as then being used by the Administrative Agent to obtain
such interest rate quotes) that displays the London interbank offered rate administered by the British Bankers’ Association (or any other Person that takes over the administration of such rate) for deposits in U.S. Dollars, or if such page or
such service shall cease to be available, such other page or other service (as the case may be) for the purpose of displaying British Bankers’ Association interest settlement rates as reasonably determined by the Administrative Agent after
consultation with the Company as to the use of any such other service (in each case, the “Screen Rate”); provided, that if no Screen Rate shall be available at such time for such Interest Period (an “Impacted Interest
Period”), then the “LIBOR Rate” for such Impacted Interest Period shall be the Interpolated Rate;  

  
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provided further, that if the Administrative Agent shall reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding
absent manifest error), then during such Impacted Interest Period the “LIBOR Rate” for such Interest Period for such LIBOR Borrowing shall be the applicable Reference Bank Rate for such period.  

“Lien” means any interest in any property or asset in favor of a Person other than the owner of such property or asset
and securing an obligation owed to, or a claim by, such Person, whether such interest is based on the common law, statute or contract, including, but not limited to, the security interest lien arising from a mortgage, encumbrance, pledge,
conditional sale, security agreement or trust receipt, or a lease, consignment or bailment for security purposes. 

“Loan” means (i) a Base Rate Loan, (ii) a Eurocurrency Loan or (iii) a Swingline Loan, as the case may
be, and “Loans” means two or more of any such Loans. 
 “Material Adverse Effect” means
a material adverse effect on (i) the business, assets, operations or condition of the Company and its Subsidiaries taken as a whole, or (ii) the Credit Parties’ ability, taken as a whole, to perform any of their payment obligations
under this Agreement or the Notes or under any other Credit Document to which a Credit Party is a party. 

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

“NDC” means Noble Drilling Corporation, a Delaware corporation. 

“NDC Guaranty” means a guaranty of NDC in substantially the form of Exhibit 1.1A. 

“NHIL” means Noble Holding International Limited, a Cayman Islands exempted company limited by shares. 

“NHIL Guaranty” means a guaranty of NHIL in substantially the form of Exhibit 1.1B. 

“Noble Parent Company” means Noble-Switzerland or, if a Redomestication has occurred subsequent to the date hereof and
prior to the event in question on the date of determination, the Surviving Person resulting from such prior Redomestication. 
 “Noble-Switzerland” means Noble Corporation, a corporation organized and existing under the laws of Switzerland. 
 “Non-recourse Debt” means with respect to any Person (i) obligations of such Person against which the obligee has no recourse to such Person except as to certain named or described
present or future assets or interests of such Person, and (ii) the obligations of SPVs to the extent the obligee thereof has no recourse to the Company or any of its Subsidiaries, except as to certain specified present or future assets of, or
interests in, SPVs; it being understood, for the avoidance of doubt, that Permitted Bully Indebtedness shall constitute Non-recourse Debt. 
 “Note” means a Revolving Note or a Swingline Note. 

  
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 “Obligations” means all obligations of the Credit Parties to pay fees,
costs and expenses hereunder, to pay principal or interest on Loans and to pay any other obligations to the Administrative Agent, the Swingline Lender or any Lender arising under any Credit Document. 

“OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Other Agents” means, collectively, the Collateral Agent, the Co-Syndication Agents and the Co-Documentation Agents.

 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001, as amended from time to time. 
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 
 “Percentage” means, for each Lender, the percentage of the Commitments represented by such Lender’s Commitment; provided, that, if the Commitments are terminated, each
Lender’s Percentage shall be calculated based on such Lender’s pro rata share of the total Revolving Loans then outstanding or, if no Revolving Loans are then outstanding, its Commitment in effect immediately before such termination,
subject to any assignments by such Lender of Obligations pursuant to Section 10.10. 
 “Performance
Guaranties” means all Guaranties of performance (and not financial Guaranties) of the Company or any of its Subsidiaries delivered in connection with the construction, operation, ownership or financing of drill ships, offshore mobile
drilling units or offshore drilling rigs. 
 “Performance Letters of Credit” means all letters of credit
for the account of the Company, any Subsidiary or a SPV issued as support for Non-recourse Debt or a Performance Guaranty. 
 “Permitted Bully Indebtedness” means any Indebtedness existing from time to time of Bully 1, Ltd., a Cayman Islands exempted company (“Bully 1”), Bully 2, Ltd., a Cayman
Islands exempted company (“Bully 2”), or any of their respective Subsidiaries, to the extent that the ratio (expressed as a percentage) of Bully Consolidated Indebtedness to Bully Total Tangible Capitalization is no greater than 60%
as of the end of each fiscal quarter of the Company. 
 For purposes of this definition: 

“Bully Consolidated Indebtedness” means all Indebtedness of Bully 1, Bully 2, and their Subsidiaries that
would be reflected on a consolidated balance sheet of such Persons prepared in accordance with GAAP. 

“Bully Consolidated Tangible Net Worth” means, as of any date of determination, consolidated total equity
of Bully 1, Bully 2 and their Subsidiaries determined in accordance with GAAP but excluding the effect on shareholders equity of cumulative 

  
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foreign exchange translation adjustments, and less the net book amount of all assets of Bully 1, Bully 2 and their Subsidiaries that would be classified as intangible assets on the
consolidated balance sheet of the Company as of such date prepared in accordance with GAAP. 
 “Bully
Total Tangible Capitalization” means, as of any date of determination, the sum of Bully Consolidated Indebtedness plus Bully Consolidated Tangible Net Worth as of such date. 

“Permitted Liens” has the meaning ascribed to such term in Section 6.10. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization or any other entity or organization, including a government or any agency or political subdivision thereof. 

“Plan” means an employee pension benefit plan covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code that is either (i) maintained by the Company or any of its ERISA Affiliates, or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which the Company or any of its ERISA Affiliates is then making or accruing an obligation to make contributions or has within the preceding five (5) plan years made or had an obligation to make contributions.

 “Protesting Lender” shall have the meaning set forth in Section 2.16(b). 

“Redomestication” means: 
 (a) any amalgamation, merger, exchange offer, conversion, consolidation or similar action of the Noble Parent Company with or into any other Person, or of any other Person with or into the Noble Parent
Company, or the sale or other disposition (other than by lease) of all or substantially all of its assets by the Noble Parent Company to any other Person, 
 (b) any continuation, discontinuation, domestication, redomestication, amalgamation, merger, plan or scheme of arrangement, exchange offer, business combination, reincorporation, reorganization
consolidation or similar action of the Noble Parent Company, pursuant to the law of the jurisdiction of its organization and of any other jurisdiction, or 
 (c) the formation of a Person that becomes, as part of the transaction or series of related transactions, the direct or indirect owner of 100% of the voting shares (except for directors’
qualifying shares) of the Noble Parent Company (the “New Parent”),  
 if as a result thereof 

(x) in the case of any action specified in clause (a), the entity that is the surviving, resulting or continuing Person in such merger,
amalgamation, conversion, consolidation or similar action, or the transferee in such sale or other disposition, 

  
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 (y) in the case of any action specified in clause (b), the entity that constituted the Noble
Parent Company immediately prior thereto (but disregarding for this purpose any change in its jurisdiction of organization), or 

(z) in the case of any action specified in clause (c), the New Parent 
 (in any such case the “Surviving Person”) is a corporation or other entity, validly incorporated or formed and existing in good standing (to the extent the concept of good standing
is applicable) under the laws of Delaware or another State of the United States, under the laws of any member country of the European Union, under the laws of any member of the European Economic Area (EEA) or NAFTA, under the laws of Switzerland or
Singapore, or under the laws of any territory of any of the foregoing or (with the consent of the Required Lenders, such consent not to be unreasonably withheld) under the laws of any other jurisdiction, whose outstanding equity securities of each
class issued and outstanding immediately following such action, and giving effect thereto, shall be beneficially owned by substantially the same Persons, in substantially the same percentages, as were the outstanding equity securities of the Noble
Parent Company immediately prior thereto and the Surviving Person shall have delivered to the Administrative Agent (i) a certificate to the effect that, both before and after giving effect to such transaction, no Default or Event of Default
exists, and (ii) an opinion, reasonably satisfactory in form, scope and substance to the Administrative Agent, of counsel reasonably satisfactory to the Administrative Agent, addressing such matters in connection with the Redomestication as the
Administrative Agent or any Lender may reasonably request. 
 “Reference Banks” means the principal
London office of JPMorgan Chase Bank, N.A. and of at least one additional bank dealing in Dollar deposits in the interbank eurodollar market in London, England as may be selected by the Administrative Agent after consultation with the Company.

 “Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places)
supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of approximately 11:00 A.M. (London time) (i) for any Eurocurrency Loans, two Business Days prior to the first day of such requested Interest
Period for loans in U.S. Dollars and (ii) for any Base Rate Loans, on such date, for loans in U.S. Dollars in the amount of $5,000,000 for a period of one month, as the rate in each case at which the relevant Reference Bank could borrow funds
in the London interbank market in U.S. Dollars for such period, were it to do so by asking for and then accepting interbank offers in reasonable market size in U.S. Dollars and for that period. 

“Replacement Lender” shall have the meaning set forth in Section 2.14. 

“Required Lenders” means, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of
the sum of the total Revolving Credit Exposures and unused Commitments at such time or, if the Commitments have been terminated or expired, Lenders having more than 50% of the sum of the total Revolving Credit Exposures of all Lenders; provided
that the Revolving Credit Exposure of, and unused Commitment of, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders except with respect to waivers and amendments described in clauses (x) and
(y) of Section 10.11(iv). 

  
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 “Revolving Credit” means the credit facility for making Revolving Loans
described in Section 2.1. 
 “Revolving Credit Commitment Amount” means an amount equal to $600,000,000, as
such amount may be increased or reduced from time to time pursuant to the terms of this Agreement. 
 “Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum at such time, without duplication, of (i) such Lender’s applicable Percentage of the principal amounts of the outstanding Revolving Loans and (ii) such
Lender’s applicable Percentage of the Swingline Exposure. 
 “Revolving Loan” has the meaning
ascribed to such term in Section 2.1. 
 “Revolving Note” has the meaning ascribed to such term in Section
2.8(e). 
 “Sale-Leaseback Transaction” means any arrangement whereby the Company or a Subsidiary 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 property that it intends to use for substantially the same purpose or purposes as the property sold or
transferred. 
 “Sanctioned Entity” means (a) a country or a government of a country, (b) an
agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in a country, in each case, that is subject to a country sanctions program administered and
enforced by OFAC, the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 
 “Sanctioned Person” means a person named on the list of Specially Designated Nationals maintained by OFAC, or any similar list maintained by the U.S. State Department, the U.S. Department
of Commerce, the U.S. Department of the Treasury or any other U.S. Governmental Authority, or maintained by the United Nations Security Council, the European Union or any member state thereof, as may be amended, supplemented or substituted from time
to time. 
 “S&P” means Standard & Poor’s Ratings Group or any successor thereto.

 “Screen Rate” shall have the meaning set forth in the definition of “LIBOR Rate”. 

“SEC” means the United States Securities and Exchange Commission, or any Governmental Authority succeeding to the
functions of said Commission. 
 “Significant Subsidiary” has the meaning ascribed to it under
Regulation S-X promulgated under the Exchange Act. 

  
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 “SPV” means any Person that is designated by the Company as a special
purpose vehicle, provided that the Company shall not designate as a SPV any Subsidiary that owns, directly or indirectly, any other Subsidiary that has total assets (including assets of any Subsidiaries of such other Subsidiary, but excluding
any assets that would be eliminated in consolidation with the Company and its Subsidiaries) which equates to at least five percent (5%) of the Company’s Total Assets, or that had net income (including net income of any Subsidiaries of such
other Subsidiary, all before discontinued operations and income or loss resulting from extraordinary items, but excluding revenues and expenses that would be eliminated in consolidation with the Company and its Subsidiaries and excluding any loss or
gain resulting from the early extinguishment of Indebtedness) during the most recently completed fiscal year of the Company in excess of the greater of (i) $1,000,000, and (ii) fifteen percent (15%) of the net income (before
discontinued operations and income or loss resulting from extraordinary items and excluding any loss or gain resulting from the early extinguishment of Indebtedness) for the Company and its Subsidiaries, all as determined on a consolidated basis in
accordance with GAAP during such fiscal year of the Company. The Company may elect to treat any Subsidiary as a SPV (provided such Subsidiary would otherwise qualify as such), and may rescind any such prior election, by giving written notice thereof
to the Administrative Agent specifying the name of such Subsidiary or SPV, as the case may be, and the effective date of such election, which shall be a date within sixty (60) days after the date such notice is given. The election to treat a
particular Person as a SPV may only be made once. 
 “Statutory Reserve Rate” means, with respect to any
currency, the aggregate of the maximum reserve, liquid asset or similar percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by any Governmental Authority of the United States or of the
jurisdiction of such currency or any jurisdiction in which Loans in such currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in such currency or by reference to
which interest rates applicable to loans in such currency are determined. Such reserve, liquid asset or similar percentages shall include those imposed pursuant to Regulation D of the Board of Governors of the Federal Reserve System. Eurocurrency
Loans shall be deemed 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 Regulation D or any other applicable law, rule or
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “Subsidiary” means, for any Person, any other Person (other than, except in the context of Sections 5.10 and 6.6(a), a SPV) of which more than fifty percent (50%) of the outstanding
stock or comparable equity interests having ordinary voting power for the election of the board of directors, managers or similar governing body of such other Person (irrespective of whether or not at the time stock or other equity interests of any
other class or classes of such other Person shall have or might have voting power by reason of the happening of any contingency), is at the time directly or indirectly owned by such former Person or by one or more of its Subsidiaries.

 “Subsidiary Debt Basket Amount” has the meaning ascribed to such term in Section 6.11(j). 

  
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 “Subsidiary Guaranty” means (i) as to NDC, the NDC Guaranty,
(ii) as to NHIL, the NHIL Guaranty and (iii) as to any other Subsidiary, any Guaranty substantially in the form of Exhibit 6.11.  
 “Surviving Person” has the meaning specified in the definition of “Redomestication”. 
 “Swingline Commitment” means the commitment of the Swingline Lender to make loans pursuant to Section 2.15, as the same may be reduced from time to time as expressly provided
pursuant to this Agreement. The amount of the Swingline Commitment shall initially be $50,000,000. 
 “Swingline
Exposure” means at any time the aggregate principal amount at such time of all outstanding Swingline Loans. The Swingline Exposure of any Lender at any time shall equal its applicable Percentage of the aggregate Swingline Exposure at such
time. 
 “Swingline Lender” has the meaning specified in the first paragraph hereof. 

“Swingline Loan” means any loan made by the Swingline Lender pursuant to Section 2.15. 

“Swingline Note” has the meaning set forth in Section 2.8(e). 

“Swingline Request” has the meaning set forth in Section 2.15(b). 

“TARGET” means the Trans-European Automated Real-Time Gross Settlement Express Transfer system. 

“Taxes” has the meaning set forth in Section 5.12. 

“Total Assets” means, as of any date of determination, the aggregate book value of the assets of the Company and its
Subsidiaries determined on a consolidated basis in accordance with GAAP as of such date. 
 “Total Tangible
Capitalization” means, as of any date of determination, the sum of Consolidated Indebtedness plus Consolidated Tangible Net Worth as of such date. 
 “Type”, when used in reference to any Revolving Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by
reference to Adjusted LIBOR or the Base Rate. 
 “Unfunded Vested Liabilities” means, for any Plan at
any time, the amount (if any) by which the present value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, determined as of the then most recent valuation date
for such Plan, but only to the extent that such excess represents a potential liability of the Company or any of its ERISA Affiliates to the PBGC or such Plan. 

  
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 Section 1.2. Time of Day. Unless otherwise expressly provided, all references to
time of day in this Agreement and the other Credit Documents shall be references to New York, New York time. 

Section 1.3. Accounting Terms; GAAP. Except as otherwise expressly provided herein, and subject to the provisions of
Section 10.18, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time. 
 ARTICLE 2 
 THE CREDIT FACILITIES 

Section 2.1. Commitments for Revolving Loans. Subject to the terms and conditions hereof, each Lender severally and not
jointly agrees to make one or more loans (each a “Revolving Loan”) to the Borrowers from time to time prior to the Commitment Termination Date applicable to such Lender on a revolving basis in an aggregate amount not to exceed at
any time outstanding an amount equal to its Commitment, subject to any increases or reductions thereof pursuant to the terms of this Agreement; provided, however, that no Lender shall be required to make any Revolving Loan if, after
giving effect thereto, (i) the sum of the Swingline Exposure plus the aggregate outstanding principal amount of the Revolving Loans of all Lenders would thereby exceed the Revolving Credit Commitment Amount then in effect or (ii) the
Revolving Credit Exposure of such Lender would thereby exceed its Commitment then in effect. Each Borrowing of Revolving Loans shall be made ratably from the Lenders in proportion to their respective Percentages. Revolving Loans of each Lender may
be repaid, in whole or in part, and all or any portion of the principal amounts thereof reborrowed, before the Commitment Termination Date applicable to such Lender, subject to the terms and conditions hereof. Funding of any Revolving Loans shall be
in U.S. Dollars. 
 Section 2.2. Types of Revolving Loans and Minimum Borrowing Amounts. Borrowings of Revolving
Loans may be outstanding as either Base Rate Loans or Eurocurrency Loans, as selected by the Company pursuant to Section 2.3. Each Borrowing of Base Rate Loans shall be in an amount of not less than $1,000,000 and each Borrowing of Eurocurrency
Loans shall be in an amount of not less than $5,000,000 and in an integral multiple of the Borrowing Multiple. 

Section 2.3. Manner of Borrowings; Continuations and Conversions of Borrowings. 

(a) Notice of Revolving Loan Borrowings. The Company shall give notice to the Administrative Agent by no later than (i) 12:00
P.M. at least three (3) Business Days before the date on which the Company requests the Lenders to advance a Borrowing of Eurocurrency Loans, and (ii) 12:00 P.M. on the date the Company requests the Lenders to advance a Borrowing of Base
Rate Loans, in each case pursuant to a duly completed Borrowing Request substantially in the form of Exhibit 2.3 (each a “Borrowing Request”) executed by the Company. 

  
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 (b) Notice of Continuation or Conversion of Outstanding Borrowings. The Company may
from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as
follows: (i) if such Borrowing is of Eurocurrency Loans, the Company may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Company or convert part or all of such Borrowing into Base Rate Loans
on the last day of the Interest Period applicable thereto, or the Company may earlier convert part or all of such Borrowing into Base Rate Loans so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if
such Borrowing is of Base Rate Loans, the Company may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Company on any Business Day, in each case pursuant to notices of continuation or conversion
as set forth below. The Company may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency
Loans exceed ten (10) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on
the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion
of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or
conversion to, Eurocurrency Loans and (B) 12:00 P.M. on the date of any conversion of Eurocurrency Loans to Base Rate Loans. 
 (c) Manner of Notice. The Company shall give such notices concerning the advance, continuation, or conversion of a Borrowing pursuant to this Section 2.3 by telephone or facsimile (which
notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing) pursuant to a Borrowing Request which shall specify the date of the requested advance, continuation or conversion (which shall be a Business Day),
the amount of the requested Borrowing, whether such Borrowing is to be advanced, continued, or converted, the Type of Loans to comprise such new, continued or converted Borrowing, if such Borrowing is to be comprised of Eurocurrency Loans and the
Interest Period applicable thereto and the applicable Borrower. The Company agrees that the Administrative Agent may rely on any such telephonic or facsimile notice given by any Person it in good faith believes is an authorized representative of the
Company without the necessity of independent investigation and that, if any such notice by telephone conflicts with any written confirmation, such telephonic notice shall govern if the Administrative Agent has acted in reliance thereon. 

(d) Notice to the Lenders. The Administrative Agent shall give prompt telephonic, telex or facsimile notice to each Lender of any
notice received pursuant to this Section 2.3 relating to a Revolving Loan Borrowing. The Administrative Agent shall give notice to the Company and each Lender by like means of the interest rate applicable to each Borrowing of Eurocurrency Loans
(but, if such notice is given by telephone, the Administrative Agent shall confirm such rate in writing) promptly after the Administrative Agent has made such determination. 

  
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 (e) Company’s Failure to Notify. If the Company fails to give notice pursuant to
Section 2.3(a) or (b) of the continuation or conversion of any outstanding principal amount of a Borrowing of Eurocurrency Loans, and has not notified the Administrative Agent by 12:00 P.M. at least three (3) Business Days before the
last day of the Interest Period for any Borrowing of Eurocurrency Loans that it intends to repay such Borrowing, the Company shall be deemed to have requested for such Borrower the continuation of such Borrowing as a Eurocurrency Loan with an
Interest Period of one (1) month, so long as no Event of Default shall have occurred and be continuing or would occur as a result of such Borrowing but otherwise disregarding the conditions to Borrowings set forth in Section 4.2. Upon the
occurrence and during the continuance of any Event of Default, and upon notice thereof, if so directed by the Required Lenders, from the Administrative Agent to the Company (i) each Eurocurrency Loan will automatically, on the last day of the
then existing Interest Period therefor, convert into a Base Rate Loan, and (ii) the obligation of the Lenders to make, continue or convert Loans into Eurocurrency Loans shall be suspended during the continuance of such Event of Default.

