LENDINGTREE, INC.

FORM 10-K(Annual Report)

Filed 02/26/18 for the Period Ending 12/31/17

Address 11115 RUSHMORE DRIVE

CHARLOTTE, NC, 28277Telephone 704-943-8942

CIK 0001434621Symbol TREE

SIC Code 6163 - Loan BrokersIndustry Consumer Lending

Sector FinancialsFiscal Year 12/31

http://www.edgar-online.com© Copyright 2018, EDGAR Online, a division of Donnelley Financial Solutions. All Rights Reserved.

Distribution and use of this document restricted under EDGAR Online, a division of Donnelley Financial Solutions, Terms of Use.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

__________________________________________________

FORM 10-K__________________________________________________

(Mark One)

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934

For the Fiscal Year Ended December 31, 2017or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

For the transition period from to Commission File No. 001-34063

__________________________________________________

LendingTree, Inc.(ExactnameofRegistrantasspecifiedinitscharter)

Delaware(Stateorotherjurisdictionofincorporationororganization)

26-2414818(I.R.S.EmployerIdentificationNo.)

11115 Rushmore Drive, Charlotte, North Carolina 28277(Addressofprincipalexecutiveoffices)

(704) 541-5351(Registrant'stelephonenumber,includingareacode)

Securities registered pursuant to Section 12(b) of the Act:Title of Each Class

CommonStock,$0.01ParValue Name of each exchange on which registered

TheNasdaqStockMarketSecurities registered pursuant to Section 12(g) of the Act: None

________________________________________________________________________________________________________

Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.YesýNooIndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.YesoNoýIndicatebycheckmarkwhethertheRegistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding

12months(orforsuchshorterperiodthattheregistrant wasrequiredtofilesuchreports), and(2)hasbeensubject tosuchfilingrequirementsforthepast90days.YesýNooIndicatebycheckmarkwhethertheRegistranthassubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobesubmitted

andpostedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheRegistrant wasrequiredtosubmitandpostsuchfiles).YesýNooIndicatebycheckmarkifdisclosureofdelinquentfilerspursuanttoItem405ofRegulationS-K(§229.405ofthischapter)isnotcontainedherein,andwillnotbecontained,

tothebestofRegistrant'sknowledge,indefinitiveproxyorinformationstatementsincorporatedbyreferenceinPartIIIofthisForm10-KoranyamendmenttothisForm10-K.o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growthcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler,""smallerreportingcompany,"and"emerginggrowthcompany"inRule12b-2oftheExchangeAct.

Largeacceleratedfilerý Acceleratedfilero Non-acceleratedfilero

(Donotcheckifasmallerreportingcompany) Smallerreportingcompany

o Emerginggrowthcompany

o

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.oIndicatebycheckmarkwhethertheRegistrantisashellcompany(asdefinedinRule12b-2oftheAct).YesoNoýTheaggregatemarketvalueofthevotingcommonstockheldbynon-affiliatesoftheRegistrantasofJune30,2017wasapproximately$1,231million.Forthepurposesof

the foregoing calculation only, all directors andexecutive officers of the Registrant andthe single stockholder whoownsin excess of 20%of the voting commonstockareassumedtobeaffiliatesoftheRegistrant.AsofFebruary21,2018,therewere12,243,752sharesoftheRegistrant'scommonstock,parvalue$.01pershare,outstanding.

Documents Incorporated By Reference:PortionsoftheRegistrant'sproxystatementforits2018AnnualMeetingofStockholdersareincorporatedbyreferenceintoPartIIIherein.

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TABLE OF CONTENTS

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PART I Item 1. Business 3Item 1A. Risk Factors 10Item 1B. Unresolved Staff Comments 26Item 2. Properties 26Item 3. Legal Proceedings 26Item 4. Mine Safety Disclosures 26

PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27Item 6. Selected Financial Data 30Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32Item 7A. Quantitative and Qualitative Disclosures about Market Risk 45Item 8. Financial Statements and Supplementary Data 46Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 90Item 9A. Controls and Procedures 90Item 9B. Other Information 90

PART III Item 10. Directors, Executive Officers and Corporate Governance 91Item 11. Executive Compensation 91Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91Item 13. Certain Relationships and Related Transactions, and Director Independence 91Item 14. Principal Accounting Fees and Services 91

PART IV Item 15. Exhibits, Financial Statement Schedules 92Item 16. Form 10-K Summary 96

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This annual report on Form 10-K for the fiscal year ended December 31, 2017 (the "Annual Report") contains "forward-looking statements" within themeaningoftheSecuritiesActof1933,asamended,andtheSecuritiesExchangeActof1934,asamendedbythePrivateSecuritiesLitigationReformActof1995.These forward-looking statements include statements related to our anticipated financial performance, business prospects and strategy; anticipated trends andprospectsinthevariousindustriesinwhichourbusinessesoperate;newproducts,servicesandrelatedstrategies;andothersimilarmatters.Theseforward-lookingstatementsarebasedonmanagement'scurrentexpectationsandassumptionsaboutfutureevents,whichareinherentlysubjecttouncertainties,risksandchangesincircumstances that are difficult to predict. The use of words such as "anticipates," "estimates," "expects," "projects," "intends," "plans" and "believes," amongothers,generallyidentifyforward-lookingstatements.

Actualresultscoulddiffermateriallyfromthosecontainedintheforward-lookingstatements.Factorscurrentlyknowntomanagementthatcouldcauseactualresultstodiffermateriallyfromthoseinforward-lookingstatementsincludethosemattersdiscussedbelow,includinginPartI.Item1A.RiskFactors.

Otherunknownorunpredictablefactorsthatcouldalsoadverselyaffectourbusiness,financialconditionandresultsofoperationsmayarisefromtimetotime.Inlightoftheserisksanduncertainties,theforward-lookingstatementsdiscussedinthisreportmaynotprovetobeaccurate.Accordingly,youshouldnotplaceunduerelianceontheseforward-lookingstatements,whichonlyreflecttheviewsofLendingTree,Inc.'smanagementasofthedateofthisreport.Weundertakenoobligationtoupdateorreviseforward-lookingstatementstoreflect changedassumptions, theoccurrenceofunanticipatedeventsorchangestofutureoperatingresultsorexpectations,exceptasrequiredbylaw.

PART I

ITEM 1. Business

Our Company

LendingTree,Inc.("LendingTree",the"Company","we"or"us")operateswhatwebelievetobetheleadingonlineloanmarketplaceforconsumersseekingloansandothercredit-basedofferings.Ouronlinemarketplaceprovidesconsumerswithaccesstoproductofferingsfromover450activelenders(whichwereferto as "Network Lenders"), including mortgage loans, homeequity loans and lines of credit, reverse mortgage loans, auto loans, credit cards, deposit accounts,personalloans,studentloans,smallbusinessloansandotherrelatedofferings.Inaddition,weoffertoolsandresources,includingfreecreditscores,thatfacilitatecomparisonshoppingfortheseloans,depositsandothercredit-basedofferings.Weseektomatchconsumerswithmultiplelenders,whocanprovidethemwithcompetingquotesfortheproducttheyareseeking.Byprovidingconsumersaccesstoabroadarrayofcredit-basedofferingsdirectlyfrommultiplelenders,ratherthanjustmultiplequotesfromthesamelenderorindirectlythroughintermediaries, webelieveourmarketplaceisdifferentiatedfromotherprovidersoperatingloancomparison-shoppingmarketplaces.

Ourstrategicallydesignedandexecutedadvertisingandmarketingcampaigns(whichwerefertoasperformancemarketing)spanawidearrayofdigitalandtraditional media acquisition channels and promote our LendingTree and other brands and product offerings. Our marketing efforts are designed to attractconsumerstoourwebsitesandtoll-freetelephonenumbers.Interestedconsumerscompleteinquiryforms,providingdetailedinformationaboutthemselvesandtheloansorotherofferingstheyareseeking.Werefertosuchconsumerinquiriesasloanrequests.Wethenmatchtheseloanrequestswithlendersinourmarketplacethatareseekingtoservetheseconsumers'needs.Wegeneraterevenuefromtheselenders,generallyatthetimeoftransmittingaloanrequesttothem,intheformofamatchfee.Incertaininstancesoutsideourmortgagebusiness,wechargeotherkindsoffees,suchasclosedloanorclosedsalefees.Inadditiontoourprimaryloanrequestdatareferralbusiness,LendingTreealsomatchesconsumerswithlendersviawebsiteclicksandcallsforwhichlenderspayeitherfront-endorback-endfees.

Wearecontinuallyworkingtoimprovetheconsumerexperience.Wehavemadeinvestmentsintechnologically-adeptpersonnelandweusein-marketreal-timetestingtoimproveourdigitalplatforms.Additionally,weworkwithourlenders,includingprovidingtrainingandotherresources,toimprovetheconsumerexperience throughout the loan process. Further, we have been building and improving our My LendingTree platform, which provides a relationship-basedconsumerexperience,ratherthanjustatransaction-basedexperience.

Evolution and Future Growth of Our Business

At its inception, our original business was to serve consumers seeking home mortgage loans by matching them with various lenders. We launched theLendingTreebrandnationallyin1998and,overthelastnineteenyears,weinvestedsignificantlyinthisbrandtogainwidespreadconsumerrecognition.

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More recently, we have actively sought to expand the suite of loan and other product offerings we provide to consumers, in order to both leverage theapplicability of theLendingTreebrandaswell asmorefullyservetheneedsof consumersandlenders. Webelievethat consumerswithexistingLendingTree-brandedassociationswillbemorelikelytoutilizeourotherserviceofferingsthanthoseofotherproviderswhosebrandsconsumersmaynotrecognize.

InJune2014,were-launchedMyLendingTree,aplatformthatoffersapersonalizedloancomparison-shoppingexperience,byprovidingfreecreditscoresandcreditscoreanalysis.Thisplatformenablesustoobserveconsumers'creditprofilesandthenidentifyandalertthemtoloanandothercredit-basedofferingsonourmarketplace that may be more favorable than the loans they have at a given point in time. This is designed to provide consumers with measurable savingsopportunitiesovertheirlifetimes.

Byexpandingourportfolioofloansandotherproductofferings,wearegrowinganddiversifyingourbusinessandsourcesofrevenue.Weintendtocapitalizeonourexpertiseinperformancemarketing,productdevelopmentandtechnology,andtoleveragethewidespreadrecognitionoftheLendingTreebrandtoeffectthisstrategy.

Webelievetheconsumerandsmallbusinessfinancialservicesindustryisstilltheearlystagesofafundamentalshifttoonlineproductofferings,similartotheshiftthatstartedinretailandtravelmanyyearsagoandisnowwellestablished.Webelievethat,likeretailandtravel,asconsumerscontinuetomovetowardsonlineshoppingandtransactionsforfinancialservices,supplierswillincreasinglyshifttheirproductofferingsandadvertisingbudgetstowardtheonlinechannel.Webelievethestrengthofourbrandsandofourlendernetworkplaceusinastrongpositiontocontinuetobenefitfromthismarketshift.

Recent Business Acquisitions

OnSeptember19,2017,weacquiredcertainassetsofSnapCapital LLC,whichdoesbusinessunderthenameSnapCap.SnapCapisatech-enabledonlineplatform, whichconnects business owners withlenders offeringsmall business loans, lines of credit andmerchant cashadvanceproducts througha concierge-basedsalesapproach.WebelievethatbycombiningSnapCap'shigh-touch,high-conversionsalesapproachwithourbrandandperformancemarketingexpertise,wecanderivesubstantialrevenuesynergiesandaccelerategrowthinoursmallbusinessoffering.

On June 20, 2017, we acquired the membership interests of Camino Del Avion (Delaware), LLC, which does business under the name MagnifyMoney.MagnifyMoney is a leading consumer-facing media property that offers editorial content, expert commentary, tools and resources to help consumers comparefinancial products and make informed financial decisions. The MagnifyMoney team brings the expertise and infrastructure to expand content creation anddistributionacrossallofourconsumerfacingbrands,improvingourpresenceandefficacyinacquisitionchannelssuchassearchengineoptimization.

On June 14, 2017, we acquired substantially all of the assets of Deposits Online, LLC, which does business under the name DepositAccounts.com(“DepositAccounts”).DepositAccountsisaleadingconsumer-facingmediapropertyinthedepositoryindustryandisoneofthemostcomprehensivesourcesofdepositorydealsandanalysisontheInternet,coveringallmajordepositproductcategoriesthrougheditorialcontent,programmaticratetablesanduser-generatedcontent.Thisacquisitionrepresentsourfirstofferingtoaddresstheassetsideoftheconsumerbalancesheet.

On November 16, 2016, we acquired Iron Horse Holdings, LLC, which does business under the name CompareCards. CompareCards is a leading onlinesourcefor side-by-side credit cardcomparisonshopping. CompareCards provides consumers withonecentralized locationfor pertinent credit cardinformationneededtofindthebestcardfortheirneeds.CompareCards’uniquemarketingplatformandstrongrelationshipswithcardissuerscombinedwithLendingTree’sscaleandorganizationalsupporthavecausedsubstantialgrowthinourcreditcardbusiness.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations-ResultsofOperationsfortheYearsEndedDecember31,2017,2016,and2015-Revenue."

Theseacquisitionscontinueourdiversificationstrategy.

Products

Wecurrently report our revenues in two product categories: (i) mortgage products and (ii) non-mortgage products. Non-mortgage products include creditcards,personalloans,homeequityloans,reversemortgageloans,autoloans,smallbusinessloansandstudentloans.Non-mortgageproductsalsoincludedepositaccounts,homeimprovementreferralsandothercreditproductssuchascreditrepairanddebtsettlement.

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Mortgageandnon-mortgageproductrevenueisasfollows(in thousands) :

For the Year Ended December 31, 2017 2016 2015

Mortgageproducts $ 275,910 $ 219,991 165,272Non-mortgageproducts 341,826 164,411 88,944

Total revenue $ 617,736 $ 384,402 $ 254,216

LendingTree does not charge consumers or small businesses for the use of our services. Revenues from our mortgage products are mostly derived fromupfrontmatchfeespaidbyNetworkLendersthatreceivealoanrequest,andinsomecasesupfrontfeesforclicksorcalltransfers.BecauseagivenloanrequestformcanbematchedwithmorethanoneNetworkLender,uptofivematchfeesmaybegeneratedfromasingleconsumerloanrequestform.Revenuesfromournon-mortgageproductsarederivedfromupfrontmatchfeespaidondeliveryofaloanrequest,clickorcallandclosedloanfees.Forourcreditcardproduct,wesend click traffic to issuers and are paid per card approval. For the years endedDecember 31, 2017 ,2016and2015, one Network Lender, Quicken Loans,accountedfor11%,15%and11%oftotalrevenue,respectively.AnotherNetworkLender,loanDepot,LLC,accountedfor13%and12%oftotalrevenuefortheyearsendedDecember31,2016and2015,respectively.

MortgageProducts

Ourmortgageproductscategoryincludesourpurchaseandrefinanceproducts.

We partner with lenders throughout the United States to provide full geographic lending coverage and to offer a complete suite of loan offerings on ourmarketplace. To participate on our marketplace, lenders are required to enter into contracts with us that state the terms and conditions for such participation,althoughthesecontractsgenerallymaybeterminatedforconveniencebyeitherparty.Weperformcertainduediligenceproceduresonprospectivenewlenders,includingscreeningagainstanationalanti-frauddatabasemaintainedbytheMortgageAssetResearchInstitute,whichhelpsmanageourriskexposure.Thedataisutilized to determine whether a lender and its principals are eligible to participate on our marketplace and have not been convicted of and/or penalized forfraudulentactivity.

Consumersseekingmortgageloansthroughourloanmarketplacecanreceivemultipleconditionalloanoffersfromparticipatinglendersinresponsetoasingleloanrequestform.WerefertotheprocessbywhichwematchconsumersandNetworkLendersasthematchingprocess.Thismatchingprocessconsistsofthefollowingsteps:

(1) Loan Request. Consumerscompleteasingleloanrequestformwithinformationregardingthetypeofmortgageloanproducttheyareseeking,loanpreferencesandotherdata.Consumersalsoconsenttoasoftinquiryregardingtheircredit.

(2) Loan Request Form Matching and Transmission. Ourproprietarysystemsandtechnologymatchagivenconsumer'sloanrequestformdata,creditprofileandgeographiclocationagainstcertainpre-establishedcriteriaofNetworkLenders,whichmaybemodifiedfromtimetotime.Onceagivenloanrequestpassesthroughthematchingprocess,theloanrequestisautomaticallytransmittedtouptofiveparticipatingNetworkLenders.

(3) Lender Evaluation and Response. NetworkLendersthatreceivealoanrequestformevaluatetheinformationcontainedinittodeterminewhethertomakeaconditionalloanoffer.

(4) Communication of a Conditional Offer. AllmatchedNetworkLendersandanyconditionaloffersarepresentedtotheconsumeruponcompletionoftheloanrequestform.Consumerscanreturntothesiteandviewtheiroffer(s)atanytimebyloggingintotheirMyLendingTreeprofile.Additionally,matchedlendersandoffersarealsosenttotheemailaddressassociatedwiththeconsumerrequest.

Wealsoofferconsumersothermortgageproductssuchas:

• analternative"short-form"matchingprocess,whichprovidesthemwithlendercontactinformationratherthanconditionaloffersfromNetworkLenders,and

• a "rate table" loan marketplace, where consumers can enter their loan and credit profile and dynamically view real-time rates from lenders withoutenteringtheircontactinformation.

Non-MortgageProducts

Lending Products . Other lending products on our online marketplace include information, tools and access to multiple conditional loan offers for thefollowing:

• Auto, which includes our auto refinance and purchase loan products. Auto loans enable consumers to purchase newor used vehicles or refinance anexistingloansecuredbyanautomobile.

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• Creditcards,whichincludeofferingsfrommostmajorcardissuers.Asdescribedabove,duringthefourthquarterof2016,wepurchasedCompareCards,aleaderintheonlinecreditcardcomparisonindustry,enhancingthisproduct.

• Homeequityloansandlinesofcredit,whichenablehomeownerstoborrowagainsttheequityintheirhome,asmeasuredbythedifferencebetweenthemarketvalueofthehomeandanyexistingloanssecuredbythehome.Homeequityloansareone-timelumpsumloans,whereasahomeequitylineofcreditreflectsalineofrevolvingcreditwheretheborrowerhasflexibilitytodrawdownandrepaythelineovertime.

• Personalloans,whichareunsecuredobligationsgenerallycarryingshortertermsandsmallerloanamountsthanhomemortgages.

• Reversemortgageloans,whicharealoanproductavailabletoqualifyinghomeownersage62orolder.

• Smallbusinessloans,whichincludeabroadarrayoffinancingtypes,includingbutnotlimitedtoloanssecuredbyworkingcapital,equipment,realestateand other forms of financing, provided to small and medium-sized businesses. As described above, during the third quarter of 2017, we purchasedSnapCap,anonlineplatformwithaconcierge-basedapproachtoconnectingbusinessownerswithsourcesofcredit,enhancingthisproduct.

• Studentloans,whichincludesbothnewloanstofinanceaneducationandrelatedexpenses,aswellasrefinancingofexistingloans.Duringthesecondquarterof2016,wepurchasedSimpleTuition,aleadingonlinemarketingplatformforstudentloans,enhancingthisproduct.

Weintendtocontinueaddingnewlendingofferingsforconsumers,smallbusinessesandlendersonouronlinemarketplace,inordertogrowanddiversifyoursourcesof revenue. Wemaydevelopsuchnewofferingsthroughinternal product developmentefforts, strategic businessrelationships withthirdparties and/oracquisitions.

Other Products .Otherproductsalsoincludesinformation,toolsandaccesstothefollowing:

• Depositaccounts,throughwhichconsumerscanaccessdepositorydealsandanalysiscoveringallmajordepositproductcategories.

• Credit repair, throughwhichconsumers canobtain assistance improvingtheir credit profiles, in order to expandandimprove loanandother financialproductopportunitiesavailabletothem.

• Debtreliefservices,throughwhichconsumerscanobtainassistancenegotiatingexistingloans.

• Homeimprovementservices,throughwhichconsumershavetheopportunitytoresearchandfindhomeimprovementprofessionalservices.

• Personalcreditdata,throughwhichconsumerscangaininsightsintohowprospectivelendersandotherthirdpartiesviewtheircreditprofiles.

• Realestatebrokerageservices,throughwhichconsumersarematchedwithlocalrealtorswhocanassistthemintheirhomepurchaseorsaleefforts.

• Variousconsumerinsuranceproducts,includinghomeandautomobile,throughwhichconsumersarematchedwithinsuranceleadaggregatorstoobtaininsuranceoffers.

Werefertothevariouspurchasersofleadsfromourothermarketplacesasleadpurchasers. Wegeneraterevenuefromthedeposit accountproductfromaconsumer clicking fromour website throughto a financial institution's website. Wegenerate revenue through the insurance products and real estate brokerageservicesthroughmatchfeespaidtousbyinsuranceleadaggregatorsandrealestatebrokersparticipatinginouronlinemarketplace. Wegeneraterevenuefromcreditrepairanddebtreliefserviceseitherthroughafeeforacustomerreferraltoaserviceproviderpartnerorthroughafeeatthetimeaconsumerenrollsinaprogramwithoneofourpartners.Revenueforhomeservicesisderivedprimarilythroughmatchingofleadstootherhomeservicesleadaggregators.

Seasonality

Revenueinourlendingbusinessissubjecttocyclicalandseasonaltrends.Homesales(andpurchasemortgages)typicallyriseduringthespringandsummermonthsanddeclineduringthefallandwintermonths,whilerefinancingandhomeequityactivityisprincipallydrivenbymortgageinterestratesaswellasrealestatevalues.However,incertainhistoricalperiodsadditionalfactorsaffectingthemortgageandrealestatemarkets,suchasthe2008-2009financialcrisisandensuingrecessionhaveimpactedcustomaryseasonaltrends.

We anticipate revenue in our newer products to be cyclical as well; however, we have limited historical data to predict the nature and magnitude of thiscyclicality.Basedonindustrydata,weanticipatethatasourpersonalloanproductmatureswewill

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experiencelessconsumerdemandduringthefourthandfirstquartersofeachyear.Wealsoanticipatelessconsumerdemandforcreditcardsinthefourthquarterofeachyearandweanticipatehigherconsumerdemandfordepositaccountsinthefirstquarterofeachyear.Themajorityofconsumerdemandforstudentloanproducts occurs in the third quarter coinciding with collegiate enrollment in late summer. Other factors affecting our businesses include macro factors such ascreditavailabilityinthemarket,interestrates,thestrengthoftheeconomyandemployment.

Competition

Ourlendingandotherbusinessescompetewithotheronlinemarketingcompanies, includingonlineintermediaries thatoperatenetwork-typearrangements.Wealsofacecompetitionfromlendersthatsourceconsumerloanoriginationsdirectly.Thesecompaniestypicallyoperateconsumer-brandedwebsitesandattractconsumers via online banner ads, keyword placement on search engines, direct mail, television ads, retail branches, realtors, brokers, radio and other sources,partnershipswithaffiliatesandbusinessdevelopmentarrangementswithothers,includingmajoronlineportals.

Product Development

Weinvestinthecontinueddevelopmentofbothnewandexistingproductstoenhancetheexperiencesofconsumersandlendersastheyinteractwithus.Weincurredproductdevelopmentcostsof$24.2million,$19.8millionand$16.8millionduringtheyearsendedDecember31,2017,2016and2015,respectively,allofwhichwascompanysponsored.

Financial Information About Segments and Geographic Areas

Wehaveonereportablesegment.See Note18—SegmentInformationtotheconsolidatedfinancialstatementsincludedelsewhereinthisreport.

Additional information on our financial performance by geographic areas can be found in Note 2—Significant Accounting Policies to the consolidatedfinancialstatementsincludedelsewhereinthisreport.

Corporate History

LendingTree, Inc., is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC. LendingTree, LLC, formerly known asLendingTree,Inc.,wasincorporatedinthestateofDelawareinJune1996andcommencednationwideoperationsinJuly1998.LendingTree,Inc.,wasacquiredbyIAC/InterActiveCorp("IAC")in2003andconvertedtoaDelawarelimitedliabilitycompany(LendingTree,LLC)inDecember2004.LendingTree,LLCenteredthe mortgage origination business through the acquisition of Home Loan Center, Inc. in 2004. On August 20, 2008, LendingTree, LLC(along with its parentholdingcompanyTree.com,Inc.)wasspunofffromIAC/InterActiveCorpintoaseparatepublicly-tradedcompany.Werefertotheseparationtransactionasthe"spin-off"inthisreport.Tree.comwasincorporatedasaDelawarecorporationinApril2008inanticipationofthespin-off.TheHomeLoanCenterbusinesswassoldtoDiscoverFinancialServicesin2012.Sincethen,theCompanyhasoperatedasapureonlinemarketplaceanddoesnotoriginateloans.EffectiveJanuary1,2015,wechangedourcorporatenamefromTree.com,Inc.toLendingTree,Inc.

Regulation and Legal Compliance

OurbusinessesmarketandprovideservicesinheavilyregulatedindustriesthroughanumberofdifferentonlineandofflinechannelsacrosstheUnitedStates.Asaresult,wearesubjecttoavarietyofstatutes,rules,regulations,policiesandproceduresinvariousjurisdictionsintheUnitedStates,including:

• Restrictions on the manner in which consumer loans are marketed and originated, including, but not limited to, the making of required consumerdisclosures, such as the Federal Trade Commission's Mortgage Advertising Practices ("MAP") Rules, federal Truth-in-Lending Act, the federal EqualCredit Opportunity Act, the federal Fair Credit Reporting Act, the federal Fair Housing Act, the federal Real Estate Settlement Procedures Act("RESPA"),andsimilarstatelaws;

• Restrictions imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd Frank Act") and current or future rulespromulgated thereunder, including, but not limited to, limitations on fees charged by mortgage lenders, mortgage broker disclosures and rulespromulgatedbytheConsumerFinancialProtectionBureau("CFPB"),whichwascreatedundertheDodd-FrankAct;

• Restrictions on the amount and nature of fees that may be charged to lenders and real estate professionals for providing or obtaining consumer loanrequests,suchasunderRESPA;

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• Federal andState lawsrelating to the implementation of the Secure andFair Enforcement of Mortgage Licensing Act of 2008(the "SAFEAct") thatrequireustobelicensedinallStatesandtheDistrictofColumbia(licensingrequirementsareapplicabletobothindividualsand/orbusinessesengagedinthesolicitationoforthebrokeringofresidentialmortgageloansand/orthebrokeringofrealestatetransactions);

• Stateandfederalrestrictionsonthemarketingactivitiesconductedbytelephone,mail,email,mobiledeviceortheinternet,includingtheTelemarketingSalesRule("TSR"),theTelephoneConsumerProtectionAct("TCPA"),statetelemarketinglaws,federalandstateprivacylaws,theCAN-SPAMAct,andtheFederalTradeCommissionActandtheiraccompanyingregulationsandguidelines;

• Statelawsrequiringlicensurefororotherwiseimposingrestrictionsonthesolicitationoforbrokeringofconsumerloanswhichcouldaffectusinourpersonalloan,automobileloan,studentloan,creditcard,orothernon-mortgageconsumerlendingbusinesses;

• Restrictionsontheusageandstorageofconsumercredit information, suchasthosecontainedinthefederal Fair Credit ReportingActandthefederalCreditRepairOrganizationAct;and

• State"BirdDog"lawswhichrestricttheamountandnatureoffees,ifany,thatmaybechargedtoconsumersforautomobiledirectandindirectfinancing.

Intellectual Property

We believe that our intellectual property rights are vital to our success. To protect our intellectual property rights in our brand, technology, products,improvementsandinventions,werelyonacombinationoftrademarks,tradesecrets,patentsandotherlaws,andcontractualrestrictionsondisclosure,includingconfidentialityagreementswithstrategicpartners,employees,consultantsandotherthirdparties.Asneworimprovedproprietarytechnologiesaredevelopedorinventionsareidentified,weseekpatentprotectionintheUnitedStatesandabroad,asappropriate.WehavethreeissuedU.S.patentsrelatingtoourtechnologies.Twosuchpatentsrelatetothemethodandnetworkforcoordinatingaloanovertheinternetandwillexpirein2018.Thethirdpatent,whichrelatestothesystemandmethodforcollectingfinancialinformationoveraglobalcommunicationsnetwork,expiresin2032.

Many of our services are offered under proprietary trademarks and service marks. We generally apply to register or secure by contract our principaltrademarksandservicemarksastheyaredevelopedandused.Wehave45trademarksandservicemarksregisteredwiththeUnitedStatesPatentandTrademarkOffice.Theseregistrationscantypicallyberenewedat10-yearintervals.

We reserve and register domain names when and where we deem appropriate and we currently have over 1,000registered domain names. We also haveagreementswiththirdpartiesthatprovideforthelicensingofpatentedandproprietarytechnologyusedinourbusiness.

Fromtimetotime,wemaybesubjectedtolegalproceedingsandclaims,orthreatenedlegalproceedingsorclaims,includingallegationsofinfringementofthird-party trademarks, copyrights, patents and other intellectual property rights of third parties. In addition, the use of litigation and other dispute resolutionprocesses, such as Uniform Domain Name Dispute Resolution, may be necessary for us to enforce our intellectual property rights, protect trade secrets or todeterminethevalidityandscopeofproprietaryrightsclaimedbyothers.Anylitigationofthisnature,regardlessofoutcomeormerit,couldresultinsubstantialcostsanddiversionofmanagementandtechnicalresources,anyofwhichcouldadverselyaffectourbusiness,financialconditionandresultsofoperations.

Employees

AsofDecember31,2017,wehad535employees,ofwhichapproximately523arefull-timeand12aretemporaryorpart-time.Noneofouremployeesarerepresentedundercollectivebargainingagreementsandweconsiderourrelationswithemployeesandindependentcontractorstobegood.

Additional Information

Website and Public Filings

Wemaintain a corporate website atwww.lendingtree.com and an investor relations website at investors.lendingtree.com . None of the information on ourwebsite is incorporated by reference in this report, or in any other filings with, or in any information furnished or submitted to, the Securities and ExchangeCommission(the"SEC").

Wemakeavailable,freeofchargethroughourwebsite,ourreportsonForms10-K,10-Qand8-K,ourproxystatementfortheannualshareholders'meetingandbeneficialownershipreportsonForms3,4and5assoonasreasonablypracticableafterwe

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file such material with, or furnish such material to, the SEC. Our filings with the SEC are available to the public over the Internet at the SEC's website atwww.sec.gov , or at theSEC'spublicreferenceroomlocatedat 100FStreet, N.E., Washington, DC20549.Pleasecall theSECat1-800-SEC-0330forfurtherinformationontheoperationofthepublicreferenceroom.

Code of Business Conduct and Ethics

Ourcodeofbusinessconductandethics,whichappliestoallemployees,includingallexecutiveofficersandseniorfinancialofficersanddirectors,ispostedonourwebsiteatinvestors.lendingtree.com/corporate-governance.cfm .ThisisourcodeofethicspursuanttoItem406ofSECRegulationS-KandtherulesofTheNasdaqStockMarket. Anyamendments to or waivers of the codeof business conduct andethics that are of the type described in Item406(b) and(d) ofRegulationS-Kwillbedisclosedonourwebsite.

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ITEM 1A. RiskFactors

Investing in our common stock involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described below,together with all of the other information included in this annual report and the information incorporated by reference herein. If any of the risks described below,or incorporated by reference into this annual report actually occur, our business, financial condition or results of operations could suffer. In that case, the tradingprice of our common stock may decline and you may lose all or part of your investment. The risks and uncertainties we have described are not the only ones weface. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business, financial condition andresults of operations. Certain statements below are forward-looking statements. See the information included under the heading "Cautionary Statement RegardingForward-Looking Information."

Risks Related to Our Business and Industry

Adverse conditions in the primary and secondary mortgage markets, as well as the general economy, could materially and adversely affect our business,financialconditionandresultsofoperations.

Constraints in the primary andsecondary mortgage markets have in the past had, andmayin the future have, an adverse effect on our business, financialconditionandresultsofoperations.Generally,increasesininterestratesadverselyaffecttheabilityofourNetworkLenderstocloseloans,andadverseeconomictrendslimittheabilityofourNetworkLenderstoofferhomeloansotherthanlow-marginconformingloans.Ourbusinessesmayexperienceadeclineindemandfortheirofferingsduetodecreasedconsumerdemandasaresultoftheconditionsdescribedabove,noworinthefuture.Conversely,duringperiodswithdecreasedinterestrates,NetworkLendershavelessincentivetouseourmarketplaces,orinthecaseofsuddenincreasesinconsumerdemand,ourNetworkLendersmaylacktheabilitytosupportsuddenincreasesinvolume.

WedependonrelationshipswithNetworkLendersandanyadversechangesintheserelationshipscouldadverselyaffectourbusiness,financialconditionandresultsofoperations.

Oursuccessdependsinsignificantpartonthefinancialstrengthoflendersparticipatingonourmarketplacesandcontinuingrelationshipswithsuchlenders.NetworkLenderscould,foranyreason,experiencefinancialdifficultiesandceaseparticipatingonourlendermarketplace,failtopaymatchand/orclosingfeeswhendueand/ordropthequalityoftheirservicestoconsumers.WecouldalsohavecommercialorotherdisputeswithsuchNetworkLendersfromtimetotime.TheoccurrenceofoneormoreoftheseeventswithasignificantnumberofNetworkLenderscould,aloneorincombination,haveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

IfwefailtomeetcertainmetricsrequiredbyNetworkLenders,thenourbusinessandfinancialresultsmaybeharmed.

Wecompeteagainstotheronlinemarketingcompaniesinsignificantpartbasedonthequalityandconvertibilityoftheleadswegenerate.NetworkLendershaveexpectationsastothequalityandconversionrateoftheleadsthatwegenerate.Theseexpectationssometimeschangeovertime.TheleadsthatwesupplytoNetworkLendersmaynotmeettheexpectationsthatNetworkLendershaveforsuchleads.Conversionratesforleadsmaybeimpactedbyfactorsotherthantheleadquality,manyofwhichareoutsideourcontrol.SuchfactorsincludecompetitioninlendingmarketsandsalespracticesofNetworkLenders.FailuretomeettheexpectationsofNetworkLendersintermsofqualityandconvertibilityofleadsmayresultinreducedfeespaidtousbysuchNetworkLenders,orinextremecases,thelossofoneormoreNetworkLenders,whichcouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

Failure to maintain brand recognition and attract and retain consumers in a cost-effective manner could materially and adversely affect our business,financialconditionandresultsofoperations.

Inordertoattract visitors toourwebsites, convert thesevisitors intoloanrequests forourNetworkLendersandleadpurchasersandgenerate repeat visitsfrom consumers, our businesses must promote and maintain their various brands. Brand promotion and maintenance requires the expenditure of considerablemoneyandresourcesforonlineandofflineadvertising,marketingandrelatedefforts,aswellasthecontinuedprovisionandintroductionofhigh-qualityproductsandservices.

Brandrecognitionisakeydifferentiatingfactoramongprovidersofonlineservices.Webelievethatcontinuingtobuildandmaintaintherecognitionofourvariousbrandsiscriticaltoachievingincreaseddemandfortheservicesprovidedbyourbusinesses.Accordingly,wehavespent,andexpecttocontinuetospend,significantamountson,anddevotesignificantresourcesto,branding,advertisingandothermarketinginitiatives,whichmaynotbesuccessfulorcost-effective.Thefailureofourbusinessestomaintaintherecognitionoftheirrespectivebrandsandattractandretainconsumersinacost-effectivemannercouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

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Adversepublicityfromlegalproceedingsagainstusorourbusinesses,includinggovernmentalproceedingsandconsumerclassactionlitigation,orfromthedisclosure of information security breaches, could negatively impact our various brands, which could materially and adversely affect our business, financialconditionandresultsofoperations.Inaddition,theactionsofourthird-partymarketingpartnerswhoengageinadvertisingonourbehalfcouldnegativelyimpactourvariousbrands.

Wedependonsearchengines,onlineadvertisingandotheronlinesourcestoattractvisitorstoourwebsites,andifweareunabletoattractthesevisitorsandconvertthemintoloanrequestsforourNetworkLendersandleadpurchasersinacost-effectivemanner,ourbusinessandfinancialresultsmaybeharmed.

Oursuccessdependsonourabilitytoattractonlineconsumerstoourwebsitesandconvertthemintocustomersinacost-effectivemanner.Wedepend,inpart,onsearchengines, onlineadvertisingandother onlinesourcesfor ourwebsite traffic. Weare includedinsearchresults as aresult of bothpaidsearchlistings,where we purchase specific search terms that result in the inclusion of our advertisement, and, separately, organic searches, that depend upon the searchablecontentonoursites.Searchenginesandotheronlinesourcesrevisetheiralgorithms,andintroducenewadvertisingproducts,fromtimetotimeinanattempttooptimizetheirsearchresults.

Ifoneormoreofthesearchenginesorotheronlinesourcesonwhichwerelyforwebsitetrafficweretomodifyitsgeneralmethodologyforhowitdisplaysourwebsites,resultinginfewerconsumersclickingthroughtoourwebsites,ourbusinesscouldsuffer.Ifanyfreesearchenginetrafficonwhichwerelybeginscharging fees for listing or placement, or if one or more of the search engines or other online sources on which we rely for purchased listings, modifies orterminatesitsrelationshipwithus,ourexpensescouldrise,wecouldlosecustomers,andtraffictoourwebsitescoulddecrease,allofwhichcouldhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.Inaddition,ifouronlineadvertisementsarenotabletoreachcertainconsumersduetoconsumers’useofad-blockingsoftware,ourbusinesscouldsuffer.

Wecompetewithanumberofotheronlinemarketingcompanies,andwefacethepossibilityofnewcompetitors.

Wecurrentlycompetewithanumberofotheronlinemarketingcompaniesandweexpectthatcompetitionwillintensify.Someoftheseexistingcompetitorsmayhavemorecapitalorcomplementaryproductsorservicesthanwedo,andtheymayleveragetheirgreatercapitalordiversificationinamannerthatadverselyaffectsourcompetitiveposition,includingbymakingstrategicacquisitions.Inaddition,newcompetitorsmayenterthemarketandmaybeabletoinnovateandbringproductsandservicestomarketfaster,oranticipateandmeetconsumerorNetworkLenderdemandbeforewedo.Othernewcomers,includingmajorsearchengines and content aggregators, may be able to leverage their existing products and services to our disadvantage. We may be forced to expend significantresources to remain competitive with current and potential competitors. If any of our competitors are more successful than we are at attracting and retainingcustomersorNetworkLenders,ourbusiness,financialconditionandresultsofoperationscouldbemateriallyandadverselyaffected.

Oursuccess depends, in part, onthe integrity of oursystemsandinfrastructures. Systeminterruptionandthe lackof integrationandredundancyinthesesystemsandinfrastructuresmayhaveamaterialandadverseimpactonourbusiness,financialconditionandresultsofoperations.

Oursuccessdepends,inpart,onourabilitytomaintaintheintegrityofoursystemsandinfrastructures,includingwebsites,informationandrelatedsystems,callcentersanddistributionandfulfillmentfacilities.Systeminterruptionandthelackofintegrationandredundancyinourinformationsystemsandinfrastructuresmaymaterially andadversely affect our ability to operate websites, process andfulfill transactions, respondto customer inquiries andgenerally maintain cost-efficient operations. We may experience occasional system interruptions that make some or all systems or data unavailable or prevent our businesses fromefficientlyprovidingservicesorfulfillingorders.Wealsorelyonaffiliateandthird-partycomputersystems,broadbandandothercommunicationssystemsandserviceprovidersinconnectionwiththeprovisionofservicesgenerally,aswellastofacilitate,processandfulfilltransactions.Anyinterruptions,outagesordelaysinoursystemsandinfrastructures,ourbusinesses,ouraffiliatesand/orthirdparties,ordeteriorationintheperformanceofthesesystemsandinfrastructures,couldimpairtheabilityofourbusinessestoprovideservices,fulfillordersand/orprocesstransactions.Fire,flood,powerloss,telecommunicationsfailure,hurricanes,tornadoes, earthquakes, acts of war or terrorism, acts of God, unauthorized intrusions or computer viruses, and similar events or disruptions may damage orinterruptcomputer,broadbandorothercommunicationssystemsandinfrastructuresatanytime.Anyoftheseeventscouldcausesysteminterruption,delaysandlossofcriticaldata,andcouldpreventourbusinessesfromprovidingservices,fulfillingordersand/orprocessingtransactions.Whileourbusinesseshavebackupsystems for certain aspects of their operations, these systems are not fully redundant and disaster recovery planning is not sufficient for all eventualities. Inaddition,wemaynothaveadequateinsurancecoveragetocompensateforlossesfromamajorinterruption.Ifanyoftheseeventsweretooccur,itcouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

Wearealsointheprocessoftransitioningourmortgageexchangetoanewtechnologyplatform.Therisksassociatedwiththistransitioninclude,butarenotlimitedto,operationalimplementation,downtimes,anddiversionofmanagementandtechnical

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resources. If the transition to the new platform is more challenging or time consuming than expected, then our business, financial condition and results ofoperationscouldbemateriallyandadverselyaffected.

Breachesorfailuresofournetworksecuritycontrols,themisappropriationormisuseofpersonalconsumerinformation,theoccurrenceoffraudulentactivity,orcybersecurity-relatedincidentsmayhaveamaterialandadverseimpactonourbusiness,financialconditionandresultsofoperations.

Anypenetration of network security or other misappropriation or misuse of personal consumer information maintained by us or our third-party marketingpartnerscouldcauseinterruptionsintheoperationsofourbusinessesandsubjectustoincreasedcosts,litigationandotherliabilities.Claimscouldalsobemadeagainstusorourthird-partymarketingpartnersforothermisuseofpersonalinformation,suchasforunauthorizedpurposesoridentitytheft,whichcouldresultinlitigation and financial liabilities, as well as administrative action from governmental authorities. Real or perceived security breaches could also significantlydamageourreputationwithconsumersandthirdpartieswithwhomwedobusiness.

We may be required to expend significant capital and other resources to protect against and remedy any potential or existing security breaches and theirconsequences.Wealsofacerisksassociatedwithsecuritybreachesaffectingthirdpartieswithwhomweareaffiliatedorotherwiseconductbusinesswithonline.ConsumersaregenerallyconcernedwithsecurityandprivacyoftheInternet,andanypublicizedsecurityproblemsaffectingourbusinessesand/orthoseofthirdpartiesmaydiscourageconsumersfromdoingbusinesswithus,whichcouldhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

We are susceptible to fraudulent activity and cybersecurity-related incidents that may be committed against us, our Network Lenders or external serviceproviders which may result in financial losses or increased costs to us, disclosure or misuse of our information, misappropriation of assets, privacy breacheslitigationordamagetoourreputation.Suchfraudulentactivitymaytakemanyforms,includingcheckfraud,fraudulentinducement,electronicfraud,wirefraud,phishing,socialengineeringandotherdishonestacts,anyofwhichcouldbetheresultofacircumventionorfailureofourinternet-technologysecuritycontrols.Information security breaches and cybersecurity-related incidents may include fraudulent or unauthorized access to systems used by us, Network Lenders, orexternalserviceproviders,denialordegradationofserviceattacks,andmalwareorothercyber-attacks.Werelyonaframeworkofinternalcontrolsdesignedtoprotectourinformationandassets,butdespiteoureffortstoensuretheintegrityofoursystems,itispossiblethatwemaynotbeabletoanticipateorimplementeffectivepreventativemeasuresagainstallsecuritybreachesandfraudulentactivity,especiallybecausethemethodsofattackanddeceptionchangefrequentlyandbecausesuchconductcanoriginatefromawidevarietyofsources,includingthirdpartiessuchasexternalserviceproviders.Asaresult,ourbusiness,financialconditionorresultsofoperationscouldbeadverselyaffected.

Litigation and indemnification of secondary market purchasers could have a material and adverse effect on our business, financial condition, results ofoperationsandliquidity.

Inconnectionwiththesaleofloanstosecondarymarketpurchasers,HomeLoanCenter,Inc.("HLC")maybeliableforcertainindemnification,repurchaseand premium repayment obligations. For example, in connection with the sale of loans to secondary market purchasers, HLC made certain representationsregardingrelatedborrowercreditinformation,loandocumentationandcollateral.Totheextentthattheserepresentationswereincorrect,HLCmayberequiredtorepurchase loans or indemnify secondary market purchasers for losses due to borrower defaults. HLC has made payments for these liabilities in the past andexpectstomakepaymentsfortheseliabilitiesinthefuture.

Wecontinuetobeliablefortheseindemnificationobligations,repurchaseobligationsandpremiumrepaymentobligationsfollowingthesaleofsubstantiallyall of the operating assets of our LendingTree Loans business. We have in the past and intend to continue to negotiate in the future with secondary marketpurchasers to settle any existing and future contingent liabilities, but we cannot assure you we will be able to do so on terms acceptable to us, or at all. Theoccurrenceofindemnificationclaims,repurchaseobligationsorpremiumrepaymentsbeyondourreservesforthesecontingencies,orourinabilitytosettlewithsecondarymarketpurchasers,mayhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

Difficultmarketconditionshaveadverselyaffectedthemortgageindustry.

Declinesinthehousingmarketfrom2006throughearly2012,asmeasuredbytheS&P/Case-Schiller20-citycompositehomepriceindex,withhomepricedeclines and increased foreclosures, unemployment and under-employment, negatively impacted the credit performance of mortgage loans and resulted insignificant write-downs of asset values by financial institutions, including government-sponsored entities as well as major commercial and investment banks.Thesewrite-downs,initiallyofmortgage-backedsecurities butsubsequentlyofotherasset-backedsecurities, credit default swapsandotherderivativeandcashsecurities,inturn,causedmanyfinancialinstitutionstoseekadditionalcapital,mergewithlargerandstrongerinstitutionsand,insomecases,tofail.

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Reflectingconcernaboutthestabilityofthehousingmarketsgenerallyandthestrengthofcounterparties,manylendersandinstitutionalinvestorsreducedorceased providing funding to borrowers, including to other financial institutions. This market disruption and tightening of credit led to an increased level ofcommercialandconsumerdelinquencies,lackofconsumerconfidenceandincreasedmarketvolatility.Theresultingeconomicpressureonconsumersandlackofconfidenceinthefinancialmarketshashadinthepastandmayhaveinthefuture,anadverseeffectonourbusiness,financialconditionandresultsofoperations.

While conditions in the housing markets have improved since 2013, the failure to sustain such improvements could have adverse effects on us and ourNetworkLenders.Further,ourbusinesscouldbeadverselyaffectedbytheactionsandcommercialsoundnessofotherbusinessesinthefinancialservicessector.Asaresult,defaultsby,orevenrumorsorquestionsabout,oneormoreoftheseentities,orthefinancialservicesindustrygenerally,haveinthepast,andmayinthefuture,leadtomarket-wideliquidityproblemsandcouldleadtodisruptionsinthemortgageindustry.Anysuchdisruptioncouldhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

Asignificantportionofourrevenuegrowthin2017hasbeendrivenbyourcreditcardproductthroughouracquisitionofCompareCards,whichwascompletedinNovember2016.

TheCompareCardsacquisitionposesrisksforourongoingoperations,including,amongothers:

• adverseconditionsintheeconomymayaffectcreditcardissuersandtheirwillingnesstoissuenewcredit;

• creditlossesamongcreditcardissuersmayincreasebeyondnormalandbudgetedlevelswhichcouldcauseareductionindemand;

• credit card issuers and other advertisers in the business verticals in which we or CompareCards operate may be unwilling to advertise on our orCompareCards'swebsitesormobileapplications;

• changesinapplicationapprovalratesbycreditcardissuercustomers;

• increasedcompetitionanditseffectonourorCompareCards'swebsitetraffic,click-throughrates,advertisingrates,revenue,margins,andmarketshare;

• abilitytoprovidecompetitiveservicetocreditcardissuersandtoconsumersusingCompareCards'andouronlineofferingsandotherplatforms;

• credit card issuers may determine that the online digital marketing channel is no longer a viable marketing platform for generating new credit cardcustomers;

• ourabilitytomaintainbrandrecognitionforbothusandCompareCardsandtoeffectivelyleveragetheLendingTreebrandwiththeCompareCardsbrand;

• ourabilitytodevelopnewproductsandservicesandenhanceexistingones;

• ourabilitytoretainkeyemployeesofCompareCards;

• costsandexpensesassociatedwithanyundisclosedorpotentialliabilities;

• thatthebusinessacquiredintheacquisitionmaynotcontinuetoperformaswellasanticipated;and

• assumedliabilitiesassociatedwithCompareCards'historicaloperations,includingasaresultofprivacyregulationsordatabreaches.

IftheCompareCardsbusinessisimpactedbytherisksdescribedabove,thenourresultsofoperationsandfuturegrowthprospectscouldbemateriallyandadverselyaffected.

Aportionofourrevenuegrowthinrecentyearshasbeendrivenbypersonalloanofferings.Iflendersparticipatingonourmarketplacedecidetoreducetheirofferings of personal loans or if such loans become unattractive to consumers because of higher interest rates demanded by lenders, then our results ofoperationsandfuturegrowthprospectscouldbemateriallyandadverselyaffected.

Were-launchedourpersonalloanproductinthethirdquarterof2013.Revenuefrompersonalloanofferingswasresponsibleforasignificantportionofthegrowthinthenon-mortgagerevenueoverthelastfewyears.Revenuefromourpersonalloanproductincreased$21.8millionin2017from2016and$15.2millionin2016from2015.

Personalloansareunsecuredobligationsandgenerallycarryshortertermsandsmallerloanamountsthanmortgages. Becausetheyareunsecured,theyaregenerally riskier assets for lenders than mortgages or other secured loans. Consumer demand for unsecured loans offered on our marketplace is often forrefinancingof higher interest credit card debt or for a lower interest alternative to credit card debt for a contemplated larger purchase that wouldotherwise bepurchasedwithacreditcard.Lenders

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participatingonourmarketplacemayreducetheirwillingnesstomakepersonalloansatmoreattractiveinterestratesthancreditcarddebtandmayforthatreason,or for anyother reason, reducetheir demandfor personal loanrequests generatedfromourpersonal loanmarketplace. Reasonsthat lenders might reducetheirwillingness to make personal loans at attractive interest rates may include regulatory changes, stricter institutional lending criteria, a lack of adequate fundingsources or capital for loan originations, or increased borrower default levels, which may occur upon adverse changes in regional, national or global economicconditions. Additionally, lenders may tighten their underwriting standards, making it more difficult for consumers to qualify for personal loans. If lendersparticipatingonourmarketplacedecidetoreducetheirofferingsofpersonalloans,tightentheirunderwritingstandards,orifpersonalloansbecomeunattractivetoconsumers because of higher interest rates demanded by lenders, then our results of operations and future growth prospects could be materially and adverselyaffected.

NetworkLendersaffiliatedwithourmarketplacesarenotprecludedfromofferingproductsandservicesoutsideofourmarketplaces,orobtainingproductsandservicesfromourcompetitors.

Because our businesses do not have exclusive relationships with Network Lenders, consumers may obtain loans from these third-party service providerswithout having to use our marketplaces. Network Lenders can offer loans directly to consumers through their own marketing campaigns or other traditionalmethodsofdistribution,suchasreferralarrangements,physicalstore-frontoperationsorbrokeragreements.NetworkLendersmayalsoofferloansandservicestoprospective customers online directly, throughoneor more online competitors of our businesses, or both. If a significant number of consumers seekloans andservices directly from Network Lenders or through our competitors as opposed to through our marketplaces, our business, financial condition and results ofoperationscouldbemateriallyandadverselyaffected.

Someofournon-mortgageproductsarenewtothemarketandmayfailtoachieveormaintaincustomeracceptanceandprofitability.

Wehavelaunchednewnon-mortgageproductsoverthelastseveralyears.Wedonothaveasmuchexperiencewiththesenewnon-mortgageproductsaswiththe mortgage products and our other mature non-mortgage products. Accordingly, new non-mortgage products may be subject to greater risks than our morematureproducts.

Thesuccessofnewproductswemayofferwilldependonanumberoffactors,including:

• Implementing,atanacceptablecost,productfeaturesofferedbyourcompetitorsand/orexpectedbyconsumersandlenders;

• Marketacceptancebyconsumersandlenders;

• Offeringsbycurrentandfuturecompetitors;

• Ourabilitytoattractandretainmanagementandotherskilledpersonnelforthesebusinesses;

• Ourabilitytocollectamountsowedtousfromthirdparties;

• Ourabilitytodevelopsuccessfulandcost-effectivemarketingcampaigns;and

• Our ability to timely adjust marketing expenditures in relation to changes in demand for the underlying products and services offered by our leadpurchasers.

Ourresultsofoperationsmaysufferifwefailtosuccessfullyanticipateandmanagetheseissuesassociatedwithnewproducts.

Ifweareunabletocontinuallyenhanceourproductsandservicesandadaptthemtotechnologicalchangesandconsumerandlenderand/orleadpurchaserneeds,includingtheemergenceofnewcomputingdevicesandmoresophisticatedonlineservices, wemaylosemarketshareandrevenueandourbusinesscouldsuffer.

Weneedtoanticipate,developandintroducenewproducts,servicesandapplicationsonatimelyandcost-effectivebasisthatkeeppacewithtechnologicaldevelopmentsandchangingconsumerandcustomerneeds.Forexample,thenumberofindividualswhoaccesstheinternetthroughdevicesotherthanapersonalcomputer,suchastablets,mobiletelephones,voiceassistants,televisionsandset-topboxdeviceshasincreasedsignificantlyandthistrendislikelytocontinue.Becauseeachmanufacturerordistributormayestablishuniquetechnicalstandardsforitsdevices,ourwebsitesmaynotbefunctionalorviewableonthesedevices.Additionally, new devices and new platforms are continually being released. Consumers access many traditional web services on mobile devices throughapplications,orapps.

Itisdifficulttopredicttheproblemswemayencounterinimprovingourwebsites'functionalitywiththesealternativedevicesordevelopingappsformobileplatforms. If wefail to developourwebsites or appstorespondtotheseor other technological developments andchangingconsumerandcustomerneedscosteffectively,orifconsumersandcustomersrespondnegativelyto

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changes,wemaylosemarketshare,whichcouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

Weimproveourproductsandservicesinwaysthatforegoshort-termgains.

Weare constantly striving to improve the user experience for our Network Lenders and consumers who use our websites and applications. Some of ourchangesmayhavetheeffectofreducingourshort-termrevenueorprofitabilityifwebelievethatthebenefitswillultimatelyimproveourfinancialperformanceoverthelong-term.Anyshort-termreductionsinrevenueorprofitabilitycouldbemoreseverethanweanticipateorthesedecisionsmaynotproducethelong-termbenefitsthatweexpect,inwhichcaseourbusinessandresultsofoperationscouldbeadverselyaffected.

Wemayfailtoadequatelyprotectourintellectualpropertyrightsormaybeaccusedofinfringingintellectualpropertyrightsofthirdparties.

Weregardourintellectualpropertyrights,includingpatents,servicemarks,trademarksanddomainnames,copyrights,tradesecretsandsimilarintellectualproperty(asapplicable),ascriticaltooursuccess.Ourbusinessesalsorelyheavilyuponsoftwarecodes,informationaldatabasesandothercomponentsthatmakeuptheirproductsandservices.

We rely on a combination of laws and contractual restrictions with employees, customers, suppliers, affiliates and others to establish and protect theseproprietaryrights.Despitetheseprecautions,itmaybepossibleforathirdpartytocopyorotherwiseobtainandusetradesecretsorregisteredintellectualpropertywithoutauthorizationwhich,ifdiscovered,mightrequirelegalactiontocorrect. Inaddition,thirdpartiesmayindependentlyandlawfullydevelopsubstantiallysimilarintellectualproperties.

Wehavegenerallyregisteredandcontinuetoapplytoregister,orsecurebycontractwhenappropriate,ourprincipaltrademarksandservicemarksastheyaredevelopedandused,andreserveandregisterdomainnameswhenandwherewedeemappropriate.Wegenerallyconsidertheprotectionofourtrademarkstobeimportantforpurposesofbrandmaintenanceandreputation.Whilewevigorouslyprotectourtrademarks,servicemarksanddomainnames,effectivetrademarkprotectionmaynotbeavailableormaynotbesoughtineverycountryinwhichproductsandservicesaremadeavailable,andcontractualdisputesmayaffecttheuseofmarksgovernedbyprivatecontract. Similarly, not everyvariationofadomainnamemaybeavailable orberegistered, evenif available. Ourfailuretoprotect our intellectual property rights in a meaningful manner or challenges to related contractual rights could result in erosion of brand names and limit ourabilitytocontrol marketingonorthroughtheInternet usingourvariousdomainnamesorotherwise, whichcouldmaterially andadverselyaffect ourbusiness,financialconditionandresultsofoperations.

WehavebeengrantedpatentsandfromtimetotimewemayhavepatentapplicationspendingwiththeUnitedStatesPatentandTrademarkOfficeandvariousforeignpatentauthoritiesforvariousproprietarytechnologiesandotherinventions.Thestatusofanypatentinvolvescomplexlegalandfactualquestions,andthebreadthofclaimsallowedisuncertain.Accordingly,anypatentapplicationfiledmaynotresultinapatentbeingissued,orexistingorfuturepatentsmaynotbeadjudicatedvalidbyacourtorbeaffordedadequateprotectionagainstcompetitorswithsimilartechnology.Inaddition,thirdpartiesmaycreatenewproductsormethodsthatachievesimilarresultswithoutinfringinguponpatentsthatweown.

Likewise,theissuanceofapatenttousdoesnotmeanthatourprocessesorinventionswillbefoundnottoinfringeuponpatentsorotherrightspreviouslyissuedtothirdparties.

Fromtimetotime,intheordinarycourseofbusinesswearesubjectedtolegalproceedings,claimsandcounterclaims,orthreatenedlegalproceedings,claimsorcounterclaims, includingallegationsrelatingtomisappropriationoftradesecrets or infringement of thetrademarks, copyrights, patents andother intellectualpropertyrightsofthirdparties.Inaddition,litigationmaybenecessaryinthefuturetoenforceourintellectualpropertyrights,protecttradesecretsortodeterminethevalidityandscopeofproprietaryrightsclaimedbyothers.Anylitigationofthisnature,regardlessofoutcomeormerit, couldresultinsubstantialcostsanddiversionofmanagementandtechnicalresources,anyofwhichcouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.Patentlitigationtendstobeparticularlyprotractedandexpensive.

Ourframeworkformanagingrisksmaynotbeeffectiveinmitigatingourriskofloss.

Ourriskmanagementframeworkseekstomitigateriskandappropriatelybalanceriskandreturn.Wehaveestablishedprocessesandproceduresintendedtoidentify, measure, monitor and report the types of risk to which we are subject, including credit risk, market risk, liquidity risk, operational risk, legal andcompliance risk, andstrategic risk. Weseekto monitor andcontrol our riskexposure througha frameworkof policies, procedures andreportingrequirements.Theremayberisksthatexist,orthatdevelopinthefuture,thatwehavenotappropriatelyanticipated,identifiedormitigated.Ifourriskmanagementframeworkdoesnoteffectivelyidentifyormitigateourrisks,wecouldsufferunexpectedlossesandcouldbemateriallyandadverselyaffected.

Theintendedbenefitsofrecentacquisitionsmaynotberealized.

Ouracquisitionsposerisksforourongoingoperations,including,amongothers:

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• that senior management’s attention may be diverted from the management of daily operations to the integration of the businesses acquired in theacquisition;

• wemaybeunabletoretainkeyemployeesofbusinessesacquired;

• costsandexpensesassociatedwithanyundisclosedorpotentialliabilities;

• thatthebusinessesacquiredintheacquisitionmaynotperformaswellasanticipated;

• adverseconditionsintheeconomymayaffectthelendersorcustomersoftheacquiredbusinessesandtheirwillingnesstoissuenewcredit;

• advertisersinthebusinessverticalsinwhichweortheacquiredbusinessesoperatemaybeunwillingtoadvertiseonourwebsitesormobileapplications;

• increasedcompetitionanditseffectonourortheacquiredbusinesses'websitetraffic,click-throughrates,submittedconsumerloanrequests,advertisingrates,revenue,margins,andmarketshare;

• our ability to maintain brand recognition for both us and the acquired businesses and to effectively leverage the LendingTree brand with the newlyacquiredbrands;

• ourabilitytodevelopnewproductsandservicesandenhanceexistingones;

• assumedliabilitiesassociatedwiththehistoricaloperationsoftheacquiredbusinesses,includingasaresultofprivacyregulationsordatabreaches.

Asaresultoftheforegoing,ouracquisitionsmaynotbeaccretivetousintheneartermoratall.Furthermore,ifwefailtorealizetheintendedbenefitsofthebusiness acquired in the acquisition, the market price of our common stock could decline to the extent that the market price reflects an expectation of thosebenefits.

Otheracquisitionsorstrategicinvestmentsthatwepursuemaynotbesuccessfulandcoulddisruptourbusinessandharmourfinancialcondition.

Wemay consider or undertake strategic acquisitions of, or material investments in, businesses, products or technologies. We may not be able to identifysuitable acquisition or investment candidates, or evenif wedoidentify suitable candidates, theymaybe difficult to finance, expensive to fundandthere is noguaranteethatwecanobtainanynecessaryregulatoryapprovalsorcompletesuchtransactionsontermsthatarefavorabletous.Totheextentwepaythepurchasepriceofanyacquisitionorinvestmentincashorthroughborrowingsunderouramendedandrestatedrevolvingcreditfacility,itwouldreduceourcashbalancesand/orresultinindebtednesswemustservice,whichmayhaveamaterialandadverseeffectonourbusinessandfinancialcondition.Ifthepurchasepriceispaidwith our stock, it would be dilutive to our stockholders. In addition, we mayassumeliabilities associated with a business acquisition or investment, includingunrecordedliabilitiesthatarenotdiscoveredatthetimeofthetransaction,andtherepaymentofthoseliabilitiesmayhaveamaterialandadverseeffectonourfinancialcondition.Theremayalsobelitigationorotherclaimsarisinginconnectionwithanacquisitionitself.

Wemaynotbeabletosuccessfullyintegratethepersonnel,operations,businesses,productsortechnologiesofanacquisitionorinvestment.Integrationmaybe particularly challenging if we enter into a line of business in which wehave limited experience and the business operates in a difficult legal, regulatory orcompetitiveenvironment. Wemayfindthatwedonothaveadequateoperationsorexpertisetomanagethenewbusiness.Theintegrationofanyacquisitionorinvestmentmaydivertmanagement'stimeandresourcesfromourcorebusiness,whichcouldimpairourrelationshipswithourcurrentemployees,customersandstrategicpartnersanddisruptouroperations.Acquisitionsandinvestmentsalsomaynotperformtoourexpectationsforvariousreasons,includingthelossofkeypersonnel or customers. If we fail to integrate acquisitions or investments or realize the expected benefits, we may lose the return on these acquisitions orinvestmentsorincuradditionaltransactioncostsandourbusinessandfinancialconditionmaybeharmedasaresult.

Ifwefailtomanageourgrowtheffectively,ourbusinessandresultsofoperationscouldbeharmed.

Wehaveexperiencedrapidandsignificantgrowthinourheadcountandoperations,includingasaresultofacquisitions,whichplacessubstantialdemandonmanagementandouroperationalinfrastructure.Aswecontinuetogrow,wemusteffectivelyintegrate,developandmotivatealargenumberofnewemployees,whilemaintainingthebeneficial aspects ofourcompanyculture. If wedonotmanagethegrowthofourbusinessandoperationseffectively, thequalityofourservicesandefficiencyofouroperationscouldsuffer,whichcouldharmourbusinessandresultsofoperations.

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Werelyontheperformanceofhighlyskilledpersonnelandifweareunabletoattract, retainandmotivatewell-qualifiedemployees,ourbusinesscouldbeharmed.

Webelieveoursuccesshasdepended,andcontinuestodepend,ontheeffortsandtalentsofourmanagementteamandourhighlyskilledemployees,includingoursoftwareengineers, analysts, marketingprofessionals andsalesstaff. Ourfuturesuccessdependsonourcontinuingabilitytoattract, develop, motivateandretainhighlyqualifiedandskilledemployees.Thelossofanyofourseniormanagementorkeyemployeescouldmateriallyandadverselyaffectourabilitytobuildontheeffortstheyhaveundertakenandtoexecuteourbusinessplan,andwemaynotbeabletofindadequatereplacements.Wecannotensurethatwewillbeabletoretaintheservicesofanymembersofourseniormanagementorotherkeyemployees.Ifwedonotsucceedinattractingwell-qualifiedemployeesorretainingandmotivatingexistingemployees,ourbusinessandresultsofoperationscouldbeharmed.

NetworkLendersandleadpurchasersonourmarketplacesmaynotprovidecompetitivelevelsofservicetoconsumers,whichcouldmateriallyandadverselyaffectourbrandsandbusinessesandtheirabilitytoattractconsumers.

Theabilityofourbusinessestoprovideconsumerswithahigh-qualityexperiencedepends,inpart,onconsumersreceivingcompetitivelevelsofconvenience,customerservice, priceandresponsivenessfromNetworkLendersandleadpurchasersparticipatingonourothermarketplaceswithwhomtheyarematched.Iftheseprovidersdonotprovideconsumerswithcompetitivelevelsofconvenience,customerservice,priceandresponsiveness,thevalueofourvariousbrandsmaybeharmed,theabilityofourbusinessestoattractconsumerstoourwebsitesmaybelimitedandthenumberofconsumersmatchedthroughourmarketplacesmaydecline,whichcouldhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

AsignificantportionofourtotalrevenueisderivedfromtwoNetworkLenders,andourresultsfromoperationscouldbeadverselyaffectedandstockholdervalueharmedifwelosesignificantbusinessfromeitheroftheseNetworkLenders.

For the years ended December 31, 2017, 2016 and 2015, one Network Lender accounted for 11%,15%and11%of total revenue. For the years endedDecember31,2016and2015,anotherNetworkLenderaccountedfor13%and12%oftotalrevenue.IfeitherofthesesignificantNetworkLendersweretoceasepurchasingloanrequestsandwewereunabletoreplacetheassociateddemand,thelosscouldhaveamaterialadverseeffectonourresultsofoperationsintheshorttermandpotentiallyalsothelongerterm.Also,ifeitherNetworkLenderreducesitsvolumeofloanrequestsforanyreason,ourbusinesscouldbeadverselyaffected.

Ourcurrentlackofgeographicdiversityexposesustorisk.

OuroperationsaregeographicallylimitedtoanddependentupontheeconomicconditionoftheUnitedStates.Asaresultofthisgeographicalconcentration,wearemorevulnerabletodownturnsorotherconditionsthataffecttheUSeconomy.Wemaychoosetoexpandouroperationsinordertoincreaseourgeographicdiversity,andifwedo,suchexpansionwouldplaceincreasedresponsibilitiesonourmanagement,divertresourcesfromotheroperationsandexposeustonewrisksofforeignoperations.

Wehaveincurredsignificantoperatinglossesinthepastandwemaynotbeabletogeneratesufficientrevenuetobeprofitableoverthelongterm.

Wehaveincurredoperatinglossesfromcontinuingoperationsattimesinourhistory,andalthoughwewereprofitablein2015,2016and2017,wehaveanaccumulateddeficitof$708.4millionatDecember31,2017.Ifwefailtomaintainorgrowourrevenueandmanageourexpenses,wemayincursignificantlossesinthefutureandnotbeabletomaintainprofitability.

U.S.federalincometaxreformcouldadverselyaffectus.

OnDecember 22, 2017, President TrumpsignedintolawtheTaxCuts andJobsAct (TCJA), whichlegislationsignificantly reformstheInternal RevenueCodeof 1986, as amended. This tax legislation significantly reduced the U.S. statutory corporate tax rate and made other changes that could have a favorableimpactonouroverallU.S.federaltaxliabilityinagivenperiod.However,thetaxlegislationalsoincludedanumberofprovisions,including,butnotlimitedto,thelimitationoreliminationofvariousdeductionsorcredits(includingforinterestexpenseandforperformance-basedcompensationunderSection162(m)oftheInternalRevenueCode),thechangingofthetimingoftherecognitionofcertainincomeanddeductionsortheircharacter,andthelimitationofassetbasisundercertain circumstances, that could significantly and adversely affect our U.S. federal income tax position. The legislation also made changes to the tax rulesapplicabletofinancialinstitutionsandotherentitieswithwhichwedobusiness.

WerevalueddeferredtaxassetsatDecember31,2017inlightofthechangesintheTCJA,andwerecordedanettaxexpenseof$9.1millionduringthefourthquarterof2017.OurdeterminationofvaluationofourdeferredtaxassetsatDecember31,2017relatedtotheTCJAisprovisionalandissubjecttoadjustmentduringameasurementperiodofuptooneyearfollowingtheDecember2017enactmentoftheTCJA,asprovidedbyrecentSECguidance.

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TheimpactoftheTCJAandassociatedanticipatedregulationsonfutureyearsmaybematerialtoourconsolidatedfinancialstatements.Forexample,wehavehistoricallyreliedextensivelyonperformance-basedcompensationforourexecutiveofficers.Thenon-deductibilityoffutureperformance-basedcompensationtoexecutiveofficers,andtheexpandeddefinitionof“coveredemployees”whosecompensationissubjecttoSection162(m)mayhavematerialadverseeffectsonoureffectivetaxrates.Inaddition,thelimitationsonthedeductibilityofinterestmayaffectouranticipatedtaxbenefitsfortheconvertiblenoteandhedgetransactionsdescribed in Note 11—Debt to the consolidated financial statements included elsewhere in this report. We continue to examine the impact this tax reformlegislationmayhaveonourbusiness.Theimpactofthistaxreformonholdersofourcommonstockisuncertainandcouldbeadverse.Similarly,changesintaxlaws and regulations that impact our Network Lenders and lead purchasers or the economy generally may also impact our financial condition and results ofoperations.

Inaddition,taxlawsandregulationsarecomplexandsubjecttovaryinginterpretations, andanysignificantfailuretocomplywithapplicabletaxlawsandregulations in all relevant jurisdictions could give rise to substantial penalties and liabilities. Any changes in enacted tax laws (such as the recent U.S. taxlegislation), rules or regulatory or judicial interpretations; any adverse outcome in connection with tax audits in any jurisdiction; or any change in thepronouncementsrelatingtoaccountingforincometaxescouldmateriallyandadverselyimpactoureffectivetaxrate,taxpayments,financialconditionandresultsofoperations.

Ourabilitytouseournetoperatinglosscarryforwardsandcertainothertaxattributesmaybelimited.

Asof December 31, 2017, wehadpre-taxconsolidatedfederal net operatinglosses(“NOLs”)of $5.8million. Thefederal NOLswill expire in2030. OurNOLswillbeavailabletooffsettaxableincome(untilsuchNOLsareeitherusedorexpire)subjecttothelimitationsfoundinInternalRevenueCodeSections382and383.Inaddition,wehavestateNOLsofapproximately$190.4millionatDecember31,2017,thatwillexpireatvarioustimesbetween2018and2038.Ifweexperienceoneormoreownershipchangesinthefutureasaresultoffuturetransactionsinourstock,ourabilitytoutilizeNOLscouldbelimited.OurabilitytouseourNOLswaslimitedbytheTCJA.See"U.S.federalincometaxreformcouldadverselyaffectus."

Wewillexperiencecostsandrisksassociatedwithatwo-buildingofficecomplexwepurchasedinCharlotte,NorthCarolina.

In December 2016, our subsidiary, Rexford Office Holdings, LLC, completed the purchase of two office buildings in Charlotte, North Carolina for anaggregatepurchasepriceof$23.5million.Weoccupyaportionofthisspaceandintendtorelocateourcorporateheadquarterstothesebuildingsatsomepointinthefuture.Additionally,wecurrentlyleaseaportionofthisspacetoothertenants.Therearecostsandrisksassociatedwithowningandleasingrealestatethatmayapplytousinconnectionwithowningandleasingtheseproperties,including:

• realestatetaxesandmaintenancecosts;

• financialdifficultiesorleasedefaultsbyourtenants;

• tenantturnoverandlossofpotentialtenantstocompetinglandlords;

• actionsbycompetinglandlordsthatmaydecreaseorpreventincreasesintheoccupancyandrentalratesofourproperties;

• costs of compliance with governmental rules and regulations, including the Americans with Disabilities Act, and zoning laws and potential liabilitythereunder;

• changesinthecostoravailabilityofadequateinsurance,includingcoverageformoldandasbestos;

• costsassociatedwithenvironmentalconditionsorretainedliabilitiesforsuchconditions;

• lessflexibilitytomoveintoalternativespaceorexpandintoalternativegeographiclocationsthanwemighthaveifweleasedourprimaryheadquarters;

• costsassociatedwithremodelingthebuildingsforourcorporateheadquarters;

• securingrequiredgovernmentalconstruction,zoningorotherapprovalsandpermits;

• managementofmodificationsinthedesigntothesizeandscopeoftheremodelingorotherunforeseenengineeringproblems;

• relocationcostsassociatedwiththemovementofemployees;and

• lostemployeeproductivityresultingfromfrequentworklocationchangesnecessitatedbyourgrowth.

Anyofthesecostsandrisksmaynegativelyimpactourearningsandcauseourstockpricetodecline.

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Our amended and restated revolving credit facility contains financial covenants and other restrictions on our actions, and it could therefore limit ouroperationalflexibilityorotherwiseadverselyaffectourfinancialcondition.Failuretocomplywiththetermsofanysuchfacilitycouldimpairourrightstotheassetsthathavebeenpledgedascollateralunderthefacility.

On November 21, 2017, our wholly-owned subsidiary LendingTree, LLC entered into an amended and restated $250.0 million five-year senior securedrevolvingcreditfacilitywhichmaturesonNovember21,2022(the"RevolvingCreditFacility").BorrowingsundertheRevolvingCreditFacilitycanbeusedtofinance workingcapital needs, capital expenditures, andgeneral corporate purposes, includingto finance permitted acquisitions. Wedonot currently haveanyborrowingsoutstandingundertheRevolvingCreditFacility.

TheRevolvingCreditFacilitycontainsarestrictivefinancialcovenant,whichlimitsthetotalconsolidateddebttoanEBITDAratio.Inaddition,theRevolvingCreditFacilitycontainscustomaryaffirmativeandnegativecovenants,including,subjecttocertainexceptions,restrictionsonourabilityto,amongotherthings:

• incuradditionalindebtedness;

• grantliens;

• makeloansandinvestments;

• enterintomergersormakecertainfundamentalchanges;

• makecertainrestrictedpayments,includingdividends,distributions,stockrepurchasesorredemptions;

• sellassets;

• enterintotransactionswithaffiliates;

• enterintorestrictivetransactions;

• enterintosaleandleasebacktransactions;

• enterintohedgingtransactions;and

• engageincertainothertransactionswithoutthepriorconsentofthelenders.

The Revolving Credit Facility requires LendingTree, LLC to pledge as collateral, subject to certain customary exclusions, substantially all of its assets,including100%of its equity in all of its domestic subsidiaries and66%of the voting equity, and100%of the non-votingequity, in all of its material foreignsubsidiaries (of which there are currently none). The obligations under this facility are unconditionally guaranteed on a senior basis by LendingTree, Inc. andmaterialdomesticsubsidiariesofLendingTree,LLC,whichguarantiesaresecuredbyapledgeascollateral,subjecttocertaincustomaryexclusions,of100%ofeachsuchguarantor'sassets,including100%ofeachsuchguarantor’sequityinallofitsdomesticsubsidiariesand66%ofthevotingequity,and100%ofthenon-votingequity,inallofitsmaterialforeignsubsidiaries(ofwhichtherearecurrentlynone).

IfaneventofdefaultoccursorifweotherwisefailtocomplywithanyofthenegativeoraffirmativecovenantsoftheRevolvingCreditFacility,thelendersmaydeclareall oftheobligationsandindebtednessundersuchfacilitydueandpayable.Insuchascenario,thelenderscouldexercisetheirlienonthepledgedcollateral,whichwouldhaveamaterialadverseeffectonourbusiness,operations,financialconditionandliquidity.ForadditionalinformationontheRevolvingCreditFacility,see Note11—Debt,inthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreport.

Ifourgoodwillorindefinite-livedintangibleassetsbecomeimpaired,wemayberequiredtorecordasignificantchargetoearnings.

Under accounting principles generally accepted in the United States of America ("GAAP"), wereviewthe carrying value of goodwill and indefinite-livedintangibleassetsonanannualbasisasofOctober1,ormorefrequentlyifaneventoccursorcircumstanceschangethatwouldmorelikelythannotreducethefairvalueofareportingunitbelowitscarryingvalue.Factorsthatmaybeconsideredachangeincircumstances,indicatingthatthecarryingvalueofourgoodwillorindefinite-livedintangibleassetsmaynotberecoverable,includeadeclineinstockpriceandmarketcapitalization,reducedfuturecashflowestimatesandslowergrowthratesinourindustryorourcustomers'industries.Wemayberequiredtorecordasignificantchargeinourfinancialstatementsduringaperiodinwhichanyimpairmentofourgoodwillorindefinite-livedintangibleassetsisdetermined,negativelyimpactingourresultsofoperations.

Chargestoearningsresultingfromacquisitionsmayadverselyaffectouroperatingresults.

UnderGAAP,whenweacquirebusinesses,weallocatethepurchasepricetotangibleassetsandliabilitiesandidentifiableintangibleassetsacquiredattheiracquisitiondatefairvalues.Anyresidualpurchasepriceisrecordedasgoodwill.Wealsoestimate

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the fair value of any contingent consideration. Our estimates of fair value are based upon assumptions believed to be reasonable but which are uncertain andinvolvesignificantjudgmentsbymanagement. Afterwecompleteanacquisition,thefollowingfactorscouldresultinmaterial chargesandadverselyaffectouroperatingresultsandmayadverselyaffectourcashflows:

• costsincurredtocombinetheoperationsofcompaniesweacquire,suchastransitionalemployeeexpensesandemployeeretentionorrelocationexpenses;

• impairmentofgoodwillorintangibleassets;

• areductionintheusefullivesofintangibleassetsacquired;

• impairmentoflong-livedassets;

• identificationof,orchangesto,assumedcontingentliabilities;

• changesinthefairvalueofanycontingentconsideration;

• chargestoouroperatingresultsduetoduplicativepre-mergeractivities;

• chargestoouroperatingresultsfromexpensesincurredtoeffecttheacquisition;and

• chargestoouroperatingresultsduetotheexpensingofcertainstockawardsassumedinanacquisition.

Substantiallyallofthesepotentialchargeswouldbeaccountedforasexpensesthatwoulddecreaseournetincomeandearningspersharefortheperiodsinwhichthosecostsareincurred.Chargestoouroperatingresultsinanygivenperiodcoulddiffersubstantiallyfromotherperiodsbasedonthetimingandsizeofouracquisitionsandtheextentofacquisitionaccountingadjustments.

Inparticular,weacquiredCompareCardsinNovember2016for$80.7millionincashatclosingandcontingentconsiderationpaymentsofupto$22.5millionforeachof2017and2018.Weassignedafairvalueofthecontingentconsiderationof$23.1million.Wewillreassessthisfairvaluequarterly,andincreasesordecreases based on the actual performance of CompareCards against the contingent consideration targets or other factors will cause decreases or increases,respectively,inourresultsofoperations.During2017,weincurred$21.2millionofcontingentconsiderationexpenseduetothechangeinestimatedfairvalueoftheearnoutpayments.

Additionally,wehavecompletedotheracquisitionswithpotentialfuturecontingentconsiderationpayments.Wewillreassessthefairvalueofourcontingentconsideration obligations ona quarterly basis andadjustments will be reflected in our results of operations. These quarterly adjustments could havea materialadverseeffectonourresultsofoperations.

Risks Related to Compliance and Regulation

Failuretocomplywithpast,existingornewlaws,rulesandregulations,ortoobtainandmaintainrequiredlicenses,couldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

WemarketandprovideservicesinheavilyregulatedindustriesthroughanumberofdifferentchannelsacrosstheUnitedStates.Asaresult,ourbusinesseshavebeenandremainsubjecttoavarietyofstatutes,rules,regulations,policiesandproceduresinvariousjurisdictionsintheUnitedStates,whicharesubjecttochangeat anytime. Thefailureofourbusinessestocomplywithpast, existingornewlaws, rulesandregulations, ortoobtainandmaintainrequiredlicenses,could result in administrative fines and/or proceedings against us or our businesses by governmental agencies and/or litigation by consumers, which couldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperationsandourbrand.

Our businesses conduct marketing activities via the telephone, the mail and/or through online marketing channels, which general marketing activities aregoverned by numerous federal and state regulations, such as the Telemarketing Sales Rule, state telemarketing laws, federal and state privacy laws, the CAN-SPAMAct, the Telephone Consumer Protection Act and the Federal Trade Commission Act and its accompanying regulations and guidelines, among others.IncreasedregulationbytheU.S.FederalTradeCommission("FTC")andFederalCommunicationsCommission("FCC")hasresultedinrestrictionsontelephonecallstoresidentialandwirelesstelephonesubscribers.

Additional federal, state and in some instances, local laws regulate secured and unsecured lending activities, which impacts the marketplace, lenders andconsumers. Theselawsgenerallyregulatethemannerinwhichlendingandlending-relatedactivitiesaremarketedormadeavailable, includingadvertisingandother consumer disclosures, payments for services and record keeping requirements; these laws include RESPA, the Fair Credit Reporting Act, the Truth inLendingAct,theEqualCreditOpportunityAct,theFairHousingActandvariousstatelaws.Statelawsoftenrestricttheamount(andnature)ofinterestandfeesthatmaybechargedbyalenderormortgagebroker,orotherwiseregulatethemannerinwhichlendersormortgagebrokersoperateoradvertise.

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Failuretocomplywithapplicablelawsandregulatoryrequirementsmayresultin,amongotherthings,revocationoforinabilitytorenewrequiredlicensesorregistrations,lossofapprovalstatus,terminationofcontractswithoutcompensation,administrativeenforcementactionsandfines,privatelawsuits,includingthosestyledasclassactions,ceaseanddesistordersandcivilandcriminalliability.

Moststatesrequirelicensestosolicit,brokerormakeloanssecuredbyresidentialmortgagesandotherconsumerloanstoresidentsofthosestates,aswellastooperaterealestatereferralandbrokerageservices,andinmanycasesrequirethelicensureorregistrationofindividualemployeesengagedinaspectsofthesebusinesses. Further, as mandated by the federal Secure and Fair Enforcement for Mortgage Licensing Act (the "SAFEAct"), states adopted certain minimumstandardsforthelicensingofindividualsinvolvedinmortgagelendingorloanbrokering.CompliancewiththeserequirementsmayrenderitmoredifficultforusandourNetworkLenderstooperateormayraiseourinternal costsorthecostsofourNetworkLenders, whichmaybepassedontousthroughlessfavorablecommercial arrangements. While our businesses have endeavored to comply with applicable requirements, the application of these requirements to personsoperatingonlineisnotalwaysclear.Moreover,anyofthelicensesorrightscurrentlyheldbyourbusinessesorouremployeesmayberevokedpriorto,ormaynotberenewedupon,theirexpiration.Inaddition,ourbusinessesorouremployeesmaynotbegrantednewlicensesorrightsforwhichtheymayberequiredtoapplyfromtimetotimeinthefuture.

Likewise,statesormunicipalitiesmayadoptstatutesorregulationsmakingitunattractive,impracticableorinfeasibleforourbusinessestocontinuetoconductbusiness in such jurisdictions. The withdrawal from any jurisdiction due to emerging legal requirements could materially and adversely affect our business,financialconditionandresultsofoperations.

Ourbusinessesarealsosubjecttovariousstate,federaland/orlocallaws,rulesandregulationsthatregulatetheamountandnatureoffeesthatmaybechargedfortransactionsandincentives,suchasrebates,thatmaybeofferedtoconsumersbyourbusinesses,aswellasthemannerinwhichthesebusinessesmayoffer,advertise or promote transactions. For example, RESPAgenerally prohibits the payment or receipt of referral fees and fee shares or splits in connection withresidential mortgage loan transactions, subject to certain exceptions. The applicability of referral fee and fee sharing prohibitions to lenders and real estateproviders,includingonlinenetworks,mayhavetheeffectofreducingthetypesandamountsoffeesthatmaybechargedorpaidinconnectionwithrealestate-securedloanofferingsoractivities,includingmortgagebrokerage,lendingandrealestatebrokerageservices,orotherwiselimitingourandourNetworkLenders'abilitytoconductmarketingandreferralactivities.

Various federal, state and, in some instances, local, laws also prohibit unfair and deceptive sales practices. We have adopted appropriate policies andprocedurestoaddresstheserequirements(suchasappropriateconsumerdisclosuresandcallscripting,callmonitoringandotherqualityassuranceandcompliancemeasures),butitisnotpossibletoensurethatallemployeescomplywithourpoliciesandproceduresatalltimes.

Compliancewiththeselaws,rulesandregulationsisasignificantcomponentofourinternalcosts,andnewlaws,rulesandregulationsarefrequentlyproposedandadopted,requiringustoadoptnewproceduresandpractices.Changestoexistinglaws,rulesandregulationsorchangestointerpretationofexistinglaws,rulesandregulationscouldresultinfurtherrestrictionofactivitiesincidentaltoourbusinessandcouldhaveamaterialandadverseeffectonourbusiness,resultsofoperationandfinancialcondition.

Parties through which our businesses conduct business similarly may be subject to federal and state regulation. These parties typically act as independentcontractors andnot as agents in their solicitations andtransactions with consumers. Wecannot ensure that these entities will comply with applicable lawsandregulationsatalltimes.Failureonthepartofalender,websiteoperatororotherthirdpartytocomplywiththeselawsorregulationscouldresultin,amongotherthings,claimsofvicariousliabilityoranegativeimpactonourreputationandbusiness.

Regulatory authorities and private plaintiffs may allege that we failed to comply with applicable laws, rules and regulations where we believe we havecomplied. These allegations may relate to past conduct and/or past business operations, such as our discontinued mortgage origination operation (which wassubjecttovariousstateandlocallaws,rulesandregulations).Evenallegationsthatouractivitieshavenotcompliedordonotcomplywithallapplicablelawsandregulations may have a material and adverse effect on our business, financial condition and results of operations. The alleged violation of such laws, rules orregulations may entitle an individual plaintiff to seek monetary damages, or may entitle an enforcing government agency to seek significant civil or criminalpenalties,costsandattorneys'fees.Regardlessofitsmerit,anallegationtypicallyrequireslegalfeeexpenditurestodefendagainst.Wehaveinthepastandmayinthefuturedecidetosettleallegationsofnon-compliancewithlaws,rulesandregulationswhenwedeterminethatthecostofsettlementislessthanthecostandriskofcontinuingtodefendagainstanallegation.Settlementsmayrequireustopaymonetaryfinesandmayrequireustoadoptnewproceduresandpractices,whichmayrenderit moredifficult tooperateormayraiseourinternalcosts. Thefutureoccurrenceofoneormoreoftheseeventscouldhaveamaterial andadverseeffectonourbusiness,financialconditionandresultsofoperations.

In response to conditions in the U.S. financial markets and economy, as well as a heightened regulatory and Congressional focus on consumer lending,regulatorshaveincreasedtheirscrutinyofthefinancialservicesindustry,theresultofwhichhasincludednewregulationsandguidance.Weareunabletopredictthelong-termimpactofthisenhancedscrutiny.Wearealso

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unable to predict whether any additional or similar changes to statutes or regulations, including the interpretation or implementation thereof, will occur in thefuture.

Thecollection,processing,storage,useanddisclosureofpersonaldatacouldgiverisetoliabilitiesasaresultofgovernmentalregulation,conflictinglegalrequirementsordifferingviewsofpersonalprivacyrights.

Intheprocessingof consumertransactions, our businesses receive, transmit andstore a largevolumeof personally identifiable informationandother userdata.Thecollection,sharing,use,disclosureandprotectionofthisinformationaregovernedbytheprivacyanddatasecuritypoliciesmaintainedbyusandourbusinesses. Moreover, there are federal, state and international laws regarding privacy and the storing, sharing, use, disclosure and protection of personallyidentifiable information and user data. Specifically, personally identifiable information is increasingly subject to legislation and regulations in numerousjurisdictions around the world, the intent of which is to protect the privacy of personal information that is collected, processed and transmitted in or fromthegoverningjurisdiction.IntheUnitedStates,regulationsandinterpretationsconcerningpersonallyidentifiableanddatasecuritypromulgatedbystateandfederalregulators,includingtheCFPBandFTC,couldconflictorgiverisetodifferingviewsofpersonalprivacyrights.Wecouldbemateriallyandadverselyaffectediflegislation or regulations are expanded to require changes in business practices or privacy policies, or if governing jurisdictions interpret or implement theirlegislationorregulationsinwaysthatnegativelyaffectourbusiness,financialconditionandresultsofoperations.

Ourfailure,and/orthefailurebythevariousthird-partyvendorsandserviceproviderswithwhomwedobusiness,tocomplywithapplicableprivacypoliciesor federal, state or similar international laws and regulations or any compromise of security that results in the unauthorized release of personally identifiableinformationorotheruserdatacoulddamagethereputationofthesebusinesses, discouragepotential usersfromourproductsandservicesand/orresult infinesand/orproceedingsbygovernmental agenciesand/orconsumers, oneorall ofwhichcouldmateriallyandadverselyaffect ourbusiness,financial conditionandresultsofoperations.

ChangesintheregulationoftheInternetcouldnegativelyaffectourbusiness.

Laws,rulesandregulationsgoverningInternetcommunications,advertisingande-commercearedynamicandtheextentoffuturegovernmentregulationisuncertain.Federalandstateregulationsgovernvariousaspectsofouronlinebusiness,includingintellectualpropertyownershipandinfringement,tradesecrets,thedistribution of electronic communications, marketing and advertising, user privacy and data security, search engines and Internet tracking technologies. FuturetaxationontheuseoftheInternetore-commercetransactionscouldalsobeimposed.Existingorfutureregulationortaxationcouldhindergrowthinornegativelyimpact the use of the Internet generally, including the viability of Internet e-commerce, which could reduce our revenue, increase our operating expenses andexposeustosignificantliabilities.

IfNetworkLendersfailtoproducerequireddocumentsforexaminationby,orotheraffiliatedpartiesfailtomakecertainfilingswith,stateregulators,wemaybesubjecttofines,forfeituresandtherevocationofrequiredlicenses.

Some of the states in which our businesses maintain licenses require them to collect various loan documents from Network Lenders and produce thesedocumentsforexaminationbystateregulators.WhileNetworkLendersarecontractuallyobligatedtoprovidethesedocumentsuponrequest,thesemeasuresmaybeinsufficient.Failuretoproducerequireddocumentsforexaminationcouldresultinfines,aswellastherevocationofourlicensestooperateincertainstates,whichcouldhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

Regulationspromulgatedbysomestatesmayimposecomplianceobligationsondirectors,executiveofficers,largecustomersandanypersonwhoacquiresacertainpercentage(forexample,10%ormore)oftheequityinalicensedentity,includingrequiringsuchpersonstoperiodicallyfilefinancialandotherpersonalandbusinessinformationwithstateregulators.Ifanysuchpersonrefusesorfailstocomplywiththeserequirements,wemaybeunabletoobtaincertainlicensesandexistinglicensingarrangementsmaybejeopardized.Theinabilitytoobtain,orthelossof,requiredlicensescouldhaveamaterialandadverseeffectonourbusiness,financialconditionandresultsofoperations.

Risks Related to an Investment in our Common Stock

Fluctuationsinouroperatingresults,quartertoquarterearningsandotherfactorsmayresultinsignificantdecreasesinthepriceofourcommonstock.

Themarket pricefor ourcommonstockhasbeenvolatile sinceourspin-off. Inaddition, thetradingvolumeinourcommonstockhasfluctuatedandmaycontinue to fluctuate, causing significant price variations to occur. As of December 31, 2017, since our spin-off, the price per share of our commonstock hasfluctuatedfromanintra-daylowof$1.42persharetoanintra-dayhighof$355.80pershare. Themarket priceofourcommonstockmayfluctuateordeclinesignificantlyinthefuture.Someofthe

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factorsthatcouldnegativelyaffectthepriceofourcommonstockorresultinfluctuationsinthepriceortradingvolumeofourcommonstockinclude:

• variationsinourquarterlyoperatingandfinancialresults;

• variationsinourprojectedoperatingandfinancialresults;

• failuretomeetanalysts'earningsestimates;

• publication of research reports about us, our NetworkLenders or our industry or the failure of securities analysts to cover our commonshares or ourindustry;

• additionsordeparturesofkeymanagementpersonnel;

• adversemarketreactiontoanyindebtednesswemayincurorpreferredorcommonshareswemayissueinthefuture;

• changesinourdividendpaymentpolicyorfailuretoexecuteourexistingpolicy;

• actionsbyshareholders;

• changesinmarketvaluationsofothercompaniesinourindustry,includingourcustomersandcompetitors;

• announcementsbyusorourcompetitorsofsignificantcontracts,acquisitions,dispositions,strategicpartnerships,jointventuresorcapitalcommitments;

• speculationinthepressorinvestmentcommunity,includingshortselling;

• changesor proposedchangesinlawsorregulations affectingourindustryor enforcement of theselawsandregulations, or announcements relatingtothesematters;

• changesinestimatedfairvalueofcontingentconsiderationrelatedtoacquisitions;and

• changesingeneraleconomicormarketconditions.

Recently,andinthepast,thestockmarkethasexperiencedextremepriceandvolumefluctuations.Thesemarketfluctuationscouldresultinextremevolatilityinthetradingpriceofourcommonstock,whichcouldcauseadeclineinthevalueofyourinvestmentinourcommonshares.Inaddition,thetradingpriceofourcommonstockcoulddeclineforreasonsunrelatedtoourbusinessorfinancialresults,includinginreactiontoeventsthataffectothercompaniesinourindustryevenifthoseeventsdonotdirectlyaffectus.Youshouldalsobeawarethatpricevolatilitymaybegreaterifthepublicfloatandtradingvolumeofourcommonstockarelow.Thesefactorsmayresultinshort-termorlong-termnegativepressureonthevalueofourcommonstock.

Ifsecuritiesorindustryanalystsdonotpublishresearchorpublishinaccurateorunfavorableresearchaboutourbusiness,ourstockpriceandtradingvolumecoulddecline.

Thetradingmarketforinternetmarketplaceoperatorsandlead-generationcompaniesdepends,inpart,ontheresearchandreportsthatsecuritiesorindustryanalystspublishabouttheindustryandspecificcompanies.Ifoneormoreanalystscoveringuscurrentlyorinthefuturefailtopublishreportsonusregularly,demandforourcommonstockcoulddecline,whichcouldcauseourstockpriceandtradingvolumetodecline.Ifoneormorerecognizedsecuritiesorindustryanalyststhatcoverourcompanyorourindustryinthefuturedowngradesourcommonstockorpublishesinaccurateorunfavorableresearchaboutourbusinessorindustry,ourstockpricewouldlikelydecline.

Twoholdersofourcommonstockownasubstantialportionofouroutstandingcommonstock,whichconcentratesvotingcontrolandlimitsyourabilitytoinfluencecorporatematters.

AsofFebruary21,2018, DouglasLebda, ourChairmanandChiefExecutiveOfficer, beneficially ownedapproximately20%ofouroutstandingcommonstock. Additionally, Mr. Lebdaholdsrestricted stockunit awardsrepresenting9,896shares andoptionstopurchasea maximumof 748,805shares that are notincludedinbeneficialownershipbecauseMr.Lebdadoesnothavetherighttoacquirethemwithin60days.Iftheserestrictedstockunitsweretosettleandtheseoptionswereexercisable,theywouldrepresentadditionalbeneficialownershipofapproximately4%ofouroutstandingcommonstock.AsofFebruary21,2018,LibertyInteractiveCorporationbeneficiallyownedapproximately26%ofouroutstandingcommonstock.LibertyInteractivealsohastherighttonominate20%ofthetotalnumberofdirectorsservingontheboard,roundedup.Twoofourtendirectors,NealDermerandCraigTroyer,werenominatedbyLibertyInteractive.

Therefore,fortheforeseeablefuture,Mr.LebdaandLibertyInteractivewilleachhaveinfluenceoverourmanagementandaffairsandallmattersrequiringshareholderapproval,includingtheelectionorremoval(withorwithoutcause)ofdirectorsandapprovalofanysignificantcorporatetransaction,suchasamergerorothersaleofusorourassets.TheinterestsofMr.LebdaorLibertyInteractivemaynotnecessarilyalignwiththeinterestsofourotherstockholders.Mr.LebdaorLibertyInteractivecould

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electtosellasignificantinterestinusandyoumayreceivelessthanthethen-currentfairmarketvalueorthepriceyoupaidforyoursharesasaresultofsuchtransaction.Thisconcentratedcontrolcoulddelay,deferorpreventachangeofcontrol,merger,consolidation,takeoverorotherbusinesscombinationinvolvingusthatotherstockholdersmayotherwisesupport.Thisconcentratedcontrolcouldalsodiscourageapotentialinvestorfromacquiringourcommonstockandmightharmthemarketpriceofourcommonstock.

Futuresalesofcommonstockbyourexistingstockholdersmaycauseourstockpricetofall.

Themarketpriceofourcommonstockcoulddeclineasaresultofsalesbyourexistingstockholdersinthemarket,ortheperceptionthatthesesalescouldoccur.Thesesalesmightalsomakeitmoredifficultforustosellequitysecuritiesatatimeandpricethatwedeemappropriate.

Wemayissueadditionalsharesofourcommonstockinthefuturepursuanttocurrentorfutureequityincentiveplans,orinconnectionwithcurrentorfutureacquisitionsorfinancings.Ifweweretoraisecapitalinthefuturebysellingsharesofourcommonstock,orsecuritiesthatareconvertibleintoourcommonstockorissuingsharesofourcommonstockinabusinessacquisition,theirissuancewouldhaveadilutiveeffectonthepercentageownershipofourstockholdersand,dependingonthepricesatwhichsuchsharesorconvertiblesecuritiesaresoldorissued,ontheirinvestmentinourcommonstockand,therefore, couldhaveamaterialadverseeffectonthemarketpricesofourcommonstock.

UnderaregistrationrightsagreementwithLibertyInteractive,LibertyInteractiveanditspermittedtransfereesareentitledtothreedemandregistrationsrights(andunlimited piggybackregistration rights) in respect of the shares of our commonstockreceived byLiberty Interactive as a result of the spin-off andothersharesofourcommonstockacquiredbyLibertyInteractiveoritsaffiliates.Theseholderswillalsobepermittedtoexercisetheirregistrationrightsinconnectionwithcertainhedgingtransactionsthattheymayenterintoinrespectoftheregistrableshares.Thepresenceofadditionalsharesofourcommonstocktradinginthepublicmarket,asaresultoftheexerciseofsuchregistrationrights,mayhaveanadverseeffectonthemarketpriceofoursecurities.

Anti-takeoverprovisionsinourcharterdocumentsandunderDelawarelawcouldmakeanacquisitionofusmoredifficult,limitattemptsbystockholderstoreplaceorremoveourmanagementandaffectthemarketpriceofourcommonstock.

Provisions in our certificate of incorporation and bylaws, as amended and restated, may have the effect of delaying or preventing a change of control orchangesinourmanagement.Ouramendedandrestatedarticlesofincorporationand/oramendedandrestatedbylawsincludeprovisionsthat:

• Authorizeourboardofdirectorstoissue,withoutfurtheractionbyourstockholders,uptofivemillionsharesofundesignatedpreferredstock,sometimesreferredtoas"blankcheckpreferred";

• Prohibitcumulativevotingintheelectionofdirectors;

• Provide that vacancies on our board of directors may be filled only by the affirmative vote of a majority of directors then in office or by the soleremainingdirector;

• Providethatonlyourboardofdirectorsmaychangethesizeofourboardofdirectors;

• Specifythatspecialmeetingsofourstockholdersmaybecalledonlybyoratthedirectionofourboardofdirectorsorbyapersonspecificallydesignatedwithsuchauthoritybytheboard;and

• Prohibitstockholdersfromtakingactionbywrittenconsent.

Theprovisionsdescribedabovemayfrustrateorpreventanyattemptsbyourstockholderstoreplaceorremoveourcurrentmanagementbymakingitmoredifficultforstockholderstoreplacemembersofourboardofdirectors,whichisresponsibleforappointingourmanagement.Theseprovisionsmayalsohavetheeffectofdelayingorpreventingachangeofcontrolofourcompany,evenifstockholderssupportsuchachangeofcontrol.

Wedonotintendtopayanycashdividendsonourcommonstockintheforeseeablefuture.

Wehavenotdeclaredorpaidacashdividendonourcommonstockduringthefivemostrecentfiscalyears.Wehavenocurrentintentiontodeclareorpaycash dividends on our common stock in the foreseeable future. In addition, the Revolving Credit Facility contains certain restrictions on our ability to paydividends.See Note11—Debt,inthenotestotheconsolidatedfinancial statementsincludedelsewhereinthisreport. Thedeclaration, paymentandamountoffuturecashdividends,ifany,willbeatthediscretionofourboardofdirectors.Asaresult,capitalappreciation,ifany,ofourcommonstockwillbethesolesourceofgainfortheforeseeablefutureforholdersofourcommonstock.

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Ourfinancialresultsfluctuateasaresultofseasonality,whichmaymakeitdifficulttopredictourfutureperformanceandmayadverselyaffectourcommonstockprice.

Ourmortgageproductsbusinessishistoricallysubjecttoseasonaltrends.Thesetrendsreflectthegeneralpatternsofthemortgageindustryandhousingsales,whichtypicallypeakinthespringandsummerseasons.Inrecentperiods,broadercyclicaltrendsininterestrates,aswellasthemortgageandrealestatemarkets,haveupset thecustomaryseasonal trends. However, seasonal trendsmayresumeandourquarterly operatingresults mayfluctuate. Ournon-mortgageproductsbusinesses have various seasonality trends which may create further uncertainty in our quarterly operating results.See Item1. Business—Seasonality includedelsewhereinthisreportformoreinformation.Anyoftheseseasonaltrends,orthecombinationofthem,maynegativelyimpactthepriceofourcommonstock.

TheconditionalconversionfeatureoftheNotes,iftriggered,mayadverselyaffectourfinancialconditionandoperatingresults.

Whiletheconditionalconversionfeatureofthe0.625%ConvertibleSeniorNotesdueJune1,2022(the“Notes”)istriggered,holdersofNoteswillbeentitledto convert the Notes at any time during specified periods at their option. Because of the trading price of our common stock during the measurement periodapplicabletothequarterendedDecember31,2017,holdersoftheNotesbecameentitledtoconverttheNotesonJanuary1,2018,andwillcontinuetohavesuchrightuntilMarch31,2018.Convertibilityforeachquarterthereafterwillbedeterminedbasedonwhetherthelastreportedsalespriceofourcommonstock,foratleast 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of theimmediatelyprecedingcalendarquarter,isgreaterthanorequalto130%oftheconversionpriceundertheNotesoneachapplicabletradingday.Ifso,thentheNoteswillbeconvertibleduringthatcalendarquarter.TheNoteswillalsobeconvertibleatanytimeduringthefivebusinessdayperiodimmediatelyfollowinganyfiveconsecutivetradingdayperiodinwhichthetradingpriceper$1,000principalamountofNotesforeachtradingDayofsuchfivetradingdayperiodislessthan98%oftheproduct of thelast reportedsale price of our commonstockoneachsuchtradingdayandtheconversionratio under theNotes, as morefullydescribedintheindenturegoverningtheNotes,whichisincorporatedbyreferenceasanexhibittothisannualreport.

IfoneormoreholderselecttoconverttheirNotes,unlessweelecttosatisfyourconversionobligationbydeliveringsolelysharesofourcommonstock(otherthanpayingcashinlieuofdeliveringanyfractionalshare), wewouldberequiredtosettleaportionorall ofourconversionobligationthroughthepaymentofcash,whichcouldadverselyaffectourliquidity.Inaddition,evenifholdersdonotelecttoconverttheirNotes,wecouldberequiredunderapplicableaccountingrulestoreclassifyalloraportionoftheoutstandingprincipaloftheNotesasacurrentratherthanlong-termliability,whichwouldresultinamaterialreductionofournetworkingcapital.

WemaynothavetheabilitytoraisethefundsnecessarytosettleconversionsoftheNotesincashortorepurchasetheNotesuponafundamentalchange,andourfuturedebtmaycontainlimitationsonourabilitytopaycashuponconversionorrepurchaseoftheNotes.

HoldersoftheNoteswillhavetherighttorequireustorepurchasealloraportionoftheirNotesupontheoccurrenceofafundamentalchangeatarepurchasepriceequalto100%oftheprincipalamountoftheNotestoberepurchased,plusaccruedandunpaidspecialinterest,ifany.Wemaynothaveenoughavailablecash or be able to obtain financing at the time we are required to make repurchases of Notes surrendered therefore, or pay cash with respect to Notes beingconvertedifweelectnottoissueshares,whichcouldharmourreputationandaffectthetradingpriceofourcommonstock.

OurhedgeandwarranttransactionsmayaffectthevalueoftheNotesandourcommonstock.

In connection with the pricing of the Notes, we entered into convertible note hedge transactions with certain counterparties. The hedge transactions aregenerallyexpectedtoreducethepotentialdilutionuponconversionoftheNotesand/oroffsetanycashpaymentswearerequiredtomakeinexcessoftheprincipalamount of converted Notes, as the case may be. We also entered into warrant transactions with such counterparties. However, the warrant transactions couldseparatelyhaveadilutiveeffecttotheextentthatthemarketpricepershareofourcommonstockexceedstheapplicablestrikepriceofthewarrants.Theinitialstrikepriceofthewarrantsis$266.39.

Inconnectionwithestablishingtheirinitialhedgeofthehedgeandwarranttransactions,thecounterpartiesortheirrespectiveaffiliatesmayhavepurchasedsharesofourcommonstockand/orenteredintovariousderivativetransactionswithrespecttoourcommonstockconcurrentlywithorshortlyafterthepricingofthe Notes. In addition, the counterparties or their respective affiliates maymodify their hedgepositions byenteringinto or unwindingvarious derivatives withrespecttoourcommonstockand/orpurchasingorsellingourcommonstockorothersecuritiesofoursinsecondarymarkettransactionspriortothematurityoftheNotes (andare likely to doso duringanyobservation periodrelated to a conversion of Notes or followinganyrepurchase of Notes byus onanyfundamentalrepurchasedateorotherwise).ThisactivitycouldcauseoravoidanincreaseoradecreaseinthemarketpriceofourcommonstockortheNotes.

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Theaccountingmethodforconvertibledebtsecuritiesthatmaybesettledincash,suchastheNotes,couldhaveamaterialeffectonourreportedfinancialresults.

In May 2008, the FASB issued FASB Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash UponConversion(IncludingPartialCashSettlement),whichhassubsequentlybeencodifiedasASC470-20,DebtwithConversionandOtherOptions,whichwerefertoas ASC470-20. Under ASC470-20, anentity must separately account for theliability andequity components of theconvertible debt instruments (suchas theNotes)thatmaybesettledentirelyorpartiallyincashuponconversioninamannerthatreflectstheissuer’seconomicinterestcost.TheeffectofASC470-20onthe accounting for the Notes is that the equity component is required to be included in the additional paid-in capital section of stockholders’ equity on ourconsolidatedbalancesheet, andthevalueof theequitycomponent wouldbetreatedas debt discount for purposesof accountingfor thedebt component of theNotes.Asaresult,wewillberequiredtorecordagreateramountofnon-cashinterestexpenseincurrentperiodspresentedasaresultoftheamortizationofthediscountedcarryingvalueoftheNotestotheirfaceamountoverthetermoftheNotes.WewillreportlowernetincomeinourfinancialresultsbecauseASC470-20willrequireinteresttoincludethecurrentperiod’samortizationofthedebtdiscount,whichcouldadverselyaffectourreportedorfuturefinancialresults,thetradingpriceofourcommonstockandthetradingpriceoftheNotes.

Wemaystillincursubstantiallymoredebtinthefutureortakeotheractionswhichwouldintensifytherisksassociatedwithourdebt.

Weandoursubsidiariesmaybeabletoincursubstantialadditionaldebtinthefuture,subjecttotherestrictionscontainedinourdebtinstruments,someofwhichmaybesecureddebt.WearenotrestrictedunderthetermsoftheindenturegoverningtheNotesfromincurringadditionaldebt,securingexistingorfuturedebt,recapitalizingourdebtortakinganumberofotheractionsthatarenotlimitedbythetermsoftheindenturegoverningtheNotesthatcouldhavetheeffectofdiminishing our ability to make payments on the Notes when due. Our existing credit facility restricts our ability to incur additional indebtedness, includingsecuredindebtedness,butifthefacilitymaturesorisrepaid,wemaynotbesubjecttosuchrestrictionsunderthetermsofanysubsequentindebtedness.

ITEM 1B. UnresolvedStaffComments

Notapplicable.

ITEM 2. Properties

Ourprincipalexecutiveofficesarecurrentlylocatedinapproximately37,800squarefeetofofficespaceinCharlotte,NorthCarolinaunderaleasethatexpiresinDecember2020.Inaddition,wehaveofficeslocatedinapproximately9,400squarefeetofofficespaceinBurlingame,CaliforniaunderaleasethatexpiresinMarch2020andapproximately13,000squarefeetofadditionalofficespaceinCharlotte,NorthCarolinaunderaleasethatexpiresinAugust2018.Asaresultofouracquisitionsduring2017and2016,wealsooperateofficesin:Charleston,SouthCarolina;NewYorkCity,NewYork;andNorthbrook,Illinois.

InDecember2016,wecompletedtheacquisitionoftwoofficebuildingsinCharlotte,NorthCarolina,withapproximately64,000and73,000squarefeetofoffice space, respectively. We partially occupy one building for certain call center operations and intend to utilize one or both buildings in the future as ourprincipalexecutiveofficesandanyunusedspacewillcontinuetobeoccupiedbytenants.

ITEM 3. LegalProceedings

Intheordinarycourseofbusiness,wearepartytolitigationinvolvingproperty,contract,intellectualpropertyandavarietyofotherclaims.Theamountsthatmay be recovered in such matters may be subject to insurance coverage.See Note13— Contingencies in the notes to the consolidated financial statementsincludedelsewhereinthisreportforadiscussionofourcurrentandrecentlysettledlitigation.

ITEM 4. MineSafetyDisclosures

Notapplicable.

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PART II

ITEM 5. MarketforRegistrant'sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities

General Market Information, Holders and Dividends

Our common stock is quoted on the Nasdaq Global Select Market under the ticker symbol "TREE". The table below sets forth, for the calendar periodsindicated,thehighandlowintradaysalespricespershareforLendingTreecommonstockasreportedontheNasdaqStockMarket.Thestockpriceinformationisbasedonpublishedfinancialsources.

Year Ended December 31, 2017 High Low

FirstQuarter $ 130.20 $ 96.20SecondQuarter 184.05 116.70ThirdQuarter 255.00 166.85FourthQuarter 355.80 217.70

Year Ended December 31, 2016 High Low

FirstQuarter $ 100.19 $ 52.11SecondQuarter 106.82 64.07ThirdQuarter 112.00 87.50FourthQuarter 110.10 75.05

AsofFebruary21,2018,therewereapproximately710holdersofrecordofourcommonstockandtheclosingpriceofthecommonstockwas$371.25.

Wehavenot declaredacashdividendonour commonstockduringthefivemost recent fiscal years. Wehavenocurrent intentiontodeclare or paycashdividendsonourcommonstockintheforeseeablefuture.Thedeclaration,paymentandamountoffuturecashdividends,ifany,willbeatthediscretionofourboardofdirectors.TheamendedandrestatedrevolvingcreditfacilityweenteredintoonNovember21,2017containscontractualrestrictionsonourabilitytopaydividends.See Note11—Debt,inthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreportforadditionalinformation.

Performance Graph

The performance graph shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference into any filings under theSecurities Act or the Exchange Act, except as otherwise expressly set forth by specific reference in such filing.

Setforthbelowisalinegraph,fortheperiodfromDecember31,2012throughDecember31,2017,comparingthecumulativetotalstockholderreturnof$100invested(assumingthatalldividendswerereinvested)in(1)ourcommonstock,(2)thecumulativereturnofallcompanieslistedontheNasdaqCompositeIndexand (3) the cumulative total return of the Research Development Group ("RDG") Internet index. Returns over the indicated periods should not be consideredindicativeoffuturestockpricesorstockholderreturns.

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Unregistered Sales of Equity Securities and Use of Proceeds

DuringtheyearendedDecember31,2017,wedidnotissueorsellanysharesofourcommonstockorotherequitysecuritiesintransactionsthatwerenotregisteredundertheSecuritiesAct.

Issuer Purchases of Equity Securities

IneachofJanuary2010,May2014,January2016,February2016andFebruary2018,theboardofdirectorsauthorizedandweannouncedastockrepurchaseprogramwhichallowedfortherepurchaseofupto$10.0million, $10.0million, $50.0million, $40.0millionand$100.0million, respectively, ofourcommonstock.Underthisprogram,wecanrepurchasestockintheopenmarketorthroughprivately-negotiatedtransactions.Wehaveusedavailablecashtofinancetheserepurchases.Wewilldeterminethetimingandamountofanyadditionalrepurchasesbasedonourevaluationofmarketconditions,applicableSECguidelinesandregulations,andotherfactors.Thisprogrammaybesuspendedordiscontinuedatanytimeatthediscretionofourboardofdirectors.DuringthequarterendedDecember 31, 2017 ,33,240shares of commonstockwere repurchased under the stock repurchase program. As ofFebruary 21, 2018 ,approximately$116.7millionisauthorizedforfuturesharerepurchases.

Additionally,theLendingTreeFifthAmendedandRestated2008StockandAwardIncentivePlanandtheLendingTree2017InducementGrantPlanallowemployeestoforfeitsharesofourcommonstocktosatisfyfederalandstatewithholdingobligationsupontheexerciseofstockoptions,thesettlementofrestrictedstockunit awardsandthevestingofrestricted stockawardsgrantedtothoseindividuals undertheplans. Duringthequarter endedDecember31,2017,2,233shareswerepurchasedrelatedtotheseobligationsundertheLendingTreeFifthAmendedandRestated2008StockandAwardIncentivePlanandnoshareshaveyet beenpurchasedrelatedtotheseobligationsundertheLendingTree2017Inducement Grant Plan. Thewithholdingofthosesharesdoesnot affect thedollaramountornumberofsharesthatmaybepurchasedunderthestockrepurchaseprogramdescribedabove.

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ThefollowingtableprovidesinformationabouttheCompany'spurchasesofequitysecuritiesduringthequarterendedDecember31,2017.

Period Total Number of

Shares Purchased (1) Average PricePaid per Share

Total Number ofShares Purchased as

Part of PubliclyAnnounced Plans or

Programs (2)

MaximumNumber/ApproximateDollar Value of Shares

that May Yet bePurchased Under the

Plans or Programs

(inthousands)

10/1/17-10/31/17 206 $ 228.35 — $ 38,74711/1/17-11/30/17 1,104 $ 264.58 — $ 38,74712/1/17-12/31/17 34,163 $ 330.47 33,240 $ 27,749Total 35,473 $ 327.82 33,240 $ 27,749

(1) DuringOctober2017,November2017andDecember2017,206shares,1,104sharesand923shares,respectively(totaling2,233shares),werepurchasedtosatisfyfederalandstatewithholdingobligationsofouremployeesuponthesettlementofrestrictedstockunitawardsandthevestingofrestrictedstockawards,allinaccordancewithourFifthAmendedandRestated2008StockandAwardIncentivePlan,asdescribedabove.

(2) Seethenarrativedisclosureabovethetableforfurtherdescriptionofourpubliclyannouncedstockrepurchaseprogram.

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ITEM 6. SelectedFinancialData

The summary financial data presented below represents portions of our consolidated financial statements and are not complete. The following financialinformation should be read in conjunction with Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and ourconsolidatedfinancial statementsandnotestheretocontainedinItem8.Financial StatementsandSupplementaryDataincludedelsewhereinthisannualreport.Historicalresultsarenotnecessarilyindicativeoffutureperformanceorresultsofoperations.

Year Ended December 31,

2017 2016 2015 2014 2013 (inthousands,exceptpershareamounts)

Results of Operations: Revenue(1) $ 617,736 $ 384,402 $ 254,216 $ 167,350 $ 139,240Income(loss)fromcontinuingoperations(2) 19,418 31,208 51,316 (487) (673)(Loss)incomefromdiscontinuedoperations(3) (3,840) (3,714) (3,269) 9,849 4,620Netincomeandcomprehensiveincome $ 15,578 $ 27,494 $ 48,047 $ 9,362 $ 3,947

Weightedaveragesharesoutstanding: Basic 11,945 11,812 11,516 11,188 11,035Diluted 13,682 12,773 12,541 11,188 11,035

Income(loss)persharefromcontinuingoperations: Basic $ 1.63 $ 2.64 $ 4.46 $ (0.04) $ (0.06)Diluted $ 1.42 $ 2.44 $ 4.09 $ (0.04) $ (0.06)

(Loss)incomepersharefromdiscontinuedoperations: Basic $ (0.32) $ (0.31) $ (0.28) $ 0.88 $ 0.42Diluted $ (0.28) $ (0.29) $ (0.26) $ 0.88 $ 0.42

Netincomepershare: Basic $ 1.30 $ 2.33 $ 4.17 $ 0.84 $ 0.36Diluted $ 1.14 $ 2.15 $ 3.83 $ 0.84 $ 0.36

Cashdividendpershare $ — $ — $ — $ — $ —

Financial Position: Cashandcashequivalents(4)(5)(6)(7)(8) $ 368,550 $ 91,131 $ 206,975 $ 86,212 $ 91,667Totalassets(4)(7) $ 693,459 $ 323,427 $ 295,781 $ 139,891 $ 152,644Totallong-termliabilities(5)(7)(8) $ 251,069 $ 25,285 $ 612 $ 4,889 $ 5,437Totalshareholders'equity(4)(7) $ 294,874 $ 231,435 $ 241,142 $ 96,366 $ 87,008

(1) See ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations for the Years EndedDecember31,2017,2016and2015—Revenueforadiscussionofrevenue.

(2) In 2015, we released the majority of the valuation allowance, which, along with federal and state income taxes, resulted in a total tax benefit of $23.0million.See Note10—IncomeTaxesinthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreportforadditionalinformation.

(3) See ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations for the Years EndedDecember31,2017,2016and2015—DiscontinuedOperationsforadiscussionofdiscontinuedoperations.

(4) InNovember2015,wecompletedanequityofferingof852,500sharesofourcommonstock,receivingnetproceedsof$91.5million.

(5) InNovember2016,weacquiredCompareCardsfor$80.7millionincashatclosingandcontingentconsiderationpaymentsofupto$22.5millionforeachof2017and2018.Totallong-termliabilitiesattheendof2016includedthefairvalueofthecontingentconsiderationof$23.1million.Thisfairvalueisreassessedquarterly.During2017,werecorded$21.2

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millionofcontingentconsiderationexpenseduetothechangeinestimatedfairvalueoftheearnoutpayments.See Note6—BusinessAcquisitionsinthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreportforadditionalinformation.

(6) InDecember2016,weacquiredtwoofficebuildingsinCharlotte,NorthCarolinafor$23.5millionincash.See Note4—PropertyandEquipmentinthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreportforadditionalinformation.

(7) InMay2017,weissued$300.0millionaggregateprincipalamountofour0.625%ConvertibleSeniorNotesdueJune1,2022and,inconnectiontherewith,enteredintoConvertibleNoteHedgeandWarranttransactionswithrespecttoourcommonstock.Formoreinformation,see Note11—Debt,inthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreport.

(8) InJune2017,weacquiredDepositAccountsfor$24.0millionincashatclosingandcontingentconsiderationpaymentsofupto$9.0million,andacquiredMagnifyMoneyfor$29.6millionincashatclosing.InSeptember2017,weacquiredSnapCapfor$11.9millionincashatclosinganduptothreeadditionalcontingent consideration payments, each ranging from zero to $3.0 million. Total long-term liabilities at the end of 2017 included the fair value ofDepositAccountsnon-currentcontingentconsiderationof$4.3millionandthefairvalueofSnapCapcontingentconsiderationof$7.0million.

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ITEM 7. Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations

ThefollowingManagement'sDiscussionandAnalysisofFinancialConditionandResultsofOperationsshouldbereadinconjunctionwithourconsolidatedfinancial statements and accompanying notes included elsewhere within this report. This discussion includes both historical information and forward-lookinginformation that involves risks, uncertainties and assumptions. Our actual results may differ materially from management's expectations as a result of variousfactors,includingbutnotlimitedtothosediscussedinthesectionsentitled"RiskFactors"and"CautionaryStatementRegardingForward-LookingInformation."

Company Overview

LendingTree,Inc.istheparentofLendingTree,LLCandseveralcompaniesownedbyLendingTree,LLC.

LendingTreeoperates what webelievetobetheleadingonlineloanmarketplacefor consumers seekingloansandother credit-basedofferings. Ouronlinemarketplace provides consumers with access to product offerings fromour NetworkLenders, including mortgage loans, homeequity loans and lines of credit,reversemortgageloans,autoloans,creditcards,depositaccounts,personalloans,studentloans,smallbusinessloansandotherrelatedofferings.Inaddition,weoffertoolsandresources, includingfreecredit scores, thatfacilitate comparisonshoppingfortheseloans,deposits andothercredit-basedofferings. Weseektomatchconsumerswithmultiplelenders,whocanprovidethemwithcompetingquotesfortheproducttheyareseeking.Wealsoserveasavaluedpartnertolendersseekinganefficient,scalableandflexiblesourceofcustomeracquisitionwithdirectlymeasurablebenefits,bymatchingtheconsumerinquirieswegeneratewiththeselenders.

Our My LendingTree platform offers a personalized loan comparison-shopping experience by providing free credit scores and credit score analysis. Thisplatformenablesustoobserveconsumers'creditprofilesandthenidentifyandalertthemtoloanandothercredit-basedopportunitiesonourmarketplacethatmaybemorefavorablethantheloanstheymayhaveatagivenpointintime.Thisisdesignedtoprovideconsumerswithmeasurablesavingsopportunitiesovertheirlifetimes.

Inadditiontooperatingourcoremortgagebusiness,wearefocusedongrowingournon-mortgagelendingbusinessesanddevelopingnewproductofferingsandenhancements toimprovetheexperiences that consumersandlenders haveastheyinteract withus. Byexpandingourportfolioof loansandother productofferings, we are growing and diversifying our business and sources of revenue. We intend to capitalize on our expertise in performance marketing, productdevelopmentandtechnology,andtoleveragethewidespreadrecognitionoftheLendingTreebrandtoeffectthisstrategy.

Webelievetheconsumerandsmallbusinessfinancialservicesindustryisintheearlystagesofafundamentalshifttoonlineproductofferings,similartotheshiftthatstartedinretail andtravelmanyyearsagoandisnowwellestablished.Webelievethatlikeretail andtravel, asconsumerscontinuetomovetowardsonlineshoppingandtransactionsforfinancialservices,supplierswillincreasinglyshifttheirproductofferingsandadvertisingbudgetstowardtheonlinechannel.Webelievethestrengthofourbrandsandofourlendernetworkplaceusinastrongpositiontocontinuetobenefitfromthismarketshift.

The LendingTree Loans business is presented as discontinued operations in the accompanying consolidated balance sheets, consolidated statements ofoperations and comprehensive income and consolidated cash flows for all periods presented. Except for the discussion under the heading "DiscontinuedOperations,"theanalysiswithinManagement'sDiscussionandAnalysisofFinancialConditionandResultsofOperationsreflectsourcontinuingoperations.

Convertible Senior Notes and Hedge and Warrant Transactions

On May 31, 2017, we issued $300.0 million aggregate principal amount of our 0.625% Convertible Senior Notes due June 1, 2022 and, in connectiontherewith, enteredinto Convertible Note HedgeandWarrant transactions with respect to our commonstock. For moreinformation,see Note 11—Debt, in thenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreport.

Recent Business Acquisitions

OnSeptember19,2017,weacquiredcertainassetsofSnapCapitalLLC,whichdoesbusinessunderthenameSnapCapfor$11.9millionincashatclosingandcontingentconsiderationpaymentsofupto$9.0millionthroughMarch31,2020.SnapCapisatech-enabledonlineplatform,whichconnectsbusinessownerswith lenders offering small business loans, lines of credit and merchant cash advance products through a concierge-based sales approach. We believe that bycombining SnapCap's high-touch, high-conversion sales approach with our brand and performance marketing expertise, we can derive substantial revenuesynergiesandaccelerategrowthinoursmallbusinessoffering.

OnJune20,2017,weacquiredthemembershipinterests ofCaminoDelAvion(Delaware), LLC,whichdoesbusinessunderthenameMagnifyMoneyfor$29.6millioncashconsiderationattheclosingofthetransaction.MagnifyMoneyisaleadingconsumer-facingmediapropertythatofferseditorialcontent,expertcommentary,toolsandresourcestohelpconsumerscompare

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financial products and make informed financial decisions. The MagnifyMoney team brings the expertise and infrastructure to expand content creation anddistributionacrossallofourconsumerfacingbrands,improvingourpresenceandefficacyinacquisitionchannelssuchassearchengineoptimization.

On June 14, 2017, we acquired substantially all of the assets of Deposits Online, LLC, which does business under the name DepositAccounts.com(“DepositAccounts”)for$24.0millionincashatclosingandcontingentconsiderationpaymentsofupto$9.0millionthroughJune30,2020.DepositAccountsisaleadingconsumer-facingmediapropertyinthedepositoryindustryandisoneofthemostcomprehensivesourcesofdepositorydealsandanalysisontheInternet,coveringallmajordepositproductcategoriesthrougheditorialcontent,programmaticratetablesanduser-generatedcontent.Thisacquisitionrepresentsourfirstofferingtoaddresstheassetsideoftheconsumerbalancesheet.

OnNovember16,2016,weacquiredIronHorseHoldings,LLC,whichdoesbusinessunderthenameCompareCardsfor$80.7millionincashatclosingandcontingent consideration payments of up to $22.5 million for each of 2017 and 2018, subject to achieving specific growth targets. CompareCards is a leadingonline source for side-by-side credit card comparison shopping. CompareCards provides consumers with one centralized location for pertinent credit cardinformation needed to find the best card for their needs. CompareCards’ unique marketing platform and strong relationships with card issuers combined withLendingTree’sscaleandorganizationalsupporthavecausedsubstantialgrowthinourcreditcardbusiness.

Theseacquisitionscontinueourdiversificationstrategy.

Acquisition of North Carolina Office Properties

InDecember2016,wecompletedtheacquisitionoftwoofficebuildingsinCharlotte,NorthCarolina,for$23.5millionincash.Weintendtoutilizeoneorbothbuildingsinthefutureasourprincipalexecutiveoffices,andanyunusedspacewillcontinuetobeoccupiedbytenants.

WithourexpansioninNorthCarolina,wereceivedagrantfromthestatethatprovidesupto$4.9millioninreimbursementsover12yearsforinvestinginrealestateandinfrastructureinadditiontoincreasingjobsinNorthCarolinaatspecifictargetedlevelsthrough2020,andmaintainingthejobsthereafter.Additionally,thecityofCharlotteandthecountyofMecklenburgprovidedagrantthatwillbepaidoverfiveyearsandisbasedonapercentageofnewpropertytaxwepayonthedevelopment.

Recent Mortgage Interest Rate Trends

Interestrateandmarketriskscanbesubstantialinthemortgageleadgenerationbusiness.Short-termfluctuationsinmortgageinterestratesprimarilyaffectconsumerdemandformortgagerefinancings, whilelong-termfluctuationsinmortgageinterest rates, coupledwiththeU.S.real estate market, affect consumerdemand for new mortgages. Consumer demand, in turn, affects lender demand for mortgage leads from third-party sources. Typically, a decline in mortgageinterestrateswillleadtoreducedlenderdemand,astherearemoreconsumersinthemarketplaceseekingfinancingand,accordingly,lendersreceivemoreorganicleadvolume.Conversely,anincreaseinmortgageinterestrateswilltypicallyleadtoanincreaseinlenderdemand,astherearefewerconsumersinthemarketplaceand,accordingly,thesupplyoforganicmortgageleadvolumedecreases.

Accordingto Freddie Mac, 30-year mortgage interest rates generally increased froma monthly averageof 3.67%inJanuary 2015to 3.96%bythe endof2015.During2016,30-yearmortgageinterestratesdeclined,reachinganaverageof3.44%inAugust2016,thelowestmonthlyaveragesinceJanuary2013.ByDecember2016,30-yearmortgageinterestratesincreasedtoanaverageof4.20%.During2017,30-yearinterestratesthendeclinedtoamonthlyaverageof3.81%inSeptember2017,beforeincreasingto3.95%attheendof2017.

Onafull-yearbasis,30-yearmortgageinterestratesincreasedtoanaverage3.99%in2017,ascomparedto3.65%and3.85%in2016and2015,respectively.

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Typically, whenmortgage interest rates decline, there are more consumers in the marketplace seeking refinancings and, accordingly, the mix of mortgageorigination dollars will move towards refinance mortgages. According to Mortgage Bankers Association ("MBA") data, total refinance origination dollarsincreasedfrom45%oftotal2015mortgageoriginationdollarsto48%in2016,asaresultofthegeneraldecreaseinaveragemortgageinterestrates.Conversely,asaveragemortgageinterest rates increasedin2017comparedto2016, total refinanceoriginationdollars in2017decreasedto35%oftotal mortgageoriginationdollars.

Looking forward, MBAis projecting 30-year mortgage interest rates to climbin 2018, to an average 4.8%on30-year fixed rate mortgages. According toMBAprojections,asinterestratesclimb,themixofmortgageoriginationdollarswillmovetowardspurchasemortgageswiththerefinancesharerepresentingjust26%for2018.

The U.S. Real Estate Market

ThehealthoftheU.S.realestatemarketandinterestratelevelsaretheprimarydriversofconsumerdemandfornewmortgages.Consumerdemand,inturn,affectslenderdemandforpurchasemortgageleadsfromthird-partysources.Typically,astrongrealestatemarketwillleadtoreducedlenderdemandforleads,asthere are more consumers in the marketplace seeking financing and, accordingly, lenders receive more organic lead volume. Conversely, a weaker real estatemarketwilltypicallyleadtoanincreaseinlenderdemand,astherearefewerconsumersinthemarketplaceseekingmortgages.

AccordingtotheNationalAssociationofRealtors("NAR"),nationwideexistinghomesalesin2015increasedapproximately7%over2014,equatingtothehousingmarket'sbestyearinnearlyadecade.Whilenationwideexistinghomesalesin2016grewapproximately3%over2015,growthin2017was2%over2016duetolimitedinventoryofhomesforsalein2017.TheNARexpectsessentiallynochangeinexistinghomesalesin2018from2017duetothecontinuedtrendoflimitedsupply,butnotesthestrengtheningeconomyandexpectationofmoremillennialsseekingtopurchasehomesasindicatorsofsolidhomebuyingdemandin2018.

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Results of Operations for the Years ended December 31, 2017 , 2016 and 2015

Year Ended December 31, 2017 vs. 2016 2016 vs. 2015

2017 2016 2015 $

Change%

Change $

Change%

Change

(Dollarsinthousands)

Mortgageproducts $ 275,910 $ 219,991 $ 165,272 $ 55,919 25% $ 54,719 33%Non-mortgageproducts 341,826 164,411 88,944 177,415 108% 75,467 85%

Revenue 617,736 384,402 254,216 233,334 61 % 130,186 51 %

Costsandexpenses: Costofrevenue(exclusive of depreciation and amortization shownseparately below) 17,223 13,764 9,370 3,459 25% 4,394 47%

Sellingandmarketingexpense 432,784 261,100 172,849 171,684 66% 88,251 51%

Generalandadministrativeexpense 71,541 37,227 30,030 34,314 92% 7,197 24%

Productdevelopment 17,925 13,761 10,485 4,164 30% 3,276 31%

Depreciation 7,085 4,944 3,008 2,141 43% 1,936 64%

Amortizationofintangibles 12,992 1,243 149 11,749 945% 1,094 734%

Changeinfairvalueofcontingentconsideration 23,931 — — 23,931 n/a — —%

Restructuringandseverance 404 122 422 282 231% (300) (71)%

Litigationsettlementsandcontingencies 718 129 (611) 589 457% 740 121%

Total costs and expenses 584,603 332,290 225,702 252,313 76 % 106,588 47 %

Operating income 33,133 52,112 28,514 (18,979) (36)% 23,598 83 %

Other(expense)income,net: Interestexpense,net (7,028) (561) (171) (6,467) 1,153% (390) (228)%

Other(expense)income (396) 23 — (419) (1,822)% 23 n/a

Income before income taxes 25,709 51,574 28,343 (25,865) (50)% 23,231 82 %

Incometax(expense)benefit (6,291) (20,366) 22,973 14,075 69% (43,339) (189)%

Net income from continuing operations 19,418 31,208 51,316 (11,790) (38)% (20,108) (39)%

Loss from discontinued operations, net of tax (3,840) (3,714) (3,269) (126) (3)% (445) (14)%

Net income and comprehensive income $ 15,578 $ 27,494 $ 48,047 $ (11,916) (43)% $ (20,553) (43)%

Revenue

Revenueincreasedin2017comparedto2016duetoincreasesinournon-mortgageproductsof$177.4millionandinourmortgageproductsof$55.9million.

Ournon-mortgageproductsincludethefollowingnon-mortgagelendingproducts:personalloans,creditcards,homeequityloansandlinesofcredit,reversemortgageloans, autoloans, small businessloansandstudentloans. Ournon-mortgageproductsalsoincludedeposit accounts, homeimprovementreferrals andother credit products suchas credit repair anddebt settlement. Manyof our non-mortgageproducts are not individually significant to revenue. Theincrease inrevenuefromournon-mortgageproductsin2017comparedto2016isprimarilyduetoanincreaseinourcreditcards,homeequity,andpersonalloansproducts.

Revenuefromourcreditcardproductincreased$107.6millionto$147.0millionin2017from$39.4millionin2016,or273%.Revenuefromourcreditcardproductincreasedin2017primarilyduetotheCompareCardsacquisition,completedonNovember16,2016.

Revenuefromourpersonalloanproductincreased$21.7millionto$88.2millionin2017from$66.5millionin2016,or33%.Revenuefromourpersonalloanproduct increased in 2017due to the number of consumers completing request formsas a result of increases in lender demandandcorresponding increases insellingandmarketingefforts,partiallyoffsetbydecreasesinrevenueearnedperconsumer.Certainofouronlinepersonalloanlendersexperiencedwell-publicizedchallenges in 2016, in particular, general unavailability of capital and increased pricing demanded by investors of personal loans, which in some cases led toreductionsinmarketingspend,andtighteninginunderwritingstandards.

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For2017and2016,noothernon-mortgageproductrepresentedmorethan10%ofrevenue,howevercertainothernon-mortgageproductsexperiencednotableincreases. Revenuefromourhomeequityproduct increased$28.3millionin2017comparedto2016,duetoincreasesinthenumberofconsumerscompletingrequestformsasaresultofincreasesinlendercoverageandlenderdemand,correspondingincreasesinsellingandmarketingefforts,andincreasedrevenueearnedper consumer. Webelieve the market for our non-mortgage products remains under-penetrated and webelieve long-termgrowth prospects are strong for non-mortgageproducts.Asignificantindustry-widecontractionintheavailabilityofcapitalfornon-mortgagelendingproductswouldlikelyadverselyaffectournon-mortgageproductrevenues.Whileweexpectsignificantgrowthinournon-mortgageproductsin2018comparedto2017,wedonotanticipatethegrowthratewillmeetthe2017growthof108%.

The increase in revenue from our mortgage products in 2017 compared to 2016 is due to an increase in revenue from both our purchase and refinanceproducts. The revenue from our purchase product increased $33.6 million in 2017 from 2016, while the revenue from our refinance product increased $22.4million. The increase in revenue from our mortgage products is primarily due to an increase in revenue earned per consumer. Additionally, the number ofconsumerscompletingrequest formsformortgageproductsincreasedin2017from2016,duetoanincreaseinlenderdemandandacorrespondingincreaseinsellingandmarketingefforts.In2018,weexpectmoremoderateyear-over-yeargrowthinmortgagerevenue.

Revenueincreasedin2016comparedto2015duetoincreasesinournon-mortgageproductsof$75.5millionandinourmortgageproductsof$54.7million.

Theincrease in revenuefromour non-mortgage products in 2016comparedto 2015is primarily dueto an increase in lenders onour exchange, increasedmarketingeffortsandtwobusinessacquisitions.Thisresultedinanincreaseinthenumberofconsumerscompletingrequestformsfornon-mortgageproductsin2016.

Revenuefromourpersonalloanproductincreased$15.2millionto$66.5millionin2016from$51.3millionin2015,or30%.Revenuefromourpersonalloanproduct increased in 2016 due to an increase in lenders on our exchange and increased marketing efforts, partially offset by decreases in revenue earned perconsumer.

Revenuefromourcredit cardproductincreased$29.6millionto$39.4millionin2016from$9.8millionin2015,or302%.Revenuefromourcredit cardproduct increased in 2016 due to increases in payouts from issuers in addition to increased marketing efforts. Additionally, the CompareCards acquisition,completedonNovember16,2016,increasedrevenueby$9.2millionin2016.

For2016and2015,noothernon-mortgageproductrepresentedmorethan10%ofrevenue,howevercertainothernon-mortgageproductsexperiencednotableincreases. Revenuefromourhomeequityproduct increased$13.6millionin2016comparedto2015, duetoanincrease inlender coverageandanincrease inrevenueearnedperconsumercombinedwithincreasedmarketingefforts.

Theincreaseinrevenuefromourmortgageproductsin2016comparedto2015isprimarilyduetoanincreaseinrevenuefromourrefinanceproduct.Therevenuefromourrefinanceproductincreasedapproximately$50.0millionin2016from2015,primarilyduetoanincreaseinlenderdemandandanincreaseinmarketing efforts. The number of consumers completing a request form for mortgage products increased in 2016 from 2015, partially offset by a decrease inrevenueearnedperconsumerin2016comparedto2015.

Cost of revenue

Costofrevenueconsistsprimarilyofcostsassociatedwithcompensationandotheremployee-relatedcosts(includingstock-basedcompensation)relatingtointernally-operatedcustomercallcenters,third-partycustomercallcenterfees,creditscoringfees,creditcardfees,websitenetworkhostingandserverfees.

Costofrevenueincreasedin2017from2016,primarilyduetoincreasesof$2.1millionincompensationandbenefitsasaresultofincreasesinheadcount,$0.9millioninwebsitenetworkhostingandserverfeesand$0.8millioninthird-partycustomercallcenterfees,partiallyoffsetbya$0.7milliondecreaseincreditscoringfees.

Costofrevenueasapercentageofrevenuedecreasedslightlyto3%in2017comparedto4%in2016.

Costofrevenueincreasedin2016from2015,primarilyduetoincreasesof$1.3millionincompensationandbenefitsasaresultofincreasesinheadcount,$0.9millionincreditscoringfees,$0.7millionincallcentertechnologyfees,$0.6millionincreditcardfeesand$0.4millioninleadverificationfees.

Costofrevenueasapercentageofrevenueremainedconsistentat4%inboth2016and2015.

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Selling and marketing expense

Sellingandmarketingexpenseconsistsprimarilyofadvertisingandpromotionalexpendituresandcompensationandotheremployee-relatedcosts(includingstock-basedcompensation)forpersonnelengagedinsalesormarketingfunctions.Advertisingandpromotionalexpendituresprimarilyincludeonlinemarketing,aswellastelevision,printandradiospending.Advertisingproductioncostsareexpensedintheperiodtherelatedadisfirstrun.

Theincreasesinsellingandmarketingexpensein2017comparedto2016andin2016comparedto2015wereprimarilyduetoincreasesinadvertisingandpromotionalexpenseof$167.6millionand$84.0million,respectively,asdiscussedbelow.Inaddition,sellingandmarketingexpenseincreasedin2017comparedto2016andin2016comparedto2015duetoanincreaseincompensationandbenefitsof$4.1millionand$4.3million,respectively,asaresultofincreasesinheadcount.

Advertisingandpromotionalexpenseisthelargestcomponentofsellingandmarketingexpense,andiscomprisedofthefollowing:

Year Ended December 31, 2017 vs. 2016 2016 vs. 2015

2017 2016 2015 $

Change%

Change $

Change%

Change

(Dollarsinthousands)Online $ 368,004 $ 210,635 $ 127,294 $ 157,369 75% $ 83,341 65%Broadcast 35,681 28,455 28,066 7,226 25% 389 1%Other 7,098 4,131 3,863 2,967 72% 268 7%Total advertising expense $ 410,783 $ 243,221 $ 159,223 $ 167,562 69% $ 83,998 53%

Revenue is driven by lender demand for our products, which is matched to corresponding consumer loan requests. We adjust our selling and marketingexpendituresdynamicallyinrelationtoanticipatedrevenueopportunitiesinordertoensuresufficient consumerinquiriestoprofitablymeetlenderdemand.Anincreaseinaproduct’srevenueisgenerallymetbyacorrespondingincreaseinmarketingspend,andconverselyadecreaseinaproduct’srevenueisgenerallymetbyacorrespondingdecreaseinmarketingspend.Thisrelationshipexistsforbothmortgageandnon-mortgageproducts.

Weincreasedouradvertisingexpendituresin2017comparedto2016andin2016comparedto2015,inordertogenerateadditional consumerinquiriestomeettheincreaseddemandoflendersonourmarketplace.

Wewillcontinuetoadjustsellingandmarketingexpendituresdynamicallyinrelationtoanticipatedrevenueopportunities.

General and administrative expense

Generalandadministrativeexpenseconsistsprimarilyofcompensationandotheremployee-relatedcosts(includingstock-basedcompensation)forpersonnelengaged in finance, legal, tax, corporate information technology, humanresources and executive management functions, as well as facilities and infrastructurecostsandfeesforprofessionalservices.

Generalandadministrativeexpenseincreasedin2017comparedto2016,primarilyduetoincreasesincompensationandbenefitsof$19.4millionasaresultofincreasesinheadcountandlong-termequityawardsgrantedtoourChairmanandChiefExecutiveOfficerinthethirdquarterof2017,whichawardshavebothtimeandsignificantperformance-basedvestingconditions.Wegrantedlong-termequityawardstocertainmembersofourleadershipteaminthefourthquarterof2017andexpectadditionallong-termawardstomembersofourleadershipteaminthefirstquarterof2018.Generalandadministrativeexpenseisexpectedtoincreaseinfutureperiodsduetothenon-cashcompensationexpenserelatedtothesegrants. Thisincreaseingeneral andadministrative expenseis expectedtoresultinmaterialreductionsinnetincomefromcontinuingoperationsinfutureperiodscomparedtohistoricalperiods.ForadditionalinformationregardingtheawardsgrantedtoourChairmanandChiefExecutiveOfficerinthethirdquarterof2017,see Note9—Stock-BasedCompensationinthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreport.Non-cashcompensationexpenseisexcludedfromAdjustedEarningsBeforeInterest,Taxes,DepreciationandAmortization("AdjustedEBITDA"),asdiscussedbelow.

Includedingeneralandadministrativeexpensein2017wasa$10.0millioncharitablecontributiontofundthenewlyformedLendingTreeFoundationinthefourthquarterof2017.Thisone-timeitemisexcludedfromAdjustedEBITDA,asdiscussedbelow.

Generalandadministrativeexpenseasapercentageofrevenueincreasedto12%in2017comparedto10%in2016.

Generalandadministrativeexpenseincreasedin2016comparedto2015,primarilyduetoincreasesincompensationandbenefitsof$2.0millionasaresultofincreasesinheadcount,increasesinprofessionalfeesof$3.1million,increasesintravelandentertainmentexpensesof$0.8million,increasesinfacilityexpensesof$0.6millionandincreasesinothertaxexpenseof$0.5

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million.Theincreaseinprofessionalfeesispartiallyduetoanincreaseinacquisitionrelatedexpensesof$0.9million.

Generalandadministrativeexpenseasapercentageofrevenuedecreasedto10%in2016comparedto12%in2015.

Product development

Product development expense consists primarily of compensation and other employee-related costs (including stock-based compensation) and third-partylaborcoststhatarenotcapitalized,foremployeesandconsultantsengagedinthedesign,development,testingandenhancementoftechnology.

Productdevelopmentexpenseincreasedin2017comparedto2016andin2016comparedto2015,aswecontinuedtoinvestininternaldevelopmentofnewandenhancedfeatures,functionalityandbusinessopportunitiesthatwebelievewillenableustobetterandmorefullyserveconsumersandlenders.

Depreciation

Theincreasesindepreciationexpensein2017comparedto2016andin2016comparedto2015wereprimarilytheresultofhigherinvestmentininternallydevelopedsoftwareinrecentyears,tosupportthegrowthofourbusiness.

Amortization of intangibles

Theincreasesinamortizationofintangiblesin2017comparedto2016andin2016comparedto2015wereprimarilyduetointangibleassetsassociatedwithourbusinessacquisitionsin2017and2016.

Contingent consideration

During2017,werecorded$23.9millionofcontingentconsiderationexpenseduetoanadjustmentintheestimatedfairvalueoftheearnoutpaymentsrelatedto the CompareCards, DepositAccounts and SnapCapacquisitions. The contingent consideration expense for the CompareCards acquisition was $21.2 million,primarily due to an increased probability of achievement of certain defined earning targets for CompareCards. The contingent consideration expense for theDepositAccountsacquisitionwas$2.0million,primarilyduetoanincreasedprobabilityofachievementofcertaindefinedrevenuetargetsfordepositsproducts.ThecontingentconsiderationexpensefortheSnapCapacquisitionwas$0.7million,primarilyduetoanincreasedprobabilityofachievementofcertaindefinedearningstargetsforSnapCap.

Income tax expense

Year Ended December 31,

2017 2016 2015

(in thousands, except percentages)

Incometax(expense)benefit $ (6,291) $ (20,366) $ 22,973Effective tax rate 24.5% 39.5% (81.1)%

For 2017, the effective tax rate varied fromthe statutory rate of 35%primarily due to the benefit derived fromexcess tax deductions fromthe vesting ofrestrictedstockandexerciseofstockoptionsof$12.9million,includingstatetaxes,andthefederaltaxresearchcredit.Additionally,duringthefourthquarterof2017, a net taxexpenseof $9.1millionwasrecordedrelatedtotheenactment of theTaxCutsandJobsAct ("TCJA"). Theexpenseis primarily relatedtotheremeasurementofdeferredtaxassetsandliabilitiesconsideringtheTCJA’snewlyenactedtaxratesandcertainotherimpacts.OurdeterminationofvaluationofdeferredtaxassetsandliabilitiesatDecember31,2017relatedtotheTCJAisprovisionalandissubjecttoadjustmentduringameasurementperiodofuptooneyearfollowingtheDecember2017enactmentoftheTCJA,asprovidedbyrecentSECguidance.

For2016,theeffectivetaxratevariedfromthestatutoryrateof35%primarilyduetothebenefitderivedfromthefederalresearchtaxcredit,partiallyoffsetby state taxes, including the impact of a reduction in the North Carolina state incometax rate which reduced the value of our deferred tax assets. The federalresearchtaxcreditbenefitistheresultofastudycompletedduringthesecondquarterfortheopentaxyearsof2011through2015,plusanestimateofthebenefitfromcurrentresearchactivities.

For2015, theeffectivetaxrate variedfromthestatutoryrate of 35%primarily duetothereversal of thefederal andpartial reversal of thestate valuationallowancesetupinprioryearsagainstourdeferredtaxassets,partiallyoffsetbystatetaxes.

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Discontinued Operations

OnJune6,2012,wesoldsubstantiallyall oftheoperatingassetsofourLendingTreeLoansbusinessforapproximately$55.9millionincashtoawholly-ownedsubsidiaryofDiscoverFinancialServices("Discover").

DiscovergenerallydidnotassumeliabilitiesoftheLendingTreeLoansbusinessthatarosebeforetheclosingdate,exceptforcertainliabilitiesdirectlyrelatedtoassetsDiscoveracquired.Ofthepurchasepricepaid,asofDecember31,2017,$4.0millionisbeingheldinescrowinaccordancewiththeagreementwithDiscoverforcertainloanlossobligationsthatremainwithusfollowingthesale.

During 2017 , 2016 and 2015 , loss from discontinued operations of $3.8 million , $3.7 million and $3.3 million , respectively, was attributable to theLendingTreeLoansbusiness.In2017,2016and2015,lossfromdiscontinuedoperationswasprimarilyduetolitigationsettlementsandcontingenciesandlegalfeesassociatedwithongoinglegalproceedings.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization

We report Adjusted EBITDA as a supplemental measure to GAAP. This measure is the primary metric by which we evaluate the performance of ourbusinesses,onwhichourmarketingexpendituresandinternalbudgetsarebasedandbywhichmanagementandmanyemployeesarecompensated.Webelievethatinvestors shouldhaveaccess tothesameset of tools that weuseinanalyzingourresults. Thisnon-GAAPmeasure shouldbeconsideredinadditiontoresultspreparedinaccordancewithGAAP,butshouldnotbeconsideredasubstitutefororsuperiortoGAAPresults.WeprovideandencourageinvestorstoexaminethereconcilingadjustmentsbetweentheGAAPandnon-GAAPmeasuresdiscussedbelow.

Definition of Adjusted EBITDA

WereportAdjustedEBITDAasnetincomefromcontinuingoperationsadjustedtoexcludeinterest,incometax,amortizationofintangiblesanddepreciation,andtofurtherexclude(1)non-cashcompensationexpense,(2)non-cashimpairmentcharges,(3)gain/lossondisposalofassets,(4)restructuringandseveranceexpenses, (5) litigationsettlements andcontingencies andlegal fees for certain patent litigation, (6) acquisitions anddispositionsincomeor expense(includingwithrespecttochangesinfairvalueofcontingentconsideration),and(7)one-timeitems.AdjustedEBITDAhascertainlimitationsinthatitdoesnottakeintoaccount the impact to our statement of operations of certain expenses, including depreciation, non-cash compensation and acquisition-related accounting. Weendeavor to compensate for the limitations of the non-GAAP measures presented by also providing the comparable GAAP measures with equal or greaterprominenceanddescriptionsofthereconcilingitems,includingquantifyingsuchitems,toderivethenon-GAAPmeasures.Thesenon-GAAPmeasuresmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.

One-Time Items

AdjustedEBITDAisadjustedforone-timeitems,ifapplicable.Itemsareconsideredone-timeinnatureiftheyarenon-recurring,infrequentorunusualandhave not occurred in the past two years or are not expected to recur in the next two years, in accordance with SECrules. One-time items within the periodspresentedinthisreportincludea$10.0millioncontributiontofundthenewlyformedLendingTreeFoundationin2017and$0.1millionrelatedtoanestimatedsettlementforunclaimedpropertyin2015.

Non-Cash Expenses that are Excluded from Adjusted EBITDA

Non-cashcompensationexpenseconsistsprincipallyofexpenseassociatedwithgrantsofrestrictedstock,restrictedstockunitsandstockoptions, someofwhichawardshaveperformance-basedvestingconditions.Theseexpensesarenotpaidincash,andweincludetherelatedsharesinourcalculationsoffullydilutedsharesoutstanding.Uponsettlementofrestrictedstockunits,exerciseofcertainstockoptionsorvestingofrestrictedstockawards,theawardsmaybesettled,onanetbasis,withusremittingtherequiredtaxwithholdingamountfromourcurrentfunds.

Amortization of intangibles are non-cash expenses relating primarily to intangible assets acquired through acquisitions. At the time of an acquisition, theintangible assets of the acquired company, suchas purchase agreements, technologyandcustomer relationships, are valuedandamortized over their estimatedlives.

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ThefollowingtableisareconciliationofnetincomefromcontinuingoperationstoAdjustedEBITDA.

Year Ended December 31,

2017 2016 2015

(inthousands)

Net income from continuing operations $ 19,418 $ 31,208 $ 51,316AdjustmentstoreconciletoAdjustedEBITDA: Amortizationofintangibles 12,992 1,243 149Depreciation 7,085 4,944 3,008Restructuringandseverance 404 122 422Lossondisposalofassets 839 640 748Non-cashcompensation 23,361 9,647 8,370ContributiontoLendingTreeFoundation 10,000 — —Estimatedsettlementforunclaimedproperty — — 134Changeinfairvalueofcontingentconsideration 23,931 — —Acquisitionexpense 1,595 959 84Litigationsettlementsandcontingencies 718 129 (611)Interestexpense,net 7,028 561 171Rentaldepreciationandamortizationofintangibles 1,475 — —Incometaxexpense(benefit) 6,291 20,366 (22,973)

Adjusted EBITDA $ 115,137 $ 69,819 $ 40,818

Financial Position, Liquidity and Capital Resources

General

AsofDecember31,2017,wehad$368.6millionofcashandcashequivalentsand$4.1millionofrestrictedcashandcashequivalents,comparedto$91.1millionofcashandcashequivalentsand$4.1millionofrestrictedcashandcashequivalentsasofDecember31,2016.Notabletransactionsaffectingcashandcashequivalentsduringthereportedperiodsareasfollows:

2017

InMay2017,weissued$300.0millionofour0.625%ConvertibleSeniorNotesfornetproceedsof$290.7million.Weusedapproximately$18.1millionofthenetproceedstoenterintoConvertibleNoteHedgeandWarranttransactions.

In2017,wepurchasedanaggregateof75,393sharesofourcommonstockpursuanttoastockrepurchaseprogramfor$21.0million,ofwhichwepaid$19.9millionpriortoyear-end.

InSeptember2017,weacquiredcertainassetsofSnapCapfor$11.9millionincashatclosingandpotentialfuturecontingentconsiderationpaymentsofupto$9.0millionthroughMarch31,2020,subjecttoachievingspecifictargets.

InJune2017,weacquiredthemembershipinterestsofMagnifyMoneyfor$29.6millioncashconsiderationattheclosingofthetransaction.

InJune2017,weacquiredsubstantiallyalloftheassetsofDepositAccountsfor$24.0millionincashatclosingandpotentialfuturecontingentconsiderationpayments of up to $9.0 million through June 30, 2020, subject to achieving specified targets. We made a payment of $1.0 million related to contingentconsiderationin2017.

2016

In2016,wepurchasedanaggregateof690,218sharesofourcommonstockpursuanttoastockrepurchaseprogramfor$48.5million.

InDecember2016,weacquiredtwoofficebuildingsinCharlotte,NorthCarolinafor$23.5millionincash.Weanticipateincurringconstructioncostsin2018topreparethebuildingsforourcorporateoffices.

InNovember2016,weacquiredCompareCardsfor$80.7millioncashatclosingandpotentialfuturecontingentconsiderationpaymentsofupto$22.5millionforeachof2017and2018,subjecttoachievingspecifiedtargets.Wemadetheinitial$22.5millionearnoutpaymentinFebruary2018andanticipatepayingtheremaining$22.5millionearnoutinthefirsthalfof2018.

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2015

In November 2015, wecompleted an equity offering of 852,500shares of our commonstock. Wereceived net proceeds of $91.5 million, after deductingapproximately$5.9millioninunderwritingdiscountsand$0.7millioninofferingexpenses.

Weexpectourcashandcashequivalentsandcashflowsfromoperationstobesufficienttofundouroperatingneedsforthenexttwelvemonthsandbeyond.Ouramendedandrestatedrevolvingcreditfacilitydescribedbelowisanadditionalpotentialsourceofliquidity.

Senior Secured Revolving Credit Facility

On November 21, 2017, we entered into an amended and restated $250.0 million five-year senior secured revolving credit facility which matures onNovember 21, 2022 (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility can be used to finance working capital needs, capitalexpenditures andgeneral corporate purposes, includingto finance permitted acquisitions. AsofFebruary 26, 2018 , wedonot have any borrowings under theRevolvingCreditFacility.

ForadditionalinformationontheRevolvingCreditFacility,see Note11—Debtinthenotestotheconsolidatedfinancialstatementsincludedelsewhereinthisreport.

Cash Flows from Continuing Operations

Ourcashflowsattributabletocontinuingoperationsareasfollows:

Year Ended December 31,

2017 2016 2015

(inthousands)Netcashprovidedbyoperatingactivities $ 103,538 $ 64,214 $ 37,185Netcash(usedin)providedbyinvestingactivities (74,437) (117,215) 4,901Netcashprovidedby(usedin)financingactivities 253,125 (52,640) 82,308

CashFlowsfromOperatingActivities

Ourlargestsourceofcashprovidedbyouroperatingactivitiesisrevenuesgeneratedbyourmortgageandnon-mortgageproducts.Ourprimaryusesofcashfromouroperatingactivitiesincludeadvertisingandpromotionalpayments.Inaddition,ourusesofcashfromoperatingactivitiesincludecompensationandotheremployee-relatedcosts,othergeneralcorporateexpenditures,litigationsettlementsandcontingenciesandincometaxes.

Netcashprovidedbyoperatingactivitiesattributabletocontinuingoperationsincreasedin2017from2016primarilyduetoanincreaseinrevenue,partiallyoffsetbyanincreaseinsellingandmarketingexpense.Additionally,therewasanetincreaseincashfromchangesinworkingcapitalprimarilydrivenbychangesinaccountspayable,accruedexpensesandotherliabilities,partiallyoffsetbychangesinprepaidsandincometaxesreceivable.

Netcashprovidedbyoperatingactivitiesattributabletocontinuingoperationsincreasedin2016from2015primarilyduetoanincreaseinrevenue,partiallyoffsetbyanincreaseincostofrevenueandsellingandmarketing.Additionally,therewasanincreaseincashfromchangesinworkingcapitalprimarilydrivenbychangesinaccountsreceivableandincometaxespayable.

CashFlowsfromInvestingActivities

Netcashusedininvestingactivitiesattributabletocontinuingoperationsin2017of$74.4millionconsistedprimarilyoftheacquisitionofSnapCapfor$11.9million,theacquisitionofDepositAccountsfor$25.0million,theacquisitionofMagnifyMoneyfor$29.5millionandcapitalexpendituresof$8.0million.

Netcashusedininvestingactivitiesattributabletocontinuingoperationsin2016of$117.2millionconsistedprimarilyoftheacquisitionofCompareCardsfor$81.2million,theacquisitionofSimpleTuitionfor$4.5million,theacquisitionoftwoofficebuildingsinCharlotte,NorthCarolinafor$23.4millionand$10.6millionrelatedtointernallydevelopedsoftwareandtheacquisitionofanaircraft.Thiswaspartiallyoffsetbya$2.5milliondecreaseinrestrictedcashduetothereleaseoffundsinescrowforthesuretybondsduetoareductionincollateralrequirements.

Netcashprovidedbyinvestingactivitiesattributabletocontinuingoperationsin2015of$4.9millionconsistedprimarilyof$12.2millioninthereleaseofrestricted cash previously held in escrowin connection with the sale of LendingTree Loans, offset by capital expenditures of $7.2 million primarily related tointernallydevelopedsoftware.

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CashFlowsfromFinancingActivities

Net cash provided by financing activities attributable to continuing operations in 2017 of $253.1 million consisted primarily of $300.0 million of grossproceedsfromtheissuanceofconvertibleseniornotesand$43.4millionofproceedsfromthesaleofwarrantsinconnectionwiththeconvertibleseniornotes,partiallyoffsetby$61.5millionforthepaymentofconvertiblenotehedgetransactions,$10.5millionforthepaymentofconvertibleseniornoteissuancecostsandamendedandrestatedrevolvingcreditfacilityissuancecostsand$19.9millionfortherepurchaseofourstock.

Netcashusedinfinancingactivitiesattributabletocontinuingoperationsin2016of$52.6millionconsistedprimarilyoftherepurchaseofourstockof$48.5millionand$4.1millioninwithholdingtaxespaidbyusuponsurrenderofsharestosatisfyobligationsonequityawards.

Netcashprovidedbyfinancingactivitiesattributabletocontinuingoperationsin2015of$82.3millionconsistedprimarilyofnetproceedsfromtheNovember2015equityofferingof$91.5million,offsetby$7.6millioninwithholdingtaxespaidbyusuponthesurrenderofsharestosatisfyobligationsonequityawardsand$1.2millionforthepaymentofdebtissuancecosts.

Off-Balance Sheet Arrangements

Wehavenooff-balancesheetarrangementsotherthanouroperatingleaseobligationsandfundingcommitmentspursuanttooursuretybonds,noneofwhichhave or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results ofoperations,liquidity,capitalexpendituresorcapitalresourcesthatismaterialtoinvestors.See Note12—Commitmentstotheconsolidatedfinancialstatementsincludedelsewhereinthereportforfurtherdetails.

Summary of Contractual Obligations

ThefollowingtablesetsforthourcontractualobligationsandcommercialcommitmentsasofDecember31,2017.

Payments Due By Period as of December 31, 2017

Contractual Obligations (a) TotalLess Than

1 Year 1-3 Years 3-5 YearsMore Than

5 Years

Operatingleaseobligations(b) $ 5,076 $ 1,754 $ 3,200 $ 122 $ —Long-termcontractualobligations(c) 68,733 50,373 18,360 — —Convertibledebt 300,000 — — 300,000 —Total contractual obligations $ 373,809 $ 52,127 $ 21,560 $ 300,122 $ —

(a) Excludes potential obligations under surety and litigation bonds and the indemnification obligations, repurchase obligations and premium repaymentobligationsforwhichourHLCsubsidiarycontinuestobeliablefollowingthesaleofsubstantiallyalloftheoperatingassetsofourLendingTreeLoansbusiness in the second quarter of 2012. Excludes a $0.7 million accrual related to uncertain tax position, as we are unable to determine when, or if,paymentsforthesetaxeswillultimatelybemade.

(b) Ouroperatingleaseobligationsareassociatedwithofficespace.

(c) Includesaliabilityof$57.3millionfortheestimatedfairvalueofcontingentconsiderationobligationsreflectedonthebalancesheetfortheacquisitionofCompareCards, DepositAccounts, and SnapCap. Actual contingent consideration payments could range from $22.5 million to $45.0 million forCompareCards, $1.0millionto$8.0millionforDepositAccountsandzeroto$9.0millionforSnapCap.Alsoincludesa$0.5millionhold-backofthepurchasepricerelatedtotheSimpleTuitionacquisitionand$10.9millionofcertainothercommitments.

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Critical Accounting Policies and Estimates

ThefollowingdisclosureisprovidedtosupplementthedescriptionofouraccountingpoliciescontainedinNote2—SignificantAccountingPoliciestotheconsolidatedfinancialstatementsincludedelsewhereinthisreportinregardtosignificantareasofjudgment.Thisdisclosureincludesaccountingpoliciesrelatedtoboth continuing operations and discontinued operations. Management is required to make certain estimates and assumptions during the preparation of theconsolidatedfinancial statements in accordancewithgenerally acceptedaccountingprinciples. Theseestimates andassumptionsimpact thereportedamount ofassetsandliabilitiesanddisclosuresofcontingentassetsandliabilitiesasofthedateoftheconsolidatedfinancialstatements.Theyalsoimpactthereportedamountofnetearningsduringanyperiod.Actualresultscoulddifferfromthoseestimates.Becauseofthesizeofthefinancialstatementelementstowhichtheyrelate,someofouraccountingpoliciesandestimateshaveamoresignificantimpactonourconsolidatedfinancialstatementsthanothers.Adiscussionofsomeofourmoresignificantaccountingpoliciesandestimatesfollows.

Loan Loss Obligations

Wemakeestimatesastoourexposurerelatedtoourobligationtorepurchaseloanspreviouslysoldtoinvestorsortorepaypremiumspaidbyinvestorsinpurchasingloans,andreserveforsuchcontingenciesaccordingly.Suchpaymentstoinvestorsmayberequiredincaseswhereunderwritingdeficiencies,borrowerfraudanddocumentationdefectsoccurred.

OurHLCsubsidiarycontinuestobeliableforcertainindemnificationobligations,repurchaseobligationsandpremiumrepaymentobligationsfollowingthesaleofsubstantiallyalloftheoperatingassetsofourLendingTreeLoansbusinessonJune6,2012.Approximately$4.0millionisbeingheldinescrowpendingresolutionofcertainofthesecontingentliabilities.Wehavebeennegotiatingwithcertainsecondarymarketpurchaserstosettleanyexistingandfuturecontingentliabilities,butwemaynotbeabletocompletesuchnegotiationsonacceptableterms,oratall.BecausewedonotservicetheloansLendingTreeLoanssold,wedonotmaintainnorhaveaccesstothecurrentbalancesandloanperformancedatawithrespecttotheindividualloanspreviouslysoldtoinvestors.Accordingly,weareunabletodetermine,withprecision,ourmaximumexposureforbreachesoftherepresentationsandwarrantiesLendingTreeLoansmadetotheinvestorsthatpurchasedsuchloans.

Weestimatetheliabilityforloanlossesusingasettlementdiscountframework.Thisapproachestimatesthelifetimelossesonthepopulationofremainingloans originated and sold by LendingTree Loans using actual defaults for loans with similar characteristics and projected future defaults. It also considers thelikelihoodofclaimsexpectedduetoallegedbreachesofrepresentationsandwarrantiesmadebyLendingTreeLoansandthepercentageofthoseclaimsinvestorsestimateLendingTreeLoansmayagreetorepurchase.Wethenapplyasettlementdiscountfactortotheresultoftheforegoingtoreflectpublicly-announcedbulksettlementsforsimilarloantypesandvintages,ourownsettlementexperience,aswellasLendingTreeLoans'non-operatingstatus,inordertoestimatearangeofthepotentialobligation.Changestoanyoneofthesefactorscouldsignificantlyimpacttheestimateoftheliabilityandcouldhaveamaterialandadverseimpactonourresultsofoperationsforanyparticularperiod.

Wehaveconsideredbothobjectiveandsubjectivefactors inourestimationprocess, butgivencurrent general industrytrendsinmortgageloansaswell ashousing prices, market expectations and actual losses related to LendingTree Loans' obligations could vary significantly from the obligation recorded as ofDecember31,2017of$7.6millionortherangeofremainingloanlossesof$4.3millionto$7.8million.See Note17—DiscontinuedOperations—LendingTreeLoans—LoanLossObligationstotheconsolidatedfinancialstatementsincludedelsewhereinthisreportforadditionalinformationontheloanlossreserve.

Income Taxes

Estimatesofdeferredincometaxesandthesignificant itemsgivingrisetothedeferredassetsandliabilities areshowninNote10—IncomeTaxestotheconsolidatedfinancialstatementsincludedelsewhereinthisreport,andreflectmanagement'sassessmentofactualfuturetaxestobepaidonitemsreflectedintheconsolidatedfinancialstatements,givingconsiderationtobothtimingandtheprobabilityofrealization.Actualincometaxescouldvaryfromtheseestimatesduetofuturechangesinincometaxlaw,stateincometaxapportionmentortheoutcomeofanyreviewofourtaxreturnsbytheIRS,aswellasactualoperatingresultsthatmayvarysignificantlyfromanticipatedresults.

Wealsorecognizeliabilitiesforuncertaintaxpositionsbasedonthetwo-stepprocessprescribedbytheaccountingguidanceforuncertaintyinincometaxes.Thefirststepistoevaluatethetaxpositionforrecognitionbydeterminingiftheweightofavailableevidenceindicatesitismorelikelythannotthatthepositionwillbesustainedonaudit,includingresolutionofrelatedappealsorlitigationprocesses,ifany.Thesecondstepistomeasurethetaxbenefitasthelargestamountthatismorethan50%likelyofbeingrealizeduponultimatesettlement.Thismeasurementstepisinherentlydifficultandrequiressubjectiveestimationsofsuchamountstodeterminetheprobabilityofvariouspossibleoutcomes.Weconsidermanyfactorswhenevaluatingandestimatingourtaxpositionsandtaxbenefits,whichmayrequireperiodicadjustmentsandwhichmaynotaccuratelyanticipateactualoutcomes.

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Avaluationallowanceisprovidedondeferredtaxassetsifitisdeterminedthatitis"more likely than not" thatthedeferredtaxassetwillnotberealized.

Inthefourthquarterof2015,weconcluded,baseduponallavailableevidence,itwasmorelikelythannotwewouldhavesufficientfuturetaxableincometorealize the majority of our net deferred tax assets. As a result, we released the majority of the valuation allowance in 2015. We significantly improved ouroperatingperformancein2015,emergedfromcumulativelossesinpreviousyearstoacumulativeprofitpositionandprojecttaxableincomeinfutureyears.Whilewebelievetheassumptionsincludedinourprojectionsoffuturetaxableincomearereasonable,iftheactualresultsvaryfromexpectedresultsduetounforeseenchangesintheeconomyormortgageindustry,orotherfactors,wemayneedtomakefutureadjustmentstothevaluationallowanceforall,oraportion,ofthenetdeferredtaxassets.

At December 31, 2017 and 2016, we recorded a partial valuation allowance of $2.7 million and$2.1 million , respectively, primarily related to state netoperatinglosses,whichwedonotexpecttobeabletoutilizepriortoexpiration.

Stock-Based Compensation

The forms of stock-based awards granted to our employees are principally restricted stock units ("RSUs"), RSUs with performance conditions, restrictedstock,stockoptionsandstockoptionswithperformanceconditions.Further,performance-basedstockoptionswithmarketconditionsandtime-vestedrestrictedstockwithaperformanceconditionhavebeengrantedtoourChairmanandChiefExecutiveOfficer.ThevalueofRSUandrestrictedstockawardsismeasuredattheir grantdatesasthefair valueofcommonstockandamortizedratablyasnon-cashcompensationexpenseoverthevestingterm.ThevalueofstockoptionsissuedisestimatedusingaBlack-Scholesoptionpricingmodel.Thevalueofperformance-basedawardsismeasuredattheirgrantdatesandrecognizedasnon-cashcompensationexpense,consideringtheprobabilityofthetargetsbeingachieved.Performance-basedawardswithamarketconditionarevaluedusingaMonteCarlosimulationmodel. If anawardismodified,wedetermineifthemodificationrequiresanewcalculationoffair valueorchangeinthevestingtermoftheaward. See Note 9—Stock-Based Compensation to the consolidated financial statements included elsewhere in this report for additional information onassumptionsandinputstothefairvaluedeterminationofstock-basedawards.

Evaluation of Goodwill and Indefinite-Lived Intangible Assets Impairment

Wetestgoodwillandindefinite-livedintangibleassets,primarilytradenamesandtrademarks,annuallyforimpairmentasofOctober1,ormorefrequentlyupontheoccurrenceofcertaineventsorsubstantivechangesincircumstances.Aspartofourannualimpairmenttestingofgoodwillandindefinite-livedintangibleassets, in each instance, we may elect to assess qualitative factors as a basis for determining whether it is necessary to perform the traditional quantitativeimpairmenttesting.Ifourassessmentofthesequalitativefactorsindicatesthatitisnotmorelikelythannotthatthefairvalueofthereportingunitorindefinite-livedintangibleassetislessthanitscarryingvalue,thennofurthertestingisrequired.Otherwise,thegoodwillreportingunitorlong-livedintangibleassets,asapplicable,mustbequantitativelytestedforimpairment.

Thequantitativetestforgoodwillimpairmentisdeterminedusingatwo-stepprocess.Performingthefirststeptocomparereportingunitfairvaluewithitscarryingvalueusingadiscountedcashflow("DCF")analysisrequirestheexerciseofsignificantjudgments,includingjudgmentsaboutappropriatediscountrates,perpetualgrowthratesandtheamountandtimingofexpectedfuturecashflows.Ifthecarryingamountofareportingunitexceedsitsfairvalue,thesecondstepofthegoodwillimpairmenttestisrequiredtobeperformedtomeasuretheamountofimpairment,ifany.Thesecondstepofthegoodwillimpairmenttestcomparestheimpliedfairvalueofthereportingunit'sgoodwill(determinedinthesamemannerastheamountofgoodwillrecognizedinabusinesscombination)withthecarryingamountofthat goodwill. If thecarryingamountofthereportingunit's goodwill exceedstheimpliedfair valueofthat goodwill, animpairmentlossisrecognizedinanamountequaltothatexcess.

Thequantitativeimpairmenttestforindefinite-livedintangibleassetsinvolvesaDCFvaluationanalysisthatemploysarelief-from-royaltymethodologyinestimatingthefairvalueoftradenamesandtrademarks.Significantjudgmentsinherentinthisanalysisincludethedeterminationofroyaltyrates,discountrates,perpetualgrowthratesandtheamountandtimingoffuturerevenues.Ifthecarryingvalueoftheindefinite-livedintangibleassetexceedsitsestimatedfairvalue,animpairmentlossisrecognizedinanamountequaltothatexcess.

Thevalueofgoodwillandindefinite-livedintangibleassetssubjecttoassessmentforimpairmentatDecember31,2017is$113.4millionand$10.1million,respectively.

Recoverability of Long-Lived Assets

Wereviewthecarryingvalueofalllong-livedassets,primarilypropertyandequipment,anddefinite-livedintangibleassetsforimpairmentwhenevereventsorchangesincircumstancesindicatethatthecarryingvalueofanassetmaybeimpaired.Impairmentisconsideredtohaveoccurredwheneverthecarryingvalueofalong-livedassetcannotberecoveredfromcashflows

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thatareexpectedtoresult fromtheuseandeventualdispositionoftheasset. Thisrecoverabilitytest requiresustomakeassumptionsandjudgmentsrelatedtofactorsusedinacalculationofundiscountedcashflows,including,butnotlimitedto,management’sexpectationsforfutureoperationsandprojectedcashflows.ThekeyassumptionsusedinthiscalculationincludeAdjustedEBITDA,theremainingusefullivesoftheprimarycashflowgeneratingassetintheassetgroupand,toalesserextent,thedeductionofcapitalexpendituresandtaxespaidincashtoarriveatnetcashflows.

Thevalueoflong-livedassetssubjecttoassessmentforimpairmentis$107.4millionatDecember31,2017.

Business Acquisitions

Whenweacquirebusinesses,weallocatethepurchasepricetotangibleassetsandliabilitiesandidentifiableintangibleassetsacquiredattheiracquisitiondatefairvalues.Anyresidualpurchasepriceisrecordedasgoodwill.WealsoestimatethefairvalueofanycontingentconsiderationusingLevel3unobservableinputs.Ourestimatesoffairvaluearebaseduponassumptionsbelievedtobereasonablebutwhichareuncertainandinvolvesignificantjudgmentsbymanagement.

We reassess the fair value of contingent consideration quarterly until the contingency is resolved, and changes in the fair value are recorded in operatingincomeintheconsolidatedstatementsofoperations.

New Accounting Pronouncements

See Note2—SignificantAccountingPoliciestotheconsolidatedfinancialstatementsincludedelsewhereinthisreportforadescriptionofrecentaccountingpronouncements.

ITEM 7A. QuantitativeandQualitativeDisclosuresaboutMarketRisk

Other than our Revolving Credit Facility, which currently has no borrowings outstanding, we do not have any financial instruments that are exposed tosignificantmarketrisk.Wemaintainourcashandcashequivalentsinbankdepositsandshort-term,highlyliquidmoneymarketinvestments.Ahypothetical100-basispointincreaseordecreaseinmarketinterestrateswouldnothaveamaterialimpactonthefairvalueofourcashequivalentssecurities,orourearningsonsuchcashequivalents,butwouldhaveaneffectontheinterestpaidonborrowingsundertheRevolvingCreditFacility,ifany.AsofFebruary26,2018,therewereno borrowings under the Revolving Credit Facility. Increases in the Federal Funds interest rates may also affect contingent consideration payable toDepositAccounts.See Note6-BusinessAcquisition-2017Acquisitions-DepositAccounts.

Fluctuations in interest rates affect consumer demand for new mortgages and the level of refinancing activity which, in turn, affects lender demand formortgageleads.Typically,adeclineinmortgageinterestrateswillleadtoreducedlenderdemandforleadsfromthird-partysources,astherearemoreconsumersin the marketplace seeking refinancings and, accordingly, lenders receive more organic lead volume. Conversely, an increase in mortgage interest rates willtypically lead to an increase in lender demand for third-party leads, as there are fewer consumers in the marketplace and, accordingly, the supply of organicmortgageleadvolumedecreases.

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ITEM 8. FinancialStatementsandSupplementaryData

INDEX TO FINANCIAL STATEMENTS

PageNumber

LENDINGTREE,INC.ANDSUBSIDIARIES:ReportofIndependentRegisteredPublicAccountingFirm 47CONSOLIDATEDFINANCIALSTATEMENTS: ConsolidatedStatementsofOperationsandComprehensiveIncome 49 ConsolidatedBalanceSheets 50 ConsolidatedStatementsofShareholders'Equity 51 ConsolidatedStatementsofCashFlows 52 NotestoConsolidatedFinancialStatements 53

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Report of Independent Registered Public Accounting Firm

TotheBoardofDirectorsandShareholdersofLendingTree,Inc.

OpinionsontheFinancialStatementsandInternalControloverFinancialReporting

Wehave audited the accompanying consolidated balance sheets of LendingTree, Inc. and its subsidiaries as of December 31, 2017 and 2016, and the relatedconsolidated statements of operations and comprehensive income, of shareholders’ equity and of cash flows for each of the three years in the period endedDecember31,2017,includingtherelatednotes(collectivelyreferredtoasthe“consolidatedfinancialstatements”).WealsohaveauditedtheCompany'sinternalcontroloverfinancialreportingasofDecember31,2017,basedoncriteriaestablishedinInternal Control - Integrated Framework (2013)issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission(COSO).

Inouropinion,theconsolidatedfinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancialpositionoftheCompanyasofDecember31,2017and2016,andtheresultsoftheiroperationsandtheircashflowsforeachofthethreeyearsintheperiodendedDecember31,2017inconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Alsoinouropinion,theCompanymaintained,inallmaterialrespects,effectiveinternalcontroloverfinancialreportingasofDecember31,2017,basedoncriteriaestablishedinInternal Control - Integrated Framework (2013)issuedbytheCOSO.

BasisforOpinions

TheCompany'smanagementisresponsiblefortheseconsolidatedfinancialstatements,formaintainingeffectiveinternalcontroloverfinancialreporting,andforits assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial ReportingappearingunderItem9A.OurresponsibilityistoexpressopinionsontheCompany’sconsolidatedfinancialstatementsandontheCompany'sinternalcontroloverfinancial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules andregulationsoftheSecuritiesandExchangeCommissionandthePCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonableassurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internalcontroloverfinancialreportingwasmaintainedinallmaterialrespects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financialstatements,whetherduetoerrororfraud,andperformingproceduresthatrespondtothoserisks.Suchproceduresincludedexamining,onatestbasis,evidenceregardingtheamountsanddisclosuresintheconsolidatedfinancialstatements.Ourauditsalsoincludedevaluatingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationoftheconsolidatedfinancialstatements.Ourauditofinternalcontroloverfinancialreporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing andevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Ourauditsalsoincludedperformingsuchotherproceduresasweconsiderednecessaryinthecircumstances.Webelievethatourauditsprovideareasonablebasisforouropinions.

DefinitionandLimitationsofInternalControloverFinancialReporting

Acompany’sinternalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalcontroloverfinancialreportingincludesthosepoliciesandproceduresthat(i)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsand dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation ofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

/s/PricewaterhouseCoopersLLP

Charlotte,NorthCarolinaFebruary26,2018

WehaveservedastheCompany’sauditorsince2012.

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LENDINGTREE, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Year Ended December 31,

2017 2016 2015 (inthousands,exceptpershareamounts)

Revenue $ 617,736 $ 384,402 $ 254,216Costsandexpenses: Costofrevenue(exclusive of depreciation and amortization shown separately below) 17,223 13,764 9,370Sellingandmarketingexpense 432,784 261,100 172,849Generalandadministrativeexpense 71,541 37,227 30,030Productdevelopment 17,925 13,761 10,485Depreciation 7,085 4,944 3,008Amortizationofintangibles 12,992 1,243 149Changeinfairvalueofcontingentconsideration 23,931 — —Restructuringandseverance 404 122 422Litigationsettlementsandcontingencies 718 129 (611)

Total costs and expenses 584,603 332,290 225,702Operating income 33,133 52,112 28,514Other(expense)income,net: Interestexpense,net (7,028) (561) (171)Other(expense)income (396) 23 —

Income before income taxes 25,709 51,574 28,343Incometax(expense)benefit (6,291) (20,366) 22,973Net income from continuing operations 19,418 31,208 51,316Loss from discontinued operations, net of tax (3,840) (3,714) (3,269)Net income and comprehensive income $ 15,578 $ 27,494 $ 48,047

Weighted average shares outstanding: Basic 11,945 11,812 11,516Diluted 13,682 12,773 12,541

Income per share from continuing operations: Basic $ 1.63 $ 2.64 $ 4.46Diluted $ 1.42 $ 2.44 $ 4.09

Loss per share from discontinued operations: Basic $ (0.32) $ (0.31) $ (0.28)Diluted $ (0.28) $ (0.29) $ (0.26)

Net income per share: Basic $ 1.30 $ 2.33 $ 4.17Diluted $ 1.14 $ 2.15 $ 3.83

Theaccompanyingnotestoconsolidatedfinancialstatementsareanintegralpartofthesestatements.

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LENDINGTREE, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS

December 31, 2017 December 31, 2016

(inthousands,exceptparvalue

andshareamounts)ASSETS: Cashandcashequivalents $ 368,550 $ 91,131Restrictedcashandcashequivalents 4,091 4,089Accountsreceivable(netofallowanceof$675and$1,059,respectively) 53,444 41,382Prepaidandothercurrentassets 11,881 4,021Currentassetsofdiscontinuedoperations 75 —

Total current assets 438,041 140,623Propertyandequipment(netofaccumulateddepreciationof$13,043and$9,739,respectively) 36,431 35,462Goodwill 113,368 56,457Intangibleassets,net 81,125 71,684Deferredincometaxassets 20,156 14,610Othernon-currentassets 1,910 810Non-currentassetsofdiscontinuedoperations 2,428 3,781Total assets $ 693,459 $ 323,427

LIABILITIES: Accountspayable,trade $ 9,250 $ 5,593Accruedexpensesandothercurrentliabilities 77,183 49,403Currentcontingentconsideration 46,576 —Currentliabilitiesofdiscontinuedoperations(Note17) 14,507 11,711

Total current liabilities 147,516 66,707Long-termdebt 238,199 —Non-currentcontingentconsideration 11,273 23,600Othernon-currentliabilities 1,597 1,685Total liabilities 398,585 91,992Commitmentsandcontingencies(Notes12and13)SHAREHOLDERS' EQUITY: Preferredstock$.01parvalue;5,000,000sharesauthorized;noneissuedoroutstanding — —Commonstock$.01parvalue;50,000,000sharesauthorized;14,218,572and13,955,378sharesissued,respectively,and11,979,434and11,791,633sharesoutstanding,respectively 142 140Additionalpaid-incapital 1,087,582 1,018,010Accumulateddeficit (708,354) (722,630)Treasurystock;2,239,138and2,163,745shares,respectively (85,085) (64,085)Noncontrollinginterest(Note6) 589 —

Total shareholders' equity 294,874 231,435Total liabilities and shareholders' equity $ 693,459 $ 323,427

Theaccompanyingnotestoconsolidatedfinancialstatementsareanintegralpartofthesestatements.