 (f) Conversion. If the Company shall elect to convert any particular Borrowing pursuant to this Section 2.3 from
one Type of Loan to the other only in part, then, from and after the date on which such conversion shall be effective, such particular Borrowing shall, for all purposes of this Agreement (including, without limitation, for purposes of subsequent
application of this sentence) be deemed to instead constitute two Borrowings (each originally advanced on the same date as such particular Borrowing), one comprised of (subject to subsequent conversion in accordance with this Agreement) Eurocurrency
Loans in an aggregate principal amount equal to the portion of such Borrowing so elected by the Company to be comprised of Eurocurrency Loans and the second comprised of (subject to subsequent conversion in accordance with this Agreement) Base Rate
Loans in an aggregate principal amount equal to the portion of such particular Borrowing so elected by the Company to be comprised of Base Rate Loans. If the Company shall elect to have multiple Interest Periods apply to any such particular
Borrowing comprised of Eurocurrency Loans, then, from and after the date such multiple Interest Periods commence, such particular Borrowing shall, for all purposes of this Agreement (including, without limitation, for purposes of subsequent
application of this sentence), be deemed to constitute a number of separate Borrowings (each originally commencing on the same date as such particular Borrowing) equal to the number of, and corresponding to, the different Interest Periods so
selected, each such deemed separate Borrowing corresponding to a particular selected Interest Period comprised of (subject to subsequent conversion in accordance with this Agreement) Eurocurrency Loans in an aggregate principal amount equal to the
portion of such particular Borrowing so elected by the Company to have such Interest Period. This Section 2.3(f) shall be applied appropriately in the event that the Company shall make the elections described in the two preceding sentences at
the same time with respect to the same particular Borrowing. 
 Section 2.4. Interest Periods. As provided in
Section 2.3, at the time of each request for a Borrowing of Eurocurrency Loans, or for the continuation or conversion of any Borrowing of Eurocurrency Loans, the Company shall select the Interest Period(s) to be applicable to such Loans from
among the available options, subject to the limitations in Section 2.3; provided, however, that: 

  
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 23 

 (i) the Company may not select an Interest Period that extends beyond the Commitment
Termination Date; 
 (ii) whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the
last day of such Interest Period shall either be (i) extended to the next succeeding Business Day, or (ii) in the case of Eurocurrency Loans only, reduced to the immediately preceding Business Day if the next succeeding Business Day is in
the next calendar month; and 
 (iii) for purposes of determining an Interest Period, a month means a period starting on one day
in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no such numerically corresponding day in the month in which an Interest Period is to end or if an
Interest Period begins on the last Business Day of a calendar month, then in the case of Eurocurrency Loans only, such Interest Period shall end on the last Business Day of the calendar month in which such Interest Period is to end. 

Section 2.5. Funding of Loans. 
 (a) Disbursement of Loans. Not later than 12:00 P.M. with respect to Eurocurrency Loans, and 2:00 P.M. with respect to Base Rate Revolving Loans, on the date of any requested advance of a new
Borrowing of Loans, each Lender, subject to all other provisions hereof, shall make available for the account of its applicable Lending Office its Loan comprising its portion of such Borrowing in funds immediately available for the benefit of the
Administrative Agent in the applicable Administrative Agent’s Account and according to the payment instructions of the Administrative Agent. The Administrative Agent shall promptly make the proceeds of each such Borrowing available in
immediately available funds to the applicable Borrower (or as directed in writing by the Company) on such date. In the event that any Lender does not make such amounts available to the Administrative Agent by the time prescribed above, but such
amount is received later that day, such amount shall nevertheless be promptly credited to the applicable Borrower in the manner described in the preceding sentence (and if such credit is made on the next Business Day, with interest on such amount to
begin accruing hereunder on such next Business Day); provided that acceptance by any Borrower of any such late amount shall not be deemed a waiver by such Borrower of any rights it may have against such Lender. No Lender shall be responsible to any
Borrower for any failure by another Lender to fund its portion of a Borrowing, and no such failure by a Lender shall relieve any other Lender from its obligation, if any, to fund its portion of a Borrowing. 

(b) Administrative Agent Reliance on Lender Funding. Unless the Administrative Agent shall have been notified by a Lender prior to
the time at which such Lender is scheduled to make payment to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Lender does not intend to make such payment, the Administrative Agent may
assume that such Lender has made such payment when due and in reliance upon such assumption may (but shall not be required to) make available to the applicable Borrower the proceeds of the Loan to be made by such Lender and, if any Lender has not in
fact made such payment to the Administrative Agent, such Lender shall, on demand, 

  
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pay to the Administrative Agent the amount made available to the applicable Borrower attributable to such Lender together with interest thereon for each day during the period commencing on the
date such amount was made available to the applicable Borrower and ending on (but excluding) the date such Lender pays such amount to the Administrative Agent at a rate per annum equal to the Administrative Agent’s cost of funds for such
amount. If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the applicable Borrower will, on demand, repay to the Administrative Agent the proceeds of the Loan attributable to such Lender with
interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but the applicable Borrower will in no event be liable to pay any amounts otherwise due pursuant to Section 2.11 in respect of such repayment.
Nothing in this subsection shall be deemed to relieve any Lender from any obligation to fund any Loans hereunder or to prejudice any rights which any Borrower may have against any Lender as a result of any default by such Lender hereunder.

 Section 2.6. Applicable Interest Rates. 
 (a) Base Rate Loans. Each Base Rate Loan shall bear interest (computed on the basis of a 365-day year or 366-day year, as the case may be, and actual days elapsed including the first day but
excluding the date of repayment) on the unpaid principal amount thereof from the date such Loan is made until maturity (whether by acceleration or otherwise) or conversion to a Eurocurrency Loan, at a rate per annum equal to the lesser of
(i) the Highest Lawful Rate, or (ii) the Base Rate from time to time in effect plus the Applicable Margin. Each Borrower agrees to pay such interest on each Interest Payment Date for such Loan and at maturity (whether by
acceleration or otherwise). 
 (b) Eurocurrency Loans. Each Eurocurrency Loan shall bear interest (computed on the basis
of a 360-day year and actual days elapsed, including the first day but excluding the date of repayment) on the unpaid principal amount thereof from the date such Loan is made until maturity (whether by acceleration or otherwise) or, in the case of
Eurocurrency Loans, conversion to a Base Rate Loan at a rate per annum equal to the lesser of (i) the Highest Lawful Rate, or (ii) the sum of Adjusted LIBOR plus the Applicable Margin. Each Borrower agrees to pay such interest on
each Interest Payment Date for such Loan and at maturity (whether by acceleration or otherwise) or, in the case of Eurocurrency Loans, conversion to a Base Rate Loan. 
 (c) Swingline Loans. Each Swingline Loan shall bear interest (computed on the basis of a 365-day year or 366-day year, as the case may be, and actual days elapsed including the first day but
excluding the date of repayment) on the unpaid principal amount thereof from the date such Loan is made until maturity (whether by acceleration or otherwise) at a rate per annum equal to the lesser of (i) the Highest Lawful Rate, or
(ii) the LIBOR Market Index Rate plus the Applicable Margin. Each Borrower agrees to pay such interest on each Interest Payment Date for such Loan and at maturity (whether by acceleration or otherwise). 

  
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 (d) Rate Determinations. The Administrative Agent shall determine each interest rate
applicable to the Loans hereunder insofar as such interest rate involves a determination of Base Rate, Adjusted LIBOR, LIBOR Rate or LIBOR Market Index Rate, or any applicable default rate pursuant to Section 2.7, and such determination shall
be conclusive and binding except in the case of the Administrative Agent’s manifest error or willful misconduct. The Administrative Agent shall promptly give notice to the Company and each Lender of each determination of Adjusted LIBOR, with
respect to each Eurocurrency Loan. 
 Section 2.7. Default Rate. If any payment of principal on any Loan is not made
when due after the expiration of the grace period therefor provided in Section 7.1(a) (whether by acceleration or otherwise), such past due Loan shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as applicable, and
actual days elapsed) after any such grace period expires until such principal then due is paid in full, which each Borrower agrees to pay on demand, at a rate per annum equal to: 

(a) (i) for any Base Rate Loan, the lesser of (A) the Highest Lawful Rate, or (B) the sum of two percent (2%) per annum
plus the Base Rate from time to time in effect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin, and (ii) for any Swingline Loan, the lesser of (A) the Highest Lawful Rate, or
(B) the sum of two percent (2%) per annum plus the LIBOR Market Index Rate from time to time in effect (but not less than the LIBOR Market Index Rate in effect at the time such payment was due) plus the Applicable Margin; and 

(b) for any Eurocurrency Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of two percent (2%) per annum
plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period for such Loan and, thereafter, at a rate per annum equal to the sum of two percent (2%) per annum
plus the Base Rate from time to time in effect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin. 
 It is the intention of the Administrative Agent and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Loan or other Obligation
would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding
the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate
of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no
circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans (or, if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the applicable
Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document
or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Loans (or if the principal amount of the Loans
shall have been paid in full, refunded by such Lender to the applicable Borrower). 

  
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 Section 2.8. Repayment of Loans; Evidence of Debt. 

(a) Repayment of Loans. Each Borrower hereby unconditionally promises to pay to the Administrative Agent, for the account of each
Lender, on the Commitment Termination Date, the unpaid amount of each Revolving Loan made by such Lender to such Borrower then outstanding. Each Borrower hereby unconditionally promises to pay to the Swingline Lender the unpaid principal amount of
each Swingline Loan to such Borrower no later than the Commitment Termination Date. 
 (b) Record of Loans by Lenders.
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made to such Borrower by such Lender, including the amounts of principal and
accrued interest payable and paid to such Lender from time to time hereunder. 
 (c) Record of Loans by Administrative
Agent. The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or accrued
interest due and payable or to become due and payable from the applicable Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s
share thereof. 
 (d) Evidence of Obligations. The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any
error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 
 (e) Notes. The Revolving Loans outstanding to each Borrower from any Lender shall, at the written request of such Lender, be evidenced by a promissory note of the applicable Borrower payable to
such Lender in the form of Exhibit 2.8A (each a “Revolving Note”). Each Borrower agrees to execute and deliver to the Administrative Agent, for the benefit of each Lender requesting one or more promissory notes as aforesaid,
an original of each such promissory note, appropriately completed, to evidence the respective Loans made by such Lender to such Borrower hereunder, within ten (10) Business Days after the Company receives a written request therefor. The
Swingline Loans outstanding to each Borrower shall be evidenced by a promissory note of each Borrower payable to the Swingline Lender in the form of Exhibit 2.8B (a “Swingline Note”). 

  
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 (f) Recording of Loans and Payments on Notes. Each holder of a Note shall record on
its books and records or on a schedule to its appropriate Note (and prior to any transfer of its Notes shall endorse thereon or on schedules forming a part thereof appropriate notations to evidence) the amount of each Loan outstanding from it to the
maker thereof, all payments of principal and interest and the principal balance from time to time outstanding thereon, the Type of such Loan and, if a Eurocurrency Loan the Interest Period and interest rate applicable thereto. Such record, whether
shown on the books and records of a holder of a Note or on a schedule to its Note, shall be prima facie evidence as to all such matters; provided, however, that the failure of any holder to record any of the foregoing or any error in
any such record shall not limit or otherwise affect the obligation of each Borrower to repay all Loans outstanding to such Borrower hereunder together with accrued interest thereon. At the request of any holder of a Note and upon such holder
tendering to the applicable Borrower the Note to be replaced, the applicable Borrower shall furnish a new Note to such holder to replace any outstanding Note and at such time the first notation appearing on the schedule on the reverse side of, or
attached to, such new Note shall set forth the aggregate unpaid principal amount of all Loans, if any, then outstanding thereon. 
 Section 2.9. Optional Prepayments. Each Borrower shall have the privilege of prepaying any Base Rate Loans or Swingline Loans without premium or penalty at any time in whole or at any time and
from time to time in part (but, if in part, then in an amount which is equal to or greater than $1,000,000); provided, however, that the Company shall have given notice of such prepayment to the Administrative Agent no later than 12:00 P.M.
on the date of such prepayment. Each Borrower shall have the privilege of prepaying any Eurocurrency Loans (a) without premium or penalty in whole or in part (but, if in part, then in an amount which is equal to or greater than $5,000,000 and
in an integral multiple of the Borrowing Multiple or such smaller amount as needed to prepay a particular Borrowing in full) only on the last Business Day of an Interest Period for such Loan, and (b) at any other time without premium or penalty
except for the breakage fees and funding losses that are required to be paid pursuant to Section 2.11; provided, however, that the Company shall have given notice of such prepayment to the Administrative Agent no later than 12:00 P.M. at
least three (3) Business Days before the last Business Day of such Interest Period or the proposed prepayment date (or such shorter period as may be agreed by the Administrative Agent in its sole discretion). A notice delivered under this
Section 2.9 may be conditioned upon the effectiveness of other credit facilities or the closing of one or more securities offerings, in which case such notice shall be deemed rescinded if such condition shall fail to be satisfied by the
proposed effective date of such prepayment and; provided, that upon any such rescission such Borrower shall be liable for any breakage fees and funding losses that are required to be paid pursuant to Section 2.11. Any such prepayments
shall be made by the payment of the principal amount to be prepaid and accrued and unpaid interest thereon to the date of such prepayment. Optional prepayments shall be applied to the Obligations then outstanding in the order specified by the
Company. 
 Section 2.10. Mandatory Prepayments of Loans. In the event and on each occasion that the aggregate
principal amount of outstanding Revolving Loans exceeds the Revolving Credit Commitment Amount then in effect, then the Company or the Designated Borrower, as appropriate, shall promptly prepay Revolving Loans in an aggregate amount sufficient to
eliminate such excess. Immediately upon determining the need to make any such prepayment, the Company shall notify the Administrative Agent of such required prepayment and of the identity of the particular Revolving Loans being prepaid. If the
Administrative Agent shall notify the Company that the Administrative Agent has determined that any prepayment is 

  
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required under this Section 2.10, the Company or the Designated Borrower, as appropriate, shall make such prepayment no later than the second Business Day following such notice. Any
mandatory prepayment of Revolving Loans pursuant hereto shall not be limited by the notice provision for prepayments set forth in Section 2.9. Each such prepayment shall be accompanied by a payment of all accrued and unpaid interest on the
Loans prepaid and, in the case of prepayment of Eurocurrency Loans, any applicable breakage fees and funding losses pursuant to Section 2.11. 
 Section 2.11. Breakage Fees. If any Lender incurs any loss, cost or expense (excluding loss of anticipated profits and other indirect or consequential damages) by reason of the liquidation or
re-employment of deposits or other funds acquired by such Lender to fund or maintain any Eurocurrency Loan as a result of any of the following events other than any such occurrence as a result of a change of circumstance described in Sections 8.1 or
8.2: 
 (a) any payment, prepayment or conversion of any such Loan on a date other than the last day of its Interest Period
(whether by acceleration, mandatory prepayment or otherwise); 
 (b) any failure to make a principal payment of any such Loan on
the due date therefor; or 
 (c) any failure by any Borrower to borrow, continue or prepay, or convert to, any such Loan on the
date specified in a notice given pursuant to Section 2.3 (other than by reason of a default of such Lender), 
 then the applicable
Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss, cost or expense. If any Lender makes such a claim for compensation, it shall provide to the Company a certificate executed by an officer of such Lender
setting forth the amount of such loss, cost or expense in reasonable detail (including an explanation of the basis for and the computation of such loss, cost or expense) no later than ninety (90) days after the event giving rise to the claim
for compensation, and the amounts shown on such certificate shall be prima facie evidence of such Lender’s entitlement thereto. Within ten (10) days of receipt of such certificate, the applicable Borrower shall pay directly to such Lender
such amount as will compensate such Lender for such loss, cost or expense as provided herein, unless such Lender has failed to timely give notice to the Company of such claim for compensation as provided herein, in which event no Borrower shall have
any obligation to pay such claim. 
 Section 2.12. Commitment Terminations. The Company shall have the right at any
time and from time to time, upon three (3) Business Days’ prior and irrevocable written notice (provided, such notice may be conditioned upon the effectiveness of other credit facilities or the closing of one or more securities
offerings, in which case such notice shall be deemed rescinded if such condition shall fail to be satisfied by the proposed effective date of such commitment termination, provided, further, that upon any such rescission the Company
shall be liable for any breakage fees and funding losses that are required to be paid pursuant to Section 2.11) to the Administrative Agent, to terminate or reduce the Commitments or the Swingline Commitment without premium or penalty, in whole
or in part, with any partial reduction (i) to be in an amount not less than $5,000,000 as determined by the Company and in integral multiples of 

  
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$5,000,000 and (ii) as to the Commitments, to be allocated ratably among the Lenders in proportion to their respective Commitments; provided, that the Revolving Credit Commitment
Amount may not be reduced to an amount less than the sum of the Swingline Exposure plus the aggregate principal amount of outstanding Revolving Loans, after giving effect to payments on such proposed termination or reduction date; provided
further that the Revolving Credit Commitment Amount may not be reduced to an amount less than the Swingline Commitment, after giving effect to any contemporaneous reduction thereof. The Administrative Agent shall give prompt notice to each
Lender of any such termination or reduction of the Commitments or the Swingline Commitment. Any termination of Commitments or the Swingline Commitment pursuant to this Section 2.12 is permanent and may not be reinstated. 

Section 2.13. Increase of Commitments; Additional Lenders. 

(a) So long as no Event of Default has occurred and is continuing, from time to time after the Effective Date and upon at least 20
days’ written notice to the Administrative Agent (or such shorter period as Administrative Agent and Company may agree), the Company may elect to increase the Revolving Credit Commitment Amount up to a total amount not to exceed $800,000,000 at
any time in effect. 
 (b) The Company may designate one or more banks or other financial institutions (which may be, but need
not be, one or more of the existing Lenders) which at the time agree to, in the case of any such Person that is an existing Lender, increase its Commitment and in the case of any other such Person (an “Additional Lender”), become a
party to this Agreement; provided, however, that any bank or financial institution that is not an existing Lender must be acceptable to the Administrative Agent and/or the Swingline Lender (in each case, which acceptance will not be
unreasonably withheld or delayed) if the consent of the Administrative Agent or the Swingline Lender, as the case may be, would be required to effect an assignment under Section 10.10(b). No Lender shall have any obligation whatsoever to agree
to increase its Commitment. 
 (c) An increase in the aggregate amount of the Commitments pursuant to this
Section 2.13 shall become effective upon the receipt by the Administrative Agent of a Joinder Agreement signed by the Company, by each Additional Lender and by each other Lender whose Commitment is to be increased, together with such
evidence of appropriate corporate authorization on the part of the Company with respect to the increase in the Commitments and such opinions of counsel for the Company with respect to the increase in the Commitments as the Administrative Agent may
reasonably request. 
 (d) Upon the acceptance of any such agreement by the Administrative Agent, the Revolving Credit Commitment
Amount shall automatically be increased by the amount of the Commitments added through such agreement and the Commitment amounts of each Lender set forth on the signature pages hereto shall automatically be deemed to be updated. 

(e) Upon any increase in the aggregate amount of the Commitments pursuant to this Section 2.13 that is not pro rata among all
Lenders, the Borrowers, the Administrative Agent and the Lenders shall as of the effective date of such increase make adjustments to the outstanding principal amount of Revolving Loans (but not any interest accrued thereon or any

  
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accrued fees prior to such date), including, subject to the conditions specified in Section 4.2, the borrowing of additional Revolving Loans hereunder and the repayment of Revolving Loans
plus all applicable accrued interest, fees and expenses as shall be necessary to provide for Revolving Loans by the Lenders in proportion to their respective Commitments after giving effect to such increase, together with any breakage fees and
funding losses that are required to be paid pursuant to Section 2.11, and each Lender shall be deemed to have made an assignment of its outstanding Revolving Loans and Commitment, and assumed outstanding Revolving Loans and Commitments of other
Lenders as of the effective date of such increase as may be necessary to effect the foregoing. 
 Section 2.14.
Extensions of Commitment Termination Date. So long as no Event of Default has occurred and is continuing, no earlier than 60 days and at least 45 days prior to the then-effective Commitment Termination Date, the Company may, by written notice
to the Administrative Agent, request that the Commitment Termination Date then in effect be extended for a 364-day period (and may make successive annual extension requests under this Section 2.14 without limitation prior to the termination
hereof). On each such occasion, the Administrative Agent shall promptly notify each Lender of such request. If a Lender agrees, in its individual and sole discretion, to so extend its Commitment (an “Extending Lender”), it shall
deliver to the Administrative Agent a written notice of its agreement to do so no later than 30 days prior to the then-effective Commitment Termination Date and the Administrative Agent shall promptly thereafter notify the Company of such Extending
Lender’s agreement to extend its Commitment (and such agreement shall be irrevocable until such Commitment Termination Date). The Commitment of any Lender that fails to accept or respond to the Company’s request for extension of the
Commitment Termination Date (a “Declining Lender”) shall be terminated on the Commitment Termination Date then in effect for such Lender (without regard to any extension by other Lenders) and on such Commitment Termination Date the
Borrowers shall pay in full the unpaid principal amount of all Revolving Loans owing to such Declining Lender, together with all accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement to the date of such payment of
principal and all other amounts due to such Declining Lender under this Agreement. The Administrative Agent shall promptly notify each Extending Lender of the aggregate Commitments of the Declining Lenders. Each Extending Lender may offer to
increase its respective Commitment by an aggregate amount up to the aggregate amount of the Declining Lenders’ Commitments and such Extending Lender shall deliver to the Administrative Agent a notice of its offer to so increase its Commitment
no later than 15 days prior to the then-effective Commitment Termination Date (and such offer shall be irrevocable until such Commitment Termination Date). To the extent the aggregate amount of extended Commitments is less than the aggregate amount
of Commitments so requested to be extended pursuant to the foregoing, the Company shall have the right to require any Declining Lender at any time thereafter to (and any such Declining Lender shall) assign in full its rights and obligations under
this Agreement to one or more banks or other financial institutions (which may be, but need not be, one or more of the existing Lenders) which at the time agree to, in the case of any such Person that is an existing Lender, increase its Commitment
and in the case of any other such Person (a “Replacement Lender”) become a party to this Agreement; provided that (i) such assignment is otherwise in compliance with Section 10.10(b), and (ii) such Declining
Lender receives payment in full of the unpaid principal amount of all Revolving Loans owing to such Declining Lender, together with all accrued and unpaid interest thereon and all fees accrued 

  
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and unpaid under this Agreement to the date of such payment of principal and all other amounts due to such Declining Lender under this Agreement. The Commitment Termination Date of such Extending
Lenders and Replacement Lenders shall be extended by 364 days, effective as of such Commitment Termination Date. 