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LENDINGTREE, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Common Stock Treasury Stock

Total Numberof Shares Amount

AdditionalPaid-inCapital

AccumulatedDeficit

Numberof Shares Amount

NoncontrollingInterest

(inthousands)

Balance as of December 31, 2014 $ 96,366 12,855 $ 129 $ 909,751 $ (798,171) 1,468 $ (15,343) $ —

Netincomeandcomprehensiveincome 48,047 — — — 48,047 — — —Non-cashcompensation 8,508 — — 8,508 — — — —Purchaseoftreasurystock (218) — — — — 6 (218) —Dividends (11) — — (11) — — — —Issuanceofcommonstockforstockoptions,restrictedstockawardsandrestrictedstockunits,netofwithholdingtaxes (7,613) 158 1 (7,614) — — — —Taxbenefitfromstock-basedawardactivity 4,601 — — 4,601 — — — —Proceedsfromequityoffering,netofofferingcosts 91,462 853 9 91,453 — — — —

Balance as of December 31, 2015 $ 241,142 13,866 $ 139 $ 1,006,688 $ (750,124) 1,474 $ (15,561) $ —

Netincomeandcomprehensiveincome 27,494 — — — 27,494 — — —Non-cashcompensation 9,647 — — 9,647 — — — —Purchaseoftreasurystock (48,524) — — — — 690 (48,524) —Issuanceofcommonstockforstockoptions,restrictedstockawardsandrestrictedstockunits,netofwithholdingtaxes (4,084) 89 1 (4,085) — — — —Taxbenefitfromstock-basedawardactivity 5,760 — — 5,760 — — — —

Balance as of December 31, 2016 $ 231,435 13,955 $ 140 $ 1,018,010 $ (722,630) 2,164 $ (64,085) $ —

Netincomeandcomprehensiveincome 15,578 — — — 15,578 — — —

Non-cashcompensation 23,361 — — 23,361 — — — —

Purchaseoftreasurystock (21,000) — — — — 75 (21,000) —Issuanceofcommonstockforstockoptions,restrictedstockawardsandrestrictedstockunits,netofwithholdingtaxes 1,601 263 2 1,599 — — — —CumulativeeffectadjustmentduetoASU2016-09 985 — — 2,287 (1,302) — — —Issuanceof0.625%ConvertibleSeniorNotes,net 60,415 — — 60,415 — — — —

Convertiblenotehedge (61,500) — — (61,500) — — — —

Saleofwarrants 43,410 — — 43,410 — — — —

Noncontrollinginterest(Note6) 589 — — — — — — 589Balance as of December 31, 2017 $ 294,874 14,218 $ 142 $ 1,087,582 $ (708,354) 2,239 $ (85,085) $ 589

Theaccompanyingnotestoconsolidatedfinancialstatementsareanintegralpartofthesestatements.

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Table of Contents

LENDINGTREE, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31, 2017 2016 2015 (inthousands)Cashflowsfromoperatingactivitiesattributabletocontinuingoperations:

Net income and comprehensive income $ 15,578 $ 27,494 $ 48,047Less:Lossfromdiscontinuedoperations,netoftax 3,840 3,714 3,269Incomefromcontinuingoperations 19,418 31,208 51,316Adjustmentstoreconcileincomefromcontinuingoperationstonetcashprovidedbyoperatingactivitiesattributabletocontinuingoperations: Lossondisposaloffixedassets 840 640 748Amortizationofintangibles 12,992 1,243 149Depreciation 7,085 4,944 3,008Rentalamortizationofintangiblesanddepreciation 1,474 — —Non-cashcompensationexpense 23,361 9,647 8,508Deferredincometaxes (6,370) 6,367 (29,969)Changeinfairvalueofcontingentconsideration 23,931 — —Baddebtexpense 195 515 337Amortizationofdebtissuancecosts 1,032 245 47Write-offofpreviously-capitalizeddebtissuancecosts 90 — —Amortizationofconvertibledebtdiscount 6,385 — —

Changesincurrentassetsandliabilities: Accountsreceivable (11,381) (8,361) (16,598)Prepaidandothercurrentassets (5,358) (1,558) (874)Incometaxesreceivable (1,104) 13,385 6,247Accountspayable,accruedexpensesandothercurrentliabilities 31,108 4,769 13,689

Other,net (160) 1,170 577Net cash provided by operating activities attributable to continuing operations 103,538 64,214 37,185Cashflowsfrominvestingactivitiesattributabletocontinuingoperations: Capitalexpenditures (8,040) (31,955) (7,237)Acquisitionofintangibleassets (5) (2,030) —AcquisitionofSnapCap (11,886) — —AcquisitionofDepositAccounts (25,000) — —AcquisitionofMagnifyMoney,netofcashacquired (29,504) — —AcquisitionofCompareCards — (81,182) —Acquisitionofotherbusinesses — (4,500) (37)(Increase)decreaseinrestrictedcash (2) 2,452 12,175

Net cash (used in) provided by investing activities attributable to continuing operations (74,437) (117,215) 4,901Cashflowsfromfinancingactivitiesattributabletocontinuingoperations: Proceedsfromexerciseofstockoptions,netofpaymentsrelatedtonet-sharesettlementofstock-basedcompensation 1,602 (4,085) (7,612)Proceedsfromtheissuanceof0.625%ConvertibleSeniorNotes 300,000 — —Paymentofconvertiblenotehedgetransactions (61,500) — —Proceedsfromthesaleofwarrants 43,410 — —Proceedsfromequityoffering,netofofferingcosts — (23) 91,484Paymentofdebtissuancecosts (10,486) (8) (1,215)Purchaseoftreasurystock (19,901) (48,524) (218)Dividends — — (131)

Net cash provided by (used in) financing activities attributable to continuing operations 253,125 (52,640) 82,308Total cash provided by (used in) continuing operations 282,226 (105,641) 124,394Discontinuedoperations:Netcashusedinoperatingactivitiesattributabletodiscontinuedoperations (4,807) (10,203) (3,631)

Total cash used in discontinued operations (4,807) (10,203) (3,631)Net increase (decrease) in cash and cash equivalents 277,419 (115,844) 120,763Cashandcashequivalentsatbeginningofperiod 91,131 206,975 86,212Cash and cash equivalents at end of period $ 368,550 $ 91,131 $ 206,975Supplemental cash flow information:Interestpaid $ 1,327 $ 320 $ 60Incometaxpayments 20,359 3,095 703Incometaxrefunds (133) (22) (96)

Theaccompanyingnotestoconsolidatedfinancialstatementsareanintegralpartofthesestatements.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1—ORGANIZATION

Company Overview

LendingTree,Inc.("LendingTree"orthe"Company"),istheparentofLendingTree,LLCandseveralcompaniesownedbyLendingTree,LLC.

LendingTreeoperateswhatitbelievestobetheleadingonlineloanmarketplaceforconsumersseekingloansandothercredit-basedofferings.TheCompanyoffersconsumerstoolsandresources,includingfreecreditscores,thatfacilitatecomparison-shoppingformortgageloans,homeequityloansandlinesofcredit,reversemortgageloans,autoloans,creditcards,depositaccounts,personalloans,studentloans,smallbusinessloansandotherrelatedofferings.TheCompanyprimarilyseekstomatchin-market consumerswithmultiplelendersonitsmarketplacewhocanprovidethemwithcompetingquotesfortheloans,depositsorcredit-based offerings they are seeking. The Company also serves as a valued partner to lenders seeking an efficient, scalable and flexible source of customeracquisitionwithdirectlymeasurablebenefits,bymatchingtheconsumerloaninquiriesitgenerateswiththeselenders.

Theconsolidatedfinancial statements includetheaccounts of LendingTreeandall its wholly-ownedentities. Intercompanytransactionsandaccounts havebeeneliminated.

Discontinued Operations

The LendingTree Loans business is presented as discontinued operations in the accompanying consolidated balance sheets, consolidated statements ofoperations and comprehensive income and consolidated cash flows for all periods presented. The notes accompanying these consolidated financial statementsreflecttheCompany'scontinuingoperationsand,unlessotherwisenoted,excludeinformationrelatedtothediscontinuedoperations.See Note17— DiscontinuedOperationsforadditionalinformation.

Basis of Presentation

TheaccompanyingconsolidatedfinancialstatementshavebeenpreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica("GAAP")andpursuanttotherulesandregulationsoftheU.S.SecuritiesandExchangeCommission("SEC").

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

TheCompanyderives its revenue primarily frommatch fees and closing fees. Revenue within the mortgage product category is primarily generated frommatchfeespaidbynetworklendersthatreceivealoanrequest,andinsomecasesupfrontfeesorclicksorcalltransfers.Inadditiontomatchandotherupfrontfees,revenuewithinthenon-mortgageproductcategoryisalsogeneratedfromclosingfeesandapprovalfees.

MatchfeesareearnedthroughthedeliveryofqualifiedloanrequeststhatoriginatedthroughtheCompany'swebsitesoraffiliates.TheCompanyrecognizesrevenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is reasonably assured.Deliveryisdeemedtohaveoccurredatthetimealoanrequestisdeliveredtothecustomer,providedthatnosignificantobligationsremain.

Closingfeesarederivedfromlendersoncertainauto,business,personalloantypesandstudentloanswhenatransactionisclosedwiththeconsumer.ClosedloanfeesandclosedsalefeesarerecognizedatthetimethelenderreportstheclosedloanorclosedsaletotheCompany,whichcouldbeseveralmonthsaftertheoriginalrequestistransmitted.Forconsumercreditcardloanrequests,theCompanysendstraffictoissuersandrecognizesrevenueatthetimeofcardapproval.

Cash and Cash Equivalents

Cashandcashequivalentsincludecashandshort-term,highlyliquidmoneymarketinvestmentswithoriginalmaturitiesofthreemonthsorless.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Restricted Cash

Cashescrowedorcontractuallyrestrictedforaspecificpurposeisdesignatedasrestrictedcash.

Accounts Receivable

Accountsreceivablearestatedatamountsduefromcustomers,netofanallowancefordoubtfulaccounts.

TheCompanydeterminesitsallowancefordoubtfulaccountsbyconsideringanumberoffactors,includingthelengthoftimeaccountsreceivablearepastdue,previouslosshistoryandthespecificcustomer'scurrentabilitytopayitsobligation.Accountsreceivableareconsideredpastduewhentheyareoutstandinglongerthanthecontractualpaymentterms.Accountsreceivablearewrittenoffwhenmanagementdeemsthemuncollectible.

Areconciliationofthebeginningandendingbalancesoftheallowancefordoubtfulaccountsisasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Balance, beginning of the period $ 1,059 $ 606 $ 349Chargestoearnings 195 515 337Write-offofuncollectibleaccountsreceivable (579) (62) (80)

Balance, end of the period $ 675 $ 1,059 $ 606

Loan Loss Obligations (Discontinued Operations)

TheCompany'sHomeLoanCenter,Inc.("HLC")subsidiary,whichduringitsperiodofactiveoperationprimarilyconductedbusinessasLendingTreeLoans,soldloansitoriginatedtoinvestorsonaservicing-releasedbasisandtheriskoflossordefaultbytheborrowerwasgenerallytransferredtotheinvestor.However,LendingTreeLoanswasrequiredbytheseinvestorstomakecertainrepresentationsrelatingtocreditinformation,loandocumentationandcollateral.TotheextentLendingTreeLoansdidnotcomplywithsuchrepresentations,LendingTreeLoansmayberequiredtorepurchaseloansorindemnifytheinvestorsforanylossesfromborrowerdefaults.LendingTreeLoansmaintainsaliabilityfortheestimatedexposurerelatingtosuchcontingentobligationsandchangestotheestimatearerecordedinincomefromdiscontinuedoperationsintheperiodstheyoccur.

TheCompanyestimatestheliabilityforloanlossesusingasettlementdiscountframework.Thisapproachestimatesthelifetimelossesonthepopulationofremaining loans originated and sold by LendingTree Loans using actual defaults for loans with similar characteristics and projected future defaults. It alsoconsiders thelikelihoodof claimsexpecteddueto allegedbreaches of representations andwarranties madebyLendingTreeLoansandthepercentageof thoseclaimsinvestors estimate LendingTreeLoansmayagreetorepurchase. TheCompanythenapplies asettlement discount factor totheresult of theforegoingtoreflect publicly-announcedbulksettlements forsimilar loantypesandvintages, theCompany's ownsettlement experience, aswell asLendingTreeLoans' non-operatingstatus,inordertoestimatearangeofpotentialliability.Changestoanyoneofthesefactorscouldsignificantlyimpacttheestimateoftheliabilityandcouldhaveamaterial impactontheCompany'sresultsofoperationsforanyparticular period.See Note17—DiscontinuedOperations—LendingTreeLoans—LoanLossObligationsforadditionalinformationontheloanlossreserve.

Segment Reporting

TheCompanyhasonereportablesegment.

Property and Equipment

Property and equipment, including internally-developed software and significant improvements, are recorded at cost less accumulated depreciation.Acquisition and construction costs for land and building is capitalized and depreciated over the applicable useful lives. Due to the rapid advancements intechnologyandevolutionofcompanyproducts,allinternally-developedsoftwareiswritten-offattheendofitsusefullife.Repairsandmaintenanceandanygainsorlossesondispositionsarerecognizedasincurredincurrentoperations.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Depreciationisrecordedonastraight-linebasistoallocatethecostofdepreciableassetstooperationsovertheirestimatedservicelives.Thefollowingtablepresentstheestimatedusefullivesforeachassetcategory:

Asset Category Estimated Useful Lives

Land N/ABuilding 34yearsSiteImprovements 1to15yearsComputerequipmentandcapitalizedsoftware 1to5yearsLeaseholdimprovements LesserofassetlifeorlifeofleaseFurnitureandotherequipment 3to7yearsAircraftandautomobile 5to10years

Software Development Costs

Software development costs primarily include internal and external labor expenses incurred to develop the software that powers the Company's websites.Certaincosts incurredduringtheapplicationdevelopment stageare capitalizedbasedonspecific activities tracked, while costs incurredduringthepreliminaryprojectstageandpost-implementation/operationstageareexpensedasincurred.Capitalizedsoftwaredevelopmentcostsareamortizedoveranestimatedusefullifeofonetothreeyears.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill acquiredinbusiness combinations is assignedtothereportingunits that are expectedtobenefit fromthecombinationas of theacquisitiondate.Goodwillandindefinite-livedintangibleassets,primarilytheCompany'stradenamesandtrademarks,arenotamortized.Rather,theseassetsaretestedannuallyforimpairmentasofOctober1,ormorefrequentlyupontheoccurrenceofcertaineventsorsubstantivechangesincircumstances.

As part of its annual impairment testing of goodwill and indefinite-lived intangible assets, in each instance, the Company may elect to assess qualitativefactors as a basis for determining whether it is necessary to perform the traditional quantitative impairment testing. If the Company’s assessment of thesequalitativefactorsindicatesthatit isnotmorelikelythannotthatthefairvalueofthereportingunitorindefinite-livedintangibleassetislessthanitscarryingvalue, thennofurther testingis required. Otherwise, the goodwill reportingunit or long-lived intangible assets, as applicable, must be quantitatively testedforimpairment.

Thequantitativetestforgoodwillimpairmentisdeterminedusingatwo-stepprocess.Thefirststepistocomparethefairvalueofareportingunitwithitscarryingamount,includinggoodwill.Inperformingthefirststep,theCompanydeterminesthefairvalueofitsreportingunitsbyusingamarketapproachandadiscountedcashflow("DCF")analysis. Determiningfair valueusingaDCFanalysis requires theexercise of significant judgments, includingjudgments aboutappropriatediscountrates,perpetualgrowthratesandtheamountandtimingofexpectedfuturecashflows.Ifthefairvalueofareportingunitexceedsitscarryingamount,goodwillofthereportingunitisnotimpairedandthesecondstepoftheimpairmenttestisnotrequired.Ifthecarryingamountofareportingunitexceedsitsfair value,thesecondstepofthegoodwill impairmenttestisrequiredtobeperformedtomeasuretheamountofimpairment, if any.Thesecondstepofthegoodwill impairment test compares the impliedfair value of thereportingunit's goodwill with thecarryingamount of that goodwill. Theimpliedfair valueofgoodwillisdeterminedinthesamemannerastheamountofgoodwillrecognizedinabusinesscombination.Ifthecarryingamountofthereportingunit'sgoodwillexceedstheimpliedfairvalueofthatgoodwill,animpairmentlossisrecognizedinanamountequaltothatexcess.

Thequantitativeimpairmenttestforindefinite-livedintangibleassetsinvolvesacomparisonoftheestimatedfairvalueoftheintangibleassetwithitscarryingvalue. If thecarryingvalueoftheindefinite-livedintangibleasset exceedsits estimatedfair value, animpairmentlossisrecognizedinanamountequaltothatexcess. The estimates of fair value of indefinite-lived intangible assets are determined using a DCF valuation analysis that employs a relief-from-royaltymethodologyinestimatingthefairvalueoftradenamesandtrademarks.Significantjudgmentsinherentinthisanalysisincludethedeterminationofroyaltyrates,discountrates,perpetualgrowthratesandtheamountandtimingoffuturerevenues.

For the October 1, 2017 and 2016 annual impairment tests of goodwill and indefinite-lived intangible assets, the Company elected to perform qualitativeassessmentsasaprecursortothetraditionalquantitativetests.ResultsoftheOctober1,2017and2016annualimpairmenttestsindicatedthatitisnotmorelikelythannotthatthefairvalueofthegoodwillandtheindefinite-livedintangibleassetswereeachlessthantheirrespectivecarryingvalues.Accordingly,nofurthertestingwasrequired.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Long-Lived Assets and Intangible Assets with Definite Lives

Long-livedassetsincludepropertyandequipmentandintangibleassetswithdefinitelives.Amortizationofdefinite-livedintangibleassetsisrecordedonastraight-linebasisovertheirestimatedlives.

Long-livedassetsaretestedforrecoverabilitywhenevereventsorchangesincircumstancesindicatethattheircarryingamountsmaynotberecoverable.Thecarrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventualdispositionoftheasset.Ifthecarryingamountisdeemedtonotberecoverable,animpairmentlossisrecordedastheamountbywhichthecarryingamountofthelong-livedassetexceedsitsfairvalue.

AtDecember31,2017and2016,theCompanyperformeditsreviewofimpairmenttriggeringeventsforlong-livedassetsanddeterminedthatatriggeringeventhadnotoccurred.

Fair Value Measurements

TheCompanycategorizesitsassetsandliabilitiesmeasuredatfairvalueintoafairvaluehierarchythatprioritizestheassumptionsusedinpricingtheassetorliabilityintothefollowingthreelevels:

• Level 1 :Observableinputs,suchasquotedpricesforidenticalassetsandliabilitiesinactivemarketsobtainedfromindependentsources.

• Level 2 :Otherinputsthatareobservabledirectlyorindirectly,suchasquotedpricesforsimilarassetsorliabilitiesinactivemarkets,quotedpricesforidenticalorsimilarassetsorliabilitiesinmarketsthatarenotactiveandinputsthatarederivedprincipallyfromorcorroboratedbyobservablemarketdata.

• Level 3 :UnobservableinputsforwhichthereislittleornomarketdataandwhichrequiretheCompanytodevelopitsownassumptions,basedonthebestinformationavailableunderthecircumstances,abouttheassumptionsmarketparticipantswoulduseinpricingtheassetorliability.

TheCompany'snon-financialassets,suchasgoodwill,intangibleassetsandpropertyandequipmentarerecordedatfairvalueuponacquisition.Theseassetsareremeasuredatfairvaluewhenthereisanindicatorofimpairmentandrecordedatfairvalueonlywhenanimpairmentchargeisrecognized.SuchfairvaluemeasurementsarebasedpredominantlyonLevel3inputs.

ContingentconsiderationpaymentsrelatedtoacquisitionsaremeasuredatfairvalueeachreportingperiodusingLevel3unobservableinputs.TheCompany'sestimates of fair value are based upon assumptions believed to be reasonable but which are uncertain and involve significant judgments by management. Anychangesinthefairvalueofthesecontingentconsiderationpaymentsareincludedinoperatingincomeintheconsolidatedstatementsofoperations.

Cost of Revenue

Costofrevenueconsistsprimarilyofexpensesassociatedwithcompensationandotheremployee-relatedcosts(includingstock-basedcompensation)relatedtointernally-operatedcustomercallcenters,third-partycustomercallcenterfees,creditscoringfees,creditcardfees,websitenetworkhostingandserverfees.

Product Development

Product development expense consists primarily of compensation and other employee-related costs (including stock-based compensation) and third-partylaborcoststhatarenotcapitalized,foremployeesandconsultantsengagedinthedesign,development,testingandenhancementoftechnology.

Advertising

Advertisingcosts areexpensedintheperiodincurred(except for productioncosts whichareinitially capitalizedandthenrecognizedasexpensewhentheadvertisementfirstruns)andprincipallyrepresentofflinecosts,includingtelevision,printandradioadvertising,andonlineadvertisingcosts,includingfeespaidtosearchenginesanddistributionpartners. Advertisingexpensewas$410.8million,$243.2millionand$159.2millionfortheyearsendedDecember31,2017,2016and2015,respectively,andisincludedinsellingandmarketingexpenseontheconsolidatedstatementsofoperationsandcomprehensiveincome.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Income Taxes

Incometaxesareaccountedforundertheliabilitymethod,anddeferredtaxassetsandliabilitiesarerecognizedforthefuturetaxconsequencesattributabletodifferencesbetweenthefinancialstatementcarryingamountsofexistingassetsandliabilitiesandtheirrespectivetaxbases.Inestimatingfuturetaxconsequences,allexpectedfutureeventsareconsidered.Deferredtaxassetsandliabilitiesaremeasuredusingenactedtaxratesineffectfortheyearinwhichthosetemporarydifferencesareexpectedtoberecoveredorsettled.Avaluationallowanceisprovidedondeferredtaxassetsifitisdeterminedthatitismorelikelythannotthatthe deferred tax asset will not be realized. Interest is recorded on potential tax contingencies as a component of income tax expense and recorded net of anyapplicablerelatedincometaxbenefit. FortheyearsendedDecember31,2017,2016and2015,theCompanyfollowedtheincremental or"with"and"without"approachtointraperiodtaxallocationfordeterminationoftheamountoftaxbenefit toallocatetocontinuingoperationsasprescribedinAccountingStandardsCodification("ASC")740-20-45-7withtheexceptionoftheallocationofthereleaseofthevaluationallowancefordeferredtaxassetswhichisgovernedbyASC740-10-45-20.

Inaccordancewiththeaccountingstandardforuncertaintyinincometaxes,liabilitiesforuncertaintaxpositionsarerecognizedbasedonthetwo-stepprocessprescribedbytheaccountingstandards.Thefirststepistoevaluatethetaxpositionforrecognitionbydeterminingiftheweightofavailableevidenceindicatesitismorelikelythannotthatthepositionwillbesustainedonaudit,includingresolutionofrelatedappealsorlitigationprocesses,ifany.Thesecondstepistomeasurethetaxbenefitasthelargestamountthatismorethan50%likelyofbeingrealizeduponultimatesettlement.

OnDecember22,2017,theSECstaffissuedStaffAccountingBulletinNo.118("SAB118"),whichprovidesguidanceonaccountingforthetaxeffectoftheTaxCutsandJobsAct("TCJA").SAB118providesameasurementperiodthatshouldnotextendbeyondoneyearfromtheTCJAenactmentdateforcompaniestocompletetheaccountingunderASC740.InaccordancewithSAB118,acompanymustreflecttheincometaxeffectsofthoseaspectsoftheTCJAforwhichtheaccountingunderASC740iscomplete.Totheextentthatacompany'saccountingforcertainincometaxeffectsoftheTCJAisincompletebutitisabletodetermineareasonableestimate,itmustrecordaprovisionalestimateinthefinancialstatements.InaccordancewithSAB118,theCompanyhasdeterminedthatthe$9.1millionofthedeferredtaxexpenserecordedinconnectionwiththeremeasurementofcertaindeferredtaxassetsandliabilitieswasaprovisionalamountanda reasonable estimate at December 31, 2017. Additional workis necessary for a more detailed analysis of our deferred taxassets andliabilities as well aspotentialcorrelativeadjustments.Anysubsequentadjustmentstotheseamountswillberecordedtocurrenttaxexpenseinthequarterof2018whentheanalysisiscomplete.

Stock-Based Compensation

The forms of stock-based awards granted to LendingTree employees are principally restricted stock units ("RSUs"), RSUs with performance conditions,restrictedstock,stockoptionsandstockoptionswithperformanceconditions.Further,performance-basedstockoptionswithmarketconditionsandtime-vestedrestrictedstockwithaperformanceconditionhavebeengrantedtotheCompany'sChairmanandChiefExecutiveOfficer.RSUsareawardsintheformofunits,denominatedinahypotheticalequivalentnumberofsharesofLendingTreecommonstockandwiththevalueofeachawardequaltothefairvalueofLendingTreecommonstockatthedateofgrant.RSUsmaybesettledincash,stockorboth,asdeterminedbytheCompany'sCompensationCommitteeatthetimeofgrant.TheCompanydoesnothaveahistoryofsettlingtheseawardsincash.Eachstock-basedawardissubjecttoservice-basedvesting,whereaspecificperiodofcontinuedemployment must pass before an award vests. The Compensation Committee can modify the vesting provisions of an award. Certain awards also includeperformance-basedvesting,wherecertainperformancetargetssetatthetimeofgrantmustbeachievedbeforeanawardvests.

LendingTree recognizes as expense non-cash compensation for all stock-based awards for which vesting is considered probable. Prior to the adoption ofAccountingStandardsUpdate("ASU")2016-09,theamountofnon-cashcompensationwasreducedbyestimatedforfeitures,usingarateestimatedatthegrantdatebasedonhistoricalexperienceandrevised,ifnecessary,insubsequentperiodsiftheactualforfeitureratedifferedfromtheestimatedrate.SubsequenttotheadoptionofASU2016-09inthefirstquarterof2017,forfeituresarerecognizedwhentheyoccur.

Forservice-basedawards,non-cashcompensationismeasuredatfair valueonthegrantdateandexpensedratablyoverthevestingterm.ThefairvalueofeachstockoptionawardwithoutamarketconditionisestimatedusingtheBlack-Scholesoptionpricingmodel,whilethefairvalueofanRSUorrestrictedstockaward is measured as the closing common stock price at the time of grant. For performance-based awards, the fair value is measured on the grant date andrecognizedasnon-cashcompensationexpense,consideringtheprobabilityofthetargetsbeingachieved.Performance-basedawardswithamarketconditionarevaluedusingaMonteCarlosimulationmodel.

SubsequenttotheCompany'sadoptionofASU2016-09inthefirstquarterof2017,excesstaxbenefitsanddeficienciesthatariseduetothedifferenceinthemeasureofstockcompensationandtheamountdeductiblefortaxpurposesareprospectively

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

recordedinincometaxexpensewithintheconsolidatedstatementofoperationsandcomprehensiveincome,andareretrospectivelyclassifiedasacomponentofoperatingcashflowswithintheconsolidatedstatements of cashflows. Prior totheadoptionof ASU2016-09, theseexcess taxbenefits wererecognizedintheconsolidatedstatementofshareholders'equityandreportedasacomponentoffinancingcashflows.ForadditionalinformationontheadoptionofASU2016-09,pleaseseethesectiontitled"RecentAccountingPronouncements"withinthisNote.

Litigation Settlements and Contingencies

Litigation settlements and contingencies consists of expenses related to actual or anticipated litigation settlements, in addition to legal fees incurred inconnectionwithvariouspatentlitigationclaimstheCompanypursuesagainstothers.

TheCompanyis involvedin legal proceedings onanongoingbasis. If the Companybelieves that a loss arisingfromsuchmatters is probable andcanbereasonablyestimated,theestimatedliabilityisaccruedintheconsolidatedfinancialstatements.Ifonlyarangeofestimatedlossescanbedetermined,anamountwithintherangeisaccruedthat,intheCompany'sjudgment,reflectsthemostlikelyoutcome;ifnoneoftheestimateswithinthatrangeisabetterestimatethananyotheramount,thelowendoftherangeisaccrued.Forthoseproceedingsinwhichanunfavorableoutcomeisreasonablypossiblebutnotprobable,anestimateof the reasonably possible loss or range of losses or a conclusion that an estimate of the reasonably possible loss or range of losses arising directly from theproceeding (i.e., monetary damages or amounts paid in judgment or settlement) are not material is disclosed. Legal expenses associated with these matters arerecognizedasincurred.

Accounting Estimates

ManagementisrequiredtomakecertainestimatesandassumptionsduringthepreparationoftheconsolidatedfinancialstatementsinaccordancewithGAAP.These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of theconsolidatedfinancialstatements.Theyalsoimpactthereportedamountofnetearningsduringanyperiod.Actualresultscoulddifferfromthoseestimates.

Significant estimates underlying the accompanying consolidated financial statements, including discontinued operations, include: loan loss obligations; therecoverability of long-lived assets, goodwill and intangible assets; the determination of income taxes payable and deferred income taxes, including relatedvaluationallowances;fairvalueofassetsacquiredinabusinesscombination;contingentconsiderationrelatedtobusinesscombinations;litigationaccruals;variousotherallowances,reservesandaccruals;andassumptionsrelatedtothedeterminationofstock-basedcompensation.

Certain Risks and Concentrations

LendingTree'sbusinessissubjecttocertainrisksandconcentrationsincludingdependenceonthird-partytechnologyproviders,exposuretorisksassociatedwithonlinecommercesecurityandcreditcardfraud.

Financial instruments, which potentially subject the Company to concentration of credit risk at December 31, 2017 , consist primarily of cash and cashequivalents and accounts receivable, as disclosed in the consolidated balance sheet. Cash and cash equivalents are in excess of Federal Deposit InsuranceCorporation insurance limits, but are maintained with quality financial institutions of high credit. The Company generally requires certain network lenders tomaintainsecuritydepositswiththeCompany,whichintheeventofnon-payment,wouldbeappliedagainstanyaccountsreceivableoutstanding.

Duetothenatureofthemortgagelendingindustry,interestratefluctuationsmaynegativelyimpactfuturerevenuefromtheCompany'slendermarketplace.

FortheyearsendedDecember31,2017,2016and2015,onemarketplacelenderaccountedfor11%,15%and11%oftotalrevenue,respectively.FortheyearsendedDecember31,2016and2015,anothermarketplacelenderaccountedforrevenuerepresenting13%and12%oftotalrevenue,respectively

LendersparticipatingontheCompany'smarketplacecanoffertheir productsdirectlytoconsumersthroughbrokers, massmarketingcampaignsorthroughothertraditionalmethodsofcreditdistribution.Theselenderscanalsooffertheirproductsonline,eitherdirectlytoprospectiveborrowers,throughoneormoreonline competitors, or both. If a significant number of potential consumers are able to obtain loans fromparticipating lenders without utilizing the Company'sservices, the Company's ability to generate revenue may be limited. Because the Company does not have exclusive relationships with the lenders whose loanofferingsareofferedonitsonlinemarketplace,consumersmayobtainoffersandloansfromtheselenderswithoutusingitsservice.

TheCompanymaintainsoperationssolelyintheUnitedStates.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Recent Accounting Pronouncements

In May 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-09 which clarifies when to account for a change to the terms orconditions of a share-based payment award as a modification. Under the newguidance, modification accounting is required only if the fair value, the vestingconditions or the classification of the award changes as a result of the change in terms or conditions. This ASUis effective prospectively for annual periodsbeginning on or after December 15, 2017, and early adoption was permitted. The Company does not expect a material impact to its consolidated financialstatementsasaresultofadoption.

In January 2017, the FASBissued ASU2017-04 which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwillimpairmentcharge(Step2ofthegoodwillimpairmenttest).Instead,animpairmentchargewillbebasedontheexcessofthecarryingamountoverthefairvalue.ThisASUiseffectiveforannualandinterimimpairmenttestsperformedinperiodsbeginningafterDecember15,2019.EarlyadoptionispermittedforannualandinterimgoodwillimpairmenttestingdatesafterJanuary1,2017.TheCompanyisevaluatingtheimpactthisASUwillhaveonitsconsolidatedfinancialstatementsandwhethertoearlyadopt.

InNovember2016,theFASBissuedASU2016-18whichisintendedtoreducethediversityintheclassificationandpresentationofchangesinrestrictedcashinthestatementofcashflows,byrequiringentitiestocombinethechangesincashandcashequivalentsandrestrictedcashinoneline.Asaresult,entitieswillnolongerpresenttransfersbetweencashandcashequivalentsandrestrictedcashinthestatementofcashflows.Inaddition,ifmorethanonelineitemisrecordedonthebalancesheetforcashandcashequivalentsandrestrictedcash,areconciliationbetweenthestatementofcashflowsandbalancesheetisrequired.ThisASUiseffective for annual and interim reporting periods beginning after December 15, 2017, and early adoption was permitted. The retrospective transition method,requiringadjustmenttoallcomparativeperiodspresented,isrequired.TheCompanyexpectsadoptionofthisASUtoresultinreclassificationsofrestrictedcashinflowsandoutflowsinthestatementofcashflows.

In August 2016, the FASBissued ASU2016-15 which addresses eight cash flow classification issues, eliminating the diversity in practice. This ASUiseffective for annual and interim reporting periods beginning after December 15, 2017, and early adoption was permitted. The retrospective transition method,requiring adjustment to all comparative periods presented, is required unless it is impracticable for someof the amendments, in whichcase those amendmentswould be prospectively applied as of the earliest date practicable. The Company expects adoption of this ASU to impact the classification of contingentconsiderationpayments.

InMarch2016,theFASBissuedASU2016-09whichsimplifiesvariousaspectsrelatedtohowshare-basedpaymentsareaccountedforandpresentedinthefinancial statements, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification of excess taxbenefitsonthestatementofcashflows.ThisASUwaseffectiveforannualandinterimreportingperiodsbeginningafterDecember15,2016,andearlyadoptionwaspermitted.Uponadoption,anyadjustmentsaretobereflectedasofthebeginningofthefiscalyearofadoption.TheCompanyadoptedthisASUduringthefirstquarterof2017.

The new standard requires excess tax benefits and deficiencies, which arise due to the difference in the measure of stock compensation and the amountdeductiblefortaxpurposes,toberecordedinearningsinincometaxexpense.Theseexcesstaxbenefitsanddeficienciesweregenerallypreviouslyrecordedinadditional paid-incapital andhadnoimpact onnet income. Thestandardrequiredprospectiveadoptionfor this portionofthenewguidance. During2017,theCompanyrecognized$12.9millionofexcesstaxbenefit,includingstatetaxes,inincometaxexpenseintheaccompanyingconsolidatedstatementsofoperationsand comprehensive income. Additionally, the new standard requires the excess tax benefits and deficiencies to be classified as an operating activity in theaccompanyingconsolidatedstatementsofcashflows.Theseexcesstaxbenefitsanddeficiencieswerepreviouslyrecordedasafinancingactivityinthestatementofcashflows.Thestandardallowedforeitherprospectiveorretrospectiveadoptionforthechangeinpresentationinthestatementofcashflows.TheCompanyelected to retrospectively adopt the classification change in the statement of cash flows. Accordingly, prior periods have been adjusted to increase the cashprovidedbyoperatingactivitiesanddecreasethecashprovidedbyfinancingactivitiesby$5.8millionand$4.6millionin2016and2015,respectively,withintheaccompanyingconsolidatedstatementsofcashflows.ThestandardalsoallowsforanelectionbytheCompanytoeitherestimateforfeitures,asrequiredunderprevious guidance, or recognize forfeitures when they occur. The Company elected to recognize forfeitures of stock awards as they occur, with the modifiedretrospectivetransitionmethodrequired.Accordingly,theCompanyrecognizeda$1.4millioncumulative-effectadjustmenttoretainedearningsasofJanuary1,2017.

InFebruary2016,theFASBissuedASU2016-02relatedtoleases. ThisASUrequires therecognitionofaright-of-useleaseasset andaleaseliability bylesseesforallleasesgreaterthanoneyearinduration.ThisASUiseffectiveforannualandinterimreportingperiodsbeginningafterDecember15,2018,withearlyadoptionpermitted.Theguidancemustbeadoptedusinga

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

modifiedretrospectivetransition.TheCompanyisevaluatingtheimpactthisASUwillhaveonitsconsolidatedfinancialstatementsandwhethertoearlyadopt.

InMay2014,theFASBissuedASU2014-09relatedtorevenuerecognition.ThisASUwasinitiatedasajointprojectbetweentheFASBandtheInternationalAccountingStandardsBoard("IASB")toclarifytheprinciplesforrecognizingrevenueandtodevelopacommonrevenuestandardforGAAPandinternationalfinancialreportingstandards("IFRS").ThisguidancewillsupersedetheexistingrevenuerecognitionrequirementsinASCTopic605,RevenueRecognitionandwassettobeeffectiveforannualreportingperiodsbeginningafterDecember15,2016.However,inJuly2015,theFASBdeferredtheeffectivedatebyoneyear,suchthatthestandardwillbeeffectiveforannualreportingperiodsbeginningafterDecember15,2017.TheASUcanbeapplied(i)retrospectivelytoeachpriorperiodpresentedor(ii) retrospectivelywiththecumulativeeffect ofinitiallyadoptingtheASUrecognizedatthedateofinitial application. InMarch2016,theFASB issued ASU 2016-08, which clarifies the principal versus agent guidance under ASU 2014-09. In April 2016, the FASB issued ASU 2016-10, whichclarifiestheidentificationofdistinctperformanceobligationsinacontract.InMay2016,theFASBissuedASU2016-12,whichclarifiestheguidanceonassessingcollectability,presentingsalestaxes,measuringnoncashconsiderationandcertainothertransitionmatters.TheclarificationASUsmustbeadoptedconcurrentlywiththeadoptionofASU2014-09.TheCompanywilladopttheASUsasofJanuary1,2018andapplythemodifiedretrospectivetransitionapproach.Underthisapproach, revenuefor2016and2017will bereportedintheconsolidatedstatementsofoperationsandcomprehensiveincomeunderASC605andrevenuefor2018willbereportedintheconsolidatedstatementsofoperationsandcomprehensiveincomeapplyingthenewASUs.Additionally,theCompanywilldiscloserevenuefor2018periodsunderASC605inthefootnotestothefinancialstatements.UnderthenewASUs,thetimingofrecognizingrevenueforclosingfeesandapprovalfeeswillbeacceleratedtothepointwhenaloanrequestoracreditcardconsumerisdeliveredtothecustomerasopposedtowhentheconsumerloanisclosedbythelenderorcreditcardapprovalismadebytheissuerandcommunicatedtotheCompany.TheCompanydoesnotexpecttheadoptionoftheASUstohaveamaterialeffectonannualrevenue,netincomefromcontinuingoperationsorfinancialposition.

NOTE 3—RESTRICTED CASH

Restrictedcashandcashequivalentsconsistsofthefollowing(in thousands) :

December 31, 2017 December 31, 2016

CashinescrowfromsaleofLendingTreeLoans(a) $ 4,034 $ 4,032Other 57 57Total restricted cash and cash equivalents $ 4,091 $ 4,089

(a) HLC, a subsidiary of the Company, continues to be liable for certain indemnification obligations, repurchase obligations and premium repaymentobligationsfollowingthesaleofsubstantiallyalloftheoperatingassetsofitsLendingTreeLoansbusinessinthesecondquarterof2012.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 —PROPERTY AND EQUIPMENT

Thebalanceofpropertyandequipment,netisasfollows(in thousands) :

December 31, 2017 December 31, 2016

Land $ 5,818 $ 5,818Building 14,984 14,679Siteimprovements 950 950Computerequipmentandcapitalizedsoftware 16,885 14,886Leaseholdimprovements 3,257 3,048Furnitureandotherequipment 1,203 826Aircraftandautomobile 2,621 1,988Projectsinprogress 3,756 3,006Total gross property and equipment 49,474 45,201Accumulateddepreciation (13,043) (9,739)Total property and equipment, net $ 36,431 $ 35,462

Unamortizedcapitalizedsoftwaredevelopmentcosts, inserviceorunderdevelopment, are$9.5millionand$9.4millionatDecember31,2017and2016,respectively. Capitalizedsoftwaredevelopmentdepreciationexpensewas$5.7million,$4.3millionand$2.6millionfortheyearsendedDecember31,2017,2016and2015,respectively.

In December 2016, the Company acquired two office buildings in Charlotte, North Carolina for $23.5 million in cash, which included $0.1 million inacquisition-relatedcostswhichwerecapitalized.TheCompanyintendstoutilizeoneorbothbuildingsinthefutureasthecorporateheadquartersandtocontinuetorentanyunusedspace.Theacquisitionhasbeenaccountedforasanassetpurchaseandtheallocationofthepurchasepricetotheassetsacquiredisasfollows(in thousands) :

Fair Value

WeightedAverage

Depreciation Life

Land $ 5,818 N/ABuilding 14,679 34.0yearsSiteimprovements 950 6.6yearsTenantleases 2,029 3.2yearsTotalpurchaseprice $ 23,476

FuturerentalincomefromthebuildingtenantsasofDecember31,2017underoperatingleaseagreementshavinganinitialorremainingnon-cancelableleaseterminexcessofoneyearareasfollows(in thousands) :

Year ending December 31, Amount

2018 $ 8152019 5582020 5742021 1882022 37Thereafter 102

Total $ 2,274

Rentalincomeof$1.6millionin2017isincludedinotherincomeontheaccompanyingconsolidatedstatementofoperationsandcomprehensiveincome.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5—GOODWILL AND INTANGIBLE ASSETS

Thebalanceofgoodwill,netisasfollows(in thousands) :

Goodwill Accumulated

Impairment Loss Net Goodwill

Balance at December 31, 2015 $ 486,720 $ (483,088) $ 3,632AcquisitionofCompareCards 52,450 — 52,450AcquisitionofSimpleTuition 375 — 375

Balance at December 31, 2016 $ 539,545 $ (483,088) $ 56,457AcquisitionofDepositAccounts 19,389 — 19,389AcquisitionofMagnifyMoney 23,784 — 23,784AcquisitionofSnapCap 13,738 — 13,738

Balance at December 31, 2017 $ 596,456 $ (483,088) $ 113,368

Thebalanceofintangibleassets,netisasfollows(in thousands) :

December 31, 2017 December 31, 2016

Intangibleassetswithindefinitelives $ 10,142 $ 10,142Intangibleassetswithdefinitelives,net 70,983 61,542Total intangible assets, net $ 81,125 $ 71,684

Goodwill and Indefinite-Lived Intangible Assets

TheCompany'sgoodwillisassociatedwithitsonereportablesegment.ThecarryingamountofgoodwillincreasedduringtheyearendedDecember31,2017due to the acquisitions of DepositAccounts, MagnifyMoney and SnapCap, and increased during the year ended December 31, 2016 due to the acquisitions ofCompareCards and SimpleTuition. See Note 6—Business Acquisitions for a discussion of the acquisitions and associated goodwill. Results of the annualimpairmenttestasofOctober1,2017indicatedthatnoimpairmenthadoccurred.

Intangible assets with indefinite lives relate to the Company's trademarks. Results of the annual impairment test as of October 1, 2017indicated thatnoimpairmenthadoccurred.

Intangible Assets with Definite Lives

Intangibleassetswithdefinitelivesrelatetothefollowing(dollars in thousands) :

Weighted AverageAmortization Life Cost

AccumulatedAmortization Net

Technology 4.2 years $ 37,500 $ (8,694) $ 28,806Customerlists 11.3 years 33,100 (3,239) 29,861Trademarksandtradenames 4.5 years 6,942 (1,992) 4,950Tenantleases 3.3 years 1,362 (504) 858Websitecontent 3.0 years 7,800 (1,300) 6,500Other 3.0 years 256 (248) 8Balance at December 31, 2017 $ 86,960 $ (15,977) $ 70,983

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Weighted AverageAmortization Life Cost

AccumulatedAmortization Net

Technology 4.0 years $ 28,300 $ (659) $ 27,641Customerlists 11.7 years 28,100 (639) 27,461Trademarksandtradenames 4.5 years 5,342 (937) 4,405Tenantleases 3.2 years 2,030 — 2,030Other 3.0 years 250 (245) 5Balance at December 31, 2016 $ 64,022 $ (2,480) $ 61,542

Amortizationofintangibleassetswithdefinitelivesiscomputedonastraight-linebasisand,basedonbalancesasofDecember31,2017,futureamortizationisestimatedtobeasfollows(in thousands) :

Amortization Expense

YearendingDecember31,2018 $ 16,250YearendingDecember31,2019 15,995YearendingDecember31,2020 13,970YearendingDecember31,2021 5,763YearendingDecember31,2022 3,902Thereafter 15,103Total intangible assets with definite lives, net $ 70,983

See Note 6—Business Acquisitions for a discussion of the DepositAccounts, MagnifyMoney, SnapCap and CompareCards acquisitions and associatedintangibles.

InDecember2016,theCompanyacquiredtwoofficebuildingsinCharlotte,NorthCarolina.See Note4—PropertyandEquipmentforadiscussionofthepurchaseandassociatedintangibles.

NOTE 6 —BUSINESS ACQUISITIONS

2017Acquisitions

SnapCap

OnSeptember19,2017,theCompanyacquiredcertainassetsofSnapCapitalLLC,whichdoesbusinessunderthenameSnapCap(“SnapCap”).SnapCap,atech-enabledonlineplatform,connectsbusinessownerswithlendersofferingsmallbusinessloans,linesofcreditandmerchantcashadvanceproductsthroughaconcierge-basedsalesapproach.

TheCompanypaid$11.9millionofinitialcashconsiderationandcouldmakeuptothreeadditionalcontingentconsiderationpayments,eachrangingfromzeroto$3.0 million , based on certain defined operating results during the periods of October 1, 2017 through September 30, 2018, October 1, 2018 throughSeptember30,2019andOctober1,2019throughMarch31,2020.Theseadditionalpayments,totheextentearned,willbepayableincash.Thepurchasepriceforthe acquisition is $18.2 million , comprised of the upfront cash payment of $11.9 million and $6.3 million for the estimated fair value of the contingentconsideration.

As of December 31, 2017, the estimated fair value of the contingent consideration totaled $7.0 million , which is included in non-current contingentconsiderationintheaccompanyingbalancesheet.Theestimatedfairvalueofthecontingentconsiderationpaymentsisdeterminedusinganoptionpricingmodel.The estimated value of the contingent consideration is based upon available information and certain assumptions, known at the time of this report, whichmanagement believesarereasonable. Anydifferencesintheactual contingent considerationpayments will berecordedinoperatingincomeintheconsolidatedstatements ofoperationsandcomprehensiveincome.During2017,theCompanyrecorded$0.7millionofcontingent considerationexpenseintheconsolidatedstatementofoperationsandcomprehensiveincomeduetothechangeinestimatedfairvalueofthecontingentconsideration.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Theacquisitionhasbeenaccountedforasabusinesscombination.During2017,theCompanycompletedthedeterminationofthefinalallocationofpurchasepricetotheassetsacquiredandliabilitiesassumedasfollows(in thousands) :

Fair Value

Networkingcapitalandotherassets $ 42Fixedassets 146Intangibleassets 4,300Goodwill 13,738Total purchase price $ 18,226

TheCompanyprimarilyusedtheincomeapproachforthevaluationasappropriate,andusedvaluationinputsinthesemodelsandanalysesthatwerebasedonmarket participant assumptions. Market participants are buyers and sellers unrelated to the Company and fair value is determined as the price that would bereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionatthemeasurementdate.

Theacquiredintangibleassetsaredefinite-livedassetsconsistingprimarilyofdevelopedtechnology,customerrelationshipsandtradenameandtrademarks.Theestimatedfairvaluesofthedevelopedtechnologyweredeterminedusingcostsavingsanalysis,thecustomerrelationshipsweredeterminedusingtheexcessearnings analysis method and the trade name and trademarks were determined using relief from royalty analysis. The fair value of the intangible assets withdefinitelivesareasfollows(dollars in thousands) :

Fair ValueWeighted AverageAmortization Life

Technology $ 400 3yearsCustomerlists 3,300 10yearsTradenameandtrademarks 600 5yearsTotal intangible assets $ 4,300 8.7 years

TheCompanyrecordedgoodwill of$13.7million, whichrepresents theexcessofthepurchasepriceovertheestimatedfair valueoftheintangibleassetsacquired. The goodwill is primarily attributable to SnapCap as a going concern which represents the ability of the Company to earn a higher return on thecollection of assets and business of SnapCap than if those assets were to be acquired and managed separately. The benefit of access to the workforce is anadditionalelementofgoodwill.ThegoodwillisrecordedintheCompany’sonereportablesegment.Forincometaxpurposes,theacquisitionwasanassetpurchaseand the goodwill will be tax deductible. Acquisition-related costs were $0.3 million in 2017 and are included in general and administrative expense on theconsolidatedstatementofoperationsandcomprehensiveincome.

MagnifyMoney

On June 20, 2017, the Company acquired the membership interests of Camino Del Avion (Delaware), LLC, which does business under the nameMagnifyMoney(“MagnifyMoney”)for$29.6millioncashconsiderationattheclosingofthetransaction.CaminodelAvion(Delaware), LLCwasimmediatelymerged with and into LendingTree, LLCfollowing such acquisition. MagnifyMoney is a leading consumer-facing media property that offers editorial content,expertcommentary,toolsandresourcestohelpconsumerscomparefinancialproductsandmakeinformedfinancialdecisions.TheCompanyalsohasanoptiontoacquireaforeignaffiliateforanestimatedfairvalueof$0.5millionatanytimeduringthethreeyearsaftertheclosing.ThisforeignaffiliateprovidestechnologyandresearchsupporttoMagnifyMoneyunderaservicesagreement.

Inaddition,theCompanyissuedtwokeyemployeesofMagnifyMoneyrestrictedstockunitawardsforatotalof38,468sharesofCompanycommonstock,andmayissueafurtherrestrictedstockunitawardfor19,234sharestoathirdkeyemployeeoftheforeignaffiliateshouldhebecomeemployedbytheCompanyfollowingtheCompany’sexerciseoftheoptiontoacquiretheforeignaffiliate.Thetotalvalueoftheserestrictedstockunitawardswas$10.0milliononJune20,2017.Alloftheserestrictedstockunitswillvest,ifatall,onthebasisofperformanceconditionsfollowingtheacquisition.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Theacquisitionhasbeenaccountedforasabusinesscombination.During2017,theCompanycompletedthedeterminationofthefinalallocationofpurchasepricetotheassetsacquiredandliabilitiesassumedasfollows(in thousands) :

Fair Value

Networkingcapital $ 921Intangibleassets 9,700Goodwill 23,784Deferredtaxliabilities (4,176)Noncontrollinginterest (637)Total purchase price $ 29,592

TheCompanyprimarilyusedtheincomeapproachforthevaluationasappropriate,andusedvaluationinputsinthesemodelsandanalysesthatwerebasedonmarket participant assumptions. Market participants are buyers and sellers unrelated to the Company and fair value is determined as the price that would bereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionatthemeasurementdate.

The acquired intangible assets are definite-lived assets consisting primarily of content, developed technology, customer relationships and trade name andtrademarks. The estimated fair values of the content was determined using excess earnings analysis, developed technology was determined using cost savingsanalysis,thecustomerrelationshipsweredeterminedusingthedistributormethodandthetradenameandtrademarksweredeterminedusingrelieffromroyaltyanalysis.

Thefairvalueoftheintangibleassetswithdefinitelivesareasfollows(dollars in thousands) :

Fair ValueWeighted AverageAmortization Life

Technology $ 200 3yearsCustomerlists 1,100 9yearsTradenameandtrademarks 600 4yearsContent 7,800 3yearsTotal intangible assets $ 9,700 3.7 years

The Company recorded goodwill of $23.8 million , which represents the excess of the purchase price over the estimated fair value of the tangible andintangibleassetsacquired,netoftheliabilitiesassumed.ThegoodwillisprimarilyattributabletoMagnifyMoneyasagoingconcernwhichrepresentstheabilityoftheCompanytoearnahigherreturnonthecollectionofassetsandbusinessofMagnifyMoneythanifthoseassetsweretobeacquiredandmanagedseparately.Thebenefitofaccesstotheworkforceisanadditionalelementofgoodwill.ThegoodwillisrecordedintheCompany’sonereportablesegment.Forincometaxpurposes,theacquisitionwasanequitypurchaseandthegoodwillwillnotbetaxdeductible.Acquisition-relatedcostswere$0.4millionin2017andareincludedingeneralandadministrativeexpenseontheconsolidatedstatementofoperationsandcomprehensiveincome.

The Company has determined that the foreign entity which provides technology and research support to MagnifyMoney under a services agreement is avariable interest entity whichmust be consolidated for financial reporting. TheCompanyhas recorded the assets, liabilities andnon-controlling interest in thisentityattheirestimatedfairvalue.

DepositAccounts

OnJune14,2017,theCompanyacquiredsubstantiallyalloftheassetsofDepositsOnline,LLC,whichdoesbusinessunderthenameDepositAccounts.com(“DepositAccounts”).DepositAccountsisaleadingconsumer-facingmediapropertyinthedepositoryindustryandisoneofthemostcomprehensivesourcesofdepositorydealsandanalysisontheInternet,coveringallmajordepositproductcategoriesthrougheditorialcontent,programmaticratetablesanduser-generatedcontent.

The Company paid $24.0 millionof initial cash consideration and could make additional contingent consideration payments of up to $9.0 million .Thepotentialcontingentconsiderationpaymentsarecomprisedof(i)uptosevenpaymentsof$1.0millioneachbasedonspecifiedincreasesinFederalFundsinterestratesduringtheperiodcommencingontheclosingdateandendingonJune30,2020and(ii)aone-timeperformancepaymentofupto$2.0millionbasedonthenetrevenueofdepositproductsduringtheperiodofJanuary1,2018throughDecember31,2018.Theseadditionalpayments,totheextentearned,willbepayablein

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

cash.Thepurchasepricefortheacquisitionis$29.0million,comprisedoftheupfrontcashpaymentof$24.0millionand$5.0millionfortheestimatedfairvalueofthecontingentconsiderationatthetimeofclosingtheacquisition.

Inthethirdquarterof2017,theCompanymadeapaymentof$1.0millionassociatedwithaspecifiedincreaseintheFederalFundsrateinJune2017.AsofDecember 31, 2017, the estimated fair value of the contingent consideration totaled $6.0 million , of which $1.7 million is included in current contingentconsiderationand$4.3millionisincludedinnon-currentcontingentconsiderationintheaccompanyingconsolidatedbalancesheet.TheestimatedfairvalueoftheportionofthecontingentconsiderationpaymentsbasedonincreasesininterestratesisdeterminedusingascenarioapproachbasedontheinterestrateforecastsofFederal OpenMarket Committeeparticipants. Theestimatedfair valueoftheportionof thecontingent considerationpayments potentially earnedbasedonnetrevenue is determined using an option pricing model. The estimated value of the contingent consideration is based upon available information and certainassumptions,knownatthetimeofthisreport,whichmanagementbelievesarereasonable.Anydifferencesintheactualcontingentconsiderationpaymentswillberecorded in operating income in the consolidated statements of operations and comprehensive income. During 2017, the Company recorded $2.0 million ofcontingentconsiderationexpenseintheconsolidatedstatementofoperationsandcomprehensiveincomeduetothechangeinestimatedfairvalueofthecontingentconsideration.

Theacquisitionhasbeenaccountedforasabusinesscombination.During2017,theCompanycompletedthedeterminationofthefinalallocationofpurchasepricetotheassetsacquiredandliabilitiesassumedasfollows(in thousands) :

Fair Value

Intangibleassets $ 9,600Goodwill 19,389Total purchase price $ 28,989

TheCompanyprimarilyusedtheincomeapproachforthevaluationasappropriate,andusedvaluationinputsinthesemodelsandanalysesthatwerebasedonmarket participant assumptions. Market participants are buyers and sellers unrelated to the Company and fair value is determined as the price that would bereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionatthemeasurementdate.

Theacquiredintangibleassetsaredefinite-livedassetsconsistingprimarilyofdevelopedtechnology,customerrelationshipsandtradenameandtrademarks.The estimated fair values of the developed technology were determined using excess earnings analysis, the customer relationships were determined using thedistributormethodandthetradenameandtrademarksweredeterminedusingrelieffromroyaltyanalysis.Thefairvalueoftheintangibleassetswithdefinitelivesareasfollows(dollars in thousands) :

Fair ValueWeighted AverageAmortization Life

Technology $ 8,600 5yearsCustomerlists 600 8yearsTradenameandtrademarks 400 4yearsTotal intangible assets $ 9,600 5.2 years

TheCompanyrecordedgoodwill of$19.4million, whichrepresents theexcessofthepurchasepriceovertheestimatedfair valueoftheintangibleassetsacquired.ThegoodwillisprimarilyattributabletoDepositAccountsasagoingconcernwhichrepresentstheabilityoftheCompanytoearnahigherreturnonthecollectionofassetsandbusinessofDepositAccountsthanifthoseassetsweretobeacquiredandmanagedseparately.Thebenefitofaccesstotheworkforceisanadditionalelementofgoodwill.ThegoodwillisrecordedintheCompany’sonereportablesegment.Forincometaxpurposes,theacquisitionwasanassetpurchaseand the goodwill will be tax deductible. Acquisition-related costs were $0.3 million in 2017 and are included in general and administrative expense on theconsolidatedstatementofoperationsandcomprehensiveincome.

2016Acquisitions

CompareCards

On November 16, 2016, the Company acquired all of the membership interests of Iron Horse Holdings, LLC, which does business under the nameCompareCards("CompareCards").CompareCardsisanonlinemarketingplatformforcreditcards,whichtheCompanyisutilizingtogrowitsexistingcreditcardbusiness.TheCompanypaid$80.7millionininitialcashconsideration

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and agreed to make two earnout payments, each up to $22.5 million , based on the amount of earnings before interest, taxes, depreciation and amortizationCompareCards generates during the periods of January 1, 2017 through December 31, 2017 and January 1, 2018 through December 31, 2018, or up to $45.0millioninaggregatepayments.Thepurchasepricefortheacquisitionis$103.8millioncomprisedofanupfrontcashpaymentof$80.7milliononNovember16,2016and$23.1millionfor the estimated fair value of the earnout payments at the timeof closing the acquisition. In February 2018, the Companypaid$22.5millionrelatedtotheearnoutpaymentfortheperiodofJanuary1,2017throughDecember31,2017.

AsofDecember31,2017,theestimatedfairvalueoftheearnoutpaymentstotaled$44.3million,whichisincludedincurrentcontingentconsiderationintheaccompanyingconsolidatedbalancesheet.Theestimatedfairvalueoftheearnoutpaymentsisdeterminedusinganoptionpricingmodel.Theestimatedvalueoftheearnoutpaymentsisbaseduponavailableinformationandcertainassumptions,knownatthetimeofthisreport,whichmanagementbelievesarereasonable.Any differences in the actual earnout payments from the current estimated fair value of the earnout payments will be recorded in operating income in theconsolidated statements of operations. During2017, the Companyrecorded$21.2millionof contingent consideration expense in the consolidated statement ofoperationsandcomprehensiveincomeduetothechangeinestimatedfairvalueoftheearnoutpayments.

The acquisition has been accounted for as a business combination. During 2017, the Company completed the determination of the final allocation of thepurchasepricewithrespecttotheassetsacquiredandliabilitiesassumedasfollows(in thousands) :

Fair Value

Accountsreceivable $ 3,538Intangibleassets 55,400Goodwill 52,450Accountspayableandaccruedliabilities (7,638)Total purchase price $ 103,750

TheCompanyprimarilyusedtheincomeapproachforthevaluationasappropriate,andusedvaluationinputsinthesemodelsandanalysesthatwerebasedonmarket participant assumptions. Market participants are buyers and sellers unrelated to the Company and fair value is determined as the price that would bereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionatthemeasurementdate.

Theacquiredintangibleassetsaredefinite-livedassetsconsistingprimarilyofdevelopedtechnology,customerrelationships,andtradenameandtrademarks.The estimated fair values of the developed technology was determined using excess earnings analysis, the customer relationships were determined using thedistributormethodandthetradenameandtrademarksweredeterminedusingrelieffromroyaltyanalysis.Thefairvalueoftheintangibleassetswithdefinitelivesareasfollows(dollars in thousands) :

Fair ValueWeighted AverageAmortization Life

Technology $ 27,900 4yearsCustomerlists 23,200 12yearsTradenameandtrademarks 4,300 5yearsTotal intangible assets $ 55,400 7.4 years

TheCompanyrecordedgoodwillof$52.5million,whichrepresentstheexcessofthepurchasepriceovertheestimatedfairvalueoftangibleandintangibleassets acquired, net of the liabilities assumed. The goodwill is primarily attributable to CompareCards as a going concern, which represents the ability of theCompanytoearna higherreturnonthecollectionof assets andbusinessof CompareCardsthanif thoseassets andbusinessweretobeacquiredandmanagedseparately. The benefit of access to the work force is an additional relevant element of goodwill. The goodwill is recorded in the Company’s onereportablesegment.Forincometaxpurposes,theacquisitionwasanassetpurchaseandthegoodwillwillbetaxdeductible.

Acquisition-related costs of $0.1 million and $0.4 million in 2017 and 2016, respectively, are included in general and administrative expense on theconsolidatedstatementofoperationsandcomprehensiveincome.

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SimpleTuition, Inc.

OnMay31,2016,theCompanyacquiredcertainassetsofSimpleTuition,Inc.("SimpleTuition"),aleadingonlinemarketingplatformforstudentloans,for$5.0millionofcashconsideration.Ofthepurchaseprice,$4.5millionwasfundedwithavailablecashonhandand$0.5millionwasheld-backinsatisfactionofanypotentialclaims.

Theacquisitionhasbeenaccountedforasabusinesscombination.DuringthequarterendedSeptember30,2016,theCompanycompleteditsdeterminationofthe final allocation of the purchase price with respect to the acquired assets. The Company has recorded the$5.0 millionpaid to the tangible and identifiableintangible assets based on their fair value, with the residual recorded to goodwill in the Company's one reportable segment. No liabilities were assumed.Acquisition-related costs were$0.1 million for 2016 and are included in general and administrative expense on the consolidated statements of operations andcomprehensiveincome.Theallocationofthepurchasepricetotheassetsacquiredisasfollows(dollars in thousands) :

Fair Value Weighted AverageAmortization Life

Accountsreceivable $ 125 N/ATotalintangibleassetswithdefinitelives,net $ 4,500 9.2yearsGoodwill $ 375 N/A

ThepurchasewasanassetacquisitionforincometaxpurposesandtheCompanywilldeducttherecognizedgoodwillforincometaxpurposes.TheacquisitionofSimpleTuitionwasnotconsideredsignificanttotheaccompanyingconsolidatedfinancialstatements.

Pro forma Financial Results and Other Information

The unaudited pro forma financial results for the years ended December 31, 2017 and 2016 combine the consolidated results of the Company andCompareCards, DepositAccounts, MagnifyMoney and SnapCap giving effect to the acquisitions as if the CompareCards acquisition had been completed onJanuary 1, 2015 and as if the DepositAccounts, MagnifyMoney and SnapCap acquisitions had been completed on January 1, 2016. This unaudited pro formafinancialinformationispresentedforinformationalpurposesonlyandisnotindicativeoffutureoperationsorresultshadtheacquisitionsbeencompletedasofJanuary1,2015or2016,oranyotherdate.

Theunauditedproformafinancialresultsincludeadjustmentsforadditionalamortizationexpensebasedonthefairvalueoftheintangibleassetswithdefinitelivesandtheirestimatedusefullives.TheprovisionforincometaxesfromcontinuingoperationshasalsobeenadjustedtoreflecttaxesonthehistoricalresultsofoperationsofCompareCards,DepositAccountsandSnapCap.CompareCards,DepositAccountsandSnapCapdidnotpaytaxesattheentitylevelastheseentitieswerelimitedliabilitycompanieswhosememberselectedforthemtobetaxedasapartnership.

2017 2016

(in thousands)Proformarevenue $ 626,578 $ 461,969Proformanetincomefromcontinuingoperations $ 19,575 $ 31,139

Theunauditedproformanetincomefromcontinuingoperationsin2017includetheaggregateaftertaxcontingentconsiderationexpenseassociatedwiththeCompareCards, DepositAccounts andSnapCapearnouts of$14.4million. The unaudited pro formanet incomefromcontinuing operations for 2016has beenadjustedtoincludeacquisition-relatedcostsof$1.0millionincurredbytheCompany,DepositAccounts,MagnifyMoneyandSnapCapthataredirectlyattributableto the acquisitions, which will not have an ongoing impact. Accordingly, the acquisition-related costs have been eliminated fromthe unaudited pro forma netincomefromcontinuingoperationsfor2017.

The Company’s consolidated results of operations include the results of the business acquisitions completed in 2017 as of the acquisition dates. In 2017,revenueof$9.2millionandnet incomefromcontinuingoperations of$1.5million, whichexcludes anycontingent consideration expense associated with theacquisitions,havebeenincludedintheCompany’sconsolidatedresultsofoperations.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7—ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accruedexpensesandothercurrentliabilitiesconsistofthefollowing(in thousands) :

December 31, 2017 December 31, 2016

Accruedlitigationliabilities $ 346 $ 736Accruedadvertisingexpense 40,727 26,976Accruedcompensationandbenefits 7,679 5,626Accruedprofessionalfees 2,072 1,411Customerdepositsandescrows 5,564 5,041ContributiontoLendingTreeFoundation 10,000 —Other 10,795 9,613Total accrued expenses and other current liabilities $ 77,183 $ 49,403

NOTE 8 —SHAREHOLDERS' EQUITY

Basicanddilutedincome(loss)persharewasdeterminedbasedonthefollowingsharedata(in thousands) :

Year Ended December 31,

2017 2016 2015Weighted average basic common shares 11,945 11,812 11,516Effectofstockoptions 1,626 886 866Effectofdilutiveshareawards 111 75 159EffectofConvertibleSeniorNotes — — —Weighted average diluted common shares 13,682 12,773 12,541

FortheyearendedDecember31,2017,theweightedaveragesharesthatwereanti-dilutive,andthereforeexcludedfromthecalculationofdilutedincomepershare,includedoptionstopurchase0.1millionsharesofcommonstock.

The0.625%ConvertibleSeniorNotesdueJune1,2022andthewarrantsissuedbytheCompanyinthesecondquarterof2017couldbeconvertedintotheCompany’scommonstockinthefuture,subjecttocertaincontingencies.See Note11—Debtforadditionalinformation.SharesoftheCompany’scommonstockassociatedwiththeseinstrumentswereexcludedfromthecalculationofdilutedincomepershareduring2017astheywereanti-dilutivesincetheconversionpriceoftheConvertibleSeniorNotesandthestrikepriceofthewarrantsweregreaterthantheaveragemarketpriceoftheCompany’scommonstock.

See Note9—Stock-BasedCompensationforafulldescriptionofoutstandingequityawards.

Common Stock Repurchases

IneachofJanuary2010,May2014,January2016andFebruary2016,theboardofdirectorsauthorizedandtheCompanyannouncedtherepurchaseofupto$10.0million,$10.0million,$50.0millionand$40.0million,respectively,ofLendingTree'scommonstock.DuringtheyearsendedDecember31,2017,2016and2015, theCompanypurchased75,393,690,218and5,250shares, respectively, of its commonstock for aggregate consideration of$21.0million,$48.5millionand$0.2million,respectively.AtDecember31,2017,$27.7millionremainsauthorizedforsharerepurchase.

Equity Offering

InNovember2015,theCompanycompletedanequityofferingof852,500sharesofitscommonstock.Thecommonstockwasissuedatapriceof$115.00pershare.TheCompanyreceivednetproceedsof$91.5million,afterdeductingapproximately$5.9millioninunderwritingdiscountsand$0.7millioninofferingexpenses.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9 —STOCK-BASED COMPENSATION

TheCompanycurrentlyhastwoactiveplans,theFifthAmendedandRestatedLendingTree2008StockandAnnualIncentivePlan(the"EquityAwardPlan")andtheLendingTree2017InducementGrantPlan(the"InducementPlan"),underwhichfutureawardsmaybegranted,whichcurrentlycoversoutstandingstockoptionstoacquiresharesoftheCompany'scommonstock,restrictedstock,RSUsandRSUswithperformanceconditions,andprovidesforthefuturegrantsoftheseandotherequityawards.UndertheEquityAwardPlanandtheInducementPlan,theCompanyisauthorizedtograntstockoptions,restrictedstock,RSUsandother equity-based awards for up to5.35millionand0.5millionshares, respectively, of LendingTree commonstock to employees, and, under the EquityAwardPlanonly,tonon-employeeconsultantsanddirectors.

TheEquityAwardPlanandInducementPlaneachhaveastatedtermoftenyearsandprovidethattheexercisepriceofstockoptionsgrantedwillnotbelessthanthemarketpriceofthecommonstockonthegrantdate.TheEquityAwardPlanandInducementPlandonotspecifygrantdatesorvestingschedules,asthosedeterminationsaredelegatedtotheCompensationCommitteeoftheboardofdirectors.Eachgrantagreementreflectsthevestingscheduleforthatparticulargrant,asdeterminedbytheCompensationCommittee.TheCompensationCommitteehastheauthoritytomodifythevestingprovisionsofanaward.

Non-cash compensation related to equity awards is included in the following line items in the accompanying consolidated statements of operations andcomprehensiveincome(in thousands) :

Year Ended December 31,

2017 2016 2015

Costofrevenue $ 175 $ 129 $ 95Sellingandmarketingexpense 3,973 2,722 1,597Generalandadministrativeexpense 16,874 4,699 5,120Productdevelopment 2,339 2,097 1,558Restructuringandseverance — — 138Total non-cash compensation $ 23,361 $ 9,647 $ 8,508

FortheyearsendedDecember31,2017,2016and2015,theCompanyrecognized$9.5million,$3.7millionand$3.0millionofincometaxbenefitrelatedtonon-cashcompensation.Additionally,fortheyearendedDecember31,2017,theCompanyrecognized$12.9millionofexcesstaxbenefit,includingstatetaxes,in income tax expense. See Note 2—Significant Accounting Policies—Recent Accounting Pronouncements, for additional information regarding excess taxbenefitsanddeficiencies.

Stock Options

Asummaryofthechangesinoutstandingstockoptionsisasfollows:

Number of Options

WeightedAverageExercise

Price

WeightedAverage

RemainingContractual

Term

AggregateIntrinsicValue (a)

(peroption) (inyears) (inthousands)

Outstanding at December 31, 2016 1,991,802 $ 21.23 Granted 112,059 207.79 Exercised (219,094) 31.29 Forfeited (21,028) 70.90 Expired — — Outstanding at December 31, 2017 1,863,739 $ 30.70 4.46 $ 577,295

Options exercisable 1,036,757 $ 11.56 2.34 $ 340,976

(a) Theaggregateintrinsicvaluerepresentsthetotalpre-taxintrinsicvalue(thedifferencebetweentheCompany'sclosingstockpriceof$340.45onthelasttradingdayof2017andtheexerciseprice,multipliedbythenumberofsharescoveredbyin-the-moneyoptions)thatwouldhavebeenreceivedbytheoption holder had the option holder exercised these options onDecember 31, 2017 . The intrinsic value changes based on the market value of theCompany'scommonstock.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AsofDecember31,2017,therewasapproximately$12.1millionofunrecognizedcompensationcostrelatedtostockoptions.Thesecostsareexpectedtoberecognizedoveraweighted-averageperiodofapproximately0.6years.

Uponexercise, the intrinsic value represents the pre-tax difference betweenthe Company's closingstockprice onthe exercise date andthe exercise price,multipliedbythenumberofstockoptionsexercised.DuringtheyearsendedDecember31,2017,2016and2015,thetotalintrinsicvalueofstockoptionsthatwere exercised was $27.7 million ,$0.3 million and$5.9 million , respectively. Cash received from stock option exercises and the related actual tax benefitrealizedwere$6.9millionand$11.3million,respectively,fortheyearendedDecember31,2017.

DuringtheyearsendedDecember31,2017,2016and2015,theCompanygrantedstockoptionswithaweightedaveragegrantdatefairvaluepershareof$105.15,$40.05,and$27.60,respectively,ofwhichthevestingperiodsinclude(a)immediatelyupongrant,(b)fivemonthsfromthegrantdate,(c)oneyearfromthegrantdate,(d)50%overaperiodoftwoyearsfromthegrantdate,(e)25%and75%overaperiodof1.7yearsand2.7years,respectively,(f)33%overaperiodofthreeyearsfromthegrantdate,(g)25%and75%overaperiodoftwoyearsandthreeyears,respectively,(h)fouryearsfromthegrantdateand(i)25%overaperiodoffouryearsfromthegrantdate.

Forpurposesofdeterminingstock-basedcompensationexpense,theweightedaveragegrantdatefairvaluepershareofthestockoptionswasestimatedusingtheBlack-Scholesoptionpricingmodel,whichrequirestheuseofvariouskeyassumptions.Theweightedaverageassumptionsusedareasfollows:

Year Ended December 31,

2017 2016 2015

Expectedterm(1) 5.00-7.00years 5.22-6.38years 5.21-6.23yearsExpecteddividend(2) — — —Expectedvolatility(3) 51%-52% 48%-53% 38%-48%Risk-freeinterestrate(4) 1.74%-2.24% 1.10%-2.18% 1.65%-2.01%

(1) Theexpectedtermofstockoptionsgrantedwascalculatedusingthe'SimplifiedMethod',whichutilizesthemidpointbetweentheweightedaveragetimeofvestingandtheendofthecontractualterm.ThismethodwasutilizedforthestockoptionsduetoalackofhistoricalexercisebehaviorbytheCompany'semployees.

(2) ForallstockoptionsgrantedduringtheyearsendedDecember31,2017,2016and2015,nodividendsareexpectedtobepaidoverthecontractualtermofthestockoptions,resultinginazeroexpecteddividendrate.

(3) TheexpectedvolatilityrateisbasedonthehistoricalvolatilityoftheCompany'scommonstock.

(4) The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparableexpectedtermsastheawards,ineffectatthegrantdate.

During the years ended December 31, 2017 , 2016 and 2015 , the total fair value of options vested was $4.1 million , $0.9 million and $0.8 million ,respectively.

Stock Options with Performance Conditions

During2017,theCompanygrantedstockoptionswithperformanceconditionswithaweightedaveragegrantdatefairvaluepershareof$152.45,ofwhichvestingperiodsrangefrom1.2yearsto2.2years,pendingtheattainmentofcertainperformancetargetssetatthetimeofgrant.

71

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Asummaryofthechangesinoutstandingstockoptionswithperformanceconditionsisasfollows:

Number of Options

WeightedAverageExercise

Price

WeightedAverage

RemainingContractual

Term

AggregateIntrinsicValue (a)

(peroption) (inyears) (inthousands)

Outstanding at December 31, 2016 — $ — Granted 37,877 308.90 Exercised — — Forfeited — — Expired — — Outstanding at December 31, 2017 37,877 $ 308.90 9.95 $ 1,195

Options exercisable — $ — 0.00 $ —

(a) Theaggregateintrinsicvaluerepresentsthetotalpre-taxintrinsicvalue(thedifferencebetweentheCompany'sclosingstockpriceof$340.45onthelasttradingdayof2017andtheexerciseprice,multipliedbythenumberofsharescoveredbyin-the-moneyoptions)thatwouldhavebeenreceivedbytheoption holder had the option holder exercised these options onDecember 31, 2017 . The intrinsic value changes based on the market value of theCompany'scommonstock.

AsofDecember31,2017,therewasapproximately$2.3millionofunrecognizedcompensationcostrelatedtostockoptionswithperformanceconditions.Thesecostsareexpectedtoberecognizedoveraweighted-averageperiodofapproximately1.6years.

AsofDecember31,2017,theperformanceconditionsassociatedwiththeperformance-basednonqualifiedstockoptionshadnotbeenmet.

Forpurposesofdeterminingstock-basedcompensationexpense,theweightedaveragegrantdatefairvaluepershareofthestockoptionswasestimatedusingtheBlack-Scholesoptionpricingmodel,whichrequirestheuseofvariouskeyassumptions.Theweightedaverageassumptionsusedareasfollows:

Expectedterm(1) 5.5-6.00yearsExpecteddividend(2) —Expectedvolatility(3) 51%Risk-freeinterestrate(4) 2.16%-2.23%

(1) Theexpectedtermofstockoptionsgrantedwascalculatedusingthe'SimplifiedMethod',whichutilizesthemidpointbetweentheweightedaveragetimeofvestingandtheendofthecontractualterm.ThismethodwasutilizedforthestockoptionsduetoalackofhistoricalexercisebehaviorbytheCompany'semployees.

(2) ForallstockoptionsgrantedduringtheyearendedDecember31,2017,nodividendsareexpectedtobepaidoverthecontractualtermofthestockoptions,resultinginazeroexpecteddividendrate.

(3) TheexpectedvolatilityrateisbasedonthehistoricalvolatilityoftheCompany'scommonstock.

(4) The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparableexpectedtermsastheawards,ineffectatthegrantdate.

72

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Restricted Stock Units

AsummaryofthechangesinoutstandingnonvestedRSUsisasfollows:

RSUs

Number of Units

Weighted Average GrantDate

Fair Value

(perunit)

Nonvested at December 31, 2016 152,374 $ 65.64Granted(a) 94,783 152.45Vested (78,631) 57.92Forfeited (15,697) 82.99Nonvested at December 31, 2017 152,829 $ 121.68

(a) ThegrantdatefairvaluepershareoftheRSUsiscalculatedastheclosingmarketpriceofLendingTree'scommonstockatthetimeofgrant.

As of December 31, 2017 , there was approximately $13.9 million of unrecognized compensation cost related to RSUs. These costs are expected to berecognizedoveraweighted-averageperiodofapproximately1.8years.

ThetotalfairvalueofRSUsthatvestedduringtheyearsendedDecember31,2017,2016and2015was$11.5million,$10.1millionand$11.0million,respectively.

Restricted Stock

Asummaryofthechangesinoutstandingnonvestedrestrictedstockisasfollows:

Restricted Stock

Number of Shares

Weighted Average GrantDate

Fair Value

(pershare)

Nonvested at December 31, 2016 14,464 $ 25.14Granted — —Vested (14,464) 25.14Forfeited — —Nonvested at December 31, 2017 — $ —

ThetotalfairvalueofrestrictedstockthatvestedduringtheyearsendedDecember31,2017,2016and2015was$2.1million,$3.9millionand$4.1million,respectively.

Restricted Stock Units with Performance Conditions

During2017and2016,theCompanygrantedRSUswithperformanceconditionstocertainemployees,ofwhichvestingperiodsrangefrom0.33yearsto4.00years,pendingtheattainmentofcertainperformancetargetssetatthetimeofgrant.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AsummaryofthechangesinoutstandingnonvestedRSUswithperformanceconditionsisasfollows:

RSUs with Performance Conditions

Number of Units Weighted Average

Grant Date Fair Value

(perunit)

Nonvested at December 31, 2016 44,509 $ 88.28Granted(a) 80,880 186.85Vested (1,931) 96.46Forfeited (12,253) 83.60Nonvested at December 31, 2017 111,205 $ 160.34

(a) ThegrantdatefairvaluepershareoftheRSUswithperformanceconditionsiscalculatedastheclosingmarketpriceofLendingTree'scommonstockatthetimeofgrant.

AsofDecember31,2017,therewasapproximately$13.5millionofunrecognizedcompensationcostrelatedtoRSUswithperformanceconditions.Thesecostsareexpectedtoberecognizedoveraweighted-averageperiodofapproximately1.7years.

ThetotalfairvalueofRSUswithperformanceconditionsthatvestedduringtheyearsendedDecember31,2017and2016was$0.4millionand$0.2million,respectively.

Chairman and Chief Executive Officer Grants

OnJuly25, 2017, theCompany’sCompensationCommitteeapprovednewcompensationarrangements for its ChairmanandChief ExecutiveOfficer. Thenewcompensationarrangementsincludetheissuanceofperformancebasedequitycompensationgrantswithamodeledtotalgrantdatevalueof$87.5millionofwhich25%(119,015shares) wouldbeintheformoftime-vestedrestrictedstockawardswitha performanceconditionand 75%(amaximumof 769,376shares)wouldbeintheformofperformance-basednonqualifiedstockoptions.

StockOptionswithMarketConditions

Theperformance-basednonqualifiedstockoptionshaveatargetnumberofsharesthatvestuponachievingtargetedtotalshareholderreturnperformanceof110%stockpriceappreciationandamaximumnumberofsharesforachievingsuperiorperformanceupto167%ofthetargetnumberofshares.Noshareswillvestunless70%ofthetargetedperformanceisachieved.Time-basedservicevestingconditionswouldalsohavetobesatisfiedinorderforperformance-vestedshares tobecomefully vestedandnolongersubject to forfeiture. Inconnectionwiththenewcompensationarrangements, onJuly26, 2017, aninitial grant ofperformance-basednonqualifiedstockoptionswithatarget numberofsharesof402,694andamaximumnumberofsharesof 672,499wereissuedwithanexercisepriceof$183.80,theclosingstockpriceonJuly26,2017.Thefairvalueoftheperformance-basedstockoptionswillberecognizedonastraight-linebasisthroughthevestdateofSeptember30,2022,whetherornotanyofthetotalshareholderreturntargetsaremet.IntheyearendedDecember31,2017,theCompany recorded $4.8 million in stock-based compensation expense related to these stock options in the consolidated statement of operations andcomprehensiveincome.

The Company's Equity Award Plan imposes a per employee upper annual grant limit of 672,500 shares. As a result, the remaining 58,010 targetperformance-basednonqualifiedstockoptionsandpotentialperformance-basedrestrictedstockawardswereawardedonJanuary2,2018.Theformoftheawardsconsistedof31,336performance-based nonqualified stock options with a per share exercise price of $340.25,and26,674performance-basedrestrictedstockawards,substitutingforanequalnumberoftheperformance-basedoptions,tocompensatefortheincreaseintheexercisepriceoftheperformance-basedoptiongrantedonJuly26,2017.AsofDecember31,2017,theCompanyestimatedthefairvalueoftheremaining58,010targetsharesusingaMonteCarlosimulationmodelandtheCompany'scommonstockpriceonDecember31,2017torecordmark-to-marketexpenseassociatedwiththecommitmenttoissuethesharesonJanuary2,2018.IntheyearendedDecember31,2017,theCompanyrecorded$1.0millioninstock-basedcompensationexpenserelatedtothesestockoptionsbasedonthecurrentestimatedfairvalueonastraight-linebasis.

As of December 31, 2017, performance-based nonqualified stock options of 167,742and performance-based restricted stock awards of 10,309hadbeenearned,whichhaveavestdateofSeptember30,2022.

74

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Asummaryofchangesinoutstandingstockoptionswithmarketconditionsisasfollows:

Number of Optionswith MarketConditions

WeightedAverageExercise

Price

WeightedAverage

RemainingContractual

Term

AggregateIntrinsicValue (a)

(peroption) (inyears) (inthousands)

Outstanding at December 31, 2016 — $ —

Granted(b) 402,694 183.80

Exercised — —

Forfeited — —

Expired — —

Outstanding at December 31, 2017 402,694 183.80 9.57 $ 63,082

Options exercisable — $ — 0.00 $ —

(a) Theaggregateintrinsicvaluerepresentsthetotalpre-taxintrinsicvalue(thedifferencebetweentheCompany'sclosingstockpriceof$340.45onthelasttradingdayof2017andtheexerciseprice,multipliedbythenumberofsharescoveredbyin-the-moneyoptions)thatwouldhavebeenreceivedbytheoption holder had the option holder exercised these options on December 31, 2017. The intrinsic value changes based on the market value of theCompany'scommonstock.

(b) During2017,theCompanygrantedstockoptionswithagrantdatefairvaluepershareof$142.45,calculatedusingtheMonteCarlosimulationmodel,whichhaveavestingdateofSeptember30,2022.

Forpurposesofdeterminingstock-basedcompensationexpense,thegrantdatefairvaluepershareofthestockoptionswasestimatedusingtheMonteCarlosimulationmodel,whichrequirestheuseofvariouskeyassumptions.Theassumptionsusedareasfollows:

Expectedterm(1) 7.50yearsExpecteddividend(2) —Expectedvolatility(3) 50%Risk-freeinterestrate(4) 2.12%

(1) Theexpectedtermofstockoptionswithamarketconditiongrantedwascalculatedusingthemidpointbetweentheweightedaveragetimeofvestingandtheendofthecontractualterm.

(2) Forallstockoptionswithamarketconditiongrantedin2017,nodividendsareexpectedtobepaidoverthecontractualtermofthestockoptions,resultinginazeroexpecteddividendrate.

(3) TheexpectedvolatilityrateisbasedonthehistoricalvolatilityoftheCompany'scommonstock.

(4) The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparableexpectedtermsastheawards,ineffectatthegrantdate.

AsofDecember31,2017,therewasapproximately$52.6millionofunrecognizedcompensationcostrelatedtostockoptionswithmarketconditions.Thesecostsareexpectedtoberecognizedoveraweighted-averageperiodofapproximately4.8years.

Time-VestedRestrictedStockAwardswithPerformanceConditions

OnJanuary2,2018,119,015restrictedstockawardswithtime-vestingandaperformanceconditionweregranted.ThetermsoftheseawardswerefixedintheapprovednewcompensationagreementsinJuly2017.In2017,theCompanyrecorded$3.1millioninstock-basedcompensationtoreflectthecommitmenttoissuethesharesintheconsolidatedstatementofoperationsandcomprehensiveincome.TheperformanceconditionistiedtotheCompany'soperatingresultsduringthefirstsixmonthsof2018.AsofDecember31,2017,theperformanceconditionassociatedwiththeawardshadnotbeenmet.

75

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 10 —INCOME TAXES

Income Tax Provision

Thecomponentsoftheincometaxexpense(benefit)areasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Currentincometaxexpense: Federal $ 10,055 $ 11,519 $ 5,847State 2,606 2,480 1,149

Current income tax expense 12,661 13,999 6,996Deferredincometax(benefit)provision: Federal (3,805) 3,703 (19,676)State (2,565) 2,664 (10,293)

Deferred income tax (benefit) provision (6,370) 6,367 (29,969)Income tax expense (benefit) $ 6,291 $ 20,366 $ (22,973)

A reconciliation of the income tax expense (benefit) to the amounts computed by applying the statutory federal income tax rate to income (loss) fromcontinuingoperationsbeforeincometaxesisshownasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Incometaxexpenseatthefederalstatutoryrateof35% $ 8,998 $ 18,051 $ 9,920Stateincometaxes,netofeffectoffederaltaxbenefit (268) 4,038 1,480ImpactofTaxCutsandJobsAct 9,062 — —ExcessTaxDeductionsonNon-CashCompensation (11,134) — —Changein(releaseof)valuationallowance 593 (416) (34,409)Researchandexperimentationtaxcredit (1,318) (2,574) —Other,net 358 1,267 36Income tax expense (benefit) $ 6,291 $ 20,366 $ (22,973)

Duringthefourthquarterof2017,LendingTreerecordedanettaxexpenseof$9.1millionrelatedtotheenactmentoftheTCJA.TheexpenseisprimarilyrelatedtotheremeasurementofLendingTree’sdeferredtaxassetsandliabilitiesconsideringtheTCJA’snewlyenactedtaxratesandcertainotherimpacts.ThedeterminationofvaluationofthedeferredtaxassetsandliabilitiesrelatedtotheTCJAisprovisionalandissubjecttoadjustmentduringameasurementperiodofuptooneyearfollowingtheDecember2017enactmentoftheTCJA,asprovidedbyrecentSECguidance.

76

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Deferred Income Taxes

Thetaxeffectsofcumulativetemporarydifferencesthatgiverisetosignificantportionsofthedeferredtaxassetsanddeferredtaxliabilitiesareasfollows(inthousands) :

December 31,

2017 2016

Deferredtaxassets: Provisionforaccruedexpenses $ 4,368 $ 8,056Netoperatinglosscarryforwards(a) 6,296 8,548Non-cashcompensationexpense 8,929 5,699Goodwill — 1,825Contingentliabilities 6,666 —Other 2,138 139

Totalgrossdeferredtaxassets 28,397 24,267Less:valuationallowance(b) (2,694) (2,101)Total deferred tax assets, net of the valuation allowance 25,703 22,166Deferredtaxliabilities: Intangibleandotherassets (1,960) (2,704)Other (1,160) (1,071)

Total gross deferred tax liabilities (3,120) (3,775)Net deferred taxes $ 22,583 $ 18,391

(a) AtDecember31,2017,theCompanyhadpre-taxconsolidatedfederalnetoperatinglosses("NOLs")of$5.8million.ThefederalNOLswillexpirein2030.TheCompany'sNOLswillbeavailabletooffsettaxableincome(untilsuchNOLsareeitherusedorexpire)subjecttotheInternalRevenueCodeSection382annuallimitation.Inaddition,theCompanyhasstateNOLsofapproximately$190.4millionatDecember31,2017thatwillexpireatvarioustimesbetween2018and2038.

(b) Thevaluationallowanceisrelatedtoitemsforwhichitis"more likely than not" thatthetaxbenefitwillnotberealized.

Deferredincometaxesarepresentedintheaccompanyingconsolidatedbalancesheetsasfollows(in thousands) :

December 31,

2017 2016

Deferredincometaxassets $ 20,156 $ 14,610Non-currentassetsofdiscontinuedoperations 2,427 3,781Net deferred taxes $ 22,583 $ 18,391

Valuation Allowance

Avaluationallowanceisprovidedondeferredtaxassetsifitisdeterminedthatitis"more likely than not" thatthedeferredtaxassetwillnotberealized.Asofeachreportingdate,managementconsidersbothpositiveandnegativeevidenceregardingthelikelihoodoffuturerealizationofthedeferredtaxassets.

Inthefourthquarterof2015theCompanyconcluded,baseduponallavailableevidence,itwasmorelikelythannotitwouldhavesufficientfuturetaxableincometorealize themajority of its net deferredtaxassets. Asa result, theCompanyreleasedthemajority of thevaluationallowancein 2015. TheCompanysignificantly improved its operating performance in 2015, emerged from cumulative losses in previous years due to a cumulative profit position and projectstaxable income in future years. While the Company believes the assumptions included in its projections of future taxable income are reasonable, if the actualresults vary from expected results due to unforeseen changes in the economy or mortgage industry, or other factors, the Company may need to make futureadjustmentstothevaluationallowanceforall,oraportion,ofthenetdeferredtaxassets.AtDecember31,2017

77

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and2016,theCompanyrecordedapartialvaluationallowanceof$2.7millionand$2.1million,respectively,primarilyrelatedtostatenetoperatinglosses,whichtheCompanydoesnotexpecttobeabletoutilizepriortoexpiration.

Areconciliationofthebeginningandendingbalancesofthedeferredtaxvaluationallowanceisasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Balance, beginning of the period $ 2,101 $ 2,341 $ 40,121Chargestoearnings(a) 593 (240) (37,780)Balance, end of the period $ 2,694 $ 2,101 $ 2,341

(a) During 2015, the amount is primarily related to the Company's release of the valuation allowance, current year utilization of net operating losscarryforwards, thewrite-off of certainstate net operatinglossesthat expirein2015andstate net operatinglossesnot expectedtobeutilizedinfutureyearsduetochangesinownershiplimitations.

Unrecognized Tax Benefits

Areconciliationofthebeginningandendingamountsofunrecognizedtaxbenefits,excludinginterestandpenalties,isasfollows(in thousands) :

Year Ended December 31,

2017 2016

Balance, beginning of the period $ 550 $ 19Additionsbasedontaxpositionsofthecurrentyear 198 550Lapseofstatuteoflimitations — (19)Balance, end of the period $ 748 $ 550

Interestand,ifapplicable,penaltiesarerecognizedrelatedtounrecognizedtaxbenefitsinincometaxexpense.FortheyearendedDecember31,2015,theCompany incurred interest and penalties on unrecognized tax benefits of $0.1 millionwhich was included in income tax expense. Interest and penalties onunrecognizedtaxbenefitsincludedinincometaxexpenseforeachoftheyearsendedDecember31,2017and2016wasimmaterial.

AsofDecember 31, 2017 , the accrual for unrecognized tax benefits, including interest, was$0.7million, whichwould benefit the effective tax rate ifrecognized.AsofDecember31,2016,theaccrualforunrecognizedtaxbenefits,includinginterest,was$0.6million,whichwouldbenefittheeffectivetaxrateifrecognized.