Section 2.15. Swingline Advances. 
 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in Dollars to the Borrowers from time to time prior to the Commitment Termination Date, in an
aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Commitment or (ii) the sum of the aggregate Swingline Exposure plus the
aggregate outstanding principal amount of the Revolving Loans exceeding the Revolving Credit Commitment Amount then in effect; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding
Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may borrow, repay and reborrow Swingline Loans. 
 (b) To request a Swingline Loan, the Company shall deliver, by hand delivery or telecopier, a duly completed and executed Swingline Loan Request substantially in the form of Exhibit 2.15 (each a
“Swingline Request”) to the Administrative Agent and the Swingline Lender, not later than 3:00 p.m., on the day of a proposed Swingline Loan. Each such Swingline Request shall be irrevocable and shall specify the requested date
(which shall be a Business Day) and the amount of the requested Swingline Loan and the applicable Borrower. The Swingline Lender shall make each Swingline Loan available to the applicable Borrower to an account as directed in writing by the Company
in the applicable Swingline Request maintained with the Administrative Agent by 4:00 p.m. on the requested date of such Swingline Loan. The Company shall not request a Swingline Loan if at the time of or immediately after giving effect to such
Swingline Loan a Default or Event of Default has occurred and is continuing or would result therefrom. The Swingline Lender shall not make a Swingline Loan if it has received notice from a Borrower or any Lender that a Default or Event of Default
exists or would result from such Swingline Loan. Swingline Loans shall be made in minimum amounts of $2,500,000 and integral multiples of $100,000 above such amount. 
 (c) Each Borrower shall have the right at any time and from time to time to repay any Swingline Loan, in whole or in part, upon giving written notice to the Swingline Lender and the Administrative Agent
before 12:00 noon on the proposed date of repayment. 
 (d) The Swingline Lender may at any time in its discretion by written
notice given to the Administrative Agent (provided such notice requirement shall not apply if the Swingline Lender and the Administrative Agent are the same entity) not later than 11:00 a.m. on the next succeeding Business Day following such
notice require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans then outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon
receipt of such notice, the Administrative Agent, or if the Swingline Lender and the Administrative Agent are the same entity, the Swingline Lender, will give notice 

  
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thereof to each Lender, specifying in such notice such Lender’s applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt
of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or Event of Default or reduction or
termination of the Revolving Credit Commitment Amount and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of
immediately available funds, in the same manner as provided in Section 2.5(a) with respect to Loans made by such Lender, and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The
Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired by the Lenders pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not
to the Swingline Lender. Any amounts received by the Swingline Lender from any Borrower (or other party on behalf of any Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations
therein shall be promptly remitted to the Administrative Agent. Any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this
paragraph, as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the payment thereof. 

(e) If, at any time there shall exist any Fronting Exposure (or any Fronting Exposure would result from the making of any requested
Swingline Loan), then the Company shall, if the full amount of such Fronting Exposure has not been (or, following the making of such requested Swingline Loan would not be able to be) reallocated pursuant to Section 2.17(a)(iv), promptly upon
the request of the Administrative Agent or the Swingline Lender (or, with respect to any such requested Swingline Loan, prior to the making of such Swingline Loan), deliver to the Administrative Agent Collateral, in accordance with
Section 7.4(a), to secure such unallocated Fronting Exposure, and such Collateral shall be applied as a prepayment on Defaulting Lenders’ participation in such Swingline Loans so as to eliminate such Fronting Exposure and applied as a
prepayment on the outstanding principal amount of such Swingline Loans so as to reduce the outstanding principal amount of such Swingline Loans by an equivalent amount. 
 Section 2.16. Designated Borrowers. 
 (a) The Company may at any time,
upon not less than fifteen (15) Business Days’ notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), designate the Designated Borrower to receive
Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each Lender) a duly executed notice and agreement in substantially the form of Exhibit 2.16A (a “Designated Borrower
Request and Assumption Agreement”). Following the giving of any notice pursuant to this Section 2.16(a), if the designation of such 

  
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Designated Borrower obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary
information is not already available to it, the Company shall, promptly upon the request of the Administrative Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in
order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations. 

(b) Within five (5) Business Days after receiving notice from the Company or the Administrative Agent of the Company’s intent to
designate a Subsidiary as a Designated Borrower for a Designated Borrower that is organized under the laws of a jurisdiction other than of the United States or a political subdivision thereof, any Lender that may not legally lend to, establish
credit for the account of and/or do any business whatsoever with such Designated Borrower directly or through an Affiliate of such Lender as provided in the immediately preceding paragraph (a “Protesting Lender”) shall so notify the
Company and the Administrative Agent in writing. With respect to each Protesting Lender, the Company shall, effective on or before the date that such Designated Borrower shall have the right to borrow hereunder, (A) notify the Administrative
Agent and such Protesting Lender that the Commitments of such Protesting Lender shall be terminated and either (1) the Borrowers shall pay in full the unpaid principal amount of all Revolving Loans owing to such Protesting Lender, together with
all accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement to the date of such payment of principal and all other amounts due to such Protesting Lender under this Agreement, or (2) the Company shall have the
right to require any Protesting Lender at any time thereafter to (and any such Protesting Lender shall) assign in full its rights and obligations under this Agreement to one or more banks or other financial institutions (which may be, but need not
be, one or more existing Lenders) which at the time agree to, in the case of any such Person that is an existing Lender, increase its Commitment and in the case of any other Person become a party to this Agreement; provided that (x) such
assignment is otherwise in compliance with Section 10.10(b), and (y) such Protesting Lender receives payment in full of the unpaid principal amount of all Revolving Loans owing to such Protesting Lender, together with all accrued and
unpaid interest thereon and all fees accrued and unpaid under this Agreement to the date of such payment of principal and all other amounts due to such Protesting Lender under this Agreement; or (B) cancel its request to designate such
Subsidiary as a “Designated Borrower” hereunder. 
 (c) The parties hereto acknowledge and agree that prior to the
Designated Borrower becoming entitled to utilize the Revolving Credit provided for herein, the Administrative Agent and the Lenders shall have received the duly executed Company Guaranty, together with such supporting resolutions, incumbency
certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent or the Required Lenders, and Notes signed by the
Designated Borrower to the extent any Lenders so require. Promptly following receipt of the Company Guaranty and all such requested resolutions, incumbency certificates, opinions of counsel and other documents or information, the Administrative
Agent shall send a notice in substantially the form of Exhibit 2.16B (a “Designated Borrower Notice”) to the Company and the Lenders specifying the effective date upon which the Designated

  
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Borrower shall constitute a Borrower for purposes hereof, whereupon each of the Lenders agrees to permit such Designated Borrower to receive Loans hereunder, on the terms and conditions set forth
herein, and each of the parties agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement. 
 (d) The Obligations of the Designated Borrower shall be guaranteed by the Company pursuant to the Company Guaranty. 
 (e) The Designated Borrower hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Credit Documents, including (i) the giving and
receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders, to any such
Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective
if given or taken only by the Company, whether or not any such other Borrower joins therein. Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms of this
Agreement shall be deemed to have been delivered to each Designated Borrower. 
 (f) The Company may from time to time, upon not
less than 15 Business Days’ notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s status as such, provided that
there are no outstanding Loans payable by such Designated Borrower, or other amounts payable by such Designated Borrower on account of any Loans made to it, as of the effective date of such termination. The Administrative Agent will promptly notify
the Lenders of any such termination of a Designated Borrower’s status. 
 Section 2.17. Defaulting Lenders.

 (a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement or any other Credit Document, if
any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
 (i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement or any other Credit Document shall be
restricted as set forth in Section 10.11. 
 (ii) Reallocation of Payments. Any payment of principal,
interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 7 or otherwise, and including any amounts made available to the
Administrative Agent by such Defaulting Lender pursuant to Section 10.6), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing by such Defaulting Lender to the 

  
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Swingline Lender hereunder; third, to be applied as a prepayment on such Defaulting Lender’s participation in any Swingline Loan; fourth, as the Company may request (so long as
no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so
determined by the Administrative Agent and the Company, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of
any amounts owing to the Lenders or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to a Credit Party as a result of any judgment of a court of competent jurisdiction obtained by such Credit
Party against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in
Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held to be applied) pursuant to this Section 2.17(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and such Defaulting Lender shall
have no recourse to any Credit Party for the payment of such amounts, and each Lender irrevocably consents hereto and the application of such payments in accordance with this Section shall not constitute an Event of Default or a Default, and no
payment of principal of or interest on the Loans of such Defaulting Lender shall be considered to be overdue for purposes of any Credit Document, if, had such payments been applied without regard to this Section, no such Event of Default or Default
would have occurred and no such payment of principal of or interest on the Loans of such Defaulting Lender would have been overdue. 
 (iii) Certain Fees. Facility fees under Section 3.1(a) shall cease to accrue on the Commitment of such Defaulting Lender for any period during which such Lender is a Defaulting Lender (and the
Company shall not be required to pay any such fees that otherwise would have been required to have been paid to such Defaulting Lender). 
 (iv) Reallocation of Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting
Lender to acquire, refinance or fund participations in Swingline Loans pursuant to Section 2.15, the “Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of such Defaulting Lender;
provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of 

  
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Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Swingline Loans shall not exceed the positive difference, if
any, of (1) the Commitment of such non-Defaulting Lender minus (2) the Revolving Credit Exposure of such non-Defaulting Lender. 
 (b) Defaulting Lender Cure. If the Company, the Administrative Agent and the Swingline Lender agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Percentages (without giving effect to Section 2.17(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of any Credit Party while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder in any Lender’s status from Defaulting Lender to non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender. 
 (c) No Waiver. The rights and remedies against, and with respect to, a Defaulting Lender
under this Section 2.17 are in addition to, and cumulative and not in limitation of, all other rights and remedies that the Administrative Agent and each Lender, Swingline Lender, the Company or any other Credit Party may at any time have
against, or with respect to, such Defaulting Lender. 
 ARTICLE 3 

FEES AND PAYMENTS 
 Section 3.1. Fees. 
 (a) Facility Fees. The Company agrees to
pay to the Administrative Agent for the account of each Lender a facility fee, which shall accrue at the Applicable Facility Fee Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including
the Effective Date to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure or Swingline Exposure after its Commitment terminates, then such facility fee
shall continue to accrue on the daily amount of the sum of such Lender’s Revolving Credit Exposure plus such Lender’s Swingline Exposure from and including the date on which its Commitment terminates to but excluding the date on which such
Lender ceases to have any Revolving Credit Exposure and Swingline Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing on September 30, 2013, on the date(s)
on which the Commitments shall have terminated and the Lenders shall have 

  
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no further Revolving Credit Exposures, and on the Commitment Termination Date. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
 (b) Administrative Agent and Arrangement Fees. The
Company shall pay to the Administrative Agent the fees from time to time agreed to by the Company and the Administrative Agent and the arrangement fees previously agreed to by the Company and the Co-Arrangers. 

(c) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, in the case of facility fees, to the Lenders. 
 Section 3.2. Place and
Application of Payments. 
 (a) All payments of principal of and interest on the Loans, and all fees and other amounts
payable by any Credit Party under the Credit Documents shall be made free and clear of any set-off, counterclaim or defense by such Credit Party to the Administrative Agent (or, in the case of Swingline Loans, to the Swingline Lender, except as
provided in Section 2.15), for the benefit of the Lenders entitled to such payments, in immediately available funds on the due date thereof no later than 2:00 P.M. in the applicable Administrative Agent’s Account or such other location as
the Administrative Agent may designate in writing to the Company. Any payments received by the Administrative Agent from any Credit Party after the time specified in the preceding sentence shall be deemed to have been received on the next Business
Day. The Administrative Agent will, on the same day each payment is received or deemed to have been received in accordance with this Section 3.2, cause to be distributed like funds to each Lender owed an Obligation for which such payment was
received, pro rata based on the respective amounts of such type of Obligation then owing to each Lender. 
 (b) If any
payment received by the Administrative Agent under any Credit Document is insufficient to pay in full all amounts then due and payable to the Administrative Agent and the Lenders under the Credit Documents, such payment shall be distributed by the
Administrative Agent and applied by the Administrative Agent and the Lenders in the order set forth in Section 7.7. In calculating the amount of Obligations owing each Lender other than for principal and interest on Loans and fees under
Section 3.1, the Administrative Agent shall only be required to include such other Obligations that Lenders have certified to the Administrative Agent in writing are due to such Lenders. 

Section 3.3. Withholding Taxes. 
 (a) Payments Free of Withholding. Except as otherwise required by law and subject to Section 3.3(b), each payment by the Borrowers to any Lender, the Swingline Lender or the Administrative
Agent under this Agreement or any other Credit Document shall be made without withholding for or on account of any present or future taxes. If any such withholding is so required (as determined in the reasonable discretion of the applicable
Borrower), the applicable Borrower shall make the withholding and pay the amount withheld to the appropriate governmental authority before penalties attach thereto or interest accrues thereon. Moreover, in

  
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the case of any such present or future taxes imposed by or within the jurisdiction in which the applicable Borrower is incorporated, any jurisdiction from which the applicable Borrower makes any
payment under this Agreement or any other Credit Document, or (in each case) any political subdivision or taxing authority thereof or therein, excluding, in the case of each Lender, the Swingline Lender and the Administrative Agent, the following
taxes: 
 (i) taxes imposed on, based upon, or measured by such Lender’s, the Swingline Lender’s or the
Administrative Agent’s net income, profits, gains, overall revenues or receipts, and branch profits, franchise and similar taxes imposed on it; 
 (ii) taxes imposed on such Lender, the Swingline Lender or the Administrative Agent as a result of a present or former connection between the taxing jurisdiction and such Lender, the Swingline Lender or
Administrative Agent, or any owner or affiliate thereof, as the case may be, other than a connection resulting solely from the transactions contemplated by this Agreement; 

(iii) taxes imposed as a result of the transfer by such Lender, the Swingline Lender or Administrative Agent of its
interest in this Agreement or any other Credit Document or a designation by such Lender, the Swingline Lender or the Administrative Agent (other than pursuant to Section 8.3(c)) of a new Lending Office (other than taxes imposed as a result of
any change in treaty, law or regulation after such transfer of such Lender’s, the Swingline Lender’s or the Administrative Agent’s interest in this Agreement or any other Credit Document or designation of a new Lending Office);

 (iv) taxes imposed by the United States of America (or any political subdivision thereof or tax authority
therein) upon a Lender, Swingline Lender or Administrative Agent organized under the laws of a jurisdiction outside of the United States, except to the extent that such tax is imposed as a result of any change in applicable law, regulation or treaty
(other than any addition of or change in any “anti-treaty shopping,” “limitation of benefits,” or similar provision applicable to a treaty) after the date hereof, in the case of each Lender, Swingline Lender or Administrative
Agent originally a party hereto or, in the case of any Purchasing Lender (as defined in Section 10.10(b)) or Administrative Agent, after the date on which it becomes a Lender or Administrative Agent, as the case may be; or 

(v) taxes which would not have been imposed but for (a) the failure of such Lender, the Swingline Lender or the
Administrative Agent, as the case may be, to provide on a timely basis (I) the applicable forms prescribed by the Internal Revenue Service, as required pursuant to Section 3.3(b) (unless excused pursuant to Section 3.3(c)), or (II)
any other form, certification, documentation or proof which is reasonably requested by the Company, or (b) a determination by a taxing authority or a court of competent jurisdiction that a form, certification, documentation or other proof
provided by such Lender, the Swingline Lender or the Administrative Agent to establish an exemption from such tax, assessment or other governmental charge is false or not properly completed; 

  
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 (all such present or future taxes, excluding only the taxes described in the preceding clauses
(i) through (v), being hereinafter referred to as “Indemnified Taxes”), the applicable Borrower shall forthwith pay such additional amount as may be necessary to ensure that the net amount actually received by each Lender, the
Swingline Lender and the Administrative Agent is free and clear of such Indemnified Taxes (including Indemnified Taxes on such additional amount) and is equal to the amount that such Lender, the Swingline Lender or the Administrative Agent (as the
case may be) would have received had withholding of any Indemnified Taxes not been made. If any Borrower pays any Indemnified Taxes, or any penalties or interest in connection therewith, it shall deliver official tax receipts evidencing the payment
or certified copies thereof, or other evidence of payment if such tax receipts have not yet been received by such Borrower (with such tax receipts to be delivered within fifteen (15) days after being actually received), to the Lender, the
Swingline Lender or the Administrative Agent on whose account such withholding was made (with a copy to the Administrative Agent if not the recipient of the original). If the Administrative Agent, the Swingline Lender or any Lender pays any
Indemnified Taxes which any Borrower has failed to withhold or pay to the appropriate governmental authority, or any penalties or interest in connection therewith, such Borrower shall reimburse the Administrative Agent, the Swingline Lender or that
Lender for such payment within thirty (30) days after the receipt of written demand therefor. Such Lender, the Swingline Lender or the Administrative Agent shall make written demand on the Company for reimbursement hereunder no later than
ninety (90) days after the earlier of (i) the date on which such Lender, the Swingline Lender or the Administrative Agent makes payment of the Indemnified Taxes, penalties and interest, and (ii) the date on which the relevant taxing
authority or other governmental authority makes written demand upon such Lender, the Swingline Lender or the Administrative Agent for payment of the Indemnified Taxes, penalties and interest. Any such demand shall describe in reasonable detail such
Indemnified Taxes, penalties or interest, including the amount thereof if then known to such Lender, the Swingline Lender or the Administrative Agent, as the case may be. In the event that such Lender, the Swingline Lender or the Administrative
Agent fails to give the Company timely notice as provided herein, no Borrower shall have any obligation to pay such claim for reimbursement. In the event that any taxing authority notifies a Borrower that it has improperly failed to withhold any
taxes (other than Indemnified Taxes) from a payment to any Lender, the Swingline Lender or the Administrative Agent under this Agreement or any other Credit Document, such Borrower shall timely and fully pay such taxes to such taxing authority and
such Lender, Swingline Lender or Administrative Agent, as the case may be, shall pay the amount of such taxes to such Borrower within thirty (30) days after the receipt of written demand therefor. If a Borrower is or will be required to pay an
additional amount to a Lender, the Swingline Lender or the Administrative Agent pursuant to this Section 3.3(a), then such payee shall use reasonable efforts to take requested measures (including, without limitation, changing the jurisdiction
of its Lending Office) so as to reduce or eliminate any such amounts which may thereafter accrue, if such change would not otherwise be materially disadvantageous to such payee. 

(b) U.S. Withholding Tax Exemptions. Upon the written request of the Company or the Administrative Agent, each Lender or the
Swingline Lender that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) shall submit to the Company and the Administrative Agent, promptly after such request, two duly completed and signed copies of
either Form W-8BEN or any successor form (entitling such Lender or the 

  
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Swingline Lender to a complete exemption from withholding under the Code on all amounts to be received by such Lender or the Swingline Lender, including fees, pursuant to the Credit Documents) or
Form W-8ECI or any successor form (relating to all amounts to be received by such Lender or the Swingline Lender, including fees, pursuant to the Credit Documents) of the United States Internal Revenue Service, and any other form of the United
States Internal Revenue Service reasonably necessary to establish or accomplish exemption from withholding obligations or to facilitate the Administrative Agent’s performance under this Agreement. Thereafter and from time to time, each such
Lender or the Swingline Lender shall submit to the Company and the Administrative Agent such additional duly completed and signed copies of such forms (or such successor forms as shall be adopted from time to time by the relevant United States
taxing authorities) as may be required under then-current United States law or regulations to avoid United States withholding taxes on payments in respect of all amounts to be received by such Lender or the Swingline Lender, including fees, pursuant
to the Credit Documents. Upon the request of the Company, each Lender or the Swingline Lender that is a United States person shall submit to the Company a certificate to the effect that it is a United States person and is exempt from information
reporting under Section 6049 of the Code and backup withholding under Section 3406 of the Code. 
 (c) Inability of
Lender to Submit Forms. If any Lender or the Swingline Lender determines in good faith, as a result of any change in applicable law, regulation or treaty, or in any official application or interpretation thereof, that (i) it is unable to
submit to the Company or Administrative Agent any form or certificate that such Lender or the Swingline Lender is obligated to submit pursuant to subsection (b) of this Section 3.3, (ii) it is required to withdraw or cancel any such
form or certificate previously submitted, or (iii) any such form or certificate otherwise becomes ineffective or inaccurate, such Lender or the Swingline Lender shall promptly notify the Company and Administrative Agent of such fact, and such
Lender or the Swingline Lender shall to that extent not be obligated to provide any such form or certificate and will be entitled to withdraw or cancel any affected form or certificate, as applicable. 

(d) Refund of Taxes. If any Lender, Swingline Lender or the Administrative Agent receives a refund or credit of any Indemnified Tax
or any tax referred to in Section 10.3 with respect to which any Borrower has paid any amount pursuant to this Section 3.3 or Section 10.3, such Lender, the Swingline Lender or the Administrative Agent shall pay the amount of such
refund or credit (including any interest received with respect thereto) to such Borrower within fifteen (15) days after receipt thereof. A Lender, the Swingline Lender or the Administrative Agent shall provide, at the sole cost and expense of
the Company, such assistance as the Company may reasonably request in order to obtain such a refund or credit; provided, however, that none of the Administrative Agent, any Lender or Swingline Lender shall in any event be required to disclose
any information to the Company with respect to the overall tax position (or any other information relating to taxes that such Person reasonably determines to be confidential) of the Administrative Agent, the Swingline Lender or such Lender.