Tax Audits

LendingTreeissubjecttoauditsbyfederal,stateandlocalauthoritiesintheareaofincometax.Theseauditsincludequestioningthetimingandtheamountofdeductionsandtheallocationofincomeamongvarioustaxjurisdictions.Incometaxespayableincludeamountsconsideredsufficienttopayassessmentsthatmayresultfromexaminationofprioryearreturns;however,anyamountspaiduponresolutionofissuesraisedmaydifferfromtheamountprovided.DifferencesbetweenthereservesfortaxcontingenciesandtheamountsowedbytheCompanyarerecordedintheperiodtheybecomeknown.AsofDecember31,2017,theCompany is subject to a federal income tax examination for the tax years 2013 through 2016. In addition, the Company is subject to state and local taxexaminationsforthetaxyears2013through2016.

NOTE 11 —DEBT

Convertible Senior Notes

OnMay31,2017,theCompanyissued$300.0millionaggregateprincipalamountofits0.625%ConvertibleSeniorNotesdueJune1,2022(the“Notes”)inaprivateplacement.TheNotesbearinterestatarateof0.625%peryear,payablesemi-annuallyonJune1andDecember1ofeachyear,beginningonDecember1,2017.TheNoteswillmatureonJune1,2022,unlessearlierrepurchasedorconverted.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

TheinitialconversionrateoftheNotesis4.8163sharesofCommonStockper$1,000principalamountofNotes(whichisequivalenttoaninitialconversionprice of approximately $207.63per share). The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not beadjustedforaccruedandunpaidinterest.Inaddition,upontheoccurrenceofafundamentalchangepriortothematurityoftheNotes,theCompanywill,incertaincircumstances, increase the conversion rate by a specified number of additional shares for a holder that elects to convert the Notes in connection with suchfundamentalchange.Uponconversion,theNoteswillsettleforcash,sharesoftheCompany’sstock,oracombinationthereof,attheCompany’soption.ItistheintentoftheCompanytosettletheprincipalamountoftheNotesincashandanyconversionpremiuminsharesofitscommonstock.

TheNotesaretheCompany’sseniorunsecuredobligationsandwillrankseniorinrightofpaymenttoanyoftheCompany’sindebtednessthatisexpresslysubordinatedinrightofpaymenttotheNotes;equalinrightofpaymenttoanyoftheCompany’sunsecuredindebtednessthatisnotsosubordinated;effectivelyjunior in right of payment to any of the Company’s secured indebtedness, including borrowings under the senior secured Revolving Credit Facility, describedbelow,totheextentofthevalueoftheassetssecuringsuchindebtedness;andstructurallyjuniortoallindebtednessandotherliabilities(includingtradepayables)oftheCompany’ssubsidiaries.

PriortothecloseofbusinessonthebusinessdayimmediatelyprecedingFebruary1,2022,theNoteswillbeconvertibleattheoptionoftheholdersthereofonlyunderthefollowingcircumstances:

• during anycalendar quarter commencing after the calendar quarter endingonSeptember 30, 2017(andonly during suchcalendar quarter), if the lastreportedsalepriceofthecommonstockforatleast20tradingdays(whetherornotconsecutive)duringthe30consecutivetradingdayperiodendingon,and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on eachapplicabletradingday;

• duringthefivebusinessdayperiodafteranyfiveconsecutivetradingdayperiodinwhich,foreachtradingdayofthatperiod,thetradingprice(asdefinedintheNotes)per$1,000principalamountofNotesforsuchtradingdaywaslessthan98%oftheproductofthelastreportedsalepriceoftheCommonStockandtheconversionrateoneachsuchtradingday;or

• upontheoccurrenceofspecifiedcorporateeventsincludingbutnotlimitedtoafundamentalchange.

HoldersoftheNotesbecameentitledtoconverttheNotesonJanuary1,2018,andwillcontinuetohavesuchrightuntilMarch31,2018,basedonthelastreportedsalespriceofourcommonstock,forat least 20tradingdays(whetherornotconsecutive) duringtheperiodof30consecutivetradingdaysendingonDecember31,2017,beinggreaterthanorequalto130%oftheconversionpriceoftheNotesoneachapplicabletradingday.

OnorafterFebruary1,2022,untilthecloseofbusinessonthesecondscheduledtradingdayimmediatelyprecedingthematuritydateoftheNotes,holdersoftheNotesmayconvertalloraportionoftheirNotesregardlessoftheforegoingconditions.

TheCompanymaynot redeemthe Notes prior to the maturity date andnosinkingfundis providedfor the Notes. Uponthe occurrence of a fundamentalchangepriortothematuritydateoftheNotes,holdersoftheNotesmayrequiretheCompanytorepurchasealloraportionoftheNotesforcashatapriceequalto100%oftheprincipalamountoftheNotestoberepurchased,plusanyaccruedandunpaidinterestto,butexcluding,thefundamentalchangerepurchasedate.

IfthemarketpricepershareoftheCommonStock,asmeasuredunderthetermsoftheNotes,exceedstheconversionpriceoftheNotes,theNotescouldhaveadilutiveeffect,unlesstheCompanyelects,subjecttocertainconditions,tosettletheprincipalamountoftheNotesandanyconversionpremiumincash.

The initial measurement of convertible debt instruments that may be settled in cash are separated into a debt and equity component whereby the debtcomponentisbasedonthefairvalueofasimilarinstrumentthatdoesnotcontainanequityconversionoption.TheseparatecomponentsofdebtandequityoftheCompany’sNotesweredeterminedusinganinterestrateof5.36%,whichreflectsthenonconvertibledebtborrowingrateoftheCompanyatthedateofissuance.Asaresult,theinitialcomponentsofdebtandequitywere$238.4millionand$61.6million,respectively.

During2017,theCompanyrecordedinterestexpenseontheNotesof$8.2millionwhichconsistedof$1.1millionassociatedwiththe0.625%couponrate,$6.4millionassociatedwiththeaccretionofthedebtdiscount,and$0.7millionassociatedwiththeamortizationofthedebtissuancecosts.Thedebtdiscountwillbeamortizedoverthetermofthedebt.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FinancingcostsrelatedtotheissuanceoftheNoteswereapproximately$9.3millionofwhich$7.4millionwereallocatedtotheliabilitycomponentandarebeingamortizedtointerestexpenseoverthetermofthedebtand$1.9millionwereallocatedtotheequitycomponent.

AsofDecember31,2017,thefairvalueoftheNotesisestimatedtobeapproximately$522.6millionusingtheLevel1observableinputofthelastquotedmarketpriceonDecember29,2017.

Asummaryofthegrosscarryingamount, unamortizeddebt cost, debt issuancecosts andnet carryingvalueoftheliability componentof theNotesareasfollows(in thousands) :

December 31, 2017

December 31, 2016

Grosscarryingamount $ 300,000 $ —Unamortizeddebtdiscount 55,202 —Debtissuancecosts 6,599 —Net carrying amount $ 238,199 $ —

Convertible Note Hedge and Warrant Transactions

OnMay31,2017,inconnectionwiththeissuanceoftheNotes,theCompanyenteredintoConvertibleNoteHedge(the“Hedge”)andWarranttransactionswithrespecttotheCompany’scommonstock.TheCompanyusedapproximately$18.1millionofthenetproceedsfromtheNotestopayforthecostoftheHedge,aftersuchcostwaspartiallyoffsetbytheproceedsfromtheWarranttransactions.

OnMay31,2017,theCompanypaid$61.5milliontothecounterpartiesfortheHedgetransactions.TheHedgetransactionscoverapproximately1.4millionshares of theCompany’s commonstock, thesamenumber of shares initially underlyingthe Notes, andare exercisable uponanyconversionof the Notes. TheHedgeTransactionsareexpectedgenerallytoreducethepotentialdilutiontotheCommonStockuponconversionoftheNotesand/oroffsetanycashpaymentstheCompanyisrequiredtomakeinexcessoftheprincipalamountoftheconvertedNotes,asthecasemaybe,intheeventthatthemarketpricepershareofCommonStock,asmeasuredunderthetermsoftheHedgetransactions,isgreaterthanthestrikepriceoftheHedgetransactions,whichinitiallycorrespondstotheinitialconversionpriceoftheNotes,orapproximately$207.63pershareofCommonStock.TheHedgetransactionswillexpireuponthematurityoftheNotes.

OnMay31,2017,theCompanysoldtothecounterparties,warrants(the"Warrants")toacquire1.4millionsharesofCommonStockataninitialstrikepriceof$266.39pershare,whichrepresentsapremiumof70%overthereportedsalepriceoftheCommonStockof$156.70onMay24,2017.OnMay31,2017,theCompanyreceivedaggregateproceedsofapproximately$43.4millionfromthesaleoftheWarrants.

IfthemarketpricepershareoftheCommonStock,asmeasuredunderthetermsoftheWarrants,exceedsthestrikepriceoftheWarrants,theWarrantscouldhaveadilutiveeffect,unlesstheCompanyelects,subjecttocertainconditions,tosettletheWarrantsincash.

The Hedge and Warrant transactions are indexed to, and potentially settled in, the Company's common stock and the net cost of $18.1 millionhasbeenrecordedasareductiontoadditionalpaid-incapitalintheconsolidatedstatementofshareholders’equity.

Senior Secured Revolving Credit Facility

OnNovember21,2017,theCompany'swholly-ownedsubsidiary,LendingTree,LLC,enteredintoanamendedandrestated$250.0millionfive-yearseniorsecuredrevolvingcreditfacilitywhichmaturesonNovember21,2022(the“RevolvingCreditFacility”).TheRevolvingCreditFacilityreplacedtheCompany'sprevious $125.0 million revolving credit facility. Borrowings under the Revolving Credit Facility can be used to finance working capital needs, capitalexpendituresandgeneralcorporatepurposes,includingtofinancepermittedacquisitions.AsofDecember31,2017,theCompanydoesnothaveanyborrowingsoutstandingundertheRevolvingCreditFacility.

Upto$10.0millionoftheRevolvingCreditFacilitywillbeavailableforshort-termloans,referredtoasswinglineloans.Additionally,upto$10.0millionoftheRevolvingCreditFacilitywillbeavailablefortheissuanceoflettersofcredit.Undercertainconditions,theCompanywillbepermittedtoaddoneormoretermloansand/orincreaserevolvingcommitmentsunder

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

theRevolvingCreditFacilitybyanadditional$100.0million,oragreateramountprovidedthatatotalconsolidatedseniorsecureddebttoEBITDAratiodoesnotexceed2.50to1.00.

TheCompany’sborrowingsundertheRevolvingCreditFacilitybearinterestatannualratesthat,attheCompany’soption,willbeeither:

• abaserategenerallydefinedasthesumof(i)thegreaterof(a)theprimerateofSunTrustBank,(b)thefederalfundseffectiverateplus0.5%and(c)theLIBOrate(definedbelow)onadailybasisapplicableforaninterestperiodofonemonthplus1.0%and(ii)anapplicablepercentageof0.25%to1.0%basedonatotalconsolidateddebttoEBITDAratio;or

• aLIBOrategenerallydefinedasthesumof(i)therateforEurodollardepositsintheapplicablecurrencyand(ii)anapplicablepercentageof1.25%to2.0%basedonatotalconsolidateddebttoEBITDAratio.

Allswinglineloansbearinterestatthebaseratedefinedabove.InterestontheCompany’sborrowingsarepayablequarterlyinarrearsforbaserateloansandonthelastdayofeachinterestrateperiod(butnotlessoftenthanthreemonths)forLIBOrateloans.

TheRevolvingCredit Facilitycontainsarestrictivefinancial covenant, whichinitiallylimitsthetotal consolidateddebttoEBITDAratioto4.5,withstepdownsto4.0overtime,exceptthatthismayincreaseby0.5forthefourfiscalquartersfollowingamaterialacquisition.Inaddition,theRevolvingCreditFacilitycontainscustomaryaffirmativeandnegativecovenantsinadditiontoeventsofdefault foratransactionofthistypethat, amongotherthings,restrict additionalindebtedness, liens, mergers or certain fundamental changes, asset dispositions, dividends, stock repurchases and other restricted payments, transactions withaffiliates,sale-leasebacktransactions,hedgingtransactions,loansandinvestmentsandothermatterscustomarilyrestrictedinsuchagreements.TheCompanywasincompliancewithallcovenantsatDecember31,2017.

The Revolving Credit Facility requires LendingTree, LLC to pledge as collateral, subject to certain customary exclusions, substantially all of its assets,including100%of its equity in all of its domestic subsidiaries and66%ofthevotingequity, and100%of the non-votingequity, in all of its material foreignsubsidiaries (of which there are currently none). The obligations under this facility are unconditionally guaranteed on a senior basis by LendingTree, Inc. andmaterialdomesticsubsidiariesofLendingTree,LLC,whichguarantiesaresecuredbyapledgeascollateral,subjecttocertaincustomaryexclusions,of100%ofeachsuchguarantor'sassets,including100%ofeachsuchguarantor’sequityinallofitsdomesticsubsidiariesand66%ofthevotingequity,and100%ofthenon-votingequity,inallofitsmaterialforeignsubsidiaries(ofwhichtherearecurrentlynone).

TheCompanyisrequiredtopayanunusedcommitmentfeequarterlyinarrearsonthedifferencebetweencommittedamountsandamountsactuallyborrowedunder the RevolvingCredit Facility equal to an applicable percentage of0.25%to0.45%per annumbasedona total consolidated debt to EBITDAratio. TheCompanyisrequiredtopayaletterofcreditparticipationfeeandaletterofcreditfrontingfeequarterlyinarrears.Theletterofcreditparticipationfeeisbasedupontheaggregatefaceamountofoutstandinglettersofcreditatanapplicablepercentageof1.25%to2.0%basedonatotalconsolidateddebttoEBITDAratio.Theletterofcreditfrontingfeeis0.125%perannumonthefaceamountofeachletterofcredit.

TheCompanyrecognized$0.1millioninadditionalinterestexpenseinthefourthquarterof2017duetothewrite-offofcertainunamortizeddebtissuancecostsassociatedwiththeoriginalrevolvingcreditfacilityenteredintoonOctober22,2015.Inadditiontotheremainingunamortizeddebtissuancecostsassociatedwiththeoriginalrevolvingcreditfacility,debtissuancecostsof$1.4millionrelatedtotheRevolvingCreditFacilityarebeingamortizedtointerestexpenseoverthe life of the Revolving Credit Facility of five years , and are included in prepaid and other current assets and other non-current assets in the Company'sconsolidatedbalancesheet.

NOTE 12 —COMMITMENTS

Operating Leases

TheCompany leases office space used in connection with its operations under various operating leases, which contain escalation clauses. The Company'soperating leases relate to its office space in: Charlotte, North Carolina; Burlingame, California; Charleston, South Carolina; New York City, New York; andNorthbrook,Illinois.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FutureminimumpaymentsasofDecember31,2017underoperatingleaseagreementshavinganinitialorremainingnon-cancelableleaseterminexcessofoneyearareasfollows(in thousands) :

Year ending December 31, Amount

2018 $ 1,7542019 1,8112020 1,3892021 632022 59

Total $ 5,076

Rentalexpenseforalloperatingleases,exceptthosewithtermsofamonthorlessthatwerenotrenewed,chargedtocontinuingoperationswas$2.0million,$1.6millionand$1.2million,foreachoftheyearsendedDecember31,2017,2016and2015,respectively,andamajorityofwhichisincludedingeneralandadministrativeexpenseintheconsolidatedstatementsofoperationsandcomprehensiveincome.

Bonds

TheCompanyhasfundingcommitmentsthatcouldpotentiallyrequireperformanceintheeventofdemandsbythirdpartiesorcontingentevents,asfollows(in thousands) :

Commitments Due By Period

Total Less Than

1 year 1-3 years 3-5 years More Than

5 years

Suretybonds(a) $ 4,393 $ 4,368 $ 25 $ — $ —Litigationbonds(b) 140 140 — — —Total $ 4,533 $ 4,508 $ 25 $ — $ —

(a) State laws and regulations generally require businesses which engage in mortgage brokering activity to maintain a mortgage broker or similar license.Mortgage brokering activity is generally defined to include, among other things, receiving valuable consideration for offering assistance to a buyer inobtaining a residential mortgage or soliciting financial and mortgage information from the public and providing that information to an originator ofresidentialmortgageloans.AllstatesrequirethattheCompanymaintainsuretybondsforpotentialclaims.

(b)Bondsrequiredforcertainlegalmatters.

Other Commitments

TheCompanyhascertain other commitments through2020, wherethecommitments for thesecontracts rangefrom$2.8millionto$4.3millioneachyearthroughoutthelifeofthecontract.

NOTE 13 —CONTINGENCIES

Overview

LendingTreeisinvolvedinlegal proceedingsonanongoingbasis. Inassessingthematerialityofalegalproceeding, theCompanyevaluates, amongotherfactors,theamountofmonetarydamagesclaimed,aswellasthepotentialimpactofnon-monetaryremediessoughtbyplaintiffs(e.g.,injunctiverelief)thatmayrequireittochangeitsbusinesspracticesinamannerthatcouldhaveamaterialandadverseimpactonthebusiness.WithrespecttothemattersdisclosedinthisNote13,unlessotherwiseindicated,theCompanyisunabletoestimatethepossiblelossorrangeoflossesthatcouldpotentiallyresultfromtheapplicationofsuchnon-monetaryremedies.

AsofDecember31,2017and2016,theCompanyhadalitigationsettlementaccrualof$0.3millionand$0.7million,respectively,incontinuingoperationsand$4.0millionand$4.0million,respectively,indiscontinuedoperations.Thelitigationsettlementaccrualrelatestolitigationmattersthatwereeithersettledorafirmofferforsettlementwasextended,therebyestablishinganaccrualamountthatisbothprobableandreasonablyestimable.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Specific Matters

Intellectual Property Litigation

Zillow

LendingTree v. Zillow, Inc., et al. Civil Action No. 3:10-cv-439 . OnSeptember 8, 2010, the Company filed an action for patent infringement in the U.S.District Court for the Western District of North Carolina against Zillow, Inc., Nextag, Inc., Quinstreet, Inc., Quinstreet Media, Inc. and Adchemy, Inc. ThecomplaintwasamendedtoincludeLeadpoint,Inc.d/b/aSecurerightsonSeptember24,2010.ThecomplaintallegedthateachofthedefendantsinfringedoneorbothoftheCompany'spatents—U.S.PatentNo.6,385,594,entitled"MethodandComputerNetworkforCo-OrdinatingaLoanovertheInternet,"andU.S.PatentNo.6,611,816,entitled"MethodandComputerNetworkforCo-OrdinatingaLoanovertheInternet."Thedefendantsinthisactionassertedvariousdefensesandcounterclaims against the Company, including the assertion by certain of the defendants of counterclaims alleging illegal monopolization via the Company'smaintenance of the asserted patents. Defendant NexTag asserted defenses of laches and equitable estoppel. In July 2011, the Company reached a settlementagreementwithLeadpoint,Inc.,pursuanttowhichallclaimsagainstLeadpoint,Inc.andallcounterclaimsagainsttheCompanybyLeadpoint,Inc.weredismissed.InNovember2012,theCompanyreachedasettlementagreementwithQuinstreet,Inc.andQuinstreetMedia,Inc.(collectively,the"QuinstreetParties"),pursuantto which all claims against the Quinstreet Parties and all counterclaims against the Company by the Quinstreet Parties were dismissed. After an unsuccessfulattempttoreachsettlementthroughmediationwiththeremainingparties,thismatterwenttotrialbeginninginFebruary2014,andonMarch12,2014,thejuryreturned a verdict. The jury found that the defendants Zillow, Inc., Adchemy, Inc., and NexTag, Inc. did not infringe the two patents referenced above anddeterminedthatthosepatentsareinvalidduetoaninventorshipdefect,andthecourtfoundthatNexTagwasentitledtodefensesoflachesandequitableestoppel.ThejuryfoundintheCompany’sfavoronthedefendants'counterclaimsalleginginequitableconductandantitrustviolations.JudgmentwasenteredonMarch31,2014.Afterthecourtenteredjudgment,onMay27,2014,theCompanyreachedasettlementagreementwithdefendantAdchemy,Inc.,includinganagreementtodismissandwithdrawallclaims,counterclaims,andmotionsbetweentheCompanyandAdchemy,Inc.Asaresult,ajointandvoluntarydismissalwasfiledJune12,2014withrespecttoclaimsbetweentheCompanyandAdchemy.Thepartiesfiledvariouspost-trialmotions;inparticular,defendantscollectivelysoughtupto$9.7millioninfeesandcosts.OnOctober9,2014,thecourtdeniedtheCompany'spost-trialmotionforjudgmentasamatteroflawanddeniedZillow'spost-trialmotions for sanctions and attorneys' fees. The court also denied in part and granted in part NexTag's post-trial motion for attorneys' fees, awarding NexTag aportionofitsattorneys'feesandcoststotaling$2.3million,plusinterest.

In November 2014, the Companyfiled a notice of appeal to the U.S. Court of Appeals for the Federal Circuit with respect to the jury verdict concerningZillow,Inc.andNextag,Inc.andtheawardofattorneys'fees.InMarch2015,theU.S.CourtofAppealsfortheFederalCircuitgrantedtheCompany'smotiontostayappellatebriefingpendinganen banc reviewbysuchcourtofthelachesdefenseinanunrelatedpatentinfringementmatterandruledinfavorofZillow,Inc.onanimmaterialamountofcostsrelatedtothetrialprocess.InJune2015,theCompanyreachedasettlementagreementfor$1.1millionwithdefendantNexTagpursuant to whichthe Companydismissed its appeal of the jury verdict andthe award of attorney's fees concerning NexTag, andNexTagdismissed its cross-appealandclaimsrelatingtothejuryverdictandtheawardofattorneys'fees.InJuly2015,thestaywasliftedontheCompany'sappealwithrespecttothejuryverdictconcerningZillow,Inc.TheappealwasheardbytheU.S.CourtofAppealsfortheFederalCircuitinJune2016,andinJuly2016theCourtdeterminedthatcertainoftheclaimsofthetwopatentsreferencedaboveweredirectedtoineligiblesubjectmatterandthussuchclaimswereinvalidunder35U.S.C.Section101.WithrespecttotheremainingclaimsthattheCourtdidnotholdwereineligible,theCourtgrantedaremandtothefederaldistrictcourttoallowLendingTreetofileamotiontovacatethejudgmentofinvalidityforincorrectinventorship.

InJune2017,theFederalDistrictCourtvacatedtheinvalidityjudgmentarisingfromtheMarch2014juryverdict.Asaresult,certainclaimsoftheCompany'stwoissuedpatentsremainvalid.ThecaseisnowclosedandtheCompanyexpectsnofurthersignificanteventsregardingthislitigation.

Legal Matters

NextAdvisorContinued,Inc.

Next Advisor Continued, Inc. v. LendingTree, Inc. and LendingTree, LLC, No. 15-cvs-20775 (N.C. Super. Ct.). OnNovember6,2015,theplaintifffiledthisaction against LendingTree, Inc. and LendingTree, LLC(together “LendingTree”). The plaintiff generally alleges that LendingTree breached a non-disclosureagreementandmisappropriatedtradesecretsinthecontextofapotentialbusinessacquisitionoftheplaintiffbyLendingTree.Basedupontheseallegations,theplaintiffassertsclaimsforbreachofcontract,misappropriationoftradesecrets,andviolationoftheNorthCarolinaUnfairandDeceptiveTradePracticesAct.Theplaintiffrequestedmoneydamages,attorneys’feesandinjunctiverelief.

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OnDecember16,2015,LendingTreefileditsanswertotheplaintiff'scomplaint,denyingthematerialallegationsandassertingnumerousdefensesthereto.InJune 2016, the Court granted plaintiff's motion for preliminary injunction and temporarily ordered, pending trial, that LendingTree cease any utilization ofconfidential and trade secret information of plaintiff and cease marketing credit card products via certain third party content marketing platforms. However,LendingTree continued to believe that the plaintiff's allegations lacked merit and vigorously defended the case. In July 2016, LendingTree filed a notice ofinterlocutoryappealtotheNorthCarolinaSupremeCourtwithrespecttothepreliminaryinjunction,buttheinterlocutoryappealwasdismissedinDecember2016.InFebruary2017,LendingTreefiledamotionforpartialsummaryjudgment.InJune2017,thecourtgrantedLendingTree'smotionforpartialsummaryjudgment,restrictingthedurationofanyinjunctionandrulingthattheplaintiffisnotentitledtorecovercompensatorydamagesonanyofitsclaims.OnSeptember14,2017,LendingTree and the plaintiff finalized a settlement agreement pursuant to which (i) LendingTree defrayed a portion of plaintiff’s litigation costs, and (ii) thepartiesagreedthattheinjunctionwouldbeofnofurthereffectasofJanuary3,2018.TheCourt’sorderapprovingthesettlementwasafinaljudgmentandthismatterisnowclosed.

Litigation Related to Discontinued Operations

ResidentialFundingCompany

Residential Funding Company, LLC v Home Loan Center, Inc., No. 13-cv-3451 (U.S. Dist. Ct., Minn.). OnoraboutDecember16,2013,HomeLoanCenter,Inc.wasservedintheabovecaptionedmatter.Generally,ResidentialFundingCompany,LLC("RFC")seeksdamagesforbreachofcontractandindemnificationforcertainresidentialmortgageloansaswellasresidentialmortgage-backedsecuritizations("RMBS")containingmortgageloans.RFCassertsthat,beginningin2008, RFCfaced massive repurchase demands and lawsuits frompurchasers or insurers of the loans and RMBSthat RFChad sold. RFCfiled for bankruptcyprotection in May 2012. Plaintiff alleges that, after RFCfiled for Chapter 11 protection, hundreds of proofs of claim were filed, many of which mirrored thelitigationfiledagainstRFCpriortoitsbankruptcy.

In December 2013, the United States Bankruptcy Court for the Southern District of New York entered an Order confirming the Second Amended JointChapter11PlanProposedbyResidentialCapital,LLCetal.andtheOfficialCommitteeofUnsecuredCreditors.Plaintiffthenbeganfilingsubstantiallysimilarcomplaintsagainstapproximately80of theloanoriginators fromwhomRFChadpurchasedloans, includingHomeLoanCenter, in federal andstate courts inMinnesotaandNewYork.Ineachcase,PlaintiffclaimsthatthedefendantisliableforaportionoftheglobalsettlementinRFC’sbankruptcy.

PlaintiffassertstwoclaimsagainstHLC:(1)breachofcontractbasedonHLC’sallegedbreachofrepresentationsandwarrantiesconcerningthequalityandcharacteristicsofthemortgageloansitsoldtoRFC(CountOne);and(2)contractualindemnificationforallegedliabilities,losses,anddamagesincurredbyRFCarising out of purported defects in loans that RFC purchased from HSBC and sold to third parties (Count Two). Plaintiff alleges that the “types of defects”containedintheloansitpurchasedfromHLCincluded“incomemisrepresentation,employmentmisrepresentation,appraisalmisrepresentationsorinaccuracies,undiscloseddebt,andmissingorinaccuratedocuments.”

HLCfiledaMotiontoDismissunderRule12(b)(6)oftheFederalRulesofCivilProcedureor,inthealternative,aMotionforMoreDefiniteStatementunderRule12(e).OnJune25,2015thejudgedeniedHLC'smotion.

On July 9, 2015, HLC filed its answer to RFC’s complaint, denying the material allegations of the complaint and asserting numerous defenses thereto.Discovery is ongoing in this matter. Plaintiff is seeking damages of $61.0 million in this action; HLC intends to vigorously defend this action. An estimatedliabilityof$3.0millionforthismatterisincludedintheaccompanyingconsolidatedbalancesheetasofDecember31,2017.

LehmanBrothersHoldings,Inc.

Lehman Brothers Holdings Inc. v. 1 st Advantage Mortgage, LLC et al., Case No. 08-13555 (SCC), Adversary Proceeding No. 16-01342 (SCC) (Bankr.S.D.N.Y.). InFebruary2016,LehmanBrothersHoldingsInc.(“LBHI”)filedanAdversaryComplaintagainstHomeLoanCenterandapproximately 149otherdefendants(the“Complaint”).TheComplaintgenerallyseeks(1)adeclaratoryjudgmentthatthesettlementsenteredbyLBHIwithFannieMaeandFreddieMacaspartofLBHI’sbankruptcyproceedingsgaverisetoLBHI’scontractualindemnificationclaimsagainstdefendantsallegedintheComplaint;(2)indemnificationfromHLCandtheotherdefendantsforlossesallegedlyincurredbyLBHIinrespectofdefectivemortgageloanssoldbydefendantstoLBHIoritsaffiliates;and(3)interest,attorneys’feesandcostsincurredbyLBHIinthelitigation.OnMarch31,2017,HLCfiledanomnibusmotiontodismisswithotherdefendants.HLCintendstodefendthisactionvigorously.HLChadpreviouslyreceivedademandletter(the“Letter”)fromLBHIinDecember2014withrespectto64loans(the“Loans”)thatLBHIallegesweresoldbyHLCtoLehmanBrothersBankFSB(“LBB”)between2004and2008pursuanttoaloanpurchaseagreement(the“LPA”)betweenHLCandLBB.TheLettergenerallysoughtindemnificationfromHLCinaccordancewiththeLPAforcertain

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LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

claims that LBHI alleged it allowed in its bankruptcy with respect to the Loans. An estimated liability of $1.0 million for this matter is included in theaccompanyingconsolidatedbalancesheetasofDecember31,2017.

NOTE 14—FAIR VALUE MEASUREMENTS

OtherthantheNotesandtheWarrants,thecarryingamountsoftheCompany'sfinancialinstrumentsareequaltofairvalueatDecember31,2017.See Note11—DebtforadditionalinformationontheNotesandtheWarrants.

ContingentconsiderationpaymentsrelatedtoacquisitionsaremeasuredatfairvalueeachreportingperiodusingLevel3unobservableinputs.ThechangesinthefairvalueoftheCompany'sLevel3liabilitiesduringtheyearsendedDecember31,2017and2016areasfollows(in thousands) :

Contingent Consideration

Balance at December 31, 2015 $ —TransfersintoLevel3 —TransfersoutofLevel3 —Totalnet(gains)lossesincludedinearnings(realizedandunrealized) —Purchases,salesandsettlements:Additions 23,100Payments —

Balance at December 31, 2016 $ 23,100TransfersintoLevel3 —TransfersoutofLevel3 —Totalnet(gains)lossesincludedinearnings(realizedandunrealized) 23,931Purchases,salesandsettlements: Additions 11,318Payments (1,000)

Balance at December 31, 2017 $ 57,349

ThecontingentconsiderationliabilityatDecember31,2017istheestimatedfairvalueoftheearnoutpaymentsoftheCompareCards,DepositAccountsandSnapCapacquisitions. Thecontingent consideration liability at December 31, 2016wasthe estimated fair value of the earnout payments of the CompareCardsacquisition.TheCompanywillmakeearnoutpaymentsrangingfrom$22.5millionto$45.0millionbasedontheachievementofcertaindefinedearningstargetsfor CompareCards, payments ranging from $1.0 million to $8.0 million based on the achievement of defined milestone and performance targets forDepositAccounts, and payments ranging from zeroto$9.0 millionbased on the achievement of certain defined earnings targets for SnapCap.See Note6—BusinessAcquisitionsforadditionalinformationonthecontingentconsiderationforeachoftheserespectiveacquisitions.Thesignificantunobservableinputsusedto calculate the fair value of the contingent consideration are estimated future cash flows for the acquisitions, estimated date and likelihood of an increase ininterest rates and the discount rate. Actual results will differ from the projected results and could have a significant impact on the estimated fair value of thecontingentconsiderations. Additionally, astheliabilityisstatedatpresentvalue,thepassageoftimealonewillincreasetheestimatedfair valueoftheliabilityeachreportingperiod.Anychangesinfairvaluewillberecordedinoperatingincomeintheconsolidatedstatementsofoperationsandcomprehensiveincome.

NOTE 15—RELATED PARTY TRANSACTIONS

One of the Company's board of directors also serves as a director to a marketing partner of the Company. During 2017, 2016 and 2015, the Companyrecognized$1.2million,$1.3millionand$0.7million,respectively,ofexpensesforthismarketingpartnerthroughthenormalcourseofbusiness.

Inthefourthquarterof2017,theCompany'sBoardofDirectorsapproveda$10.0millioncontributiontofundthenewlyformedLendingTreeFoundation.OfficersoftheCompanyserveasofficersoftheLendingTreeFoundation.Thecontributionisrecordedingeneralandadministrativeexpenseontheconsolidatedstatementofoperationsandcomprehensiveincome.

85

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 16—BENEFIT PLANS

TheCompanyoperatesaretirementsavingsplanforitsemployeesintheUnitedStatesthatisqualifiedunderSection401(k)oftheInternalRevenueCode.Employees are eligible to enroll in the plan upon date of hire. Participating employees may contribute up to50%of their pre-tax earnings, but not more thanstatutorylimits(generally$18,000for2015through2017).Thecompanymatchcontributionisfiftycentsforeachdollaraparticipantcontributestotheplan,witha maximum contribution of 6% of a participant's eligible earnings. Matching contributions are invested in the same manner as each participant's voluntarycontributionsintheinvestmentoptionsprovidedundertheplan.LendingTreestockisnotincludedintheavailableinvestmentoptionsortheplanassets.Fundscontributedtotheplanvestaccordingtotheparticipant'syearsofservice,withlessthanthreeyearsofservicevestingat0%,andthreeyearsormoreofservicevestingat100%.Matchingcontributionswereapproximately$0.9million,$0.7millionand$0.5millionfortheyearsendedDecember31,2017,2016and2015,respectively.

NOTE 17 —DISCONTINUED OPERATIONS

Therevenueandnetlossreportedasdiscontinuedoperationsintheaccompanyingconsolidatedstatementsofoperationsandcomprehensiveincomeareasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Revenue $ (750) $ 1,325 $ 6

Lossbeforeincometaxes $ (5,909) $ (5,728) $ (5,047)Incometaxbenefit 2,069 2,014 1,778Net loss $ (3,840) $ (3,714) $ (3,269)

In 2017, 2016 and 2015, loss from discontinued operations was primarily due to litigation settlements and contingencies and legal fees associated withongoinglegalproceedings.

LendingTree Loans

OnJune6,2012,theCompanysoldsubstantiallyalloftheoperatingassetsofitsLendingTreeLoansbusinessfor$55.9millionincashtoawholly-ownedsubsidiaryofDiscoverFinancialServices("Discover").

DiscovergenerallydidnotassumeliabilitiesoftheLendingTreeLoansbusinessthatarosebeforetheclosingdate,exceptforcertainliabilitiesdirectlyrelatedtoassets Discoveracquired. Ofthepurchasepricepaid, asofDecember31, 2017,$4.0millionis beingheldinescrowinaccordancewiththeagreement withDiscoverforcertainloanlossobligationsthatremainwiththeCompanyfollowingthesale.TheescrowedamountisrecordedasrestrictedcashatDecember31,2017.

DiscoverparticipatedasamarketplacelenderfromclosingofthetransactionthroughJuly2015.

Significant Assets and Liabilities of LendingTree Loans

UponclosingofthesaleofsubstantiallyalloftheoperatingassetsoftheLendingTreeLoansbusinessonJune6,2012,LendingTreeLoansceasedtooriginateconsumerloans.LiabilityforlossesonpreviouslysoldloanswillremainwithLendingTreeLoansandarediscussedbelow.

LoanLossObligations

LendingTreeLoanssoldloansitoriginatedtoinvestorsonaservicing-releasedbasis,sotheriskoflossordefaultbytheborrowerwasgenerallytransferredtothe investor. However, LendingTree Loans was required by these investors to make certain representations and warranties relating to credit information, loandocumentationandcollateral.Theserepresentationsandwarrantiesmayextendthroughthecontractuallifeoftheloan.Subsequenttotheloansale,ifunderwritingdeficiencies,borrowerfraudordocumentationdefectsarediscoveredinindividualloans,LendingTreeLoansmaybeobligatedtorepurchasetherespectiveloanorindemnifytheinvestorsforanylossesfromborrowerdefaultsifsuchdeficiencyordefectcannotbecuredwithinthespecifiedperiodfollowingdiscovery.

86

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HLC,asubsidiaryoftheCompany,continuestobeliablefortheseindemnificationobligations,repurchaseobligationsandpremiumrepaymentobligationsfollowingthesaleofsubstantiallyalloftheoperatingassetsofitsLendingTreeLoansbusinessinthesecondquarterof2012.

Thefollowingtablerepresentstheaggregateloanssold,subsequentsettlementsandremainingunsettledloansasofDecember31,2017:

Number of Loans Original Issue Balance

(in thousands) (in billions)LoanssoldbyHLC 234 $ 38.9Subsequentsettlements (172) (28.8)Remaining unsettled loans 62 $ 10.1

Duringthefourthquarterof2015,LendingTreeLoanscompletedasettlementagreementfor$0.6millionwithoneoftheinvestorstowhichithadsoldloans.Thisinvestoraccountedforapproximately10%ofthetotalnumberofloanssoldand12%oftheoriginalissuebalance.Thissettlementrelatedtoallexistingandfuturelossesonloanssoldtothisinvestor.

Duringthefourthquarterof2014,LendingTreeLoanscompletedasettlementagreementfor$5.4millionwiththelargestinvestortowhichithadsoldloans.Thisinvestoraccountedforapproximately40%ofboththetotalnumberofloanssoldandtheoriginalissuebalance.Thissettlementrelatedtoallexistingandfuturelossesonloanssoldtothisinvestor.

Inthesecondquarterof2014,LendingTreeLoanscompletedsettlementswithtwobuyersofpreviouslypurchasedloans.

TheCompanyhasbeennegotiatingwithcertainoftheremainingsecondarymarketpurchaserstosettleanyexistingandfuturecontingentliabilities, butitmaynotbeabletocompletesuchnegotiationsonacceptableterms,oratall.BecauseLendingTreeLoansdoesnotservicetheloansitsold,itdoesnotmaintainnorgenerallyhaveaccesstothecurrentbalancesandloanperformancedatawithrespecttotheindividualloanspreviouslysoldtoinvestors.Accordingly,LendingTreeLoansisunabletodetermine,withprecision,itsmaximumexposureforbreachesoftherepresentationsandwarrantiesitmadetotheinvestorsthatpurchasedsuchloans.

TheCompanyusesasettlementdiscountframeworkforevaluatingtheadequacyofthereserveforloanlosses.ThismodelestimateslifetimelossesonthepopulationofremainingloansoriginatedandsoldbyLendingTreeLoansusingactualdefaultsforloanswithsimilarcharacteristicsandprojectedfuturedefaults.ItalsoconsidersthelikelihoodofclaimsexpectedduetoallegedbreachesofrepresentationsandwarrantiesmadebyLendingTreeLoansandthepercentageofthoseclaimsinvestorsestimateLendingTreeLoansmayagreetorepurchase.Asettlementdiscountfactoristhenappliedtotheresultoftheforegoingtoreflectpublicly-announcedbulksettlementsforsimilarloantypesandvintages,theCompany'sownsettlementexperience,aswellasLendingTreeLoans'non-operatingstatus,inordertoestimatearangeofpotentialobligation.

Theestimatedrangeofremainingloanlossesusingthissettlementdiscountframeworkwasdeterminedtobe$4.3millionto$7.8millionatDecember31,2017 . The reserve balance recorded as of December 31, 2017was $7.6 million . Management has considered both objective and subjective factors in theestimation process, but given current general industry trends in mortgage loans as well as housing prices and market expectations, actual losses related toLendingTreeLoans'obligationscouldvarysignificantlyfromtheobligationrecordedasofthebalancesheetdateortherangeestimatedabove.

Additionally, LendingTree has guaranteed certain loans sold to twoinvestors in the event that LendingTree Loans is unable to satisfy its repurchase andwarrantyobligationsrelatedtosuchloans.

Basedonhistoricalexperience,itisanticipatedthatLendingTreeLoanswillcontinuetoreceiverepurchaserequestsandincurlossesonloanssoldinprioryears.

Theactivityrelatedtolossreservesonpreviouslysoldloansisasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Loan loss reserve, beginning of period $ 6,804 $ 8,127 $ 8,750Provisionadjustments(a) 750 (1,323) —Charge-offstoreserves — — (623)Loan loss reserve, end of period $ 7,554 $ 6,804 $ 8,127

87

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(a) During2016, theCompanyadjustedtheloanlossreserve by$1.8milliontoremovetheestimatedliability for loanssoldtoRFC.TheCompanyis inlitigationwithRFCandreservedthelossforthislitigationinthelegalreserve.See Note13—ContingenciesforadditionalinformationabouttheRFClitigation.

TheliabilityforlossesonpreviouslysoldloansispresentedascurrentliabilitiesofdiscontinuedoperationsintheaccompanyingconsolidatedbalancesheetsasofDecember31,2017and2016.

NOTE 18 —SEGMENT INFORMATION

TheCompanyhasonereportablesegment.

Mortgageandnon-mortgageproductrevenueisasfollows(in thousands) :

Year Ended December 31,

2017 2016 2015

Mortgageproducts $ 275,910 $ 219,991 $ 165,272Non-mortgageproducts 341,826 164,411 88,944

Total revenue $ 617,736 $ 384,402 $ 254,216

NOTE 19—QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

ThefollowingtablessetforthsummaryfinancialinformationfortheyearsendedDecember31,2017and2016:

Q1 Q2 Q3 Q4

(in thousands, except per share amounts)2017 Revenue $ 132,515 $ 152,773 $ 171,494 $ 160,954Operatingincome(expense)(1) 6,884 8,969 17,455 (175)Income(loss)fromcontinuingoperations(1)(2) 7,798 8,007 10,131 (6,518)Lossfromdiscontinuedoperations (932) (689) (1,011) (1,208)Netincome(loss)andcomprehensiveincome(loss) $ 6,866 $ 7,318 $ 9,120 $ (7,726)Income(loss)persharefromcontinuingoperations: Basic $ 0.66 $ 0.67 $ 0.84 $ (0.54)Diluted $ 0.58 $ 0.59 $ 0.74 $ (0.54)

Losspersharefromdiscontinuedoperations:

Basic $ (0.08) $ (0.06) $ (0.08) $ (0.10)Diluted $ (0.07) $ (0.05) $ (0.07) $ (0.10)

Netincome(loss)pershare:

Basic $ 0.58 $ 0.61 $ 0.76 $ (0.64)Diluted $ 0.51 $ 0.54 $ 0.66 $ (0.64)

(1) Inthefourthquarterof2017,theCompany'sBoardofDirectorsapproveda$10.0millioncontributiontofundthenewlyformedLendingTreeFoundation.Thecontributionisrecordedingeneralandadministrativeexpenseontheconsolidatedstatementofoperationsandcomprehensiveincome.

(2) Duringthefourthquarterof2017,theCompanyrecordedanettaxexpenseof$9.1millionrelatedtotheenactmentoftheTCJA.See Note10—IncomeTaxesforadditionalinformation.

88

LENDINGTREE, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Q1 Q2 Q3 Q4

(in thousands, except per share amounts)2016 Revenue $ 94,713 $ 94,290 $ 94,558 $ 100,841Operatingincome 11,845 12,715 14,150 13,402Incomefromcontinuingoperations 6,905 9,002 7,280 8,021Lossfromdiscontinuedoperations (1,203) (1,150) (664) (697)Netincomeandcomprehensiveincome $ 5,702 $ 7,852 $ 6,616 $ 7,324Incomepersharefromcontinuingoperations: Basic $ 0.58 $ 0.76 $ 0.62 $ 0.68Diluted $ 0.54 $ 0.71 $ 0.57 $ 0.63

Losspersharefromdiscontinuedoperations:

Basic $ (0.10) $ (0.10) $ (0.06) $ (0.06)Diluted $ (0.09) $ (0.09) $ (0.05) $ (0.05)

Netincomepershare:

Basic $ 0.48 $ 0.67 $ 0.56 $ 0.62Diluted $ 0.44 $ 0.62 $ 0.52 $ 0.57

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ITEM 9. ChangesinandDisagreementsWithAccountantsonAccountingandFinancialDisclosure

Notapplicable.

ITEM 9A. ControlsandProcedures

Evaluation of Disclosure Controls and Procedures

AsrequiredbyRule13a-15(b)oftheSecuritiesExchangeActof1934(the"ExchangeAct"),management,withtheparticipationofourprincipalexecutiveofficer (Chief ExecutiveOfficer) andourprincipal financial officer (Chief Financial Officer), evaluated, as of theendof theperiodcoveredbythis report, theeffectivenessofourdisclosurecontrolsandproceduresasdefinedinExchangeActRule13a-15(e).Managementnecessarilyapplieditsjudgmentinassessingthecosts and benefits of such controls and procedures, which by their nature can provide only reasonable assurance regarding management's control objectives.Managementdoesnotexpectthatourdisclosurecontrolsandprocedureswillpreventordetectallerrorsandfraud.Acontrolsystem,irrespectiveofhowwellitisdesignedandoperated,canonlyprovidereasonableassuranceandcannotguaranteethatitwillsucceedinitsstatedobjectives.

Baseduponthatevaluation,ourChiefExecutiveOfficerandChiefFinancialOfficerconcludedthat,asofDecember31,2017,ourdisclosurecontrolsandprocedureswereeffectivetoprovidereasonableassurancethattheinformationrequiredtobedisclosedbyusinthereportswefileorsubmitundertheExchangeActisrecorded,processed,summarizedandreportedwithinthetimeperiodsspecifiedintheSEC'srulesandforms,andthatsuchinformationisaccumulatedandcommunicatedtoourmanagement,includingourChiefExecutiveOfficerandChiefFinancialOfficer,asappropriatetoallowtimelydecisionsregardingrequireddisclosure.

Management's Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under theExchangeAct.OurinternalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithGAAP.Ourinternalcontroloverfinancialreportingincludesthosepoliciesandproceduresthat:(1)pertaintothemaintenanceofrecordsthatinreasonabledetailaccuratelyandfairlyreflectourtransactionsanddispositionsofourassets;(2)providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithGAAPandthatourreceipts and expenditures are being made only in accordance with authorizations of our management and our directors; and (3) provide reasonable assuranceregardingpreventionortimelydetectionofunauthorizedacquisition,useordispositionofourassetsthatcouldhaveamaterialeffectonthefinancialstatements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation ofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control overfinancialreportingasofDecember31,2017.Inmakingthisassessment,ourmanagementusedthecriteriaforeffectiveinternalcontroloverfinancialreportingdescribed in "Internal Control-Integrated Framework" (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").BasedonourevaluationundertheframeworkintheInternal Control-IntegratedFramework, issuedbytheCOSO,management hasconcludedthat ourinternalcontroloverfinancialreportingwaseffectiveasofDecember31,2017.TheeffectivenessofourinternalcontroloverfinancialreportingasofDecember31,2017hasbeenauditedbyPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,asstatedintheirreportappearingunder"Item8.FinancialStatementsandSupplementaryData"includedelsewhereinthisannualreport.

Changes in Internal Control over Financial Reporting

Therewasnochangeinourinternalcontroloverfinancialreporting(asdefinedintheExchangeAct,Rules13a-15(f))thatoccurredduringthequarterendedDecember31,2017thathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,ourinternalcontroloverfinancialreporting.

ITEM 9B. OtherInformation

None.

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PART III

Assetforthbelow,theinformationrequiredbyPartIII(Items10,11,12,13and14)isincorporatedhereinbyreferencetotheCompany'sdefinitiveproxystatementtobeusedinconnectionwithits2018AnnualMeetingofStockholdersandwhichwillbefiledwiththeSecuritiesandExchangeCommissionnotlaterthan120daysaftertheendoftheCompany'sfiscalyearendedDecember31,2017(the"2018ProxyStatement"),inaccordancewithGeneralInstructionG(3)ofForm10-K.

ITEM 10. Directors,ExecutiveOfficersandCorporateGovernance

TheinformationrequiredbyItem10willbecontainedin,andisherebyincorporatedbyreferenceto,the2018ProxyStatement.

ITEM 11. ExecutiveCompensation

TheinformationrequiredbyItem11willbecontainedin,andisherebyincorporatedbyreferenceto,the2018ProxyStatement.

ITEM 12. SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters

TheinformationrequiredbyItem12willbecontainedin,andisherebyincorporatedbyreferenceto,the2018ProxyStatement.

ITEM 13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence

TheinformationrequiredbyItem13willbecontainedin,andisherebyincorporatedbyreferenceto,the2018ProxyStatement.

ITEM 14. PrincipalAccountingFeesandServices

TheinformationrequiredbyItem14willbecontainedin,andisherebyincorporatedbyreferenceto,the2018ProxyStatement.

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PART IV

ITEM 15. Exhibits,FinancialStatementSchedules

( a)Listofdocumentsfiledaspartofthisreport:

(1) Consolidated Financial Statements of LendingTree, Inc.

ReportofIndependentRegisteredPublicAccountingFirm:PricewaterhouseCoopersLLP.

ConsolidatedStatementsofOperationsandComprehensiveIncomefortheYearsEndedDecember31,2017,2016and2015.

ConsolidatedBalanceSheetsasofDecember31,2017and2016.

ConsolidatedStatementsofShareholders'EquityfortheYearsEndedDecember31,2017,2016and2015.

ConsolidatedStatementsofCashFlowsfortheYearsEndedDecember31,2017,2016and2015.

NotestoConsolidatedFinancialStatements.

(2) Consolidated Financial Statement Schedules of LendingTree, Inc.

Allfinancialstatementsandscheduleshavebeenomittedsincetherequiredinformationisincludedintheconsolidatedfinancialstatementsorthenotesthereto,orisnotapplicableorrequired.

(3) Exhibits

The documents set forth below, numbered in accordance with Item 601 of Regulation S-K, are filed herewith or incorporated herein by reference to thelocationindicatedbelow.

ExhibitNumber Description Location

2.1 Separation and Distribution Agreement among IAC/InterActiveCorp,HSN,Inc.,IntervalLeisureGroup,Inc.,TicketmasterandTree.com,Inc.,datedAugust20,2008.

Exhibit 2.1 to the Registrant's Registration Statement on Form S-1(No.333-152700),filedAugust1,2008

2.2 TaxSharingAgreementamongIAC/InterActiveCorp,HSN,Inc.,IntervalLeisure Group, Inc., Ticketmaster and Tree.com, Inc., dated August 20,2008.

Exhibit10.2totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedAugust25,2008

2.3 Employee Matters Agreement among IAC/InterActiveCorp, HSN, Inc.,Interval Leisure Group, Inc., Ticketmaster and Tree.com, Inc., datedAugust20,2008.

Exhibit10.3totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedAugust25,2008

2.4 Transition Services Agreement among IAC/InterActiveCorp, HSN, Inc.,Interval Leisure Group, Inc., Ticketmaster and Tree.com, Inc., datedAugust20,2008.

Exhibit10.4totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedAugust25,2008

2.5 Spinco Assignment and Assumption Agreement amongIAC/InterActiveCorp, Tree.com, Inc., Liberty Media Corporation andLibertyUSAHoldings,LLC,datedAugust20,2008.

Exhibit10.6totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedAugust25,2008

2.6 Asset Purchase Agreement among Home Loan Center, Inc., FirstResidential Mortgage Network, Inc. dba SurePoint Lending, and theshareholdersofFirstResidentialMortgageNetworknamedtherein,datedNovember15,2010.

Exhibit 2.1 to Registrant's Current Report on Form 8-K (No. 001-34063)filedNovember16,2010

2.7 First Amendment to Asset Purchase Agreement among HLC, SurePointandtheshareholderspartythereto,datedMarch14,2011.

Exhibit 2.1 to the Registrant's Current Report on Form 8-K filedMarch21,2011

2.8 Second Amendment to Asset Purchase Agreement among HLC,SurePointandtheshareholderspartythereto,datedMarch15,2011.

Exhibit 2.2 to the Registrant's Current Report on Form 8-K filedMarch21,2011

92

ExhibitNumber Description Location

2.9 Asset Purchase Agreement among Tree.com, Inc., Home Loan Center,Inc., LendingTree, LLC, HLC Escrow, Inc. and Discover Bank, datedMay12,2011**

Exhibit2.1totheRegistrant'sCurrentReportonForm8-KfiledMay16,2011

2.10 Asset Purchase Agreement among LendingTree, LLC, RealEstate.com,Inc.andMarketLeader,Inc.,datedSeptember15,2011**

Exhibit 2.1 to the Registrant's Current Report on Form 8-K filedSeptember21,2011

2.11 Amendment to Asset Purchase Agreement among Home Loan Center,Inc., HLC Escrow, Inc., LendingTree, LLC, Tree.com, Inc., DiscoverBankandDiscoverFinancialServices,datedFebruary7,2012**

Exhibit 2.1 to the Registrant's Current Report on Form 8-K filedFebruary8,2012

2.12 Membership Interest Purchase Agreement, dated as of November 16,2016,byandamongLendingTree,LLC,IronHorseHoldings,LLC,allofthemembersofIronHorseHoldings,LLCandChristopherJ.Mettler.**

Exhibit 2.1 to the Registrant's Current Report on Form 8-K filedNovember22,2016

2.13 AssignmentandAssumptionAgreement,datedNovember2,2017,byandamong General Communication, Inc., Liberty Interactive Corporation,Liberty USAHoldings, LLC, Ventures Holdco, LLC, and LendingTree,Inc.

Exhibit99.7(D)totheRegistrant'sCurrentReportonFormSC13D/AfiledNovember3,2017

3.1 AmendedandRestatedCertificateofIncorporationofLendingTree,Inc. Exhibit3.1totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedAugust25,2008

3.2 FourthAmendedandRestatedBy-lawsofLendingTree,Inc. Exhibit 3.1 to the Registrant's Current Report on Form 8-K filedNovember15,2017

4.1 Amended and Restated Restricted Share Grant and Shareholders'Agreement, among Forest Merger Corp., LendingTree, Inc.,InterActiveCorpandtheGranteesnamedtherein,datedJuly7,2003*

Exhibit 10.8 to the Registrant's Registration Statement on Form S-1(No.333-152700),filedAugust1,2008

4.2 Registration Rights Agreement among Tree.com, Inc., Liberty MediaCorporationandLibertyUSAHoldings,LLC,datedAugust20,2008.

Exhibit10.5totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedAugust25,2008

4.3 Indenturefor.0625%ConvertibleSeniorNotesdue2022 Exhibit4.1totheRegistrant'sCurrentReportonForm8-KfiledMay31,2017

4.4 PurchaseAgreementfor.0625%ConvertibleSeniorNotesdue2022 Exhibit99.1totheRegistrant'sCurrentReportonForm8-KfiledMay31,2017

4.5 BaseIssuerWarrantTransaction Exhibit99.4totheRegistrant'sCurrentReportonForm8-KfiledMay31,2017

4.6 AdditionalIssuerWarrantTransaction Exhibit99.5totheRegistrant'sCurrentReportonForm8-KfiledMay31,2017

10.1 Employment Agreement between LendingTree, Inc. and GabrielDalporto,datedMarch11,2015*

Exhibit 10.6 to the Registrant's Annual Report on Form 10-K filedMarch16,2015

10.2 AmendmenttoDalportoEmploymentAgreement* Exhibit 10.1 to Registrant's Quarterly Report on Form 10-Q filedOctober26,2017

10.3 Amendment No. 1 to the Restricted Share Grant and Stockholder'sAgreement between Tree.com, Inc., LendingTree Holdings Corp. andDouglasR.Lebda,datedAugust30,2010*

Exhibit 10.4to theRegistrant's Quarterly Report onForm10-Q(No.001-34063)filedNovember12,2010

10.4 Stock Purchase Agreement between Tree.com, Inc. and Douglas R.Lebda,datedFebruary8,2009*

Exhibit10.1totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedFebruary11,2009

10.5 Amendment No. 1 to the Stock Option Award Agreement betweenDouglasR.LebdaandTree.com,Inc.,datedMay10,2010*

Exhibit10.15totheRegistrant'sQuarterlyReportonForm10-Q(No.001-34063)filedMay12,2010

10.6 AmendmentNo.1toStockPurchaseAgreementbetweenTree.com,Inc.andDouglasR.Lebda,datedMay10,2010*

Exhibit 10.2to theRegistrant's Quarterly Report onForm10-Q(No.001-34063)filedMay12,2010

10.7 FormofAmendmenttoRestrictedStockAwardsforDouglasR.Lebda* Exhibit 10.4to theRegistrant's Quarterly Report onForm10-QfiledMay12,2010

93

ExhibitNumber Description Location

10.8 Amendment No. 1 to the Restricted Share Grant and Stockholder'sAgreement between Tree.com, Inc., LendingTree Holdings Corp. andDouglasR.Lebda,datedAugust30,2010*

Exhibit 10.4to theRegistrant's Quarterly Report onForm10-Q(No.001-34063)filedNovember12,2010

10.9 EmploymentAgreementbetweenDouglasLebdaandtheCompany,datedSeptember20,2017*

Exhibit 10.3to theRegistrant's Quarterly Report onForm10-QfiledOctober26,2017

10.10 OfferLettertoJ.D.Moriarty,datedMarch29,2017* Exhibit 10.2to theRegistrant's Quarterly Report onForm10-QfiledOctober26,2017

10.11 Letter Agreement between LendingTree, Inc. and Nikul Patel, datedDecember31,2015*

Exhibit 10.13 to the Registrant's Annual Report on From 10-K filedMarch1,2016

10.12 Employment Agreement between LendingTree, Inc. and Neil SalvagedatedNovember28,2016*

Exhibit 10.35 to the Registrant's Annual Report on From 10-K filedFebruary28,2017

10.13 Letter Agreement between LendingTree, Inc. and Neil Salvage datedNovember28,2016*

Exhibit 10.36 to the Registrant's Annual Report on From 10-K filedFebruary28,2017

10.14 Letter Agreement between Tree.com, Inc. and Carla Shumate, datedDecember11,2012*

Exhibit 10.1 to the Registrant's Annual Report on Form 10-K filedApril1,2013

10.15 Letter Agreement between LendingTree, Inc. and Carla Shumate, datedMarch11,2015*

Exhibit 10.1to theRegistrant's Quarterly Report onForm10-QfiledApril30,2015

10.16 Letter Agreement between LendingTree, Inc. and Carla Shumate, datedDecember31,2015*

Exhibit 10.6 to the Registrant's Annual Report on From 10-K filedMarch1,2016

10.17 Fifth Amended and Restated Tree.com, Inc. 2008 Stock and AnnualIncentivePlan*

Exhibit4.3(A)totheRegistrant'sRegistrationStatementonFormS-8(No.333-218747),filedJune14,2017

10.18 Form of Notice of Stock Option Award Granted Under the 2008 StockandAnnualIncentivePlan*

Exhibit10.6totheRegistrant'sCurrentReportonForm8-K(No.001-34063)filedMarch27,2009

10.19 FormofNoticeofRestrictedStockUnitAward* Exhibit 10.3to theRegistrant's Quarterly Report onFrom10-QfiledMay7,2014

10.20 FormofNoticeofRestrictedStockAward* Exhibit 10.4to theRegistrant's Quarterly Report onForm10-QfiledMay7,2014

10.21 Form of Notice of Stock Option Award Granted Under the 2008 StockandAnnualIncentivePlan*

Exhibit 10.5to theRegistrant's Quarterly Report onForm10-QfiledMay7,2014

10.22 LendingTree,Inc.2017InducementGrantPlan* Exhibit4.4(A)totheRegistrant'sRegistrationStatementonFormS-8(No.333-218747),filedJune14,2017

10.23 Noticeof RestrictedStockUnit AwardGrantedUndertheLendingTree,Inc.2017InducementPlan*

Exhibit4.4(B)totheRegistrant'sRegistrationStatementonFormS-8(No.333-218747),filedJune14,2017

10.24 RestrictedStockAwardAgreement* Exhibit4.4(C)totheRegistrant'sRegistrationStatementonFormS-8(No.333-218747),filedJune14,2017

10.25 Notice of [year] Stock Option Award Granted Under the LendingTree,Inc.2017InducementGrantPlan*

Exhibit4.4(D)totheRegistrant'sRegistrationStatementonFormS-8(No.333-218747),filedJune14,2017

10.26 2011DeferredCompensationPlanforNon-EmployeeDirectors* Exhibit 10.2to theRegistrant's Quarterly Report onForm10-QfiledApril30,2015

10.27 DeferredCompensationPlanforNon-EmployeeDirectors* Exhibit 10.15to the Registrant's Registration Statement onFormS-1(No.333-152700),filedAugust1,2008

10.28 Standard Terms and Conditions to Restricted Stock Award Letters ofTree.comBUHoldingCompany,Inc.*

Exhibit 10.2 to the Registrant's Current Report on Form 8-K filedFebruary3,2011

10.29 FormofNoticeofRestrictedStockUnitAward* Exhibit 10.86(b) to the Registrant's Post-Effective Amendment to itsRegistrationStatement onFormS-1(No.333-152700), filedJuly13,2012

10.30 FormofRestrictedStockAward* Exhibit 10.86(c) to the Registrant's Post-Effective Amendment to itsRegistrationStatement onFormS-1(No.333-152700), filedJuly13,2012

94

ExhibitNumber Description Location

10.31 FormofNoticeofStockOptionAwardGrantedUndertheAmendedandRestated2008StockandAnnualIncentivePlan*

Exhibit 10.86(d) to the Registrant's Post-Effective Amendment to itsRegistrationStatement onFormS-1(No.333-152700), filedJuly13,2012

10.32 Form of Notice of Stock Option Award Granted Under the SecondAmendedandRestated2008StockandAnnualIncentivePlan*

Exhibit10.13totheRegistrant'sQuarterlyReportonForm10-Q(No.001-34063)filedMay12,2010

10.33 BaseConvertibleBondHedgeTransaction Exhibit99.2totheRegistrant'sCurrentReportonForm8-KfiledMay31,2017

10.34 AdditionalConvertibleBondHedgeTransaction Exhibit99.3totheRegistrant'sCurrentReportonForm8-KfiledMay31,2017

10.35 Credit Agreement by and among LendingTree, LLC, LendingTree, Inc.andSunTrustBank,datedOctober22,2015

Exhibit 99.1to theRegistrant's Quarterly Report onForm10-QfiledOctober26,2015

10.36 FirstAmendmenttoCreditAgreementbyandamongLendingTree,LLC,LendingTree,Inc.andSunTrustBank,datedFebruary25,2016

Exhibit 10.30 to the Registrant's Annual Report on From 10-K filedFebruary28,2017

10.37 SecondAmendmenttoCreditAgreement Exhibit99.1totheRegistrant'sCurrentReportonForm8-KfiledMay23,2017

10.38 AmendedandRestatedCreditAgreement,datedasofNovember21,2017 †+10.39 Agreement of Purchase and Sale, by and amongLendingTree, LLCand

an affiliate of Greenstreet Real Estate Partners, L.P., dated October 17,2016

Exhibit 10.31 to the Registrant's Annual Report on From 10-K filedFebruary28,2017

10.40 FirstAmendmenttoPurchaseandSale,byandamongLendingTree,LLCandanaffiliateofGreenstreetRealEstatePartners,L.P.,datedNovember28,2016

Exhibit 10.32 to the Registrant's Annual Report on From 10-K filedFebruary28,2017

21.1 SubsidiariesofLendingTree,Inc. †23.1 Consentofindependentregisteredpublicaccountingfirm. †24.1 PowerofAttorney(includedonsignaturepageofthisAnnualReporton

Form10-K)†

31.1 CertificationoftheChiefExecutiveOfficerpursuanttoRule13a-14(a)orRule 15d-14(a) of the Securities Exchange Act of 1934 as adoptedpursuanttoSection302oftheSarbanes-OxleyActof2002

†

31.2 CertificationoftheChiefFinancialOfficerpursuanttoRule13a-14(a)orRule 15d-14(a) of the Securities Exchange Act of 1934 as adoptedpursuanttoSection302oftheSarbanes-OxleyActof2002

†

32.1 Certification of the Chief Executive Officer pursuant to 18 U.S.C.Section 1350 as adopted pursuant to Section 906 of the Sarbanes-OxleyActof2002

††

32.2 Certification of the Chief Financial Officer pursuant to 18 U.S.C.Section 1350 as adopted pursuant to Section 906 of the Sarbanes-OxleyActof2002

††

101.CAL XBRLTaxonomyExtensionCalculationLinkbaseDocument †††101.DEF XBRLTaxonomyExtensionDefinitionLinkbaseDocument †††101.INS XBRLInstanceDocument †††101.LAB XBRLTaxonomyExtensionLabelLinkbaseDocument †††101.PRE XBRLTaxonomyExtensionPresentationLinkbaseDocument †††101.SCH XBRLTaxonomyExtensionSchemaDocument †††

___________________________________________________________________________

†Filedherewith

95

†† This certification is being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and is not being filed for purposes of Section 18 of theExchangeActandisnottobeincorporatedbyreferenceintoanyfilingoftheregistrant,whethermadebeforeorafterthedatehereof,regardlessofanygeneralincorporationlanguageinsuchfiling.

†††Furnishedherewith.PursuanttoRule406TofRegulationS-T,theInteractiveDataFilesonExhibit101heretoaredeemednotfiledorpartofaregistrationstatementorprospectusforpurposesofSections11or12oftheSecuritiesActaredeemednotfiledforpurposesofSection18oftheExchangeActandotherwisearenotsubjecttoliabilityunderthosesections.

*Managementcontractorcompensationplanorarrangement.

**CertainschedulestothisExhibithavebeenomittedinaccordancewithRegulationS-KItem601(b)(2).TheCompanyagreestofurnishsupplementallyacopyofallomittedschedulestotheSECuponitsrequest.

+PortionsofthisexhibithavebeenomittedpursuanttoarequestforconfidentialtreatmentandthisexhibithasbeensubmittedseparatelytotheSEC.

ITEM 16. Form 10-K Summary

Notapplicable.

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Table of Contents

SIGNATURES

Pursuant to therequirements of Section13or 15(d) of theSecurities ExchangeAct of 1934, theRegistrant has dulycausedthis report to besignedonitsbehalfbytheundersigned,thereuntodulyauthorized.

Date:February26,2018

LendingTree,Inc.

By: /s/ DOUGLAS R. LEBDA

DouglasR.Lebda

Chairman and Chief Executive Officer

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Table of Contents

KNOWALLPERSONSBYTHESEPRESENTS,thateachindividualwhosesignatureappearsbelowconstitutesandappointsKatharinePierceashisorhertrue and lawful attorney and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and allcapacities,tosignanyandallamendmentstotheRegistrant'sAnnualReportonForm10-KforthefiscalyearendedDecember31,2017,andtofilethesamewithall exhibits thereto, andall other documents in connectiontherewith, withtheSecurities andExchangeCommission, grantinguntosaidattorneyandagent fullpowerandauthoritytodoandperformeachandeveryactandthingrequisiteandnecessarytobedone,asfullytoallintentsandpurposesasheorshemightorcoulddoinperson,herebyratifyingandconfirmingallthatsaidattorneyandagentmaylawfullydoorcausetobedonebyvirtuehereof.

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,thisreporthasbeensignedbelowbythefollowingpersonsonbehalfoftheRegistrantandinthecapacitiesindicatedandonthedatesindicated.

Signature Title Date

/s/ DOUGLAS R. LEBDA Chairman,ChiefExecutiveOfficerandDirector

(Principal Executive Officer) February26,2018

DouglasR.Lebda

/s/ J.D. MORIARTY ChiefFinancialOfficer(Principal Financial Officer)

February26,2018J.D.Moriarty

/s/ CARLA SHUMATE SeniorVicePresidentandChiefAccountingOfficer

(Principal Accounting Officer) February26,2018

CarlaShumate

/s/ GABRIEL DALPORTO Director February26,2018GabrielDalporto

/s/ THOMAS DAVIDSON Director February26,2018ThomasDavidson

/s/ NEAL DERMER Director February26,2018NealDermer

/s/ ROBIN HENDERSON Director February26,2018RobinHenderson

/s/ PETER HORAN Director February26,2018PeterHoran

/s/ STEVEN OZONIAN Director February26,2018StevenOzonian

/s/ SARAS SARASVATHY Director February26,2018SarasSarasvathy

/s/ G. KENNEDY THOMPSON Director February26,2018G.KennedyThompson

/s/ CRAIG TROYER Director February26,2018CraigTroyer

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ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Exhibit 10.38

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of November 21, 2017

among

LENDINGTREE, LLC

astheBorrower,

LENDINGTREE, INC.,

asParent,

THE LENDERS FROM TIME TO TIME PARTY HERETO

and

SUNTRUST BANKasAdministrativeAgent

with

SUNTRUST ROBINSON HUMPHREY, INC. ,asSoleArrangerandBookrunner,

and

BANK OF AMERICA, N.A.,ROYAL BANK OF CANADA,

FIFTH THIRD BANK,and

REGIONS BANK,asCo-SyndicationAgents

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

TABLE OF CONTENTS

PageARTICLE1 DEFINITIONS;CONSTRUCTION 1

Section1.1 Definitions 1Section1.2 ClassificationsofLoansandBorrowings 25Section1.3 AccountingTermsandDetermination 25Section1.4 TermsGenerally 25Section1.5 LimitedConditionTransactions 25

ARTICLEII AMOUNTANDTERMSOFTHECOMMITMENTS 26Section2.1 GeneralDescriptionofFacilities 26Section2.2 RevolvingLoans 26Section2.3 ProcedureforRevolvingBorrowings 26Section2.4 SwinglineCommitment 27Section2.5 [IntentionallyOmitted] 28Section2.6 FundingofBorrowings 28Section2.7 InterestElections 28Section2.8 OptionalReductionandTerminationofCommitments 29Section2.9 RepaymentofLoans 29Section2.10 EvidenceofIndebtedness 29Section2.11 OptionalPrepayments 30Section2.12 MandatoryPrepayments 30Section2.13 InterestonLoans 30Section2.14 Fees 31Section2.15 ComputationofInterestandFees 32Section2.16 InabilitytoDetermineInterestRates 32Section2.17 Illegality 32Section2.18 IncreasedCosts 32Section2.19 FundingIndemnity 33Section2.20 Taxes 34Section2.21 PaymentsGenerally;ProRataTreatment;SharingofSet-offs 36Section2.22 LettersofCredit 37Section2.23 IncreaseofCommitments;AdditionalLenders 40Section2.24 MitigationofObligations 43Section2.25 ReplacementofLenders 43Section2.26 DefaultingLenders 43

ARTICLEIII CONDITIONSPRECEDENTTOLOANSANDLETTERSOFCREDIT 45Section3.1 ConditionstoEffectiveness 45Section3.2 ConditionstoEachCreditEvent 47Section3.3 DeliveryofDocuments 47

ARTICLEIV REPRESENTATIONSANDWARRANTIES 48Section4.1 Existence;Power 48Section4.2 OrganizationalPower;Authorization 48Section4.3 GovernmentalApprovals;NoConflicts 48Section4.4 FinancialStatements;AbsenceofMaterialAdverseEffect 48Section4.5 LitigationandEnvironmentalMatters 48

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Section4.6 CompliancewithLawsandAgreements 48Section4.7 InvestmentCompanyAct;OtherRegulatorySchemes 49Section4.8 Taxes 49Section4.9 MarginRegulations 49Section4.10 ERISA 49Section4.11 OwnershipofProperty;Insurance 49Section4.12 Disclosure 50Section4.13 LaborRelations 50Section4.14 Subsidiaries 50Section4.15 Solvency 50Section4.16 DepositandDisbursementAccounts 50Section4.17 CollateralDocuments 50Section4.18 SanctionsandAnti-CorruptionLaws 51Section4.19 EEAFinancialInstitutions 51

ARTICLEV AFFIRMATIVECOVENANTS 51Section5.1 FinancialStatementsandOtherInformation 51Section5.2 NoticesofMaterialEvents 52Section5.3 Existence;ConductofBusiness 53Section5.4 CompliancewithLaws 53Section5.5 PaymentofObligations 53Section5.6 BooksandRecords 53Section5.7 VisitationandInspection 53Section5.8 MaintenanceofProperties;Insurance 53Section5.9 UseofProceeds;MarginRegulations 54Section5.10 CasualtyandCondemnation 54Section5.11 CashManagement 54Section5.12 AdditionalSubsidiariesandCollateral 54Section5.13 LeasedLocations 56Section5.14 FurtherAssurances 56

ARTICLEVI FINANCIALCOVENANT 56ARTICLEVII NEGATIVECOVENANTS 56

Section7.1 IndebtednessandDisqualifiedCapitalStock 58Section7.2 Liens 59Section7.3 FundamentalChanges 59Section7.4 Investments,Loans 60Section7.5 RestrictedPayments 61Section7.6 SaleofAssets 62Section7.7 TransactionswithAffiliates 62Section7.8 RestrictiveAgreements 63Section7.9 SaleandLeasebackTransactions 63Section7.10 HedgingTransactions 63Section7.11 AmendmenttoOrganizationalDocuments 63Section7.12 AccountingChanges 64Section7.13 SanctionsandAnti-CorruptionLaws 64

ARTICLEVIII EVENTSOFDEFAULT 64Section8.1 EventsofDefault 64

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Section8.2 ApplicationofProceedsfromCollateral 66ARTICLEIX THEADMINISTRATIVEAGENT 67

Section9.1 AppointmentoftheAdministrativeAgent 67Section9.2 NatureofDutiesoftheAdministrativeAgent 67Section9.3 LackofRelianceontheAdministrativeAgent 68Section9.4 CertainRightsoftheAdministrativeAgent 68Section9.5 ReliancebytheAdministrativeAgent 68Section9.6 TheAdministrativeAgentinitsIndividualCapacity 68Section9.7 SuccessorAdministrativeAgent 68Section9.8 WithholdingTax 69Section9.9 TheAdministrativeAgentMayFileProofsofClaim 69Section9.10 AuthorizationtoExecuteOtherLoanDocuments 69Section9.11 CollateralandGuarantyMatters 70Section9.12 RighttoRealizeonCollateralandEnforceGuarantee 70Section9.13 SecuredBankProductObligationsandHedgingObligations 70Section9.14 SyndicationAgent 70

ARTICLEX MISCELLANEOUS 70Section10.1 Notices 70Section10.2 Waiver;Amendments 73Section10.3 Expenses;Indemnification 74Section10.4 SuccessorsandAssigns 76Section10.5 GoverningLaw;Jurisdiction;ConsenttoServiceofProcess 79Section10.6 WAIVEROFJURYTRIAL 79Section10.7 RightofSet-off 79Section10.8 Counterparts;Integration 80Section10.9 Survival 80Section10.10 Severability 80Section10.11 Confidentiality 80Section10.12 InterestRateLimitation 81Section10.13 WaiverofEffectofCorporateSeal 81Section10.14 PatriotAct 81Section10.15 NoAdvisoryorFiduciaryResponsibility 81Section10.16 JointandSeveralObligations 81Section10.17 AcknowledgementandConsenttoBail-InofEEAFinancialInstitutions 81Section10.18 AmendmentandRestatement 82Section10.19 CertainERISAMatters 82

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Schedules ScheduleI - ApplicableMarginandApplicablePercentageScheduleII - CommitmentAmountsSchedule1.1(a) - ImmaterialSubsidiariesSchedule1.1(b) - SubsidiaryLoanPartiesSchedule4.5 - EnvironmentalMattersSchedule4.14 - SubsidiariesSchedule4.16 - DepositandDisbursementAccountsSchedule7.1 - ExistingIndebtednessSchedule7.2 - ExistingLiensSchedule7.4 - ExistingInvestmentsSchedule7.5 - AffiliateTransactions

Exhibits ExhibitA - FormofAssignmentandAssumptionExhibitB - FormofGuarantyandSecurityAgreementExhibit2.3 - FormofNoticeofRevolvingBorrowingExhibit2.4 - FormofNoticeofSwinglineBorrowingExhibit2.7 - FormofNoticeofContinuation/ConversionExhibit2.20 - TaxCertificatesExhibit5.1(c) - FormofComplianceCertificate

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AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDED AND RESTATED CREDIT AGREEMENT (this“Agreement”)ismadeandenteredintoasofNovember21,2017,byandamongLENDINGTREE,LLC, a Delaware limited liability company(the “Borrower”), LENDINGTREE,INC., a Delawarecorporation(“Parent”),theseveral banks and other financial institutions and lenders from time to time party hereto (the “ Lenders ”), and SUNTRUST BANK, in its capacity asadministrative agent for itself andtheLenders(the“AdministrativeAgent”), asissuingbank(the“IssuingBank”)andasswinglinelender (the“SwinglineLender”).

W I T N E S S E T H:

WHEREAS, theBorrower, thelenders partythereto, andSunTrust Bank, asadministrative agent, enteredintothat certainCredit Agreementdated as of October 22, 2015 (as amended prior to the date hereof, the “Existing Credit Agreement”) pursuant to which the lenders party thereto have madeavailablecertaincreditextensionspursuanttothetermsandconditionsoftheExistingCreditAgreement;

WHEREAS, theBorrowerhasrequested,andtheAdministrativeAgentandtheLenderspartyheretohaveagreed,subjecttothetermshereof,that the Existing Credit Agreement be amended and restated in order to, among other things, extend the maturity dates provided therein, increase the totalborrowings,andmakecertainotheramendmentsandmodificationstotheExistingCreditAgreement;

WHEREAS, itistheintentofthepartiesheretothatthisAgreementamendandrestateinitsentiretytheExistingCreditAgreementandthatthisAgreementdoesnotandshallnotconstituteanovationoftheobligationsandliabilitiesofthepartiesundertheExistingCreditAgreement;and

WHEREAS, itisfurthertheintentofthepartiestoconfirmthatallObligations(asdefinedintheExistingCreditAgreement)undertheLoanDocuments(asdefinedintheExistingCreditAgreement)shallcontinueinfullforceandeffectandthat,fromandaftertheRestatementDate,allreferencestothe“CreditAgreement”and“LoanDocuments”containedthereinshallbedeemedtorefertothisAgreementandtheLoanDocuments(asdefinedherein).

NOW, THEREFORE , in consideration of the premises and the mutual covenants herein contained, Parent, the Borrower, the Lenders, theAdministrativeAgent,theIssuingBankandtheSwinglineLenderagreeasfollows:

ARTICLE I

DEFINITIONS; CONSTRUCTION

Section 1.1 Definitions .Inadditiontotheothertermsdefinedherein,thefollowingtermsusedhereinshallhavethemeaningshereinspecified(tobeequallyapplicabletoboththesingularandpluralformsofthetermsdefined):

“AccountControlAgreement”shallmeananytri-partyagreementbyandamongaLoanParty,theAdministrativeAgentandadepositarybankor securities intermediary at which such Loan Party maintains a Controlled Account, in each case in form and substance reasonably satisfactory to theAdministrativeAgent.

“Acquisition” shall mean (a) any Investment by Parent or any of its Subsidiaries in any other Person organized in the United States (withsubstantiallyalloftheassetsofsuchPersonanditsSubsidiarieslocatedintheUnitedStates),pursuanttowhichsuchPersonshallbecomeaSubsidiaryofParentoranyofitsSubsidiariesorshallbemergedwithParentoranyofitsSubsidiariesor(b)anyacquisitionbyParentoranyofitsSubsidiariesoftheassetsofanyPerson(otherthanaSubsidiaryofParent)thatconstituteallorsubstantiallyalloftheassetsofsuchPersonoradivisionorbusinessunitofsuchPerson,whetherthrough purchase, merger or other business combination or transaction (and substantially all of such assets, division or business unit are located in the UnitedStates).WithrespecttoadeterminationoftheamountofanAcquisition,suchamountshallincludeallconsideration(includinganydeferredpayments)setforthintheapplicableagreementsgoverningsuchAcquisitionaswellastheassumptionofanyIndebtednessinconnectiontherewith;providedthatanydeferredpaymentthatissubjecttoacontingencyshallbeconsideredindeterminingtheamountoftheAcquisitiononlytotheextentofthereserve,ifany,requiredunderGAAP(asdeterminedatthetimeoftheconsummationofsuchPermittedAcquisition)tobeestablishedinrespectthereofbyParentoranyofitsSubsidiaries.

“AdditionalLender”shallhavethemeaningsetforthinSection2.23.

“Adjusted LIBORate” shall mean, with respect to each Interest Period for a Eurodollar Loan, (i) the rateper annum equal to the LondoninterbankofferedratefordepositsinDollarsappearingonReutersscreenpageLIBOR01(oronanysuccessororsubstitutepageofsuchserviceoranysuccessortosuchservice,orsuchothercommerciallyavailablesourceproviding

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

suchquotationsasmaybedesignatedbytheAdministrativeAgentfromtimetotime)atapproximately11:00A.M.(Londontime)two(2)BusinessDayspriortothefirstdayofsuchInterestPeriod,withamaturitycomparabletosuchInterestPeriod(providedthatifsuchrateislessthanzero,suchrateshallbedeemedtobezero), divided by (ii) a percentage equal to 1.00% minus the then stated maximum rate of all reserve requirements (including any marginal, emergency,supplemental,specialorotherreservesandwithoutbenefitofcreditsforproration,exceptionsoroffsetsthatmaybeavailablefromtimetotime)applicabletoanymember bank of the Federal Reserve System in respect of Eurocurrency liabilities as defined in Regulation D (or any successor category of liabilities underRegulationD);provided,that(x)iftheratereferredtoinclause(i)aboveisnotavailableatanysuchtimeforanyreason,thentheratereferredtoinclause(i)shallinsteadbetheinterestrateper annum ,asreasonablydeterminedbytheAdministrativeAgent,tobethearithmeticaverageoftheratesper annum atwhichdeposits in U.S. Dollars in an amount equal to the amount of such Eurodollar Loan are offered by major banks in the London interbank market to theAdministrativeAgentatapproximately11:00A.M.(Londontime),two(2)BusinessDayspriortothefirstdayofsuchInterestPeriodforcontractsthatwouldbeentered into at the commencement of such Interest Period for the same duration as such Interest Period, provided that any such rate determination shall beconsistent with similar rate determinations for other customers of the Administrative Agent similarly situated as Borrower, and (y) if the interest rate for anyEurodollarLoandeterminedpursuanttothisdefinitionislessthanzero,thentheAdjustedLIBORateforsuchEurodollarLoanshallbedeemedtoequalzero.

“AdministrativeAgent”shallhavethemeaningsetforthintheintroductoryparagraphhereof.

“ Administrative Questionnaire ” shall mean, with respect to each Lender, an administrative questionnaire in the form provided by theAdministrativeAgentandsubmittedtotheAdministrativeAgentdulycompletedbysuchLender.

“Affiliate”shallmean,astoanyPerson,anyotherPersonthatdirectly,orindirectlythroughoneormoreintermediaries,Controls,isControlledby,orisundercommonControlwith,suchPerson.Forthepurposesofthisdefinition,“Control”shallmeanthepower,directlyorindirectly,eitherto(i)vote25%ormoreofthesecuritieshavingordinaryvotingpowerfortheelectionofdirectors(orpersonsperformingsimilarfunctions)ofaPersonor(ii)directorcausethedirectionofthemanagementandpoliciesofaPerson,whetherthroughtheabilitytoexercisevotingpower,bycontrolorotherwise.Theterms“Controlledby”and“undercommonControlwith”havethemeaningscorrelativethereto.

“Affiliated Persons” mean, with respect to any specified Permitted Holder which is a natural person, (a) such specified person’s parents,spouse, siblings, descendants, step children, step grandchildren, nieces and nephews and their respective spouses, (b) the estate, legatees and devisees of suchspecifiedpersonandeachofthepersonsreferredtoinclause(a),and(c)anycompany,partnership,trust,foundationorotherentityorinvestmentvehiclecreatedforthebenefitof,orcontrolledby,anyofthepersonsreferredtoinclause(a)or(b)orcreatedbyanysuchpersonforthebenefitofanycharitableorganizationorforacharitablepurpose.

“AggregateRevolvingCommitmentAmount”shallmeantheaggregateprincipalamountoftheAggregateRevolvingCommitmentsfromtimetotime.OntheRestatementDate,theAggregateRevolvingCommitmentAmountis$250,000,000.

“AggregateRevolvingCommitments”shallmean,collectively,allRevolvingCommitmentsofallLendersatanytimeoutstanding.

“Anti-CorruptionLaws”shallmeanalllaws,rules,andregulationsofanyjurisdictionapplicabletoParentoritsSubsidiaries(or,assuchtermisusedinthedefinitionoftheterm“LibertySuccessor”,toLibertySuccessor)fromtimetotimeconcerningorrelatingtobriberyorcorruption.

“ApplicableLendingOffice”shallmean,foreachLenderandforeachTypeofLoan,the“LendingOffice”ofsuchLender(oranAffiliateofsuch Lender) designated for such Type of Loan in the Administrative Questionnaire submitted by such Lender or such other office of such Lender (or suchAffiliateofsuchLender)assuchLendermayfromtimetotimespecifytotheAdministrativeAgentandtheBorrowerastheofficebywhichitsLoansofsuchTypearetobemadeandmaintained.

“ApplicableMargin”shallmean,asofanydate,thepercentageper annum determinedbyreferencetotheapplicableConsolidatedTotalNetLeverageRatioineffectonsuchdateassetforthonScheduleI;providedthatachangeintheApplicableMarginresultingfromachangeintheConsolidatedTotalNetLeverageRatioshallbeeffectiveonthesecondBusinessDayafterwhichParentdeliverseachofthefinancialstatementsrequiredbySection5.1(a)and(b)andtheComplianceCertificaterequiredbySection5.1(c);provided,further,thatifatanytimeParentshallhavefailedtodeliversuchfinancialstatementsandsuchComplianceCertificatewhensorequired,theApplicableMarginshallbeatLevelIassetforthonScheduleIuntilsuchtimeassuchfinancialstatementsand Compliance Certificate are delivered, at which time the Applicable Margin shall be determined as provided above. Notwithstanding the foregoing, theApplicableMarginfromtheRestatementDateuntilthedatebywhichthefinancialstatementsandComplianceCertificatefortheFiscalQuarterendingDecember31,2017,arerequiredtobedelivered

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shallbeatLevelIIassetforthonScheduleI.IntheeventthatanyfinancialstatementorComplianceCertificatedeliveredhereunderisshowntobeinaccurate(regardlessofwhetherthisAgreementortheCommitmentsareineffectwhensuchinaccuracyisdiscovered),andsuchinaccuracy,ifcorrected,wouldhaveledtotheapplicationofahigherApplicableMarginbaseduponthepricinggridsetforthonScheduleI(the“AccurateApplicableMargin”)foranyperiodthatsuchfinancial statement or Compliance Certificate covered, then (i) Parent shall immediately deliver to the Administrative Agent a correct financial statement orComplianceCertificate, asthecasemaybe, forsuchperiod, (ii) theApplicableMarginshall beadjustedsuchthat after givingeffect tothecorrectedfinancialstatementorComplianceCertificate,asthecasemaybe,theApplicableMarginshallberesettotheAccurateApplicableMarginbaseduponthepricinggridsetforthonScheduleIforsuchperiodand(iii)theBorrowershallimmediatelypaytotheAdministrativeAgent,fortheaccountoftheLenders,theaccruedadditionalinterestowingasaresultofsuchAccurateApplicableMarginforsuchperiod.TheprovisionsofthisdefinitionshallnotlimittherightsoftheAdministrativeAgentandtheLenderswithrespecttoSection2.13(c)orArticleVIII.

“ApplicablePercentage”shallmean,asofanydate,withrespecttothecommitmentfeeasofsuchdate,thepercentageper annum determinedbyreferencetotheConsolidatedTotalNetLeverageRatioineffectonsuchdateassetforthonScheduleI;providedthatachangeintheApplicablePercentageresulting from a change in the Consolidated Total Net Leverage Ratio shall be effective on the second Business Day after which Parent delivers each of thefinancialstatementsrequiredbySection5.1(a)and(b)andtheComplianceCertificaterequiredbySection5.1(c);provided,further,thatifatanytimeParentshallhavefailedtodeliversuchfinancialstatementsandsuchComplianceCertificatewhensorequired,theApplicablePercentageshallbeatLevelIassetforthonScheduleIuntilsuchtimeassuchfinancialstatementsandComplianceCertificatearedelivered,atwhichtimetheApplicablePercentageshallbedeterminedas provided above. Notwithstanding the foregoing, the Applicable Percentage for the commitment fee from the Restatement Date until the date by which thefinancialstatementsandComplianceCertificatefortheFiscalQuarterendingDecember31,2017,arerequiredtobedeliveredshallbeatLevelIIassetforthonSchedule I . In the event that any financial statement or Compliance Certificate delivered hereunder is shown to be inaccurate (regardless of whether thisAgreementortheCommitmentsareineffectwhensuchinaccuracyisdiscovered),andsuchinaccuracy,ifcorrected,wouldhaveledtotheapplicationofahigherApplicablePercentagebaseduponthepricinggridsetforthonScheduleI(the“AccurateApplicablePercentage”)foranyperiodthatsuchfinancialstatementorComplianceCertificatecovered,then(i)ParentshallimmediatelydelivertotheAdministrativeAgentacorrectfinancialstatementorComplianceCertificate,asthecasemaybe,forsuchperiod,(ii)theApplicablePercentageshallbeadjustedsuchthataftergivingeffecttothecorrectedfinancialstatementorComplianceCertificate,asthecasemaybe,theApplicablePercentageshallberesettotheAccurateApplicablePercentagebaseduponthepricinggridsetforthonScheduleIforsuchperiodand(iii)theBorrowershallimmediatelypaytotheAdministrativeAgent,fortheaccountoftheLenders,theaccruedadditionalcommitmentfeeowingasaresultofsuchAccurateApplicablePercentageforsuchperiod.TheprovisionsofthisdefinitionshallnotlimittherightsoftheAdministrativeAgentandtheLenderswithrespecttoSection2.13(c)orArticleVIII.

“ApprovedFund”shallmeananyPerson(otherthananaturalPerson)thatis(orwillbe)engagedinmaking,purchasing,holdingorotherwiseinvestingincommercialloansandsimilarextensionsofcreditintheordinarycourseofitsbusinessandthatisadministeredormanagedby(i)aLender,(ii)anAffiliateofaLenderor(iii)anentityoranAffiliateofanentitythatadministersormanagesaLender.

“AssignmentandAssumption”shallmeananassignmentandassumptionenteredintobyaLenderandanEligibleAssignee(withtheconsentofanypartywhoseconsentisrequiredbySection10.4(b))andacceptedbytheAdministrativeAgent,insubstantiallytheformofExhibitAattachedheretooranyotherformapprovedbytheAdministrativeAgent.

“AvailabilityPeriod” shallmeantheperiodfromtheRestatementDatetobutexcludingtheRevolvingCommitmentTerminationDate.

“Bail-InAction”shallmeantheexerciseofanyWrite-DownandConversionPowersbytheapplicableEEAResolutionAuthorityinrespectofanyliabilityofanEEAFinancialInstitution.

“Bail-InLegislation”shallmean,withrespecttoanyEEAMemberCountryimplementingArticle55ofDirective2014/59/EUoftheEuropeanParliamentandoftheCounciloftheEuropeanUnion,theimplementinglawforsuchEEAMemberCountryfromtimetotimewhichisdescribedintheEUBail-InLegislationSchedule.

“Bank Product Obligations ” shall mean, collectively, all obligations and other liabilities of any Loan Party to any Bank Product ProviderarisingwithrespecttoanyBankProducts.

“BankProductProvider”shallmeananyPersonthat,atthetimeitprovidesanyBankProducttoanyLoanParty,(i)isaLenderoranAffiliateof a Lender and (ii) except when the Bank Product Provider is SunTrust Bank and its Affiliates, has provided concurrent or subsequent written notice to theAdministrativeAgentwhichhasbeenacknowledgedbytheBorrowerof(x)theexistenceofsuchBankProduct,(y)themaximumdollaramountofobligationsarisingthereunder(the“BankProduct

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Amount”)and(z)themethodologytobeusedbysuchpartiesindeterminingtheobligationsundersuchBankProductfromtimetotime(provided,however,BankProductObligationsshallbeexcludedfromtheapplicationofproceedsdescribedinSection8.2untiltheAdministrativeAgenthasreceivedwrittennoticeandsuchsupportingdocumentationasdescribedabovefromtheBankProductProvider).InnoeventshallanyBankProductProvideractinginsuchcapacitybedeemedaLenderforpurposeshereoftotheextentofandastoBankProductsexceptthateachreferencetotheterm“Lender”inArticleIXandSection10.3(b)shallbedeemedtoincludesuchBankProductProviderandinnoeventshalltheapprovalofanysuchpersoninitscapacityasBankProductProviderberequiredinconnectionwiththereleaseorterminationofanysecurityinterestorLienoftheAdministrativeAgent.TheBankProductAmountmaybechangedfromtimetotimeuponwrittennoticetotheAdministrativeAgentbytheapplicableBankProductProvider.NoBankProductAmountmaybeestablishedatanytimethataDefaultorEventofDefaultexists.

“BankProducts”shallmeananyofthefollowingservicesprovidedtoanyLoanPartybyanyBankProductProvider:(a)anytreasuryorothercashmanagementservices,includingdepositaccounts,automatedclearinghouse(ACH)originationandotherfundstransfer,depository(includingcashvaultandcheck deposit), zero balance accounts and sweeps, return items processing, controlled disbursement accounts, positive pay, lockboxes and lockbox accounts,accountreconciliationandinformationreporting,payablesoutsourcing,payrollprocessing,tradefinanceservices,investmentaccountsandsecuritiesaccounts,and(b)cardservices,includingcreditcards(includingpurchasingcardsandcommercialcards),prepaidcards,includingpayroll,storedvalueandgiftcards,merchantservicesprocessing,anddebitcardservices.

“BaseRate”shallmeanforanydayarateperannumequaltothehighestof(i)therateofinterestwhichtheAdministrativeAgentannouncesfromtimetotimeasitsprimelendingrate,asineffectfromtimetotime(the“PrimeRate”),(ii)theFederalFundsRate,asineffectfromtimetotime,plusone-halfofonepercent(0.50%)per annum and(iii) theAdjustedLIBORatedeterminedonadailybasis foranInterest Periodofone(1)month, plusonepercent(1.00%)per annum (anychangesinsuchratestobeeffectiveasofthedateofanychangeinsuchrate);provided,thatiftheBaseRatewouldotherwisebelessthan zero percent, then the Base Rate shall be deemed to be zero percent. The Administrative Agent’s prime lending rate is a reference rate and does notnecessarilyrepresentthelowestorbestrateactuallychargedtoanycustomer. TheAdministrativeAgentmaymakecommercial loansorotherloansatratesofinterestat,above,orbelowtheAdministrativeAgent’sprimelendingrate.AnychangeintheBaseRateduetoachangeinthePrimeRate,theFederalFundsRate,ortheAdjustedLIBORatewillbeeffectivefromandincludingtheeffectivedateofsuchchangeinthePrimeRate,theFederalFundsRate,ortheAdjustedLIBORate.

“BeneficialOwner”shallmean,withrespecttoanyamountpaidhereunderorunderanyotherLoanDocument,thePersonthatisthebeneficialowner,forU.S.federalincometaxpurposes,ofsuchpayment.

“Benefit Plan” shall meananyof(a) an“employeebenefit plan”(asdefinedinERISA)that is subject toTitle I of ERISA,(b) a“plan”asdefinedinSection4975oftheCodeor(c)anypersonwhoseassetsinclude(forpurposesofERISASection3(42)orotherwiseforpurposesofTitleIofERISAorSection4975oftheCode)theassetsofanysuch“employeebenefitplan”or“plan”.

“Borrower”shallhavethemeaningsetforthintheintroductoryparagraphhereof.

“BorrowerMaterials”shallmeanallfinancialprojectionsandotherinformationthathasbeenorwillbemadeavailabletotheSoleArrangerorany of the Lenders by the Parent, the Borrower, or any of their representatives (or on their behalf) in connection with this Agreement and the transactionscontemplatedhereunder.

“Borrowing”shallmeanaborrowingconsistingof(i)LoansofthesameClassandType,made,convertedorcontinuedonthesamedateand,inthecaseofEurodollarLoans,astowhichasingleInterestPeriodisineffect,or(ii)aSwinglineLoan.

“BusinessDay”shall meananydayotherthan(i) aSaturday,Sundayorotherdayonwhichcommercial banksinAtlanta, GeorgiaorNewYork,NewYorkareauthorizedorrequiredbylawtocloseand(ii)ifsuchdayrelatestoaBorrowingof,apaymentorprepaymentofprincipalorintereston,aconversionoforinto,oranInterestPeriodfor,aEurodollarLoanoranoticewithrespecttoanyoftheforegoing,anysuchdaythatisalsoadayonwhichdealingsinDollardepositsarenotconductedbyandbetweenbanksintheLondoninterbankmarket.

“CapitalExpenditures” shall mean, for anyperiod, without duplication, (i) the additions to property, plant and equipment and other capitalexpenditures of Parent and its Subsidiaries that are (or would be) set forth on a consolidated statement of cash flows of Parent for such period prepared inaccordancewithGAAPand(ii)CapitalLeaseObligationsincurredbyParentanditsSubsidiariesduringsuchperiod,excludinganyexpendituretotheextentsuchexpenditureis part oftheaggregateamountspayableinconnectionwith, orotherconsiderationfor, anyPermittedAcquisitionconsummatedduringorprior tosuchperiod.

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“CapitalLeaseObligations”ofanyPersonshall meanall obligationsofsuchPersontopayrentorotheramountsunderanylease(orotherarrangementconveyingtherighttouse)ofrealorpersonalproperty,oracombinationthereof,whichobligationsarerequiredtobeclassifiedandaccountedforascapitalleasesonabalancesheetofsuchPersonunderGAAP,andtheamountofsuchobligationsshallbethecapitalizedamountthereofdeterminedinaccordancewithGAAP.

“Capital Stock ” shall mean all shares, options, warrants, general or limited partnership interests, membership interests or other equivalents(regardlessofhowdesignated)oforinacorporation,partnership,limitedliabilitycompanyorequivalententitywhethervotingornonvoting,includingcommonstock,preferredstockoranyother“equitysecurity”(assuchtermisdefinedinRule3a11‑1oftheGeneralRulesandRegulationspromulgatedbytheSecuritiesandExchangeCommissionundertheExchangeAct).

“CappedAdjustments”shallmean(a)anyadditionstoConsolidatedEBITDApursuanttoclause(ii)(G)ofthedefinitionofsuchterm,(b)anyadditionstoConsolidatedEBITDApursuanttoclause(ii)(H)ofthedefinitionofsuchterm,and(c)anyProFormaCappedAdjustments.

“ Cash Collateralize ” shall mean, in respect of any obligations, to provide and pledge (as a first priority perfected security interest) cashcollateral for such obligations in Dollars with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory to theAdministrativeAgent(and“CashCollateralized”and“CashCollateralization”havethecorrespondingmeanings).

“CashEquivalents”means:

(a)directobligationsof,orobligationstheprincipalofandinterestonwhichareunconditionallyguaranteedby,theUnitedStatesofAmerica(orbyanyagencythereoftotheextentsuchobligationsarebackedbythefullfaithandcreditoftheUnitedStatesofAmerica),ineachcasematuringwithinoneyearfromthedateofacquisitionthereof;

(b)investmentsincommercialpapermaturingwithin270daysfromthedateofacquisitionthereofandhaving,atsuchdateofacquisition,thehighestcreditratingobtainablefromaCreditRatingAgency;

(c)investmentsincertificatesofdeposit,banker’sacceptancesandtimedepositsmaturingwithin180daysfromthedateofacquisitionthereofissuedorguaranteedbyorplacedwith,andmoneymarketdepositaccountsissuedorofferedby,anydomesticofficeofanycommercialbankorganizedunderthelawsoftheUnitedStatesofAmericaoranyStatethereofthathasacombinedcapitalandsurplusandundividedprofitsofnotlessthan$500,000,000;

(d)fullycollateralizedrepurchaseagreementswithatermofnotmorethan30daysforsecuritiesdescribedinclause(a)aboveandenteredintowithafinancialinstitutionsatisfyingthecriteriadescribedinclause(c)above;and

(e)moneymarketfundsthat(i)complywiththecriteriasetforthinSECRule2a-7undertheInvestmentCompanyActof1940,(ii)areratedAAAandAaa(orequivalentrating)byatleasttwoCreditRatingAgencies,and(iii)haveportfolioassetsofatleast$5,000,000,000.

“Change in Control ” shall mean (a) the acquisition of beneficial ownership, directly or indirectly, by any Person or group (such Person orgroup,the“Transferee”)(excludinganyPermittedHolderorgroupControlledbyanyPermittedHolder)ofmorethan35%oftheaggregatevotingpower(withequivalenteconomicinterests) ofall outstandingclassesorseriesoftheParent’svotingstock(“TotalVotingPower”), unlesseither(i) thePermittedHoldersbeneficiallyownamajorityoftheTotalVotingPoweror(ii)ifthePermittedHoldersbeneficiallyownlessthanamajorityoftheTotalVotingPower,theTotalVotingPowerrepresentedbythesharesbeneficiallyownedbythePermittedHoldersexceedstheTotalVotingPowerrepresentedbysharesbeneficiallyownedbysuchacquiringpersonorgroup;or(b)Parentceasestoownandcontrol,directlyorindirectly,beneficiallyandofrecord,100%oftheoutstandingsharesofvotingstock(withequivalenteconomicinterests)ofBorrower.Forthepurposesofthisdefinition,“Control”shallmeanthepower,directlyorindirectly,todirectorcausethe direction of the management and policies, or the dismissal or appointment of the management, of a Person, whether through the ability to exercise votingpower,bycontractorotherwise.Theterms“Controlledby”and“undercommonControlwith”havethemeaningscorrelativethereto.

“ChangeinLaw”shallmeantheoccurrence,afterthedateofthisAgreement,ofanyofthefollowing:(i)theadoptionortakingeffectofanylaw,rule,regulationortreaty,(ii)anychangeinanylaw,rule,regulationortreaty,orintheadministration,interpretation,implementationorapplicationthereof,by any Governmental Authority, or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) of anyGovernmentalAuthority;providedthatnotwithstandinganythinghereintothecontrary,(x)theDodd-FrankWallStreetReformandConsumerProtectionActandallrequests,rules,guidelinesordirectivesinconnectiontherewithand(y)allrequests,rules,guidelinesordirectivespromulgatedbytheBankforInternationalSettlements,theBaselCommitteeonBankingSupervision(oranysuccessororsimilarauthority)

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ortheUnitedStatesorforeignregulatoryauthorities,ineachcasepursuanttoBaselIII,shallineachcasebedeemedtobea“ChangeinLaw”,regardlessofthedateenacted,adoptedorissued.

“ Class ”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, areRevolving Loans, Swingline Loans, or Incremental Term Loans and when used in reference to any Commitment, refers to whether such Commitment is aRevolvingCommitment,aSwinglineCommitment,oranIncrementalTermLoancommitment.

“ClosingDate”shallmeanOctober22,2015.

“Code”shallmeantheInternalRevenueCodeof1986,asamendedandineffectfromtimetotime.

“Collateral”shallmeanalltangibleandintangibleproperty,realandpersonal,ofanyLoanPartythatisorpurportstobethesubjectofaLientotheAdministrativeAgenttosecurethewholeoranypartoftheObligationsoranyGuaranteethereof,andshallinclude,withoutlimitation,allcasualtyinsuranceproceedsandcondemnationawardswithrespecttoanyoftheforegoing.Inallcases,thepledgingasCollateralofCapitalStockofanyForeignSubsidiaryheldorownedbyanyLoanPartyshallbelimitedto66%oftheissuedandoutstandingvotingCapitalStockand100%oftheissuedandoutstandingnon-votingCapitalStockofsuchForeignSubsidiary,asapplicable.

“ Collateral Access Agreement ” shall mean each landlord waiver or bailee agreement granted to, and in form and substance reasonablyacceptableto,theAdministrativeAgent.

“CollateralDocuments”shallmean,collectively,theGuarantyandSecurityAgreement,theAccountControlAgreements,theInformationandCollateral DisclosureCertificate, all Copyright SecurityAgreements, all Patent SecurityAgreements, all TrademarkSecurityAgreements, all Collateral AccessAgreements,allassignmentsofkeymanlifeinsurancepoliciesandallotherinstrumentsandagreementsnoworhereaftersecuringorperfectingtheLienssecuringthe whole or any part of the Obligations or any Guarantee thereof, all UCC financing statements, fixture filings and stock powers, and all other documents,instruments,agreementsandcertificatesexecutedanddeliveredbyanyLoanPartytotheAdministrativeAgentandtheLendersinconnectionwiththeforegoing.

“ Commitment ” shall mean a Revolving Commitment, a Swingline Commitment, or an Incremental Term Loan commitment or anycombinationthereof(asthecontextshallpermitorrequire).

“CommodityExchangeAct”shallmeantheCommodityExchangeAct(7U.S.C.§1etseq.),asamendedandineffectfromtimetotime,andanysuccessorstatute.

“Competitor” shall mean, as of any date, any Person for which a substantial portion of its business is the online loan or consumer creditproductsmarketplacebusinessorperformancemarketingforfinancialservicesandwhoisacompetitorofParentoranyofitsSubsidiaries,whichPersonhasbeenidentifiedinwritingtotheAdministrativeAgentasa“Competitor”andsetforthinthatcertainletteragreementdatedasoftheRestatementDatedeliveredbytheBorrower to the Administrative Agent;provided, that, after the Restatement Date, the Borrower maydesignate additional similar Persons in an updated letteragreementas“Competitors”forpurposesofthisdefinitionwiththepriorwrittenconsentoftheAdministrativeAgent,whichconsentshallnotbeunreasonablywithheld, conditioned or delayed; provided,further, that (i) any updated letter agreement shall not be effective until 3 Business Days after delivered to theAdministrativeAgentandtheLendersand(ii)noupdatedletteragreementshallhavearetroactiveeffectonanyassignmententeredintopriortotheeffectivenessofsuchupdatedletteragreement.

“Compliance Certificate ” shall mean a certificate from the principal executive officer or a Financial Officer of Parent in the form of, andcontainingthecertificationssetforthin,thecertificateattachedheretoasExhibit5.1(c).

“ConnectionIncomeTaxes”shallmeanOtherConnectionTaxesthatareimposedonormeasuredbynetincome(howeverdenominated)orthatarefranchiseTaxesorbranchprofitsTaxes.

“ConsolidatedEBITDA”shallmean,forParentanditsSubsidiariesforanyperiod,anamountequaltothesumof(i)ConsolidatedNetIncomefor such period plus (ii) to the extent deducted in determining Consolidated Net Income for such period, and without duplication, (A) Consolidated InterestExpense,(B)incometaxexpensedeterminedonaconsolidatedbasisinaccordancewithGAAP,(C)depreciationandamortizationdeterminedonaconsolidatedbasis in accordance with GAAP, including, without limitation, amortization of intangible assets acquired through Acquisitions, (D) non-cash compensationexpensesincluding,withoutlimitation,non-cashexpensesincurredpursuanttoanymanagementequityplan,stockoptionplanoranyotherstocksubscriptionorshareholder agreement resulting from the grant of stock options or other equity-based incentives to any director, officer or employee of Parent or any of theSubsidiariesorincurredpursuanttootherstock-settledobligations,(E)non-cashassetimpairmentcharges(excluding,fortheavoidanceofdoubt,anywrite-downofaccountsreceivableorany

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additionstobaddebt expense), (F) lossesonsales, dispositionsor abandonments of assets, ineachcase, outsidetheordinarycourseof business, (G)anynon-recurring restructuring, severance and similar charges, costs and expenses (including, without limitation, severance, relocation or lease termination costs andacquisition integration costs) for suchperiod, providedthat the amount of charges, costs andexpenses addedbackpursuant to this clause (G) for suchperiod,togetherwiththeaggregateamountofallotherCappedAdjustmentsforsuchperiod,shallnotexceed20%ofConsolidatedEBITDAforsuchperioddeterminedpriortogivingeffecttoanyaddbackforanyCappedAdjustments,(H)litigationsettlementsandcontingenciesandlegalfeesforcertainpatentlitigation,providedthat theamountof charges, costs andexpensesaddedbackpursuant tothis clause(H)forsuchperiod, together withtheaggregateamountofall otherCappedAdjustments for suchperiod, shall not exceed20%ofConsolidatedEBITDAfor suchperioddeterminedprior togivingeffect to anyaddbackfor anyCappedAdjustments,(I)out-of-pockettransactioncosts,expenses,andfees(including,withoutlimitation,legalfeesandaccountingfees)incurredinconnectionwith(1)the drafting, negotiation, and closing of the Loan Documents, including, without, limitation, any amendment or other modification thereto, (2) the drafting,negotiation, and closing of any Acquisition, or (3) the restructuring or reorganization of Parent and its Subsidiaries to the extent such restructuring orreorganization is permitted under the Loan Documents, (J) the amount of customary board, monitoring, consulting or advisory fees, indemnities and relatedexpensespaidoraccruedinsuchperiod,(K)chargesforsuchperiodrecognizedonchangesinthefairvalueofcontingentconsiderationpayableby,andnon-cashchargesforsuchperiodrecognizedonchangesinthefairvalueofthenoncontrollinginterestinanyacquireeacquiredby,ParentoranySubsidiaryofParentinanybusinesscombination,and(L)othernon-recurringcharges,costsandexpensesforsuchperiod(itbeingunderstoodthatitemsofthetypereferredtoinclause(G)mayonlybeaddedbackpursuanttoclause(G)andnotthisclause(L));providedthat,forpurposesofcalculatingcompliancewiththefinancialcovenantsetforthinArticleVI,totheextentthatduringsuchperiodanyLoanPartyshallhaveconsummatedaPermittedAcquisition,oranysale,transferorotherdispositionofanyPerson,business,propertyorassets,ConsolidatedEBITDAshallbecalculatedonaProFormaBasiswithrespecttosuchPerson,business,propertyorassetsso acquired or disposed of; provided,further, that the additions to Consolidated EBITDAset forth in the foregoing clauses (A) through (L), as well as anyadjustments to Consolidated EBITDA under the Pro Forma Basis definition, will be set forth in a certificate of a Responsible Officer of Parent in form andsubstancesatisfactorytotheAdministrativeAgent.

Notwithstanding the foregoing, for the following Fiscal Quarters, Consolidated EBITDA will be deemed to be as follows: for the Fiscal Quarter ended onDecember31,2016,$21,127,577,fortheFiscalQuarterendedonMarch31,2017,$25,162,781,fortheFiscalQuarterendedonJune30,2017,$28,589,226,andfortheFiscalQuarterendedonSeptember30,2017,$35,433,032.

“ConsolidatedInterestExpense”shallmean,forParentanditsSubsidiariesforanyperiod,determinedonaconsolidatedbasisinaccordancewithGAAP,thesumof(i)totalinterestexpense,including,withoutlimitation,theinterestcomponentofanypaymentsinrespectofCapitalLeaseObligations,capitalizedorexpensedduringsuchperiod(whetherornotactuallypaidduringsuchperiod)plus(ii)thenetamountpayable(orminusthenetamountreceivable)withrespecttoHedgingTransactionsduringsuchperiod(whetherornotactuallypaidorreceivedduringsuchperiod).

“ConsolidatedNetIncome”shallmean,forParentanditsSubsidiariesforanyperiod,thenetincome(orloss)ofParentanditsSubsidiariesforsuchperioddeterminedonaconsolidatedbasisinaccordancewithGAAP,butexcludingtherefrom(totheextentotherwiseincludedtherein)(i)anyextraordinarygains or losses, (ii) incomeor loss fromdiscontinued operations, (iii) any gains attributable to write-ups of assets or the sale of assets (other than the sale ofinventoryintheordinarycourseofbusiness),(iv)anyequityinterestofParentoranySubsidiaryofParentintheunremittedearningsofanyPersonthatisnotaSubsidiary,(v)anyincome(orloss)ofanyPersonaccruedpriortothedateitbecomesaSubsidiaryorismergedintoorconsolidatedwithParentoranySubsidiaryorthedatethatsuchPerson’sassetsareacquiredbyParentoranySubsidiaryand(vi)anyincome(orloss)fromtheearlyextinguishmentormodificationofdebt.

“ConsolidatedRevenues”shallmean,foranyperiod,theaggregaterevenuesofParentandtheSubsidiaries,determinedonaconsolidatedbasisinaccordancewithGAAP.

“ConsolidatedSeniorSecuredDebt”shallmean,asofanydate,theamountofConsolidatedTotalFundedDebtthatissecuredbyaLienonanyassetorpropertyofParentoranyofitsSubsidiaries.

“ConsolidatedTotalAssets”shallmean,atanytime,theconsolidatedtotalassetsofParentanditsSubsidiaries,assuchamountwouldappearonaconsolidatedbalancesheetofParentpreparedasofsuchdateinaccordancewithGAAP.

“ConsolidatedTotalFundedDebt”shallmean,asofanydate,allIndebtednessofParentanditsSubsidiariesdescribedinclauses(i),(ii),(iv)(but only to the extent such Indebtedness is due and payable but remains unpaid), (vi), and (vii) of the definition of Indebtedness herein (excluding anyintercompanyIndebtedness),measuredonaconsolidatedbasisasofsuchdate.

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Notwithstandingtheforegoing,forpurposesofcalculatingtheConsolidatedTotalNetLeverageRatioandtheSeniorSecuredNetLeverageRatioinconnectionwithany“incurrencetest”setforthin(a)thedefinitionof“MaximumIncrementalCommitmentAmount,”(b)thedefinitionof“PermittedAcquisition,”(c)thedefinitionof“PermittedSpecifiedRealEstateFinanceTransaction,”(d)Section2.23,(e)Section7.1,(f)Section7.4,(g)Section7.5,or(h)Section7.6,theConsolidated Total Funded Debt in such calculations shall include all Indebtedness of Parent and its Subsidiaries described in clause (iv) of the definition ofIndebtedness.

“ConsolidatedTotalNetLeverageRatio”shallmean,asofanydate,theratioof(a)thesumof(i)ConsolidatedTotalFundedDebtasofsuchdateminus(ii)anaggregateamountofParentanditsSubsidiaries’unrestrictedcashandCashEquivalentslocatedintheUnitedStatesnottoexceed$50,000,000(ineachcase,thatarefreeandclearofall Liens(otherthanLienssecuringObligations))asofsuchdateto(b)ConsolidatedEBITDAforthefourconsecutiveFiscalQuartersendingonsuchdate.

“ContractualObligation”of anyPersonshall meananyprovisionofanysecurityissuedbysuchPersonorof anyagreement, instrument orundertakingunderwhichsuchPersonisobligatedorbywhichitoranyofthepropertyinwhichithasaninterestisbound.

“ControlledAccount”shallhavethemeaningsetforthinSection5.11.

“Copyright”shallhavethemeaningassignedtosuchtermintheGuarantyandSecurityAgreement.

“Copyright Security Agreement” shall meananyCopyright Security Agreement executedbya LoanParty owningregistered Copyrights orapplicationsforCopyrightsinfavoroftheAdministrativeAgentforthebenefitoftheSecuredParties,bothontheClosingDateandthereafter.

“CreditRatingAgency”meansanationallyrecognizedcreditratingagencythatevaluatesthefinancialconditionofissuersofdebtinstrumentsandthenassignsaratingthatreflectsitsassessmentoftheissuer’sabilitytomakedebtpayments.

“Current Assets ” shall mean all current assets of Parent and its Subsidiaries as of any date of determination calculated in accordance withGAAP,butexcludingcash,CashEquivalentsanddebtsduefromAffiliates.

“CurrentLiabilities” shall meanall liabilities of Parent andits Subsidiaries that should, in accordance with GAAP,be classified as currentliabilities as of anydate of determination, andin anyevent includingall Indebtedness payable ondemandor within oneyear fromsuchdate of determinationwithoutanyoptiononthepartoftheobligortoextendorrenewbeyondsuchyearandallaccrualsforfederalorothertaxesbasedonormeasuredbyincomeandpayablewithinsuchyear,butexcludingthecurrentportionoflong-termdebtrequiredtobepaidwithinoneyearandtheaggregateoutstandingprincipalbalanceoftheRevolvingLoansandtheSwinglineLoans.

“DebtorReliefLaws”shallmeantheBankruptcyCodeoftheUnitedStatesofAmerica,andallotherliquidation,conservatorship,bankruptcy,assignmentforthebenefitofcreditors,moratorium,rearrangement,receivership,insolvency,reorganization,orsimilardebtorreliefLawsoftheUnitedStatesorotherapplicablejurisdictionsfromtimetotimeineffect.

“Default”shallmeananyconditionoreventthat,withthegivingofnoticeorthelapseoftimeorboth,wouldconstituteanEventofDefault.

“DefaultInterest”shallhavethemeaningsetforthinSection2.13(c).

“DefaultingLender”shallmean,subjecttoSection2.26(c),anyLenderthat(a)hasfailedto(i)fundalloranyportionofitsLoanswithintwo(2)BusinessDaysofthedatesuchLoanswererequiredtobefundedhereunderunlesssuchLendernotifiestheAdministrativeAgentandtheBorrowerinwritingthatsuchfailureistheresultofsuchLender’sdeterminationthatoneormoreconditionsprecedenttofunding(eachofwhichconditionsprecedent,togetherwithany applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, anySwingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit orSwinglineLoans)withintwo(2)BusinessDaysofthedatewhendue,(b)hasnotifiedtheBorrower,theAdministrativeAgentoranyIssuingBankorSwinglineLenderinwritingthatit doesnotintendtocomplywithitsfundingobligationshereunder, orhasmadeapublicstatementtothateffect(unlesssuchwritingorpublicstatementrelatestosuchLender’sobligationtofundaLoanhereunderandstatesthatsuchpositionisbasedonsuchLender’sdeterminationthataconditionprecedenttofunding(whichconditionprecedent,togetherwithanyapplicabledefault,shallbespecificallyidentifiedinsuchwritingorpublicstatement)cannotbesatisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to theAdministrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be aDefaultingLenderpursuanttothisclause(c)upon

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receiptofsuchwrittenconfirmationbytheAdministrativeAgentandtheBorrower),or(d)has,orhasadirectorindirectparentcompanythathas,(i)becomethesubjectofaproceedingunderanyDebtorReliefLaw,(ii)hadappointedforitareceiver,custodian,conservator,trustee,administrator,assigneeforthebenefitofcreditorsorsimilarPersonchargedwithreorganizationorliquidationofitsbusinessorassets,includingtheFederalDepositInsuranceCorporationoranyotherstateorfederalregulatoryauthorityactinginsuchacapacityor(iii)becomethesubjectofaBail-inAction;providedthataLendershallnotbeaDefaultingLendersolelybyvirtueoftheownershiporacquisitionofanyequityinterestinthatLenderoranydirectorindirectparentcompanythereofbyaGovernmentalAuthoritysolongassuchownershipinterestdoesnotresultinorprovidesuchLenderwithimmunityfromthejurisdictionofcourtswithintheUnitedStatesorfromtheenforcementofjudgmentsorwritsofattachmentonitsassetsorpermitsuchLender(orsuchGovernmentalAuthority)toreject,repudiate,disavowordisaffirmany contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a)through(d)aboveshallbeconclusiveandbindingabsentmanifesterror,andsuchLendershallbedeemedtobeaDefaultingLender(subjecttoSection2.26(b))upondeliveryofwrittennoticeofsuchdeterminationtotheBorrower,eachIssuingBank,eachSwinglineLenderandeachLender.

“DisqualifiedCapitalStock”shallmean,withrespecttoanyPerson,anyCapitalStockthatbyitsterms(orbythetermsofanyotherCapitalStockintowhichitisconvertibleorexchangeable)orotherwise(i)matures(otherthanasaresultofavoluntaryredemptionorrepurchasebytheissuerofsuchCapitalStock)orissubjecttomandatoryredemptionorrepurchase(otherthansolelyforCapitalStockthatisnotDisqualifiedCapitalStock)pursuanttoasinkingfundobligationorotherwise;or(ii)isconvertibleintoorexchangeableorexercisableforIndebtednessoranyDisqualifiedCapitalStockattheoptionoftheholderthereof; or (iii) maybe required to be redeemedor repurchased at the option of the holder thereof (other than solely for Capital Stockthat is not DisqualifiedCapital Stock), inwholeorinpart, ineachcasespecifiedin(i), (ii) or(iii) aboveonorpriortothedatethatis ninetyonedaysafter theMaturityDate; or(d)providesforscheduledpaymentsofdividendstobemadeincash.

“DisqualifiedInstitution”shallmean(a)anyDisqualifiedLenderand(b)anyCompetitor.

“DisqualifiedLender”shallmeaneachPersonpreviouslyidentifiedinwritingtotheAdministrativeAgentandsetforthinthatcertainletteragreementdatedasoftheRestatementDatedeliveredbytheBorrowertotheAdministrativeAgent,andeachofsuchPerson’sAffiliates.

“Dollar(s)”andthesign“$”shallmeanlawfulmoneyoftheUnitedStates.

“Domestic Subsidiary ” shall mean each Subsidiary of Parent that is organized under the laws of the United States or any state or districtthereof.

“EEAFinancialInstitution”shallmean(a)anycreditinstitutionorinvestmentfirmestablishedinanyEEAMemberCountrywhichissubjecttothesupervisionofanEEAResolutionAuthority,(b)anyentityestablishedinanEEAMemberCountrywhichisaparentofaninstitutiondescribedinclause(a)ofthisdefinition,or(c)anyfinancialinstitutionestablishedinanEEAMemberCountrywhichisasubsidiaryofaninstitutiondescribedinclauses(a)or(b)ofthisdefinitionandissubjecttoconsolidatedsupervisionwithitsparent.

“EEAMemberCountry”shallmeananyofthememberstatesoftheEuropeanUnion,Iceland,Liechtenstein,andNorway.

“EEAResolutionAuthority”shallmeananypublicadministrativeauthorityoranyPersonentrustedwithpublicadministrativeauthorityofanyEEAMemberCountry(includinganydelegee)havingresponsibilityfortheresolutionofanyEEAFinancialInstitution.

“EligibleAssignee”shallmeananyPersonthatmeetstherequirementstobeanassigneeunderSection10.4(subjecttosuchconsents,ifany,asmayberequiredunderSection10.4(b)(iii)).

“EnvironmentalLaws”shall meanall laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, noticesorbindingagreements issued, promulgatedorenteredintobyorwithanyGovernmental Authorityrelatinginanywaytotheenvironment, preservationor reclamationofnaturalresources,themanagement,ReleaseorthreatenedReleaseofanyHazardousMaterialortohealthandsafetymatters.

“ Environmental Liability ” shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmentalinvestigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of Parent or any of its Subsidiariesdirectlyorindirectlyresultingfromorbasedupon(i)anyactualorallegedviolationofanyEnvironmentalLaw,(ii)thegeneration,use,handling,transportation,storage,treatmentordisposalofanyHazardousMaterials,(iii)anyactualorallegedexposuretoanyHazardousMaterials,(iv)theReleaseorthreatenedReleaseof

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anyHazardousMaterialsor(v)anycontract,agreementorotherconsensualarrangementpursuanttowhichliabilityisassumedorimposedwithrespecttoanyoftheforegoing.

“ERISA”shallmeantheEmployeeRetirementIncomeSecurityActof1974,asamendedfromtimetotime,andanysuccessorstatuteandtheregulationspromulgatedandrulingsissuedthereunder.

“ERISAAffiliate”shallmeananypersonthatforpurposesofTitleIorTitleIVofERISAorSection412oftheCodewouldbedeemedatanyrelevanttimetobea“singleemployer”orotherwiseaggregatedwithParentoranyofitsSubsidiariesunderSection414(b),(c),(m)or(o)oftheCodeorSection4001ofERISA.

“ERISAEvent”shallmean(i)any“reportableevent”asdefinedinSection4043ofERISAwithrespecttoaPlan(otherthananeventastowhichthePBGChaswaivedundersubsection.22,.23,.25,.27or.28ofPBGCRegulationSection4043therequirementofSection4043(a)ofERISAthatitbenotified of such event); (ii) any failure to make a required contribution to any Plan that would result in the imposition of a lien or other encumbrance or theprovisionofsecurityunderSection430oftheCodeorSection303or4068ofERISA,orthearisingofsuchalienorencumbrance,therebeingorarisingany“unpaidminimumrequiredcontribution”or“accumulatedfundingdeficiency”(asdefinedorotherwisesetforthinSection4971oftheCodeorPart3ofSubtitleBofTitle1ofERISA),whetherornotwaived,oranyfilingofanyrequestfororreceiptofaminimumfundingwaiverunderSection412oftheCodeorSection303ofERISAwithrespecttoanyPlanorMultiemployerPlan,orthatsuchfilingmaybemade,oranydeterminationthatanyPlanis,orisexpectedtobe,inat-riskstatusunderTitleIVofERISA;(iii)anyincurrencebyParent,anyofitsSubsidiariesoranyoftheirrespectiveERISAAffiliatesofanyliabilityunderTitleIVofERISAwithrespecttoanyPlanorMultiemployerPlan(otherthanforpremiumsdueandnotdelinquentunderSection4007ofERISA);(iv)anyinstitutionofproceedings,ortheoccurrenceofaneventorconditionwhichwouldreasonablybeexpectedtoconstitutegroundsfortheinstitutionofproceedingsbythePBGC,underSection4042ofERISAfortheterminationof,ortheappointmentofatrusteetoadminister,anyPlan;(v)anyincurrencebyParent,anyofitsSubsidiariesoranyoftheirrespectiveERISAAffiliatesofanyliabilitywithrespecttothewithdrawalorpartialwithdrawalfromanyPlanorMultiemployerPlan,orthereceiptbyParent,anyofitsSubsidiariesoranyoftheirrespectiveERISAAffiliatesofanynoticethataMultiemployerPlanisinendangeredorcriticalstatusunderSection305ofERISA;(vi)anyreceiptbyParent,anyofitsSubsidiariesoranyoftheirrespectiveERISAAffiliatesofanynotice,oranyreceiptbyanyMultiemployerPlan from Parent, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or adeterminationthataMultiemployerPlanis,orisexpectedtobe,insolventorinreorganization,withinthemeaningofTitleIVofERISA;(vii)engaginginanon-exemptprohibitedtransactionwithinthemeaningofSection4975oftheCodeorSection406ofERISA;or(viii)anyfilingofanoticeofintenttoterminateanyPlanifsuchterminationwouldrequirematerialadditionalcontributionsinordertobeconsideredastandardterminationwithinthemeaningofSection4041(b)ofERISA,anyfilingunderSection4041(c)ofERISAofanoticeofintenttoterminateanyPlan,ortheterminationofanyPlanunderSection4041(c)ofERISA.

“ EU Bail-In Legislation Schedule ” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or anysuccessorPerson),asineffectfromtimetotime.

“Eurodollar”,whenusedinreferencetoanyLoanorBorrowing,referstowhethersuchLoan,ortheLoanscomprisingsuchBorrowing,bearsinterestataratedeterminedbyreferencetotheAdjustedLIBORate.

“EventofDefault”shallhavethemeaningsetforthinSection8.1.

“ExcessCashFlow”shallmean,withoutduplication,withrespecttoanyFiscalYearofParentanditsSubsidiaries,ConsolidatedNetIncomeplus(a)depreciation,amortization,incometaxesandConsolidatedInterestExpensetotheextentdeductedindeterminingConsolidatedNetIncome,plusdecreasesorminusincreases (as the case may be) in (b) Working Capital,minus(c) Unfinanced Cash Capital Expenditures during such Fiscal Year,minus(d)interestexpensepaidincashandscheduledprincipalpaymentspaidincashinrespectofConsolidatedTotalFundedDebt(excludingprepaymentsofRevolvingLoansandSwingline Loans), minus (e) voluntary prepayments of any Incremental Term Loans pursuant hereto and, solely to the extent accompanied by a permanentreductionintheAggregateRevolvingCommitmentsinaccordancewithSection2.8,voluntaryprepaymentsoftheRevolvingLoans,plus(inthecaseofgains)orminus(inthecaseoflosses)(f)extraordinarygainsorlosseswhicharecashitemsnotincludedinthecalculationofConsolidatedNetIncome,minus(g)incometaxespaidincash,excepttotheextentsuchincometaxesweredeductedfromExcessCashFlowforapriorfiscal periodasareserve,minus(h)Acquisitions,RestrictedPayments,andInvestments(otherthananInvestmentincashorCashEquivalents),ineachcase,thatarepermittedhereunderandmadeincashduringsuchFiscalYearbyParentanditsSubsidiariesexcepttotheextentthatsuchAcquisitions,RestrictedPayments,andInvestmentswerefinancedwiththeproceedsofIndebtedness(otherthanRevolvingLoans)ortheproceedsofequityissuances.

“ExchangeAct”shallmeantheSecuritiesExchangeActof1934,asamendedandineffectfromtimetotime.

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“ExcludedAccounts”shallmeananydeposit,commoditiesorsecuritiesaccount(a)thatisusedforpayroll,payrolltaxesandotheremployeewageandbenefit payments; (b) that is a trust, fiduciary, escrowor tax payment account; (c) that is usedsolely for deposits expressly permitted underSection7.2(m),(d)thatisadepositaccountsubjecttoazerobalancecashsweepintoadepositaccountsubjecttoacontrolagreement;or(e)anyotheraccountsoftheLoanPartieswhichdonotatanytimehavecash,investmentproperty,orotheramounts,includingCashEquivalents,ondepositthereininexcessof$2,000,000,individually,or$7,500,000intheaggregateforallsuchaccounts.

“ExcludedSwapObligation”shallmean,withrespecttoanyGuarantor,anySwapObligationif,andtotheextentthat,alloraportionoftheGuaranteeofsuchGuarantorof,orthegrantbysuchGuarantorofasecurityinteresttosecure,suchSwapObligation(oranyGuaranteethereof)isorbecomesillegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or officialinterpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the CommodityExchangeActatthetimetheGuaranteeofsuchGuarantorbecomeseffectivewithrespecttosuchrelatedSwapObligation.IfaSwapObligationarisesunderamasteragreementgoverningmorethanoneswap,suchexclusionshallapplyonlytotheportionofsuchSwapObligationthatisattributabletoswapsforwhichsuchGuaranteeorsecurityinterestisorbecomesillegal.

“ExcludedTaxes”shallmeananyofthefollowingTaxesimposedonorwithrespecttoaRecipientorrequiredtobewithheldordeductedfromapaymenttoaRecipient,(a)Taxesimposedonormeasuredbynetincome(howeverdenominated),franchiseTaxes,andbranchprofitsTaxes,ineachcase,(i)imposedasaresultofsuchRecipientbeingorganizedunderthelawsof,orhavingitsprincipalofficeor,inthecaseofanyLender,itsapplicablelendingofficelocatedin,thejurisdictionimposingsuchTax(oranypoliticalsubdivisionthereof)or(ii)thatareOtherConnectionTaxes,(b)inthecaseofaLender,U.S.federalwithholdingTaxesimposedonamountspayabletoorfortheaccountofsuchLenderwithrespecttoanapplicableinterestinaLoanorCommitmentpursuanttoalawineffectonthedateonwhich(i)suchLenderacquiressuchinterestintheLoanorCommitment(otherthanpursuanttoanassignmentrequestbytheBorrowerunderSection2.25)or(ii)suchLenderchangesitslendingoffice,exceptineachcasetotheextentthat,pursuanttoSection2.20,amountswithrespecttosuchTaxeswerepayableeithertosuchLender’sassignorimmediatelybeforesuchLenderbecameapartyheretoortosuchLenderimmediatelybeforeitchangeditslendingoffice,(c)TaxesattributabletosuchRecipient’sfailuretocomplywithSection2.20and(d)anyU.S.federalwithholdingTaxesimposedunderFATCA.

“FATCA”shallmeanSections1471through1474oftheCode,asofthedateofthisAgreement(oranyamendedorsuccessorversionthatissubstantivelycomparableandnotmateriallymoreoneroustocomplywith),anycurrentorfutureregulationsorofficialinterpretationsthereofandanyagreementsenteredintopursuanttoSection1471(b)(1)oftheCode.

“Federal Funds Rate ” shall mean, for any day, the rateper annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to theweightedaverageof therates onovernight Federal fundstransactions withmember banksof theFederal ReserveSystem,as publishedbytheFederal ReserveBankofNewYorkonthenextsucceedingBusinessDayor,ifsuchrateisnotsopublishedforanyBusinessDay,theFederalFundsRateforsuchdayshallbetheaverage(roundedupwards,ifnecessary,tothenext1/100of1%)ofthequotationsforsuchdayonsuchtransactionsreceivedbytheAdministrativeAgentfromthreeFederalfundsbrokersofrecognizedstandingselectedbytheAdministrativeAgent.

“FeeLetter”shallmeanthatcertainfeeletter,datedasofNovember1,2017,executedbySunTrustRobinsonHumphrey,Inc.andSunTrustBankandacceptedbytheBorrower.

“FinancialOfficer”shallmean,withrespecttoanyPerson,thechieffinancialofficer,chiefaccountingofficer,treasurer,assistanttreasurer,orcontrollerofsuchPerson.

“FiscalQuarter”shallmeananyfiscalquarterofParent.

“FiscalYear”shallmeananyfiscalyearofParent.

“ForeignLender”shall mean(a) if theBorroweris aU.S. Person, aLender that is not aU.S. Person, and(b)if theBorrower is not aU.S.Person,aLenderthatisresidentororganizedunderthelawsofajurisdictionotherthanthatinwhichtheBorrowerisresidentfortaxpurposes.

“ForeignPerson”shallmeananyPersonthatisnotaU.S.Person.

“ForeignSubsidiary”shallmeaneachSubsidiaryofParentthatisorganizedunderthelawsofajurisdictionotherthanoneofthefiftystatesoftheUnitedStatesortheDistrictofColumbia.

“GAAP” shall meangenerally accepted accounting principles in the United States applied ona consistent basis andsubject to the termsofSection1.3.

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“GovernmentalAuthority”shallmeanthegovernmentoftheUnitedStates,anyothernationoranypoliticalsubdivisionthereof,whetherstateorlocal,andanyagency,authority,instrumentality,regulatorybody,court,centralbankorotherentityexercisingexecutive,legislative,judicial,taxing,regulatoryoradministrativepowersorfunctionsoforpertainingtogovernment(includinganysupra-nationalbodiessuchastheEuropeanUnionortheEuropeanCentralBank).

“Guarantee”oforbyanyPerson(the“guarantor”)shallmeananyobligation,contingentorotherwise,oftheguarantorguaranteeingorhavingtheeconomiceffectofguaranteeinganyIndebtednessorotherobligationofanyotherPerson(the“primaryobligor”)inanymanner,whetherdirectlyorindirectlyand including any obligation, direct or indirect, of the guarantor (i) to purchase or pay (or advance or supply funds for the purchase or payment of) suchIndebtednessorotherobligationortopurchase(ortoadvanceorsupplyfundsforthepurchaseof)anysecurityforthepaymentthereof,(ii)topurchaseorleaseproperty, securitiesorservicesforthepurposeofassuringtheownerofsuchIndebtednessorotherobligationofthepaymentthereof, (iii) tomaintainworkingcapital,equitycapitaloranyotherfinancialstatementconditionorliquidityoftheprimaryobligorsoastoenabletheprimaryobligortopaysuchIndebtednessorotherobligationor(iv)asanaccountpartyinrespectofanyletterofcreditorletterofguarantyissuedinsupportofsuchIndebtednessorobligation;providedthattheterm“Guarantee”shallnotincludeendorsementsforcollectionordepositintheordinarycourseofbusiness.TheamountofanyGuaranteeshallbedeemedtobeanamountequaltothestatedordeterminableamountoftheprimaryobligationinrespectofwhichsuchGuaranteeismadeor,ifnotsostatedordeterminable,themaximumreasonablyanticipatedliabilityinrespectthereof(assumingsuchPersonisrequiredtoperformthereunder)asdeterminedbysuchPersoningoodfaith.Theterm“Guarantee”usedasaverbhasacorrespondingmeaning.

“Guarantor”shallmeanParentandeachoftheSubsidiaryLoanParties.

“GuarantyandSecurity Agreement” shall meanthe AmendedandRestated Guaranty andSecurity Agreement, dated as of the RestatementDateandsubstantiallyintheformofExhibitB,madebytheLoanPartiesinfavoroftheAdministrativeAgentforthebenefitoftheSecuredParties.

“Hazardous Materials ” shall mean all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or otherpollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medicalwastesandallothersubstancesorwastesofanynatureregulatedpursuanttoanyEnvironmentalLaw.

“HedgingObligations”ofanyPersonshallmeananyandall obligationsofsuchPerson,whetherabsoluteorcontingentandhowsoeverandwhensoevercreated,arising,evidencedoracquiredunder(i)anyandallHedgingTransactions,(ii)anyandallcancellations,buybacks,reversals,terminationsorassignmentsofanyHedgingTransactionsand(iii)anyandallrenewals,extensionsandmodificationsofanyHedgingTransactionsandanyandallsubstitutionsforanyHedgingTransactions.

“HedgeTerminationValue”shallmean,inrespectofanyoneormoreHedgingTransactions,aftertakingintoaccounttheeffectofanylegallyenforceablenettingagreementrelatingtosuchHedgingTransactions, (a)foranydateonorafterthedatesuchHedgingTransactionshavebeenclosedoutandterminationvalue(s)determinedinaccordancetherewith,suchterminationvalue(s)and(b)foranydatepriortothedatereferencedinclause(a), theamount(s)determinedasthemark-to-marketvalue(s)forsuchHedgingTransactions,asdeterminedbasedupononeormoremid-marketorotherreadilyavailablequotationsprovidedbyanyrecognizeddealerinsuchHedgingTransactions(whichmayincludeaLenderoranyAffiliateofaLender).

“HedgingTransaction”ofanyPersonshallmean(a)anytransaction(includinganagreementwithrespecttoanysuchtransaction)nowexistingorhereafterenteredintobysuchPersonthatisarateswaptransaction,swapoption,basisswap,forwardratetransaction,commodityswap,commodityoption,equityorequityindexswaporoption,bondoption,interestrateoption,foreignexchangetransaction,captransaction,floortransaction,collartransaction,currencyswap transaction, cross-currency rate swap transaction, currency option, spot transaction, credit protection transaction, credit swap, credit default swap, creditdefault option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lendingtransaction,oranyothersimilartransaction(includinganyoptionwithrespecttoanyofthesetransactions)oranycombinationthereof,whetherornotanysuchtransactionisgovernedbyorsubjecttoanymasteragreement,and(b)anyandalltransactionsofanykind,andtherelatedconfirmations,whicharesubjecttothetermsandconditionsof,orgovernedby,anyformofmasteragreementpublishedbytheInternationalSwapsandDerivativesAssociation,Inc.,anyInternationalForeignExchangeMasterAgreement,oranyothermasteragreement(anysuchmasteragreement,togetherwithanyrelatedschedules,a“MasterAgreement”),includinganysuchobligationsorliabilitiesunderanyMasterAgreement.

“IncreasingLender”shallhavethemeaningsetforthinSection2.23.

“IncrementalCommitment”shallhavethemeaningsetforthinSection2.23.

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“IncrementalTermLoan”shallhavethemeaningsetforthinSection2.23.

“Indebtedness”ofanyPersonshallmean,withoutduplication,(i)allobligationsofsuchPersonforborrowedmoney,(ii)allobligationsofsuchPersonevidencedbybonds,debentures,notesorothersimilarinstruments,(iii)allobligationsofsuchPersoninrespectofthedeferredpurchasepriceofpropertyorservices(otherthan(a)earnoutobligationsorsimilardeferredorcontingentpurchasepriceobligationsand(b)tradepayablesincurredintheordinarycourseofbusiness;providedthat,forpurposesofSection8.1(g),tradepayablesoverduebymorethan120daysshallbeincludedinthisdefinitionexcepttotheextentthatanyofsuchtradepayablesarebeingdisputedingoodfaithandbyappropriatemeasures),(iv)earnoutobligationsorsimilardeferredorcontingentpurchasepriceobligationstotheextentsuchobligations(a)arecurrentobligationsand(b)havebecomeliabilitiesonthebalancesheetofsuchPersoninaccordancewithGAAP,(v)allobligationsofsuchPersonunderanyconditionalsaleorothertitleretentionagreement(s)relatingtopropertyacquiredbysuchPerson,(vi)allCapitalLeaseObligationsofsuchPerson,(vii)allobligations,contingentorotherwise,ofsuchPersoninrespectoflettersofcredit,acceptancesorsimilarextensionsofcredit,(viii)allGuaranteesofsuchPersonofthetypeofIndebtednessdescribedinclauses(i)through(vii)above,(ix)allIndebtednessofathirdpartysecuredbyanyLienonproperty ownedbysuchPerson, whether or not suchIndebtedness hasbeenassumedbysuchPerson, (x) all obligations of suchPerson, contingent orotherwise,topurchase,redeem,retireorotherwiseacquireforvalueanyCapitalStockofsuchPerson,(xi)allOff-BalanceSheetLiabilitiesand(xii)allHedgingObligations.ForpurposesofdeterminingtheamountofattributedIndebtednessfromHedgingObligations,the“principalamount”ofanyHedgingObligationsatanytimeshallbetheHedgeTerminationValueofsuchHedgingObligations.TheIndebtednessofanyPersonshallincludetheIndebtednessofanypartnershiporjointventureinwhichsuchPersonisageneralpartnerorajointventurer,excepttotheextentthatthetermsofsuchIndebtednessprovidethatsuchPersonisnotliabletherefor.Fortheavoidanceofdoubt,theobligationsoftheParentunderthePermittedWarrantTransactionshallnotconstituteIndebtedness.

“IndemnifiedTaxes”shallmean(a)TaxesotherthanExcludedTaxes,imposedonorwithrespecttoanypaymentmadebyoronaccountofanyobligationofanyLoanPartyunderanyLoanDocumentand(b)totheextentnototherwisedescribedin(a),OtherTaxes.

“InformationandCollateralDisclosureCertificate”shallhavethemeaningassignedtosuchtermintheGuarantyandSecurityAgreement.

“InterestPeriod”shallmeanwithrespecttoanyEurodollarBorrowing,aperiodofone,two,threeorsixmonths,ortotheextentagreedbyeachLenderofsuchEurodollarBorrowing,twelvemonths;providedthat:

(i) theinitialInterestPeriodforsuchBorrowingshallcommenceonthedateofsuchBorrowing(includingthedateof any conversion from a Borrowing of another Type), and each Interest Period occurring thereafter in respect of such Borrowing shallcommenceonthedayonwhichthenextprecedingInterestPeriodexpires;

(ii) if any Interest Period would otherwise end on a day other than a Business Day, such Interest Period shall beextendedtothenext succeedingBusinessDay,unless suchBusinessDayfalls in another calendar month, in whichcasesuchInterest PeriodwouldendontheimmediatelyprecedingBusinessDay;

(iii) anyInterestPeriodwhichbeginsonthelastBusinessDayofacalendarmonthoronadayforwhichthereisnonumerically corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of such calendarmonth;

(iv) noInterestPeriodmayextendbeyondtheMaturityDate.

“Investments”shallhavethemeaningsetforthinSection7.4.

“IRS”shallmeantheUnitedStatesInternalRevenueService.

“IssuingBank”shallmeanSunTrustBankinitscapacityastheissuerofLettersofCreditpursuanttoSection2.22.

“LCCommitment”shallmeanthatportionoftheAggregateRevolvingCommitmentsthatmaybeusedbytheBorrowerfortheissuanceofLettersofCreditinanaggregatefaceamountnottoexceed$10,000,000.

“LCDisbursement”shallmeanapaymentmadebytheIssuingBankpursuanttoaLetterofCredit.

“LCDocuments”shallmeanallapplications,agreementsandinstrumentsrelatingtotheLettersofCreditbutexcludingtheLettersofCredit.

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“LCExposure”shallmean,atanytime,thesumof(i)theaggregateundrawnamountofalloutstandingLettersofCreditatsuchtime,plus(ii)theaggregateamountofallLCDisbursementsthathavenotbeenreimbursedbyoronbehalfoftheBorroweratsuchtime.TheLCExposureofanyLendershallbeitsProRataShareofthetotalLCExposureatsuchtime.

“LCTElection”shallhavethemeaninggivensuchterminSection1.5(b).

“LCTTestDate”shallmean,withrespecttoaLimitedConditionTransaction,thedateofthedefinitiveagreementsforsuchLimitedConditionTransaction.

“Lender-RelatedHedgeProvider”shall meananyPersonthat, at thetimeit entersintoaHedgingTransactionwithanyLoanParty, (i) is aLenderoranAffiliateofaLenderand(ii)exceptwhentheLender-RelatedHedgeProviderisSunTrustBankoranyofitsAffiliates,hasprovidedconcurrentorsubsequentwrittennoticetotheAdministrativeAgentwhichhasbeenacknowledgedbytheBorrowerof(x)theexistenceofsuchHedgingTransactionand(y)themethodology to be used by such parties in determining the obligations under such Hedging Transaction from time to time ( provided , however , HedgingObligationsshallbeexcludedfromtheapplicationofproceedsdescribedinSection8.2untiltheAdministrativeAgenthasreceivedthewrittennoticethereofandsuchsupportingdocumentationasdescribedabovefromtheLender-RelatedHedgeProvider).InnoeventshallanyLender-RelatedHedgeProvideractinginsuchcapacitybedeemedaLenderforpurposeshereoftotheextentofandastoHedgingObligationsexceptthateachreferencetotheterm“Lender”inArticleIXandSection10.3(b)shall be deemed to include such Lender-Related Hedge Provider. In no event shall the approval of any such Person in its capacity as Lender-RelatedHedgeProviderberequiredinconnectionwiththereleaseorterminationofanysecurityinterestorLienoftheAdministrativeAgent.

“Lenders”shallhavethemeaningsetforthintheintroductoryparagraphhereofandshallinclude,whereappropriate,theSwinglineLender,eachIncreasingLender,andeachLenderthatjoinsthisAgreementpursuanttoSection10.4orSection2.25andeachAdditionalLenderthatjoinsthisAgreementpursuanttoSection2.23.

“LendingTree Foundation” shall mean a non-profit organization established by Parent or any of its Subsidiaries for the purpose of servingcharitablegoals,andanysuccessorsthereto.

“LetterofCredit”shallmeananystand-byletterofcreditissuedpursuanttoSection2.22bytheIssuingBankfortheaccountoftheBorrowerpursuanttotheLCCommitment.

“LibertySuccessor”shallmeananyPersonthatisasuccessor,assignee,orAffiliateofLIC,includinganyPersonspunorotherwiseseparatedoutofLIC(oranysimilarsuccessororassigneeofanysuchLibertySuccessor);providedthat(a)noPersonorgroup(withinthemeaningoftheExchangeActandthe rules of the Securities andExchangeCommissionthereunder as in effect onthe Restatement Date), other thanthe Permitted Holders (disregarding for thispurposeclause(b)ofthedefinitionofsuchterm), is the“beneficial owner”(asdefinedinRules13d-3and13d-5undertheExchangeActandtherulesoftheSecuritiesandExchangeCommissionthereunderasineffectontheRestatementDate),directlyorindirectly,ofmorethan50%ofthetotalvotingpower(withequivalenteconomicinterests)representedbytheissuedandoutstandingCapitalStockofsuchLibertySuccessor,(b)suchLibertySuccessorisnotaSanctionedPerson,(c)thetransactionortransactionspursuanttowhichsuchLibertySuccessorshallhavebecomesuchasuccessordoesnotviolateanyAnti-CorruptionLawsapplicabletosuchLibertySuccessororanySanctionsapplicabletosuchLibertySuccessor,and(d)eachoftheAdministrativeAgentandeachLendershallhavereceivedalldocumentationandotherinformationreasonablyrequestedbyitinwritingthatitreasonablydeterminesisrequiredbyUnitedStatesorforeignbankregulatory authorities under applicable “knowyour customer” and anti-money laundering rules and regulations, including the Patriot Act, with respect to suchLibertySuccessor.

“LIC”shallmeanLibertyInteractiveCorporation,aDelawarecorporation.

“Lien” shall mean any mortgage, pledge, security interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment,depositarrangement,orotherarrangementhavingthepracticaleffectofanyoftheforegoingoranypreference,priorityorothersecurityagreementorpreferentialarrangementofanykindornaturewhatsoever(includinganyconditionalsaleorothertitleretentionagreementandanycapitalleasehavingthesameeconomiceffectasanyoftheforegoing).

“LimitedConditionTransaction”shallmeananyInvestmentorAcquisition(includingbywayofmerger,amalgamation,consolidationorotherbusiness combination or the acquisition of Equity Interest or otherwise) permitted by this Agreement that the Parent or any of its Subsidiaries is contractuallycommittedtoconsummate(itbeingunderstoodsuchcommitmentmaybesubjecttoconditionsprecedent,whichconditionsprecedentmaybeamended,satisfiedorwaivedinaccordancewiththetermsoftheapplicableagreement)andtheconsummationofwhichisnotconditionedontheavailabilityof,oronobtaining,thirdpartyfinancing.

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“Liquidity”shallmean,onanydateofdetermination,thesumof(a)unrestrictedcashheldbytheLoanPartiesinControlledAccountssubjecttoAccountControlAgreementsplus(b)theAggregateRevolvingCommitmentAmountminustheaggregateRevolvingCreditExposureofallRevolvingLenders.

“Loan Documents ” shall mean, collectively, this Agreement, the Collateral Documents, the LC Documents, the Fee Letter, all Notices ofBorrowing, all Notices of Conversion/Continuation, all Compliance Certificates, any subordination agreement or intercreditor agreement entered into with theAdministrative Agentor anyLender inconnectionwiththeObligations, anypromissorynotes issuedhereunder andanyandall other instruments, agreements,documentsandwritingsexecutedinconnectionwithanyoftheforegoing.

“LoanParties”shallmeantheBorrowerandeachGuarantor.

“Loans”shallmeanallRevolvingLoans,SwinglineLoans,andIncrementalTermLoans(ifany)intheaggregateoranyofthem,asthecontextshallrequire.

“MaterialAcquisition”shallmeananyAcquisitionbyaLoanPartyinwhichthetotalaggregatecashconsiderationtobepaid(includingtheassumptionofanyIndebtedness)pursuanttosuchAcquisitionisgreaterthanorequalto$125,000,000.

“Material Adverse Effect ” shall mean, with respect to any event, act, condition or occurrence of whatever nature (including any adversedeterminationinanylitigation,arbitration,orgovernmentalinvestigationorproceeding),whethersingularlyorinconjunctionwithanyothereventorevents,actoracts,conditionorconditions,occurrenceoroccurrenceswhetherornotrelated,resultinginamaterialadversechangein,oramaterialadverseeffecton,(i)thebusiness,operations,property,condition(financialorotherwise),liabilities(contingentorotherwise)ofParentanditsSubsidiariestakenasawhole,(ii)theabilityoftheLoanPartiestoperformanyoftheirrespectiveobligationsundertheLoanDocuments,or(iii)thevalidityorenforceabilityofanyoftheLoanDocumentsortherightsandremediesoftheAdministrativeAgent,theIssuingBank,theSwinglineLenderortheLendersunderanyoftheLoanDocuments.

“Material Indebtedness ” shall mean any Indebtedness (other than the Loans and the Letters of Credit) of Parent or any of its SubsidiariesindividuallyorinanaggregatecommittedoroutstandingprincipalamountexceedingtheThresholdAmount.

“Material Subsidiary ” shall mean, at any time, each Subsidiary other than (a) the Borrower and (b) any other Subsidiary that has beendesignatedbyParentinawrittennoticetotheAdministrativeAgentasnotbeingaMaterialSubsidiary;provided,that(i)allSubsidiariesdesignatedbyParentasnotbeingMaterialSubsidiaries(takentogetherwiththeirownsubsidiaries)shallnotrepresentmorethan10%foranysuchSubsidiary,ormorethan10%intheaggregateforallsuchSubsidiaries,ofeither(A)ConsolidatedTotalAssetsor(B)ConsolidatedRevenuesofParentandtheSubsidiariesasoftheendoforfortheperiodoffourconsecutiveFiscalQuartersofParentmostrecentlyendedpriortosuchtimeand(ii) noSubsidiarydesignatedbyParentasnotbeingaMaterialSubsidiary shall own Equity Interests or Indebtedness (other than de minimis Indebtedness) of any Material Subsidiary. For the avoidance of doubt, as of theRestatementDate,noneoftheSubsidiarieslistedonSchedule1.1(a)shallbedeemedtobeaMaterialSubsidiary.

“MaturityDate”shallmeantheRevolvingCommitmentTerminationDate.

“MaximumIncrementalCommitmentAmount”shallmeananaggregateamountequalto$100,000,000minustheaggregateamountofanyandall prior Incremental Commitments establishedpursuant toSection2.23plusanunlimited amount, solongas the Senior SecuredNet LeverageRatio does notexceed2.50to1.00as of thelast dayofthemost recentlyendedFiscal Quarter for whichfinancial statements arerequiredtohavebeendeliveredpursuant toSection5.1(a)or(b),calculatedonaProFormaBasisandasifallsuchIncrementalTermLoanshadbeenmadeandallsuchIncrementalRevolvingCommitmentshadbeenestablished(andfullyfunded)asofthefirstdayoftherelevantperiodfortestingcompliance(butcalculatedwithoutincludingthecashproceedsofanysuchIncrementalTermLoansorIncrementalRevolvingCommitmentsintheamountofunrestrictedcashandCashEquivalentstobenettedinthecalculationofConsolidated Total Net Leverage Ratio);provided, that, in the case of anyIncremental TermFacility to finance a Limited Condition Transaction, the date ofdeterminationoftheSeniorSecuredNetLeverageRatioshall,attheoptionoftheBorrower,betheLCTTestDateforsuchLimitedConditionTransaction.

“Moody’s”shallmeanMoody’sInvestorsService,Inc.

“MultiemployerPlan”shallmeanany“multiemployerplan”asdefinedinSection4001(a)(3)ofERISA,whichiscontributedtoby(ortowhichthereisormaybeanobligationtocontributeof)Parent,anyofitsSubsidiariesoranERISAAffiliate,andeachsuchplanforthefive-yearperiodimmediatelyfollowingthelatestdateonwhichParent,anyofitsSubsidiariesoranERISAAffiliatecontributedtoorhadanobligationtocontributetosuchplan.

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“Non-DefaultingLender”shallmean,atanytime,aLenderthatisnotaDefaultingLender.

“Non-U.S. Plan ” shall mean any plan, fund (including, without limitation, any superannuation fund) or other similar program established,contributedto(regardlessofwhetherthroughdirectcontributionsorthroughemployeewithholding)ormaintainedoutsidetheUnitedStatesbyParentoroneormoreofitsSubsidiariesprimarilyforthebenefitofemployeesofParentorsuchSubsidiariesresidingoutsidetheUnitedStates,whichplan,fundorothersimilarprogramprovides,orresultsin,retirementincome,adeferralofincomeincontemplationofretirement,orpaymentstobemadeuponterminationofemployment,andwhichplanisnotsubjecttoERISAortheCode.

“NoticesofBorrowing”shallmean,collectively,theNoticesofRevolvingBorrowingandtheNoticesofSwinglineBorrowing.

“NoticeofConversion/Continuation”shallhavethemeaningsetforthinSection2.7(b).

“NoticeofRevolvingBorrowing”shallhavethemeaningsetforthinSection2.3.

“NoticeofSwinglineBorrowing”shallhavethemeaningsetforthinSection2.4.

“Obligations”shallmean(a)allamountsowingbytheLoanPartiestotheAdministrativeAgent,theIssuingBank,anyLender(includingtheSwinglineLender)ortheSoleArrangerpursuanttoorinconnectionwiththisAgreementoranyotherLoanDocumentorotherwisewithrespecttoanyLoanorLetter of Credit including, without limitation, all principal, interest (including any interest accruing after the filing of any petition in bankruptcy or thecommencement of any insolvency, reorganization or like proceeding relating to Parent or the Borrower, whether or not a claimfor post-filing or post-petitioninterestisallowedinsuchproceeding),reimbursementobligations,fees,expenses,indemnificationandreimbursementpayments,costsandexpenses(includingallfeesandexpensesofcounseltotheAdministrativeAgent,theIssuingBankandanyLender(includingtheSwinglineLender)incurredpursuanttothisAgreementor any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder orthereunder,(b)allHedgingObligationsowedbyanyLoanPartytoanyLender-RelatedHedgeProvider,and(c)allBankProductObligations,togetherwithallrenewals, extensions, modifications or refinancings of any of the foregoing;provided,however, that with respect to any Guarantor, the Obligations shall notincludeanyExcludedSwapObligations.

“OFAC”shallmeantheU.S.DepartmentoftheTreasury’sOfficeofForeignAssetsControl.

“Off-BalanceSheetLiabilities”ofanyPersonshallmean(i)anyrepurchaseobligationorliabilityofsuchPersonwithrespecttoaccountsornotesreceivablesoldbysuchPerson,(ii)anyliabilityofsuchPersonunderanysaleandleasebacktransactionsthatdonotcreatealiabilityonthebalancesheetofsuchPerson,(iii)anySyntheticLeaseObligationor(iv)anyobligationarisingwithrespecttoanyothertransactionwhichisthefunctionalequivalentofortakestheplaceofborrowingbutwhichdoesnotconstitutealiabilityonthebalancesheetofsuchPerson.

“OSHA”shallmeantheOccupationalSafetyandHealthActof1970,asamendedfromtimetotime,andanysuccessorstatute.

“OtherConnectionTaxes”shallmean,withrespecttoanyRecipient,TaxesimposedasaresultofapresentorformerconnectionbetweensuchRecipientandthejurisdictionimposingsuchTax(otherthanconnectionsarisingfromsuchRecipienthavingexecuted,delivered,becomeapartyto,performeditsobligations under, received payments under, receivedor perfected a security interest under, engagedin anyother transaction pursuant to or enforcedanyLoanDocument,orsoldorassignedaninterestinanyLoanorLoanDocument).

“OtherTaxes”shallmeanallpresentorfuturestamp,courtordocumentary,intangible,recording,filingorsimilarTaxesthatarisefromanypayment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, orotherwise with respect to, anyLoanDocument, except anysuchTaxes that are Other Connection Taxes imposedwith respect to an assignment (other than anassignmentmadepursuanttoSection2.25).

“Parent”shallhavethemeaningsetforthintheintroductoryparagraphhereof.

“ParentCompany”shallmean,withrespecttoaLender,the“bankholdingcompany”asdefinedinRegulationY,ifany,ofsuchLender,and/oranyPersonowning,beneficiallyorofrecord,directlyorindirectly,amajorityofthesharesofsuchLender.

“Participant”shallhavethemeaningsetforthinSection10.4(d).

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“ParticipantRegister”shallhavethemeaningsetforthinSection10.4(d).

“Patent”shallhavethemeaningassignedtosuchtermintheGuarantyandSecurityAgreement.

“PatentSecurityAgreement” shall meananyPatent Security Agreement executedbya LoanPartyowningPatents or licenses of Patents infavoroftheAdministrativeAgentforthebenefitoftheSecuredParties,bothontheClosingDateandthereafter.

“Patriot Act ” shall mean the USA PATRIOT Improvement and Reauthorization Act of 2005 (Pub. L. 109-177 (signed into law March 9,2006)),asamendedandineffectfromtimetotime.

“PaymentOffice”shall meantheofficeoftheAdministrativeAgentlocatedat 303PeachtreeStreet, N.E., Atlanta, Georgia30308,or suchotherlocationastowhichtheAdministrativeAgentshallhavegivenwrittennoticetotheBorrowerandtheLenders.

“PBGC”shallmeantheU.S.PensionBenefitGuarantyCorpora-tionreferredtoanddefinedinERISA,andanysuccessorentityperformingsimilarfunctions.

“PermittedAcquisition” shall mean (a) anyAcquisition bya LoanParty with the prior written consent of the Required Lenders or (b) anyAcquisitionbyaLoanPartythatoccurswhenthefollowingconditionshavebeensatisfied:

(i) beforeandaftergivingeffecttosuchAcquisition,noDefaultorEventofDefaulthasoccurredandiscontinuingorwouldresulttherefrom,andallrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsshallbeandremaintrueandcorrectinallmaterialrespects;

(ii) before and after giving effect to such Acquisition, the Consolidated Total Net Leverage Ratio is less than theapplicable Consolidated Total Net Leverage Ratio covenant level set forth inArticle VI (providedthat, before and after giving effect to aMaterialAcquisition,theConsolidatedTotalNetLeverageRatiomaybe0.50greaterthantheotherwiseapplicablecovenantlevelsetforthinArticleVI), calculated ona ProFormaBasis as of thelast dayof themost recently endedFiscal Quarter for whichfinancial statements arerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b)(measuringConsolidatedTotalFundedDebtasofthedateofsuchAcquisition);

(iii) at least5daysprior(orsuchshorterperiodoftimeastheAdministrativeAgentmayagree)tothedateoftheconsummation of such Acquisition, Parent shall have delivered to the Administrative Agent notice of such Acquisition, together with anyinformationreasonablyrequestedbytheAdministrativeAgent;

(iv) suchAcquisitionisconsensualandapprovedbytheboardofdirectors(ortheequivalentthereof)ofthePersonwhosestockorassetsarebeingacquired;

(v) thePersonorassetsbeingacquiredisinthesametypeofbusinessconductedbyParentanditsSubsidiariesonthedatehereoforanybusinessreasonablyrelatedthereto;

(vi) suchAcquisitionisconsummatedincompliancewithallRequirementsofLaw,andallconsentsandapprovalsfromanyGovernmentalAuthorityorotherPersonrequiredinconnectionwithsuchAcquisitionhavebeenobtained;and

(vii) ParenthasdeliveredtotheAdministrativeAgentacertificateexecutedbyaResponsibleOfficercertifyingthateachoftheconditionsset forthabovehasbeensatisfied, including, without limitation, calculationsevidencingtheconditioninsubclause(ii)above.

“PermittedBondHedgeTransaction”shallmeananycallorcappedcalloption(orsubstantivelyequivalentderivativetransaction)relatingtotheParent’scommonstock(orothersecuritiesorpropertyfollowingamergerevent,reclassificationorotherchangeofthecommonstockoftheParent)purchasedbytheParent in connectionwiththeissuanceof theSpecifiedConvertible Indebtedness andsettled in commonstockof theParent (or suchother securities orproperty), cash or a combination thereof (such amount of cash determined by reference to the price of the Parent’s common stock or such other securities orproperty),andcashinlieuoffractionalsharesofcommonstockoftheParent.

“PermittedCapitalStockIssuance”shallmeananysaleorissuanceofanyQualifiedCapitalStockofParenttotheextentpermittedhereunder.

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“PermittedEncumbrances”shallmean:

(i) LiensimposedbylawfortaxesnotyetdueorwhicharebeingcontestedingoodfaithbyappropriateproceedingsdiligentlyconductedandwithrespecttowhichadequatereservesarebeingmaintainedinaccordancewithGAAP;

(ii) statutoryLiensoflandlords,carriers,warehousemen,mechanics,materialmenandotherLiensimposedbylawinthe ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings diligentlyconductedandwithrespecttowhichadequatereservesarebeingmaintainedinaccordancewithGAAP;

(iii) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation,unemploymentinsuranceandothersocialsecuritylawsorregulations;

(iv) depositstosecuretheperformanceofbids,tradecontracts,leases,statutoryobligations,suretyandappealbonds,performancebondsandotherobligationsofalikenature,ineachcaseintheordinarycourseofbusiness;

(v) judgment andattachment liens not givingrise toanEvent of Default or Lienscreatedbyor existingfromanylitigationorlegalproceedingthatarecurrentlybeingcontestedingoodfaithbyappropriateproceedingsdiligentlyconductedandwithrespecttowhichadequatereservesarebeingmaintainedinaccordancewithGAAP;

(vi) customary rights of set-off, revocation, refund or chargeback under deposit agreements or under the UniformCommercialCodeorcommonlawofbanksorotherfinancialinstitutionswhereParentoranyofitsSubsidiariesmaintainsdeposits(otherthandepositsintendedascashcollateral)intheordinarycourseofbusiness;

(vii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law orarisingintheordinarycourseofbusinessthatdonotsecureanymonetaryobligationsanddonotmateriallydetractfromthevalueoftheaffectedpropertyormateriallyinterferewiththeordinaryconductofbusinessofParentanditsSubsidiariestakenasawhole;and

(viii) Liensarisingoutofconditionalsale,titleretention,consignmentorsimilararrangementsforthesaleofgoodsenteredintobyParentoranySubsidiaryintheordinarycourseofbusinessofsuchPerson.

providedthattheterm“PermittedEncumbrances”shallnotincludeanyLiensecuringIndebtedness.

“PermittedHolder”shall meananyoneormoreof(a)LIC,(b)aLibertySuccessor, (c) DouglasLebda, (d)JohnC.MaloneorGregoryB.Maffei,(e)eachoftherespectiveAffiliatedPersonsofthePersonsreferredtoinclause(b)or(c),and(f)anyPersonamajorityoftheaggregatevotingpowerofalltheoutstandingclassesorseriesoftheequitysecuritiesofwhicharebeneficiallyownedbyanyoneormoreofthePersonsreferredtoinclauses(a),(b),(c)or(d).Forpurposesofthisdefinition,“Person”hasthemeaninggiventoitforpurposesofSection13(d)oftheExchangeActoranysuccessorprovision.

“PermittedInvestments”shallmean:

(i) directobligationsof,orobligationstheprincipalofandinterestonwhichareunconditionallyguaranteedby,theUnitedStates(orbyanyagencythereoftotheextentsuchobligationsarebackedbythefullfaithandcreditoftheUnitedStates),ineachcasematuringwithinoneyearfromthedateofacquisitionthereof;

(ii) commercialpaperhavingaratingofatleastA-1ortheequivalentthereofbyStandard&Poor’sRatingServiceoratleastP-1ortheequivalentthereofbyMoody’sInvestorsServiceInc.,atthetimeofacquisitionthereof,ofS&PorMoody’sandineithercasematuringwithinoneyearfromthedateofacquisitionthereof;

(iii) certificates of deposit, bankers’ acceptances and time deposits maturing within 365 days of the date ofacquisitionthereofissuedorguaranteedbyorplacedwith,andmoneymarketdepositaccountsissuedorofferedby,anydomesticofficeofanycommercial bankorganizedunderthelawsoftheUnitedStatesoranystatethereofwhichhasacombinedcapital andsurplusandundividedprofitsofnotlessthan$500,000,000;

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(iv) fullycollateralizedrepurchaseagreementswithatermofnotmorethan30daysforsecuritiesdescribedinclause(i)aboveandenteredintowithafinancialinstitutionsatisfyingthecriteriadescribedinclause(iii)above;and

(v) mutualfundsinvestingsolelyinanyoneormoreofthePermittedInvestmentsdescribedinclauses(i)through(iv)above.

“PermittedSpecifiedRealEstateFinanceTransaction”shallmeananySpecifiedRealEstateFinanceTransactionthatsatisfiesthefollowingconditions:

(i) the principal amount of Indebtedness of the Parent or any of its Subsidiaries incurred in connection with anySpecifiedRealEstateFinanceTransaction,whencombinedwithallotherIndebtednessincurredunderanyotherSpecifiedRealEstateFinanceTransaction,shallnotexceed$65,000,000intheaggregate,ofwhichanaggregateprincipalamountofnomorethan(a)$20,000,000forallsuchSpecifiedRealEstateFinanceTransactionsshallbeusedtofinanceall oraportionofthepurchasepriceoftheSpecifiedRealEstateand(b)$45,000,000for all such Specified Real Estate Finance Transactions shall be used to finance post-acquisition improvements to the SpecifiedRealEstate,relatedequipment,andHedgingObligations;

(ii) the Liens granted by Parent or any of its Subsidiaries in connection with the Specified Real Estate FinanceTransaction shall (a) secure only the Indebtedness described in the foregoing clause (i), including, without limitation, all principal, interest,indemnity,costandexpensereimbursements,andanyotherpaymentobligationsowedinconnectiontherewithand(b)notextendtoanyassetsotherthantheSpecifiedRealEstateandrelatedimprovements,easements,fixtures,leasesandrents,othercustomaryrelatedassets,andproceedsthereof;

(iii) before and after giving effect to the Specified Real Estate Finance Transaction, (a) no Default or Event ofDefaultshallexistand(b)allrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsshallbetrueandcorrectinallmaterialrespects(otherthanthoserepresentationsandwarrantiesthatareexpresslyqualifiedbyaMaterialAdverseEffectorothermateriality,inwhichcasesuchrepresentationsandwarrantiesshallbetrueandcorrectinallrespects);

(iv) after giving effect to the Specified Real Estate Finance Transaction (including, without limitation, allIndebtedness incurred or to be incurred in connection therewith), the Parent shall be in compliance with the financial covenant set forth inArticleVIhereof,calculatedonaProFormaBasisasofthelastdayofthemostrecentlyendedFiscalQuarterforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSections5.1(a)or(b)hereof;

(v) at least three (3) business days (or such shorter timeframe as may be agreed in writing by the AdministrativeAgent) prior to the date of the consummation of the Specified Real Estate Finance Transaction, the Parent shall have delivered to theAdministrativeAgentdraftcopiesofallfinancingagreements,constructionloanagreements,mortgagesordeedsoftrust,andallrelatedmaterialtransactiondocumentsfortheSpecifiedRealEstateFinanceTransaction,togetherwithallschedulesthereto(allofwhichshallbeinformandsubstancereasonablysatisfactorytotheAdministrativeAgent),followedbyanymateriallydifferentdraftsofsuchdocumentspromptlyasthesameareavailabletotheBorrowerandfullyexecutedcopiesthereofwithinfive(5)BusinessDays(orsuchothertimeframeasmaybeagreedinwritingbytheAdministrativeAgent)aftertheconsummationoftheSpecifiedRealEstateFinanceTransaction;

(vi) theParentshallhavedeliveredtotheAdministrativeAgentacertificate, whichshallbeinformandsubstancereasonablysatisfactorytotheAdministrativeAgent,executedbyaResponsibleOfficercertifyingthateachoftheconditionssetforthabovehasbeensatisfied,including,withoutlimitation,calculationsevidencingtheconditioninclause(iv)above.

“ Permitted Tax Distributions ” shall mean tax distributions by a Loan Party (so long as such Loan Party is treated as a pass-through ordisregardedentity)toitsmembers(“TaxDistributions”)(i)onaquarterlybasis,pro rata inproportiontotheirrespectivepercentageinterestsinsuchLoanParty(exceptasotherwiserequiredbelow),solongastheaggregateamountofsuchTaxDistributionsdoesnotexceed,quarterly,anamountequaltosuchLoanParty’sgoodfaithestimateoftheApplicableTax(ashereinafterdefined)withrespecttosuchtaxableyear,lesstheamountpaid,ifany,withrespecttopriorquartersofsuchtaxableyear;and(ii)onanannualbasisaftertheendofsuchLoanParty’staxableyear,totheextentnecessarysothatthesumoftheamountssodistributedunderthisclause(ii)andtheamountsdistributedunderclause(i)aboveequalstheminimumaggregateamount(the“ApplicableTax”)thatmustbedistributedtoprovideeachmemberwithanamountthatequalstheproductof(1)the

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sumofallitemsoftaxableincomeorgainallocatedtosuchmemberforsuchtaxableyearlessallitemsofdeduction,lossandthelossequivalentoftaxcreditsallocatedtosuchmember(or, totheextentapplicable, its predecessorsininterest) forsuchtaxableyearandall priortaxableyearstotheextentnotpreviouslyoffsetbytaxableincomeorgainallocatedtosuchmember(or,totheextentapplicable,itspredecessorsininterest)and(2)apercentageequalto[(100%-B)xA]+B,where“A”isthehighestmarginalfederalincometaxrateapplicabletoacorporationorindividual(asappropriate)forsuchprecedingtaxableyearand“B”,withrespecttoeachmember,isthehighestmarginalstateincometaxrateapplicabletosuchmemberforsuchprecedingtaxableyear;providedthatiftheamountdistributedtothemembersofsuchLoanPartypursuanttoclause(i)forthetaxableyearexceedstheApplicableTaxforsuchtaxableyear(includingwheretheamountsincludedintaxableincomeofsuchLoanPartyforsuchtaxableyeararedecreasedasaresultofanaudit,amendedreturnorotherwise),thensuchexcessshallbecreditedagainstthenextTaxDistributionspermittedtobemadewithrespecttosubsequenttaxableyears.

“PermittedThirdPartyBank”shallmeananybankorotherfinancialinstitutionwithwhomanyLoanPartymaintainsaControlledAccountandwithwhomanAccountControlAgreementhasbeenexecuted.

“PermittedWarrantTransaction”shallmeananycalloption,warrantorrighttopurchase(orsubstantivelyequivalentderivativetransaction)relatingtotheParent’scommonstock(orothersecuritiesorpropertyfollowingamergerevent,reclassificationorotherchangeofthecommonstockoftheParent)soldbytheParentsubstantiallyconcurrentlywithanypurchasebytheParentofthePermittedBondHedgeTransactionandsettledincommonstockoftheParent(orsuchothersecuritiesorproperty),cashoracombinationthereof(suchamountofcashdeterminedbyreferencetothepriceoftheParent’scommonstockorsuchothersecuritiesorproperty),andcashinlieuoffractionalsharesofcommonstockoftheParent.

“Person”shallmeananyindividual,partnership,firm,corporation,association,jointventure,limitedliabilitycompany,trustorotherentity,oranyGovernmentalAuthority.

“Plan”shallmeanany“employeebenefitplan”asdefinedinSection3ofERISA(otherthanaMultiemployerPlan)maintainedorcontributedtobyParent,theBorroweroranyERISAAffiliateortowhichParent,theBorroweroranyERISAAffiliatehasormayhaveanobligationtocontribute,andeachsuchplanthatissubjecttoTitleIVofERISAforthefive-yearperiodimmediatelyfollowingthelatestdateonwhichParent,theBorroweroranyERISAAffiliatemaintained,contributedtoorhadanobligationtocontributeto(orisdeemedunderSection4069ofERISAtohavemaintainedorcontributedtoortohavehadanobligationtocontributeto,orotherwisetohaveliabilitywithrespectto)suchplan.

“Platform”shallmeanDebtDomain,Intralinks,Syndtrakorasubstantiallysimilarelectronictransmissionsystem.

“ProFormaBasis”shallmean,(i)withrespecttoanyPerson,business,propertyorassetacquiredinaPermittedAcquisition,theinclusionas“ConsolidatedEBITDA”oftheEBITDA(i.e.netincomebeforeinterest, taxes,depreciationandamortization)forsuchPerson,business,propertyorassetasifsuchAcquisitionhadbeenconsummatedonthefirstdayoftheapplicableperiod,basedonhistoricalresultsaccountedforinaccordancewithGAAP,andmayalsoreflect(a)anyprojectedsynergiesorsimilarbenefits(netofcontinuingassociatedexpenses)expectedtoberealizedasaresultofsuchAcquisitiontotheextentsuchsynergiesorsimilarbenefitswouldbepermittedtobereflectedinfinancialstatementspreparedincompliancewithArticle11ofRegulationS-XundertheSecuritiesActand(b)anyotherdemonstrablecost-savingsandotheradjustments(netofcontinuingassociatedexpenses)notincludedintheforegoingclause(a)(including,withoutlimitation,proforma“runrate”costsavings,operatingexpensereductionsandrestructurings)thatarereasonablyidentifiableandprojectedbyParentingoodfaithtoresultfromactionsthathavebeentakenorwithrespecttowhichsubstantialstepshavebeentakenorareexpectedtobetaken(inthegoodfaith determination of Parent) within 12 months after such Acquisition is consummated and which are so set forth in a certificate of a Responsible Officer ofParent;providedthat(1)projected(andnotyetrealized)cost-savingsandotheradjustmentsmaynolongerbeaddedpursuanttothisparagraphafter18monthsaftertheconsummationoftheapplicableAcquisition,(2)alladjustmentspursuanttothisdefinitionwillbewithoutduplicationofanyamountsthatareotherwiseincludedoraddedbackincomputingConsolidatedEBITDAinaccordancewiththedefinitionofsuchterm,(3)theaggregateadditionstoConsolidatedEBITDA,for any period being tested, pursuant to clause (b) above (the “ Pro Forma Capped Adjustments ”), together with the aggregate amount of all other CappedAdjustments for suchperiod, shall not exceed20%ofConsolidatedEBITDAfor suchperioddeterminedprior togivingeffect to anyaddbackfor anyCappedAdjustments and (4) if any cost savings or other adjustments included in any pro forma calculations based on the anticipation that such cost savings or otheradjustmentswillbeachievedwithinsuch18-monthperiodshallatanytimeceasetobereasonablyanticipatedbyParenttobesoachieved,then,onandaftersuchtime, pro forma calculations required to be made hereunder shall not reflect such cost savings or other adjustments, (ii) with respect to any Person, business,propertyorasset sold, transferredorotherwisedisposedof, theexclusionfrom“ConsolidatedEBITDA”oftheEBITDA(i.e. net incomebeforeinterest, taxes,depreciationandamortization)forsuchPerson,business,propertyorassetsodisposedofduringsuchperiodasifsuchdispositionhadbeenconsummatedonthefirstdayoftheapplicableperiod,inaccordancewithGAAP,and(iii)withrespecttoanyIndebtednessincurredorRestrictedPaymentorInvestmentmade,thatsuchIndebtednesshadbeenincurredorsuchRestrictedPaymentorInvestmenthadbeenmade(and

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allIndebtednessinconnectionwithsuchRestrictedPaymentorInvestmenthadbeenincurred),asapplicable,onthefirstdayoftheapplicableperiod.

“ProFormaCappedAdjustments”hasthemeaningassignedtosuchterminthedefinitionof“ProFormaBasis”.

“ProRataShare”shallmean(i)withrespecttoanyClassofCommitmentorLoanofanyLenderatanytime,apercentage,thenumeratorofwhichshallbesuchLender’sCommitmentofsuchClass(orifsuchCommitmenthasbeenterminatedorexpiredortheLoanshavebeendeclaredtobedueandpayable,suchLender’sRevolvingCreditExposureorIncrementalTermLoan,asapplicable),andthedenominatorofwhichshallbethesumofallCommitmentsofsuchClassofallLenders(orifsuchCommitmentshavebeenterminatedorexpiredortheLoanshavebeendeclaredtobedueandpayable,allRevolvingCreditExposureorIncrementalTermLoans,asapplicable,ofallLenders)and(ii)withrespecttoallClassesofCommitmentsandLoansofanyLenderatanytime,thenumeratorofwhichshallbethesumofsuchLender’sRevolvingCommitment(orifsuchRevolvingCommitmenthasbeenterminatedorexpiredortheLoanshavebeendeclaredtobedueandpayable,suchLender’sRevolvingCreditExposure)andIncrementalTermLoansandthedenominatorofwhichshallbethesumof all Lenders’ Revolving Commitments (or if such Revolving Commitments have been terminated or expired or the Loans have been declared to be due andpayable,allRevolvingCreditExposureofallLendersfundedundersuchCommitments)andIncrementalTermLoans.

“PTE”shallmeanaprohibitedtransactionclassexemptionissuedbytheU.S.DepartmentofLabor,asanysuchexemptionmaybeamendedfromtimetotime.

“QualifiedCapitalStock”shallmeananyCapitalStockthatisnotDisqualifiedCapitalStock.

“RealEstate”shallmeanallrealpropertyownedorleasedbyParentoranyofitsSubsidiaries.

“Recipient”shallmean,asapplicable,(a)theAdministrativeAgent,(b)anyLenderand(c)theIssuingBank.

“RegulationD”shallmeanRegulationDoftheBoardofGovernorsoftheFederalReserveSystem,asthesamemaybeineffectfromtimetotime,andanysuccessorregulations.

“RegulationT”shallmeanRegulationToftheBoardofGovernorsoftheFederalReserveSystem,asthesamemaybeineffectfromtimetotime,andanysuccessorregulations.

“RegulationU”shallmeanRegulationUoftheBoardofGovernorsoftheFederalReserveSystem,asthesamemaybeineffectfromtimetotime,andanysuccessorregulations.

“RegulationX”shallmeanRegulationXoftheBoardofGovernorsoftheFederalReserveSystem,asthesamemaybeineffectfromtimetotime,andanysuccessorregulations.

“RegulationY”shallmeanRegulationYoftheBoardofGovernorsoftheFederalReserveSystem,asthesamemaybeineffectfromtimetotime,andanysuccessorregulations.

“ Related Parties ” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective managers, administrators,trustees,partners,directors,officers,employees,agents,advisors,counsel,consultantsorotherrepresentativesofsuchPersonandsuchPerson’sAffiliates.

“Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching ormigrationintotheenvironment(includingambientair,surfacewater,groundwater,landsurfaceorsubsurfacestrata)orwithinanybuilding,structure,facilityorfixture.

“ Required Lenders ” shall mean, at any time, Lenders holding more than 50% of the aggregate outstanding Revolving Commitments andIncremental TermLoansat suchtimeor, if theLenders havenoCommitments outstanding, thenLenders holdingmorethan50%oftheaggregate outstandingRevolvingCreditExposureandIncrementalTermLoansoftheLendersatsuchtime;provided,thattotheextentthatanyLenderisaDefaultingLender,suchDefaulting Lender and all of its Revolving Commitments, Revolving Credit Exposure and Incremental Term Loans shall be excluded for purposes ofdeterminingRequiredLenders.

“RequiredRevolvingLenders”shallmean,atanytime,Lendersholdingmorethan50%oftheaggregateoutstandingRevolvingCommitmentsatsuchtimeor,iftheLendershavenoRevolvingCommitmentsoutstanding,thenLendersholdingmorethan50%oftheaggregateRevolvingCreditExposure;providedthattotheextentthatanyLenderisaDefaulting

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Lender, suchDefaultingLenderandall ofits RevolvingCommitmentsandRevolvingCredit Exposureshall beexcludedforpurposesofdeterminingRequiredRevolvingLenders.

“RequirementofLaw”foranyPersonshallmeanthearticlesorcertificateofincorporation,bylaws,partnershipcertificateandagreement,orlimitedliabilitycompanycertificateoforganizationandagreement,asthecasemaybe,andotherorganizationalandgoverningdocumentsofsuchPerson,andanylaw,treaty,ruleorregulation,ordeterminationofaGovernmentalAuthority,ineachcaseapplicabletoorbindinguponsuchPersonoranyofitspropertyortowhichsuchPersonoranyofitspropertyissubject.

“Responsible Officer ” shall mean (x) with respect to certifying compliance with the financial covenant set forth inArticle VI , the chieffinancialofficerorthetreasurerofParentand(y)withrespecttoallotherprovisions,anyofthepresident,thechiefexecutiveofficer,thechiefoperatingofficer,the chief financial officer, the treasurer or a vice president of Parent or such other representative of Parent as maybe designated in writing by any one of theforegoingwiththeconsentoftheAdministrativeAgent.

“Restatement Date” shall mean the date on which the conditions precedent set forth inSection 3.1 andSection 3.2have been satisfied orwaivedinaccordancewithSection10.2.

“RestrictedPayment”shallmean,foranyPerson,anydividendordistributiononanyclassofitsCapitalStock,oranypaymentonaccountof,orsetapartassetsforasinkingorotheranalogousfundfor,thepurchase,redemption,retirement,defeasanceorotheracquisitionofanysharesofitsCapitalStock,any Indebtedness subordinated to the Obligations or any Guarantee thereof or any options, warrants or other rights to purchase such Capital Stock or suchIndebtedness,whethernoworhereafteroutstanding,anymanagementorsimilarfees,oranypaymentsincash(including,withoutlimitation,anypremiumspaid)inrespectofthePermittedBondHedgeTransactionorthePermittedWarrantTransaction.

“RevolvingCommitment”shallmean,withrespecttoeachLender,thecommitmentofsuchLendertomakeRevolvingLoanstotheBorrowerandtoacquireparticipationsinLettersofCreditandSwinglineLoansinanaggregateprincipalamountnotexceedingtheamountsetforthwithrespecttosuchLenderonScheduleII,assuchschedulemaybeamendedpursuanttoSection2.23,or,inthecaseofaPersonbecomingaLenderaftertheRestatementDate,theamountoftheassigned“RevolvingCommitment”asprovidedintheAssignmentandAssumptionexecutedbysuchPersonasanassignee,orthejoinderexecutedbysuchPerson,ineachcaseassuchcommitmentmaysubsequentlybeincreasedordecreasedpursuanttothetermshereof.