  
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 ARTICLE 4 
 CONDITIONS PRECEDENT 
 Section 4.1. Initial Borrowing. The
obligation of each Lender to advance the initial Loans hereunder and of the Swingline Lender to advance the initial Swingline Loan hereunder, is subject to satisfaction (or waiver in accordance with Section 10.11) of the following conditions
precedent: 
 (a) The Administrative Agent shall have received (including by facsimile or other electronic means) duly executed
signature pages to this Agreement, the duly executed NDC Guaranty, the duly executed NHIL Guaranty, the duly executed Swingline Note, any Revolving Notes requested pursuant to Section 2.8(e) prior to the Effective Date, duly executed, and the
following all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient number of signed counterparts as requested by the Administrative Agent: 

(i) Certificates of Officers of the Company. Certificates of a Director, the Secretary or an Assistant Secretary of
the Company containing specimen signatures of the persons authorized to execute Credit Documents to which the Company is a party on the Company’s behalf or any other documents provided for herein or therein, together with (x) copies of
resolutions of the Board of Directors or other appropriate body of the Company authorizing the execution and delivery of the Credit Documents to which the Company is a party, (y) copies of the Company’s memorandum of association and
articles of association and other publicly filed organizational documents in its jurisdiction of incorporation and bylaws and other governing documents, if any, and (z) a certificate of incorporation and a certificate of good standing from the
appropriate governing agency of the Company’s jurisdiction of incorporation; 
 (ii) Certificates of
Officers of NDC and NHIL. Certificates of the Secretary or an Assistant Secretary of NDC and a Director of NHIL containing specimen signatures of the persons authorized to execute Credit Documents to which NDC or NHIL is a party on NDC’s
and NHIL’s behalf or any other documents provided for herein or therein, together with (x) copies of resolutions of the Board of Directors or other appropriate body of NDC and NHIL authorizing the execution and delivery of the Credit
Documents to which NDC or NHIL is a party, (y) copies of NHIL’s memorandum of association and articles of association and other publicly filed organizational documents in its jurisdiction of incorporation and copies of NDC’s bylaws,
together with any other governing documents, if any, of NHIL and NDC and (z) a certificate of incorporation and a certificate of good standing from the appropriate governing agency of NDC’s and NHIL’s jurisdiction of incorporation;

 (iii) Regulatory Filings and Approvals. Copies of all necessary governmental and third party approvals,
registrations, and filings in respect of the transactions contemplated by this Agreement, and, to the extent requested by any Lender, documentation and other information required by regulatory authorities under applicable “know your
customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act; 

  
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 (iv) Insurance Certificate. An insurance certificate dated not more
than ten (10) Business Days prior to the Effective Date from the Company describing in reasonable detail the insurance maintained by the Company and its Subsidiaries as required by this Agreement; 

(v) Opinions of Counsel. The opinions of (x) Baker Botts L.L.P., counsel for the Company, NDC and NHIL,
substantially in the form of Exhibit 4.1A, and (y) Maples and Calder, Cayman Islands counsel for the Company and NHIL, substantially in the form of Exhibit 4.1B; 

(vi) Closing Certificate. Certificate of a Director, the President or a Vice President of the Company as to the
satisfaction of all conditions set forth in Section 4.1(b) and (c) and certifying the ratings by S&P, Fitch and Moody’s, as of the Effective Date, of the Company’s non-credit enhanced senior unsecured long-term debt; and

 (vii) Process Agent. An acknowledgment from CT Corporation with respect to its irrevocable appointment
by the Credit Parties pursuant to Section 10.14. 
 (b) Each of the representations and warranties of the Company and its
Subsidiaries set forth herein and in the other Credit Documents shall be true and correct in all material respects as of the date of such Borrowing, except to the extent that any such representation or warranty relates solely to an earlier date, in
which case it shall have been true and correct in all material respects as of such earlier date; 
 (c) No Default or Event of
Default shall have occurred and be continuing; and 
 (d) On or before the Effective Date, the Lenders, the Administrative Agent
and the Co-Arrangers shall have received all fees and all reasonable out-of-pocket expenses then due and owing to the Administrative Agent, the Lenders, and the Co-Arrangers pursuant to this Agreement and as otherwise agreed in writing by the
Company. 
 Section 4.2. All Borrowings. The obligation of each Lender to make any advance of any Loan, and of the
Swingline Lender to make any Swingline Loan, is subject to satisfaction of the following conditions precedent: 
 (a)
Notices. The Administrative Agent shall have received (i) in the case of any Loan, the Borrowing Request required by the first sentence of Section 2.3(a) in accordance with Section 2.3(c) and (ii) in the case of any
Swingline Loan, the Swingline Request required by Section 2.15(b); 
 (b) Warranties True and Correct. In the case of
any Borrowing or Loan that increases the aggregate amount of Loans outstanding after giving effect to such Borrowing or Loan, each of the representations and warranties of the Company and its Subsidiaries set forth herein (other than the
representations and warranties set forth in Sections 5.4, 5.11, 5.17 and 

  
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5.18) and in the other Credit Documents (other than those that relate to the representations and warranties set forth in Sections 5.4, 5.11, 5.17 and 5.18) shall be true and correct in all
material respects as of the time of such advance, Borrowing or Loan, except as a result of the transactions expressly permitted hereunder or thereunder and except to the extent that any such representation or warranty relates solely to an earlier
date, in which case it shall have been true and correct in all material respects as of such earlier date; and 
 (c) No
Default. No Default or Event of Default shall have occurred and be continuing or would occur as a result of any such Borrowing. 
 Each
acceptance by the applicable Borrower of an advance of any Loan shall be deemed to be a representation and warranty by the Company on the date of such acceptance, that all conditions precedent to such Borrowing or Loan set forth in this
Section 4.2 with respect to such Borrowing or Loan occurring after the Effective Date and in Section 4.1 with respect to the initial Borrowings or Loans hereunder have (except to the extent waived in accordance with the terms hereof) been
satisfied or fulfilled unless the Company gives to the Administrative Agent and the Lenders written notice to the contrary, in which case none of the Lenders nor the Swingline Lender shall be required to fund or convert such Loans unless the
Required Lenders shall have previously waived in writing such non-compliance. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES 
 Each Borrower represents and warrants to each Lender, the Swingline Lender and Administrative Agent as follows: 
 Section 5.1. Corporate Organization. The Company and each of its Significant Subsidiaries: (i) is duly organized and existing in good standing under the laws of the jurisdiction of its
organization; (ii) has all necessary organizational power and authority to own the property and assets it uses in its business and otherwise to carry on its present business; and (iii) is duly licensed or qualified and in good standing in
each jurisdiction in which the nature of the business transacted by it or the nature of the property owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified or to be in good
standing, as the case may be, would not have a Material Adverse Effect. 
 Section 5.2. Power and Authority;
Validity. Each of the Credit Parties has the organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary company action to authorize the
execution, delivery and performance of such Credit Documents. Each of the Credit Parties has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid and binding obligation of
such Credit Party which is a party thereto enforceable against it in accordance with its terms, subject as to enforcement only to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and equitable principles. 

  
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 Section 5.3. No Violation. Neither the execution, delivery or performance by any
Credit Party of the Credit Documents to which it is a party nor compliance by it with the terms and provisions thereof, nor the consummation by it of the transactions contemplated herein or therein, will (i) contravene in any material respect
any applicable provision of any law, statute, rule or regulation, or any applicable order, writ, injunction or decree of any court or governmental instrumentality, (ii) conflict with or result in any breach of any term, covenant, condition or
other provision of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien other than any Permitted Lien upon any of the property or assets of such Credit Party or any of its
Subsidiaries under, the terms of any material contractual obligation to which such Credit Party or any of its Subsidiaries is a party or by which they or any of their properties or assets are bound or to which they may be subject, or
(iii) violate or conflict with any provision of the memorandum of association and articles of association, charter, articles or certificate of incorporation, partnership or limited liability company agreement, by-laws, or other applicable
governance documents of such Credit Party or any of its Subsidiaries. 
 Section 5.4. Litigation. As of the
Effective Date there are no actions, suits, proceedings or counterclaims (including, without limitation, derivative or injunctive actions) pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries that
are reasonably likely to have a Material Adverse Effect. 
 Section 5.5. Use of Proceeds; Margin Regulations.

 (a) Use of Proceeds. The proceeds of the Loans shall only be used for working capital and other general corporate
purposes of the Company and its Subsidiaries, including for investments and acquisitions and to provide support for any commercial paper program of the Company. The Company shall not, and shall ensure that none of its Subsidiaries will, use the
proceeds of the Loans (including any indirect use intended by the Company or its Subsidiaries) (i) for any purpose which would result in a violation of any Anti-Corruption Laws applicable to the Company or any of its Subsidiaries or
(ii) for the purpose of funding or financing any activities, business or transactions of, or with, any Sanctioned Person or Sanctioned Entity which would result in a violation of any of the country or list-based economic and trade sanctions
administered and enforced by OFAC in effect at the time of the use of such proceeds. 
 (b) Margin Stock. Neither the
Company nor any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock. No proceeds of the Loans will be used for a purpose which violates Regulations T, U or X of the Board of
Governors of the Federal Reserve System. After application of the proceeds of the Loans and any acquisitions permitted hereunder, less than 25% of the assets of each of the Company and its Subsidiaries consists of “margin stock” (as
defined in Regulation U of the Board of Governors of the Federal Reserve System). 
 Section 5.6. Investment Company
Act. Neither the Company nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as
amended. 

  
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 Section 5.7. Anti-Corruption Laws. The Company and each of its Subsidiaries has
conducted its business in compliance with all applicable Anti-Corruption Laws, including without limitation the FCPA, except to the extent that failure to comply with such Anti-Corruption Laws could not reasonably be expected to have a Material
Adverse Effect. The Company and its Subsidiaries have instituted and maintain policies and procedures designed to ensure continued compliance with such Anti-Corruption Laws. 
 Section 5.8. OFAC; Sanctioned Persons and Sanctioned Entities. Neither the Company nor any of its Subsidiaries, nor any director, officer, agent, employee or Affiliate of the Company, is in
violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC. Neither the Company nor any of its Subsidiaries, nor any director, officer, agent, employee or Affiliate of the Company (a) is a
Sanctioned Person or a Sanctioned Entity, (b) has its assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. 

Section 5.9. True and Complete Disclosure. All factual information (taken as a whole) furnished by the Company or any of its
Subsidiaries in writing to the Administrative Agent or any Lender in connection with any Credit Document or any transaction contemplated therein did not, as of the date such information was furnished (or, if such information expressly related to a
specific date, as of such specific date), contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein (taken as a whole), in light of the circumstances under which such information was
furnished, not misleading, except for such statements, if any, as have been updated, corrected, supplemented, superseded or modified pursuant to a written correction or supplement furnished to the Lenders prior to the date of this Agreement;
provided, that with respect to projected financial information, each Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time. To the extent commercially
reasonable, the Company has provided such information and has taken such action, in each case, as has been reasonably requested in writing by the Administrative Agent or any Lender in order to assist the Administrative Agent or such Lender in
maintaining compliance with the Patriot Act. 
 Section 5.10. Financial Statements. The financial statements
heretofore delivered to the Lenders for the Company’s fiscal year ending December 31, 2012 have been prepared in accordance with GAAP applied on a basis consistent, except as otherwise noted therein, with the Company’s financial
statements for the previous fiscal year. Such annual and quarterly financial statements fairly present in all material respects on a consolidated basis the financial position of the Company as of the dates thereof, and the results of operations for
the periods indicated, subject in the case of interim financial statements, to normal year-end audit adjustments and omission of certain footnotes (as permitted by the SEC). As of the Effective Date, the Company and its Subsidiaries, considered as a
whole, had no material contingent liabilities or material Indebtedness required under GAAP to be disclosed in a consolidated balance sheet of the Company that were not included in the financial statements of June 30, 2013 or in writing to the
Administrative Agent (with a written request to the Administrative Agent to distribute such disclosure to the Lenders). 

  
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 Section 5.11. No Material Adverse Change. As of the Effective Date there has
occurred no event or effect that has had or could reasonably be expected to have a Material Adverse Effect. 

Section 5.12. Taxes. The Company and its Subsidiaries have filed all required United States federal income tax returns, and
all other material tax returns required to be filed, whether in the United States or in any foreign jurisdiction, and have paid all governmental taxes, rates, assessments, fees, charges and levies (collectively, “Taxes”) shown to be
due and payable on such returns or on any assessments made against the Company and its Subsidiaries or any of their properties (other than any such Taxes that are not more than ninety (90) days past due, or which can thereafter be paid without
penalty, or which are being contested in good faith by appropriate proceedings and for which reserves have been provided in conformity with GAAP, or which the failure to pay or delay in filing could not reasonably be expected to have a Material
Adverse Effect). 
 Section 5.13. Consents. As of the Effective Date, all consents and approvals of, and filings and
registrations with, and all other actions of, all governmental agencies, authorities or instrumentalities required to have been obtained or made by the Credit Parties in order to execute, deliver and perform the Credit Documents to which it is a
party and with respect to the Company, in order to obtain the Loans hereunder, have been or will have been obtained or made and are or will be in full force and effect. As of the date of the Designated Borrower Notice, all consents and approvals of,
and filings and registrations with, and all other actions of, all governmental agencies, authorities or instrumentalities required to have been obtained or made by the Designated Borrower in order to execute, deliver and perform the Credit Documents
to which it is a party, in order to obtain the Loans hereunder, have been or will have been obtained or made and are or will be in full force and effect. 
 Section 5.14. Insurance. The Company and its Significant Subsidiaries currently maintain in effect, with responsible insurance companies, insurance against any loss or damage to all insurable
property and assets owned by it, which insurance is of a character and in or in excess of such amounts as are customarily maintained by companies similarly situated and operating like property or assets (subject to self-insured retentions and
deductibles), and insurance with respect to employers’ and public and product liability risks (subject to self-insured retentions and deductibles); provided that the Company or any Significant Subsidiary may self-insure to the extent and in the
manner normal for companies of like size, type and financial condition. 
 Section 5.15. Intellectual Property. The
Company and its Subsidiaries own or hold valid licenses to use all the patents, trademarks, permits, service marks, and trade names that are necessary to the operation of the business of the Company and its Subsidiaries as presently conducted,
except where the failure to own, or hold valid licenses to use, such patents, trademarks, permits, service marks, and trade names could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.16. Ownership of Property. The Company and its Subsidiaries have good
title to or a valid leasehold interest in all of their real property and good title to, or a valid leasehold interest in, all of their other property, subject to no Liens except Permitted Liens, except where the failure to have such title or
leasehold interest in such property could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.17.
Existing Indebtedness. Schedule 5.17 contains a complete and accurate list of all Indebtedness outstanding as of the Effective Date, with respect to the Company and its Subsidiaries, in each case in a principal amount of $20,000,000 or more
(other than the Obligations hereunder and Indebtedness permitted by Section 6.11), in each case showing the aggregate principal amount thereof, the name of the respective borrower and any other entity which directly or indirectly guaranteed
such Indebtedness, and the scheduled payments of such Indebtedness. 
 Section 5.18. Existing Liens. Schedule 5.18
contains a complete and accurate list of all Liens outstanding as of the Effective Date, with respect to the Company and its Subsidiaries where the Indebtedness or other obligations secured by such Lien is in a principal amount of $20,000,000 or
more (other than the Liens permitted by Section 6.10), in each case showing the name of the Person whose assets are subject to such Lien, the aggregate principal amount of the Indebtedness secured thereby, and a description of the agreements or
other instruments creating, granting, or otherwise giving rise to such Lien. 
 ARTICLE 6 

COVENANTS 

The Company covenants and agrees that, so long as any Loan, Note or Commitment is outstanding hereunder, or any other Obligation is due
and payable hereunder: 
 Section 6.1. Corporate Existence. Each of the Company and its Significant Subsidiaries will
preserve and maintain its organizational existence, except (i) for the dissolution of any Significant Subsidiaries (other than NDC or NHIL, unless and until released from its Subsidiary Guaranty pursuant to the terms hereof) whose assets are
transferred to the Company or any of its Subsidiaries, (ii) where the failure to preserve, renew or keep in full force and effect the existence of any Subsidiary (other than NDC or NHIL, unless and until released from its Subsidiary Guaranty
pursuant to the terms hereof) could not reasonably be expected to have a Material Adverse Effect, or (iii) as otherwise expressly permitted in this Agreement, including any merger, consolidation, liquidation or dissolution otherwise permitted
under Section 6.9. 
 Section 6.2. Maintenance. Each of the Company and its Significant Subsidiaries will
maintain, preserve and keep its properties and equipment necessary to the proper conduct of its business in reasonably good repair, working order and condition (normal wear and tear excepted) and will from time to time make all reasonably necessary
repairs, renewals, replacements, additions and betterments thereto so that at all times such properties and equipment are reasonably preserved and maintained, in each case with such exceptions as could not, individually or in the aggregate, be
reasonably expected to have a Material Adverse Effect; provided, however, that nothing in this Section 6.2 shall prevent the Company or any Significant Subsidiary from discontinuing the operation or maintenance of any such properties or
equipment if such discontinuance is, in the judgment of the Company or any Significant Subsidiary, as applicable, desirable in the conduct of its business. 

  
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 Section 6.3. Taxes. Each of the Company and its Subsidiaries will duly pay and
discharge all Taxes upon or against it or its properties and all other obligations (including, without limitation, ERISA obligations) within ninety (90) days after becoming due (in the case of Taxes) or, if later, prior to the date on which
penalties are imposed for such unpaid Taxes, unless and to the extent that (i) the same is being contested in good faith and by appropriate proceedings and reserves have been established in conformity with GAAP, or (ii) the failure to
effect such payment or discharge or any delay in filing could not reasonably be expected to have a Material Adverse Effect. 

Section 6.4. ERISA. Each of the Company and its ERISA Affiliates will timely pay and discharge all obligations and
liabilities arising under ERISA in all material respects or otherwise with respect to each Plan of a character which if unpaid or unperformed might result in the imposition of a material Lien against any properties or assets of the Company or any
Significant Subsidiary and will promptly notify the Administrative Agent upon an officer of the Company becoming aware thereof, of (i) the occurrence of any reportable event (as defined in ERISA) relating to a Plan (other than a multi-employer
plan, as defined in ERISA), so long as the event thereunder could reasonably be expected to have a Material Adverse Effect, other than any such event with respect to which the PBGC has waived notice by regulation; (ii) receipt of any written
notice from the PBGC of its intention to seek termination of any Plan or appointment of a trustee therefor; (iii) the Company’s or any of its ERISA Affiliates’ intention to terminate or withdraw from any Plan if such termination or
withdrawal would result in liability under Title IV of ERISA, unless such termination or withdrawal could not reasonably be expected to have a Material Adverse Effect; and (iv) the receipt by the Company or its ERISA Affiliates of notice of the
occurrence of any event that could reasonably be expected to result in the incurrence of any liability (other than for benefits), fine or penalty to the Company and/or to the Company’s ERISA Affiliates, or any plan amendment that could
reasonably be expected to increase the contingent liability of the Company and its ERISA Affiliates, taken as a whole, in either case in connection with any post-retirement benefit under a welfare plan (subject to ERISA), unless such event or
amendment could not reasonably be expected to have a Material Adverse Effect. The Company will also promptly notify the Administrative Agent of (i) any material contributions to any Foreign Plan that have not been made by the required due date
for such contribution if such default could reasonably be expected to have a Material Adverse Effect; (ii) any Foreign Plan that is not funded to the extent required by the law of the jurisdiction whose law governs such Foreign Plan based on
the actuarial assumptions reasonably used at any time if such underfunding (together with any penalties likely to result) could reasonably be expected to have a Material Adverse Effect, and (iii) the receipt by the Company or its Subsidiaries
of notice of any material change anticipated to any Foreign Plan that could reasonably be expected to have a Material Adverse Effect. 
 Section 6.5. Insurance. Each of the Company and its Significant Subsidiaries will maintain or cause to be maintained, with responsible insurance companies, insurance against any loss or damage
to all insurable property and assets owned by it, such insurance to be of a character and in or in excess of such amounts as are customarily maintained by companies 

  
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similarly situated and operating like property or assets (subject to self-insured retentions and deductibles) and will (subject to self-insured retentions and deductibles) maintain or cause to be
maintained insurance with respect to employers’ public and product liability risks; provided that the Company or any Significant Subsidiary may self-insure to the extent and in the manner normal for companies of like size, type and financial
condition. 
 Section 6.6. Financial Reports and Other Information. 

(a) Periodic Financial Statements and Other Documents. The Company, its Subsidiaries and any SPVs will maintain a system of
accounting in such manner as will enable preparation of financial statements in accordance with GAAP and will furnish to the Lenders and their respective authorized representatives such information about the business and financial condition of the
Company, its Subsidiaries and any SPVs as any Lender may reasonably request; and, without any request, will furnish to the Administrative Agent: 
 (i) within sixty (60) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Company, the consolidated balance sheet of the Company and its Subsidiaries as
at the end of such fiscal quarter and the related consolidated statements of income and retained earnings and of cash flows for such fiscal quarter and for the portion of the fiscal year ended with the last day of such fiscal quarter, all of which
shall be in reasonable detail or in the form filed with the SEC, and certified by the chief financial officer of the Company that they fairly present the financial condition of the Company and its Subsidiaries as of the dates indicated and the
results of their operations and changes in their cash flows for the periods indicated and that they have been prepared in accordance with GAAP, in each case, subject to normal year-end audit adjustments and the omission of any footnotes as permitted
by the SEC (publicly filing the Company’s Form 10-Q with the SEC in any event will satisfy the requirements of this subsection subject to Section 6.6(b) and shall be deemed furnished and delivered on the date such information has been
posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto); 
 (ii) within one hundred twenty (120) days after the end of each fiscal year of the Company, the consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year and
the related consolidated statements of income and retained earnings and of cash flows for such fiscal year and setting forth consolidated comparative figures as of the end of and for the preceding fiscal year, audited by an independent
nationally-recognized accounting firm and in the form filed with the SEC (publicly filing the Company’s Form 10-K with the SEC in any event will satisfy the requirements of this subsection subject to Section 6.6(b) and shall be deemed
furnished and delivered on the date such information has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto); 

  
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 (iii) within ten (10) days after the sending or filing thereof, copies
of all financial statements, projections, documents and other communications that the Company sends to its stockholders generally or publicly files with the SEC or any similar governmental authority (and is publicly available); provided that
publicly filing such documents with the SEC in any event will satisfy the requirements of this subsection subject to Section 6.6(b) and shall be deemed furnished and delivered on the date such information has been posted on the SEC website
accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto; and 
 (iv) such other information as the Administrative Agent or any Lender may reasonably request. 

The Administrative Agent will forward promptly to the Lenders the information provided by the Company pursuant to (i) through (iv) above.