“ Revolving Commitment Termination Date ” shall mean the earliest of (i) November 21, 2022, (ii) the date on which the RevolvingCommitments are terminated pursuant to Section 2.8 and (iii) the date on which all amounts outstanding under this Agreement have been declared or haveautomaticallybecomedueandpayable(whetherbyaccelerationorotherwise).

“RevolvingCreditExposure”shallmean,withrespecttoanyLenderatanytime,thesumoftheoutstandingprincipalamountofsuchLender’sRevolvingLoans,LCExposureandSwinglineExposure.

“RevolvingLoan”shallmeanaloanmadebyaLender(otherthantheSwinglineLender)totheBorrowerunderitsRevolvingCommitment,whichmayeitherbeaBaseRateLoanoraEurodollarLoan.

“S&P”shallmeanStandard&Poor’s,aStandard&Poor’sFinancialServicesLLCbusiness.

“Sale/LeasebackTransaction”shallhavethemeaningsetforthinSection7.9.

“Sanctioned Country” shall mean, at any time, a country, region or territory that is, or whose government is, the subject or target of anySanctions.

“SanctionedPerson”shallmean,atanytime,(a)anyPersonthatisthesubjectortargetofanySanctions,(b)anyPersonlocated,organized,operatingorresidentinaSanctionedCountryor(c)anyPersonownedorcontrolledbyanysuchPerson.

“ Sanctions ” shall mean economic or financial sanctions or trade embargoes administered or enforced from time to time by (a) the U.S.government, including those administered by OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union or HerMajesty’sTreasuryoftheUnitedKingdomor(c)anyotherrelevantsanctionsauthority.

“Secured Parties ” shall mean the Administrative Agent, the Lenders, the Issuing Bank, the Lender-Related Hedge Providers and the BankProductProviders.

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“SeniorSecuredNetLeverageRatio”shallmean,asofanydate,theratioof(a)thesumof(i)ConsolidatedSeniorSecuredDebtasofsuchdateminus(ii)anaggregateamountofParentanditsSubsidiaries’unrestrictedcashandCashEquivalentslocatedintheUnitedStatesnottoexceed$50,000,000(ineachcase,thatarefreeandclearofall Liens(otherthanLienssecuringObligations))asofsuchdateto(b)ConsolidatedEBITDAforthefourconsecutiveFiscalQuartersendingonsuchdate.

“SoleArranger”shallmeanSunTrustRobinsonHumphrey,Inc.,initscapacityasleftleadarrangerinconnectionwiththisAgreement.

“Solvent” shall mean, withrespect to anyPersononaparticular date, that onsuchdate (a) thefair valueof thepropertyof suchPersonisgreaterthanthetotalamountofliabilities,includingsubordinatedandcontingentliabilities,ofsuchPerson;(b)thepresentfairsaleablevalueoftheassetsofsuchPerson is not less than the amount that will be required to pay the probable liability of such Person on its debts and liabilities, including subordinated andcontingentliabilitiesastheybecomeabsoluteandmatured;(c)suchPersondoesnotintendto,anddoesnotbelievethatitwill,incurdebtsorliabilitiesbeyondsuchPerson’sabilitytopayassuchdebtsandliabilitiesmature;and(d)suchPersonisnotengagedinabusinessortransaction,andisnotabouttoengageinabusinessortransaction,forwhichsuchPerson’spropertywouldconstituteanunreasonablysmallcapital.Theamountofcontingentliabilities(suchaslitigation,guarantiesandpensionplanliabilities)atanytimeshallbecomputedastheamountthat,inlightofallthefactsandcircumstancesexistingatthetime,representstheamountthatwouldreasonablybeexpectedtobecomeanactualormaturedliability.

“SpecifiedCashContribution”shallmeancapitalcontributionstoParentmadeincashorthenetcashproceedsfromPermittedCapitalStockIssuancesactuallyreceivedbyParent.

“SpecifiedCashContributionAmount”shallmeantheaggregateamountofSpecifiedCashContributionsmadeaftertheRestatementDate.

“SpecifiedConvertibleIndebtedness”shallmeanthesenior,unsecuredIndebtednessoftheParent,expectedtobeissuedbytheParentinthesecondcalendarquarterof2017inanaggregateamountnottoexceed$300,000,000(inclusiveofanyadditionalIndebtednessissuedbytheParentpursuanttoanyoptiontopurchaseanyadditionalIndebtednessgrantedtotheinitialpurchasersofsuchIndebtedness)thatisconvertibleintosharesofcommonstockoftheParent(orothersecuritiesorpropertyfollowingamergerevent,reclassificationorotherchangeofthecommonstockoftheParent),cashoracombinationthereof(suchamountofcashdeterminedbyreferencetothepriceoftheParent’scommonstockorsuchothersecuritiesorproperty),andcashinlieuoffractionalsharesofcommonstockoftheParent.

“SpecifiedRealEstate”shallmeancertainofficebuildingslocatedat2100and2115RexfordRoad,Charlotte,NC,whichwerepurchasedbyRexfordOfficeHoldings,LLC,aSubsidiaryoftheBorrower,onoraboutDecember28,2016,andwhichareintendedtobeusedasofficespacebytheParentanditsSubsidiaries.

“SpecifiedRealEstateFinanceTransaction”shallmeanoneormoresecuredrealestatefinancingfacilitiesseparatefromthisAgreementandtheObligationsmadeforthepurposeoffinancingorrefinancingtheSpecifiedRealEstate.

“Subsidiary”shall mean, withrespect toanyPerson(the“parent”)atanydate, anycorporation,partnership, jointventure, limitedliabilitycompany,associationorotherentitytheaccountsofwhichwouldbeconsolidatedwiththoseoftheparentintheparent’sconsolidatedfinancialstatementsifsuchfinancialstatementswerepreparedinaccordancewithGAAPasofsuchdate,aswellasanyothercorporation,partnership,jointventure,limitedliabilitycompany,associationorotherentity(i)ofwhichsecuritiesorotherownershipinterestsrepresentingmorethan50%oftheequityormorethan50%oftheordinaryvotingpower or, in the case of a partnership, more than 50%of the general partnership interests are, as of such date, owned or held, or (ii) that is, as of such date,otherwisecontrolled,bytheparentoroneormoresubsidiariesoftheparentorbytheparentandoneormoresubsidiariesoftheparent.Unlessotherwiseindicated,allreferencesto“Subsidiary”hereundershallmeanaSubsidiaryofParent.

“ Subsidiary Loan Party ” shall mean any Domestic Subsidiary of Parent that executes or becomes a party to the Guaranty and SecurityAgreement.AsoftheRestatementDate,theSubsidiaryLoanPartiesaresetforthonSchedule1.1(b).

“SwapObligation”shallmean,withrespecttoanyGuarantor,anyobligationtopayorperformunderanyagreement,contractortransactionthatconstitutesa“swap”withinthemeaningofsection1a(47)oftheCommodityExchangeAct.

“SwinglineCommitment”shallmeanthecommitmentoftheSwinglineLendertomakeSwinglineLoansinanaggregateprincipalamountatanytimeoutstandingnottoexceed$10,000,000.

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“SwinglineExposure”shallmean,withrespecttoeachLender,theprincipalamountoftheSwinglineLoansinwhichsuchLenderislegallyobligatedeithertomakeaBaseRateLoanortopurchaseaparticipationinaccordancewithSection2.4,whichshallequalsuchLender’sProRataShareofalloutstandingSwinglineLoans.

“SwinglineLender”shallmeanSunTrustBank.

“SwinglineLoan”shallmeanaloanmadetotheBorrowerbytheSwinglineLenderundertheSwinglineCommitment.

“SyntheticLease”shallmeanaleasetransactionunderwhichthepartiesintendthat(i)theleasewillbetreatedasan“operatinglease”bythelesseepursuanttoAccountingStandardsCodificationSections840-10and840-20,asamended,and(ii)thelesseewillbeentitledtovarioustaxandotherbenefitsordinarilyavailabletoowners(asopposedtolessees)oflikeproperty.

“SyntheticLeaseObligations”shallmean,withrespecttoanyPerson,thesumof(i)allremainingrentalobligationsofsuchPersonaslesseeunderSyntheticLeaseswhichareattributabletoprincipaland,withoutduplication,(ii)allrentalandpurchasepricepaymentobligationsofsuchPersonundersuchSyntheticLeasesassumingsuchPersonexercisestheoptiontopurchasetheleasepropertyattheendoftheleaseterm.

“ Taxes ” shall mean any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),assessments,fees,chargesimposedbyanyGovernmentalAuthority,includinganyinterest,additionstotaxorpenaltiesapplicablethereto.

“ThresholdAmount”shallmean$20,000,000.

“Trademark”shallhavethemeaningassignedtosuchtermintheGuarantyandSecurityAgreement.

“TrademarkSecurityAgreement”shallmeananyTrademarkSecurityAgreementexecutedbyaLoanPartyowningregisteredTrademarksorapplicationsforTrademarksinfavoroftheAdministrativeAgentforthebenefitoftheSecuredParties,bothontheClosingDateandthereafter.

“TradingwiththeEnemyAct”shallmeantheTradingwiththeEnemyActoftheUnitedStatesofAmerica(50U.S.C.App.§§1etseq.),asamendedandineffectfromtimetotime.

“Type”,whenusedinreferencetoaLoanoraBorrowing,referstowhethertherateofinterestonsuchLoan,orontheLoanscomprisingsuchBorrowing,isdeterminedbyreferencetotheAdjustedLIBORateortheBaseRate.

“UnfinancedCashCapitalExpenditures”shallmean,foranyperiod,theamountofCapitalExpendituresmadebyParentanditsSubsidiariesduringsuchperiodincash,butexcludinganysuchCapitalExpendituresfinancedwithIndebtednesspermittedunderSection7.1(c).

“UnfundedPensionLiability”ofanyPlanshallmeantheamount,ifany,bywhichthevalueoftheaccumulatedplanbenefitsunderthePlan,determinedonaplanterminationbasisinaccordancewithactuarialassumptionsatsuchtimeconsistentwiththoseprescribedbythePBGCforpurposesofSection4044 of ERISA, exceeds the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaidcontributions).

“UniformCommercialCode”or“UCC”shallmeantheUniformCommercialCodeasineffectfromtimetotimeintheStateofNewYork.

“UnitedStates”or“U.S.”shallmeantheUnitedStatesofAmerica.

“U.S.Borrower”shallmeananyBorrowerthatisaU.S.Person.

“U.S.Person”shallmeananyPersonthatisa“UnitedStatesperson”asdefinedinSection7701(a)(30)oftheCode.

“U.S.TaxComplianceCertificate”shallhavethemeaningsetforthinSection2.20(e)(ii).

“WithdrawalLiability”shallmeanliabilitytoaMultiemployerPlanasaresultofacompleteorpartialwithdrawalfromsuchMultiemployerPlan,assuchtermsaredefinedinPartIofSubtitleEofTitleIVofERISA.

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“WithholdingAgent”shallmeanParent,theBorrower,anyotherLoanPartyortheAdministrativeAgent,asapplicable.

“Working Capital ” shall mean: for each Fiscal Year, the Current Assets less the Current Liabilities on December 31 of such Fiscal YearcomparedtotheCurrentAssetslesstheCurrentLiabilitiesonDecember31oftheimmediatelypriorFiscalYear.

“Write-DownandConversionPowers”shallmean,withrespecttoanyEEAResolutionAuthority,thewrite-downandconversionpowersofsuch EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversionpowersaredescribedintheEUBail-InLegislationSchedule.

Section 1.2 Classifications of Loans and Borrowings .ForpurposesofthisAgreement,LoansmaybeclassifiedandreferredtobyClass (e.g. “Revolving Loan” or “Incremental TermLoan”) or by Type (e.g. “Eurodollar Loan” or “Base Rate Loan”) or by Class and Type (e.g. “RevolvingEurodollarLoan”).BorrowingsalsomaybeclassifiedandreferredtobyClass(e.g.“RevolvingBorrowing”)orbyType(e.g.“EurodollarBorrowing”)orbyClassandType(e.g.“RevolvingEurodollarBorrowing”).

Section 1.3 Accounting Terms and Determination . Unlessotherwisedefinedorspecifiedherein,allaccountingtermsusedhereinshallbeinterpreted,allaccountingdeterminationshereundershallbemade,andallfinancialstatementsrequiredtobedeliveredhereundershallbeprepared,inaccordance with GAAP as in effect from time to time, applied on a basis consistent with the most recent audited consolidated financial statement of ParentdeliveredpursuanttoSection5.1(a);providedthatiftheBorrowernotifiestheAdministrativeAgentthattheBorrowerwishestoamendanycovenantinArticleVIto eliminate the effect of any change in GAAPon the operation of such covenant (or if the Administrative Agent notifies the Borrower that the RequiredLenders wishto amendArticleVIfor suchpurpose), then the Borrower’s compliance with suchcovenant shall be determined onthe basis of GAAPin effectimmediately before therelevant changeinGAAPbecameeffective, until either suchnotice is withdrawnor suchcovenant is amendedina manner reasonablysatisfactorytotheBorrowerandtheRequiredLendersandtheAdministrativeAgent,theLendersandtheBorrowershallnegotiateingoodfaithtoamendsuchcovenanttopreservetheoriginalintentthereofinlightofsuchchangeinGAAP.Notwithstandinganyotherprovisioncontainedherein,alltermsofanaccountingorfinancialnatureusedhereinshallbeconstrued,andallcomputationsofamountsandratiosreferredtohereinshallbemade,withoutgivingeffecttoanyelectionunderAccountingStandardsCodificationSection825-10(oranyotherFinancialAccountingStandardhavingasimilarresultoreffect)tovalueanyIndebtednessorotherliabilitiesofanyLoanPartyoranySubsidiaryofanyLoanPartyat“fairvalue”,asdefinedtherein.

Section 1.4 Terms Generally .Thedefinitionsoftermshereinshallapplyequallytothesingularandpluralformsofthetermsdefined.Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and“including”shallbedeemedtobefollowedbythephrase“withoutlimitation”.Theword“will”shallbeconstruedtohavethesamemeaningandeffectastheword“shall”.Inthecomputationofperiodsoftimefromaspecifieddatetoalaterspecifieddate,theword“from”means“fromandincluding”andtheword“to”means“to but excluding”. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall beconstrued as referring to such agreement, instrument or other document as it was originally executed or as it may from time to time be amended, restated,supplementedorotherwisemodified(subjecttoanyrestrictionsonsuchamendments,supplementsormodificationssetforthherein),(ii)anyreferencehereintoanyPersonshallbeconstruedtoincludesuchPerson’ssuccessorsandpermittedassigns,(iii)thewords“hereof”,“herein”and“hereunder”andwordsofsimilarimportshallbeconstruedtorefertothisAgreementasawholeandnottoanyparticularprovisionhereof,(iv)allreferencestoArticles, Sections,ExhibitsandSchedulesshallbeconstruedtorefertoArticles,Sections,ExhibitsandSchedulestothisAgreementand(v)allreferencestoaspecifictimeshallbeconstruedtorefertothetimeinthecityandstateoftheAdministrativeAgent’sprincipaloffice,unlessotherwiseindicated.

Section 1.5 Limited Condition Transactions .

(a) InconnectionwithanyactionbeingtakeninconnectionwithaLimitedConditionTransaction,forpurposesofdeterminingcompliancewithanyprovisionofthisAgreementwhichrequiresthatnoDefaultorEventofDefaulthasoccurred,iscontinuingorwouldresultfromanysuchaction,asapplicable,suchconditionshall,attheoptionoftheBorrower,bedeemedsatisfied,solongasnoEventofDefaultunderSections8.1(h)or8.1(i)exists or would result fromsuch Limited Condition Transaction if the Limited Condition Transaction and other pro formaevents in connectiontherewithwereconsummatedontheLCTTestDate.Notwithstandinganyprovisionhereintothecontrary,iftheBorrowerhasexerciseditsoptionunderthefirstsentenceofthisSection1.5,andanyDefaultorEventofDefaultoccursfollowingthedatethedefinitiveagreementsfortheapplicableLimitedConditionTransactionwereenteredintoandprior to theconsummationof suchLimitedConditionTransaction, anysuchDefault or Event of Defaultshallbedeemedtonothaveoccurredorbecontinuingsolelyforpurposesofdeterminingwhetheranyactionbeingtakenin

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connectionwithsuchLimitedConditionTransactionispermittedhereunder,butfortheavoidanceofdoubt,anysuchDefaultorEventofDefaultshallbeaDefaultorEventofDefaultforallotherpurposeshereunder.

(b) In connection with any action being taken in connection with a Limited Condition Transaction, for purposes ofdetermining(i)complianceonaproformabasiswiththeConsolidatedTotalNetLeverageRatioortheSeniorSecuredNetLeverageRatio(but,fortheavoidanceofdoubt,notforpurposesofdeterminingwhethertheParentandtheBorrowerhavecompliedwiththefinancialcovenantsetforthinArticleVI),(ii)whetheraDefaultorEventofDefaulthasoccurredandiscontinuing,or(iii)theaccuracyofanyrepresentationorwarranty,then,ineachcase,thedateofdeterminationforwhetheranysuchactionispermittedhereundershall,attheelectionoftheBorrower(theBorrower’selectiontoexercisesuchoptioninconnectionwithanyLimitedConditionTransaction,an“LCTElection”),bedeemedtobetheLCTTestDate(andnot,fortheavoidanceof doubt, the date of consummation of such Limited Condition Transaction), after giving effect on a Pro Forma Basis to such Limited ConditionTransaction and the other transactions to be entered into in connection therewith (including the incurrence of Indebtedness or Liens and the use ofproceedsthereof)asiftheyhadoccurredatthebeginningofthemostrecentlyendedperiodoffourFiscalQuartersoftheParentendingpriortotheLCTTestDateforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b)(or,withrespecttoanydeterminationofanyfinancialratioormetricforanypersonanditssubsidiariestobeacquiredinsuchLimitedConditionTransaction,thespecifiedapplicableperiodtherefor).For the avoidance of doubt, if the Parent or any of its Subsidiaries has exercised such option and any of such ratios, metrics or amounts for whichcompliancewasdeterminedortestedasoftheLCTTestDateareexceededasaresultoffluctuationsinanysuchratio,metricoramount,includingduetofluctuations in Consolidated EBITDA, at or prior to the consummation of such Limited Condition Transaction, such ratio, metric or amount will bedeemed not to have been exceeded as a result of such fluctuations solely for purposes of determining whether such provision has been satisfied inconnectionwithsuchLimitedConditionTransaction.

(c) IftheParentoranyofitsSubsidiariesmakessuchLCTElectioninconnectionwithanyLimitedConditionTransaction,then(i)inconnectionwithanysubsequentcalculationofanyratio,metric,oramount(but,fortheavoidanceofdoubt,notforpurposesofdeterminingwhethertheParentandtheBorrowerhavecompliedwiththefinancialcovenantsetforthinArticleVI))onorfollowingtherelevantLCTTestDateandpriortotheearlierof(A)thedateonwhichsuchLimitedConditionTransactionisconsummatedand(B)thedatethatthedefinitiveagreementforsuchLimitedConditionTransactionisterminatedorexpireswithoutconsummationofsuchLimitedConditionTransaction,anysuchratio,metric,oramountshallbecalculatedonaProFormaBasisassumingthatsuchLimitedConditionTransactionandanyothertransactionsinconnectiontherewith(includinganyincurrenceofindebtednessorliensandtheuseofproceedsthereof)havebeenconsummatedand(ii)suchratio,metricoramountavailabilityshallnotbetestedatthetimeofconsummationofsuchLimitedConditionTransaction.

ARTICLE II

AMOUNT AND TERMS OF THE COMMITMENTS

Section 2.1 General Description of Facilities .Subjecttoanduponthetermsandconditionshereinsetforth,(i)theLendersherebyestablish in favor of the Borrower a revolving credit facility pursuant to which each Lender severally agrees (to the extent of such Lender’s RevolvingCommitment) tomakeRevolvingLoanstotheBorrowerinaccordancewithSection2.2; (ii) theIssuingBankmayissueLetters of Credit in accordancewithSection2.22;(iii)theSwinglineLendermaymakeSwinglineLoansinaccordancewithSection2.4;(iv)eachLenderagreestopurchaseaparticipationinterestintheLettersofCreditandtheSwinglineLoanspursuanttothetermsandconditionshereof;providedthatinnoeventshalltheaggregateprincipalamountofalloutstandingRevolvingLoans,SwinglineLoansandoutstandingLCExposureexceedtheAggregateRevolvingCommitmentAmountineffectfromtimetotime,and (v) Incremental Term Loan commitments may be established as provided in Section 2.23 and the Incremental Term Loans thereunder shall be made inaccordancewithsuchSection.

Section 2.2 Revolving Loans .Subjecttothetermsandconditionssetforthherein,eachLenderseverallyagreestomakeRevolvingLoans,ratablyinproportiontoitsProRataShareoftheAggregateRevolvingCommitments,totheBorrower,fromtimetotimeduringtheAvailabilityPeriod,inanaggregate principal amount outstandingat anytimethat will not result in (a) suchLender’s RevolvingCredit ExposureexceedingsuchLender’s RevolvingCommitmentor(b)theaggregateRevolvingCreditExposuresofallLendersexceedingtheAggregateRevolvingCommitmentAmount.DuringtheAvailabilityPeriod,theBorrowershallbeentitledtoborrow,prepayandreborrowRevolvingLoansinaccordancewiththetermsandconditionsofthisAgreement;providedthattheBorrowermaynotborroworreborrowshouldthereexistaDefaultorEventofDefault.

Section 2.3 Procedure for Revolving Borrowings . TheBorrowershallgivetheAdministrativeAgentwrittennotice(ortelephonicnoticepromptlyconfirmedinwriting)ofeachRevolvingBorrowing,substantiallyintheformofExhibit2.3attachedhereto(a“NoticeofRevolvingBorrowing”),(x)priorto11:00a.m.one(1)BusinessDaypriortotherequesteddateof

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eachBaseRateBorrowingand(y)priorto11:00a.m.three(3)BusinessDayspriortotherequesteddateofeachEurodollarBorrowing.EachNoticeofRevolvingBorrowingshallbeirrevocableandshallspecify(i)theaggregateprincipalamountofsuchBorrowing,(ii)thedateofsuchBorrowing(whichshallbeaBusinessDay),(iii)theTypeofsuchRevolvingLoancomprisingsuchBorrowingand(iv)inthecaseofaEurodollarBorrowing,thedurationoftheinitialInterestPeriodapplicablethereto(subjecttotheprovisionsofthedefinitionofInterestPeriod).EachRevolvingBorrowingshallconsistentirelyofBaseRateLoansorEurodollarLoans, as the Borrower may request. The aggregate principal amount of each Eurodollar Borrowing shall not be less than $250,000 or a larger multiple of$250,000,andtheaggregateprincipalamountofeachBaseRateBorrowingshallnotbelessthan$250,000oralargermultipleof$250,000;providedthatBaseRateLoansmadepursuanttoSection2.4orSection2.22(d)maybemadeinlesseramountsasprovidedtherein.AtnotimeshallthetotalnumberofEurodollarBorrowings outstanding at any time exceed four (4). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, theAdministrative Agent shall advise each Lender of the details thereof and the amount of such Lender’s Revolving Loan to be made as part of the requestedRevolvingBorrowing.

Section 2.4 Swingline Commitment .

(a) Subjecttothetermsandconditionssetforthherein,theSwinglineLendershallmakeSwinglineLoanstotheBorrower,fromtimetotimeduringtheAvailabilityPeriod,inanaggregateprincipalamountoutstandingatanytimenottoexceedthelesserof(i)theSwinglineCommitmentthenineffectand(ii)thedifferencebetweentheAggregateRevolvingCommitmentAmountandtheaggregateRevolvingCreditExposuresof all Lenders;providedthat the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. TheBorrowershallbeentitledtoborrow,repayandreborrowSwinglineLoansinaccordancewiththetermsandconditionsofthisAgreement.

(b) TheBorrowershallgivetheAdministrativeAgentwrittennotice(ortelephonicnoticepromptlyconfirmedinwriting)ofeachSwinglineBorrowing, substantially intheformofExhibit2.4attachedhereto(a “Notice of Swingline Borrowing”), prior to 10:00a.m. ontherequesteddateofeachSwinglineBorrowing.EachNoticeofSwinglineBorrowingshallbeirrevocableandshallspecify(i)theprincipalamountofsuchSwingline Borrowing, (ii) the date of such Swingline Borrowing (which shall be a Business Day) and (iii) the account of the Borrower to which theproceeds of such Swingline Borrowing should be credited. The Administrative Agent will promptly advise the Swingline Lender of each Notice ofSwinglineBorrowing.TheaggregateprincipalamountofeachSwinglineLoanshallnotbelessthan$100,000oralargermultipleof$50,000,orsuchother minimumamounts agreedtobytheSwingline LenderandtheBorrower. TheSwinglineLender will maketheproceeds ofeachSwingline Loanavailable to the Borrower in Dollars in immediately available funds at the account specified by the Borrower in the applicable Notice of SwinglineBorrowingnotlaterthan1:00p.m.ontherequesteddateofsuchSwinglineBorrowing.

(c) TheSwinglineLender,atanytimeandfromtimetotimeinitssolediscretion,may,butinnoeventnolessfrequentlythanonceeachcalendarweekshall,onbehalfoftheBorrower(whichherebyirrevocablyauthorizesanddirectstheSwinglineLendertoactonitsbehalf),giveaNoticeofRevolvingBorrowingtotheAdministrativeAgentrequestingtheLenders(includingtheSwinglineLender)tomakeBaseRateLoansinanamount equal to the unpaid principal amount of any Swingline Loan. Each Lender will make the proceeds of its Base Rate Loan included in suchBorrowingavailabletotheAdministrativeAgentfortheaccountoftheSwinglineLenderinaccordancewithSection2.6,whichwillbeusedsolelyfortherepaymentofsuchSwinglineLoan.

(d) IfforanyreasonaBaseRateBorrowingmaynotbe(asdeterminedinthesolediscretionoftheAdministrativeAgent),orisnot,madeinaccordancewiththeforegoingprovisions,theneachLender(otherthantheSwinglineLender)shallpurchaseanundividedparticipatinginterestinsuchSwinglineLoaninanamountequaltoitsProRataSharethereofonthedatethatsuchBaseRateBorrowingshouldhaveoccurred.Onthedate of such required purchase, each Lender shall promptly transfer, in immediately available funds, the amount of its participating interest to theAdministrativeAgentfortheaccountoftheSwinglineLender.

(e) EachLender’sobligationtomakeaBaseRateLoanpursuanttosubsection(c)ofthisSectionortopurchaseparticipatinginterestspursuanttosubsection(d)ofthisSectionshallbeabsoluteandunconditionalandshallnotbeaffectedbyanycircumstance,including,withoutlimitation,(i)anyset-off,counterclaim,recoupment,defenseorotherrightthatsuchLenderoranyotherPersonmayhaveorclaimagainsttheSwinglineLender, the Borrower or any other Personfor any reasonwhatsoever, (ii) the existence of a Default or an Event of Default or the termination of anyLender’sRevolvingCommitment,(iii)theexistence(orallegedexistence)ofanyeventorconditionwhichhashadorwouldreasonablybeexpectedtohavea Material Adverse Effect, (iv) anybreachof this Agreement or anyother LoanDocument byanyLoanParty, the Administrative Agent or anyLenderor(v)anyothercircumstance,happeningoreventwhatsoever,whetherornotsimilartoanyoftheforegoing.IfsuchamountisnotinfactmadeavailabletotheSwinglineLenderbyanyLender,theSwinglineLendershallbeentitledtorecoversuchamountondemandfromsuchLender,

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togetherwithaccruedinterestthereonforeachdayfromthedateofdemandthereof(x)attheFederalFundsRateuntilthesecondBusinessDayaftersuchdemandand(y)attheBaseRateatalltimesthereafter.UntilsuchtimeassuchLendermakesitsrequiredpayment,theSwinglineLendershallbedeemedtocontinue to have outstandingSwingline Loans in the amount of the unpaid participation for all purposes of the LoanDocuments. In addition, suchLendershallbedeemedtohaveassignedanyandallpaymentsmadeofprincipalandinterestonitsLoansandanyotheramountsduetoithereundertotheSwinglineLendertofundtheamountofsuchLender’sparticipationinterestinsuchSwinglineLoansthatsuchLenderfailedtofundpursuanttothisSection,untilsuchamounthasbeenpurchasedinfull.

Section 2.5 [ Intentionally Omitted ].

Section 2.6 Funding of Borrowings .

(a) EachLenderwillmakeavailableeachLoantobemadebyithereunderontheproposeddatethereofbywiretransferinimmediately available fundsby11:00a.m.totheAdministrativeAgentat thePaymentOffice;providedthat theSwinglineLoanswill bemadeassetforthinSection2.4.TheAdministrativeAgentwillmakesuchLoansavailabletotheBorrowerbypromptlycreditingtheamountsthatitreceives,inlikefundsbythecloseof business onsuchproposeddate, to anaccount maintainedbytheBorrower withtheAdministrative Agent or, at theBorrower’soption,byeffectingawiretransferofsuchamountstoanaccountdesignatedbytheBorrowertotheAdministrativeAgent.

(b) UnlesstheAdministrativeAgentshallhavebeennotifiedbyanyLenderpriorto5:00p.m.one(1)BusinessDaypriortothedateofaBorrowinginwhichsuchLenderistoparticipatethatsuchLenderwillnotmakeavailabletotheAdministrativeAgentsuchLender’sshareofsuchBorrowing,theAdministrativeAgentmayassumethatsuchLenderhasmadesuchamountavailabletotheAdministrativeAgentonsuchdate,and the Administrative Agent, in reliance on such assumption, may make available to the Borrower on such date a corresponding amount. If suchcorrespondingamountisnotinfactmadeavailabletotheAdministrativeAgentbysuchLenderonthedateofsuchBorrowing,theAdministrativeAgentshallbeentitledtorecoversuchcorrespondingamountondemandfromsuchLendertogetherwithinterest(x)attheFederalFundsRateuntilthesecondBusinessDayaftersuchdemandand(y)attheBaseRateatalltimesthereafter.IfsuchLenderdoesnotpaysuchcorrespondingamountforthwithupontheAdministrativeAgent’sdemandtherefor,theAdministrativeAgentshallpromptlynotifytheBorrower,andtheBorrowershallimmediatelypaysuchcorresponding amount to the Administrative Agent together with interest at the rate specified for suchBorrowing. Nothingin this subsection shall bedeemedtorelieveanyLenderfromitsobligationtofunditsProRataShareofanyBorrowinghereunderortoprejudiceanyrightswhichtheBorrowermayhaveagainstanyLenderasaresultofanyde-faultbysuchLenderhereunder.

(c) AllRevolvingBorrowingsshallbemadebytheLendersonthebasisoftheirrespectiveProRataShares.NoLendershallberesponsible foranydefault byanyotherLenderinits obligationshereunder, andeachLendershall beob-ligatedtomakeits Loansprovidedtobemadebyithereunder,regardlessofthefailureofanyotherLendertomakeitsLoanshereunder.

Section 2.7 Interest Elections .

(a) EachBorrowinginitiallyshallbeoftheTypespecifiedintheapplicableNoticeofBorrowing.Thereafter, theBorrowermay elect to convert such Borrowing into a different Type or to continue such Borrowing, all as provided in this Section. The Borrower may electdifferent options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among theLendersholdingLoanscomprisingsuchBorrowing,andtheLoanscomprisingeachsuchportionshallbeconsideredaseparateBorrowing.

(b) To make an election pursuant to this Section, the Borrower shall give the Administrative Agent written notice (ortelephonicnoticepromptlyconfirmedinwriting)ofeachBorrowingthatistobeconvertedorcontinued,asthecasemaybe,substantiallyintheformofExhibit 2.7attached hereto (a “Notice of Conversion/Continuation ”) (x) prior to 10:00 a.m. one (1) Business Day prior to the requested date of aconversionintoa BaseRate Borrowingand(y) prior to 11:00a.m. three(3) Business Daysprior to a continuationof or conversionintoa EurodollarBorrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice ofConversion/Continuationappliesand,ifdifferentoptionsarebeingelectedwithrespecttodifferentportionsthereof, theportionsthereofthataretobeallocatedtoeachresultingBorrowing(inwhichcasetheinformationtobespecifiedpursuanttoclauses(iii)and(iv)shallbespecifiedforeachresultingBorrowing),(ii)theeffectivedateoftheelectionmadepursuanttosuchNoticeofConversion/Continuation,whichshallbeaBusinessDay,(iii)whethertheresultingBorrowingistobeaBaseRateBorrowingoraEurodollarBorrowing,and(iv)iftheresultingBorrowingistobeaEurodollarBorrowing,theInterestPeriodapplicabletheretoaftergivingeffecttosuchelection,whichshallbeaperiod

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contemplatedbythedefinitionof“InterestPeriod”.IfanysuchNoticeofConversion/ContinuationrequestsaEurodollarBorrowingbutdoesnotspecifyanInterestPeriod,theBorrowershallbedeemedtohaveselectedanInterestPeriodofonemonth.TheprincipalamountofanyresultingBorrowingshallsatisfytheminimumborrowingamountforEurodollarBorrowingsandBaseRateBorrowingssetforthinSection2.3.

(c) If, on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed todeliveraNoticeofConversion/Continuation,then,unlesssuchBorrowingisrepaidasprovidedherein,theBorrowershallbedeemedtohaveelectedtoconvert suchBorrowingtoa BaseRate Borrowing. NoBorrowingmaybeconvertedinto, or continuedas, a Eurodollar Borrowingif a Default or anEvent of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of anyEurodollarLoanshallbepermittedexceptonthelastdayoftheInterestPeriodinrespectthereof.

(d) Uponreceipt ofanyNoticeofConversion/Continuation, theAdministrativeAgentshall promptlynotifyeachLenderofthedetailsthereofandofsuchLender’sportionofeachresultingBorrowing.

Section 2.8 Optional Reduction and Termination of Commitments .

(a) Unlesspreviouslyterminated,allRevolvingCommitments,SwinglineCommitmentsandLCCommitmentsshallterminateontheRevolvingCommitmentTerminationDate.TheIncrementalTermLoancommitmentsshallterminateonthedatethattheapplicableIncrementalTermLoansundersuchcommitmentsaremade.

(b) Upon at least three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to theAdministrative Agent (which notice shall be irrevocable), the Borrower may reduce the Aggregate Revolving Commitments in part or terminate theAggregateRevolvingCommitmentsinwhole;providedthat(i)anypartialreductionshallapplytoreduceproportionatelyandpermanentlytheRevolvingCommitmentofeachLender,(ii) anypartial reductionpursuanttothisSectionshallbeinanamountofatleast$5,000,000andanylargermultipleof$1,000,000,and(iii)nosuchreductionshallbepermittedwhichwouldreducetheAggregateRevolvingCommitmentAmounttoanamountlessthantheaggregate outstanding Revolving Credit Exposure of all Lenders. Any such reduction in the Aggregate Revolving Commitment Amount below theprincipalamountoftheSwinglineCommitmentandtheLCCommitmentshallresultinadollar-for-dollarreductionintheSwinglineCommitmentandtheLCCommitment.

(c) WiththewrittenapprovaloftheAdministrativeAgent, theBorrowermayterminate(onanon-ratablebasis)theunusedamountoftheRevolvingCommitmentofaDefaultingLender,andinsucheventtheprovisionsofSection2.26willapplytoallamountsthereafterpaidbytheBorrowerfortheaccountofanysuchDefaultingLenderunderthisAgreement(whetheronaccountofprincipal,interest,fees,indemnityorotheramounts);providedthat suchtermination will not be deemedto be a waiver or release of anyclaimthat the Borrower, the Administrative Agent, theIssuingBank,theSwinglineLenderoranyotherLendermayhaveagainstsuchDefaultingLender.

Section 2.9 Repayment of Loans . Theoutstandingprincipalamountofall RevolvingLoansandSwinglineLoansshallbedueandpayable(togetherwithaccruedandunpaidinterestthereon)ontheRevolvingCommitmentTerminationDate.TheoutstandingprincipalamountofallIncrementalTermLoansshallbedueandpayableasagreedinwritingbytheapplicablelendersofsuchIncrementalTermLoansandtheBorrower,subjecttoSection2.23.AnyIncrementalTermLoansthatarerepaidorprepaidmaynotbereborrowed.

Section 2.10 Evidence of Indebtedness .

(a) EachLendershall maintaininaccordancewithits usual practiceappropriate recordsevidencingtheIndebtednessoftheBorrower to such Lender resulting from each Loan made by such Lender fromtime to time, including the amounts of principal and interest payablethereonandpaidtosuchLenderfromtimetotimeunderthisAgreement.TheAdministrativeAgentshallmaintainappropriaterecordsinwhichshallberecorded(i)theRevolvingCommitmentofeachLender,(ii)theamountofeachLoanmadehereunderbyeachLender,theClassandTypethereofand,inthecaseofeachEurodollarLoan,theInterestPeriodapplicablethereto,(iii)thedateofanycontinuationofanyLoanpursuanttoSection2.7,(iv)thedateofanyconversionofalloraportionofanyLoantoanotherTypepursuanttoSection2.7,(v)thedateandamountofanyprincipalorinterestdueandpayableortobecomedueandpayablefromtheBorrowertoeachLenderhereunderinrespectoftheLoansand(vi)boththedateandamountofanysumreceivedbytheAdministrativeAgenthereunderfromtheBorrowerinrespectoftheLoansandeachLender’sProRataSharethereof.Theentriesmadeinsuchrecordsshallbeprima facie evidenceoftheexistenceandamountsoftheobligationsoftheBorrowerthereinrecorded;providedthatthefailureordelayofanyLenderortheAdministrativeAgentinmaintainingormakingentriesintoanysuchrecordoranyerrorthereinshall notinanymanneraffecttheobligationoftheBorrower

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torepaytheLoans(bothprincipalandunpaidaccruedinterest)ofsuchLenderinaccordancewiththetermsofthisAgreement.

(b) ThisAgreementevidencestheobligationoftheBorrowertorepaytheLoansandisbeingexecutedasa“noteless”creditagreement. However, at therequest ofanyLender(includingtheSwinglineLender) at anytime,theBorroweragreesthat it will prepare, executeanddelivertosuchLenderapromissorynotepayabletotheorderofsuchLender(or,ifrequestedbysuchLender,tosuchLenderanditsregisteredassigns)andin a formapproved bythe Administrative Agent. Thereafter, the Loans evidenced bysuch promissory note andinterest thereonshall at all times(includingafterassignmentpermittedhereunder)berepresentedbyoneormorepromissorynotesinsuchformpayabletotheorderofthepayeenamedtherein(or,ifsuchpromissorynoteisaregisterednote,tosuchpayeeanditsregisteredassigns).

Section 2.11 Optional Prepayments .TheBorrowershallhavetherightatanytimeandfromtimetotimetoprepayanyBorrowing,inwholeorinpart,withoutpremiumorpenalty,bygivingwrittennotice(ortelephonicnoticepromptlyconfirmedinwriting)totheAdministrativeAgentnolaterthan(i)inthecaseofanyprepaymentofanyEurodollarBorrowing,11:00a.m.notlessthanthree(3)BusinessDayspriortothedateofsuchprepayment,(ii)inthecaseof anyprepayment of anyBaseRate Borrowing, not less thanone(1) Business Dayprior tothedate of suchprepayment, and(iii) in thecaseof anyprepaymentofanySwinglineBorrowing,priorto11:00a.m.onthedateofsuchprepayment.EachsuchnoticeshallbeirrevocableandshallspecifytheproposeddateofsuchprepaymentandtheprincipalamountofeachBorrowingorportionthereoftobeprepaid.Uponreceiptofanysuchnotice,theAdministrativeAgentshall promptly notify each affected Lender of the contents thereof and of such Lender’s Pro Rata Share of any such prepayment. If such notice is given, theaggregateamountspecifiedinsuchnoticeshallbedueandpayableonthedatedesignatedinsuchnotice,togetherwithaccruedinteresttosuchdateontheamountsoprepaidinaccordancewithSection2.13(d);providedthatifaEurodollarBorrowingisprepaidonadateotherthanthelastdayofanInterestPeriodapplicablethereto, theBorrowershall alsopayall amounts requiredpursuant toSection2.19. Eachpartial prepayment of anyLoanshall bein anamount that wouldbepermittedinthecaseofanadvanceofaRevolvingBorrowingofthesameTypepursuanttoSection2.2or,inthecaseofaSwinglineLoan,pursuanttoSection2.4.EachoptionalprepaymentofaBorrowingshallbeappliedratablytotheLoanscomprisingsuchBorrowingand,inthecaseofaprepaymentofanIncrementalTermLoanBorrowing,toprincipalinstallmentsinthemannerselectedbytheBorrower.

Section 2.12 Mandatory Prepayments .

(a) If at any time the aggregate Revolving Credit Exposure of all Lenders exceeds the Aggregate Revolving CommitmentAmount, as reduced pursuant to Section 2.8 or otherwise, the Borrower shall immediately repay the Swingline Loans and the Revolving Loans in anamount equal to such excess, together with all accrued and unpaid interest on such excess amount and any amounts due under Section 2.19. Eachprepaymentshallbeappliedasfollows:first,totheSwinglineLoanstothefullextentthereof;second,totheBaseRateLoanstothefullextentthereof;and third, to the Eurodollar Loans to the full extent thereof. If, after giving effect to prepayment of all Swingline Loans and Revolving Loans, theaggregateRevolvingCreditExposureofall LendersexceedstheAggregateRevolvingCommitmentAmount,theBorrowershallCashCollateralizeitsreimbursementobligationswithrespecttoallLettersofCreditinanamountequaltosuchexcessplusanyaccruedandunpaidfeesthereon.

(b) To the extent there are any additional mandatory prepayments required in connection with the incurrence of anyIncrementalTermLoans,suchprepaymentsshallbeappliedasfollows:first,totheAdministrativeAgent’sfeesandreimbursableexpensesthendueandpayable pursuant to any of the Loan Documents; second, to all reimbursable expenses of the Lenders and all fees and reimbursable expenses of theIssuingBankthendueandpayablepursuanttoanyoftheLoanDocuments,pro rata totheLendersandtheIssuingBankbasedontheirrespectiveprorata sharesofsuchfeesandexpenses;third,tointerestandfeesthendueandpayablehereunder,pro rata totheLendersbasedontheirrespectiveprorata sharesofsuchinterestandfees;fourth,totheprincipalbalanceoftheIncrementalTermLoans,untilthesameshallhavebeenpaidinfull,pro ratatotheLendersbasedontheirProRataSharesoftheIncrementalTermLoans,andappliedtoinstallmentsoftheIncrementalTermLoansininverseorderofmaturity;fifth, to theprincipal balanceof theSwinglineLoans, until thesameshall havebeenpaidinfull, totheSwinglineLender;sixth,totheprincipal balance of the Revolving Loans, until the same shall have been paid in full, pro rata to the Lenders based on their respective RevolvingCommitments;andseventh,toCashCollateralizetheLettersofCreditinanamountincashequaltotheLCExposureasofsuchdateplusanyaccruedandunpaidfeesthereon.TheRevolvingCommitmentsoftheLendersshallnotbepermanentlyreducedbytheamountofanyprepaymentsmadepursuanttoclausesfifththroughseventhabove,unlessanEventofDefaulthasoccurredandiscontinuingandtheRequiredRevolvingLenderssorequest.

Section 2.13 Interest on Loans .

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(a) TheBorrowershall payinterest on(i) eachBaseRateLoanattheBaseRateplustheApplicableMarginineffectfromtimetotimeand(ii)eachEurodollarLoanattheAdjustedLIBORatefortheapplicableInterestPeriodineffectforsuchLoanplustheApplicableMarginineffectfromtimetotime.

(b) TheBorrowershallpayinterestoneachSwinglineLoanattheBaseRateplustheApplicableMarginineffectfromtimetotime.

(c) Notwithstanding subsections (a) and (b) of this Section, (i) after the occurrence of an Event of Default underSections8.1(a),8.1(h),or8.1(i),theBorrowershallpayinterestwithrespecttoallEurodollarLoansattherateper annum equalto200basispointsabovetheotherwiseapplicableinterestrateforsuchEurodollarLoansforthethen-currentInterestPerioduntilthelastdayofsuchInterestPeriod,andthereafter,andwithrespecttoallBaseRateLoansandallotherObligationshereunder(otherthanLoans),attherateper annum equalto200basispointsabovetheotherwiseapplicableinterestrateforBaseRateLoans,and(ii)ifanyinterestonanyLoanoranyfeeorotheramountpayablebyanyBorrowerhereunderisnotpaidwhendue,whetheratstatedmaturity,uponaccelerationorotherwise,suchoverdueamountshallbearinterestatarateper annum equalto200basispointsabovetheotherwiseapplicableinterestrateforBaseRateLoanshereunder.Theinterestdescribedinthisclause(c)isreferredtohereinas“DefaultInterest”.

(d) Interest on the principal amount of all Loans shall accrue from and including the date such Loans are made to butexcludingthedateofanyrepaymentthereof.InterestonalloutstandingBaseRateLoansandSwinglineLoansshallbepayablequarterlyinarrearsonthelastdayofeachMarch,June,SeptemberandDecemberandontheRevolvingCommitmentTerminationDateortheMaturityDate,asthecasemaybe.InterestonalloutstandingEurodollarLoansshallbepayableonthelastdayofeachInterestPeriodapplicablethereto,and,inthecaseofanyEurodollarLoanshavinganInterestPeriodinexcessofthreemonths,oneachdaywhichoccurseverythreemonthsaftertheinitialdateofsuchInterestPeriod,andontheRevolvingCommitmentTerminationDateortheMaturityDate,asthecasemaybe.InterestonanyLoanwhichisconvertedintoaLoanofanotherTypeorwhichisrepaidorprepaidshallbepayableonthedateofsuchconversionoronthedateofanysuchrepaymentorprepayment(ontheamountrepaidorprepaid)thereof.AllDefaultInterestshallbepayableondemand.

(e) TheAdministrativeAgentshalldetermineeachinterestrateapplicabletotheLoanshereunderandshallpromptlynotifytheBorrowerandtheLendersofsuchrateinwriting(orbytelephone,promptlyconfirmedinwriting).Anysuchdeterminationshallbeconclusiveandbindingforallpurposes,absentmanifesterror.

Section 2.14 Fees .

(a) TheBorrowershallpaytotheAdministrativeAgentforitsownaccountfeesintheamountsandatthetimespreviouslyagreeduponinwritingbytheBorrowerandtheAdministrativeAgent.

(b) TheBorroweragreestopaytotheAdministrativeAgentfortheaccountofeachLenderacommitmentfee, whichshallaccrue at the Applicable Percentage per annum (determined daily in accordance with Schedule I ) on the daily amount of the unused RevolvingCommitmentofsuchLenderduringtheAvailabilityPeriod.Forpurposesofcomputingthecommitmentfee,theRevolvingCommitmentofeachLendershallbedeemedusedtotheextentoftheoutstandingRevolvingLoansandLCExposure,butnotSwinglineExposure,ofsuchLender.

(c) The Borrower agrees to pay (i) to the Administrative Agent, for the account of each Lender, a letter of credit fee withrespecttoitsparticipationineachLetterofCredit,whichshallaccrueatarateper annum equaltotheApplicableMarginforEurodollarLoansthenineffectontheaveragedailyamountofsuchLender’sLCExposureattributabletosuchLetterofCreditduringtheperiodfromandincludingthedateofissuanceofsuchLetterofCredittobutexcludingthedateonwhichsuchLetterofCreditexpiresorisdrawninfull(including,withoutlimitation,anyLCExposurethatremainsoutstandingaftertheRevolvingCommitmentTerminationDate)and(ii) totheIssuingBankforitsownaccountafrontingfee,which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable tounreimbursedLCDisbursements)duringtheAvailabilityPeriod(oruntilthedatethatsuchLetterofCreditisirrevocablycancelled,whicheverislater),aswellastheIssuingBank’sstandardfeeswithrespecttoissuance,amendment,renewalorextensionofanyLetterofCreditorprocessingofdrawingsthereunder.Notwithstandingtheforegoing,iftheRequiredLenderselecttoincreasetheinterestrateontheLoanstotherateforDefaultInterestpursuanttoSection2.13(c),therateper annum usedtocalculatetheletterofcreditfeepursuanttoclause(i)aboveshallautomaticallybeincreasedby200basispoints.

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(d) TheBorrowershallpayontheRestatementDatetotheAdministrativeAgentanditsaffiliatesallfeesintheFeeLetterthatare due and payable on the Restatement Date. The Borrower shall pay on the Restatement Date to the Lenders all upfront fees previously agreed inwriting.

(e) Accrued fees under subsections (b) and (c) of this Section shall be payable quarterly in arrears on the last day of eachMarch,June,SeptemberandDecember,commencingonDecember31,2017,andontheRevolvingCommitmentTerminationDate(and,iflater,thedatetheLoansandLCExposureshallberepaidintheirentirety);providedthatanysuchfeesaccruingaftertheRevolvingCommitmentTerminationDateshallbepayableondemand.

Section 2.15 Computation of Interest and Fees .

InteresthereunderbasedontheAdministrativeAgent’sprimelendingrateshallbecomputedonthebasisofayearof365days(or366daysinaleapyear) andpaidfor theactual numberof dayselapsed(includingthefirst daybut excludingthelast day). All other interest andall fees hereunder shall becomputedonthebasisofayearof360daysandpaidfortheactualnumberofdayselapsed(includingthefirstdaybutexcludingthelastday).EachdeterminationbytheAdministrativeAgentofaninterestrateorfeehereundershallbemadeingoodfaithand,exceptformanifesterror,shallbefinal,conclusiveandbindingforallpurposes.

Section 2.16 Inability to Determine Interest Rates . If, prior to the commencement of any Interest Period for any EurodollarBorrowing:

(i) theAdministrativeAgentshallhavedetermined(whichdeterminationshall beconclusiveandbindingupontheBorrower)that,byreasonofcircumstancesaffectingtherelevantinterbankmarket,adequatemeansdonotexistforascertainingtheAdjustedLIBORateforsuchInterestPeriod,or

(ii) the Administrative Agent shall have received notice from the Required Lenders that the Adjusted LIBORatedoesnotadequatelyandfairlyreflectthecosttosuchLendersofmaking,fundingormaintainingtheirEurodollarLoansforsuchInterestPeriod,

theAdministrativeAgentshallgivewrittennotice(ortelephonicnotice,promptlyconfirmedinwriting)totheBorrowerandtotheLendersassoonaspracticablethereafter. Until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) theobligationsoftheLenderstomakeEurodollarRevolvingLoansortocontinueorconvertoutstandingLoansasorintoEurodollarLoansshallbesuspendedand(ii)allsuchaffectedEurodollarLoansshallbeconvertedintoBaseRateLoansonthelastdayofthethencurrentInterestPeriodapplicabletheretounlesstheBorrowerprepayssuchLoansinaccordancewiththisAgreement.UnlesstheBorrowernotifiestheAdministrativeAgentatleastone(1)BusinessDaybeforethedateofanyEurodollarBorrowingforwhichaNoticeofRevolvingBorrowingoraNoticeofConversion/Continuationhaspreviouslybeengiventhatitelectsnottoborrow,continue or convert to a Eurodollar Borrowing on such date, then such Revolving Borrowing shall be made as, continued as or converted into a Base RateBorrowing.

Section 2.17 Illegality .IfanyChangeinLawshallmakeitunlawfulorimpossibleforanyLendertoperformanyofitsobligationshereunderortomake,maintainorfundanyEurodollarLoanandsuchLendershallsonotifytheAdministrativeAgent,theAdministrativeAgentshallpromptlygivenoticethereoftotheBorrowerandtheotherLenders,whereuponuntilsuchLendernotifiestheAdministrativeAgentandtheBorrowerthatthecircumstancesgivingrisetosuchsuspensionnolongerexist,theobligationofsuchLendertomakeEurodollarRevolvingLoans,ortocontinueorconvertoutstandingLoansasorintoEurodollarLoans,shallbesuspended.InthecaseofthemakingofaEurodollarBorrowing,suchLender’sRevolvingLoanshallbemadeasaBaseRateLoanaspartofthesameRevolvingBorrowingforthesameInterestPeriodand,iftheaffectedEurodollarLoanisthenoutstanding,suchLoanshallbeconvertedto a Base Rate Loan either (i) on the last day of the then current Interest Period applicable to such Eurodollar Loan if such Lender may lawfully continue tomaintainsuchLoantosuchdateor(ii)immediatelyifsuchLendershalldeterminethatitmaynotlawfullycontinuetomaintainsuchEurodollarLoantosuchdate.Notwithstandingtheforegoing,theaffectedLendershall,priortogivingsuchnoticetotheAdministrativeAgent,usereasonableeffortstodesignateadifferentApplicableLendingOfficeifsuchdesignationwouldavoidtheneedforgivingsuchnoticeandifsuchdesignationwouldnototherwisebedisadvantageoustosuchLenderinthegoodfaithexerciseofitsdiscretion.

Section 2.18 Increased Costs .

(a) IfanyChangeinLawshall:

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement that is not otherwiseincludedinthedeterminationoftheAdjustedLIBORatehereunderagainstassetsof,

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depositswithorfortheaccountof,orcreditextendedby,anyLender(exceptanysuchreserverequirementreflectedintheAdjustedLIBORate)ortheIssuingBank;or

(ii) subjectanyRecipienttoanyTaxes(otherthan(A)IndemnifiedTaxes,(B)Taxesdescribedinclauses(b)through(d)ofthedefinitionofExcludedTaxesand(C)ConnectionIncomeTaxes)onitsloans,loanprincipal,lettersofcredit,commitments,orotherobligations,oritsdeposits,reserves,otherliabilitiesorcapitalattributablethereto;or

(iii) impose on any Lender, the Issuing Bank or the eurodollar interbank market any other condition (other thanTaxes)affectingthisAgreementoranyEurodollarLoansmadebysuchLenderoranyLetterofCreditoranyparticipationtherein;

andtheresultofanyoftheforegoingistoincreasethecosttosuchLenderofmaking,convertinginto,continuingormaintainingaEurodollarLoanortoincreasethecosttosuchLenderortheIssuingBankofparticipatinginorissuinganyLetterofCreditortoreducetheamountreceivedorreceivablebysuchLenderortheIssuingBankhereunder(whetherofprincipal,interestoranyotheramount),

then, fromtimetotime, suchLenderortheIssuingBankmayprovidetheBorrower(withacopythereoftotheAdministrativeAgent) withwrittennoticeanddemandwithrespecttosuchincreasedcostsorreducedamounts,andwithinfive(5)BusinessDaysafterreceiptofsuchnoticeanddemandtheBorrowershallpaytosuchLenderortheIssuingBank,asthecasemaybe,suchadditionalamountsaswillcompensatesuchLenderortheIssuingBankforanysuchincreasedcostsincurredorreductionsuffered.

(b) IfanyLenderortheIssuingBankshallhavedeterminedthatonorafterthedateofthisAgreementanyChangeinLawregardingcapitalorliquidityrequirementshasorwouldhavetheeffectofreducingtherateofreturnonsuchLender’sortheIssuingBank’scapital(oronthecapitaloftheParentCompanyofsuchLenderortheIssuingBank)asaconsequenceofitsobligationshereunderorunderorinrespectofanyLetterofCredittoalevelbelowthatwhichsuchLender,theIssuingBankorsuchParentCompanycouldhaveachievedbutforsuchChangeinLaw(takingintoconsiderationsuchLender’sortheIssuingBank’spoliciesorthepoliciesofsuchParentCompanywithrespecttocapitaladequacyandliquidity),then,fromtimetotime,suchLenderortheIssuingBankmayprovidetheBorrower(withacopythereoftotheAdministrativeAgent)withwrittennoticeanddemandwithrespecttosuchreducedamounts,andwithinfive(5)BusinessDaysafterreceiptofsuchnoticeanddemandtheBorrowershallpaytosuchLenderortheIssuingBank,asthecasemaybe,suchadditionalamountsaswillcompensatesuchLender,theIssuingBankorsuchParentCompanyforanysuchreductionsuffered;providedthatnoLendershallbeentitledtorequestpaymentofanysuchamountswithrespecttoaChangeinLawrelatingtoDodd-Frank or Basel III unless such Lender is generally demanding payment under comparable provisions of its agreements with similarly situatedborrowers.

(c) AcertificateofsuchLenderortheIssuingBanksettingforththeamountoramountsnecessarytocompensatesuchLender,theIssuingBankortheParentCompanyofsuchLenderortheIssuingBank,asthecasemaybe,specifiedinsubsection(a)or(b)ofthisSectionshallbedeliveredtotheBorrower(withacopytotheAdministrativeAgent)andshallbeconclusive,absentmanifesterror.

(d) FailureordelayonthepartofanyLenderortheIssuingBanktodemandcompensationpursuanttothisSectionshallnotconstitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided, that the Borrower shall not be required tocompensateaLenderorIssuingBankpursuanttothisSectionforanyincreasedcostsincurredorreductionssufferedmorethansixmonthspriortothedatethatsuchLenderorIssuingBank,asthecasemaybe,notifiestheBorroweroftheChangeinLawgivingrisetosuchincreasedcostsorreductions,andofsuchLender’sorIssuingBank’sintentiontoclaimcompensationtherefor(exceptthat,iftheChangeinLawgivingrisetosuchincreasedcostsorreductionsisretroactive,thenthesix-monthperiodreferredtoaboveshallbeextendedtoincludetheperiodofretroactiveeffectthereof).

Section 2.19 Funding Indemnity .Intheeventof(a)thepaymentofanyprincipalofaEurodollarLoanotherthanonthelastdayoftheInterestPeriodapplicablethereto(includingasaresultofanEventofDefault),(b)theconversionorcontinuationofaEurodollarLoanotherthanonthelastdayoftheInterestPeriodapplicablethereto,or(c)thefailurebytheBorrowertoborrow,prepay,convertorcontinueanyEurodollarLoanonthedatespecifiedinanyapplicablenotice(regardlessofwhethersuchnoticeiswithdrawnorrevoked),then,inanysuchevent,theBorrowershallcompensateeachLender,withinfive(5)BusinessDaysafterwrittendemandfromsuchLender,foranyloss,costorexpenseattributabletosuchevent.InthecaseofaEurodollarLoan,suchloss,costorexpenseshallbedeemedtoincludeanamountdeterminedbysuchLendertobetheexcess,ifany,of(A)theamountofinterestthatwouldhaveaccruedontheprincipalamountofsuchEurodollarLoanifsucheventhadnotoccurredattheAdjustedLIBORateapplicabletosuchEurodollarLoanfortheperiodfromthedateofsucheventtothelastdayofthethencurrentInterestPeriodtherefor(or,inthecaseofafailuretoborrow,convertorcontinue,fortheperiodthatwould

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havebeentheInterestPeriodforsuchEurodollarLoan)over(B)theamountofinterestthatwouldaccrueontheprincipalamountofsuchEurodollarLoanforthesameperiodiftheAdjustedLIBORateweresetonthedatesuchEurodollarLoanwasprepaidorconvertedorthedateonwhichtheBorrowerfailedtoborrow,convertorcontinuesuchEurodollarLoan.AcertificateastoanyadditionalamountpayableunderthisSectionsubmittedtotheBorrowerbyanyLender(withacopytotheAdministrativeAgent)shallbeconclusive,absentmanifesterror.

Section 2.20 Taxes .

(a) DefinedTerms.ForpurposesofthisSection2.20,theterm“Lender”includesIssuingBankandtheterm“applicablelaw”includesFATCA.

(b) Payments Free of Taxes . Anyandall payments byor onaccount of anyobligationof anyLoanPartyunder anyLoanDocumentshallbemadewithoutdeductionorwithholdingforanyTaxes,exceptasrequiredbyapplicablelaw.Ifanyapplicablelaw(asdeterminedinthegoodfaithdiscretionofanapplicableWithholdingAgent)requiresthedeductionorwithholdingofanyTaxfromanysuchpaymentbyaWithholdingAgent,thentheapplicableWithholdingAgentshallbeentitledtomakesuchdeductionorwithholdingandshalltimelypaythefullamountdeductedorwithheldtotherelevantGovernmentalAuthorityinaccordancewithapplicablelawand,ifsuchTaxisanIndemnifiedTax,thenthesumpayablebytheapplicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions andwithholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would havereceivedhadnosuchdeductionorwithholdingbeenmade.

(c) Payment of Other Taxes by the Borrower . The Borrower shall timely pay to the relevant Governmental Authority inaccordancewithapplicablelaw,orattheoptionoftheAdministrativeAgenttimelyreimburseitforthepaymentof,anyOtherTaxes.

(d) IndemnificationbytheBorrower.TheBorrowershallindemnifyeachRecipient,within10daysafterdemandtherefor,forthefull amountofanyIndemnifiedTaxes(includingIndemnifiedTaxesimposedorassertedonorattributabletoamountspayableunderthisSection)payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arisingtherefromor withrespect thereto, whether or not suchIndemnified Taxes werecorrectly or legally imposedor asserted bytherelevant GovernmentalAuthority.AcertificateastotheamountofsuchpaymentorliabilitydeliveredtotheBorrowerbyaLender(withacopytotheAdministrativeAgent),orbytheAdministrativeAgentonitsownbehalforonbehalfofaLender,shallbeconclusiveabsentmanifesterror.

(e) Indemnification bytheLenders . EachLender shall severally indemnify the Administrative Agent, within 10days afterdemand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified theAdministrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to suchLender’s failure to comply with the provisions ofSection 10.4(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxesattributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and anyreasonableexpensesarisingtherefromorwithrespectthereto, whetherornotsuchTaxeswerecorrectlyorlegallyimposedorassertedbytherelevantGovernmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall beconclusiveabsentmanifesterror.EachLenderherebyauthorizestheAdministrativeAgenttosetoffandapplyanyandallamountsatanytimeowingtosuchLenderunderanyLoanDocumentorotherwisepayablebytheAdministrativeAgenttotheLenderfromanyothersourceagainstanyamountduetotheAdministrativeAgentunderthisparagraph(e).

(f) EvidenceofPayments.AssoonaspracticableafteranypaymentofTaxesbytheBorroweroranyotherLoanPartytoaGovernmental Authority pursuant to this Section 2.20, the Borrower or other Loan Party shall deliver to the Administrative Agent the original or acertified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or otherevidenceofsuchpaymentreasonablysatisfactorytotheAdministrativeAgent.

(g) StatusofLenders.(i)AnyLenderthatisentitledtoanexemptionfromorreductionofwithholdingTaxwithrespecttopaymentsmadeunderanyLoanDocumentshalldelivertotheBorrowerandtheAdministrativeAgent,atthetimeortimesreasonablyrequestedbytheBorrowerortheAdministrativeAgent,suchproperlycompletedandexecuteddocumentationreasonablyrequestedbytheBorrowerortheAdministrativeAgentaswillpermitsuchpaymentstobemadewithoutwithholdingoratareducedrateofwithholding.Inaddition,anyLender,ifreasonablyrequestedbytheBorrowerortheAdministrativeAgent,shalldeliversuchotherdocumentationprescribed

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by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent todeterminewhetherornotsuchLenderissubjecttobackupwithholdingorinformationreportingrequirements.Notwithstandinganythingtothecontraryin the preceding twosentences, the completion, execution and submission of such documentation (other than such documentation set forth inSection2.20(g) (i)(A), (i)(B)and(i)(D)below) shall not be required if in the Lender’s reasonable judgment suchcompletion, execution or submission wouldsubjectsuchLendertoanymaterialunreimbursedcostorexpenseorwouldmateriallyprejudicethelegalorcommercialpositionofsuchLender.

(i) Withoutlimitingthegeneralityoftheforegoing,intheeventthattheBorrowerisaU.S.Borrower,

(A) anyLenderthatisaU.S.PersonshalldelivertotheBorrowerandtheAdministrativeAgentonorpriortothedate on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of theBorrowerortheAdministrativeAgent), executedoriginalsofIRSFormW-9certifyingthatsuchLenderisexemptfromU.S.federal backupwithholdingtax;

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and theAdministrativeAgent(insuchnumberofcopiesasshall berequestedbytherecipient) onorpriortothedateonwhichsuchForeignLenderbecomesaLenderunderthisAgreement(andfromtimetotimethereafteruponthereasonablerequestoftheBorrowerortheAdministrativeAgent),whicheverofthefollowingisapplicable:

(i) inthecaseofaForeignLenderclaimingthebenefitsofanincometaxtreatytowhichtheUnitedStatesisaparty(x)withrespecttopaymentsofinterestunderanyLoanDocument,executedoriginalsofIRSFormW-8BENorIRSFormW-8BEN-E,asapplicable,establishinganexemptionfrom,orreductionof,U.S.federalwithholdingTaxpursuanttothe“interest”articleofsuchtax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BENor IRS Form W-8BEN-E,asapplicable,establishinganexemptionfrom,orreductionof,U.S.federalwithholdingTaxpursuanttothe“businessprofits”or“otherincome”articleofsuchtaxtreaty;

(ii) executedoriginalsofIRSFormW-8ECI;

(iii) inthecaseofaForeignLenderclaimingthebenefitsoftheexemptionforportfoliointerestunderSection881(c)oftheCode,(x)acertificatesubstantiallyintheformofExhibit2.20AtotheeffectthatsuchForeignLenderisnota“bank”withinthemeaningofSection881(c)(3)(A)oftheCode,a“10percentshareholder”oftheBorrowerwithinthemeaningofSection881(c)(3)(B)oftheCode,ora“controlledforeigncorporation”describedinSection881(c)(3)(C)oftheCode(a“U.S.TaxComplianceCertificate”)and(y)executedoriginalsofIRSFormW-8BENorIRSFormW-8BEN-E,asapplicable;or

(iv) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY,accompaniedbyIRSFormW-8ECI,IRSFormW-8BENorIRSFormW-8BEN-E,asapplicable,aU.S.TaxComplianceCertificatesubstantiallyintheformofExhibit2.20BorExhibit2.20C,IRSFormW-9,and/orothercertificationdocumentsfromeachbeneficialowner,asapplicable;providedthatiftheForeignLenderisapartnershipandoneormoredirectorindirectpartnersofsuchForeignLenderareclaimingtheportfoliointerestexemption,suchForeignLendermayprovideaU.S.TaxComplianceCertificatesubstantiallyintheformofExhibit2.20Donbehalfofeachsuchdirectandindirectpartner;

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and theAdministrativeAgent(insuchnumberofcopiesasshall berequestedbytherecipient) onorpriortothedateonwhichsuchForeignLenderbecomesaLenderunderthisAgreement(andfromtimetotimethereafteruponthereasonablerequestoftheBorrowerortheAdministrativeAgent),executedoriginalsofanyotherformprescribedbyapplicablelawasabasisforclaimingexemptionfromorareductioninU.S.federalwithholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit theBorrowerortheAdministrativeAgenttodeterminethewithholdingordeductionrequiredtobemade;and

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding TaximposedbyFATCAifsuchLenderweretofailtocomplywiththeapplicablereporting

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requirementsofFATCA(includingthosecontainedinSection1471(b)or1472(b)oftheCode,asapplicable),suchLendershalldelivertotheBorrowerandtheAdministrativeAgentatthetimeortimesprescribedbylawandatsuchtimeortimesreasonablyrequestedbytheBorrowerortheAdministrativeAgentsuchdocumentationprescribedbyapplicablelaw(includingasprescribedbySection1471(b)(3)(C)(i) oftheCode)andsuchadditionaldocumentationreasonablyrequestedbytheBorrowerortheAdministrativeAgentasmaybenecessaryfortheBorrowerandtheAdministrativeAgenttocomplywiththeirobligationsunderFATCAandtodeterminethatsuchLenderhascompliedwithsuchLender’sobligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),“FATCA”shallincludeanyamendmentsmadetoFATCAafterthedateofthisAgreement.

EachLender agrees that if anyformor certification it previously delivered expires or becomes obsolete or inaccurate in anyrespect, it shallupdatesuchformorcertificationorpromptlynotifytheBorrowerandtheAdministrativeAgentinwritingofitslegalinabilitytodoso.

(h) TreatmentofCertainRefunds.Ifanypartydetermines,initssolediscretionexercisedingoodfaith,thatithasreceivedarefundofanyTaxesastowhichithasbeenindemnifiedpursuanttothisSection2.20(includingbythepaymentofadditionalamountspursuanttothisSection2.20), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under thisSectionwithrespecttotheTaxesgivingrisetosuchrefund),netofallout-of-pocketexpenses(includingTaxes)ofsuchindemnifiedpartyandwithoutinterest(otherthananyinterestpaidbytherelevantGovernmentalAuthoritywithrespecttosuchrefund).Suchindemnifyingparty,upontherequestofsuchindemnifiedparty,shallrepaytosuchindemnifiedpartytheamountpaidoverpursuanttothisparagraph(h)(plusanypenalties, interestorotherchargesimposedbytherelevantGovernmentalAuthority)intheeventthatsuchindemnifiedpartyisrequiredtorepaysuchrefundtosuchGovernmentalAuthority. Notwithstandinganythingtothecontraryinthis paragraph(h), in noevent will theindemnifiedpartyberequiredtopayanyamount toanindemnifyingpartypursuanttothisparagraph(h)thepaymentofwhichwouldplacetheindemnifiedpartyinalessfavorablenetafter-Taxpositionthanthe indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld orotherwiseimposedandtheindemnificationpaymentsoradditionalamountswithrespecttosuchTaxhadneverbeenpaid.Thisparagraphshall notbeconstruedtorequireanyindemnifiedpartytomakeavailableitsTaxreturns(oranyotherinformationrelatingtoitsTaxesthatitdeemsconfidential)totheindemnifyingpartyoranyotherPerson.

(i) Survival . Each party’s obligations under this Section 2.20 shall survive the resignation or replacement of theAdministrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment,satisfactionordischargeofallobligationsunderanyLoanDocument.

Section 2.21 Payments Generally; Pro Rata Treatment; Sharing of Set-offs .

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees orreimbursementofLCDisbursements,orofamountspayableunderSection2.18,2.19or2.20,orotherwise)priorto12:00noononthedatewhendue,inimmediatelyavailablefunds,freeandclearofanydefenses,rightsofset-off,counterclaim,orwithholdingordeductionoftaxes.Anyamountsreceivedaftersuchtimeonanydatemay,inthediscretionoftheAdministrativeAgent,bedeemedtohavebeenreceivedonthenextsucceedingBusinessDayforpurposesofcalculatinginterestthereon.AllsuchpaymentsshallbemadetotheAdministrativeAgentatthePaymentOffice,exceptpaymentstobemadedirectlytotheIssuingBankortheSwinglineLenderasexpresslyprovidedhereinandexceptthatpaymentspursuanttoSections2.18,2.19,2.20and10.3shallbemadedirectlytothePersonsentitledthereto.TheAdministrativeAgentshalldistributeanysuchpaymentsreceivedbyitfortheaccountofanyotherPersontotheappropriaterecipientpromptlyfollowingreceiptthereof.IfanypaymenthereundershallbedueonadaythatisnotaBusinessDay,thedateforpaymentshallbeextendedtothenextsucceedingBusinessDay,and,inthecaseofanypaymentaccruinginterest,interestthereonshallbemadepayablefortheperiodofsuchextension.AllpaymentshereundershallbemadeinDollars.

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts ofprincipal,unreimbursedLCDisbursements,interestandfeesthenduehereunder,suchfundsshallbeappliedasfollows:first,toallfeesandreimbursableexpensesoftheAdministrativeAgentthendueandpayablepursuanttoanyoftheLoanDocuments;second,toallreimbursableexpensesoftheLendersandallfeesandreimbursableexpensesoftheIssuingBankthendueandpayablepursuanttoanyoftheLoanDocuments,pro rata totheLendersandtheIssuingBankbasedontheirrespectivepro rata sharesofsuchfeesandexpenses;third,toallinterestandfeesthendueandpayablehereunder,pro ratato the Lenders based on their respective pro rata shares of such interest and fees; and fourth , to all principal of the Loans and unreimbursed LCDisbursementsthendueandpayablehereunder,pro rata

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tothepartiesentitledtheretobasedontheirrespectivepro rata sharesofsuchprincipalandunreimbursedLCDisbursements.

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of anyprincipaloforinterestonanyofitsLoansorparticipationsinLCDisbursementsorSwinglineLoansthatwouldresultinsuchLenderreceivingpaymentofagreaterproportionoftheaggregateamountofitsRevolvingCreditExposure,IncrementalTermLoansandaccruedinterestandfeesthereonthantheproportionreceivedbyanyotherLenderwithrespecttoitsRevolvingCreditExposureorIncrementalTermLoans,thentheLenderreceivingsuchgreaterproportionshallpurchase(forcashatfacevalue)participationsintheRevolvingCreditExposureandIncrementalTermLoansofotherLenderstotheextentnecessarysothatthebenefitofallsuchpaymentsshallbesharedbytheLendersratablyinaccordancewiththeaggregateamountofprincipalofandaccruedinterestontheirrespectiveRevolvingCreditExposureandIncrementalTermLoans;providedthat(i)ifanysuchparticipationsarepurchasedandalloranyportionofthepaymentgivingrisetheretoisrecovered,suchparticipationsshallberescindedandthepurchasepricerestoredtotheextentofsuchrecovery,withoutinterest,and(ii)theprovisionsofthissubsectionshallnotbeconstruedtoapplytoanypaymentmadebytheBorrowerpursuanttoandinaccordancewiththeexpresstermsofthisAgreement(includingtheapplicationoffundsarisingfromtheexistenceofaDefaultingLender)oranypaymentobtainedbyaLenderasconsiderationfortheassignmentoforsaleofaparticipationinanyofitsRevolvingCreditExposureorIncrementalTermLoanstoanyassigneeorparticipant,otherthantotheBorroweroranySubsidiaryorAffiliatethereof(astowhichtheprovisionsofthissubsectionshallapply).TheBorrowerconsentstotheforegoingandagrees,totheextentitmayeffectivelydosounderapplicablelaw,thatanyLenderacquiringaparticipation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to suchparticipationasfullyasifsuchLenderwereadirectcreditoroftheBorrowerintheamountofsuchparticipation.

(d) UnlesstheAdministrativeAgentshallhavereceivednoticefromtheBorrowerpriortothedateonwhichanypaymentisdue to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, theAdministrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon suchassumption,distributetotheLendersortheIssuingBank,asthecasemaybe,theamountoramountsdue.Insuchevent,iftheBorrowerhasnotinfactmadesuchpayment,theneachoftheLendersortheIssuingBank,asthecasemaybe,severallyagreestorepaytotheAdministrativeAgentforthwithondemand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount isdistributedtoittobutexcludingthedateofpaymenttotheAdministrativeAgent,atthegreateroftheFederalFundsRateandaratedeterminedbytheAdministrativeAgentinaccordancewithbankingindustryrulesoninterbankcompensation.

Section 2.22 Letters of Credit .

(a) During the Availability Period, the Issuing Bank, in reliance upon the agreements of the other Lenders pursuant tosubsections(d)and(e)ofthisSection,may,initssolediscretion,issue,attherequestoftheBorrower,LettersofCreditfortheaccountoftheBorroweronthetermsandconditionshereinaftersetforth;providedthat(i)eachLetterofCreditshallexpireontheearlierof(A)unlessconsentedtobytheIssuingBank,thedateoneyearafterthedateofissuanceofsuchLetterofCredit(or,inthecaseofanyrenewalorextensionthereof,oneyearaftersuchrenewalorextension)and(B)thedatethatisfive(5)BusinessDayspriortotheRevolvingCommitmentTerminationDate;(ii)eachLetterofCreditshallbeinastatedamountofatleast$250,000;(iii)theBorrowermaynotrequestanyLetterofCreditif,aftergivingeffecttosuchissuance,(A)theaggregateLCExposure would exceed the LCCommitment or (B) the aggregate Revolving Credit Exposure of all Lenders would exceed the Aggregate RevolvingCommitmentAmountand(iv)theBorrowershallnotrequest,andtheIssuingBankshallhavenoobligationtoissue,anyLetterofCredittheproceedsofwhichwouldbemadeavailabletoanyPerson(AA)tofundanyactivityorbusinessoforwithanySanctionedPersonorinanySanctionedCountries,that,atthetimeofsuchfunding,isthesubjectofanySanctionsor(BB)inanymannerthatwouldresultinaviolationofanySanctionsbyanypartytothisAgreement.EachLendershallbedeemedto,andherebyirrevocablyandunconditionallyagreesto,purchasefromtheIssuingBankwithoutrecourseaparticipationineachLetterofCreditequaltosuchLender’sProRataShareoftheaggregateamountavailabletobedrawnundersuchLetterofCreditonthedateofissuance.EachissuanceofaLetterofCreditshallbedeemedtoutilizetheRevolvingCommitmentofeachLenderbyanamountequaltotheamountofsuchparticipation.

(b) TorequesttheissuanceofaLetterofCredit(oranyamendment,renewalorextensionofanoutstandingLetterofCredit),theBorrowershallgivetheIssuingBankandtheAdministrativeAgentirrevocablewrittennoticeatleastthree(3)BusinessDayspriortotherequesteddateofsuchissuancespecifyingthedate(whichshallbeaBusinessDay)suchLetterofCreditistobeissued(oramended,renewedorextended,asthecasemaybe),theexpirationdateofsuchLetterofCredit,theamountofsuchLetterofCredit,thenameandaddressofthebeneficiarythereofand

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suchotherinformationasshallbenecessarytoprepare,amend,reneworextendsuchLetterofCredit.InadditiontothesatisfactionoftheconditionsinArticleIII,theissuanceofsuchLetterofCredit(oranyamendmentwhichincreasestheamountofsuchLetterofCredit)willbesubjecttothefurtherconditionsthat suchLetter ofCredit shall beinsuchformandcontainsuchtermsastheIssuingBankshall approveandthat theBorrowershall haveexecuted and delivered any additional applications, agreements and instruments relating to such Letter of Credit as the Issuing Bank shall reasonablyrequire;providedthatintheeventofanyconflictbetweensuchapplications,agreementsorinstrumentsandthisAgreement,thetermsofthisAgreementshallcontrol.

(c) At least two (2) Business Days prior to the issuance of any Letter of Credit, the Issuing Bank will confirm with theAdministrativeAgent(bytelephoneorinwriting)thattheAdministrativeAgenthasreceivedsuchnotice,and,ifnot,theIssuingBankwillprovidetheAdministrativeAgentwithacopythereof. UnlesstheIssuingBankhasreceivednoticefromtheAdministrativeAgent,onorbeforetheBusinessDayimmediatelyprecedingthedatetheIssuingBankis toissuetherequestedLetter of Credit, directingtheIssuingBanknottoissuetheLetter ofCreditbecausesuchissuanceisnotthenpermittedhereunderbecauseofthelimitationssetforthinsubsection(a)ofthisSectionorthatoneormoreconditionsspecifiedinArticleIIIarenotthensatisfied,then,subjecttothetermsandconditionshereof,theIssuingBankshall, ontherequesteddate,issuesuchLetterofCreditinaccordancewiththeIssuingBank’susualandcustomarybusinesspractices.

(d) The Issuing Bank shall examine all documents purporting to represent a demand for payment under a Letter of Creditpromptly following its receipt thereof. The Issuing Bank shall notify the Borrower and the Administrative Agent of such demand for payment andwhethertheIssuingBankhasmadeorwillmakeaLCDisbursementthereunder;providedthatanyfailuretogiveordelayingivingsuchnoticeshallnotrelieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to such LC Disbursement. The Borrower shall beirrevocablyandunconditionallyobligatedtoreimbursetheIssuingBankforanyLCDisbursementspaidbytheIssuingBankinrespectofsuchdrawing,withoutpresentment, demandorotherformalitiesofanykind.UnlesstheBorrowershallhavenotifiedtheIssuingBankandtheAdministrativeAgentprior to 11:00 a.m. on the Business Day immediately prior to the date on which such drawing is honored that the Borrower intends to reimburse theIssuingBankfortheamountofsuchdrawinginfundsotherthanfromtheproceedsofRevolvingLoans,theBorrowershallbedeemedtohavetimelygivenaNoticeofRevolvingBorrowingtotheAdministrativeAgentrequestingtheLenderstomakeaBaseRateBorrowingonthedateonwhichsuchdrawingishonoredinanexactamountduetotheIssuingBank;providedthatforpurposessolelyofsuchBorrowing,theconditionsprecedentsetforthinSection3.2hereofshallnotbeapplicable.TheAdministrativeAgentshallnotifytheLendersofsuchBorrowinginaccordancewithSection2.3,andeachLendershallmaketheproceedsofitsBaseRateLoanincludedinsuchBorrowingavailabletotheAdministrativeAgentfortheaccountoftheIssuingBankinaccordancewithSection2.6.TheproceedsofsuchBorrowingshallbeapplieddirectlybytheAdministrativeAgenttoreimbursetheIssuingBankforsuchLCDisbursement.

(e) IfforanyreasonaBaseRateBorrowingmaynotbe(asdeterminedinthesolediscretionoftheAdministrativeAgent),orisnot,madeinaccordancewiththeforegoingprovisions,theneachLender(otherthantheIssuingBank)shallbeobligatedtofundtheparticipationthatsuchLenderpurchasedpursuanttosubsection(a)ofthisSectioninanamountequaltoitsProRataShareofsuchLCDisbursementonandasofthedatewhichsuchBaseRateBorrowingshouldhaveoccurred.EachLender’sobligationtofunditsparticipationshallbeabsoluteandunconditionalandshallnotbeaffectedbyanycircumstance,including,withoutlimitation,(i)anyset-off,counterclaim,recoupment,defenseorotherrightthatsuchLenderoranyotherPersonmayhaveagainsttheIssuingBankoranyotherPersonforanyreasonwhatsoever,(ii)theexistenceofaDefaultoranEventofDefaultortheterminationoftheAggregateRevolvingCommitments,(iii)anyadversechangeinthecondition(financialorotherwise)oftheBorroweroranyofitsSubsidiaries,(iv)anybreachofthisAgreementbytheBorroweroranyotherLender,(v)anyamendment,renewalorextensionofanyLetterofCreditor (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. On the date that such participation isrequiredtobefunded,eachLendershallpromptlytransfer,inimmediatelyavailablefunds,theamountofitsparticipationtotheAdministrativeAgentfortheaccountoftheIssuingBank.Whenever,atanytimeaftertheIssuingBankhasreceivedfromanysuchLenderthefundsforitsparticipationinaLCDisbursement, theIssuingBank(ortheAdministrativeAgentonits behalf) receivesanypaymentonaccountthereof, theAdministrativeAgentortheIssuingBank, as the case maybe, will distribute to suchLender its Pro Rata Share of suchpayment; providedthat if suchpayment is requiredto bereturnedforanyreasontotheBorrowerortoatrustee,receiver,liquidator,custodianorsimilarofficialinanybankruptcyproceeding,suchLenderwillreturntotheAdministrativeAgentortheIssuingBankanyportionthereofpreviouslydistributedbytheAdministrativeAgentortheIssuingBanktoit.

(f) To the extent that any Lender shall fail to pay any amount required to be paid pursuant to subsection (d) or (e) of thisSectionontheduedatetherefor,suchLendershallpayinteresttotheIssuingBank(throughtheAdministrativeAgent)onsuchamountfromsuchduedatetothedatesuchpaymentismadeatarateper annum equal

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totheFederalFundsRate;providedthatifsuchLendershallfailtomakesuchpaymenttotheIssuingBankwithinthree(3)BusinessDaysofsuchduedate,then,retroactivelytotheduedate,suchLendershallbeobligatedtopayinterestonsuchamountattheratesetforthinSection2.13(c).

(g) If anyEvent of Default shall occur andbe continuing, onthe Business Daythat the Borrower receives notice fromtheAdministrativeAgentortheRequiredLendersdemandingthatitsreimbursementobligationswithrespecttotheLettersofCreditbeCashCollateralizedpursuanttothissubsection,theBorrowershalldepositinanaccountwiththeAdministrativeAgent,inthenameoftheAdministrativeAgentandforthebenefit of theIssuingBankandtheLenders, anamount in cashequal to 105%of theaggregate LCExposureof all Lenders as of suchdate plus anyaccruedandunpaidfeesthereon;providedthatsuchobligationtoCashCollateralizethereimbursementobligationsoftheBorrowerwithrespecttotheLettersofCreditshallbecomeeffectiveimmediately,andsuchdepositshallbecomeimmediatelydueandpayable,withoutdemandornoticeofanykind,upon the occurrence of any Event of Default with respect to the Borrower described in Section 8.1(h) or (i) . Such deposit shall be held by theAdministrativeAgentascollateralforthepaymentandperformanceoftheobligationsoftheBorrowerunderthisAgreement.TheAdministrativeAgentshall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Borrower agrees to execute anydocuments and/or certificates to effectuate the intent of this subsection. Other than any interest earned on the investment of such deposits, whichinvestmentsshallbemadeattheoptionandsolediscretionoftheAdministrativeAgentandattheBorrower’sriskandexpense,suchdepositsshallnotbear interest. Interest and profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by theAdministrativeAgenttoreimbursetheIssuingBankforLCDisbursementsforwhichithadnotbeenreimbursedand,totheextentnotsoapplied,shallbeheldfor thesatisfactionofthereimbursement obligationsof theBorrowerfor theLCExposureat suchtimeor, if thematurity of theLoanshasbeenaccelerated,withtheconsentoftheRequiredLenders,beappliedtosatisfyotherobligationsoftheBorrowerunderthisAgreementandtheotherLoanDocuments. If the Borrower is required to Cash Collateralize its reimbursement obligations with respect to the Letters of Credit as a result of theoccurrenceofanEventofDefault,suchcashcollateralsoposted(totheextentnotsoappliedasaforesaid)shallbereturnedtotheBorrowerwithinthree(3)BusinessDaysafterallEventsofDefaulthavebeencuredorwaived.

(h) Upon the request of any Lender, but no more frequently than quarterly, the Issuing Bank shall deliver (through theAdministrative Agent) to eachLender andtheBorrowera report describingtheaggregate Letters of Credit thenoutstanding. Upontherequest of anyLenderfromtimetotime,theIssuingBankshalldelivertosuchLenderanyotherinformationreasonablyrequestedbysuchLenderwithrespecttoeachLetterofCreditthenoutstanding.

(i) TheBorrower’sobligationtoreimburseLCDisbursementshereundershallbeabsolute,unconditionalandirrevocableandshallbeperformedstrictlyinaccordancewiththetermsofthisAgreementunderallcircumstanceswhatsoeverandirrespectiveofanyofthefollowingcircumstances:

(i) anylackofvalidityorenforceabilityofanyLetterofCreditorthisAgreement;

(ii) theexistenceofanyclaim,set-off,defenseorotherrightwhichtheBorroweroranySubsidiaryorAffiliateoftheBorrowermayhaveatanytimeagainst abeneficiaryoranytransfereeofanyLetterofCredit (oranyPersonsorentitiesforwhomanysuchbeneficiary or transferee may be acting), any Lender (including the Issuing Bank) or any other Person, whether in connection with thisAgreementortheLetterofCreditoranydocumentrelatedheretoortheretooranyunrelatedtransaction;

(iii) anydraftorotherdocumentpresentedunderaLetterofCreditprovingtobeforged,fraudulentorinvalidinanyrespectoranystatementthereinbeinguntrueorinaccurateinanyrespect;

(iv) paymentbytheIssuingBankunderaLetter ofCredit against presentationofadraft orotherdocumenttotheIssuingBankthatdoesnotcomplywiththetermsofsuchLetterofCredit;

(v) anyothereventorcircumstancewhatsoever,whetherornotsimilartoanyoftheforegoing,thatmight,butfortheprovisionsofthisSection,constitutealegalorequitabledischargeof,orprovidearightofset-offagainst,theBorrower’sobligationshereunder;or

(vi) theexistenceofaDefaultoranEventofDefault.

NeithertheAdministrativeAgent,theIssuingBank,anyLendernoranyRelatedPartyofanyoftheforegoingshallhaveanyliabilityorresponsibilitybyreasonofor in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of thecircumstancesreferredtoabove),oranyerror,omission,interruption,lossordelayintransmissionordeliveryofanydraft,noticeorothercommunicationunderorrelatingtoanyLetter

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ofCredit(includinganydocumentrequiredtomakeadrawingthereunder),anyerrorininterpretationoftechnicaltermsoranyconsequencearisingfromcausesbeyondthecontroloftheIssuingBank;providedthattheforegoingshallnotbeconstruedtoexcusetheIssuingBankfromliabilitytotheBorrowertotheextentofanyactualdirectdamages(asopposedtospecial,indirect(includingclaimsforlostprofitsorotherconsequentialdamages),orpunitivedamages,claimsinrespectofwhichareherebywaivedbytheBorrowertotheextentpermittedbyapplicablelaw)sufferedbytheBorrowerthatarecausedbytheIssuingBank’sfailuretoexercise due care when determining whether drafts or other documents presented under a Letter of Credit comply with the terms thereof. The parties heretoexpressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competentjurisdiction), theIssuingBankshall bedeemedtohaveexercisedduecareineachsuchdetermination. Infurtheranceoftheforegoingandwithoutlimitingthegeneralitythereof,thepartiesagreethat,withrespecttodocumentspresentedthatappearontheirfacetobeinsubstantialcompliancewiththetermsofaLetterofCredit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation,regardlessofanynoticeorinformationtothecontrary,orrefusetoacceptandmakepaymentuponsuchdocumentsifsuchdocumentsarenotinstrictcompliancewiththetermsofsuchLetterofCredit.

(j) UnlessotherwiseexpresslyagreedbytheIssuingBankandtheBorrowerwhenaLetterofCreditisissuedandsubjecttoapplicablelaws,(i)eachstandbyLetterofCreditshallbegovernedbythe“InternationalStandbyPractices1998”(ISP98)(orsuchlaterrevisionasmaybepublishedbytheInstituteofInternationalBankingLaw&PracticeonanydateanyLetterofCreditmaybeissued),(ii)eachdocumentaryLetterofCredit shall be governed by the Uniform Customs and Practices for Documentary Credits (2007 Revision), International Chamber of CommercePublicationNo. 600(or suchlater revision as maybepublishedbythe International Chamber of Commerce onanydate anyLetter of Credit maybeissued)and(iii)theBorrowershallspecifytheforegoingineachletterofcreditapplicationsubmittedfortheissuanceofaLetterofCredit.

Section 2.23 Increase of Commitments; Additional Lenders .