 (b) Compliance Certificates. Within the sixty (60) day or one hundred twenty (120) day time periods set forth
in subsections (i) and (ii) of Section 6.6(a) for furnishing financial statements, the Company shall deliver to the Administrative Agent (who will in turn provide notice to the Lenders of) (i) additional information setting forth
calculations excluding the effects of any SPVs and containing such calculations for any SPVs as reasonably requested by the Administrative Agent, and (ii) (x) a written certificate signed by the Company’s chief financial officer (or
other financial officer of the Company), in his or her capacity as such, to the effect that no Default or Event of Default then exists or, if any such Default or Event of Default exists as of the date of such certificate, setting forth a description
of such Default or Event of Default and specifying the action, if any, taken by the Company to remedy the same, and (y) a Compliance Certificate in the form of Exhibit 6.6 showing the Company’s compliance with certain of the
covenants set forth herein. 
 (c) Reserved. 
 (d) Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Company obtains actual knowledge of any of the following, the Company will provide the
Administrative Agent (who will in turn provide notice to the Lenders of) with written notice in reasonable detail of any of the following that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect:

 (i) any pending or threatened Environmental Claim against the Company, any of its Subsidiaries or any SPV or
any property owned or operated by the Company, any of its Subsidiaries or any SPV; 
 (ii) any condition or
occurrence on any property owned or operated by the Company, any of its Subsidiaries or any SPV that results in noncompliance by the Company, any of its Subsidiaries or any SPV with any Environmental Law; and 

(iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material
on any property owned or operated by the Company, any of its Subsidiaries or any SPV other than in the ordinary course of business. 

  
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 (e) Notices of Default, Litigation, Etc. The Company will promptly, and in any event
within five (5) Business Days, after an officer of the Company has knowledge thereof, give written notice to the Administrative Agent of (who will in turn provide notice to the Lenders of): (i) the occurrence of any Default or Event of
Default; (ii) any litigation or governmental proceeding of the type described in Section 5.4; (iii) any circumstance that has had or could reasonably be expected to have a Material Adverse Effect; (iv) the occurrence of any event
which has resulted in a breach of Section 6.16; and (v) any notice received by it, any Subsidiary or any SPV from the holder(s) of Indebtedness of the Company, any Subsidiary or any SPV in an amount which, in the aggregate, exceeds
$50,000,000, where such notice states or claims the existence or occurrence of any event of default with respect to such Indebtedness under the terms of any indenture, loan or credit agreement, debenture, note, or other document evidencing or
governing such Indebtedness. 
 Section 6.7. Lender Inspection Rights. Upon reasonable notice from the
Administrative Agent or any Lender, the Company will permit the Administrative Agent or any Lender (and such Persons as the Administrative Agent or such Lender may reasonably designate) during normal business hours at such entity’s sole expense
unless a Default or Event of Default shall have occurred and be continuing, in which event at the Company’s expense, to visit and inspect any of the properties of the Company or any of its Subsidiaries, to examine all of their books and
records, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes such accountants to
discuss with the Administrative Agent and any Lender (and such Persons as the Administrative Agent or such Lender may reasonably designate) the affairs, finances and accounts of the Company and its Subsidiaries), all as often, and to such extent, as
may be reasonably requested. The chief financial officer of the Company and/or his or her designee shall be afforded the opportunity to be present at any meeting of the Administrative Agent or the Lenders and such accountants. The Administrative
Agent agrees to use reasonable efforts to minimize, to the extent practicable, the number of separate requests from the Lenders to exercise their rights under this Section 6.7 and/or Section 6.6 and to coordinate the exercise by the
Lenders of such rights. 
 Section 6.8. Conduct of Business. The Company and its Subsidiaries will at all times
remain primarily engaged in any of (i) the contract drilling business, (ii) the provision of services to the energy industry, (iii) other existing businesses described in the Company’s current SEC reports, or (iv) any
related or ancillary businesses. 
 Section 6.9. Restrictions on Fundamental Changes. The Company shall not merge or
consolidate with any other Person, or cause or permit any dissolution of the Company or liquidation of its assets, or sell, transfer or otherwise dispose of all or substantially all of the Company’s assets, except that: 

(a) The Company or any of its Subsidiaries may merge into, or consolidate with, any other Person if upon the consummation of any such
merger or consolidation (i) the Company or such Subsidiary is the surviving Person to any such merger or consolidation, (ii) a Person who will contemporaneously therewith become a Subsidiary of the Company is the surviving Person to any
such merger or consolidation or (iii) with respect to a merger or 

  
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consolidation of the Company, such other Person is the surviving Person to any such merger or consolidation, the U.S. Dollar denominated non-credit enhanced senior unsecured long-term debt
of such Person shall continue to be rated by S&P, Moody’s or Fitch and such Person shall have executed and delivered to the Administrative Agent and each Lender its assumption of the due and punctual performance and observance of each
covenant and condition of this Agreement and the other Credit Documents to which the Company is a party; 
 (b) The Company may
sell or transfer all or substantially all of its assets (including stock in its Subsidiaries) to any Person if such Person is a Subsidiary of the Company (or a Person who will contemporaneously therewith become a Subsidiary of the Company); and

 provided in the case of any transaction described in the preceding clauses (a) and (b), no Default or Event of Default shall
exist immediately prior to, or after giving effect to, such transaction. 
 Section 6.10. Liens. The Company
and its Subsidiaries shall not create, incur, assume or suffer to exist any Lien of any kind on any property or asset of any kind of the Company or any Subsidiary, except the following (collectively, the “Permitted Liens”): 

(a) Liens existing on the date hereof (each such Lien, to the extent it secures Indebtedness or other obligations in an aggregate amount
of $20,000,000 or more, being described on Schedule 5.18 attached hereto); 
 (b) Liens arising in the ordinary course of
business by operation of law, deposits, pledges or other Liens in connection with workers’ compensation, unemployment insurance, old age benefits, social security obligations, taxes, assessments, public or statutory obligations or other similar
charges, good faith deposits, pledges or other Liens in connection with (or to obtain letters of credit in connection with) bids, performance, return-of-money or payment bonds, contracts or leases to which the Company or its Subsidiaries are parties
or other deposits required to be made in the ordinary course of business; provided that in each case the obligation secured is not for Indebtedness for borrowed money and is not overdue or, if overdue, is being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP have been provided therefor; 
 (c) mechanics’, workmen’s,
materialmen’s, landlords’, carriers’, maritime or other similar Liens arising in the ordinary course of business (or deposits to obtain the release of such Liens) related to obligations not overdue for more than thirty (30) days
if such Liens arise with respect to domestic assets and for more than ninety (90) days if such Liens arise with respect to foreign assets, or, if so overdue, that are being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP have been provided therefor, or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect; 
 (d) Liens for Taxes not more than ninety (90) days past due or which can thereafter be paid without penalty or which are being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP have been provided therefor, or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect; 

  
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 (e) Liens imposed by ERISA (or comparable foreign laws) which are being contested in good
faith by appropriate proceedings and reserves in conformity with GAAP have been provided therefor, or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect; 

(f) Liens arising out of judgments or awards against the Company or any of its Subsidiaries, or in connection with surety or appeal bonds
or the like in connection with bonding such judgments or awards, the time for appeal from which or petition for rehearing of which shall not have expired or for which the Company or such Subsidiary shall be prosecuting on appeal or proceeding for
review, and for which it shall have obtained (within thirty (30) days with respect to a judgment or award rendered in the United States or within sixty (60) days with respect to a judgment or award rendered in a foreign jurisdiction after
entry of such judgment or award or expiration of any previous such stay, as applicable) a stay of execution or the like pending such appeal or proceeding for review; provided, that the aggregate amount of uninsured or underinsured liabilities
(net of customary deductibles, and including interest, costs, fees and penalties, if any) of the Company and its Subsidiaries secured by such Liens shall not exceed $100,000,000 at any one time outstanding; 

(g) Liens on fixed or capital assets acquired, constructed, improved, altered or repaired by the Company or any Subsidiary and related
contracts, intangibles and other assets that are incidental thereto (including accessions thereto and replacements thereof) or otherwise arise therefrom; provided that (i) such Liens secure Indebtedness otherwise permitted by this
Agreement, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 365 days after such acquisition or the later of the completion of such construction, improvement, alteration or repair or the date of commercial
operation of the assets constructed, improved, altered or repaired, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing, improving, altering or repairing such fixed or capital assets, as the case may be,
and (iv) such Lien shall not apply to any other property or assets of the Company or any Subsidiary; 
 (h) Liens securing
Interest Rate Protection Agreements or Currency Rate Protection Agreements incurred in the ordinary course of business and not for speculative purposes; 
 (i) Liens on property existing at the time such property is acquired by the Company or any Subsidiary of the Company and not created in contemplation of such acquisition (or on repairs, renewals,
replacements, additions, accessions and betterments thereto), and Liens on the assets of any Person at the time such Person becomes a Subsidiary of the Company and not created in contemplation of such Person becoming a Subsidiary of the Company (or
on repairs, renewals, replacements, additions, accessions and betterments thereto); 
 (j) any extension, renewal or replacement
(or successive extensions, renewals or replacements) in whole or in part of any Lien referred to in the foregoing subsections (a) through (i), provided, however, that the principal amount of Indebtedness secured thereby does not exceed
the principal amount secured at the time of such extension, renewal or replacement (other than amounts incurred to pay costs of such extension, renewal or replacement), and that such extension, renewal or replacement is limited to the property
already subject to the Lien so extended, renewed or replaced (together with accessions and improvements thereto and replacements thereof); 

  
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 (k) rights reserved to or vested in any municipality or governmental, statutory or public
authority by the terms of any right, power, franchise, grant, license or permit, or by any provision of law, to terminate such right, power, franchise, grant, license or permit or to purchase, condemn, expropriate or recapture or to designate a
purchaser of any of the property of a Person; 
 (l) rights reserved to or vested in any municipality or governmental, statutory
or public authority to control, regulate or use any property of a Person; 
 (m) rights of a common owner of any interest in
property held by a Person and such common owner as tenants in common or through other common ownership; 
 (n) encumbrances
(other than to secure the payment of Indebtedness), easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any property or rights-of-way of a Person for the purpose of roads, pipelines, transmission lines,
transportation lines, distribution lines, removal of gas, oil, coal, metals, steam, minerals, timber or other natural resources, and other like purposes, or for the joint or common use of real property, rights-of-way, facilities or equipment, or
defects, irregularity and deficiencies in title of any property or rights-of-way; 
 (o) Liens created by or resulting from
zoning, planning and environmental laws and ordinances and municipal regulations; 
 (p) Liens created or evidenced by or
resulting from financing statements filed by lessors of property (but only with respect to the property so leased); 
 (q) Liens
on property securing Non-recourse Debt; 
 (r) Liens on the stock or assets of SPVs; 

(s) other Liens created in connection with securitization programs, if any, of the Company and its Subsidiaries; and 

(t) Liens (not otherwise permitted by this Section 6.10) securing Indebtedness (or other obligations) not exceeding at the time of
incurrence thereof (together with all such other Liens securing Indebtedness (or other obligations) outstanding pursuant to this clause (t) at such time) ten percent (10%) of Consolidated Tangible Net Worth. 

Section 6.11. Subsidiary Indebtedness. The Company shall not permit its Subsidiaries to incur, assume or suffer to exist any
Indebtedness, except: 
 (a) existing Indebtedness outstanding on the Effective Date (such Indebtedness, to the extent the
principal amount thereof is $20,000,000 or more, being described on Schedule 5.17 attached hereto), and any subsequent extensions, renewals or refinancings 

  
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thereof (i) so long as such Indebtedness is not increased in amount (other than amounts incurred to pay costs of such extension, renewal or refinancing), or (ii) such extensions,
renewals or refinancings are otherwise expressly permitted by, and are effected pursuant to, another clause in this Section 6.11 (other than clause (l) hereof); 
 (b) Indebtedness under the Credit Documents; 
 (c) intercompany loans and advances
to the Company or its Subsidiaries, and intercompany loans and advances from any of such Subsidiaries or SPVs to the Company or any other Subsidiaries of the Company; 
 (d) Indebtedness under any Interest Rate Protection Agreements and any Currency Rate Protection Agreements, in each case entered into in the ordinary course of business and not for speculative purposes;

 (e) Indebtedness (i) under unsecured lines of credit for overdrafts or for working capital purposes in foreign countries
with financial institutions, or (ii) arising from the honoring by a bank or other Person of a check, draft or similar instrument inadvertently drawing against insufficient funds, all such Indebtedness not to exceed $200,000,000 in the aggregate
at any time outstanding, provided that amounts under overdraft lines of credit or outstanding as a result of drawings against insufficient funds shall be outstanding for one (1) Business Day before being included in such aggregate
amount; 
 (f) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of the Company or is merged with or
into the Company or any Subsidiary of the Company and not incurred in contemplation of such transaction, and extensions, renewals or refinancings thereof that do not increase the amount of such Indebtedness (other than amounts included to pay costs
of such extension, renewal or refinancing; 
 (g) Indebtedness (i) under Performance Guaranties and Performance Letters of
Credit, and (ii) with respect to letters of credit issued in the ordinary course of business; 
 (h) Indebtedness created in
connection with securitization programs, if any; 
 (i) Non-recourse Debt; 

(j) Indebtedness (not otherwise permitted under any other clause of this Section 6.11) in an aggregate principal amount outstanding
for all Subsidiaries not exceeding at the time of incurrence thereof (together with all such other Indebtedness outstanding pursuant to this clause (j) at such time) ten percent (10%) of Consolidated Net Assets (the “Subsidiary
Debt Basket Amount”); 
 (k) other Indebtedness not otherwise permitted under any other clause of this Section 6.11
so long as such Subsidiary has in force a Subsidiary Guaranty, provided that any such Subsidiary Guaranty (including the NDC Guaranty and the NHIL Guaranty) and all obligations thereunder of the Guarantor party thereto shall be terminated
upon notice to the Administrative Agent by the Company that after giving effect to such termination (x) the aggregate principal amount of Indebtedness of all Subsidiaries that do not have in force a Subsidiary Guaranty is equal to or less than
the Subsidiary Debt Basket Amount, and (y) no Default or Event of Default has occurred and is continuing; and 

  
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 (l) extensions, renewals or replacements of Indebtedness permitted by this Section 6.11
that do not increase the amount of such Indebtedness (other than amounts incurred to pay costs of such extension, renewal or refinancing). 
 Section 6.12. Use of Property and Facilities; Environmental Laws. The Company and its Subsidiaries shall comply in all material respects with all Environmental Laws applicable to the
properties or business operations of the Company or any Subsidiary of the Company, where the failure to so comply could reasonably be expected to have a Material Adverse Effect. 

Section 6.13. Transactions with Affiliates. Except as otherwise specifically permitted herein, the Company and its
Subsidiaries shall not (except pursuant to contracts outstanding as of (i) with respect to the Company, the Effective Date or (ii) with respect to any Subsidiary of the Company, the Effective Date or, if later, the date such Subsidiary
first became a Subsidiary of the Company) enter into or engage in any material transaction or arrangement or series of related transactions or arrangements which in the aggregate would be material with any Controlling Affiliate, including without
limitation, the purchase from, sale to or exchange of property with, any merger or consolidation with or into, or the rendering of any service by or for, any Controlling Affiliate, except pursuant to the requirements of the Company’s or such
Subsidiary’s business and unless such transaction or arrangement or series of related transactions or arrangements, taken as a whole, are no less favorable to the Company or such Subsidiary (other than a wholly owned Subsidiary) than would be
obtained in an arms’ length transaction with a Person not a Controlling Affiliate. 
 Section 6.14. Sale and
Leaseback Transactions. The Company will not, and will not permit any of its Subsidiaries to, enter into, assume, or suffer to exist any Sale-Leaseback Transaction, except any such transaction that may be entered into, assumed or suffered to
exist without violating any other provision of this Agreement, including without limitation, Section 6.16. 

Section 6.15. Compliance with Laws. Without limiting any of the other covenants of the Company in this Article 6, the Company
and its Subsidiaries shall conduct their business, and otherwise be, in compliance with all applicable laws, regulations, ordinances and orders of any governmental or judicial authorities (including, without limitation, environmental laws, ERISA,
Anti-Corruption Laws and OFAC); provided, however, that this Section 6.15 shall not require the Company or any Subsidiary of the Company to comply with any such law, regulation, ordinance or order if (x) it shall be contesting such
law, regulation, ordinance or order in good faith by appropriate proceedings and reserves in conformity with GAAP have been provided therefor, or (y) the failure to comply therewith could not reasonably be expected to have a Material Adverse
Effect. 
 Section 6.16. Consolidated Indebtedness to Total Tangible Capitalization Ratio. The Company will
maintain, as of the end of each fiscal quarter of the Company, a ratio (expressed as a percentage) of Consolidated Indebtedness to Total Tangible Capitalization of no greater than 60%. 

  
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 Section 6.17. Use of Proceeds. No Borrower will use the proceeds of the Loans
for any purpose or in any manner not permitted by Section 5.5. 
 ARTICLE 7 

EVENTS OF DEFAULT AND REMEDIES 
 Section 7.1. Events of Default. Any one or more of the following shall constitute an Event of Default: 
 (a) default by any Credit Party in the payment of any principal amount of any Loan, any interest thereon or any fees payable hereunder, within three (3) Business Days following the date when due;

 (b) default by the Company or any Subsidiary in the observance or performance of any covenant set forth in Sections 6.9, 6.10
or 6.16; 
 (c) default by the Company or any Subsidiary in the observance or performance of any provision hereof or of any other
Credit Document not mentioned in clauses (a) or (b) above, which is not remedied within thirty (30) days after notice thereof to the Company by the Administrative Agent; 

(d) any representation or warranty made or deemed made herein or in any other Credit Document by the Company or any Subsidiary proves
untrue in any material respect as of the date of the making, or deemed making, thereof; 
 (e) (x) Indebtedness in the aggregate
principal amount of $100,000,000 of the Company and its Subsidiaries (“Material Indebtedness”) shall (i) not be paid at maturity (beyond any applicable grace periods), or (ii) be declared to be due and payable or required
to be prepaid, redeemed or repurchased prior to its stated maturity, or (y) any default in respect of Material Indebtedness shall occur which permits the holders thereof, or any trustees or agents on their behalf, to accelerate the maturity of
such Indebtedness or requires such Indebtedness to be prepaid, redeemed, or repurchased prior to its stated maturity. 
 (f) any
Credit Party or any Significant Subsidiary (i) has entered involuntarily against it an order for relief under the United States Bankruptcy Code or a comparable action is taken under any applicable bankruptcy or insolvency law of another country
or political subdivision of such country, (ii) generally does not pay, or admits its inability generally to pay, its debts as they become due, (iii) makes a general assignment for the benefit of creditors, (iv) applies for, seeks,
consents to, or acquiesces in, the appointment of a receiver, custodian, trustee, liquidator or similar official for it or any substantial part of its property under the United States Bankruptcy Code or under the applicable bankruptcy or insolvency
laws of another country or a political subdivision of such country, (v) institutes any proceeding seeking to have entered against it an order for relief under the United States Bankruptcy Code or any comparable law, to

  
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adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors or fails to file an answer or other pleading denying the material allegations of or consents to or acquiesces in any such proceeding filed against it in a court of competent jurisdiction,
(vi) makes any board of directors resolution in direct furtherance of any matter described in clauses (i)-(v) above, or (vii) fails to contest in good faith any appointment or proceeding described in this Section 7.1(f);

 (g) a custodian, receiver, trustee, liquidator or similar official is appointed for any Credit Party or any Significant
Subsidiary or any substantial part of its property under the United States Bankruptcy Code or under the applicable bankruptcy or insolvency laws of another country or a political subdivision of such country, or a proceeding described in
Section 7.1(f)(v) is instituted against any Credit Party or any Significant Subsidiary in a court of competent jurisdiction, and such appointment continues undischarged or such proceeding continues undismissed and unstayed for a period of sixty
(60) days (or one hundred twenty (120) days in the case of any such event occurring outside the United States of America); 
 (h) the Company or any Subsidiaries of the Company fail within thirty (30) days with respect to any judgments or orders that are rendered in the United States or sixty (60) days with respect to
any judgments or orders that are rendered in a court of competent jurisdiction in foreign jurisdictions (or such earlier date as any execution on such judgments or orders shall take place) to vacate, pay, bond or otherwise discharge any judgments or
orders for the payment of money the uninsured portion of which is in excess of $100,000,000 in the aggregate and which are not stayed on appeal or otherwise being appropriately contested in good faith in a manner that stays execution; 

(i) (x) the Company or any ERISA Affiliate fails to pay when due an amount that it is liable to pay to the PBGC or to a Plan under Title
IV of ERISA; or a notice of intent to terminate a Plan having Unfunded Vested Liabilities of the Company or any of its ERISA Affiliates in excess of $100,000,000 (a “Material Plan”) is filed under Title IV of ERISA; or the PBGC
institutes proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding is instituted by a fiduciary of any Material Plan against the Company or any ERISA Affiliate to collect
any liability under Section 515 or 4219(c)(5) of ERISA, and in each case such proceeding is not dismissed within thirty (30) days thereafter; or a condition exists by reason of which the PBGC would be entitled to obtain a decree
adjudicating that any Material Plan must be terminated, and (y) the occurrence of one or more of the matters in the preceding clause (x) could reasonably be expected to result in liabilities in excess of $100,000,000; 

(j) either (i) any “person” (as such term is used in the Exchange Act) or related persons constituting a “group”
(as such term is used in the Exchange Act) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of equity securities of the Noble Parent Company (or other securities
convertible into such equity securities) representing fifty percent (50%) or more of the combined voting power of all outstanding equity securities (other than equity securities having such power only by reason of the happening of a
contingency) of the Noble Parent Company entitled to vote in the election of directors, except as a result of a Redomestication or (ii) the Noble Parent Company shall cease to own, directly or indirectly, all of the outstanding equity
securities (except for directors’ qualifying shares) of the Company; or 

  
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 (k) any of the NDC Guaranty, the NHIL Guaranty, any Subsidiary Guaranty or the Company
Guaranty for any reason is not a legal, valid, binding and enforceable obligation of NDC, NHIL, the Subsidiary a party thereto or the Company, respectively, or NDC, NHIL, such Subsidiary party thereto or the Company shall so state in writing, unless
and until such Guaranty is terminated pursuant to its terms. 
 Section 7.2. Non-Bankruptcy Defaults. When any Event
of Default (other than those described in subsections (f) or (g) of Section 7.1 with respect to the Credit Parties) has occurred and is continuing, the Administrative Agent shall, by notice to the Company: (a) if so directed by
the Required Lenders, terminate the remaining Commitments to the Borrowers hereunder on the date stated in such notice (which may be the date thereof) and such termination shall automatically also terminate the Swingline Commitment on such date and
(b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be
and become immediately due and payable together with all other accrued amounts payable under the Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and
notice of acceleration, each of which is expressly waived by the Borrowers. The Administrative Agent, after giving notice to the Company pursuant to this Section 7.2, shall also promptly send a copy of such notice to the other Lenders and the
Swingline Lender, but the failure to do so shall not impair or annul the effect of such notice. 
 Section 7.3.
Bankruptcy Defaults. When any Event of Default described in subsections (f) or (g) of Section 7.1 has occurred and is continuing with respect to any Credit Party, then all outstanding Loans shall immediately become due and
payable together with all other accrued amounts payable under the Credit Documents without presentment, demand, protest or notice of any kind, each of which is expressly waived by the Borrowers; and all obligations of the Lenders and the Swingline
Lender to extend further credit pursuant to any of the terms hereof shall immediately terminate. 
 Section 7.4.
Collateral for Fronting Exposure. 
 (a) All amounts prepaid pursuant to Section 2.15(e) shall be held by the
Administrative Agent in a separate collateral account (such account, and the credit balances, properties and any investments from time to time held therein, and any substitutions for such account, any certificate of deposit or other instrument
evidencing any of the foregoing and all proceeds of and earnings on any of the foregoing being collectively called the “Collateral Account”) as security for, and for application to (i) any unallocated Fronting Exposure, and to
(ii) the payment of any Revolving Loans, any Swingline Loans and all other unpaid Obligations then due and owing (collectively, the “Collateralized Obligations”). The Collateral Account shall be held in the name of and subject
to the exclusive dominion and control of the Administrative Agent, for the benefit of the Swingline Lender, the Administrative Agent, and the Lenders, as 

  
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pledgee hereunder. If and when required by the Company, the Administrative Agent shall invest and reinvest funds held in the Collateral Account from time to time in Cash Equivalents specified
from time to time by the Company, provided that the Administrative Agent is irrevocably authorized to sell on market terms any investments held in the Collateral Account when and as required to make payments out of the Collateral Account for
application to Collateralized Obligations due and owing. When and if (A) (i) the Company shall have made payment of all Collateralized Obligations then due and payable, and (ii) all relevant preference or other disgorgement periods
relating to the receipt of such payments have passed, or (B) no Default or Event of Default shall be continuing, the Administrative Agent shall repay to the Company any remaining amounts and assets held in the Collateral Account. In addition,
if the aggregate amount on deposit with the Collateral Agent exceeds the Collateralized Obligations then existing, then the Administrative Agent shall release and deliver such excess amount upon the written request of the Company. 