(a) From time to time after the Restatement Date and in accordance with this Section, the Borrower and one or moreIncreasingLendersorAdditionalLenders(eachasdefinedbelow)mayenterintoanagreementtoincreasetheaggregateRevolvingCommitments(an“IncrementalRevolvingCommitment”)and/ormaketermloancommitmentshereunder(an“IncrementalTermLoanCommitment”;togetherwiththeIncrementalRevolvingCommitment,the“IncrementalCommitments”)solongasthefollowingconditionsaresatisfied:

(i) (A)unlessotherwiseagreedbytheAdministrativeAgent,eachIncrementalCommitmentpursuanttothisSectionshallbeinanamountnotlessthan$10,000,000,and(B)theaggregateprincipalamountofallsuchIncrementalCommitmentsmadepursuanttothisSectionshallnotexceedanaggregateamountequaltotheMaximumIncrementalCommitmentAmount;

(ii) theBorrowershall executeanddeliversuchdocumentsandinstrumentsandtakesuchotheractionsasmaybereasonablyrequiredbytheAdministrativeAgentinconnectionwithandatthetimeofanysuchproposedincrease;

(iii) atthetimeofandimmediatelyaftergivingeffecttoanysuchproposedincreasenoDefaultorEventofDefaultshall exist or, in the case of any Incremental Term Loan Commitment established to finance a Limited Condition Transaction, no Event ofDefault underSections 8.1(h) or8.1(i)exists or would result from such Limited Condition Transaction; provided, that, in the case of anyIncrementalTermLoanCommitmentestablishedtofinanceaLimitedConditionTransaction,thedateofdeterminationofwhethertheconditioninthisclause(iii)hasbeensatisfiedshall,attheoptionoftheBorrower,betheLCTTestDateforsuchLimitedConditionTransaction;

(iv) allrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsshallbetrueandcorrectinall material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or othermateriality, in which case such representations and warranties shall be true and correct in all respects); provided that, in the case of anyIncremental Term Loan Commitment established to finance a Limited Condition Transaction, such representations and warranties may belimitedtocustomary“SunGard”specifiedrepresentations;

(v) anyincrementaltermloansmadepursuanttothisSection(the“IncrementalTermLoans”)shallhaveamaturitydatenoearlierthantheMaturityDate;

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(vi) any Incremental Revolving Commitments provided pursuant to this Section shall have the same terms andconditionsastheexistingRevolvingCommitmentshereunder,including,withoutlimitation,theRevolvingCommitmentTerminationDateandApplicableMargin;

(vii) ParentanditsSubsidiariesshallbeincompliancewiththefinancialcovenantsetforthinArticleVIasofthelastday of the most recently ended four Fiscal Quarter period for which financial statements are required to have been delivered pursuant toSection 5.1(a) or(b), calculated on a Pro Forma Basis and as if all such Incremental TermLoans had been made and all such IncrementalRevolvingCommitmentshadbeenestablished(andfullyfunded)asofthefirstdayoftherelevantperiodfortestingcompliance(butcalculatedwithoutincludingthecashproceedsofanysuchIncrementalTermLoansorIncrementalRevolvingCommitmentsintheamountofunrestrictedcash and Cash Equivalents to be netted in the calculation of Consolidated Total Net Leverage Ratio);provided, that, (a) in the case of anyIncremental CommitmentsestablishedtofinanceaMaterialAcquisition,theConsolidatedTotalNetLeverageRatiomaybe0.50greaterthantheotherwiseapplicable covenant level set forthinArticleVIand(b) inthecaseof anyIncremental TermLoanCommitment establishedtofinanceaLimitedConditionTransaction,thedateofdeterminationofwhethertheconditioninthisclause(vii)hasbeensatisfiedshall,attheoptionoftheBorrower,betheLCTTestDateforsuchLimitedConditionTransaction;

(viii) anycollateralsecuringanysuchIncrementalCommitmentsandIncrementalTermLoansshallalsosecureallotherObligationsonapari passu basis;

(ix) thescheduledamortizationinstallmentswithrespecttoanyIncrementalTermLoansmaynotbemorefrequentthanquarterlyandtheaggregateannualamountofscheduledamortizationwithrespecttoanyIncrementalTermLoansmaynotexceed10%oftheoriginalprincipalamountofsuchIncrementalTermLoans(itbeingunderstoodthat,subjecttothisclause(viii),theamortizationscheduleapplicable to (and the effect thereon of any prepayments of) any Incremental Term Loans shall be determined by the Borrower and theapplicableIncreasingLenders;

(x) covenants and events of default applicable to any Incremental Term Loan commitments or Incremental TermLoanshallbeidenticaltothoseapplicabletotheRevolvingCommitmentsandtheRevolvingLoans,otherthananysuchcovenantsandeventsofdefaultapplicableaftertheMaturityDateineffectonthedateofincurrenceofsuchIncrementalTermLoans;and

(xi) except for thetermsreferredtoaboveandotherwisesubject to thisSection2.23, totheextentthetermsandconditionsofanyIncrementalTermLoans(otherthaninterestrates(whetherfixedorfloating),interestmargins,benchmarkratefloors,upfrontfees,originalissuediscountsandprepaymentterms(including“nocall”termsandotherrestrictionsthereon)andpremiums)arenotconsistentwiththoseoftheRevolvingLoans,suchdifferencesshall beacceptabletotheAdministrativeAgent(suchacceptancenottobeunreasonablywithheldordelayed).

(b) TheBorrower shall provide at least 30days’ written notice to the Administrative Agent (whoshall promptly provide acopyofsuchnoticetoeachLender)ofanyproposaltoestablishanIncrementalCommitment.TheBorrowermayalso,butisnotrequiredto,specifyanyfeesofferedtothoseLenders(the“IncreasingLenders”)that agreetoincreasetheprincipal amountoftheir RevolvingCommitmentsand/orprovideIncrementalTermLoans,whichfeesmaybevariablebasedupontheamountbywhichanysuchLenderiswillingtoincreasetheprincipalamountofitsRevolving Commitment and/or provide Incremental TermLoans, as applicable. Each Increasing Lender shall as soon as practicable, and in any casewithin15daysfollowingreceiptofsuchnotice,specifyinawrittennoticetotheBorrowerandtheAdministrativeAgenttheamountofsuchproposedIncremental Commitmentand/orIncremental TermLoansthatit iswillingtoprovide.NoLender(oranysuccessorthereto)shall haveanyobligation,expressorimplied,tooffertoincreasetheaggregateprincipalamountofitsRevolvingCommitmentand/orprovideIncrementalTermLoans,andanydecisionbyaLendertoincreaseitsRevolvingCommitmentand/orprovideIncrementalTermLoansshallbemadeinitssolediscretionindependentlyfromanyotherLender.OnlytheconsentofeachIncreasingLendershallberequiredforanincreaseintheaggregateprincipalamountoftheRevolvingCommitmentsand/ortheprovidingofIncrementalTermLoans,asapplicable,pursuanttothisSection.NoLenderwhichdeclinestoincreasetheprincipalamountofitsRevolvingCommitmentand/orprovideIncrementalTermLoansmaybereplacedwithrespecttoitsexistingRevolvingCommitmentand/oranyexistingIncrementalTermLoans,asapplicable,asaresultthereofwithoutsuchLender’sconsent.IfanyLendershallfailtonotifytheBorrowerandtheAdministrative Agent inwritingabout whether it will increase its RevolvingCommitment and/or provideIncremental TermLoanswithin15daysafterreceiptofsuchnotice,suchLendershallbedeemedtohavedeclinedtoincreaseitsRevolvingCommitmentand/orprovideIncrementalTermLoans,asapplicable.TheBorrowermaydesignatenewlendersthatareacceptabletotheAdministrativeAgent(suchapprovalnot

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to beunreasonablywithheld) as additional Lenders hereunder in accordancewiththis Section(the“AdditionalLenders”),whichAdditionalLendersmayassumeall or a portionof suchIncremental Commitment;provided, that noneof Parent, its Subsidiaries, or its Affiliates shall be anAdditionalLender.TheBorrowerandtheAdministrativeAgentshallhavediscretionjointlytoadjusttheallocationofsuchIncrementalRevolvingCommitmentsand/orsuchIncrementalTermLoansamongtheIncreasingLendersandtheAdditionalLenders.ThesumoftheincreaseintheRevolvingCommitmentsandtheIncrementalTermLoansoftheIncreasingLendersplustheRevolvingCommitmentsandtheIncrementalTermLoansoftheAdditionalLendersshallnotintheaggregateexceedtheunsubscribedamountoftheMaximumIncrementalCommitmentAmount.

(c) Subjecttosubsections(a)and(b)ofthisSection,anyincreaserequestedbytheBorrowershallbeeffectiveupondeliverytotheAdministrativeAgentofeachofthefollowingdocuments:

(i) an originally executed copy of an instrument of joinder, in form and substance reasonably acceptable to theAdministrativeAgent, executedbytheBorrower, byeachAdditional LenderandbyeachIncreasingLender, settingforththenewRevolvingCommitments and/or new Incremental Term Loan commitments, as applicable, of such Lenders, the new outstanding LC Commitment (ifapplicable),andsettingforththeagreementofeachAdditionalLendertobecomeapartytothisAgreementandtobeboundbyallofthetermsandprovisionshereof;

(ii) suchevidenceofappropriatecorporateauthorizationonthepartoftheBorrowerwithrespecttosuchIncrementalCommitment andsuchopinionsof counsel for theBorrowerwithrespect tosuchIncremental Commitment astheAdministrativeAgentmayreasonablyrequest;

(iii) acertificateoftheBorrowersignedbyaResponsibleOfficer,informandsubstancereasonablyacceptabletotheAdministrativeAgent,certifyingthateachoftheconditionsinsubsection(a)ofthisSectionhasbeensatisfied;

(iv) to the extent requested by any Additional Lender or any Increasing Lender, executed promissory notesevidencing such Incremental Revolving Commitments and/or such Incremental Term Loans, issued by the Borrower in accordance withSection2.10;and

(v) anyothercertificatesordocumentsthattheAdministrativeAgentshallreasonablyrequest,informandsubstancereasonablysatisfactorytotheAdministrativeAgent.

UpontheeffectivenessofanysuchIncrementalCommitment,theCommitmentsandProRataShareofeachLenderwillbeadjustedtogiveeffecttotheIncremental Revolving Commitments and/or the Incremental Term Loans, as applicable, the LC Commitment will be increased automatically (ifapplicable),andScheduleIIshallautomaticallybedeemedamendedaccordingly.

(d) All terms of the initial Incremental Term Loan advanced hereunder and any other Incremental Term Loans that aredifferentfromthetermsoutstandingundertheCreditAgreementimmediatelypriortotheincurrenceofsuchIncrementalTermLoans(anysuchinitialIncremental TermLoanandotherIncremental TermLoans, the“Non-ConformingCreditExtensions”) shall beasset forthinaseparate assumptionagreementamongtheBorrower,theLendersprovidingsuchIncrementalTermLoansandtheAdministrativeAgent,theexecutionanddeliveryofwhichagreement shall be a condition to the effectiveness of the Non-Conforming Credit Extensions. The scheduled principal payments on any existingIncremental TermLoansshall beratablyincreasedafterthemakingofanynewIncremental TermLoans(otherthanIncremental TermLoansthatareNon-ConformingCreditExtensions)underthisSectionbytheaggregateprincipalamountofsuchIncrementalTermLoans.AftertheincurrenceofanyNon-Conforming Credit Extensions, all optional prepayments of Incremental Term Loans shall be allocated ratably between the then-outstandingIncremental TermLoans and such Non-Conforming Credit Extensions. Notwithstanding anything to the contrary inSection 10.2 , the AdministrativeAgentisexpresslypermittedtoamendtheLoanDocumentstotheextentnecessarytogiveeffecttoanyincreasepursuanttothisSectionandmechanicalchanges necessary or advisable in connection therewith (including amendments to (i) implement the requirements in the preceding twosentences, (ii)ensurepro rata allocationsofEurodollarLoansandBaseRateLoansbetweenLoansincurredpursuanttothisSectionandLoansoutstandingimmediatelypriortoanysuchincurrence,(iii)provideoptionalandmandatoryprepaymentsforanyIncrementalTermLoans,and(iv)reflectanymaturitydateaftertheMaturityDate(including,withoutlimitation,amendmentstoanyprovisionsofthisCreditAgreementaffectedbysuchlatermaturitydate)).

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Section 2.24 Mitigation of Obligations .IfanyLenderrequestscompensationunderSection2.18,oriftheBorrowerisrequiredtopayanyadditional amount to anyLender or anyGovernmental Authority for the account of anyLender pursuant toSection2.20, then suchLender shall usereasonableeffortstodesignateadifferentlendingofficeforfundingorbookingitsLoanshereunderortoassignitsrightsandobligationshereundertoanotherofits offices, branchesor affiliates, if, inthesolejudgmentofsuchLender, suchdesignationorassignment(i) wouldeliminate or reduceamountspayableunderSection 2.18orSection 2.20 , as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would nototherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and expenses incurred by any Lender in connection with suchdesignationorassignment.

Section 2.25 Replacement of Lenders .If(a)anyLenderrequestscompensationunderSection2.18,oriftheBorrowerisrequiredtopayanyadditionalamounttoanyLenderoranyGovernmentalAuthorityfortheaccountofanyLenderpursuanttoSection2.20,(b)anyLenderisaDefaultingLender, or (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof ascontemplated bySection 10.2(b) , the consent of Required Lenders shall have been obtained but the consent of one or more of such other Lenders (each a “Non‑ConsentingLender”) whoseconsent is required shall not havebeenobtained, thenthe Borrower may, at its sole expenseandeffort, uponnotice to suchLenderandtheAdministrativeAgent,requiresuchLendertoassignanddelegate,withoutrecourse(inaccordancewithandsubjecttotherestrictionssetforthinSection10.4(b)),allofitsinterests,rights(otherthanitsexistingrightstopaymentspursuanttoSection2.18or2.20,asapplicable)andobligationsunderthisAgreementtoanassigneethatshallassumesuchobligations(whichassigneemaybeanotherLender)(a“ReplacementLender”);providedthat(i)theBorrowershallhavereceivedthepriorwrittenconsentoftheAdministrativeAgent,whichconsentshallnotbeunreasonablywithheld,(ii)suchLendershallhavereceivedpaymentofanamountequaltotheoutstandingprincipalamountofallLoansowedtoit,accruedinterestthereon,accruedfeesandallotheramountspayabletoithereunderfromtheassignee(inthecaseofsuchoutstandingprincipalandaccruedinterest)andfromtheBorrower(inthecaseofallotheramounts),(iii)inthecaseofaclaimforcompensationunderSection2.18orpaymentsrequiredtobemadepursuanttoSection2.20,suchassignmentwillresultinareductioninsuchcompensation or payments, and (iv) in the case of a Non‑Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to eachmatterinrespectofwhichsuchterminatedLenderwasaNon‑ConsentingLender.ALendershallnotberequiredtomakeanysuchassignmentanddelegationif,prior thereto, as a result of a waiver bysuchLenderor otherwise, thecircumstances entitlingtheBorrowertorequire suchassignment anddelegationceasetoapply.

Section 2.26 Defaulting Lenders .

(a) CashCollateral.

(i) AtanytimethatthereshallexistaDefaultingLender,withinoneBusinessDayfollowingthewrittenrequestofthe Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the IssuingBank’s LC Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.26(b)(iv) and any Cash Collateralprovided by such Defaulting Lender) in an amount not less than 105%of the Issuing Bank’s LC Exposure with respect to such DefaultingLender.

(ii) TheBorrower,andtotheextentprovidedbyanyDefaultingLender,suchDefaultingLender,herebygrantstotheAdministrativeAgent,forthebenefitoftheIssuingBank,andagreestomaintain,afirstprioritysecurityinterestinallsuchCashCollateralassecurityfortheDefaultingLenders’obligationtofundparticipationsinrespectofLettersofCredit,tobeappliedpursuanttoclause(iii)below.If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than theAdministrativeAgentandtheIssuingBankashereinprovided,orthatthetotalamountofsuchCashCollateralislessthantheminimumamountrequired pursuant to clause (i) above, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to theAdministrativeAgentadditionalCashCollateralinanamountsufficienttoeliminatesuchdeficiency(aftergivingeffecttoanyCashCollateralprovidedbytheDefaultingLender).

(iii) Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under thisSection2.26(a)orSection2.26(b)inrespectofLettersofCreditshallbeappliedtothesatisfactionoftheDefaultingLender’sobligationtofundparticipationsinrespectofLettersofCreditorLCDisbursements(including,astoCashCollateralprovidedbyaDefaultingLender,anyinterestaccruedonsuchobligation)forwhichtheCashCollateralwassoprovided,priortoanyotherapplicationofsuchpropertyasmayotherwisebeprovidedforherein.

(iv) CashCollateral(ortheappropriateportionthereof)providedtoreduceanyIssuingBank’sLCExposureshallnolongerberequiredtobeheldasCashCollateralpursuanttothisSection2.26(a)

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following(A)theeliminationoftheapplicableLCExposure(includingbytheterminationofDefaultingLenderstatusoftheapplicableLender),or (ii) the determination bythe Administrative Agent andthe IssuingBankthat there exists excess CashCollateral; provided that, subject toSection2.26(b)through(d)thePersonprovidingCashCollateralandeachIssuingBankmayagreethatCashCollateralshallbeheldtosupportfuture anticipated LC Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by theBorrower,suchCashCollateralshallremainsubjecttothesecurityinterestgrantedpursuanttotheLoanDocuments.

(b) Defaulting Lender Adjustments . Notwithstanding anything to the contrary contained in this Agreement, if any LenderbecomesaDefaultingLender,then,untilsuchtimeassuchLenderisnolongeraDefaultingLender,totheextentpermittedbyapplicablelaw:

(i) SuchDefaultingLender’srighttoapproveordisapproveanyamendment,waiverorconsentwithrespecttothisAgreementshallberestrictedassetforthinthedefinitionofRequiredLendersandinSection10.2.

(ii) Anypaymentofprincipal,interest,feesorotheramountsreceivedbytheAdministrativeAgentfortheaccountofsuchDefaultingLender(whethervoluntaryormandatory,atmaturity,pursuanttoArticleVIIIorotherwise)orreceivedbytheAdministrativeAgentfromaDefaultingLenderpursuanttoSection10.7shall beappliedat suchtimeortimesasmaybedeterminedbytheAdministrativeAgentasfollows:first,tothepaymentofanyamountsowingbysuchDefaultingLendertotheAdministrativeAgenthereunder;second,tothepaymentonaproratabasisofanyamountsowingbysuchDefaultingLendertotheIssuingBankorSwinglineLenderhereunder;third,toCashCollateralize the Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with Section 2.26(a) ; fourth , as theBorrowermayrequest(solongasnoDefaultorEventofDefaultexists),tothefundingofanyLoaninrespectofwhichsuchDefaultingLenderhasfailedtofunditsportionthereofasrequiredbythisAgreement,asdeterminedbytheAdministrativeAgent;fifth,ifsodeterminedbytheAdministrativeAgentandtheBorrower,tobeheldinadepositaccountandreleasedproratainorderto(x)satisfysuchDefaultingLender’spotential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future LCExposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance withSection2.26(a);sixth,tothepaymentofanyamountsowingtotheLenders,theIssuingBankorSwinglineLenderasaresultofanyjudgmentofacourtofcompetentjurisdictionobtainedbyanyLender,theIssuingBankorSwinglineLenderagainstsuchDefaultingLenderasaresultofsuch Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to thepayment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borroweragainst such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to suchDefaultingLenderorasotherwisedirectedbyacourtofcompetentjurisdiction;providedthatif(x)suchpaymentisapaymentoftheprincipalamountofanyLoansorLCDisbursementsinrespectofwhichsuchDefaultingLenderhasnotfullyfundeditsappropriateshare,and(y)suchLoansweremadeortherelatedLettersofCreditwereissuedatatimewhentheconditionssetforthinSection3.2weresatisfiedorwaived,suchpaymentshall beappliedsolelytopaytheLoansof, andLCDisbursementsowedto, all Non-DefaultingLendersonaproratabasis priortobeingappliedtothepaymentofanyLoansof,orLCDisbursementsowedto,suchDefaultingLenderuntilsuchtimeasallLoansandfundedand unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the CommitmentsundertheapplicableFacilitywithoutgivingeffecttosub-section(iv)below.Anypayments,prepaymentsorotheramountspaidorpayabletoaDefaultingLenderthat areapplied(or held) topayamountsowedbyaDefaultingLenderor topost CashCollateral pursuant tothisSection2.26(b)(ii)shallbedeemedpaidtoandredirectedbysuchDefaultingLender,andeachLenderirrevocablyconsentshereto.

(iii) (A)NoDefaultingLendershallbeentitledtoreceiveanycommitmentfeepursuanttoSection2.14(b)foranyperiodduringwhichthatLenderisaDefaultingLender(andtheBorrowershallnotberequiredtopayanysuchfeethatotherwisewouldhavebeenrequiredtohavebeenpaidtothatDefaultingLender).

(B) EachDefaultingLendershallbeentitledtoreceiveletterofcreditfeespursuanttoSection2.14(c)foranyperiodduringwhichthatLenderisaDefaultingLenderonlytotheextentallocabletothatportionofitsLCExposureforwhichithasprovidedCashCollateralpursuanttoSection2.26(a).

(C) With respect to any commitment fee or letter of credit fee not required to be paid to any Defaulting Lenderpursuanttoclause(A)or(B)above,theBorrowershall(x)paytoeachNon-Defaulting

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Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation inLetters of Credit or Swingline Loansthat has beenreallocated to suchNon-DefaultingLender pursuant to clause (iv) below, (y) payto eachIssuing Bank and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extentallocabletotheIssuingBank’sLCExposureorSwinglineLender’sSwinglineExposurewithrespecttosuchDefaultingLender,and(z)notberequiredtopaytheremainingamountofanysuchfee.

(iv) All or any part of such Defaulting Lender’s participation in Letters of Credit and Swingline Loans shall bereallocatedamongtheNon-DefaultingLendersinaccordancewiththeirrespectiveProRataSharesoftheRevolvingCommitments(calculatedwithoutregardtosuchDefaultingLender’sRevolvingCommitment) butonlytotheextentthat (x)theconditionssetforthinSection3.2aresatisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, theBorrowershallbedeemedtohaverepresentedandwarrantedthatsuchconditionsaresatisfiedatsuchtime),and(y)suchreallocationdoesnotcausetheaggregateRevolvingCreditExposureofanyNon-DefaultingLendertoexceedsuchNon-DefaultingLender’sRevolvingCommitment.NoreallocationhereundershallconstituteawaiverorreleaseofanyclaimofanypartyhereunderagainstaDefaultingLenderarisingfromthatLender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’sincreasedexposurefollowingsuchreallocation.

(v) If thereallocationdescribedinclause(iv) abovecannot, or canonlypartially, beeffected, theBorrowershall,without prejudice to anyright or remedyavailable to it hereunder or under law, (x) first, prepaySwingline Loans in an amount equal to theSwingline Lender’s Swingline Exposure with respect to such Defaulting Lender and (y) second, Cash Collateralize the Issuing Banks’ LCExposurewithrespecttosuchDefaultingLenderinaccordancewiththeproceduressetforthinSection2.26(a).

(c) DefaultingLenderCure.IftheBorrower,theAdministrativeAgent,SwinglineLenderandIssuingBankagreeinwritingthataLenderisnolongeraDefaultingLender,theAdministrativeAgentwillsonotifythepartieshereto,whereuponasoftheeffectivedatespecifiedinsuchnoticeandsubjecttoanyconditionssetforththerein(whichmayincludearrangementswithrespecttoanyCashCollateral),thatLenderwill,totheextent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent maydeterminetobenecessarytocausetheLoansandfundedandunfundedparticipationsinLettersofCreditandSwinglineLoanstobeheldproratabytheLenders in accordance with the applicable Commitments (without giving effect to Section 2.26(b)(iv), whereupon such Lender will cease to be aDefaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of theBorrowerwhilethatLenderwasaDefaultingLender;andprovided,further,thatexcepttotheextentotherwiseexpresslyagreedbytheaffectedparties,nochangehereunderfromDefaultingLendertoLenderwillconstituteawaiverorreleaseofanyclaimofanypartyhereunderarisingfromthatLender’shavingbeenaDefaultingLender.

(d) NewSwinglineLoans/LettersofCredit.SolongasanyLenderisaDefaultingLender,(i)theSwinglineLendershallnotberequiredtofundanySwinglineLoansunlessitissatisfiedthatitwillhavenoSwinglineExposureaftergivingeffecttosuchSwinglineLoanand(ii)noIssuingBankshallberequiredtoissue,extend,reneworincreaseanyLetterofCreditunlessitissatisfiedthatitwillhavenoLCExposureaftergivingeffectthereto.

ARTICLE III

CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT

Section 3.1 Conditions to Effectiveness . The obligations of the Lenders (including the Swingline Lender) to make Loans and theobligation of the Issuing Bank to issue any Letters of Credit hereunder shall not become effective until the date on which each of the following conditions issatisfied(orwaivedinaccordancewithSection10.2):

(a) TheAdministrativeAgentshallhavereceivedpaymentofallfees,expensesandotheramountsdueandpayableonorpriortotheRestatementDateforwhichinvoiceshavebeenpresented,including,withoutlimitation,reimbursementorpaymentofallout-of-pocketexpensesofthe Administrative Agent, the Sole Arranger and their respective Affiliates (including reasonable fees, charges and disbursements of counsel to theAdministrativeAgent)requiredtobereimbursedorpaidbytheBorrowerhereunder,underanyotherLoanDocumentandunderanyagreementwiththeAdministrativeAgentortheSoleArranger.

(b) TheAdministrativeAgent(oritscounsel)shallhavereceivedthefollowing,eachtobeinformandsubstancereasonablysatisfactorytotheAdministrativeAgent:

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(i) acounterpartofthisAgreementsignedbyoronbehalfofeachpartyhereto;

(ii) a certificate dated as of the Restatement Date of the Secretary or Assistant Secretary of each Loan Party,attachingandcertifyingcopiesofitsbylaws,orpartnershipagreementorlimitedliabilitycompanyagreement,andoftheresolutionsofitsboardofdirectorsorotherequivalentgoverningbody,orcomparableorganizationaldocumentsandauthorizations,authorizingtheexecution,deliveryandperformanceoftheLoanDocumentstowhichitisapartyandcertifyingthename,titleandtruesignatureofeachofficerofsuchLoanPartyexecutingtheLoanDocumentstowhichitisaparty;

(iii) certifiedcopiesofthearticlesorcertificateofincorporation,certificateoforganizationorlimitedpartnership,orotherregisteredorganizationaldocumentsofeachLoanParty,togetherwithcertificatesofgoodstandingorexistence,asmaybeavailablefromtheSecretaryofStateofthejurisdictionoforganizationofsuchLoanPartyandeachotherjurisdictionwheresuchLoanPartyisrequiredtobequalifiedtodobusinessasaforeigncorporationwherethefailuretobesoqualifiedwouldreasonablybeexpectedtohaveaMaterialAdverseEffect;

(iv) awrittenopiniondatedasoftheRestatementDatefromSheppard,Mullin,Richter&HamptonLLP,counseltotheLoanParties,and,ifreasonablyrequestedbytheAdministrativeAgent,customarylocalcounselopinionswithrespecttotheLoanParties,addressedtotheAdministrativeAgent, theIssuingBankandeachoftheLenders, andcoveringsuchmattersrelatingtotheLoanParties, theLoanDocumentsandthetransactionscontemplatedthereinastheAdministrativeAgentortheRequiredLendersshallreasonablyrequest;

(v) acertificatedatedtheRestatementDateandsignedbyaResponsibleOfficer,certifyingthataftergivingeffecttothefundingoftheinitialRevolvingBorrowing,(A)noDefaultorEventofDefaultexistsand(B)allrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsaretrueandcorrect;

(vi) adulyexecutedNoticeofBorrowingforanyinitialRevolvingBorrowing,togetherwith,ifapplicable,areportsettingforththesourcesandusesoftheproceedsthereof;

(vii) certified copies of all consents, approvals, authorizations, registrations and filings and orders required oradvisabletobemadeorobtainedunderanyRequirementofLaw,orbyanyContractualObligationofanyLoanPartyinconnectionwiththeexecution,delivery,performance,validityandenforceabilityoftheLoanDocumentsoranyofthetransactionscontemplatedthereby,andsuchconsents,approvals,authorizations,registrations,filingsandordersshallbeinfullforceandeffectandallapplicablewaitingperiodsshallhaveexpired,andnoinvestigationorinquirybyanygovernmentalauthorityregardingtheCommitmentsoranytransactionbeingfinancedwiththeproceedsthereofshallbeongoing;

(viii) copiesof(A)theinternallypreparedfinancialstatementsofParentanditsSubsidiariesonaconsolidatedbasisfortheFiscalQuarterendedSeptember30,2017,and(B)theauditedconsolidatedfinancial statementsforParentanditsSubsidiariesfortheFiscalYearsendedDecember31,2014,December31,2015,andDecember31,2016;

(ix) a certificate, dated the Restatement Date and signed by the chief financial officer of Parent, confirming thatParentanditsSubsidiariesonaconsolidatedbasisareSolventbeforeandaftergivingeffecttothefundingoftheinitialRevolvingBorrowingandtheconsummationofthetransactionscontemplatedtooccurontheRestatementDate;

(x) the Guaranty and Security Agreement duly executed by each party thereto, together with (A) UCC financingstatementsandotherapplicabledocumentsunderthelawsofallnecessaryorappropriatejurisdictionswithrespecttotheperfectionoftheLiensgrantedundertheCollateralDocuments,asrequestedbytheAdministrativeAgentinordertoperfectsuchLiens,dulyauthorizedbytheLoanParties,(B)copiesoffavorableUCC,tax,andjudgmentliensearchreportsinallnecessaryorappropriatejurisdictionsandunderalllegalandtradenamesoftheLoanPartiesasrequestedbytheAdministrativeAgent,indicatingthattherearenopriorLiensonanyoftheCollateralotherthanPermittedEncumbrancesandLienstobereleasedontheRestatementDate,(C)anInformationandCollateralDisclosureCertificate,datedasoftheRestatementDateanddulycompletedandexecutedbytheLoanParties, (D)dulyexecutedPatentSecurityAgreements, TrademarkSecurity Agreements andCopyright Security Agreements, if applicable, (E) to the extent not delivered before the Restatement Date, originalcertificatesevidencingallissuedandoutstandingsharesofCapitalStockofallSubsidiaries,owneddirectlybyanyLoanParty(or,ifthepledgeofallofthevotingCapitalStockofanyForeign

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Subsidiary would result in materially adverse tax consequences, limited to 66% of the issued and outstanding voting Capital Stock of suchForeignSubsidiaryand100%oftheissuedandoutstandingnon-votingCapitalStockofsuchForeignSubsidiary,asapplicable),and(F)totheextentnotdeliveredbeforetheRestatementDate,stockormembershipinterestpowersorotherappropriateinstrumentsoftransferexecutedinblank;

(xi) totheextentnotdeliveredbeforetheRestatementDate,AccountControlAgreementsrequiredbySection5.11,dulyexecutedbyeachPermittedThirdPartyBankandtheapplicableLoanParty;

(xii) certificatesofinsurance,informanddetail reasonablyacceptabletotheAdministrativeAgent,describingthetypesandamountsofinsurance(propertyandliability)maintainedbyanyoftheLoanParties,ineachcasenamingtheAdministrativeAgentaslosspayeeoradditionalinsured,asthecasemaybe,togetherwithalender’slosspayableendorsementandadditionalinsuredendorsementinformandsubstancereasonablysatisfactorytotheAdministrativeAgent;

(xiii) documentationandinformationrequiredbyregulatoryauthoritiesunderapplicable“knowyourcustomer”andanti-moneylaunderingrulesandregulations,includingthePatriotAct,atleastfive(5)BusinessDayspriortotheRestatementDatetotheextentthatsuchdocumentationandinformationwasrequestedbyAdministrativeAgentatleastten(10)BusinessDayspriortotheRestatementDate;and

(xiv) all certificates and other documentation required by Section 2.20 to be delivered by each Lender as of theRestatementDate.

(c) TheLendersshallhavecompleted,totheirsatisfaction,allbusiness,financial,collateral,regulatoryandlegalduediligencewithrespecttotheLoanPartiesandtheSubsidiaries.

WithoutlimitingthegeneralityoftheprovisionsofthisSection3.1,forpurposesofdeterminingcompliancewiththeconditionsspecifiedinthisSection3.1,theAdministrativeAgentandeachLenderthathassignedthisAgreementshallbedeemedtohave(i)consentedto,approvedof,acceptedorbeensatisfiedwitheachdocumentorothermatterrequiredthereundertobeconsentedto,approvedbyoracceptableorsatisfactorytotheAdministrativeAgentand/oraLender and(ii) consentedto the replacement of its Loans(as definedin andunder the ExistingCredit Agreement) with the Loanshereunder, in eachcase, bymeansofa“cashlessroll”bysuchLenderpursuanttosettlementmechanismsapprovedbytheAdministrativeAgentandsuchreplacementsshallbedeemedtocomplywithanyrequirementhereunderoranyotherLoanDocumentthatsuchpaymentbemade“inDollars”,“inimmediatelyavailablefunds”,“incash”oranyother similar requirement, in each case, unless the Administrative Agent shall have received notice fromsuch Lender prior to the proposed Restatement Datespecifyingitsobjectionthereto.

Section 3.2 Conditions to Each Credit Event .TheobligationofeachLendertomakeaLoanontheoccasionofanyBorrowingandoftheIssuingBanktoissue,amend,reneworextendanyLetterofCreditissubjecttoSection2.26(c)andthesatisfactionofthefollowingconditions:

(a) atthetimeofandimmediatelyaftergivingeffecttosuchBorrowingortheissuance,amendment,renewalorextensionofsuchLetterofCredit,asapplicable,noDefaultorEventofDefaultshallexist;providedthat,withrespecttoIncrementalTermLoansbeingincurredinconnectionwithaLimitedConditionTransaction,thisclause(a)shallbesubjecttothetermsofSection1.5;

(b) exceptwithrespecttoIncrementalTermLoansbeingincurredinconnectionwithaLimitedConditionTransaction,atthetimeofandimmediatelyaftergivingeffecttosuchBorrowingortheissuance,amendment,renewalorextensionofsuchLetterofCredit,asapplicable,allrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsshallbetrueandcorrectinallmaterialrespects(otherthanthoserepresentations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations andwarrantiesshallbetrueandcorrectinallrespects);and

(c) theBorrowershallhavedeliveredtherequiredNoticeofBorrowing.

EachBorrowingandeachissuance,amendment,renewalorextensionofanyLetterofCreditshallbedeemedtoconstitutearepresentationandwarrantybytheBorroweronthedatethereofastothemattersspecifiedinsubsections(a)and(b)ofthisSection.

Section 3.3 Delivery of Documents .AlloftheLoanDocuments,certificates,legalopinionsandotherdocumentsandpapersreferredtointhisArticle,unlessotherwisespecified,shallbedeliveredtotheAdministrativeAgentfortheaccountofeachoftheLendersandinsufficientcounterpartsorcopiesforeachoftheLendersandshallbeinformandsubstancereasonablysatisfactoryinallrespectstotheAdministrativeAgent.

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ARTICLE IV

REPRESENTATIONS AND WARRANTIES

ParentandtheBorrowerrepresentandwarranttotheAdministrativeAgent,eachLenderandtheIssuingBankasfollows:

Section 4.1 Existence; Power . EachofParent, theBorrowerandeachoftheir respectiveSubsidiaries (i) is dulyorganized, validlyexistingandingoodstandingasacorporation,partnershiporlimitedliabilitycompanyunderthelawsofthejurisdictionofitsorganization,(ii)hasallrequisitepowerandauthoritytocarryonitsbusinessasnowconducted,and(iii)isdulyqualifiedtodobusiness,andisingoodstanding,ineachjurisdictionwheresuchqualificationisrequired,exceptwhereafailuretobesoqualifiedwouldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect.

Section 4.2 Organizational Power; Authorization . The execution, delivery and performance by each Loan Party of the LoanDocuments to which it is a party are within such Loan Party’s organizational powers and have been duly authorized by all necessary organizational and, ifrequired,shareholder,partnerormemberaction.ThisAgreementhasbeendulyexecutedanddeliveredbyParentandtheBorrowerandconstitutes,andeachotherLoanDocumenttowhichanyLoanPartyisaparty,whenexecutedanddeliveredbysuchLoanParty,willconstitute,validandbindingobligationsofParent,theBorrower or such Loan Party (as the case may be), enforceable against it in accordance with their respective terms, except as may be limited by applicablebankruptcy,insolvency,reorganization,moratoriumorsimilarlawsaffectingtheenforcementofcreditors’rightsgenerallyandbygeneralprinciplesofequity.

Section 4.3 Governmental Approvals; No Conflicts . The execution, delivery and performance by each Loan Party of the LoanDocumentstowhichitisaparty(a)donotrequireanyconsentorapprovalof,registrationorfilingwith,oranyactionby,anyGovernmentalAuthorityoranyPersonwithrespecttowhichanyLoanPartyoranyofitsSubsidiarieshasanyContractualObligation,exceptthoseashavebeenobtainedormadeandareinfullforce and effect and except for filings necessary to perfect or maintain perfection of the Liens created under the Loan Documents, (b) will not violate anyRequirementofLawapplicabletoParent,theBorroweroranyoftheirrespectiveSubsidiariesoranyjudgment,orderorrulingofanyGovernmentalAuthority,(c)willnotviolateorresultinadefaultunderanyContractualObligationofParent,theBorroweroranyoftheirrespectiveSubsidiariesoranyoftheirassetsorgiverisetoarightthereundertorequireanypaymenttobemadebyParent,theBorroweroranyoftheirrespectiveSubsidiariesand(d)willnotresultinthecreationorimpositionofanyLienonanyassetofParent,theBorroweroranyoftheirrespectiveSubsidiaries,exceptLiens(ifany)createdundertheLoanDocuments.

Section 4.4 Financial Statements; Absence of Material Adverse Effect .TheBorrowerhasfurnishedtoeachLender(i)theauditedconsolidatedbalancesheetofParentanditsSubsidiariesasofDecember31,2016,andtherelatedauditedconsolidatedstatementsofincome,shareholders’equityandcashflowsfortheFiscalYearthenended,preparedbyPricewaterhouseCoopersLLPand(ii)theunauditedconsolidatedbalancesheetoftheParentanditsSubsidiariesasofSeptember30,2017,andtherelatedunauditedconsolidatedstatementsofincomeandcashflowsfortheFiscalQuarterandyeartodateperiodthenended,certifiedbyaResponsibleOfficer.SuchfinancialstatementsfairlypresenttheconsolidatedfinancialconditionofParentanditsSubsidiariesasofsuchdates and the consolidated results of operations for such periods in conformity with GAAPconsistently applied, subject to year-end audit adjustments and theabsenceoffootnotesinthecaseofthestatementsreferredtoinclause(ii).SinceDecember31,2016,therehavebeennochangeswithrespecttoParentanditsSubsidiarieswhichhavehadorwouldreasonablybeexpectedtohave,eitherindividuallyorintheaggregate,aMaterialAdverseEffect.

Section 4.5 Litigation and Environmental Matters .

(a) Nolitigation,investigationorproceedingoforbeforeanyarbitratorsorGovernmentalAuthoritiesispendingagainstor,tothe knowledge of Parent or the Borrower, threatened against or affecting Parent, the Borrower or any of their respective Subsidiaries (i) that wouldreasonablybeexpectedtohave, eitherindividuallyorintheaggregate, aMaterial AdverseEffect or(ii) whichinanymannerdrawsintoquestionthevalidityorenforceabilityofthisAgreementoranyotherLoanDocument.

(b) ExceptforthematterssetforthonSchedule4.5,noneofParent,theBorrowernoranyoftheirrespectiveSubsidiaries(i)has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under anyEnvironmental Law, (ii) has becomesubject to any Environmental Liability, (iii) has received notice of any claimwith respect to any EnvironmentalLiabilityor(iv)knowsofanybasisforanyEnvironmentalLiability,ineachcase,whichwouldreasonablybeexpectedtoresultinaMaterialAdverseEffect.

Section 4.6 Compliance with Laws and Agreements . EachofParent, theBorrowerandeachoftheir respectiveSubsidiariesisincompliancewith(a)allRequirementsofLawandalljudgments,decreesandordersofanyGovernmental

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Authorityand(b)allindentures,agreements,instrumentsorotherContractualObligationsbindinguponitoritsproperties,exceptwherenon-compliance,eitherindividuallyorintheaggregate,wouldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect.

Section 4.7 Investment Company Act; Other Regulatory Schemes . None of Parent, the Borrower nor any of their respectiveSubsidiaries is (a) an “investment company” or is “controlled” by an “investment company”, as such terms are defined in, or subject to regulation under, theInvestment Company Act of 1940, as amended and in effect from time to time, or (b) otherwise subject to any other regulatory scheme which prohibits theincurrenceofIndebtedness.

Section 4.8 Taxes .Parent,theBorrowerandtheirrespectiveSubsidiariesandeachotherPersonforwhosetaxesParent,theBorroweroranyoftheirrespectiveSubsidiariescouldbecomeliablehavetimelyfiledorcausedtobefiledallFederalincometaxreturnsandallothermaterialtaxreturnsthat are required to be filed by them, and have paid all taxes shownto be due and payable on such returns or on any assessments made against themor theirpropertyandallothertaxes,feesorotherchargesimposedonitoranyofitspropertybyanyGovernmentalAuthority,exceptwherethesamearecurrentlybeingcontestedingoodfaithbyappropriateproceedingsandforwhichParent,theBorrowerorsuchSubsidiary,asthecasemaybe,hassetasideonitsbooksadequatereservesinaccordancewithGAAP.Thecharges,accrualsandreservesonthebooksofParent,theBorrowerandtheirrespectiveSubsidiariesinrespectofsuchtaxesareadequate,andnotaxliabilitiesthatcouldbemateriallyinexcessoftheamountsoprovidedareanticipated.

Section 4.9 Margin Regulations .NoneoftheproceedsofanyoftheLoansorLettersofCreditwillbeused,directlyorindirectly,for“purchasing” or “carrying” any “margin stock” within the respective meanings of each of such terms under Regulation Uor for any purpose that violates theprovisionsofRegulationT,RegulationUorRegulationX.NoneofParent,theBorrowernoranyoftheirrespectiveSubsidiariesisengagedprincipally,orasoneofitsimportantactivities,inthebusinessofextendingcreditforthepurposeofpurchasingorcarrying“marginstock”.

Section 4.10 ERISA . Each Plan is in substantial compliance in form and operation with its terms and with ERISA and the Code(including,withoutlimitation,theCodeprovisionscompliancewithwhichisnecessaryforanyintendedfavorabletaxtreatment)andallotherapplicablelawsandregulations.EachPlan(andeachrelatedtrust,ifany)whichisintendedtobequalifiedunderSection401(a)oftheCodehasreceivedafavorabledeterminationletter fromthe Internal Revenue Service to the effect that it meets the requirements of Sections 401(a) and 501(a) of the Codecovering all applicable tax lawchanges,oriscomprisedofamasterorprototypeplanthathasreceivedafavorableopinionletterfromtheInternalRevenueService,andnothinghasoccurredsincethedate of suchdetermination that wouldadversely affect suchdetermination (or, in thecaseof a Planwithnodetermination, nothinghasoccurredthatwould adversely affect the issuance of a favorable determination letter or otherwise adversely affect such qualification). No ERISA Event has occurred or isreasonably expected to occur. There exists no Unfunded Pension Liability with respect to any Plan. None of Parent, the Borrower, any of their respectiveSubsidiariesoranyERISAAffiliateismakingoraccruinganobligationtomakecontributions,orhas,withinanyofthefivecalendaryearsimmediatelyprecedingthedatethisassuranceisgivenordeemedgiven,madeoraccruedanobligationtomake,contributionstoanyMultiemployerPlan.Therearenoactions,suitsorclaimspendingagainstorinvolvingaPlan(otherthanroutineclaimsforbenefits)or,totheknowledgeofParent,theBorrower,anyoftheirrespectiveSubsidiariesor any ERISA Affiliate, threatened, which would reasonably be expected to be asserted successfully against any Plan and, if so asserted successfully, wouldreasonably be expected either singly or in the aggregate to result in liability to the Parent, the Borrower or any of their respective Subsidiaries. Parent, theBorrower,eachoftheirrespectiveSubsidiariesandeachERISAAffiliatehavemadeallcontributionstoorundereachPlanandMultiemployerPlanrequiredbylawwithintheapplicabletimelimitsprescribedthereby,bythetermsofsuchPlanorMultiemployerPlan,respectively,orbyanycontractoragreementrequiringcontributions to a Plan or Multiemployer Plan. No Plan which is subject to Section 412 of the Code or Section 302 of ERISAhas applied for or received anextensionofanyamortizationperiodwithinthemeaningofSection412oftheCodeorSection303or304ofERISA.NoneofParent,theBorrower,anyoftheirrespective Subsidiaries or any ERISA Affiliate have ceased operations at a facility so as to become subject to the provisions of Section 4068(a) of ERISA,withdrawnasasubstantialemployersoastobecomesubjecttotheprovisionsofSection4063ofERISAorceasedmakingcontributionstoanyPlansubjecttoSection4064(a)ofERISAtowhichitmadecontributions.EachNon-U.S.Planhasbeenmaintainedincompliancewithitstermsandwiththerequirementsofanyandall applicablelaws,statutes, rules, regulationsandordersandhasbeenmaintained,whererequired,ingoodstandingwithapplicableregulatoryauthorities,exceptaswouldnotreasonablybeexpectedtoresultinliabilitytoParent,theBorroweroranyoftheirrespectiveSubsidiaries.AllcontributionsrequiredtobemadewithrespecttoaNon-U.S.Planhavebeentimelymade.NoneofParent,theBorrowernoranyoftheirrespectiveSubsidiarieshasincurredanyobligationinconnectionwiththeterminationof,orwithdrawalfrom,anyNon-U.S.Plan.Thepresentvalueoftheaccruedbenefitliabilities(whetherornotvested)undereachNon-U.S.Plan,determinedasoftheendoftheBorrower’smostrecentlyendedfiscalyearonthebasisofreasonableactuarialassumptions,didnotexceedthecurrentvalueoftheassetsofsuchNon-U.S.Planallocabletosuchbenefitliabilities.

Section 4.11 Ownership of Property; Insurance .

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(a) EachofParent,theBorrowerandtheirrespectiveSubsidiarieshasgoodtitleto,orvalidleaseholdinterestsin,allofitsrealandpersonalpropertymaterialtotheoperationofitsbusiness,includingallsuchpropertiesreflectedinthemostrecentauditedconsolidatedbalancesheetoftheBorrowerreferredtoinSection4.4orpurportedtohavebeenacquiredbyParent,theBorroweroranyoftheirrespectiveSubsidiariesaftersaiddate(exceptassoldorotherwisedisposedofintheordinarycourseofbusiness),ineachcasefreeandclearofLiensprohibitedbythisAgreement.AllleasesthatindividuallyorintheaggregatearematerialtothebusinessoroperationsofParent,theBorrowerandtheirrespectiveSubsidiariesarevalidandsubsistingandareinfullforce.

(b) EachofParent, theBorrowerandtheirrespectiveSubsidiariesowns,orislicensedorotherwisehastherighttouse,allpatents,trademarks,servicemarks,tradenames,copyrightsandotherintellectualpropertymaterialtoitsbusiness,and,totheknowledgeofParentanditsSubsidiaries,theusethereofbyParent,theBorrowerandtheirrespectiveSubsidiariesdoesnotinfringeinanymaterialrespectontherightsofanyotherPerson.

(c) The properties of Parent, the Borrower and their respective Subsidiaries are insured in the manner required by thisAgreement.

(d) AsoftheRestatementDate,noneofParent,theBorrowernoranyoftheirrespectiveSubsidiariesownsanyRealEstateexceptassetforthonSchedule2oftheInformationandCollateralDisclosureCertificatedeliveredpursuanttoSection3.1(b)hereof.

Section 4.12 Disclosure . AsoftheRestatementDate,eachofParentandtheBorrowerhasdisclosedtotheLendersallagreements,instruments,andcorporateorotherrestrictionstowhichParent,theBorroweroranyoftheirrespectiveSubsidiariesissubject,andallothermattersknowntoanyofthem,that,eitherindividuallyorintheaggregate,wouldreasonablybeexpectedtoresultinaMaterialAdverseEffect.Noneofthereports(including,withoutlimitation,allreportsthatParent,theBorroweroranyoftheirrespectiveSubsidiariesisrequiredtofilewiththeSecuritiesandExchangeCommission),financialstatements,certificatesorotherinformationfurnishedbyoronbehalfofParent,theBorroweroranyoftheirrespectiveSubsidiariestotheAdministrativeAgentoranyLenderinconnectionwiththenegotiationorsyndicationofthisAgreementoranyotherLoanDocumentordeliveredhereunderorthereunder(asmodifiedorsupplemented by any other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make thestatementstherein,takenasawholeinlightofthecircumstancesunderwhichtheyweremade,notmisleading;providedthat,withrespecttoprojectedfinancialinformation,Parent,theBorrowerrepresentsonlythatsuchinformationwaspreparedingoodfaithbaseduponassumptionsbelievedtobereasonableatthetime.

Section 4.13 Labor Relations . There are no strikes, lockouts or other material labor disputes or grievances against Parent, theBorrower or any of their respective Subsidiaries, or, to Parent, the Borrower’s knowledge, threatened against or affecting Parent, the Borrower or any of theirrespective Subsidiaries, and no significant unfair labor practice charges or grievances are pending against Parent, the Borrower or any of their respectiveSubsidiaries,or,toParent’ortheBorrower’sknowledge,threatenedagainstanyofthembeforeanyGovernmentalAuthority.AllpaymentsduefromtheBorroweroranyofitsSubsidiariespursuanttotheprovisionsofanycollectivebargainingagreementhavebeenpaidoraccruedasaliabilityonthebooksoftheParent,theBorroweroranysuchSubsidiary,exceptwherethefailuretodosowouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

Section 4.14 Subsidiaries .

(a) Schedule 4.14 sets forth the name of, the ownership interest of the applicable Loan Party in, the jurisdiction ofincorporationororganizationof,andthetypeofeachSubsidiaryofanyLoanPartyandidentifieseachSubsidiarythatisaSubsidiaryLoanParty,ineachcaseasoftheRestatementDate.

(b) ParenthasnodirectSubsidiariesotherthantheBorrower.

Section 4.15 Solvency .AftergivingeffecttotheexecutionanddeliveryoftheLoanDocuments,themakingofanyLoanunderthisAgreementandtheconsummationoftheothertransactionscontemplatedhereby,ParentanditsSubsidiariesonaconsolidatedbasisareSolvent.

Section 4.16 Deposit and Disbursement Accounts .Schedule4.16listsallbanksandotherfinancialinstitutionsatwhichanyLoanPartymaintainsdepositaccounts,lockboxaccounts,disbursementaccounts,investmentaccountsorothersimilaraccountsasoftheRestatementDate,andsuchSchedulecorrectlyidentifiesthename,addressandtelephonenumberofeachfinancialinstitution,thenameinwhichtheaccountisheld,thetypeoftheaccount,andthecompleteaccountnumbertherefor.

Section 4.17 Collateral Documents .

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(a) The Guaranty and Security Agreement and each other Collateral Document is effective to create in favor of theAdministrativeAgentfortheratablebenefitoftheSecuredPartiesalegal,validandenforceablesecurityinterestintheCollateral(asdefinedtherein),andwhen UCC financing statements in appropriate form are filed in the offices specified on Schedule 3 to the Guaranty and Security Agreement, theGuarantyandSecurityAgreementshallconstituteafullyperfectedLien(totheextentthatsuchLienmaybeperfectedbythefilingofaUCCfinancingstatement)on,andsecurityinterestin,allright,titleandinterestofthegrantorsthereunderinsuchCollateral,ineachcasepriorandsuperiorinrighttoany other Person, other than with respect to Liens expressly permitted by Section 7.2 . When the certificates evidencing all Capital Stock pledgedpursuanttotheCollateralDocumentsaredeliveredtotheAdministrativeAgent,togetherwithappropriatestockpowersorothersimilarinstrumentsoftransferdulyexecutedinblank,theLiensinsuchCapitalStockshallbefullyperfectedfirstprioritysecurityinterests,perfectedby“control”asdefinedintheUCC.

(b) Whenthefilingsinsubsection(a)ofthisSectionaremadeandwhen,ifapplicable,thePatentSecurityAgreementsandtheTrademarkSecurityAgreementsarefiledintheUnitedStatesPatentandTrademarkOfficeandtheCopyrightSecurityAgreementsarefiledintheUnitedStatesCopyrightOffice,theGuarantyandSecurityAgreementshallconstituteafullyperfectedLienon,andsecurityinterestin,allright,titleandinterestoftheLoanPartiesinthePatents,TrademarksandCopyrights,ifany,inwhichasecurityinterestmaybeperfectedbyfiling,recordingorregisteringasecurityagreement,financingstatementoranalogousdocumentintheUnitedStatesPatentandTrademarkOfficeortheUnitedStatesCopyrightOffice,asapplicable,ineachcasepriorandsuperiorinrighttoanyotherPerson.

Section 4.18 Sanctions and Anti-Corruption Laws .

(a) None of the Parent, the Borrower, or any of their respective Subsidiaries or any of their respective directors, officers,employees,oragentsisaSanctionedPerson.

(b) TheParent,itsSubsidiaries,andtheirrespectivedirectors,officersandemployeesand,totheknowledgeoftheBorrower,the agents of the Parent and its Subsidiaries, are in compliance with applicable Anti-Corruption Laws and applicable Sanctions. The Parent and itsSubsidiarieshaveinstitutedandmaintainpoliciesandproceduresdesignedtoensurecontinuedcomplianceinallmaterialrespectstherewith.

Section 4.19 EEA Financial Institutions .NoLoanPartyisanEEAFinancialInstitution.

ARTICLE V

AFFIRMATIVE COVENANTS

Parent and the Borrower covenant and agree that so long as any Lender has a Commitment hereunder or any Obligation remains unpaid oroutstanding:

Section 5.1 Financial Statements and Other Information . Parent andthe Borrower will deliver to the Administrative Agent andeachLender:

(a) as soon as available and in any event within 90 days after the end of each Fiscal Year of Parent, a copy of the annualauditedreportforsuchFiscalYearforParentanditsSubsidiaries,containingaconsolidatedbalancesheetofParentanditsSubsidiariesasoftheendofsuchFiscalYearandtherelatedconsolidatedstatementsofincome,stockholders’equityandcashflows(togetherwithallfootnotesthereto)ofParentanditsSubsidiariesforsuchFiscalYear,settingforthineachcaseincomparativeformthefiguresforthepreviousFiscalYear,allinreasonabledetailandreported on by PricewaterhouseCoopers LLP or, if such auditors are no longer used by Parent, from independent public accountants of nationallyrecognizedstanding(withouta“goingconcern”orlikequalification,exceptionorexplanationandwithoutanyqualificationorexceptionastothescopeof suchaudit) to the effect that suchfinancial statements present fairly in all material respects the financial condition andthe results of operations ofParent and its Subsidiaries for such Fiscal Year on a consolidated basis in accordance with GAAP and that the examination by such accountants inconnectionwithsuchconsolidatedfinancialstatementshasbeenmadeinaccordancewithgenerallyacceptedauditingstandards;

(b) as soonas available andin anyevent within 45daysafter the endof eachFiscal Quarter of Parent endingonor aboutMarch31,June30,andSeptember30,anunauditedconsolidatedbalancesheetofParentanditsSubsidiariesasoftheendofsuchFiscalQuarterandtherelatedunauditedconsolidatedstatementsofincomeandcashflowsofParentanditsSubsidiariesforsuchFiscalQuarterandthethenelapsedportionofsuchFiscalYear,settingforthineachcaseincomparativeformthefiguresforthecorrespondingFiscalQuarterandthecorrespondingportionofParent’

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or the Borrower’s, as applicable, previous Fiscal Year and the corresponding figures for the budget for the current Fiscal Year, and together with amanagementdiscussionandanalysiswithrespectthereto;

(c) concurrently with the delivery of the financial statements referred to in subsections (a) and (b) of this Section, aComplianceCertificatesignedbytheprincipalexecutiveofficeroraFinancialOfficerofParent(i)certifyingastowhetherthereexistsaDefaultorEventofDefaultonthedateofsuchcertificateand,ifaDefaultoranEventofDefaultthenexists,specifyingthedetailsthereofandtheactionwhichParentanditsSubsidiarieshavetakenorproposetotakewithrespectthereto,(ii)settingforthinreasonabledetailcalculationsdemonstratingcompliancewiththefinancialcovenantsetforthinArticleVI,(iii)specifyinganychangeintheidentityoftheSubsidiariesasoftheendofsuchFiscalYearorFiscalQuarterfromtheSubsidiariesidentifiedtotheLendersontheRestatementDateorasofthemostrecentFiscalYearorFiscalQuarter,asthecasemaybe,and(iv)statingwhetheranychangeinGAAPortheapplicationthereofhasoccurredsincethedateofthemostlyrecentlydeliveredauditedfinancialstatementsofParent and its Subsidiaries, and, if any change has occurred, specifying the effect of such change on the financial statements accompanying suchComplianceCertificate;

(d) assoonasavailableandinanyeventwithin60daysaftertheendofthecalendaryear,forecastsandaproformabudgetforthesucceedingFiscalYear,containinganincomestatement,balancesheetandstatementofcashflow;and

(e) promptlyfollowinganyrequesttherefor, suchotherinformationregardingtheresultsofoperations, businessaffairs andfinancialconditionoftheBorroweroranyofitsSubsidiariesastheAdministrativeAgentoranyLendermayreasonablyrequest.

Information required to be delivered solely pursuant to Section 5.1(a) and Section 5.1(b) shall be deemed to have been delivered if suchinformation shall have been timely posted on Parent’s website on the internet (currently www.lendingtree.com) or shall be available on the website of theSecuritiesandExchangeCommissionathttp://www.sec.gov.

Section 5.2 Notices of Material Events .ParentandtheBorrowerwillfurnishtotheAdministrativeAgentandeachLenderpromptwrittennoticeofthefollowing:

(a) theoccurrenceofanyDefaultorEventofDefault;

(b) thefilingorcommencementof,oranymaterialdevelopmentin,anyaction,suitorproceedingbyorbeforeanyarbitratoror Governmental Authority against or, to the knowledge of Parent or the Borrower, affecting Parent or the Borrower or any of their respectiveSubsidiarieswhichwouldreasonablybeexpectedtoresultinaMaterialAdverseEffect;

(c) theoccurrenceofanyeventoranyotherdevelopmentbywhichParentoranyofitsSubsidiaries(i)failstocomplywithanyEnvironmentalLawortoobtain,maintainorcomplywithanypermit,licenseorotherapprovalrequiredunderanyEnvironmentalLaw,(ii)becomessubjecttoanyEnvironmentalLiability,(iii)receivesnoticeofanyclaimwithrespecttoanyEnvironmentalLiability,or(iv)becomesawareofanybasisforanyEnvironmentalLiability,ineachcasewhich,eitherindividuallyorintheaggregate,wouldreasonablybeexpectedtoresultinaMaterialAdverseEffect;

(d) promptly andin anyevent within15daysafter (i) Parent, anyof its Subsidiaries or anyERISAAffiliate knowsor hasreasontoknowthatanyERISAEventhasoccurred,acertificateofthechieffinancialofficerofParentdescribingsuchERISAEventandtheaction,ifany,proposedtobetakenwithrespecttosuchERISAEventandacopyofanynoticefiledwiththePBGCortheIRSpertainingtosuchERISAEventandanynoticesreceivedbyParent,suchSubsidiaryorsuchERISAAffiliatefromthePBGCoranyothergovernmentalagencywithrespectthereto,and(ii)becoming aware (1) that there has been an increase in Unfunded Pension Liabilities (not taking into account Plans with negative Unfunded PensionLiabilities) sincethedatetherepresentationshereunderaregivenordeemedgiven,orfromanypriornotice, asapplicable, (2)oftheexistenceofanyWithdrawalLiability,(3)oftheadoptionof,orthecommencementofcontributionsto,anyPlansubjecttoSection412oftheCodebyParent,anyofitsSubsidiariesoranyERISAAffiliate,or(4)oftheadoptionofanyamendmenttoaPlansubjecttoSection412oftheCodewhichresultsinamaterialincreaseincontributionobligationsofParent,anyofitsSubsidiariesoranyERISAAffiliate,adetailedwrittendescriptionthereoffromthechieffinancialofficerofParent;

(e) the receipt by Parent or any of its Subsidiaries of any written notice of an alleged event of default with respect to anyMaterialIndebtednessofParentoranyofitsSubsidiaries;and

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(f) anyotherdevelopmentthatresultsin,orwouldreasonablybeexpectedtoresultin,aMaterialAdverseEffect.

ParentandtheBorrowerwillfurnishtotheAdministrativeAgentandeachLenderthefollowing:

(x)promptlyandinanyeventatleast30dayspriorthereto(orsuchshorterperiodoftimeastheAdministrativeAgentmayagreeinwriting),noticeofanychange(i)inanyLoanParty’slegalname,(ii)inanyLoanParty’schiefexecutiveofficeoritsprincipalplaceofbusiness,(iii)inanyLoanParty’sidentity or legal structure, (iv) in any Loan Party’s federal taxpayer identification number or organizational number or (v) in any Loan Party’s jurisdiction oforganization;and

(y)assoonasavailableandinanyeventwithin30daysafterreceiptthereof,acopyofanyenvironmentalreportorsiteassessmentobtainedbyorforParentoranyofitsSubsidiariesaftertheRestatementDateonanyRealEstate.

EachnoticeorotherdocumentdeliveredunderthisSectionshallbeaccompaniedbyawrittenstatementofaResponsibleOfficersettingforththedetailsoftheeventordevelopmentrequiringsuchnoticeorotherdocumentandanyactiontakenorproposedtobetakenwithrespectthereto.

Section 5.3 Existence; Conduct of Business . ParentandtheBorrowerwill, andwill causeeachoftheotherLoanPartiesto,doorcause to be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits,privileges,franchises,patents,copyrights,trademarksandtradenamesmaterialtotheconductofitsbusiness;providedthatnothinginthisSectionshallprohibitanymerger,consolidation,liquidationordissolutionpermittedunderSection7.3.

Section 5.4 Compliance with Laws .ParentandtheBorrowerwill,andwillcauseeachoftheirrespectiveSubsidiariesto,complywithall laws, rules, regulations and requirements of any Governmental Authority applicable to its business and properties, including, without limitation, allEnvironmentalLaws,ERISAandOSHA,exceptwherethefailuretodoso,eitherindividuallyorintheaggregate,wouldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect.TheBorrowerwillmaintainineffectandenforcepoliciesandproceduresdesignedtopromoteandachievecompliancebytheBorrower,itsSubsidiariesandtheirrespectivedirectors,officers,employeesandagentswithapplicableAnti-CorruptionLawsandapplicableSanctions.

Section 5.5 Payment of Obligations . ParentandtheBorrowerwill,andwillcauseeachoftheirrespectiveSubsidiariesto,payanddischargeatorbeforematurityallofitsobligationsandliabilities(including,withoutlimitation,alltaxes,assessmentsandothergovernmentalcharges,leviesandallotherclaimsthatcouldresultinastatutoryLien)beforethesameshallbecomedelinquentorindefault,exceptwhere(a)thevalidityoramountthereofisbeingcontestedingoodfaithbyappropriateproceedings,(b)Parent,theBorrowerorsuchSubsidiaryhassetasideonitsbooksadequatereserveswithrespecttheretoinaccordancewithGAAPand(c)thefailuretomakepaymentpendingsuchcontestwouldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect.

Section 5.6 Books and Records . ParentandtheBorrowerwill, andwill causeeachoftheir respectiveSubsidiariesto, keepproperbooksofrecordandaccountinwhichfull,trueandcorrect(inallmaterialrespects)entriesshallbemadeofalldealingsandtransactionsinrelationtoitsbusinessandactivitiestotheextentnecessarytopreparetheconsolidatedfinancialstatementsofParentinconformitywithGAAP,subjecttofootnotesandnormalyear-endadjustments.

Section 5.7 Visitation and Inspection . EachofParent andtheBorrowerwill, andwill causeeachofits respectiveSubsidiaries to,permitanyrepresentativeoftheAdministrativeAgentoranyLendertovisitandinspectitsproperties,toexamineitsbooksandrecordsandtomakecopiesandtakeextractstherefrom,andtodiscussitsaffairs,financesandaccountswithanyofitsofficersandwithitsindependentcertifiedpublicaccountants,allatsuchreasonabletimesandasoftenastheAdministrativeAgentoranyLendermayreasonablyrequestafterreasonablepriornoticetoParentandtheBorrower;providedthat(a)ifanEventofDefaulthasoccurredandiscontinuing,nopriornoticeshallberequired(b)ifnoEventofDefaulthasoccurredandiscontinuing,theLoanPartiesshallonlyreimbursetheAdministrativeAgentandtheLendersforonesuchvisitperFiscalYear.

Section 5.8 Maintenance of Properties; Insurance . Each of Parent and the Borrower will, and will cause each of the other LoanParties to, (a) keepandmaintainall propertymaterial totheconduct ofits businessingoodworkingorderandcondition, ordinarywearandtear excepted, (b)maintainwithfinanciallysoundandreputableinsurancecompanieswhicharenotAffiliatesofParentortheBorrower(i)insurancewithrespecttoitspropertiesandbusiness, andthe properties andbusiness of its Subsidiaries, against loss or damageof the kindscustomarily insuredagainst bycompanies in the sameorsimilarbusinessesoperatinginthesameorsimilarlocationsand(ii)allinsurancerequiredtobemaintainedpursuanttotheCollateralDocuments,andwill,uponrequestoftheAdministrativeAgent,furnishtoeachLenderatreasonableintervalsacertificateofaResponsibleOfficersettingforththenatureandextentofallinsurancemaintainedbyParent,theBorrowerandtheotherLoanPartiesinaccordancewiththisSection,and(c)atalltimesshallnametheAdministrativeAgentasadditionalinsuredonallliabilitypolicies

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ofParent,theBorrowerandtheotherLoanPartiesandaslosspayee(pursuanttoalosspayeeendorsementapprovedbytheAdministrativeAgent)onallcasualtyandproperty insurance policies of Parent, the Borrower and the other LoanParties. It is hereby acknowledged that the insurance maintained by Parent and itsSubsidiariesasoftheRestatementDatecomplieswiththeprovisionsofthisSection5.8.

Section 5.9 Use of Proceeds; Margin Regulations .

(a) On and after the Restatement Date, the Borrower will use the proceeds of the Loans to finance working capital needs,including, withoutlimitation, PermittedAcquisitionsandothergrowthinitiatives, capital expenditures, andforothergeneral corporatepurposesoftheBorroweranditsSubsidiaries.AllLettersofCreditwillbeusedforgeneralcorporatepurposes.

(b) NopartoftheproceedsofanyLoanwillbeused,whetherdirectlyorindirectly,foranypurposethatwouldviolateanyruleorregulationoftheBoardofGovernorsoftheFederalReserveSystem,includingRegulationT,RegulationUorRegulationX.

Section 5.10 Casualty and Condemnation .ParentandtheBorrowerwillfurnishtotheAdministrativeAgentandtheLenderspromptwrittennoticeofanycasualtyorotherinsureddamagetoanymaterialportionofanyCollateralorthecommencementofanyactionorprecedingforthetakingofanymaterialportionofanyCollateraloranypartthereoforinterestthereinunderpowerofeminentdomainorbycondemnationorsimilarproceeding.

Section 5.11 Cash Management .ParentandtheBorrowershall,andshallcausetheSubsidiaryLoanPartiesto:

(a) maintain its primary cash management and treasury business with SunTrust Bank or a Permitted Third Party Bank,including, without limitation, all deposit accounts, disbursement accounts, investment accounts and lockbox accounts (other than Excluded Accounts)(eachsuchdepositaccount,disbursementaccount,investmentaccountandlockboxaccount,a“ControlledAccount”);eachControlledAccountshallbeacashcollateralaccount,withallcash,checksandothersimilaritemsofpaymentinsuchaccountsecuringpaymentoftheObligations,andinwhichtheBorrowerandeachSubsidiaryLoanPartyshallhavegrantedafirstpriorityLientotheAdministrativeAgent,onbehalfoftheSecuredParties,perfectedeitherautomaticallyundertheUCC(withrespecttoControlledAccountsatSunTrustBank)orsubjecttoAccountControlAgreements;and

(b) atanytimeaftertheoccurrenceandduringthecontinuanceofanEventofDefault,attherequestoftheRequiredLenders,eachofParentandtheBorrowerwill,andwillcauseeachotherLoanPartyto,causeallpaymentsconstitutingproceedsofaccountsorotherCollateraltobedirectedintolockboxaccountsunderagreementsinformandsubstancereasonablysatisfactorytotheAdministrativeAgent.

Section 5.12 Additional Subsidiaries and Collateral .

(a) In the event that, subsequent to the Restatement Date, any Person becomes a Domestic Subsidiary of Parent that is aMaterialSubsidiary,whetherpursuanttoformation,acquisitionorotherwise,(x)ParentshallpromptlynotifytheAdministrativeAgentandtheLendersthereofand(y)within30days(orsuchlongerperiodastheAdministrativeAgentshallpermitinwritinginitssolediscretion)aftersuchPersonbecomesaDomesticSubsidiary,Parentshall:

(i) causesuchDomesticSubsidiaryto:

(A) becomeanewGuarantorandtograntLiensinfavoroftheAdministrativeAgentinallofitspersonalpropertybyexecutinganddeliveringtotheAdministrativeAgentasupplementtotheGuarantyandSecurityAgreementinformandsubstancereasonablysatisfactorytotheAdministrativeAgent;

(B) execute,filewiththeUnitedStatesPatentandTrademarkOfficeandtheUnitedStatesCopyrightOffice(as applicable), and deliver a copy thereof to the Administrative Agent and its counsel (together with a confirmation of such filing) anyapplicableCopyrightSecurityAgreement,PatentSecurityAgreement,andTrademarkSecurityAgreement;

(C) executeanddeliveranyAccountControlAgreements(oramendmentsorsupplementstoanyexistingAccountControlAgreements)requiredbySection5.11;

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(D) authorize and deliver, at the request of the Administrative Agent, such UCCfinancing statements orsimilarinstrumentsreasonablyrequiredbytheAdministrativeAgenttoperfecttheLiensinfavoroftheAdministrativeAgentandgrantedunderanyoftheLoanDocuments;and

(E) deliverallsuchotherdocumentation(including,withoutlimitation,certifiedorganizationaldocuments,resolutions,liensearches,titleinsurancepolicies,surveys,environmentalreportsandlegalopinions)andtotakeallsuchotheractionsassuchDomesticSubsidiarywouldhavebeenrequiredtodeliverandtakepursuanttoSection3.1ifsuchDomesticSubsidiaryhadbeenaLoanPartyontheRestatementDate;and

(ii) causetheapplicableLoanPartyto:

(A) pledgealloftheCapitalStockofsuchDomesticSubsidiarytotheAdministrativeAgentassecurityfortheObligationsbyexecutinganddeliveringasupplementtotheGuarantyandSecurityAgreementinformandsubstancereasonablysatisfactorytotheAdministrativeAgent;and

(B) deliver the original certificates evidencing such pledged Capital Stock to the Administrative Agent,togetherwithappropriatepowersexecutedinblank.

(b) In the event that, subsequent to the Restatement Date, any Person becomes a Foreign Subsidiary which is a MaterialSubsidiaryowneddirectlybyanyLoanParty,whetherpursuanttoformation,acquisitionorotherwise,(x)ParentshallpromptlynotifytheAdministrativeAgentandtheLendersthereofand(y)within60days(orsuchlongerperiodastheAdministrativeAgentshallpermitinwritinginitssolediscretion)aftersuchPersonbecomesaForeignSubsidiary,ParentandtheBorrowershall,orshallcausetheapplicableLoanPartyto:

(i) pledgealloftheCapitalStockofsuchForeignSubsidiary(or,ifthepledgeofallofthevotingCapitalStockofsuchForeignSubsidiarywouldresultinmateriallyadversetaxconsequences,thensuchpledgeshallbelimitedtothelesserof(A)100%oftheissuedandoutstandingvotingandnon-votingCapitalStockofsuchForeignSubsidiaryownedbysuchLoanPartyand(B)66%oftheissuedand outstanding voting Capital Stock and 100% of the issued and outstanding non-voting Capital Stock of such Foreign Subsidiary, asapplicable) to the Administrative Agent as security for the Obligations pursuant to a pledge agreement in form and substance reasonablysatisfactorytotheAdministrativeAgent;

(ii) delivertheoriginalcertificatesevidencingsuchpledgedCapitalStocktotheAdministrativeAgent,togetherwithappropriatepowersexecutedinblank;and

(iii) deliver all such other documentation (including, without limitation, certified organizational documents,resolutions,liensearchesandlegalopinions)andtotakeallsuchotheractionsastheAdministrativeAgentmayreasonablyrequest.

(c) WithrespecttoanyCollateralacquiredatanytimeaftertheRestatementDatebyanyLoanParty(otherthananypropertydescribedinparagraphs(a)or(b)above),eachofParentandtheBorroweragreesthat,within30days(orsuchlongerperiodastheAdministrativeAgentshallpermitinwritinginitssolediscretion),itshallcausetheapplicableLoanPartytotakeallactionsreasonablynecessaryoradvisabletogranttotheAdministrativeAgent,forthebenefitoftheSecuredParties,aperfectedfirstprioritysecurityinterestinsuchCollateral,including,withoutlimitation,thefollowing:

(i) execute, file with the United States Patent and Trademark Office and the United States Copyright Office (asapplicable),anddeliveracopythereoftotheAdministrativeAgentanditscounsel(togetherwithaconfirmationofsuchfiling)anyapplicableCopyrightSecurityAgreement,PatentSecurityAgreement,andTrademarkSecurityAgreement;and

(ii) executeanddeliveranyAccountControlAgreements(oramendmentsorsupplementstoanyexistingAccountControlAgreements)requiredbySection5.11.

(d) EachofParentandtheBorroweragreesthat,followingthedeliveryofanyCollateralDocumentsrequiredtobeexecutedanddeliveredbythis Section, theAdministrativeAgentshall haveavalidandenforceable, first priority perfectedLienonthepropertyrequiredtobepledgedpursuanttothisSection(totheextent that suchLiencanbeperfectedbyexecution, deliveryand/orrecordingoftheCollateral DocumentsorUCCfinancingstatements,orpossessionofsuchCollateral),freeandclearofallLiensotherthanLiensexpresslypermittedbySection

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7.2.AllactionstobetakenpursuanttothisSectionshallbeattheexpenseoftheLoanParties,andshallbetakentothereasonablesatisfactionoftheAdministrativeAgent.

Section 5.13 Leased Locations . Totheextentotherwisepermittedhereunder,ifParent,theBorroweroranySubsidiaryLoanPartyproposestoleaseanyRealEstatethatisaheadquarterslocationoristheprimarylocationwherematerialbooksorrecordswillbestored,itshallfirstprovidetothe Administrative Agent a Collateral Access Agreement from the landlord of such leased property; provided, that if the Borrower is unable to deliver suchCollateralAccessAgreementafterusingitscommerciallyreasonableeffortstodoso,theAdministrativeAgentshallwaivetheforegoingrequirement.

Section 5.14 Further Assurances .ParentandtheBorrowerwill,andwillcauseeachSubsidiaryLoanPartyto,executeanyandallfurtherdocuments,financingstatements,agreementsandinstruments,andtakeallsuchfurtheractions(includingthefilingandrecordingoffinancingstatementsandotherdocuments),whichmayberequiredunderanyapplicablelaw,orwhichtheAdministrativeAgentortheRequiredLendersmayreasonablyrequest,toeffectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created by the Collateral Documents or thevalidityorpriorityofanysuchLien,allattheexpenseoftheLoanParties.ParentandtheBorroweralsoagreetoprovidetotheAdministrativeAgent,fromtimetotimeuponrequest,evidencereasonablysatisfactorytotheAdministrativeAgentastotheperfectionandpriorityoftheLienscreatedorintendedtobecreatedbytheCollateralDocuments.

ARTICLE VI

FINANCIAL COVENANT

Parent and the Borrower covenant and agree that, so long as any Lender has a Commitment hereunder or any Obligation remains unpaid oroutstanding,ParentandtheBorrowershallnotpermittheConsolidatedTotalNetLeverageRatioasoftheendofanyFiscalQuartertobegreaterthantheratiosetforthbelowoppositesuchFiscalQuarter:

Fiscal Quarter Consolidated Total Net Leverage RatioDecember31,2017,throughandincludingMarch31,2019 4.50to1.00June30,2019,throughandincludingSeptember30,2020 4.25to1.00December31,2020,andthereafter 4.00to1.00

providedthattheParentandtheBorrowermaypermittheConsolidatedTotalNetLeverageRatioduringeachofthefourFiscalQuartersendingaftertheconsummationofanyMaterialAcquisitiontobe0.50greaterthantheotherwiseapplicablelevel.

ARTICLE VII

NEGATIVE COVENANTS

ParentandtheBorrowercovenantandagreethatsolongasanyLenderhasaCommitmenthereunderoranyObligationremainsoutstanding:

Section 7.1 Indebtedness and Disqualified Capital Stock . Parent and the Borrower will not, and will not permit any of theirrespectiveSubsidiariesto,create,incur,assumeorsuffertoexistanyIndebtedness,except:

(a) IndebtednesscreatedpursuanttotheLoanDocuments;

(b) Indebtedness of Parent and its Subsidiaries existing on the date hereof and set forth on Schedule 7.1 and extensions,renewalsandreplacementsofanysuchIndebtednessthatdonotincreasetheoutstandingprincipalamountthereof(immediatelypriortogivingeffecttosuchextension,renewalorreplacement)orshortenthematurityortheweightedaveragelifethereof;

(c) IndebtednessofParentoranyofitsSubsidiariesincurredtofinancetheacquisition,constructionorimprovementofanyfixed or capital assets, including Capital Lease Obligations, and any Indebtedness assumed in connection with the acquisition of any such assets orsecuredbyaLienonanysuchassetspriortotheacquisitionthereof(providedthatsuchIndebtednessisincurredpriortoorwithin180daysaftersuchacquisition or the completion of such construction or improvements), and extensions, renewals or replacements of any such Indebtedness that do notincreasetheoutstandingprincipalamountthereof(immediatelypriortogivingeffecttosuchextension,renewal

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orreplacement)orshortenthematurityortheweightedaveragelifethereof;providedthat,(i)atthetimeoftheincurrencethereof,noEventofDefaulthas occurredandis continuing, (ii) after givingeffect to suchincurrence, Parent is in compliance with thefinancial covenant set forth inArticleVI,calculatedonaProFormaBasis as of thelast dayof themost recently endedFiscal Quarter for whichfinancial statements are requiredtohavebeendeliveredpursuanttoSection5.1(a)or(b),and(iii)theaggregateoutstandingprincipalamountofIndebtednessincurredpursuanttothisclause(c)doesnotexceedthegreaterof(A)$6,500,000and(B)5%ofConsolidatedEBITDAforthemostrecentlyendedfourFiscalQuarterperiodforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b);

(d) IndebtednessofParentowingtoanySubsidiaryofParentandofanySubsidiaryofParentowingtoParentoranyotherSubsidiaryofParent;providedthatanysuchIndebtednessthatisowedbyaSubsidiaryofParentthatisnotaSubsidiaryLoanPartyshallbesubjecttoSection7.4;

(e) Guarantees by Parent of Indebtedness of any Subsidiary of Parent and by any Subsidiary of Parent of Indebtedness ofParentoranyotherSubsidiaryofParent;providedthatGuaranteesbyanyLoanPartyofIndebtednessofanySubsidiaryofParentthatisnotaSubsidiaryLoanPartyshallbesubjecttoSection7.4;

(f) IndebtednessofanyPersonwhichbecomesaSubsidiaryofParentafterthedateofthisAgreement;providedthat(i)suchIndebtednessexistsatthetimethatsuchPersonbecomesaSubsidiaryofParentandisnotcreatedincontemplationoforinconnectionwithsuchPersonbecomingaSubsidiaryofParentand(ii)theaggregateoutstandingprincipalamountofsuchIndebtednesspermittedunderthisclause(f)shallnotexceedthegreaterof(A)$6,500,000and(B)5%ofConsolidatedEBITDAforthemostrecentlyendedfourFiscalQuarterperiodforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b).

(g) HedgingObligationspermittedbySection7.10;

(h) Indebtednessconsistingofthefinancingofinsurancepremiumsincurredintheordinarycourseofbusiness;

(i) Indebtednessrepresentingdeferredcompensationtoemployeesincurredintheordinarycourseofbusiness;

(j) (i) earnout obligations or similar deferred or contingent purchase price obligations constituting Indebtedness or (ii)IndebtednessconsistingofanyindemnificationobligationarisinginconnectionwithanyinvestmentbyParentoranyofitsSubsidiaries;

(k) Indebtedness arising under any bid, performance or surety bond (including any consumer protection bond or anyperformancebondpostedinrespectofcontestedtaxassessments),completionbondorsimilarobligation,ineachcaseincurredintheordinarycourseofbusinessandnotsupportingIndebtedness;

(l) overdraftsofsuchSubsidiary(orParent)incurredintheordinarycourseofbusiness;

(m) all premium (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingentinterestonobligationsdescribedintheforegoingclausesofthisSection;

(n) Indebtednessconsistingofpromissorynotesissuedtocurrentorformerofficers,directorsandemployeesofParentoranyofitsSubsidiaries,theirrespectiveestates,spousesorformerspousesissuedinexchangeforthepurchaseorredemptionbyParentorsuchSubsidiaryofitsEquityInterests(otherthanDisqualifiedCapitalStock);providedthat(i)theaggregateprincipalamountofsuchIndebtednesspermittedbythisclause(n)shallnotexceed$1,000,000atanytimeoutstandingand(ii)anyRestrictedPaymentsmadeinconnectionwithsuchIndebtednessarepermittedunderSection7.5;

(o) otherunsecuredIndebtednessofParentanditsSubsidiariessolongas,atthetimeoftheincurrencethereof,(i)noDefaultorEventofDefaulthasoccurredandiscontinuing(or,inconnectionwithaLimitedConditionTransaction,noEventofDefaultunderSections8.1(h)or8.1(i)hasoccurredandiscontinuing)and(ii)aftergivingeffecttosuchincurrence,ParentisincompliancewiththefinancialcovenantforthinArticleVI,calculatedonaProFormaBasisasofthelastdayofthemostrecentlyendedFiscalQuarterforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b);provided,that,inconnectionwithanyIndebtednessincurredtofinanceaLimitedConditionTransaction,thedateofdeterminationofwhethertheconditioninthisclause(o)havebeensatisfiedshall,attheoptionoftheBorrower,betheLCTTestDateforsuchLimitedConditionTransaction;

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(p) Indebtedness to current and former employees of Parent or any of its Subsidiaries incurred in the ordinary course ofbusiness or existing on the Restatement Date arising from (A) deferred compensation, severance obligations or similar obligations or (B) health andwelfareretirementbenefitsorsimilarobligations;

(q) Indebtedness representing installment insurance premiums of Parent or any of its Subsidiaries owing to insurancecompaniesintheordinarycourseofbusiness;

(r) Indebtedness which represents a refinancing or renewal of any of the Indebtedness permitted under Section 7.01(c) ,7.01(d),7.01(e),7.01(f),7.01(n),and7.01(o);providedthat(i)anysuchrefinancingIndebtednessisinanaggregateprincipalamount(oraggregateamount, as applicable) not greater than the aggregate principal amount (or aggregate amount, as applicable) of the Indebtedness being renewed orrefinanced, plus the amount of any reasonable premiums required to be paid thereon and reasonable fees and expenses associated therewith, (ii) suchrefinancingIndebtednesshasalaterorequalfinalmaturityandlongerorequalweightedaveragelifetomaturitythantheIndebtednessbeingrenewedorrefinanced, and (iii) the covenants, events of default, subordination (including lien subordination) and other terms, conditions and provisions thereof(includinganyguaranteesthereoforsecuritydocumentsinrespectthereof)shallbe,intheaggregate,nolessfavorabletoParentanditsSubsidiariesthanthosecontainedintheIndebtednessbeingrenewedorrefinanced;

(s) otherIndebtednessinanaggregateoutstandingprincipalamountnottoexceed$5,000,000atanytime;and

(t) IndebtednessincurredinconnectionwiththePermittedSpecifiedRealEstateFinanceTransaction.

ParentandtheBorrowerwill not, andwill notpermitanyoftheirrespectiveSubsidiariesto,issueorpermittoexistanyDisqualifiedCapitalStockofanysuchPerson.Fortheavoidanceofdoubt,(x)ifanyitemmeetsthecriteriasetforthinmorethanoneofclauses(b)through(t)ofthisSection7.1thenthe Borrower may classify or reclassify such item in any manner that complies with thisSection 7.1 and such itemshall be treated as having been permittedpursuanttoonlyoneoftheclausesofthisSection7.1and(y)anyitemmeetingthecriteriasetforthinmorethanoneofclauses(b)through(t)ofthisSection7.1maybedividedandclassifiedamongmorethanoneoftheclausesofthisSection7.1.

Section 7.2 Liens .ParentandtheBorrowerwillnot,andwillnotpermitanyoftheirrespectiveSubsidiariesto,create,incur,assumeorsuffertoexistanyLienonanyofitsassetsorpropertynowownedorhereafteracquired,except:

(a) Liens securing the Obligations; provided that no Liens may secure Hedging Obligations or Bank Product ObligationswithoutsecuringallotherObligationsonabasisatleastpari passu withsuchHedgingObligationsorBankProductObligationsandsubjecttothepriorityofpaymentssetforthinSection2.21andSection8.2;

(b) PermittedEncumbrances;

(c) LiensonanypropertyorassetofParentoranyofitsSubsidiariesexistingonthedatehereofandsetforthonSchedule7.2;providedthatsuchLiensshallnotapplytoanyotherpropertyorassetofParentoranySubsidiaryofParent;

(d) purchasemoneyLiensuponorinanyfixedorcapitalassetsofParentoranyofitsSubsidiariestosecurethepurchasepriceor the cost of construction or improvement of such fixed or capital assets or to secure Indebtedness incurred solely for the purpose of financing theacquisition,constructionorimprovementofsuchfixedorcapitalassets(includingLienssecuringanyCapitalLeaseObligations);providedthat(i)suchLiensecuresIndebtednesspermittedbySection7.1(c),(ii)suchLienattachestosuchassetconcurrentlyorwithin180daysaftertheacquisitionorthecompletionoftheconstructionorimprovementsthereof,(iii)suchLiendoesnotextendtoanyotherasset,and(iv)theIndebtednesssecuredtherebydoesnotexceedthecostofacquiring,constructingorimprovingsuchfixedorcapitalassets;

(e) anyLien(x)existingonanyassetofanyPersonatthetimesuchPersonbecomesaSubsidiaryofParent,(y)existingonanyassetofanyPersonatthetimesuchPersonismergedwithorintoParentoranyofitsSubsidiaries,or(z)existingonanyassetpriortotheacquisitionthereofbyParentoranyofitsSubsidiaries;providedthat(i)anysuchLienwasnotcreatedinthecontemplationofanyoftheforegoingand(ii)anysuchLiensecuresonlythoseobligationswhichit securesonthedatethatsuchPersonbecomesaSubsidiaryorthedateofsuchmergerorthedateofsuchacquisition;

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(f) extensions,renewals,orreplacementsofanyLienreferredtoinsubsections(b)through(e)ofthisSection;providedthattheprincipal amount of theIndebtedness securedtherebyis not increasedandthat anysuchextension, renewal or replacement is limitedto theassetsoriginallyencumberedthereby;

(g) licenses,sublicenses,leasesorsubleases(otherthananyCapitalLeaseObligations)thatdonotinterfereinanymaterialrespectwiththebusinessofParentoranySubsidiary;

(h) anyinterestortitleofalessororsublessorunder,andLiensarisingfromUCCfinancingstatements(orequivalentfilings,registrations or agreements in foreign jurisdictions) relating to, leases andsubleases permitted hereunder (other than anyCapital Lease Obligations orSale/LeasebackTransaction);

(i) normalandcustomaryrightsofsetoffupondepositsofcashorotherLiensoriginatingsolelybyvirtueofanystatutoryorcommonlawprovisionrelatingtobankersliens,rightsofsetofforsimilarrightsinfavorofbanksorotherdepositoryinstitutionsandnotsecuringanyIndebtedness;

(j) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course ofcollection;

(k) LienssolelyonanycashearnestmoneydepositsmadebyParentoranySubsidiaryinconnectionwithanyletterofintentorpurchaseagreementinrespectofanyacquisitionorotherinvestmentbyParentoranySubsidiary;

(l) LiensarisingfromprecautionaryUniformCommercialCodefinancingstatementfilingsnotrelatingtoIndebtedness;

(m) deposits to secure the performance of bids, performance or surety bonds (including consumer protection bonds orperformancebondspostedinrespectofcontestedtaxassessments),completionbondsorsimilarobligation,ineachcaseincurredintheordinarycourseofbusinessandnotsupportingIndebtednessforborrowedmoney;

(n) otherLienssecuringobligationsinanaggregateoutstandingprincipalamountnottoexceed$5,000,000atanytime;and

(o) LienstosecureIndebtednessincurredinconnectionwiththePermittedSpecifiedRealEstateFinanceTransaction.

Section 7.3 Fundamental Changes .

(a) Parent and the Borrower will not, and will not permit any of their respective Material Subsidiaries to, merge into orconsolidateintoanyother Person, orpermit anyotherPersontomergeintoorconsolidatewithit, or sell, lease, transfer orotherwisedisposeof(inasingle transaction or a series of transactions) all or substantially all of its assets (in each case, whether now owned or hereafter acquired) or all orsubstantially all of the stock of any of their respective Material Subsidiaries (in each case, whether nowowned or hereafter acquired) or liquidate ordissolve;providedthat if, at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall have occurred and becontinuing:

(i) ParentmaymergewithaPersonifParentisthesurvivingPerson,

(ii) theBorroweroranySubsidiaryoftheBorrowermaymergewithaPersoniftheBorrower(orsuchSubsidiaryiftheBorrowerisnotapartytosuchmerger)isthesurvivingPerson,

(iii) anySubsidiaryoftheBorrowermaymergeintoanotherSubsidiaryoftheBorrower;providedthatifanypartytosuchmergerisaSubsidiaryLoanParty,theSubsidiaryLoanPartyshallbethesurvivingPerson,

(iv) any Subsidiary of the Borrower may sell, transfer, lease or otherwise dispose of all or substantially all of itsassetstotheBorrowerortoaSubsidiaryLoanParty,and

(v) any Subsidiary of the Borrower may liquidate or dissolve if the Borrower determines in good faith that suchliquidationordissolutionisinthebestinterestsoftheBorrower;provided,thatanySubsidiaryLoanPartyshallliquidateordissolveintotheBorroweroranotherSubsidiaryLoanParty;

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provided,further,thatanysuchmergerunderthisSection7.3(a)involvingaPersonthatisnotawhollyownedSubsidiaryimmediatelypriortosuchmergershallnotbepermittedunlessalsopermittedbySection7.4(d).

(b) ParentandtheBorrowerwillnot,andwillnotpermitanyoftheirrespectiveSubsidiariesto,engageinanybusinessotherthanbusinessesofthetypeconductedbyParent,theBorrowerandtheirrespectiveSubsidiariesonthedatehereofandbusinessesreasonablyincidentalorrelatedthereto.