Section 7.5. Notice of Default. The Administrative Agent shall give notice to the Company under Section 7.2 promptly
upon being requested to do so by the Required Lenders and shall thereupon notify all the Lenders thereof. 
 Section 7.6.
Expenses. The Company agrees to pay to the Administrative Agent, the Swingline Lender and each Lender all reasonable out-of-pocket expenses incurred or paid by the Administrative Agent, the Swingline Lender or such Lender, including
reasonable attorneys’ fees and court costs, in connection with any Default or Event of Default hereunder or in connection with the enforcement of any of the Credit Documents. 

Section 7.7. Distribution and Application of Proceeds. After the occurrence of and during the continuance of an Event of
Default, any payment to the Administrative Agent, the Swingline Lender or any Lender hereunder or from the proceeds of the Collateral Account or otherwise shall be paid to the Administrative Agent to be distributed and applied as follows (unless
otherwise agreed by the Company, the Administrative Agent, the Swingline Lender and all Lenders): 
 (a) First, to the payment of
any and all reasonable out-of-pocket costs and expenses of the Administrative Agent, including without limitation, reasonable attorneys’ fees and out-of-pocket costs and expenses, as provided by this Agreement or by any other Credit Document,
incurred in connection with the collection of such payment or in respect of the enforcement of any rights of the Administrative Agent, the Swingline Lender or the Lenders under this Agreement or any other Credit Document; 

(b) Second, to the payment of any and all reasonable out-of-pocket costs and expenses of the Swingline Lender and the Lenders, including,
without limitation, reasonable attorneys’ fees and out-of-pocket costs and expenses, as provided by this Agreement or by any other Credit Document, incurred in connection with the collection of such payment or in respect of the enforcement of
any rights of the Lenders or the Swingline Lender under this Agreement or any other Credit Document, pro rata in the proportion in which the amount of such costs and expenses unpaid to each Lender or the Swingline Lender bears to the
aggregate amount of the costs and expenses unpaid to all Lenders and the Swingline Lender collectively, until all such fees, costs and expenses have been paid in full; 

  
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 (c) Third, to the payment of any due and unpaid fees to the Administrative Agent, any Lender
or the Swingline Lender as provided by this Agreement or any other Credit Document, pro rata in the proportion in which the amount of such fees due and unpaid to the Administrative Agent, each Lender, and the Swingline Lender bears to the
aggregate amount of the fees due and unpaid to the Administrative Agent, all Lenders and the Swingline Lender collectively, until all such fees have been paid in full; 
 (d) Fourth, to the payment of accrued and unpaid interest on the Loans to the date of such application, pro rata in the proportion in which the amount of such interest, accrued and unpaid to each
Lender or the Swingline Lender bears to the aggregate amount of such interest accrued and unpaid to all Lenders and the Swingline Lender collectively, until all such accrued and unpaid interest has been paid in full; 

(e) Fifth, to the payment of the outstanding due and payable principal amount of each of the Loans, pro rata in the proportion in
which the outstanding principal amount of such Loans owing to each Lender and the Swingline Lender, bears to the aggregate amount of all outstanding Loans; 
 (f) Sixth, to the payment of any other outstanding Obligations then due and payable, pro rata in the proportion in which the outstanding Obligations owing to each Lender, the Swingline Lender and
Administrative Agent bears to the aggregate amount of all such Obligations until all such Obligations have been paid in full; and 
 (g) Seventh, to a Borrower or as the Company may direct. 
 ARTICLE 8

 CHANGE IN CIRCUMSTANCES 
 Section 8.1. Change in Law. 
 (a) Notwithstanding any other provisions
of this Agreement or any Note, if a Change in Law makes it unlawful for any Lender to make or maintain Eurocurrency Loans, such Lender shall promptly give written notice thereof and of the basis therefor in reasonable detail to the Company, and such
Lender’s obligations to fund affected Eurocurrency Loans or make, continue or convert such Loans under this Agreement shall thereupon be suspended until it is no longer unlawful for such Lender to make or maintain such Loans. 

(b) Upon the giving of the notice to the Company referred to in subsection (a) above in respect of any such Loan, and provided the
applicable Borrower shall not have prepaid such Loan pursuant to Section 2.9, (i) any such outstanding Loan of such Lender shall be automatically converted to a Base Rate Loan on the last day of the Interest Period then applicable thereto
or on such earlier date as required by law, and (ii) such Lender shall make or continue its portion of any requested Borrowing of such Loan as a Base Rate Loan, which Base Rate Loan shall, for all other purposes, be considered part of such
Borrowing. 

  
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 (c) Any Lender that has given any notice pursuant to Section 8.1(a) shall, upon
determining that it would no longer be unlawful for it to make such Loans, give prompt written notice thereof to the Company and the Administrative Agent, and upon giving such notice, its obligation to make, allow conversions into and maintain such
Loans shall be reinstated. 
 Section 8.2. Unavailability of Deposits or Inability to Ascertain LIBOR Rate. If on or
before the first day of any Interest Period for any Borrowing of Eurocurrency Loans the Administrative Agent determines in good faith (after consultation with the other Lenders) that, due to changes in circumstances since the date hereof, adequate
and fair means do not exist for determining the LIBOR Rate (including without limitation, the unavailability of matching deposits in U.S. Dollars) or such rate will not accurately reflect the cost to the Required Lenders of funding Eurocurrency
Loans for such Interest Period, the Administrative Agent shall give written notice (in reasonable detail) of such determination and of the basis therefor to the Company and the Lenders, whereupon until the Administrative Agent notifies the Company
and Lenders that the circumstances giving rise to such suspension no longer exist (which the Administrative Agent shall do promptly after they do not exist), (i) the obligations of the Lenders to make, continue or convert Loans as or into such
Eurocurrency Loans, or to convert Base Rate Loans into such Eurocurrency Loans, shall be suspended and (ii) each Eurocurrency Loan will automatically on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan.

 Section 8.3. Increased Cost and Reduced Return. 

(a) If, a Change in Law, or compliance by any Lender (or its applicable Lending Office), with any request or directive (whether or not
having the force of law) of any Governmental Authority issued after the date hereof (or, if later, after the date the Administrative Agent or Lender becomes the Administrative Agent or Lender): 

(i) subjects any Lender (or its applicable Lending Office) to any tax, duty or other charge related to any Eurocurrency
Loan or its obligation to advance or maintain Eurocurrency Loans, or shall change the basis of taxation of payments to any Lender (or its applicable Lending Office) of the principal of or interest on its Eurocurrency Loans, or any other amounts due
under this Agreement related to its Eurocurrency Loans, or its obligation to make Eurocurrency Loans (except in each case for changes with respect to (a) taxes that are not Indemnified Taxes pursuant to Section 3.3(a)(i)-(v),
(b) Indemnified Taxes otherwise governed by Section 3.3 or (c) taxes otherwise governed by Section 10.3); 
 (ii) imposes on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender; or 

  
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 (iii) imposes, modifies or deems applicable any reserve, special deposit or
similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding for any Eurocurrency Loan any such requirement included in an applicable Statutory Reserve Rate)
against assets of, deposits with or for the account of, or credit extended by, any Lender (or its applicable Lending Office) or imposes on any Lender (or its Lending Office) or on the interbank market any other condition affecting its Eurocurrency
Loans, or its obligation to advance or maintain Eurocurrency Loans; 
 and the result of any of the foregoing is to increase the cost to such
Lender (or its applicable Lending Office) of advancing or maintaining any Eurocurrency Loan, or to reduce the amount of any sum received or receivable by such Lender (or its applicable Lending Office) in connection therewith under this Agreement or
its Note, by an amount deemed by such Lender to be material, then, subject to Section 8.3(c), from time to time, within thirty (30) days after receipt of a certificate from such Lender (with a copy to the Administrative Agent) pursuant to
subsection (c) below setting forth in reasonable detail such determination and the basis thereof, the Company shall be obligated to pay (or cause the applicable Designated Borrower to pay) to such Lender such additional amount or amounts as
will compensate such Lender for such increased cost or reduction. 
 (b) If, after the date hereof, the Administrative Agent, any
Lender or the Swingline Lender shall have reasonably determined that a Change in Law regarding capital adequacy or liquidity (including, without limitation, any revision in the Final Risk-Based Capital Guidelines of the Board of Governors of the
Federal Reserve System (12 CFR Part 208, Appendix A; 12 CFR Part 225, Appendix A) or of the Office of the Comptroller of the Currency (12 CFR Part 3, Appendix A), or in any other applicable capital adequacy or liquidity rules heretofore adopted and
issued by any governmental authority), or any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by the Administrative Agent, any Lender or the Swingline Lender (or its applicable Lending Office) with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such authority,
central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender’s or Swingline Lender’s capital, or on the capital of any corporation controlling such Lender or Swingline Lender, as a
consequence of its obligations hereunder to a level below that which such Lender or Swingline Lender could have achieved but for such Change in Law (taking into consideration such Lender’s, Swingline Lender’s or its controlling
corporation’s policies with respect to capital adequacy or liquidity in effect immediately before such adoption, change or compliance) by an amount reasonably deemed by such Lender or Swingline Lender to be material, then, subject to
Section 8.3(c), from time to time, within thirty (30) days after its receipt of a certificate from such Lender or Swingline Lender (with a copy to the Administrative Agent) pursuant to subsection (c) below setting forth in reasonable
detail such determination and the basis thereof, the Company shall pay (or cause the applicable Designated Borrower to pay) to such Lender or Swingline Lender such additional amount or amounts as will compensate such Lender or Swingline Lender for
such reduction or the applicable Borrower may prepay all Eurocurrency Loans of such Lender. 

  
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 (c) Each of the Administrative Agent, the Lenders and the Swingline Lender that determines
to seek compensation or additional interest under this Section 8.3 shall give written notice to the Company and, in the case of a Lender or the Swingline Lender other than the Administrative Agent, the Administrative Agent of the circumstances
that entitle the Administrative Agent, such Lender or the Swingline Lender to such compensation no later than ninety (90) days after the Administrative Agent, such Lender or the Swingline Lender receives actual notice or obtains actual
knowledge of the law, rule, order or interpretation or occurrence of another event giving rise to a claim hereunder. In any event no Borrower shall have any obligation to pay any amount with respect to claims accruing prior to the ninetieth day
preceding such written demand; provided that if the basis or circumstances in respect of Section 8.3 giving rise to such compensation or additional interest is retroactive, then such 90-day period referred to in this sentence shall be
extended to include the period with retroactive effect thereof. Each of the Administrative Agent, the Lenders and the Swingline Lender shall use reasonable efforts to avoid the need for, or reduce the amount of, such compensation, additional
interest, and any payment under Section 3.3, including, without limitation, the designation of a different Lending Office, if such action or designation will not, in the sole judgment of the Administrative Agent, such Lender or the Swingline
Lender made in good faith, be otherwise disadvantageous to it; provided that the foregoing shall not in any way affect the rights of any Lender or the Swingline Lender or the obligations of the Borrowers under this Section 8.3. A
certificate of the Administrative Agent, any Lender or the Swingline Lender, as applicable, claiming compensation or additional interest under this Section 8.3, and setting forth the additional amount or amounts to be paid to it hereunder and
accompanied by a statement prepared by the Administrative Agent, such Lender or Swingline Lender, as applicable, describing in reasonable detail the calculations thereof shall be prima facie evidence of the correctness thereof. In determining
such amount, such Lender or the Swingline Lender may use any reasonable averaging and attribution methods. 
 Section 8.4.
Lending Offices. The Administrative Agent, the Swingline Lender and each Lender may, at its option, elect to make or maintain its Loans hereunder at the Lending Office for each Type of Loan available hereunder or at such other of its
branches, offices or Affiliates as it may from time to time elect and designate in a written notice to the Company and the Administrative Agent, provided that, except in the case of any such transfer to another of its branches, offices or
Affiliates made at the request of the Company, no Borrower shall be responsible for the costs arising under Section 3.3 or 8.3 resulting from any such transfer to the extent not otherwise applicable to such Lender or the Swingline Lender prior
to such transfer. 
 Section 8.5. Discretion of Lender as to Manner of Funding. Subject to the other provisions of
this Agreement, each Lender and the Swingline Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit. 
 Section 8.6. Substitution of Lender. If (a) any Lender has demanded compensation or additional interest or given notice of its intention to demand compensation or additional interest
under Section 8.3, (b) a Borrower is required to pay any additional amount to any Lender under Section 2.11, (c) any Lender is unable to submit any form or certificate required under Section 3.3(b) or withdraws or cancels
any previously submitted form with no substitution therefor, (d) any Lender gives notice of any Change in Law or regulations, or in the 

  
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interpretation thereof, pursuant to Section 8.1, (e) any Lender is a Defaulting Lender or has otherwise been declared insolvent or a receiver or conservator has been appointed for a
material portion of its assets, business or properties, (f) any Lender shall seek to avoid its obligation to make or maintain Loans hereunder for any reason, including, without limitation, reliance upon 12 U.S.C. § 1821(e) or
(n) (1) (B), (g) any taxes referred to in Section 3.3 have been levied or imposed (or the Company determines in good faith that there is a substantial likelihood that such taxes will be levied or imposed) so as to require
withholding or deductions by a Borrower or payment by a Borrower of additional amounts to any Lender or Governmental Authority, or other reimbursement or indemnification of any Lender as a result thereof, or (h) any Lender shall decline to
consent to a modification or waiver of the terms of this Agreement or any other Credit Documents requested by the Company, or shall fail to give its consent to a Redomestication under the laws of a jurisdiction that requires Required Lender consent
pursuant to the definition of “Redomestication”, then and in such event, upon request from the Company delivered to such Lender and the Administrative Agent, such Lender shall assign, in accordance with the provisions of Section 10.10
(including the provisions governing required consents) and an appropriately completed Assignment Agreement, all of its rights and obligations under the Credit Documents to another Lender or a commercial banking institution selected by the Company,
in consideration for the payments set forth in such Assignment Agreement and payment by the Company (or the Company shall cause the applicable Designated Borrower to pay) to such Lender of all other amounts which such Lender may be owed pursuant to
this Agreement, including, without limitation, Sections 2.11, 3.3, 8.3 and 10.13. 
 ARTICLE 9 

THE AGENTS 
 Section 9.1. Appointment and Authorization of Administrative Agent. Each of the Lenders and the Swingline Lender hereby appoints JPMorgan Chase Bank, N.A. as the Administrative Agent, and
hereby authorizes the Administrative Agent to take such action on each of its behalf and to exercise such powers under the Credit Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto. 
 Section 9.2. Rights and Powers. The Administrative Agent and the Other Agents, to
the extent each such Person is also a Lender, shall have the same rights and powers under the Credit Documents as any other Lender and may exercise or refrain from exercising such rights and power as though it were not an Administrative Agent, or an
Other Agent, and the Administrative Agent and the Other Agents and their respective Controlling Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Company or any of its Subsidiaries or
Controlling Affiliates as if it were not an Administrative Agent or an Other Agent under the Credit Documents. The term Lender as used in all Credit Documents, unless the context otherwise clearly requires, includes, to the extent such Person is
also a Lender hereunder, the Administrative Agent and the Other Agents in their respective individual capacities as a Lender. In the event that JPMorgan Chase Bank, N.A. or any of its Affiliates shall be or become an indenture trustee under the
Trust Indenture Act of 1939 (as amended, the “Trust Indenture Act”) in respect of any securities issued or guaranteed by any 

  
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Credit Party, the parties hereto acknowledge and agree that any payment or property received in satisfaction of or in respect of any Obligation of such Credit Party hereunder or under any other
Credit Document by or on behalf of JPMorgan Chase Bank, N.A. in its capacity as the Administrative Agent or the Collateral Agent for the benefit of any Lender or the Swingline Lender under any Credit Document (other than JPMorgan Chase Bank, N.A. or
an Affiliate of JPMorgan Chase Bank, N.A.) and which is applied in accordance with the Credit Documents shall be deemed to be exempt from the requirements of Section 311 of the Trust Indenture Act pursuant to Section 311(b)(3) of the Trust
Indenture Act. 
 Section 9.3. Action by Administrative Agent and the Other Agents. The obligations of the
Administrative Agent and the Other Agents under the Credit Documents are only those expressly set forth therein; provided, however, that neither any Co-Syndication Agent nor any Co-Documentation Agent shall have any duties,
responsibilities, or obligations hereunder in such capacity. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action concerning any Default or Event of Default, except as expressly provided
in Sections 7.2 and 7.5. Unless and until the Required Lenders (or, if required by Section 10.11, all of the Lenders) give such direction (including, without limitation, the giving of a notice of default as described in Section 7.1(c)),
the Administrative Agent may, except as otherwise expressly provided herein or therein, take or refrain from taking such actions as it deems appropriate and in the best interest of all the Lenders and the Swingline Lender. In no event, however,
shall the Administrative Agent or the Other Agents be required to take any action in violation of applicable law or of any provision of any Credit Document, and each of the Administrative Agent and the Other Agents shall in all cases be fully
justified in failing or refusing to act hereunder or under any other Credit Document unless it first receives any further assurances of its indemnification from the Lenders that it may require, including prepayment of any related expenses and any
other protection it requires against any and all costs, expenses, and liabilities it may incur in taking or continuing to take any such action. The Administrative Agent shall be entitled to assume that no Default or Event of Default, other than
non-payment of any scheduled principal or interest payment due hereunder, exists unless notified in writing to the contrary by a Lender or the Company. In all cases in which the Credit Documents do not require the Administrative Agent or the Other
Agents to take specific action, the Administrative Agent and each of the Other Agents shall be fully justified in using its discretion in failing to take or in taking any action thereunder. Any instructions of the Required Lenders, or of any other
group of Lenders called for under specific provisions of the Credit Documents, shall be binding on all the Lenders and holders of Revolving Notes. 
 Section 9.4. Consultation with Experts. Each of the Administrative Agent and the Other Agents may consult with legal counsel, independent public accountants and other experts selected by it
and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 
 Section 9.5. Indemnification Provisions; Credit Decision. Neither the Administrative Agent, the Other Agents nor any of their directors, officers, agents, or employees shall be liable to any
Lender for any action taken or not taken by them in connection with the Credit Documents (i) with the consent or at the request of the Required Lenders (or, if required by Section 10.11, all of the Lenders), or (ii) in the absence of
their own gross negligence or 

  
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willful misconduct. Neither the Administrative Agent, the Other Agents nor any of their directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire
into or verify (i) any statement, warranty or representation made in connection with this Agreement, any other Credit Document or any Borrowing; (ii) the performance or observance of any of the covenants or agreements of the Company or any
Subsidiary contained herein or in any other Credit Document; (iii) the satisfaction of any condition specified in Article 4, except receipt of items required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness,
genuineness, enforceability, value, worth or collectability hereof or of any other Credit Document or of any other documents or writings furnished in connection with any Credit Document; and the Administrative Agent and the Other Agents make no
representation of any kind or character with respect to any such matters mentioned in this sentence. The Administrative Agent and the Other Agents may execute any of their duties under any of the Credit Documents by or through employees, agents, and
attorneys-in-fact and shall not be answerable to the Lenders or any other Person for the default or misconduct of any such agents or attorneys-in-fact selected with reasonable care. The Administrative Agent and the Other Agents shall not incur any
liability by acting in reliance upon any notice, consent, certificate, other document or statement (whether written or oral) believed by it to be genuine or to be sent by the proper party or parties. In particular and without limiting any of the
foregoing, the Administrative Agent and the Other Agents shall have no responsibility for confirming the accuracy of any Compliance Certificate or other document or instrument received by any of them under the Credit Documents. The Administrative
Agent and the Other Agents may treat the payee of any Note as the holder thereof until written notice of transfer shall have been filed with such Administrative Agent signed by such owner in form satisfactory to such Administrative Agent. Each of
the Lenders and the Swingline Lender acknowledges that it has independently, and without reliance on the Administrative Agent, the Other Agents, the Swingline Lender or any other Lender, obtained such information and made such investigations and
inquiries regarding the Company and its Subsidiaries as it deems appropriate, and based upon such information, investigations and inquiries, made its own credit analysis and decision to extend credit to the Borrowers in the manner set forth in the
Credit Documents. It shall be the responsibility of each Lender and the Swingline Lender to keep itself informed about the creditworthiness and business, properties, assets, liabilities, condition (financial or otherwise) and prospects of the
Company and its Subsidiaries, and the Administrative Agent and the Other Agents shall have no liability whatsoever to any Lender or the Swingline Lender for such matters. The Administrative Agent and the Other Agents shall have no duty to disclose
to the Lenders or the Swingline Lender information that is not required by any Credit Document to be furnished by the Company or any Subsidiaries to such Agent at such time, but is voluntarily furnished to such Agent (either in their respective
capacity as Administrative Agent or the Other Agents or in their individual capacity). 
 Section 9.6. Indemnity.
The Lenders shall ratably, in accordance with their Percentages, indemnify and hold the Administrative Agent, the Other Agents, and their directors, officers, employees, agents and representatives harmless from and against any liabilities, losses,
costs or expenses suffered or incurred by it under any Credit Document or in connection with the transactions contemplated thereby, regardless of when asserted or arising, except to the extent they are promptly reimbursed for the same by the Company
and except to the extent that any event giving rise to a claim was caused by the gross negligence or willful misconduct of the party seeking to be indemnified. The obligations of the Lenders under this Section 9.6 shall survive termination of
this Agreement. 

  
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 Section 9.7. Resignation of Agents. The Administrative Agent and the Other
Agents may resign at any time and shall resign upon any removal thereof as a Lender pursuant to the terms of this Agreement upon at least thirty (30) days’ prior written notice to the Lenders and the Company. Any resignation of the
Administrative Agent shall not be effective until a replacement therefor is appointed pursuant to the terms hereof. Upon any such resignation of the Administrative Agent or any Other Agent, the Required Lenders and, so long as no Event of Default
shall then exist, with the consent of the Company (which consent shall not be unreasonably withheld or delayed) shall have the right to appoint a successor Administrative Agent or Other Agent, as the case may be. If no successor Administrative Agent
or Other Agent, as the case may be, shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent’s or Other Agent’s giving of notice of
resignation, then the retiring Administrative Agent or Other Agent, as the case may be, may, on behalf of the Lenders and, so long as no Event of Default shall then exist, with the consent of the Company (which consent shall not be unreasonably
withheld or delayed) appoint a successor Administrative Agent or Other Agent, as the case may be, which shall be any Lender hereunder or any commercial bank organized under the laws of the United States of America or of any State thereof and having
a combined capital and surplus of at least $1,000,000,000. Upon the acceptance of its appointment as the Administrative Agent or the Other Agent hereunder, such successor Administrative Agent or Other Agent, as the case may be, shall thereupon
succeed to and become vested with all the rights and duties of the retiring Administrative Agent or Other Agent, as the case may be, under the Credit Documents, and the retiring Administrative Agent or Other Agent shall be discharged from its duties
and obligations thereunder. After any retiring Administrative Agent’s or Other Agent’s resignation hereunder as Administrative Agent or Other Agent, as the case may be, the provisions of this Article 9 and all protective provisions of the
other Credit Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or Other Agent, as the case may be. 
 Section 9.8. Release of Guaranties. So long as no Default has occurred and is continuing under the Credit Documents (or would result from such release), if all of the capital stock of a
Guarantor that is owned by the Company or a Subsidiary is sold or otherwise disposed of in a transaction or transactions permitted by this Agreement, or upon any request by the Company for the release of a Guarantor from its Subsidiary Guaranty
pursuant to Section 6.11(k), then promptly following the Company’s request, the Administrative Agent shall execute a release of such Guarantor from its Subsidiary Guaranty. 

ARTICLE 10 

MISCELLANEOUS 
 Section 10.1. No Waiver. No delay or failure on the part of the Administrative Agent, any Lender or the Swingline Lender, or on the part of the holder or holders of any Notes, in the exercise
of any power, right or remedy under any Credit Document shall operate as a 

  
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waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise thereof preclude any other or further exercise of any other power, right or remedy. To the fullest
extent permitted by applicable law, the powers, rights and remedies under the Credit Documents of the Administrative Agent, the Lenders and the Swingline Lender and the holder or holders of any Notes are cumulative to, and not exclusive of, any
powers, rights or remedies any of them would otherwise have. 
 Section 10.2. Non-Business Day. Subject to
Section 2.4, if any payment of principal or interest on any portion of any Loan, or any other Obligation shall fall due on a day which is not a Business Day, interest or fees (as applicable) at the rate, if any, such portion of any Loan, or
other Obligation bears for the period prior to maturity shall continue to accrue in the manner set forth herein on such Obligation from the stated due date thereof to the next succeeding Business Day, on which the same shall instead be payable.

 Section 10.3. Documentary Taxes. The Company agrees that it will pay (or cause the applicable Designated Borrower
to pay) any documentary, stamp or similar taxes payable with respect to any Credit Document, including interest and penalties, in the event any such taxes are assessed irrespective of when such assessment is made, other than any such taxes imposed
as a result of any transfer of an interest in a Credit Document. Each Lender and the Swingline Lender that determines to seek compensation under this Section 10.3 shall give written notice to the Company and, in the case of a Lender or the
Swingline Lender other than the Administrative Agent, the Administrative Agent of the circumstances that entitle such Lender or the Swingline Lender to such compensation no later than ninety (90) days after such Lender or the Swingline Lender
receives actual notice or obtains actual knowledge of the law, rule, order or interpretation or occurrence of another event giving rise to a claim hereunder. In any event, no Borrower shall have any obligation to pay any amount with respect to
claims accruing prior to the 90th day preceding such written demand. 
 Section 10.4. Survival of Representations.
All representations and warranties made herein or in certificates given pursuant hereto shall survive the execution and delivery of this Agreement and the other Credit Documents, and shall continue in full force and effect with respect to the date
as of which they were made as long as any Borrower has any Obligation hereunder or any Commitment hereunder is in effect. 

Section 10.5. Survival of Indemnities. All indemnities and all provisions relative to reimbursement to the Lenders and the
Swingline Lender of amounts sufficient to protect the yield of the Lenders and the Swingline Lender with respect to the Loans, including, but not limited to, Section 2.11, Section 3.3, Section 7.6, Section 8.3, Section 10.3,
and Section 10.13 hereof, shall, subject to Section 8.3(c), survive the termination of this Agreement and the other Credit Documents and the payment of the Loans and all other Obligations and, with respect to any Lender or the Swingline
Lender, any replacement by the Company of such Lender pursuant to the terms hereof, in each case for a period of one (1) year. 
 Section 10.6. Setoff. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of, and throughout the
continuance of, any Event of Default, each Lender and the Swingline Lender and 

  
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each subsequent holder of any Note is hereby authorized by the Borrowers at any time or from time to time, without prior notice to the Borrower or any other Person, any such prior notice being
hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust
accounts, and in whatever currency denominated) and any other Indebtedness at any time owing by that Lender or the Swingline Lender or that subsequent holder to or for the credit or the account of a Borrower, whether or not matured, against and on
account of the due and unpaid obligations and liabilities of such Borrower to that Lender or the Swingline Lender or that subsequent holder under the Credit Documents, irrespective of whether or not that Lender or the Swingline Lender or that
subsequent holder shall have made any demand hereunder. Each Lender or the Swingline Lender shall promptly give notice to the Company of any action taken by it under this Section 10.6, provided that any failure of such Lender or the
Swingline Lender to give such notice to the Company shall not affect the validity of such setoff. Each Lender and the Swingline Lender agrees with each other Lender and the Swingline Lender a party hereto that if such Lender or the Swingline Lender
receives and retains any payment, whether by setoff or application of deposit balances or otherwise, in respect of the Loans in excess of its ratable share of payments on all such Obligations then owed to the Lenders and the Swingline Lender
hereunder, then such Lender or the Swingline Lender shall purchase for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Loans held by each such other Lender or Swingline Lender as shall be necessary
to cause such Lender or Swingline Lender to share such excess payment ratably with all the other Lenders and the Swingline Lender; provided, however, that if any such purchase is made by any Lender or Swingline Lender, and if such excess
payment or part thereof is thereafter recovered from such purchasing Lender or Swingline Lender, the related purchases from the other Lenders or Swingline Lender shall be rescinded ratably and the purchase price restored as to the portion of such
excess payment so recovered, but without interest; provided further, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent
and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.

 Section 10.7. Notices. 
 (a) Except as otherwise specified herein and except as otherwise provided in Section 10.7(b), all notices under the Credit Documents shall be in writing (including cable, telecopy or telex) and shall
be given to a party hereunder at its address, telecopier number or telex number set forth below or such other address, telecopier number or telex number as such party may hereafter specify by notice to the Administrative Agent and the Company, given
by courier, by United States certified or registered mail, by telegram or by other telecommunication device capable of creating a written record of such notice and its receipt. Notices under the Credit Documents to the Lenders shall be addressed to
their respective domestic Lending Offices in the United States at the respective addresses, telecopier or telex number, or telephone numbers 

  
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set forth on their applicable Administrative Questionnaire provided to the Administrative Agent and the Company or, in the case of Persons becoming Lenders pursuant to Assignment Agreements, on
their applicable Assignment Agreements, and to the Company, the Administrative Agent and the Swingline Lender: 
  

			
	To the Company:	  	Noble Corporation
		  	c/o Maples Corporate Services Limited
		  	P.O. Box 309, Ugland House
		  	S. Church Street
		  	Grand Cayman
		  	KY1-1104
		  	Cayman Islands
		  	Attention: Alan Hay
		
	        with a copy to:	  	Noble Drilling Services, Inc.
		  	13135 South Dairy Ashford, Suite 800
		  	Sugar Land, Texas 77478
		  	Attention: Legal Department
		  	Facsimile: 281-491-2092
		
	    To the Administrative Agent	  	JPMorgan Chase Bank, N.A.
	    and the Swingline Lender:	  	500 Stanton Christiana Road, Ops 2
		  	Newark DE 19713
		  	Attn: Evan Zacharias
		  	Phone: 302-634-1405
		  	Fax: 302-634-1417
		
		  	With a copy to:
		  	JPMorgan Chase Bank, N.A.
		  	712 Main Street, Floor: 12
		  	Houston TX 77002
		  	Attn: Muhammad Hasan
		  	Phone: 713-216-3433
		  	Fax: 713-216-4117

 Each such notice, request or other communication shall be effective (i) if given by telecopier, when such
telecopy is transmitted to the telecopier number specified in this Section 10.7 or pursuant to Section 10.10 and a confirmation of receipt of such telecopy has been received by the sender, (ii) if given by courier, when delivered,
(iii) if given by mail, five (5) days after such communication is deposited in the mail, certified or registered with return receipt requested, or (iv) if given by any other means, when delivered at the addresses specified in this
Section 10.7, or pursuant to Section 10.10; provided that any notice given pursuant to Article 2 shall be effective only upon receipt and, provided further, that any notice that but for this proviso would be effective after
the close of business on a Business Day or on a day that is not a Business Day shall be effective at the opening of business on the next Business Day. 

  
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 Notwithstanding the foregoing, materials required to be delivered pursuant to Section 6.6 shall
be delivered to the Administrative Agent as specified in Section 10.7(b) or as otherwise specified to the Company by the Administrative Agent; provided that any communication that (A) relates to a request for a new, or a conversion
of an existing, Loan or other extension of credit (including any election of an interest rate or Interest Period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date
therefor, (C) provides notice of any Default or Event of Default or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of any provision of this Agreement and/or any Loan or other extension of credit
hereunder, shall be in writing (including telecopy communication) and mailed, telecopied or delivered pursuant to this Section 10.7(a). 
 (b) The Company will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents,
including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, Loan
or other extension of credit (including any election of an interest rate or Interest Period relating thereto), (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 or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of any provision of this Agreement and/or any Loan or other extension of credit hereunder
(all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium to evan.zacharias@jpmorgan.com. 

The Company further agrees that the Administrative Agent may make the Communications available to the Swingline Lender and the Lenders by posting
the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). The Company acknowledges that the distribution of material through an electronic medium is not necessarily secure and that
there are confidentiality and other risks associated with such distribution. 
 THE PLATFORM IS PROVIDED “AS IS” AND
“AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, 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 AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES OF THE
ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO THE COMPANY, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION,

  
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DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE TRANSMISSION BY THE COMPANY, ANY OF THE AGENT
PARTIES OR ANY OTHER PERSON OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT
PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 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 Credit Documents. Each of the Lenders and the Swingline Lender agrees that 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 or Swingline Lender, as the case may be, for purposes of the Credit
Documents. Each of the Lenders and the Swingline Lender agrees (i) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s or Swingline Lender’s, as the case may be,
e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address. 
 Nothing herein shall prejudice the right of the Administrative Agent, the Swingline Lender or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner
specified in such Credit Document. 
 Section 10.8. Counterparts. This Agreement may be executed in any number of
counterparts, and by the different parties on different counterpart signature pages, each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same Agreement. 

Section 10.9. Successors and Assigns. This Agreement shall be binding upon the Borrowers, each of the Lenders, the Swingline
Lender, the Administrative Agent, the Other Agents, and their respective successors and assigns, and shall inure to the benefit of the Borrowers, each of the Lenders, the Swingline Lender, the Administrative Agent, the Other Agents, and their
respective successors and assigns, including any subsequent holder of any Note; provided, however, no Borrower may assign any of its rights or obligations under this Agreement or any other Credit Document without the written consent of all
Lenders, the Swingline Lender, the Administrative Agent and the Other Agents, and the Administrative Agent and the Other Agents may not assign any of their respective rights or obligations under this Agreement or any Credit Document except in
accordance with Article 9 and no Lender may assign any of its rights or obligations under this Agreement or any other Credit Document except in accordance with Section 10.10. Any Lender or the Swingline Lender may at any time pledge or assign
all or any portion of its rights under this Agreement and the Notes issued to it (i) to a Federal Reserve Bank to secure extensions of credit by such Federal Reserve Bank to such Lender or Swingline Lender, or (ii) in the case of any
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or in part of commercial loans, to a trustee for such fund in support of such Lender’s obligations to such trustee; provided that no such pledge or assignment shall release a
Lender or Swingline Lender from any of its obligations hereunder or substitute any such Federal Reserve Bank or such trustee for such Lender or Swingline Lender as a party hereto and the Borrowers, the Administrative Agent, the other Lenders and the
Swingline Lender shall continue to deal solely with such Lender or Swingline Lender in connection with the rights and obligations of such Lender and Swingline Lender under this Agreement. 

Section 10.10. Sales and Transfers of Borrowing and Notes; Participations in Borrowings and Notes. 

(a) Any Lender may, without the consent of, or notice to, the Company and the Administrative Agent, at any time sell to one or more
commercial banking or other financial or lending institutions, other than Defaulting Lenders (“Participants”) participating interests in any Commitment of such Lender hereunder, provided that no Lender may sell any
participating interests (other than in the case of Affiliates of such Lender) in any such Commitment hereunder without also selling to such Participant the appropriate pro rata share of all such Lender’s obligations with respect to such
Commitment, and provided further that no Lender shall transfer, grant or assign any participation under which the Participant shall have rights to vote upon or to consent to any matter to be decided by the Lenders or the Required Lenders
hereunder or under any other Credit Document or to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) increase the amount of such Lender’s Commitment
and such increase would affect such Participant, (ii) reduce the principal of, or interest on, any of such Lender’s Borrowings, or any fees or other amounts payable to such Lender hereunder and such reduction would affect such Participant,
(iii) postpone any date fixed for any scheduled payment of principal of, or interest on, any of such Lender’s Borrowings, or any fees or other amounts payable to such Lender hereunder and such postponement would affect such Participant, or
(iv) release any collateral security for any Obligation, except as otherwise specifically provided in any Credit Document. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations
under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Note for all purposes under this Agreement,
the Borrowers and the Administrative Agent 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 Borrowers under any Credit Document. Each Borrower agrees that if amounts outstanding under this Agreement and the Notes shall have been declared or shall have become due and payable in accordance with Section 7.2 or 7.3 upon
the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement and any Note to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under this Agreement or any Note, provided that such right of setoff shall be subject to the obligation of such Participant to share with the Lenders, and the Lenders agree to share with such
Participant, as provided in Section 10.6. Each Borrower also agrees that each Participant shall be entitled to the benefits of and have the obligations under Sections 2.11, 3.3 and 8.3 with respect to its participation in the Commitments and
the Borrowings outstanding from time to time, provided 

  
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that no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the
participation transferred if no participation had been transferred and provided, further, that Sections 8.3(c) and 8.6 shall apply to the transferor Lender with respect to any claim by any Participant pursuant to Section 2.11, 3.3 or 8.3
as fully as if such claim was made by such Lender. Anything herein to the contrary notwithstanding, no Borrower shall at any time be obligated to pay to any Lender any sum in excess of the sum such Borrower would have been obligated to pay to such
Lender hereunder if such Lender had not sold any participation in its rights and obligations under this Agreement or any other Credit Document. 
 (b) Any Lender may at any time sell to (i) any of such Lender’s Affiliates, to an Approved Fund or to any other Lender or Affiliate thereof (other than, in each case, a Defaulting Lender,
or an Approved Fund or any Affiliate of such Defaulting Lender), that, in each case, is a commercial banking or other financial or lending institution not subject to Regulation T of the Board of Governors of the Federal Reserve System, or
(ii) with the prior written consent (which shall not be unreasonably withheld or delayed) of the Administrative Agent, the Swingline Lender and if no Event of Default has occurred and is continuing, the Company, to one or more commercial
banking or other financial or lending institutions not described in (i), above that are not subject to Regulation T of the Board of Governors of the Federal Reserve System (any of (i) or (ii), a “Purchasing Lender”), all or any
part of its rights and obligations under this Agreement and the other Credit Documents, pursuant to an Assignment Agreement, executed by such Purchasing Lender and such transferor Lender (and, in the case of a Purchasing Lender described in clause
(ii), above, by the Company and the Administrative Agent) and delivered to the Administrative Agent; provided that each such sale to a Purchasing Lender (other than an existing Lender) shall be in the amount of $5,000,000 or more, or if in a
lesser amount or if as a result of such sale the sum of the unfunded Commitment of such Lender plus the aggregate principal amount of such Lender’s Loans would be less than $5,000,000 (calculated as hereinafter set forth), such sale
shall be of all of such Lender’s rights and obligations under this Agreement and all of the other Credit Documents payable to it to one Purchasing Lender. Notwithstanding the requirement of the Company’s consent set forth above, but
subject to all of the other terms and conditions of this Section 10.10(b), any Lender may sell to one or more commercial banking or other financial or lending institutions not subject to Regulation T of the Board of Governors of the Federal
Reserve System, all or any part of their rights and obligations under this Agreement and the other Credit Documents with only the consent of the Administrative Agent (which shall not be unreasonably withheld or delayed) if an Event of Default shall
have occurred and be continuing. Upon such execution, delivery and acceptance, from and after the effective date of the transfer determined pursuant to such Assignment Agreement, (x) the Purchasing Lender thereunder shall be a party hereto and,
to the extent provided in such Assignment Agreement, have the rights and obligations of a Lender hereunder with a Commitment as set forth herein and (y) the transferor Lender thereunder shall, to the extent provided in such Assignment
Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all or the remaining portion of a transferor Lender’s rights and obligations under this Agreement, such transferor Lender
shall cease to be a party hereto). Such Assignment Agreement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing Lender and the resulting adjustment of Commitments and
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the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement, the Notes and the other Credit Documents. On or prior to
the effective date of the transfer determined pursuant to such Assignment Agreement, the applicable Borrower, at its own expense, shall upon reasonable notice from the Administrative Agent execute and deliver to the Administrative Agent in exchange
for any surrendered Note, a new Note as appropriate to the order of such Purchasing Lender in an amount equal to the Commitments assumed by it pursuant to such Assignment Agreement, and, if the transferor Lender has retained a Commitment or
Borrowing hereunder, a new Note to the order of the transferor Lender in an amount equal to the Commitments or Borrowings retained by it hereunder. Such new Notes shall be dated the Effective Date and shall otherwise be in the form of the Notes
replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Company marked “cancelled.” 
 (c) Upon its receipt of an Assignment Agreement executed by a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Affiliate thereof, by the
Administrative Agent and, to the extent required by Section 10.10(b), by the Company), together with payment by the transferor Lender to the Administrative Agent hereunder of a registration and processing fee of $3,500 (unless the Company is
replacing such Lender pursuant to the terms hereof, in which event such fee shall be paid by the Company), the Administrative Agent shall (i) promptly accept such Assignment Agreement, and (ii) on the effective date of the transfer
determined pursuant thereto give notice of such acceptance and recordation to the Lenders and the Company. The Company shall not be responsible for such registration and processing fee or any costs or expenses incurred by any Lender, any Purchasing
Lender or the Administrative Agent in connection with such assignment except as provided above. 
 (d) If, pursuant to this
Section 10.10 any interest in this Agreement or any Loan or Note is transferred to any transferee which is organized under the laws of any jurisdiction other than the United States of America or any State thereof, the transferor Lender shall
cause such transferee, concurrently with the effectiveness of such transfer, (i) to represent to the transferor Lender (for the benefit of the transferor Lender, the Administrative Agent and the Company) that under applicable law and treaties
no taxes will be required to be withheld by the Administrative Agent, any Borrower or the transferor Lender with respect to any payments to be made to such transferee in respect of the Loans, (ii) to furnish to the transferor Lender (and, in
the case of any Purchasing Lender, the Administrative Agent and the Company) two duly completed and signed copies of either U.S. Internal Revenue Service Form W-8BEN or U.S. Internal Revenue Service Form W-8ECI or such successor forms as shall be
adopted from time to time by the relevant United States taxing authorities (wherein such transferee claims entitlement to complete exemption from U.S. federal withholding tax on all payments pursuant to the Credit Documents), and (iii) to agree
(for the benefit of the transferor Lender, the Administrative Agent and the Company) to provide the transferor Lender (and, in the case of any Purchasing Lender, the Administrative Agent and the Company) new forms as contemplated by
Section 3.3(b) upon the expiration or obsolescence of any previously delivered form and comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by such transferee, and to comply
from time to time with all applicable U.S. laws and regulations with regard to such withholding tax exemption. 

  
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 (e) Notwithstanding any other provisions of this Section 10.10, no transfer or
assignment of the interests of any Lender hereunder or any grant of participations therein shall be permitted if such transfer, assignment or grant would require any Borrower to file a registration statement with the SEC or to qualify the Loans, the
Notes or any other Obligations under the securities laws of any jurisdiction. 
 (f) In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of
all Loans and participations in Swingline Loans in accordance with its Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Section 10.11. Amendments, Waivers and Consents. Any provision of the Credit Documents may be amended or waived if, but only
if, such amendment or waiver is in writing and is signed by (a) the Company, (b) the Required Lenders, and (c) if the rights or duties of the Administrative Agent, the Other Agents or the Swingline Lender are affected thereby, the
Administrative Agent, the Other Agents or the Swingline Lender, as the case may be, provided that: 
 (i)
no amendment or waiver shall (A) increase or extend any Commitment of any Lender without the consent of such Lender, or (B) reduce the amount of or postpone the date for any scheduled payment of any principal of or interest (including,
without limitation, any reduction in the rate of interest unless such reduction is otherwise provided herein) on any Loan or of any fee payable hereunder, without the consent of each Lender owed any such Obligation, (C) release any Collateral
for any Collateralized Obligations (other than as provided in accordance with Section 7.4) without the consent of all Lenders, (D) release (1) the NDC Guaranty, the NHIL Guaranty or any other Subsidiary Guaranty (except as expressly
provided for in Section 6.11(k) or Section 9.8), (2) the Company Guaranty (except as expressly provided for therein), during any period that there is a Designated Borrower, or (3) the provisions of Article 4 hereof without in
each such case the consent of all Lenders, or (E) change any provision requiring ratable funding or sharing of payments without the consent of all Lenders. 

  
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 (ii) no amendment or waiver shall, unless signed by each Lender, change the
provisions of this Section 10.11 or the definition of Required Lenders or the number of Lenders required to take any action under any other provision of the Credit Documents; 

(iii) notwithstanding anything to the contrary herein, (A) any Borrowing Request or any Designated Borrower Request
and Assumption Agreement may be amended with the consent of only the Company and the Administrative Agent and (B) any Swingline Request may be amended with the consent of only the Company, the Administrative Agent and the Swingline Lender; and

 (iv) notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 
 Section 10.12. Headings. Section headings used in this Agreement are for reference only and shall not affect the construction of this Agreement. 

Section 10.13. Legal Fees, Other Costs and Indemnification. The Company, upon demand by the Administrative Agent, agrees to
pay all reasonable out-of-pocket costs and expenses of the Administrative Agent (including, without limitation, the reasonable fees and disbursements of legal counsel to the Administrative Agent) in connection with the preparation and execution of
the Credit Documents (not to exceed such amount previously agreed to by the Administrative Agent), and any amendment, waiver or consent related thereto, whether or not the transactions contemplated therein are consummated. The Company further agrees
to indemnify and hold harmless each Lender, each Affiliate of a Lender, each Co-Arranger, the Swingline Lender, the Administrative Agent, the Other Agents, and their respective directors, officers, employees and attorneys (collectively, the
“Indemnified Parties”), against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all reasonable attorneys’ fees and other reasonable expenses of litigation or
preparation therefor, whether or not such Indemnified Party is a party thereto) which any of them may pay or incur as a result of (a) any action, suit or proceeding by any third party or Governmental Authority against such Indemnified Party and
relating to any Credit Document, the Loans, or the application or proposed application by any of a Borrower of the proceeds of any Loan, REGARDLESS OF WHETHER SUCH CLAIMS OR ACTIONS ARE FOUNDED IN WHOLE OR IN PART UPON THE ALLEGED SIMPLE OR
CONTRIBUTORY NEGLIGENCE OF ANY OF THE INDEMNIFIED PARTIES AND/OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES OR ATTORNEYS, (b) any investigation of any third party or any Governmental Authority involving any Lender (as a
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hereunder), any Affiliate of a Lender, any Co-Arranger, the Swingline Lender or the Administrative Agent or the Other Agents (in such capacity hereunder) and related to any use made or
proposed to be made by a Borrower of the proceeds of any Loan, or any transaction financed or to be financed in whole or in part, directly or indirectly with the proceeds of any Loan, and (c) any investigation of any third party or any
Governmental Authority, litigation or proceeding involving any Lender (as a lender hereunder), any Affiliate of a Lender, any Co-Arranger (in such capacity hereunder), the Swingline Lender (as a swingline lender hereunder) or the Administrative
Agent or the Other Agents (in such capacity hereunder) and related to any environmental cleanup, audit, compliance or other matter relating to any Environmental Law or the presence of any Hazardous Material (including, without limitation, any
losses, liabilities, damages, injuries, costs, expenses or claims asserted or arising under any Environmental Law) with respect to the Company, regardless of whether caused by, or within the control of, the Company; provided, however, that
the Company shall not be obligated to indemnify any Indemnified Party for any of the foregoing arising out of such Indemnified Party’s gross negligence, willful misconduct, violation of law or willful breach of its obligations hereunder, as
determined pursuant to a judgment of a court of competent jurisdiction or as expressly agreed in writing by such Indemnified Party. The Company, upon demand by the Administrative Agent, the Other Agents, a Lender, an Affiliate of a Lender, a
Co-Arranger or the Swingline Lender at any time, shall reimburse such Agent, Lender, Affiliate of a Lender, Co-Arranger or Swingline Lender for any reasonable legal or other expenses incurred in connection with investigating or defending against any
of the foregoing, except if the same is excluded from indemnification pursuant to the provisions of the preceding sentence. Each Indemnified Party agrees to contest any indemnified claim if requested by the Company, in a manner reasonably directed
by the Company, with counsel selected by the Indemnified Party and approved by the Company, which approval shall not be unreasonably withheld or delayed. Any Indemnified Party that proposes or intends to settle or compromise any such indemnified
claim shall give the Company written notice of the terms of such settlement or compromise reasonably in advance of settling or compromising such claim or proceeding and shall obtain the Company’s prior written consent thereto, which consent
shall not be unreasonably withheld or delayed; provided that the Indemnified Party shall not be restricted from settling or compromising any such claim if (i) the Indemnified Party waives its right to indemnity from the Company in
respect of such claim and such settlement or compromise does not materially increase the Company’s liability pursuant to this Section 10.13 to any related party of such Indemnified Party, (ii) an Event of Default as described in
Section 7.1(a), (b) (as a result of a default under Section 6.16), (f) or (g) or has occurred and is continuing or (iii) the Indemnified Party reasonably believes the Company will not be able to satisfy the full amount
of such claim and the Company has failed to provide sufficient collateral to the Indemnified Party to secure the value of such claim. 
 Section 10.14. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 
 (A) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS, AND THE RIGHTS AND DUTIES OF THE PARTIES THERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

  
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 (B) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO AGREE THAT ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE
OTHER AGENTS, THE LENDERS OR A CREDIT PARTY MAY BE BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, EACH CREDIT PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH
LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. EACH CREDIT PARTY HEREBY IRREVOCABLY DESIGNATES CT CORPORATION SYSTEM, 111 8TH AVENUE, NEW YORK, NEW YORK 10011, AS
THE DESIGNEE, APPOINTEE AND AGENT OF SUCH CREDIT PARTY TO RECEIVE, FOR AND ON BEHALF OF SUCH PERSON, SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT HERETO. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
EACH CREDIT PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS, BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH CREDIT PARTY
HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. TO THE EXTENT THAT ANY CREDIT PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF
EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH CREDIT PARTY HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER CREDIT
DOCUMENTS. 
 (C) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING
RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

  
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 (D) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 10.7. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

(E) EACH OF THE CREDIT PARTIES, THE ADMINISTRATIVE AGENT, THE SWINGLINE LENDER AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THIS SECTION 10.14 OR OTHERWISE RELATING TO THE CREDIT DOCUMENTS ANY SPECIAL, INDIRECT,
CONSEQUENTIAL OR PUNITIVE DAMAGES (as opposed to direct or actual damages). 
 Section 10.15. Confidentiality.
Each of the Agents, the Swingline Lender and Lenders agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to their respective Affiliates and to prospective Purchasing Lenders
and Participants, and to prospective counterparties under hedging, swap or derivatives agreements, and their and such Affiliates’, prospective Purchasing Lenders’, Participants’ and prospective counterparties’ respective
directors, officers, employees and agents, including accountants, legal counsel and other advisors who have reason to use such Information in connection with the evaluation of the transactions contemplated by this Agreement (subject to similar
confidentiality provisions as provided herein) solely for purposes of evaluating such Information, (ii) to the extent requested by any regulatory authority or self-regulatory body, (iii) to the extent required by applicable law or
regulation or by any subpoena or similar legal process, (iv) in connection with the exercise of any remedies hereunder or any proceedings relating to this Agreement or the other Credit Documents, (v) with the consent of the Company, or
(vi) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.15, or (y) becomes available on a non-confidential basis from a source other than the Company or its
Affiliates, or the Lenders or their respective Affiliates, excluding any Information from such source which, to the actual knowledge of the Agent, the Swingline Lender or Lender receiving such Information, has been disclosed by such source in
violation of a duty of confidentiality to the Company. For purposes hereof, “Information” means all information received by the Lenders or the Swingline Lender from the Company relating to the Company or its business, other than any
such information that is available to the Lenders or the Swingline Lender on a non-confidential basis prior to disclosure by the Company, excluding any Information from a source which, to the actual knowledge of the Agent, Swingline Lender or Lender
receiving such Information, has been disclosed by such source in violation of a duty of confidentiality to the Company. The Agents, the Swingline Lender and the Lenders shall be considered to have complied with their respective obligations if they
have exercised the same degree of care to maintain the confidentiality of such Information as they would accord their own confidential information. 

  
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 Section 10.16. Effectiveness. This Agreement shall become effective on the date
(the “Effective Date”) on which the Company, the Administrative Agent, the Swingline Lender and each Lender have signed and delivered to the Administrative Agent a counterparty signature page hereto (including by facsimile or other
electronic means) or the Administrative Agent has received a facsimile notice that such a counterpart has been signed and mailed to the Administrative Agent. 
 Section 10.17. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 10.18. Change in Accounting Principles, Fiscal Year or Tax Laws. If either the Company or the Required Lenders
notifies the Administrative Agent that (i) any change in accounting principles from those used in the preparation of the financial statements of the Company referred to in Section 5.10 is hereafter occasioned by the promulgation of rules,
regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board or the American Institute of Certified Public Accounts (or successors thereto or agencies with similar functions), and such change affects the
calculation of any component of any financial covenant, standard or term found in this Agreement, or (ii) there is a change in United States federal, state or foreign tax laws which affects the Company’s or any of its Subsidiaries’
ability to comply with the financial covenants, standards or terms found in this Agreement, then the Company and the Lenders agree to enter into negotiations in order to amend such provisions (with the agreement of the Required Lenders or, if
required by Section 10.11, all of the Lenders) so as to equitably reflect such changes with the desired result that the criteria for evaluating any of the Company’s and its Subsidiaries’ financial condition shall be the same after
such changes as if such changes had not been made. 
 Section 10.19. Final Agreement. The Credit Documents
constitute the entire understanding among the Credit Parties, the Lenders, the Swingline Lender and the Administrative Agent and supersede all earlier or contemporaneous agreements, whether written or oral, concerning the subject matter of the
Credit Documents. THIS WRITTEN AGREEMENT TOGETHER WITH THE OTHER CREDIT DOCUMENTS REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 Section 10.20. Officer’s Certificates. It is not
intended that any certificate of any officer or director of any Credit Party delivered to the Administrative Agent or any Lender pursuant to this Agreement shall give rise to any personal liability on the part of such officer or director.

  
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 Section 10.21. Effect of Inclusion of Exceptions. It is not intended that the
specification of any exception to any covenant herein shall imply that the excepted matter would, but for such exception, be prohibited or required. 
 Section 10.22. Margin Stock. Each of the Lenders and the Swingline Lender hereby represents to the other Lenders and Swingline Lender that it is not relying on margin stock as collateral in
extending or maintaining any Loan. 
 Section 10.23. Patriot Act Notice. Each Lender and the Administrative Agent
(for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Borrower, which information includes the
name and address of the Borrowers and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Borrower in accordance with the Patriot Act. Each Borrower shall provide, to the extent commercially
reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or any Lenders in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. 

Section 10.24. 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 Credit Document), the Borrowers acknowledge and agree, and acknowledge their respective Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Other Agents, the Co-Arrangers and the Lenders are arm’s-length commercial transactions between the Borrowers and their
Affiliates, on the one hand, and the Administrative Agent, the Other Agents, the Co-Arrangers and the Lenders, on the other hand, (B) the Borrowers have consulted their own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate, and (C) the Borrowers are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents; (ii) (A) the Administrative
Agent, each Other Agent, each Lender and each Co-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 Borrowers or any of their respective Affiliates, or any other Person and (B) neither Administrative Agent nor any Other Agent, any Co-Arranger or any Lender has any obligation to the Borrowers or any of their respective Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; and (iii) the Administrative Agent, the Other Agents, the Co-Arrangers and the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their respective Affiliates, and neither the Administrative Agent, any Other Agent, any Co-Arranger or any Lender has any
obligation to disclose any of such interests to the Borrowers or their respective Affiliates. To the fullest extent permitted by law, each Borrower hereby waives and releases any claims that it may have against the Administrative Agent, any Other
Agent, any Co-Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
 [364-Day
Revolving Credit Agreement] 
  
 84 

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 [364-Day
Revolving Credit Agreement] 
  
 85 

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

			
	NOBLE CORPORATION, a Cayman Islands exempted company limited by shares, as Borrower
		
	By:	 	/s/ David M.J. Dujacquier
	Name:	 	David M.J. Dujacquier
	Title:	 	Director

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent, Collateral Agent, Swingline Lender and a Lender

		
	By:	 	/s/ Robert Traband
	Name:	 	Robert Traband
	Title:	 	Managing Director

  

					
	 COMMITMENT AMOUNT:
	  	$	50,000,000	  
	 PERCENTAGE:
	  	 	8.333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 BARCLAYS BANK PLC,

as a Lender

		
	By:	 	/s/ Sreedhar R. Kona
	Name:	 	Sreedhar R. Kona
	Title:	 	Vice President

  

					
	 COMMITMENT AMOUNT:
	  	$	50,000,000	  
	 PERCENTAGE:
	  	 	8.333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 CITIBANK, N.A.,
 as
Co-Syndication Agent and a Lender

		
	By:	 	/s/ Andrew Sidford
	Name:	 	Andrew Sidford
	Title:	 	Vice President

  

					
	 COMMITMENT AMOUNT:
	  	$	50,000,000	  
	 PERCENTAGE:
	  	 	8.333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 DEUTSCHE BANK SECURITIES, INC.
 as a Co-Syndication Agent

		
	By:	 	/s/ Ming K. Chu
	Name:	 	Ming K. Chu
	Title:	 	Vice President
		
	By:	 	/s/ Virginia Cosenza
	Name:	 	Virginia Cosenza
	Title:	 	Vice President
	
	 DEUTSCHE BANK AG NEW YORK BRANCH,
 as a Lender

		
	By:	 	/s/ Ming K. Chu
	Name:	 	Ming K. Chu
	Title:	 	Vice President
		
	By:	 	/s/ Virginia Cosenza
	Name:	 	Virginia Cosenza
	Title:	 	Vice President

  

					
	 COMMITMENT AMOUNT:
	  	$	50,000,000	  
	 PERCENTAGE:
	  	 	8.333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Co-Syndication Agent and a Lender

		
	By:	 	/s/ T. Alan Smith
	Name:	 	T. Alan Smith
	Title:	 	Managing Director

  

					
	 COMMITMENT AMOUNT:
	  	$	50,000,000	  
	 PERCENTAGE:
	  	 	8.333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 BNP PARIBAS,
 as
Co-Documentation Agent and a Lender

		
	By:	 	/s/ Sriram Chandrasekaran
	Name:	 	Sriram Chandrasekaran
	Title:	 	Vice President
		
	By:	 	/s/ Julien Picaud Becret
	Name:	 	Julien Picaud Becret
	Title:	 	Associate

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 CREDIT AGRICOLE CORPORATE & INVESTMENT BANK,
 as Co-Documentation Agent and a Lender

		
	By:	 	/s/ Page Dillehunt
	Name:	 	Page Dillehunt
	Title:	 	Managing Director
		
	By:	 	/s/ Michael D. Willis
	Name:	 	Michael D. Willis
	Title:	 	Managing Director

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
 as Co-Documentation Agent and a Lender

		
	By:	 	/s/ Kevin Buddhdew
	Name:	 	Kevin Buddhdew
	Title:	 	Authorized Signatory
		
	By:	 	/s/ Michael Spaight
	Name:	 	Michael Spaight
	Title:	 	Authorized Signatory

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	GOLDMAN SACHS BANK USA,
	as Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Rebecca Kratz

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	HSBC BANK USA, N.A.,
	as Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Steven Smith

	Name:	 	Steven Smith
	Title:	 	Director

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	SUNTRUST BANK,
	as Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Shannon Juhan

	Name:	 	Shannon Juhan
	Title:	 	Vice President

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
	as Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Andrew Oram

	Name:	 	Andrew Oram
	Title:	 	Managing Director

  

					
	 COMMITMENT AMOUNT:
	  	$	35,000,000	  
	 PERCENTAGE:
	  	 	5.8333333333	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	 /s/ Michael J. Dillon

	Name:	 	Michael J. Dillon
	Title:	 	Managing Director

  

					
	 COMMITMENT AMOUNT:
	  	$	21,000,000	  
	 PERCENTAGE:
	  	 	3.5000000000	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	DNB CAPITAL LLC,
	as a Lender
		
	By:	 	 /s/ Barbara Gronquist

	Name:	 	Barbara Gronquist
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Florianne Robin

	Name:	 	Florianne Robin
	Title:	 	Vice President

  

					
	 COMMITMENT AMOUNT:
	  	$	21,000,000	  
	 PERCENTAGE:
	  	 	3.5000000000	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	LLOYDS TSB BANK PLC,
	as a Lender
		
	By:	 	 /s/ Stephen Giacolone

	Name:	 	Stephen Giacolone
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Karen Weich

	Name:	 	Karen Weich
	Title:	 	Vice President

  

					
	 COMMITMENT AMOUNT:
	  	$	21,000,000	  
	 PERCENTAGE:
	  	 	3.5000000000	% 

  
 [364-Day
Revolving Credit Agreement] 
  

 
			
	MIZUHO BANK (USA),
	as a Lender
		
	By:	 	 /s/ Raymond Ventura

	Name:	 	Raymond Ventura
	Title:	 	Deputy General Manager

  

					
	 COMMITMENT AMOUNT:
	  	$	21,000,000	  
	 PERCENTAGE:
	  	 	3.5000000000	% 

  
 [364-Day
Revolving Credit Agreement] 

 
			
	STANDARD CHARTERED BANK,
	as a Lender
		
	By:	 	 /s/ Johanna Minaya

	Name:	 	Johanna Minaya
	Title:	 	Associate Director
		 	Capital Markets
		
	By:	 	 /s/ Robert K. Reddington

	Name:	 	Robert K. Reddington
	Title:	 	Credit Documentation Manager
		 	Credit Documentation Unit, WB Legal-Americas

  

					
	 COMMITMENT AMOUNT:
	  	$	21,000,000	  
	 PERCENTAGE:
	  	 	3.5000000000	% 

  
 [364-Day
Revolving Credit Agreement] 

 COMMITMENTS 
  

									
	 Lender
	  	Commitment	 	  	Percentage*	 
	 JPMorgan Chase Bank, N.A.
	  	$	50,000,000	  	  	 	8.3333333333	% 
	 Barclays Bank PLC
	  	$	50,000,000	  	  	 	8.3333333333	% 
	 Citibank, N.A.
	  	$	50,000,000	  	  	 	8.3333333333	% 
	 Deutsche Bank AG New York Branch
	  	$	50,000,000	  	  	 	8.3333333333	% 
	 Wells Fargo Bank, National Association
	  	$	50,000,000	  	  	 	8.3333333333	% 
	 BNP Paribas
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 Credit Agricole Corporate & Investment Bank
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 Goldman Sachs Bank USA
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 HSBC Bank USA, N.A.
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 SunTrust Bank
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	35,000,000	  	  	 	5.8333333333	% 
	 Bank of America, N.A.
	  	$	21,000,000	  	  	 	3.5000000000	% 
	 DNB Capital LLC
	  	$	21,000,000	  	  	 	3.5000000000	% 
	 Lloyds TSB Bank plc
	  	$	21,000,000	  	  	 	3.5000000000	% 
	 Mizuho Bank (USA)
	  	$	21,000,000	  	  	 	3.5000000000	% 
	 Standard Chartered Bank
	  	$	21,000,000	  	  	 	3.5000000000	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	600,000,000	  	  	 	100.0000000000	% 
		  	  
	  
	 	  	  
	  
	 

  

	*	Rounded to 10 decimal places 

  
 [364-Day
Revolving Credit Agreement]

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