Section 7.4 Investments, Loans . Parent and the Borrower will not, and will not permit any of their respective Subsidiaries to,purchase, holdoracquire (includingpursuant toanymerger withanyPersonthat wasnotawhollyownedSubsidiaryprior tosuchmerger) anyCapital Stock,evidenceofIndebtednessorothersecurities(includinganyoption,warrant,orotherrighttoacquireanyoftheforegoing)of,makeorpermittoexistanyloansoradvances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person (all of the foregoing beingcollectivelycalled“Investments”),orpurchaseorotherwiseacquire(inonetransactionoraseriesoftransactions)anyassetsofanyotherPersonthatconstituteabusinessunit,orcreateorformanySubsidiary,except:

(a) Investments (other than Permitted Investments) existing on the date hereof and set forth on Schedule 7.4 (includingInvestmentsinSubsidiaries);

(b) PermittedInvestments;

(c) GuaranteesbyParentanditsSubsidiariesconstitutingIndebtednesspermittedbySection7.1;providedthattheaggregateprincipalamountofIndebtednessofSubsidiariesofParentthatarenotSubsidiaryLoanPartiesthatisGuaranteedbyanyLoanPartyshallbesubjecttothelimitationsetforthinsubsection(d)ofthisSection;

(d) Investments(otherthanAcquisitions)madebyParent,theBorroweroranySubsidiaryLoanPartyinortoanySubsidiaryandbyanySubsidiarytotheBorrowerorinortoanotherSubsidiary;providedthat,withrespecttoanyInvestmentinanySubsidiarythatisnotaLoanParty,(i)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingatthetimesuchInvestmentismadeorwouldresulttherefromand(ii)theaggregate amount of Investments by the LoanParties in or to any Subsidiary that is not a LoanParty (including all such Investments existing on theRestatementDate)shallnotexceed$30,000,000atanytimeoutstanding;

(e) loansoradvancestoemployees,officersordirectorsofParentoranyofitsSubsidiariesintheordinarycourseofbusinessfor travel, relocation and related expenses;providedthat the aggregate amount of all such loans and advances does not exceed $500,000 at any timeoutstanding;

(f) HedgingTransactionspermittedbySection7.10;

(g) PermittedAcquisitions;

(h) Investments(otherthanAcquisitionsandInvestmentsdescribedinclause(d)ofthisSection7.4)byParentoranyofitsSubsidiarieswhichintheaggregatedonotexceed$25,000,000atanytimeoutstanding;provided,thatnoDefaultorEventofDefaultshallhaveoccurredandbecontinuingatthetimesuchInvestmentismadeorwouldresulttherefrom;

(i) anytransactionsdeemedtobeInvestmentsarisinginconnectionwithanydissolutionorreorganizationofanySubsidiarypermittedunderSection7.3,solongasnocashorothertangiblepropertyisinvestedinsuchSubsidiary;

(j) Investmentsconsistingoftheacquisitionofpropertyintheordinarycourseofbusiness(otherthanAcquisitions);

(k) Investmentsinsecuritiesoftradecreditorsorcustomersintheordinarycourseofbusinessthatarereceivedinsettlementof bonafide disputes or pursuant to anyplanof reorganization or liquidation or similar arrangement uponthebankruptcyor insolvencyof suchtradecreditorsorcustomers;

(l) Investments(otherthanAcquisitionsandInvestmentsdescribedinclause(d)ofthisSection7.4)andmadeinaccordancewithanywritteninvestmentpolicyofParentapprovedbytheboardofdirectorsofParentpriortotheRestatementDate, withsuchchangestheretoasadopted in good faith by the board of directors of Parent fromtime to time after the Restatement Date (so long as any such changes to the types ofinvestmentspermittedpursuanttothepolicyaregenerallyconsistentwiththetypesofinvestmentssetforthinthewritteninvestmentpolicydeliveredtotheAdministrativeAgentandtheLendersontheRestatementDate);

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(m) nominal capital contributions made in connection with and in furtherance of the formation of any newSubsidiaries aspermittedhereunder;

(n) Investments consisting of accounts receivable owing to any of Parent, the Borrower, or such Subsidiary if created oracquiredintheordinarycourseofbusinessandpayableordischargeableinaccordancewithcustomaryterms;

(o) contributionstotheLendingTreeFoundationinanaggregateamountnottoexceed$25,000,000atanytimeoutstanding;provided,thatnoDefaultorEventofDefaultshallhaveoccurredandbecontinuingatthetimesuchInvestmentismadeorwouldresulttherefrom;

(p) otherInvestments(otherthanAcquisitionsandInvestmentsdescribedinclause(d)ofthisSection7.4)byParentoranyofitsSubsidiarieswhichintheaggregatesolongas(i)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingatthetimesuchInvestmentismadeorwouldresulttherefrom,and(ii)aftergivingeffecttosuchInvestment,theConsolidatedTotalNetLeverageRatioislessthanorequalto3.00to1.00,calculatedonaProFormaBasisasofthelastdayofthemostrecentlyendedFiscalQuarterforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b);and

(q) thepurchaseofthePermittedBondHedgeTransactionbytheParentandtheperformanceofitsobligationsthereunder.

Parentwillnotcreate,form,purchase,acquire,orotherwisesuffertoexistanydirectSubsidiaryotherthantheBorrower.

ForpurposesofdeterminingtheamountofanyInvestmentoutstandingforpurposesofthisSection7.4,suchamountshallbedeemedtobethecostofsuchInvestmentwhenmade,purchasedoracquired,netofanyamountrepresentingreturnof(butnotreturnon)suchInvestmentandwithoutregardtoanyforgivenessofIndebtedness.Fortheavoidanceofdoubt,(x)ifanyInvestmentmeetsthecriteriasetforthinmorethanoneofclauses(a)through(q)ofthisSection7.4thentheBorrowermayclassifyorreclassifysuchInvestmentinanymannerthatcomplieswiththisSection7.4andsuchInvestmentshallbetreatedashavingbeenpermittedpursuanttoonlyoneoftheclausesofthisSection7.4and(y)anyInvestmentmeetingthecriteriasetforthinmorethanoneofclauses(a)through(q)ofthisSection7.4maybedividedandclassifiedamongmorethanoneoftheclausesofthisSection7.4.

Section 7.5 Restricted Payments .ParentandtheBorrowerwillnot,andwillnotpermitanyoftheirrespectiveSubsidiariesto,declareormake,oragreetopayormake,directlyorindirectly,anyRestrictedPayment,except:

(a) dividendspayablebyParentsolelyininterestsofanyclassofitscommonequity;

(b) RestrictedPaymentsmadebyanySubsidiarytoParentortoanotherSubsidiary,onatleastapro rata basiswithanyothershareholdersifsuchSubsidiaryisnotwhollyownedbyParentandotherwhollyownedSubsidiariesofParent;

(c) RestrictedPaymentsmadepursuanttoandinaccordancewithstockoptionplansorotherbenefitplansformanagementoremployeesofParentandtheSubsidiaries;

(d) PermittedTaxDistributions;

(e) RestrictedPaymentsfromtheBorrowertoParentsolelyforthepurposeofthepaymentbyParentofprincipalandinterestonIndebtednessofParent(totheextentsuchIndebtednessandsuchpaymentsarepermittedhereunder)solongas(i)noDefaultorEventofDefaulthasoccurredandiscontinuingand(ii)theaggregateamountofsuchRestrictedPaymentsdoesnotexceed$500,000perFiscalYear;

(f) otherRestrictedPaymentsmadebyParentoranySubsidiaryofParentsolongas(i)theaggregateamountofRestrictedPaymentsmadepursuanttothisclause(f)sinceJanuary1,2017,doesnotexceedthesumof(A)$75,000,000,plus(B)50%ofcumulativeExcessCashFlowfortheperiodcommencingonJanuary1,2017,andendingonthefirstdayofthemostrecentFiscalYearbeginningbeforesuchRestrictedPaymentismade,plus(C)theSpecifiedCashContributionAmount,plus(D)additionalamountssolongastheConsolidatedTotalNetLeverageRatioislessthanorequalto2.50to1.00,calculatedonaProFormaBasisasofthelastdayofthemostrecentlyendedFiscalQuarterforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b),(ii)noDefaultorEventofDefaultshallhaveoccurredandbecontinuingatthetimesuchRestrictedPaymentismade,and(iii)aftergivingeffecttosuchRestrictedPayment,theLoanPartiesshallhaveLiquidityofatleast$20,000,000;

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(g) theParentmaymakeanypaymentsand/ordeliveriesrequiredbythetermsof,andotherwiseperformitsobligationsunder,the Specified Convertible Indebtedness (including, without limitation, making payments of interest and principal thereon, making payments due uponrequiredrepurchasethereofand/ormakingpaymentsanddeliveriesdueuponconversionthereof);

(h) the Parent maypay the premiumin respect of, andotherwise performits obligations under, the Permitted BondHedgeTransaction;and

(i) theParentmaymakeanypaymentsand/ordeliveriesrequiredbythetermsof,andotherwiseperformitsobligationsunder,the Permitted Warrant Transaction (including, without limitation, making payments and/or deliveries due upon exercise and settlement or terminationthereof).

Section 7.6 Sale of Assets .ParentandtheBorrowerwillnot,andwillnotpermitanyoftheirrespectiveSubsidiariesto,convey,sell,lease,assign,transferorotherwisedisposeofanyoftheirassets,businessorpropertyor,inthecaseofanySubsidiary,anysharesofsuchSubsidiary’sCapitalStock,ineachcasewhethernowownedorhereafteracquired,toanyPersonotherthanParent,theBorroweroraSubsidiaryLoanParty(ortoqualifydirectorsifrequiredbyapplicablelaw),except:

(a) the sale or other disposition for fair market value of obsolete or worn out property or other property not necessary foroperationsdisposedofintheordinarycourseofbusiness;

(b) thesaleofequipmentandinventoryandPermittedInvestmentsintheordinarycourseofbusiness;

(c) sales,transfersandotherdispositions(i)toaLoanPartyor(ii)amonganySubsidiariesthatarenotLoanParties;

(d) licenses,sublicenses,leasesandsubleasesthatdonotinterfereinanymaterialrespectwiththebusinessofParentoranySubsidiary;

(e) salesordiscountsofaccountsreceivableinconnectionwiththecompromiseorcollectionthereofintheordinarycourseofbusiness;

(f) anydispositionofpropertyasaresultofacasualtyevent;

(g) anydispositionpermittedunderSections7.1,7.4,7.5or7.7andanyLienspermittedunderSection7.2;

(h) any disposition permitted under Section 7.3 , including, without limitation, (A) any exchange of assets betweenSubsidiariesoftheBorrowerenteredintoasaresultofanysuchdispositionand(B)anymerger,consolidation,disposition,liquidation,ordissolutionbyanySubsidiaryofParentwhichisnotaMaterialSubsidiary;

(i) the sale or other disposition of assets so long as, at the time of such disposition, (i) no Default or Event of Default hasoccurredandiscontinuingorwouldresulttherefrom,and(ii)aftergivingeffecttosuchdisposition,ParentanditsSubsidiariesareincompliancewiththefinancialcovenantsetforthinArticleVI,calculatedonaProFormaBasisasofthelastdayofthemostrecentlyendedFiscalQuarterforwhichfinancialstatementsarerequiredtohavebeendeliveredpursuanttoSection5.1(a)or(b);or

(j) theunwindingorterminationofthePermittedBondHedgeTransactionbytheParentandtheperformanceofitsobligationsthereunder.

Section 7.7 Transactions with Affiliates .ParentandtheBorrowerwillnot,andwillnotpermitanyoftheirrespectiveSubsidiariesto,sell, leaseorotherwisetransferanypropertyorassetsto, orpurchase,leaseorotherwiseacquireanypropertyorassetsfrom,orotherwiseengageinanyothertransactionswith,anyoftheirrespectiveAffiliates,except:

(a) intheordinarycourseofbusinessatpricesandontermsandconditionsnotlessfavorabletoParent,theBorrowerorsuchSubsidiarythancouldbeobtainedonanarm’s-lengthbasisfromunrelatedthirdparties;

(b) transactions betweenor amongoneor moreof Parent, theBorrowerandtheSubsidiaryLoanParties not involvinganyotherAffiliates;

(c) anyRestrictedPaymentpermittedbySection7.5;

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(d) transactionsbetweenoramongParentortheBorrowerandanyoftheirAffiliatesexistingonthedatehereofandsetforthonSchedule7.5;

(e) reasonableandcustomarydirector,officerandemployeecompensation(includingbonuses)andotherbenefits(includingretirement, health,stockoptionandotherbenefit plans)andindemnificationarrangementsenteredintointheordinarycourseofbusiness,ineachcaseapprovedbytheboardofdirectorsofParentoranyofitsSubsidiaries;

(f) reasonable and documented expense reimbursements for out-of-pocket expenses incurred by officers, managers anddirectorsofParentoranyofitsSubsidiariesinconnectionwiththeirservicesprovidedtoParentorsuchSubsidiary;

(g) employmentagreementsenteredintobyParentoranyofitsSubsidiaryintheordinarycourseofbusiness;

(h) anytransactionspermittedbySection7.3(a);

(i) anyInvestmentspermittedbySections7.4(c),(d),(e),(i),or(o);and

(j) anydispositionofassetspermittedbySection7.6(h).

Section 7.8 Restrictive Agreements . Parent andthe Borrower will not, andwill not permit anyof their respective Subsidiaries to,directlyorindirectly,enterinto,incurorpermittoexistanyagreementthatprohibits,restrictsorimposesanyconditionupon(a)theabilityofParentoranyofParent’Subsidiariestocreate,incurorpermitanyLienuponanyofitsassetsorproperties,whethernowownedorhereafteracquired,or(b)theabilityofanyofitsSubsidiariestopaydividendsorotherdistributionswithrespecttoitsCapitalStock,tomakeorrepayloansoradvancestoParentoranyotherSubsidiarythereof,toGuaranteeIndebtednessofParentoranyotherSubsidiarythereofortotransferanyofitspropertyorassetstoParentoranyotherSubsidiarythereof;providedthat(i)theforegoingshallnotapplytorestrictionsorconditionsimposedbylaworbythisAgreementoranyotherLoanDocument,(ii)theforegoingshallnotapply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions andconditionsapplyonlytotheSubsidiarythatissoldandsuchsaleispermittedhereunder,(iii)clause(a)shallnotapplytorestrictionsorconditionsimposedbyanyagreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing suchIndebtedness,(iv)clause(a)shallnotapplytocustomaryprovisionsinleasesandothercontractsrestrictingtheassignmentthereof,(v)clause(a)shallnot,inthecaseofanynon-whollyownedSubsidiary,applytocustomaryprovisionsinsuchSubsidiary’sorganizationdocumentsthatrestrictthetransferofsuchSubsidiary’sEquity Interests, and (vi) clause (a) shall not apply to restrictions on cash deposits permitted hereunder and which are imposed by Parent’ or its Subsidiaries’suppliers,serviceprovidersandlandlords.

Section 7.9 Sale and Leaseback Transactions . Parent and the Borrower will not, and will not permit any of their respectiveSubsidiariesto,enterintoanyarrangement,directlyorindirectly,wherebytheyshallsellortransferanyproperty,realorpersonal,usedorusefulinitsbusiness,whethernowownedorhereinafteracquired,andthereafterrentorleasesuchpropertyorotherpropertythattheyintendtouseforsubstantiallythesamepurposeorpurposesasthepropertysoldortransferred(eachsuchtransaction,a“Sale/LeasebackTransaction”).

Section 7.10 Hedging Transactions . Parent andthe Borrower will not, andwill not permit anyof their respective Subsidiaries to,enter intoanyHedgingTransaction, other than(x) HedgingTransactions enteredintobyParent or anyof its Subsidiaries intheordinarycourseof business tohedgeormitigateriskstowhichParentoranyofitsSubsidiariesisexposedintheconductofitsbusinessorthemanagementofitsliabilities,(y)thePermittedBond Hedge Transaction or (z) the Permitted Warrant Transaction. Solely for the avoidance of doubt, Parent and the Borrower acknowledge that a HedgingTransactionenteredintoforspeculativepurposesorofaspeculativenature(whichshallbedeemedtoincludeanyHedgingTransactionunderwhichParentoranyofitsSubsidiariesisormaybecomeobligedtomakeanypayment(i)inconnectionwiththepurchasebyanythirdpartyofanyCapitalStockoranyIndebtednessor(ii) asaresult ofchangesinthemarketvalueofanyCapital StockoranyIndebtedness)is notaHedgingTransactionenteredintointheordinarycourseofbusinesstohedgeormitigaterisks.

Section 7.11 Amendment to Organizational Documents . Parent and the Borrower will not, and will not permit any of theirrespective Subsidiaries to, amend, modify or waive any of their respective rights under its certificate of incorporation, articles of organization, bylaws, limitedliability company agreement, or other organizational documents in any manner materially adverse to the Secured Parties or the Parent, the Borrower, or theirrespectiveSubsidiaries.

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Section 7.12 Accounting Changes .ParentandtheBorrowerwillnot,andwillnotpermitanyoftheirrespectiveSubsidiariesto,makeanysignificantchangeinaccountingtreatmentorreportingpractices,exceptasrequiredbyGAAP,orchangethefiscalyearofParentorofanyofitsSubsidiaries,excepttochangethefiscalyearofaSubsidiarytoconformitsfiscalyeartothatofParent.

Section 7.13 Sanctions and Anti-Corruption Laws . Parent andthe Borrower will not, andwill not permit anyof their respectiveSubsidiariesto,requestanyLoanorLetterofCreditor,directlyorindirectly,usetheproceedsofanyLoanoranyLetterofCredit,orlend,contributeorotherwisemakeavailablesuchproceedstoanysubsidiary,jointventurepartnerorotherPerson(i)tofundanyactivitiesorbusinessoforwithanyPerson,orinanycountryor territory, that, at the timeof suchfunding, is, or whose government is, the subject of Sanctions, (ii) in anyother manner that would result in a violation ofSanctionsbyanyPerson(includinganyPersonparticipatingintheLoans,whetherasSoleArranger,theAdministrativeAgent,anyLender(includingaSwinglineLender),theIssuingBank,underwriter,advisor,investororotherwise),or(iii)infurtheranceofanoffer,payment,promisetopayorauthorizationofthepaymentorgivingofmoneyoranythingelseofvaluetoanyPersoninviolationofapplicableAnti-CorruptionLaws.

ARTICLE VIII

EVENTS OF DEFAULT

Section 8.1 Events of Default .Ifanyofthefollowingevents(each,an“EventofDefault”)shalloccur:

(a) ParentortheBorrowershallfailtopayanyprincipalofanyLoanorofanyreimbursementobligationinrespectofanyLCDisbursement,whenandasthesameshallbecomedueandpayable,whetherattheduedatethereoforatadatefixedforprepaymentorotherwise;or

(b) ParentortheBorrowershallfail topayanyinterestonanyLoanoranyfeeoranyotheramount(otherthananamountpayable under subsection (a) of this Section or an amount related to a Bank Product Obligation) payable under this Agreement or any other LoanDocument,whenandasthesameshallbecomedueandpayable,andsuchfailureshallcontinueunremediedforaperiodofthree(3)BusinessDays;or

(c) any representation or warranty made or deemed made by or on behalf of Parent or any of its Subsidiaries in or inconnection with this Agreement or any other Loan Document (including the Schedules attached hereto and thereto), or in any amendments ormodificationshereoforwaivershereunder,orinanycertificate,report,financialstatementorotherdocumentsubmittedtotheAdministrativeAgentortheLendersbyanyLoanPartyoranyrepresentativeofanyLoanPartypursuanttoorinconnectionwiththisAgreementoranyotherLoanDocumentshallprovetobeincorrectinanymaterialrespect(otherthananyrepresentationorwarrantythatisexpresslyqualifiedbyaMaterialAdverseEffectorothermateriality,inwhichcasesuchrepresentationorwarrantyshallprovetobeincorrectinanyrespect)whenmadeordeemedmadeorsubmitted;or

(d) Parent or theBorrowershall fail to observeor performanycovenant or agreement containedinSection5.1,5.2,5.3(withrespecttotheBorrower’slegalexistence),5.9(withrespecttotheuseofproceedsoftheLoans),orArticleVIorVII;or

(e) anyLoanPartyshallfailtoobserveorperformanycovenantoragreementcontainedinthisAgreement(otherthanthosereferredtoinsubsections(a),(b)and(d)ofthisSection)oranyotherLoanDocumentorrelatedtoanyBankProductObligation,andsuchfailureshallremainunremediedfor30daysaftertheearlierof(i)anyofficerofParentortheBorrowerbecomesawareofsuchfailure,or(ii)noticethereofshallhavebeengiventoParentortheBorrowerbytheAdministrativeAgentoranyLender;or

(f) [IntentionallyOmitted.]

(g) (i) Parent or any of its Subsidiaries (whether as primary obligor or as guarantor or other surety) shall fail to pay anyprincipalof,orpremiumorintereston,anyMaterialIndebtedness(otherthananyHedgingObligation)thatisoutstanding,whenandasthesameshallbecomedueandpayable(whetheratscheduledmaturity,requiredprepayment,acceleration,demandorotherwise),andsuchfailureshallcontinueaftertheapplicablegraceperiod,ifany,specifiedintheagreementorinstrumentevidencingorgoverningsuchIndebtedness;oranyothereventshalloccurorconditionshallexistunderanyagreementorinstrumentrelatingtoanyMaterialIndebtednessandshallcontinueaftertheapplicablegraceperiod,ifany,specified in suchagreement or instrument, if the effect of such event or condition is to accelerate, or permit the acceleration of, the maturity of suchIndebtedness(otherthan(x)anyeventthatpermitsholders

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oftheSpecifiedConvertibleIndebtednesstoconvertsuchIndebtednessor(y)theconversionoftheSpecifiedConvertibleIndebtedness,ineithercase,intocommonstockoftheParent(orothersecuritiesorpropertyfollowingamergerevent,reclassificationorotherchangeofthecommonstockoftheParent), cash or a combination thereof); or anyMaterial Indebtedness shall be declared to be due andpayable, or required to be prepaid or redeemed(otherthanbyaregularlyscheduledrequiredprepaymentorredemption),purchasedordefeased,oranyoffertoprepay,redeem,purchaseordefeasesuchIndebtednessshallberequiredtobemade,ineachcasepriortothestatedmaturitythereof(otherthan(x)anyeventthatpermitsholdersoftheSpecifiedConvertibleIndebtednesstoconvertsuchIndebtednessor(y)theconversionoftheSpecifiedConvertibleIndebtedness,ineithercase,intocommonstockof theParent (or other securities or property followinga merger event, reclassification or other changeof thecommonstockof theParent), cashor acombinationthereof)or(ii)thereoccursunderanyHedgingTransactionanEarlyTerminationDate(asdefinedinsuchHedgeTransaction)resultingfrom(A)anyeventofdefaultundersuchHedgingTransactionastowhichParentoranyofitsSubsidiariesistheDefaultingParty(asdefinedinsuchHedgingTransaction)andtheHedgeTerminationValueowedbyParentorsuchSubsidiaryasaresultthereofisgreaterthantheThresholdAmountor(B)anyTermination Event (as so defined) under suchHedgingTransaction as to whichParent or anySubsidiary is an Affected Party (as so defined) andtheHedgeTerminationValueowedbyParentorsuchSubsidiaryasaresultthereofisgreaterthantheThresholdAmountandisnotpaid;or

(h) Parent or any of its Material Subsidiaries shall (i) commence a voluntary case or other proceeding or file any petitionseekingliquidation,reorganizationorotherreliefunderanyfederal,stateorforeignbankruptcy,insolvencyorothersimilarlawnoworhereafterineffectorseekingtheappointmentofacustodian,trustee,receiver,liquidatororothersimilarofficialofitoranysubstantialpartofitsproperty,(ii)consenttotheinstitutionof,orfailtocontestinatimelyandappropriatemanner,anyproceedingorpetitiondescribedinsubsection(i)ofthisSection,(iii)applyforor consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for Parent or any such Material Subsidiary or for asubstantialpartofitsassets,(iv)fileanansweradmittingthematerialallegationsofapetitionfiledagainstitinanysuchproceeding,(v)makeageneralassignmentforthebenefitofcreditors,or(vi)takeanyactionforthepurposeofeffectinganyoftheforegoing;or

(i) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,reorganizationorotherreliefinrespectofParentoranyofitsMaterialSubsidiariesoritsdebts,oranysubstantialpartofitsassets,underanyfederal,stateorforeignbankruptcy,insolvencyorothersimilarlawnoworhereafterineffector(ii)theappointmentofacustodian,trustee,receiver,liquidatororothersimilarofficialforParentoranyofitsMaterialSubsidiariesorforasubstantialpartofitsassets,andinanysuchcase,suchproceedingorpetitionshallremainundismissedforaperiodof60daysoranorderordecreeapprovingororderinganyoftheforegoingshallbeentered;or

(j) ParentoranyofitsMaterialSubsidiariesshallbecomeunabletopay,shalladmitinwritingitsinabilitytopay,orshallfailtopay,itsdebtsastheybecomedue;or

(k) (i) an ERISAEvent shall have occurred that, whentakentogether with other ERISAEvents that have occurred, wouldreasonablybeexpectedtoresult inaMaterial AdverseEffect, (ii) thereisorarisesanUnfundedPensionLiability(nottakingintoaccountPlanswithnegativeUnfundedPensionLiability)whichwouldreasonablybeexpectedtoresultinaMaterialAdverseEffect,or(iii)thereisorarisesanypotentialWithdrawalLiabilitywhichwouldreasonablybeexpectedtoresultinaMaterialAdverseEffect;or

(l) anyjudgmentororderforthepaymentofmoneyinexcessoftheThresholdAmountintheaggregate(totheextentnotpaidorcoveredbyinsuranceastowhichtheapplicableinsurancecompanyissolventandhasnotdisputedcoverage)shallberenderedagainstParentoranyofitsSubsidiaries,andeither(i)enforcementproceedingsshallhavebeencommencedbyanycreditoruponsuchjudgmentororderor(ii)thereshallbeaperiodof30consecutivedaysduringwhichastayofenforcementofsuchjudgmentororder,byreasonofapendingappealorotherwise,shallnotbeineffect;or

(m) anynon-monetaryjudgmentorordershallberenderedagainstParentoranyofitsSubsidiariesthatcouldreasonablybeexpected,eitherindividuallyorintheaggregate,tohaveaMaterialAdverseEffect,andthereshallbeaperiodof30consecutivedaysduringwhichastayofenforcementofsuchjudgmentororder,byreasonofapendingappealorotherwise,shallnotbeineffect;or

(n) aChangeinControlshalloccurorexist;or

(o) any provision of the Guaranty and Security Agreement, any other Collateral Document or any other material LoanDocumentshallforanyreasonceasetobevalidandbindingon,orenforceableagainst,anyLoan

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Party,oranyLoanPartyshallsostateinwriting,oranyLoanPartyshallseektoterminateitsobligationundertheGuarantyandSecurityAgreement,anyotherCollateralDocumentoranyothermaterialLoanDocument(otherthanthereleaseofanyguarantyorcollateraltotheextentpermittedpursuanttoSection9.11);or

(p) anyLienpurportedtobecreatedunderanyCollateralDocumentshallfailorceasetobe,orshallbeassertedbyanyLoanPartynottobe,avalidandperfectedLienonanyCollateral,withthepriorityrequiredbytheapplicableCollateralDocuments;

then, and in every such event (other than an event with respect to Parent or the Borrower described in subsection (h) or (i) of this Section) and at any timethereafter during the continuance of such event, the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to theBorrower,takeanyorallofthefollowingactions,atthesameordifferenttimes:(i)terminatetheCommitments,whereupontheCommitmentofeachLendershallterminateimmediately,(ii)declaretheprincipalofandanyaccruedinterestontheLoans,andallotherObligationsowinghereunder,tobe,whereuponthesameshallbecome,dueandpayableimmediately,withoutpresentment,demand,protestorothernoticeofanykind,allofwhichareherebywaivedbyParentandtheBorrower,(iii)exerciseallremediescontainedinanyotherLoanDocument,and(iv)exerciseanyotherremediesavailableatlaworinequity;providedthat,ifanEvent of Default specified in either subsection (h) or (i) shall occur, the Commitments shall automatically terminate and the principal of the Loans thenoutstanding, together with accruedinterest thereon, andall fees andall other Obligations (other than(A) HedgingObligations owedbyanyLoanParty to anyLender-RelatedHedgeProviderand(B)BankProductObligations)shall automaticallybecomedueandpayable, withoutpresentment, demand,protest orothernoticeofanykind,allofwhichareherebywaivedbyParentandtheBorrower.

Section 8.2 Application of Proceeds from Collateral .Allproceedsfromeachsaleof,orotherrealizationupon,alloranypartoftheCollateralbyanySecuredPartyafteranEventofDefaultarisesshallbeappliedasfollows:

(a) first,tothereimbursableexpensesoftheAdministrativeAgentincurredinconnectionwithsuchsaleorotherrealizationupontheCollateral,untilthesameshallhavebeenpaidinfull;

(b) second,tothefeesandotherreimbursableexpensesoftheAdministrativeAgent,theSwinglineLenderandtheIssuingBankthendueandpayablepursuanttoanyoftheLoanDocuments,untilthesameshallhavebeenpaidinfull;

(c) third,toallreimbursableexpenses,ifany,oftheLendersthendueandpayablepursuanttoanyoftheLoanDocuments,untilthesameshallhavebeenpaidinfull;

(d) fourth,tothefeesandinterestthendueandpayableunderthetermsofthisAgreement,untilthesameshallhavebeenpaidinfull;

(e) fifth,totheaggregateoutstandingprincipalamountoftheLoans,theLCExposure,theBankProductObligationsandtheHedgeTerminationValueoftheHedgingObligationsthatconstituteObligations,untilthesameshallhavebeenpaidinfull,allocatedpro rata amongtheSecuredParties basedontheir respectivepro rata sharesof theaggregateamountof suchLoans, LCExposure, BankProduct ObligationsandHedgeTerminationValueofsuchHedgingObligations;

(f) sixth,toadditionalcashcollateralfortheaggregateamountofalloutstandingLettersofCredituntiltheaggregateamountofallcashcollateralheldbytheAdministrativeAgentpursuanttothisAgreementisatleast105%oftheLCExposureaftergivingeffecttotheforegoingclausefifth;and

(g) seventh,totheextentanyproceedsremain,totheBorrowerorasotherwiseprovidedbyacourtofcompetentjurisdiction.

AllamountsallocatedpursuanttotheforegoingclausesthirdthroughfifthtotheLendersasaresultofamountsowedtotheLendersundertheLoanDocumentsshallbeallocatedamong,anddistributedto,theLenderspro rata basedontheirrespectiveProRataShares;providedthatallamountsallocatedtothat portionoftheLCExposurecomprisedoftheaggregate undrawnamount of all outstandingLetters of Credit pursuant toclauses fifthandsixthshallbedistributedtotheAdministrativeAgent,ratherthantotheLenders,andheldbytheAdministrativeAgentinanaccountinthenameoftheAdministrativeAgentforthebenefitoftheIssuingBankandtheLendersascashcollateralfortheLCExposure,suchaccounttobeadministeredinaccordancewithSection2.22(g).AllcashcollateralforLCExposureshallbeappliedtosatisfydrawingsundertheLettersofCreditastheyoccur;ifanyamountremainsondepositoncashcollateralafteralllettersofcredithaveeitherbeenfullydrawnorexpired,suchremainingamountshallbeappliedtootherObligations,ifany,intheordersetforthabove.

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Notwithstandingtheforegoing,(a)noamountreceivedfromanyGuarantor(includinganyproceedsofanysaleof,orotherrealizationupon,alloranypartoftheCollateralownedbysuchGuarantor)shallbeappliedtoanyExcludedSwapObligationofsuchGuarantorand(b)BankProductObligationsandHedgingObligationsshallbeexcludedfromtheapplicationdescribedaboveiftheAdministrativeAgenthasnotreceivedwrittennoticethereof,togetherwithsuchsupportingdocumentationastheAdministrativeAgentmayrequest,fromtheBankProductProviderortheLender-RelatedHedgeProvider,asthecasemaybe.EachBankProductProviderorLender-RelatedHedgeProviderthathasgiventhenoticecontemplatedbytheprecedingsentenceshall,bysuchnotice,bedeemedto have acknowledgedandaccepted the appointment of the Administrative Agent pursuant to the termsofArticleIXhereof for itself andits Affiliates as if a“Lender”partyhereto.

ARTICLE IX

THE ADMINISTRATIVE AGENT

Section 9.1 Appointment of the Administrative Agent .

(a) EachLenderirrevocablyappointsSunTrustBankastheAdministrativeAgentandauthorizesittotakesuchactionsonitsbehalfandtoexercisesuchpowersasaredelegatedtotheAdministrativeAgentunderthisAgreementandtheotherLoanDocuments,togetherwithallsuchactionsandpowersthatarereasonablyincidentalthereto.TheAdministrativeAgentmayperformanyofitsdutieshereunderorundertheotherLoanDocumentsbyorthroughanyoneormoresub-agentsorattorneys-in-factappointedbytheAdministrativeAgent.TheAdministrativeAgentandanysuchsub-agent or attorney-in-fact may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. Theexculpatory provisions set forth in this Article shall apply to any such sub-agent, attorney-in-fact or Related Party and shall apply to their respectiveactivitiesinconnectionwiththesyndicationofthecreditfacilitiesprovidedforhereinaswellasactivitiesastheAdministrativeAgent.

(b) TheIssuingBankshallactonbehalfoftheLenderswithrespecttoanyLettersofCreditissuedbyitandthedocumentsassociatedtherewithuntilsuchtimeandexceptforsolongastheAdministrativeAgentmayagreeattherequestoftheRequiredLenderstoactfortheIssuingBankwithrespectthereto;providedthattheIssuingBankshallhaveallthebenefitsandimmunities(i)providedtotheAdministrativeAgentinthisArticlewithrespecttoanyactstakenoromissionssufferedbytheIssuingBankinconnectionwithLettersofCreditissuedbyitorproposedtobeissuedbyitandtheapplicationandagreementsforlettersofcreditpertainingtotheLettersofCreditasfullyasiftheterm“AdministrativeAgent”asusedinthisArticleincludedtheIssuingBankwithrespecttosuchactsoromissionsand(ii)asadditionallyprovidedinthisAgreementwithrespecttotheIssuingBank.

(c) Itisunderstoodandagreedthattheuseoftheterm“agent”hereinorinanyotherLoanDocument(oranysimilarterm)withreferencetotheAdministrativeAgentisnotintendedtoconnoteanyfiduciaryorotherimplied(orexpress)obligationsarisingunderagencydoctrineof any applicable law. Instead such termis used as a matter of market customand is intended to create or reflect only an administrative relationshipbetweencontractingparties.

Section 9.2 Nature of Duties of the Administrative Agent .TheAdministrativeAgentshallnothaveanydutiesorobligationsexceptthoseexpresslysetforthinthisAgreementandtheotherLoanDocuments.Withoutlimitingthegeneralityoftheforegoing,(a)theAdministrativeAgentshallnotbesubjecttoanyfiduciaryorotherimpliedduties,regardlessofwhetheraDefaultoranEventofDefaulthasoccurredandiscontinuing,(b)theAdministrativeAgent shall not have any duty to take any discretionary action or exercise any discretionary powers, except those discretionary rights and powers expresslycontemplatedbytheLoanDocumentsthattheAdministrativeAgentisrequiredtoexerciseinwritingbytheRequiredLenders(orsuchothernumberorpercentageoftheLendersasshallbenecessaryunderthecircumstancesasprovidedinSection10.2),providedthattheAdministrativeAgentshallnotberequiredtotakeanyactionthat,initsopinionortheopinionofitscounsel,mayexposetheAdministrativeAgenttoliabilityorthatiscontrarytoanyLoanDocumentorapplicablelaw,includingfortheavoidanceofdoubtanyactionthatmaybeinviolationoftheautomaticstayunderanyDebtorReliefLaworthatmayeffectaforfeiture,modificationorterminationofpropertyofaDefaultingLenderinviolationofanyDebtorReliefLaw;and(c)exceptasexpresslysetforthintheLoanDocuments,theAdministrativeAgentshallnothaveanydutytodisclose,andshallnotbeliableforthefailuretodisclose,anyinformationrelatingtoParent,BorroweroranyofitsSubsidiariesthatiscommunicatedtoorobtainedbytheAdministrativeAgentoranyofitsAffiliatesinanycapacity.TheAdministrativeAgentshallnotbeliableforanyactiontakenornottakenbyit,itssub-agentsoritsattorneys-in-factwiththeconsentorattherequestoftheRequiredLenders(orsuchothernumberorpercentageoftheLendersasshallbenecessaryunderthecircumstancesasprovidedinSection10.2)orintheabsenceofitsowngrossnegligenceorwillfulmisconduct as determined by a court of competent jurisdiction in a final non-appealable judgment. The Administrative Agent shall not be responsible for thenegligenceormisconductofanysub-agentsorattorneys-in-factexcepttotheextentthatacourtofcompetentjurisdictiondeterminesinafinalandnon-appelablejudgmentthattheAdministrativeAgent

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actedwithgrossnegligenceorwillfulmisconductintheselectionofsuchsub-agents.TheAdministrativeAgentshallnotbedeemedtohaveknowledgeofanyDefaultorEventofDefaultunlessanduntilwrittennoticethereof(whichnoticeshallincludeanexpressreferencetosucheventbeinga“Default”or“EventofDefault”hereunder)isgiventotheAdministrativeAgentbyParentoranyLender,andtheAdministrativeAgentshallnotberesponsiblefororhaveanydutytoascertainorinquireinto(i)anystatement,warrantyorrepresentationmadeinorinconnectionwithanyLoanDocument,(ii)thecontentsofanycertificate,reportor other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,agreements,orothertermsandconditionssetforthinanyLoanDocument,(iv)thevalidity,enforceability,effectivenessorgenuinenessofanyLoanDocumentoranyotheragreement, instrumentordocument, or(v)thesatisfactionofanyconditionsetforthinArticleIIIorelsewhereinanyLoanDocument, otherthantoconfirm receipt of items expressly required to be delivered to the Administrative Agent. The Administrative Agent may consult with legal counsel (includingcounselforParentandtheBorrower)concerningallmatterspertainingtosuchduties.

Section 9.3 Lack of Reliance on the Administrative Agent . Each of the Lenders, the Swingline Lender and the Issuing Bankacknowledgesthatithas,independentlyandwithoutrelianceupontheAdministrativeAgent,theIssuingBankoranyotherLenderandbasedonsuchdocumentsandinformationasithasdeemedappropriate,madeitsowncreditanalysisanddecisiontoenterintothisAgreement.EachoftheLenders,theSwinglineLenderandtheIssuingBankalsoacknowledgesthatitwill,independentlyandwithoutrelianceupontheAdministrativeAgent,theIssuingBankoranyotherLenderandbasedonsuchdocumentsandinformationasithasdeemedappropriate,continuetomakeitsowndecisionsintakingornottakinganyactionunderorbasedonthisAgreement,anyrelatedagreementoranydocumentfurnishedhereunderorthereunder.

Section 9.4 Certain Rights of the Administrative Agent . If theAdministrativeAgentshall requestinstructionsfromtheRequiredLenderswithrespecttoanyactionoractions(includingthefailuretoact)inconnectionwiththisAgreement,theAdministrativeAgentshallbeentitledtorefrainfromsuchactortakingsuchactunlessanduntilitshallhavereceivedinstructionsfromsuchLenders,andtheAdministrativeAgentshallnotincurliabilitytoanyPersonbyreasonofsorefraining.Withoutlimitingtheforegoing,noLendershallhaveanyrightofactionwhatsoeveragainsttheAdministrativeAgentasaresultoftheAdministrativeAgentactingorrefrainingfromactinghereunderinaccordancewiththeinstructionsoftheRequiredLenderswhererequiredbythetermsofthisAgreement.

Section 9.5 Reliance by the Administrative Agent .TheAdministrativeAgentshallbeentitledtorelyupon,andshallnotincuranyliabilityforrelyingupon,anynotice,request,certificate,consent,statement,instrument,documentorotherwriting(includinganyelectronicmessage,postingorotherdistribution)believedbyit tobegenuineandtohavebeensigned,sentormadebytheproperPerson.TheAdministrativeAgentmayalsorelyuponanystatement made to it orally or by telephone and believed by it to be made by the proper Person and shall not incur any liability for relying thereon. TheAdministrativeAgentmayconsultwithlegalcounsel(includingcounselforParentandtheBorrower),independentpublicaccountantsandotherexpertsselectedbyitandshallnotbeliableforanyactiontakenornottakenbyitinaccordancewiththeadviceofsuchcounsel,accountantsorexperts.

Section 9.6 The Administrative Agent in its Individual Capacity .ThebankservingastheAdministrativeAgentshallhavethesamerightsandpowersunderthisAgreementandanyotherLoanDocumentinitscapacityasaLenderasanyotherLenderandmayexerciseorrefrainfromexercisingthesameasthoughitwerenottheAdministrativeAgent;andtheterms“Lenders”,“RequiredLenders”,“RequiredRevolvingLenders”,oranysimilartermsshall,unless thecontext clearly otherwise indicates, includetheAdministrative Agent in its individual capacity. Thebankactingas theAdministrative Agent anditsAffiliatesmayacceptdepositsfrom,lendmoneyto,andgenerallyengageinanykindofbusinesswithParent,theBorroweroranySubsidiaryorAffiliateoftheBorrowerorParentasifitwerenottheAdministrativeAgenthereunder.

Section 9.7 Successor Administrative Agent .

(a) TheAdministrativeAgentmayresignatanytimebygivingnoticethereoftotheLendersandtheBorrower.Uponanysuchresignation,theRequiredLendersshallhavetherighttoappointasuccessorAdministrativeAgent,subjecttoapprovalbytheBorrowerprovidedthatnoDefault orEvent of Default shall exist at suchtime. If nosuccessor AdministrativeAgentshall havebeensoappointed, andshall haveacceptedsuchappointmentwithin30daysaftertheretiringAdministrativeAgentgivesnoticeofresignation,thentheretiringAdministrativeAgentmay,onbehalfofthe Lenders, appoint a successor Administrative Agent which shall be a commercial bank organized under the laws of the United States or any statethereoforabankwhichmaintainsanofficeintheUnitedStates.

(b) Upon the acceptance of its appointment as the Administrative Agent hereunder by a successor, such successorAdministrative Agent shall there-upon succeed to and become vested with all the rights, powers, privileges and duties of the retiring AdministrativeAgent,andtheretiringAdministrativeAgentshallbedischargedfromitsdutiesandobligationsunderthisAgreementandtheotherLoanDocuments.If,within45daysafterwrittennoticeisgivenoftheretiringAdministrativeAgent’sresignationunderthisSection,nosuccessorAdministrativeAgentshallhavebeen

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appointedandshallhaveacceptedsuchappointment,thenonsuch45thday(i)theretiringAdministrativeAgent’sresignationshallbecomeeffective,(ii)theretiringAdministrativeAgentshallthereuponbedischargedfromitsdutiesandobligationsundertheLoanDocumentsand(iii)theRequiredLendersshall thereafter performall duties of the retiring Administrative Agent under the Loan Documents until such time as the Required Lenders appoint asuccessorAdministrativeAgentasprovidedabove.AfteranyretiringAdministrativeAgent’sresignationhereunder,theprovisionsofthisArticleshallcontinueineffectforthebenefitofsuchretiringAdministrativeAgentanditsrepresentativesandagentsinrespectofanyactionstakenornottakenbyanyofthemwhileitwasservingastheAdministrativeAgent.

(c) Inadditiontotheforegoing,ifaLenderbecomes,andduringtheperioditremains,aDefaultingLender,andifanyDefaulthasarisenfromafailureoftheBorrowertocomplywithSection2.26(b),thentheIssuingBankandtheSwinglineLendermay,uponpriorwrittennoticeto the Borrower and the Administrative Agent, resign as Issuing Bank or as Swingline Lender, as the case may be, effective at the close of businessAtlanta,Georgiatimeonadatespecifiedinsuchnotice(whichdatemaynotbelessthanfive(5)BusinessDaysafterthedateofsuchnotice).

Section 9.8 Withholding Tax .Totheextentrequiredbyanyapplicablelaw,theAdministrativeAgentmaywithholdfromanyinterestpaymenttoanyLenderanamountequivalenttoanyapplicablewithholdingtax.IftheInternalRevenueServiceoranyauthorityoftheUnitedStatesoranyotherjurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because theappropriateformwasnotdeliveredorwasnotproperlyexecuted,orbecausesuchLenderfailedtonotifytheAdministrativeAgentofachangeincircumstancesthatrenderedtheexemptionfrom,orreductionof,withholdingtaxineffective,orforanyotherreason),suchLendershallindemnifytheAdministrativeAgent(totheextentthattheAdministrativeAgenthasnotalreadybeenreimbursedbytheBorrowerandwithoutlimitingtheobligationoftheBorrowertodoso)fullyforallamountspaid,directlyorindirectly,bytheAdministrativeAgentastaxorotherwise,includingpenaltiesandinterest,togetherwithallexpensesincurred,includinglegalexpenses,allocatedstaffcostsandanyoutofpocketexpenses.

Section 9.9 The Administrative Agent May File Proofs of Claim .

(a) Incaseofthependencyofanyreceivership,insolvency,liquidation,bankruptcy,reorganization,arrangement,adjustment,compositionorotherjudicialproceedingrelativetoanyLoanParty,theAdministrativeAgent(irrespectiveofwhethertheprincipalofanyLoanoranyRevolving Credit Exposure shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether theAdministrativeAgentshallhavemadeanydemandontheBorrower)shallbeentitledandempowered,byinterventioninsuchproceedingorotherwise:

(i) tofileandproveaclaimforthewholeamountoftheprincipal andinterest owingandunpaidinrespectoftheLoansorRevolvingCreditExposureandallotherObligationsthatareowingandunpaidandtofilesuchotherdocumentsasmaybenecessaryoradvisableinordertohavetheclaimsoftheLenders,theIssuingBankandtheAdministrativeAgent(includinganyclaimforthereasonablecompensation,expenses,disbursementsandadvancesoftheLenders,theIssuingBankandtheAdministrativeAgentanditsagentsandcounselandallotheramountsduetheLenders,theIssuingBankandtheAdministrativeAgentunderSection10.3)allowedinsuchjudicialproceeding;and

(ii) tocollectandreceiveanymoniesorotherpropertypayableordeliverableonanysuchclaimsandtodistributethesame.

(b) Anycustodian,receiver,assignee,trustee,liquidator,sequestratororothersimilarofficialinanysuchjudicialproceedingis herebyauthorizedbyeachLender andtheIssuingBanktomakesuchpayments totheAdministrative Agent and, if theAdministrative Agent shallconsent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due for thereasonablecompensation,expenses,disbursementsandadvancesoftheAdministrativeAgentanditsagentsandcounsel,andanyotheramountsduetheAdministrativeAgentunderSection10.3.

NothingcontainedhereinshallbedeemedtoauthorizetheAdministrativeAgenttoauthorizeorconsenttooracceptoradoptonbehalfofanyLenderortheIssuingBankanyplanofreorganization,arrangement,adjustmentorcompositionaffectingtheObligationsortherightsofanyLenderortoauthorizetheAdministrativeAgenttovoteinrespectoftheclaimofanyLenderinanysuchproceeding.

Section 9.10 Authorization to Execute Other Loan Documents .EachLenderherebyauthorizestheAdministrativeAgenttoexecuteon behalf of all Lenders all Loan Documents (including, without limitation, the Collateral Documents, and any subordination agreements or intercreditoragreements)otherthanthisAgreement.

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Section 9.11 Collateral and Guaranty Matters .TheLendersirrevocablyauthorizetheAdministrativeAgent,atitsoptionandinitsdiscretion:

(a) toreleaseanyLienonanypropertygrantedtoorheldbytheAdministrativeAgentunderanyLoanDocument(i)upontheterminationof all RevolvingCommitments, theCashCollateralization of all reimbursement obligations withrespect to Letters of Credit in anamountequalto105%oftheaggregateLCExposureofallLenders,andthepaymentinfullofallObligations(otherthancontingentindemnificationobligationsandsuchCashCollateralizedreimbursementobligations),(ii)thatissoldortobesoldaspartoforinconnectionwithanysalepermittedhereunderorunderanyotherLoanDocument,or(iii)ifapproved,authorizedorratifiedinwritinginaccordancewithSection10.2;

(b) to release anyLoanParty fromits obligations under the applicable Collateral Documents if suchPersonceases to be aSubsidiaryasaresultofatransactionpermittedhereunder;and

(c) tosubordinateanyLienonanypropertygrantedtoorheldbytheAdministrativeAgentunderanyLoanDocumenttotheholderofanyLienonsuchpropertythatispermittedbySection7.2(d).

UponrequestbytheAdministrativeAgentatanytime,theRequiredLenderswillconfirminwritingtheAdministrativeAgent’sauthoritytoreleaseitsinterestinparticulartypesoritemsofproperty,ortoreleaseanyLoanPartyfromitsobligationsundertheapplicableCollateralDocumentspursuanttothisSection.Ineachcase as specified in this Section, the Administrative Agent is authorized, at the Borrower’s expense, to execute and deliver to the applicable Loan Party suchdocumentsassuchLoanPartymayreasonablyrequesttoevidencethereleaseofsuchitemofCollateralfromtheLiensgrantedundertheapplicableCollateralDocuments,ortoreleasesuchLoanPartyfromitsobligationsundertheapplicableCollateralDocuments,ineachcaseinaccordancewiththetermsoftheLoanDocumentsandthisSection.

Section 9.12 Right to Realize on Collateral and Enforce Guarantee . Anything contained in any of the Loan Documents to thecontrary notwithstanding, Parent, the Borrower, the Administrative Agent andeachLender herebyagree that (i) noLender shall haveanyright individually torealizeuponanyoftheCollateralortoenforcetheCollateralDocuments,itbeingunderstoodandagreedthatallpowers,rightsandremedieshereunderandundertheCollateralDocumentsmaybeexercisedsolelybytheAdministrativeAgent,and(ii)intheeventofaforeclosurebytheAdministrativeAgentonanyoftheCollateralpursuanttoapublicorprivatesaleorotherdisposition,theAdministrativeAgentoranyLendermaybethepurchaserorlicensorofanyorallofsuchCollateralatanysuchsaleorotherdispositionandtheAdministrativeAgent,asagentforandrepresentativeoftheLenders(butnotanyLenderorLendersinitsortheir respective individual capacities unless the Required Lenders shall otherwise agree in writing), shall be entitled, for the purpose of bidding and makingsettlementorpaymentofthepurchasepriceforalloranyportionoftheCollateralsoldatanysuchpublicsale,touseandapplyanyoftheObligationsasacreditonaccountofthepurchasepriceforanycollateralpayablebytheAdministrativeAgentatsuchsaleorotherdisposition.

Section 9.13 Secured Bank Product Obligations and Hedging Obligations . NoBankProductProviderorLender-RelatedHedgeProviderthatobtainsthebenefitsofSection8.2,theCollateralDocumentsoranyCollateralbyvirtueoftheprovisionshereoforofanyotherLoanDocumentshallhaveanyrighttonoticeofanyactionortoconsentto,directorobjecttoanyactionhereunderorunderanyotherLoanDocumentorotherwiseinrespectoftheCollateral(includingthereleaseorimpairmentofanyCollateral)otherthaninitscapacityasaLenderand,insuchcase,onlytotheextentexpresslyprovidedintheLoanDocuments.NotwithstandinganyotherprovisionofthisArticletothecontrary,theAdministrativeAgentshallnotberequiredtoverifythepaymentof,orthatothersatisfactoryarrangementshavebeenmadewithrespectto,BankProductObligationsandHedgingObligationsunlesstheAdministrativeAgenthasreceived written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, fromthe applicable BankProductProviderorLender-RelatedHedgeProvider,asthecasemaybe.

Section 9.14 Syndication Agent .EachLenderherebydesignateseachofBankofAmerica,N.A.,RoyalBankofCanada,FifthThirdBank, andRegionsBankas a SyndicationAgent andagrees that noSyndicationAgent shall haveanyduties or obligations under anyLoanDocuments to anyLenderoranyLoanParty.

ARTICLE X

MISCELLANEOUS

Section 10.1 Notices .

(a) WrittenNotices.

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(i) Allnoticesandothercommunicationstoanypartyhereintobeeffectiveshallbeinwritingandshallbedeliveredbyhandorovernightcourierservice,mailedbycertifiedorregisteredmailorsentbytelecopyorelectronicmail,asfollows:

ToanyLoanParty: LendingTree,LLC11115RushmoreDriveCharlotte,NorthCarolina28277Attention:ChiefFinancialOfficerTelecopyNumber:(704)541-1824E-mail:JD.Moriarty@lendingtree.com

and

LendingTree,LLC11115RushmoreDriveCharlotte,NorthCarolina28277Attention:GeneralCounselTelecopyNumber:(704)541-1824E-mail:Katharine.Pierce@lendingtree.com

Withacopyto(forInformationpurposesonly): Sheppard,Mullin,Richter&HamptonLLP

333S.HopeSt.,43rdFloorLosAngeles,California90071Attention:BrentE.HorstmanTelecopyNumber:(213)443-2722E-mail:bhorstman@sheppardmullin.com

TotheAdministrativeAgent:SunTrustBank

3333PeachtreeRoad,N.E.7thFloorAtlanta,Georgia30326Attention:CynthiaBurtonTelecopyNumber:(404)926-5173E-mail:Cynthia.Burton@SunTrust.com

Withacopyto(forInformationpurposesonly):SunTrustBank

AgencyServices303PeachtreeStreet,N.E./25thFloorAtlanta,Georgia30308Attention:ManagerTelecopyNumber:(404)495-2170E-mail:Agency.Services@SunTrust.com

and

JonesDay1420PeachtreeStreet,N.E.Suite800Atlanta,Georgia30309Attention:AldoL.LaFiandraTelecopyNumber:(404)581-8330E-mail:alafiandra@jonesday.com

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TotheIssuingBank:SunTrustBank245PeachtreeCenterAvenue,17thFloorMailCode3707Atlanta,Georgia30303Attention:StandbyLetterofCreditDept.TelephoneNumber:800-951-7847E-mail:LCandTradeServices@SunTrust.com

TotheSwinglineLender:SunTrustBankAgencyServices303PeachtreeStreet,N.E./25thFloorAtlanta,Georgia30308Attention:ManagerTelecopyNumber:(404)495-2170E-mail:Agency.Services@SunTrust.com

ToanyotherLender:theaddresssetforthintheAdministrativeQuestionnaireortheAssignmentandAssumptionexecutedbysuchLender

Anypartyheretomaychangeitsaddressortelecopynumberfornoticesandothercommunicationshereunderbynoticetotheotherpartieshereto.AllsuchnoticesandothercommunicationsshallbeeffectiveuponactualreceiptbytherelevantPersonor,ifdeliveredbyovernightcourierservice,uponthefirstBusinessDayafterthedatedepositedwithsuchcourierserviceforovernight(next-day)deliveryor,ifsentbytelecopy,upontransmittalinlegibleformbyfacsimilemachineor,ifmailed,uponthethirdBusinessDayafterthedatedepositedintothemailor,ifdeliveredbyhand,upondeliveryor,ifsentbyelectronicmail,asdescribedinclause(b)below;providedthatnoticesdeliveredtotheAdministrativeAgent,theIssuingBankortheSwinglineLendershallnotbeeffectiveuntilactuallyreceivedbysuchPersonatitsaddressspecifiedinthisSection.

(ii) AnyagreementoftheAdministrativeAgent,theIssuingBankoranyLenderhereintoreceivecertainnoticesbytelephoneorfacsimileissolelyfortheconvenienceandattherequestofParentandtheBorrower.TheAdministrativeAgent,theIssuingBankandeachLendershallbeentitledtorelyontheauthorityofanyPersonpurportingtobeaPersonauthorizedbyParentortheBorrowertogivesuchnoticeandtheAdministrativeAgent,theIssuingBankandtheLendersshallnothaveanyliabilitytoParent,theBorrowerorotherPersononaccountofanyactiontakenornottakenbytheAdministrativeAgent,theIssuingBankoranyLenderinrelianceuponsuchtelephonicorfacsimilenotice.TheobligationoftheBorrowertorepaytheLoansandallotherObligationshereundershallnotbeaffectedinanywayortoany extent by any failure of the Administrative Agent, the Issuing Bank or any Lender to receive written confirmation of any telephonic orfacsimilenoticeorthereceiptbytheAdministrativeAgent,theIssuingBankoranyLenderofaconfirmationwhichisatvariancewiththetermsunderstoodbytheAdministrativeAgent,theIssuingBankandsuchLendertobecontainedinanysuchtelephonicorfacsimilenotice.

(b) ElectronicCommunications.

(i) NoticesandothercommunicationstotheLendersandtheIssuingBankhereundermaybedeliveredorfurnishedbyelectroniccommunication(includinge‑mailandInternetorintranetwebsites)pursuanttoproceduresapprovedbytheAdministrativeAgent,providedthattheforegoingshallnotapplytonoticestoanyLenderortheIssuingBankifsuchLenderorsuchIssuingBank,asapplicable,hasnotified the Administrative Agent that it is incapable of receiving, or is unwilling to receive, notices by electronic communication. TheAdministrative Agent, Parent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder byelectroniccommunicationspursuanttoproceduresapprovedbyit;providedthatapprovalofsuchproceduresmaybelimitedtoparticularnoticesorcommunications.

(ii) UnlesstheAdministrativeAgentotherwiseprescribes, (A)noticesandothercommunicationssenttoane-mailaddressshallbedeemedreceiveduponthesender’sreceiptofanacknowledgementfromtheintendedrecipient(suchasbythe“returnreceiptrequested”function,asavailable,returne-mailorotherwrittenacknowledgement)and(B)noticesorcommunicationspostedtoanInternetorintranetwebsiteshallbedeemedreceiveduponthedeemedreceiptbytheintendedrecipientatitse-mailaddressasdescribedintheforegoingclause(A)ofnotificationthatsuchnoticeorcommunicationisavailableandidentifyingthewebsiteaddresstherefor;providedthat,inthecaseofclauses(A)and(B)above,ifsuchnoticeorothercommunicationisnotsentduringthenormalbusinesshoursoftherecipient,suchnoticeor

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communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices orcommunicationspostedtoanInternetorintranetwebsiteshallbedeemedreceiveduponthedeemedreceiptbytheintendedrecipientatitse-mailaddressasdescribedintheforegoingclause(i)ofnotificationthatsuchnoticeorcommunicationisavailableandidentifyingthewebsiteaddresstherefor.

(iii) EachoftheParentandBorroweragreesthattheAdministrativeAgentmay,butshallnotbeobligatedto,makeCommunications (as defined below) available to the Issuing Bank and the other Lenders by posting the Communications on Debt Domain,Intralinks,Syndtrak,ClearParorasubstantiallysimilarelectronicsystem.

(iv) THEPLATFORMIS PROVIDED“ASIS” AND“ASAVAILABLE.” NEITHERTHEADMINISTRATIVEAGENT NOR ANY OF ITS RELATED PARTIES WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWERMATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OROMISSIONSINTHECOMMUNICATIONS(ASDEFINEDBELOW)ANDFROMTHEBORROWERMATERIALS.NOWARRANTYOFANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OR MERCHANTABILITY, FITNESS FOR APARTICULAR PURPOSE, NONINFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODEDEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THEBORROWERMATERIALSORTHEPLATFORM.InnoeventshalltheAdministrativeAgentoranyofitsRelatedPartieshaveanyliabilitytoanyLoanPartyoranyoftheirrespectiveSubsidiaries,anyLender,anyIssuingBankoranyotherPersonorentityforlosses,claims,damages,liabilities or expenses of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses orexpenses,whetherornotbasedonstrictliability(whetherintort,contractorotherwise),arisingoutofanyLoanParty’sortheAdministrativeAgent’stransmissionofBorrowerMaterialsthroughtheInternet,excepttotheextentthatsuchlosses,claims,damages,liabilitiesorexpensesaredeterminedbyacourtofcompetentjurisdictionbyafinalandnonappealablejudgmenttohaveresultedfromthegrossnegligenceorwillfulmisconduct of the Administrative Agent or such Related Party; provided, however, that in no event shall the Administrative Agent or anyRelatedPartyhaveanyliabilitytoanyLoanPartyoranyoftheirrespectiveSubsidiaries,anyLender,anyIssuingBankoranyotherPersonforindirect,special,incidental,consequentialorpunitivedamages(asopposedtodirectoractualdamages)arisingoutofanyLoanParty’sortheAdministrative Agent’s transmission of Communications. “Communications” means, collectively, any notice, demand, communication,information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactionscontemplatedthereinwhichisdistributedbytheAdministrativeAgent,anyLenderortheIssuingBankbymeansofelectroniccommunicationspursuanttothisSection,includingthroughthePlatform.

Section 10.2 Waiver; Amendments .

(a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or powerhereunderorunderanyotherLoanDocument,andnocourseofdealingbetweenParentand/ortheBorrowerandtheAdministrativeAgentoranyLender,shalloperateasawaiverthereof,norshallanysingleorpartialexerciseofanysuchrightorpower,oranyabandonmentordiscontinuanceofstepstoenforcesuchrightorpower,precludeanyotherorfurtherexercisethereofortheexerciseofanyotherrightorpowerhereunderorthereunder.TherightsandremediesoftheAdministrativeAgent,theIssuingBankandtheLendershereunderandundertheotherLoanDocumentsarecumulativeandarenotexclusiveofanyrightsorremediesprovidedbylaw.NowaiverofanyprovisionofthisAgreementorofanyotherLoanDocumentorconsenttoanydeparturebyParentand/ortheBorrowertherefromshallinanyeventbeeffectiveunlessthesameshallbepermittedbysubsection(b)ofthisSection,andthensuchwaiverorconsentshallbeeffectiveonlyinthespecificinstanceandforthepurposeforwhichgiven.Withoutlimitingthegeneralityoftheforegoing,themakingofaLoanortheissuanceofaLetterofCreditshallnotbeconstruedasawaiverofanyDefaultorEventofDefault,regardlessofwhethertheAdministrativeAgent,anyLenderortheIssuingBankmayhavehadnoticeorknowledgeofsuchDefaultorEventofDefaultatthetime.

(b) NoamendmentorwaiverofanyprovisionofthisAgreementoroftheotherLoanDocuments(otherthantheFeeLetter),norconsenttoanydeparturebyParentand/ortheBorrowertherefrom,shallinanyeventbeeffectiveunlessthesameshallbeinwritingandsignedbyParent,theBorrowerandtheRequiredLenders,orParent,theBorrowerandtheAdministrativeAgentwiththeconsentoftheRequiredLenders,andthensuchamendment,waiverorconsentshallbeeffectiveonlyinthespecificinstanceandforthespecificpurposeforwhichgiven;providedthat,inadditiontotheconsentoftheRequiredLenders,noamendment,waiverorconsentshall:

(i) increasetheCommitmentofanyLenderwithoutthewrittenconsentofsuchLender;

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(ii) reducetheprincipalamountofanyLoanorLCDisbursementorreducetherateofinterestthereon,orreduceanyfees or other amounts payable hereunder, without the written consent of each Lender affected thereby (except that any amendment ormodificationofdefinedtermsusedinthefinancialcovenantsetforthinArticleVIorwaiverofpost-defaultratesofinterestshallnotconstituteareductionintherateofinterestorfeesforpurposesofthisclause(ii));

(iii) postponethedatefixedforanypaymentofanyprincipalof,orintereston,anyLoanorLCDisbursementoranyfeesorotheramountshereunderorreducetheamountof,waiveorexcuseanysuchpayment,orpostponethescheduleddatefortheterminationorreductionofanyCommitment,withoutthewrittenconsentofeachLenderaffectedthereby(itbeingunderstoodthatawaiverofanyconditionprecedent or thewaiver of anyDefault, Event of Default or mandatoryprepayment shall not constitute a postponement, waiver, extensionorincreaseofanyLoanorCommitmenthereunder);

(iv) changeSection8.2inamannerthatwouldalterthepro rata sharingofpaymentsororderofapplicationrequiredtherebywithoutthewrittenconsentofeachLender;

(v) changeSection2.21(b)or(c)in a manner that wouldalter thepro rata sharingof payments requiredthereby,withoutthewrittenconsentofeachLender;

(vi) change any of the provisions of this subsection (b) or the definition of “Required Lenders” or “RequiredRevolvingLenders”anyotherprovisionhereofspecifyingthenumberorpercentageofLenderswhicharere-quiredtowaive,amendormodifyanyrightshereunderormakeanydeterminationorgrantanyconsenthereunder,withouttheconsentofeachLenderdirectlyaffectedthereby;

(vii) release or limit the liability of all or substantially all of the guarantors under any guaranty agreementguaranteeinganyoftheObligations,withoutthewrittenconsentofeachLender;or

(viii) releaseallorsubstantiallyalloftheCollateralsecuringanyoftheObligations,withoutthewrittenconsentofeachLender;

provided,further, that no such amendment, waiver or consent shall amend, modify or otherwise affect the rights, duties or obligations of the AdministrativeAgent,theSwinglineLenderortheIssuingBankwithoutthepriorwrittenconsentofsuchPerson.

Notwithstandinganythingtothecontraryherein,(A)noDefaultingLendershallhaveanyrighttoapproveordisapproveanyamendment,waiverorconsenthereunder,exceptthattheCommitmentofsuchLendermaynotbeincreasedorextended,andamountspayabletosuchLenderhereundermaynotbepermanentlyreduced,withouttheconsentofsuchLender(otherthanreductionsinfeesandinterestinwhichsuchreductiondoesnotdisproportionatelyaffectsuchLender),(B)anywaiver,amendmentormodificationrequiringtheconsentofallLendersoreachaffectedLenderwhichaffectsanyDefaultingLenderdifferentlythanotheraffectedLendersshallrequiretheconsentofsuchDefaultingLender,(C)subjecttoSection2.25,thisAgreementmaybeamendedandrestatedwithouttheconsentofanyLender(butwiththeconsentofParent,theBorrowerandtheAdministrativeAgent)if,upongivingeffecttosuchamendmentandrestatement,suchLendershallnolongerbeapartytothisAgreement(assoamendedandrestated),theCommitmentsofsuchLendershallhaveterminated(butsuchLendershallcontinuetobeentitledtothebenefitsofSections2.18,2.19,2.20and10.3),suchLendershallhavenoothercommitmentorotherobligationhereunderandsuch Lender shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement, (D) theAdministrativeAgentmay,withtheconsentofParentandtheBorroweronly,amend,modifyorsupplementthisAgreementoranyoftheotherLoanDocumentstocure any ambiguity, omission, mistake, defect or inconsistency so long as, in each case, the Lenders shall have received at least five (5) Business Days’ priorwritten notice thereof andthe Administrative Agent shall not havereceived, within five (5) Business Daysof the date of suchnotice to the Lenders, a writtennoticefromtheRequiredLendersstatingthattheRequiredLendersobjecttosuchamendment, and(E)theconditionsofSection3.2hereofwithrespecttotheRevolvingLoansandLettersofCreditshallnotbedeemedsatisfiedbyvirtueofanywaiverofanexistingDefaultorEventofDefaultunlesssuchwaivershallbeconsentedtobyRequiredRevolvingLenders.

Section 10.3 Expenses; Indemnification .

(a) TheBorrowershallpay(i)allreasonableanddocumentedout-of-pocketcostsandexpensesoftheAdministrativeAgentanditsAffiliates,includingthereasonableanddocumentedfees,chargesanddisbursementsofcounselfortheAdministrativeAgentanditsAffiliates,inconnectionwiththesyndicationofthecreditfacilitiesprovidedforherein,thepreparation,administrationandenforcementoftheLoanDocumentsandanyamendments,modificationsorwaiversthereof(whetherornotthetransactionscontemplatedinthisAgreementoranyotherLoanDocumentshallbeconsummated),includingthereasonableanddocumentedfees,chargesanddisbursementsofcounselforthe

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AdministrativeAgentanditsAffiliates,(ii)allreasonableanddocumentedout-of-pocketexpensesincurredbytheIssuingBankinconnectionwiththeissuance,amendment, renewalorextensionofanyLetterofCredit oranydemandforpaymentthereunderand(iii) notinlimitationoftheobligationsunder clauses (i) and (ii) above, all reasonable and documented out-of-pocket costs and expenses (including, without limitation, the reasonable anddocumentedfees, charges anddisbursements of outsidecounsel andconsultants) incurredbytheAdministrative Agent, theSoleArranger, theIssuingBank or any Lender in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under thisSection,orinconnectionwiththeLoansmadeoranyLettersofCreditissuedhereunder,includingallsuchout-of-pocketexpensesincurredduringanyworkout,restructuringornegotiationsinrespectofsuchLoansorLettersofCredit;provided,thatthefees,chargesanddisbursementsofoutsidecounselpaidunderthisclause(iii)shallbelimitedtothereasonableanddocumentedfees,chargesanddisbursementsofoneoutsidecounseltotheAdministrativeAgentandoneoutsidecounseltotheLenders,takenasawhole,and,solelyinthecaseofanactualorperceivedconflictofinterest,oneadditionaloutsidecounseltoallaffectedpersonstakenasawhole,and,ifnecessary,ofonelocaloutsidecounseltotheAdministrativeAgentandonelocaloutsidecounselto theLenders, takenas a whole, in anyrelevant material jurisdictionto theAdministrative Agent andLenders and, solelyin thecaseof anactual orperceivedconflictofinterest,oneadditionaloutsidelocalcounseltoallaffectedpersons,takenasawhole.

(b) TheBorrowershallindemnifytheAdministrativeAgent(andanysub-agentthereof),theSoleArranger,eachLenderandthe Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “ Indemnitee”) against, and hold eachIndemniteeharmlessfrom,anyandalllosses,claims,damages,liabilitiesandrelatedexpenses(includingthereasonableanddocumentedout-of-pocketfees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and timechargesanddisbursementsforattorneyswhomaybeemployeesofanyIndemnitee,incurredbyanyIndemniteeorassertedagainstanyIndemniteebyanythirdpartyorbytheBorroweroranyotherLoanPartyarisingoutof,inconnectionwith,orasaresultof(i)theexecutionordeliveryofthisAgreement,any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respectiveobligationshereunderorthereunderortheconsummationofthetransactionscontemplatedherebyorthereby,(ii)anyLoanorLetterofCreditortheuseor proposed use of the proceeds therefrom(including any refusal by the Issuing Bankto honor a demandfor payment under a Letter of Credit if thedocumentspresentedinconnectionwithsuchdemanddonotstrictlycomplywiththetermsofsuchLetterofCredit),(iii)anyactualorallegedpresenceorReleaseofHazardousMaterialsonorfromanypropertyownedoroperatedbyParentoranyofitsSubsidiaries,oranyEnvironmentalLiabilityrelatedin any way to Parent or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of theforegoing,whetherbasedoncontract,tortoranyothertheory,whetherbroughtbyathirdpartyorbyParent,theBorroweroranyotherLoanParty,andregardlessofwhetheranyIndemniteeisapartythereto;providedthatsuchindemnityshallnot,astoanyIndemnitee,beavailabletotheextentthatsuchlosses,claims,damages,liabilitiesorrelatedexpensesaredeterminedbyacourtofcompetentjurisdictionbyfinalandnon-appealablejudgmenttohaveresultedfrom(x)thegrossnegligenceorwillfulmisconductofsuchIndemnitee,(y)aclaimbroughtbytheBorroweroranyotherLoanPartyagainstanIndemnitee for a material breach of such Indemnitee’s funding obligations hereunder or (z) a proceeding brought by an Indemnitee against anotherIndemnitee(otherthanaproceedingbroughtbyanIndemniteeagainsttheAdministrativeAgent,theIssuingBank,theSwinglineLender,oranyotheragent,ineachcaseinitscapacityasAdministrativeAgent,IssuingBank,SwinglineLender,orotheragent,asapplicable).NoIndemniteeshallbeliablefor any damages arising from the use by others of any information or other materials obtained through Syndtrak, Intralinks or any other Internet orintranetwebsite,exceptasaresultofsuchIndemnitee’sgrossnegligenceorwillfulmisconductasdeterminedbyacourtofcompetentjurisdictioninafinalandnon-appealablejudgment.

(c) TheBorrowershallpay,andholdtheAdministrativeAgent,theIssuingBankandeachoftheLendersharmlessfromandagainst,anyandallpresentandfuturestamp,documentary,andothersimilartaxeswithrespecttothisAgreementandanyotherLoanDocuments,anycollateral describedthereinoranypaymentsduethereunder, andsavetheAdministrativeAgent,theIssuingBankandeachLenderharmlessfromandagainstanyandallliabilitieswithrespecttoorresultingfromanydelayoromissiontopaysuchtaxes.

(d) TotheextentthattheBorrowerfailstopayanyamountrequiredtobepaidtotheAdministrativeAgent,theIssuingBankortheSwinglineLenderundersubsection(a),(b)or(c)hereof,eachLenderseverallyagreestopaytotheAdministrativeAgent,theIssuingBankortheSwingline Lender, as the case may be, such Lender’spro rata share (in accordance with its respective Revolving Commitment (or Revolving CreditExposure,asapplicable)andLoansdeterminedasofthetimethattheunreimbursedexpenseorindemnitypaymentissought)ofsuchunpaidamount;providedthat the unreimbursed expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by orassertedagainsttheAdministrativeAgent,theIssuingBankortheSwinglineLenderinitscapacityassuch.

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(e) To the extent permitted by applicable law, neither Parent nor the Borrower shall assert, and each of Parent and theBorrowerherebywaives,anyclaimagainstanyIndemnitee,onanytheoryofliability,forspecial,indirect,consequentialorpunitivedamages(asopposedtoactualordirectdamages)arisingoutof,inconnectionwithorasaresultofthisAgreement,anyotherLoanDocumentoranyagreementorinstrumentcontemplatedhereby,thetransactionscontemplatedtherein,anyLoanoranyLetterofCreditortheuseofproceedsthereof;providedthatnothinginthisclause (e) shall relieve the Borrower of any obligation it may have to indemnify any Indemnitee against special, indirect, consequential or punitivedamagesassertedagainstsuchIndemniteebyathirdparty.

(f) AllamountsdueunderthisSectionshallbepayablepromptlyafterwrittendemandtherefor.

Section 10.4 Successors and Assigns .

(a) TheprovisionsofthisAgreementshallbebindinguponandinuretothebenefitofthepartiesheretoandtheirrespectivesuccessors and assigns permitted hereby, except that neither Parent nor the Borrower mayassign or otherwise transfer any of its rights or obligationshereunderwithoutthepriorwrittenconsentoftheAdministrativeAgentandeachLender,andnoLendermayassignorotherwisetransferanyofitsrightsor obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation inaccordancewiththeprovisionsofsubsection(d)ofthisSectionor(iii)bywayofpledgeorassignmentofasecurityinterestsubjecttotherestrictionsofsubsection(f) of this Section(andanyother attemptedassignment or transfer byanypartyheretoshall benull andvoid). Nothinginthis Agreement,expressedorimplied,shallbeconstruedtoconferuponanyPerson(otherthanthepartieshereto,theirrespectivesuccessorsandassignspermittedhereby,Participantstotheextentprovidedinsubsection(d)ofthisSectionand,totheextentexpresslycontemplatedhereby,theRelatedPartiesofeachoftheAdministrativeAgentandtheLenders)anylegalorequitableright,remedyorclaimunderorbyreasonofthisAgreement.

(b) Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under thisAgreement(includingalloraportionofitsCommitments,LoansandotherRevolvingCreditExposureatthetimeowingtoit);providedthatanysuchassignmentshallbesubjecttothefollowingconditions:

(i) MinimumAmounts.

(A) inthecaseofanassignmentoftheentireremainingamountoftheassigningLender’sCommitments,LoansandotherRevolvingCreditExposureatthetimeowingtoitorinthecaseofanassignmenttoaLender,anAffiliateofaLenderoranApprovedFund,nominimumamountneedbeassigned;and

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment(whichforthispurposeincludesLoansandRevolvingCreditExposureoutstandingthereunder)or,iftheapplicableCommitmentisnotthenineffect,theprincipaloutstandingbalanceoftheLoansandRevolvingCreditExposureoftheassigningLendersubjecttoeachsuchassignment(determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if“Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $1,000,000 and in minimumincrements of $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, theBorrowerotherwiseconsents(eachsuchconsentnottobeunreasonablywithheldordelayed).

(ii) ProportionateAmounts.EachpartialassignmentshallbemadeasanassignmentofaproportionatepartofalltheassigningLender’srightsandobligationsunderthisAgreementwithrespecttotheLoans,otherRevolvingCreditExposureortheCommitmentsassigned, except that this subsection (b)(ii) shall not prohibit any Lender fromassigning all or a portion of its rights and obligations amongseparateCommitmentsonanon-pro rata basis.

(iii) RequiredConsents.Noconsentshallberequiredforanyassignmentexcepttotheextentrequiredbysubsection(b)(i)(B)ofthisSectionand,inaddition:

(A) theconsentoftheBorrower(suchconsentnottobeunreasonablywithheldordelayed)shallberequiredunless(x) an Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Revolving Lender, anAffiliateofsuchRevolvingLenderoranApprovedFundofsuchRevolvingLender;

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(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall berequiredunlesssuchassignmentis(x)anassignmentofalloranyportionoftheRevolvingCommitment,RevolvingLoans,orotherRevolvingCredit ExposuretoaRevolvingLender or anAffiliate of aRevolvingLender (providedthat suchAffiliate shall beof substantially thesamecredit quality as the assignor Revolving Lender) or (y) an assignment of all or any portion of the Incremental Term Loans to a Lender, anAffiliateofaLender,oranApprovedFundofaLender;and

(C) theconsentoftheIssuingBank(suchconsentnottobeunreasonablywithheldordelayed)shallberequiredforanyassignmentthatincreasestheobligationoftheassigneetoparticipateinexposureunderoneormoreLettersofCredit(whetherornotthenoutstanding), and the consent of the Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for anyassignmentinrespectoftheRevolvingCommitments.

(iv) Assignment andAssumption . The parties to each assignment shall deliver to the Administrative Agent (A) aduly executed Assignment and Assumption, (B) a processing and recordation fee of $3,500, (C) an Administrative Questionnaire unless theassigneeisalreadyaLenderand(D)thedocumentsrequiredunderSection2.20(e).

(v) No Assignment to the certain Persons . No such assignment shall be made to (A) Parent or any of Parent’AffiliatesorSubsidiaries,(B)toanyDefaultingLenderoranyofitsSubsidiaries,oranyPersonwho,uponbecomingaLenderhereunder,wouldconstitute any of the foregoing Persons described in this clause (B) or (C) so long as no Event of Default is in existence, any DisqualifiedInstitution.UpontherequestofanyLender,theAdministrativeAgentshallprovidetosuchLenderthecurrentlistofDisqualifiedInstitutionsprovidedbytheBorrowerpursuanttothetermsofthedefinitionsof“Competitor”and“DisqualifiedLender.”

(vi) NoAssignmenttoNaturalPersons.Nosuchassignmentshallbemadetoanaturalperson.

(vii) CertainAdditionalPayments. Inconnectionwithanyassignmentofrights andobligationsofanyDefaultingLenderhereunder,nosuchassignmentshallbeeffectiveunlessanduntil,inadditiontotheotherconditionstheretosetforthherein,thepartiestotheassignmentshallmakesuchadditionalpaymentstotheAdministrativeAgentinanaggregateamountsufficient,upondistributionthereofasappropriate (which maybe outright payment, purchases bythe assignee of participations or subparticipations, or other compensating actions,includingfunding,withtheconsentoftheBorrowerandtheAdministrativeAgent,theapplicableproratashareofLoanspreviouslyrequestedbut not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay andsatisfyinfullallpaymentliabilitiesthenowedbysuchDefaultingLendertotheAdministrativeAgent,theIssuingBank,theSwinglineLenderandeachotherLenderhereunder(andinterestaccruedthereon),and(y)acquire(andfundasappropriate)itsfullproratashareofallLoansandparticipationsinLettersofCreditandSwinglineLoans.Notwithstandingtheforegoing,intheeventthatanyassignmentofrightsandobligationsofanyDefaultingLenderhereundershallbecomeeffectiveunderapplicablelawwithoutcompliancewiththeprovisionsofthisparagraph,thentheassigneeofsuchinterestshallbedeemedtobeaDefaultingLenderforallpurposesofthisAgreementuntilsuchcomplianceoccurs.

SubjecttoacceptanceandrecordingthereofbytheAdministrativeAgentpursuanttosubsection(c)ofthisSection,fromandaftertheeffectivedatespecifiedineachAssignmentandAssumption,theassigneethereundershallbeapartytothisAgreementand,totheextentoftheinterestassignedbysuchAssignmentandAssumption,havetherightsandobligationsofaLenderunderthisAgreement,andtheassigningLenderthereundershall,totheextentoftheinterestassignedbysuchAssignmentandAssumption,bereleasedfromitsobligationsunderthisAgreement(and,inthecaseofanAssignmentandAssumptioncoveringalloftheassigningLender’srightsandobligationsunderthisAgreement,suchLendershallceasetobeapartyhereto)butshallcontinuetobeentitledtothebenefitsofSections2.18,2.19,2.20and10.3withrespecttofactsandcircumstancesoccurringpriortotheeffectivedateofsuchassignment;providedthat,excepttotheextent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any partyhereunderarisingfromsuchLender’shavingbeenaDefaultingLender.AnyassignmentortransferbyaLenderofrightsorobligationsunderthisAgreementthatdoesnotcomplywiththissubsectionshallbetreatedforpurposesofthisAgreementasasalebysuchLenderofaparticipationinsuchrightsandobligationsinaccordancewithsubsection(d)ofthisSection.IftheconsentoftheBorrowertoanassignmentisrequiredhereunder(includingaconsenttoanassignmentwhichdoesnotmeettheminimumassignmentthresholdsspecifiedabove),theBorrowershallbedeemedtohavegivenitsconsentunlessitshallobjecttheretobywrittennotice to the Administrative Agent within five (5) Business Days after notice thereof has actually been delivered by the assigning Lender (through theAdministrativeAgent)totheBorrower.

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The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in Atlanta, Georgia a copy of eachAssignmentandAssumptiondeliveredtoitandaregisterfortherecordationofthenamesandaddressesoftheLenders,andtheCommitmentsof,andprincipalamountoftheLoansandRevolvingCreditExposureowingto,eachLenderpursuanttothetermshereoffromtimetotime(the“Register”).TheentriesintheRegistershallbeconclusiveabsentmanifesterror,andtheBorrower,theAdministrativeAgentandtheLendersshalltreateachPersonwhosenameisrecordedinthe Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. Information contained in the Register with respect to anyLendershallbeavailableforinspectionbysuchLenderatanyreasonabletimeandfromtimetotimeuponreasonablepriornotice;informationcontainedintheRegister shall also be available for inspection bythe Borrower at anyreasonable timeandfromtimeto timeuponreasonable prior notice. In establishing andmaintainingtheRegister,theAdministrativeAgentshallserveastheBorrower’sagentsolelyfortaxpurposesandsolelywithrespecttotheactionsdescribedinthis Section, and the Borrower hereby agrees that, to the extent SunTrust Bank serves in such capacity, SunTrust Bank and its officers, directors, employees,agents,sub-agentsandaffiliatesshallconstitute“Indemnitees”.

(c) AnyLender mayat any time, without the consent of, or notice to, Parent, the Borrower, the Administrative Agent, theSwinglineLenderortheIssuingBank,sellparticipationstoanyPerson(otherthananaturalperson,ParentoranyofParent’AffiliatesorSubsidiariesoraDisqualifiedInstitution)(each,a“Participant”)inall oraportionofsuchLender’srightsand/orobligationsunderthisAgreement(includingall oraportion of its Commitment and/or the Loans owing to it); providedthat (i) such Lender’s obligations under this Agreement shall remain unchanged,(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, theAdministrative Agent, the Issuing Bank, the Swingline Lender and the other Lenders shall continue to deal solely and directly with such Lender inconnectionwithsuchLender’srightsandobligationsunderthisAgreement.

AnyagreementorinstrumentpursuanttowhichaLendersellssuchaparticipationshallprovidethatsuchLendershallretainthesolerighttoenforcethisAgreementandtoapproveanyamendment,modificationorwaiverofanyprovisionofthisAgreement;providedthatsuchagreementorinstrumentmayprovidethatsuchLenderwillnot,withouttheconsentoftheParticipant,agreetoanyamendment,modificationorwaiverwithrespecttothefollowingtotheextentaffectingsuchParticipant:(i)increasetheCommitmentofsuchLender;(ii)reducetheprincipalamountofanyLoanorLCDisbursementorreducetherateof interest thereon, or reduce any fees payable hereunder; (iii) postpone the date fixed for any payment of any principal of, or interest on, any Loan or LCDisbursementoranyfeeshereunderorreducetheamountof,waiveorexcuseanysuchpayment,orpostponethescheduleddatefortheterminationorreductionofany Commitment; (iv) changeSection 2.21(b) or(c)in a manner that would alter thepro rata sharing of payments required thereby; (v) change any of theprovisionsofSection10.2(b)orthedefinitionof“RequiredLenders”or“RequiredRevolvingLenders”oranyotherprovisionhereofspecifyingthenumberorpercentageofLenderswhicharerequiredtowaive,amendormodifyanyrightshereunderormakeanydeterminationorgrantanyconsenthereunder;(vi)releaseallorsubstantiallyalloftheguarantors,orlimittheliabilityofsuchguarantors,underanyguarantyagreementguaranteeinganyoftheObligations;or(vii)releaseallorsubstantiallyallcollateral(ifany)securinganyoftheObligations.Subjecttosubsection(e)ofthisSection,theBorroweragreesthateachParticipantshallbeentitledtothebenefitsofSections2.18,2.19,and2.20tothesameextentasifitwereaLenderandhadacquireditsinterestbyassignmentpursuanttosubsection(b)ofthisSection;providedthatsuchParticipantagreestobesubjecttoSection2.24asthoughitwereaLender.Totheextentpermittedbylaw,eachParticipantalsoshallbeentitledtothebenefitsofSection10.7asthoughitwereaLender;providedthatsuchParticipantagreestobesubjecttoSection2.21asthoughitwereaLender.

EachLenderthat sells aparticipationshall, actingsolelyforthispurposeasanon-fiduciaryagent oftheBorrower, maintainaregister intheUnitedStatesonwhichitentersthenameandaddressofeachParticipantandtheprincipalamounts(andstatedinterest)ofeachParticipant’sinterestintheLoansorotherobligationsundertheLoanDocuments(the“ParticipantRegister”).TheentriesintheParticipantRegistershallbeconclusive,absentmanifesterror,andsuch Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreementnotwithstandinganynoticetothecontrary.TheBorrowerandtheAdministrativeAgentshallhaveinspectionrightstosuchParticipantRegister(uponreasonablepriornoticetotheapplicableLender)solelyforpurposesofdemonstratingthatsuchLoansorotherobligationsundertheLoanDocumentsarein“registeredform”for purposes of the Code. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility formaintainingaParticipantRegister.

(d) AParticipantshallnotbeentitledtoreceiveanygreaterpaymentunderSections2.18and2.20thantheapplicableLenderwouldhavebeenentitled to receive withrespect to theparticipation soldto suchParticipant, unless the sale of the participation to suchParticipant ismadewiththeBorrower’spriorwrittenconsent.AParticipantshallnotbeentitledtothebenefitsofSection2.20unlesstheBorrowerisnotifiedoftheparticipationsoldtosuchParticipantandsuchParticipantagrees,forthebenefitoftheBorrower,tocomplywithSection2.20(e)and(f)asthoughitwereaLender.

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(e) AnyLendermayatanytimepledgeorassignasecurityinterestinalloranyportionofitsrightsunderthisAgreementtosecureobligationsofsuchLender,including,withoutlimitation,anypledgeorassignmenttosecureobligationstoaFederalReserveBank;providedthatnosuchpledgeorassignmentshallreleasesuchLenderfromanyofitsobligationshereunderorsubstituteanysuchpledgeeorassigneeforsuchLenderasapartyhereto.

(f) The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into,monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, theAdministrative Agent shall not (i) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender orParticipant is a Disqualified Institution or (ii) have any liability with respect to or arising out of any assignment or participation of Loans orCommitments,ordisclosureofconfidentialinformation,toanyDisqualifiedInstitution.

Section 10.5 Governing Law; Jurisdiction; Consent to Service of Process .

(a) This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether incontract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other LoanDocument,asexpresslysetforththerein)andthetransactionscontemplatedherebyandtherebyshallbeconstruedinaccordancewithandbegovernedbythelaw(withoutgivingeffecttotheconflictoflawprinciplesthereof)oftheStateofNewYork.

(b) Each of Parent and the Borrower hereby irrevocably and unconditionally submits, for itself and its property, to theexclusivejurisdiction of the United States District Court for the Southern District of NewYork, andof the SupremeCourt of the State of NewYorksittinginNewYorkCounty,andofanyappellatecourtfromanythereof,inanyactionorproceedingarisingoutoforrelatingtothisAgreementoranyother LoanDocument or the transactions contemplated herebyor thereby, or for recognition or enforcement of anyjudgment, andeach of the partiesheretoherebyirrevocablyandunconditionallyagreesthatall claimsinrespectofanysuchactionorproceedingmaybeheardanddeterminedinsuchDistrictCourtorsuchNewYorkstatecourt,totheextentpermittedbyapplicablelaw,suchappellatecourt.Eachofthepartiesheretoagreesthatafinaljudgmentinanysuchactionorproceedingshallbeconclusiveandmaybeenforcedinotherjurisdictionsbysuitonthejudgmentorinanyothermannerprovidedbylaw.NothinginthisAgreementoranyotherLoanDocumentshallaffectanyrightthattheAdministrativeAgent,theIssuingBankoranyLendermayotherwisehavetobringanyactionorproceedingrelatingtothisAgreementoranyotherLoanDocumentagainstParent, theBorrowerortheirrespectivepropertiesinthecourtsofanyjurisdiction.

(c) EachofParentandtheBorrowerirrevocablyandunconditionallywaivesanyobjectionwhichitmaynoworhereafterhavetothelayingofvenueofanysuchsuit,actionorproceedingdescribedinsubsection(b)ofthisSectionandbroughtinanycourtreferredtoinsubsection(b)ofthisSection.Eachofthepartiesheretoirrevocablywaives,tothefullestextentpermittedbyapplicablelaw,thedefenseofaninconvenientforumtothemaintenanceofsuchactionorproceedinginanysuchcourt.

(d) EachpartytothisAgreementirrevocablyconsentstotheserviceofprocessinthemannerprovidedfornoticesinSection10.1.NothinginthisAgreementorinanyotherLoanDocumentwillaffecttherightofanypartyheretotoserveprocessinanyothermannerpermittedbylaw.

Section 10.6 WAIVER OF JURY TRIAL . EACHPARTYHERETOIRREVOCABLYWAIVES, TOTHEFULLESTEXTENTPERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY ORINDIRECTLYARISINGOUTOFTHISAGREEMENTORANYOTHERLOANDOCUMENTORTHETRANSACTIONSCONTEMPLATEDHEREBYORTHEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NOREPRESENTATIVE, AGENTORATTORNEYOF ANYOTHERPARTYHASREPRESENTED, EXPRESSLYOROTHERWISE, THATSUCHOTHERPARTYWOULDNOT,INTHEEVENTOFLITIGATION,SEEKTOENFORCETHEFOREGOINGWAIVER,AND(B)ACKNOWLEDGESTHATITANDTHEOTHERPARTIESHERETOHAVEBEENINDUCEDTOENTERINTOTHISAGREEMENTANDTHEOTHERLOANDOCUMENTSBY,AMONGOTHERTHINGS,THEMUTUALWAIVERSANDCERTIFICATIONSINTHISSECTION.

Section 10.7 Right of Set-off .Inadditiontoanyrightsnoworhereaftergrantedunderapplicablelawandnotbywayoflimitationofanysuchrights, eachLenderandtheIssuingBankshall havetheright, at anytimeorfromtimetotimeupontheoccurrenceandduringthecontinuanceofanEventofDefault,withoutpriornoticetoParentortheBorrower,anysuchnoticebeingexpresslywaivedbyParentandtheBorrowertotheextentpermittedbyapplicablelaw,tosetoffandapplyagainstalldeposits(generalorspecial,timeordemand,provisionalorfinal)ofParentand/ortheBorroweratanytimeheldorotherobligationsatanytimeowingbysuchLenderandtheIssuingBanktoorforthecreditortheaccountofParentand/ortheBorroweragainst

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anyandallObligationsheldbysuchLenderortheIssuingBank,asthecasemaybe,irrespectiveofwhethersuchLenderortheIssuingBankshallhavemadedemandhereunderandalthoughsuchObligationsmaybeunmatured;providedthatintheeventthatanyDefaultingLendershallexerciseanysuchrightofsetoff,(x)allamountssosetoffshallbepaidoverimmediatelytotheAdministrativeAgentforfurtherapplicationinaccordancewiththeprovisionsofSection2.26(b)and, pendingsuchpayment, shall be segregated bysuchDefaultingLender fromits other funds anddeemedheldin trust for the benefit of the AdministrativeAgent,theIssuingBanks,andtheLenders,and(y)theDefaultingLendershallprovidepromptlytotheAdministrativeAgentastatementdescribinginreasonabledetailtheObligationsowingtosuchDefaultingLenderastowhichitexercisedsuchrightofsetoff.EachLenderandtheIssuingBankagreespromptlytonotifythe Administrative Agent, Parent and the Borrower after any such set-off and any application made by such Lender or the Issuing Bank, as the case may be;providedthat the failure to give suchnotice shall not affect the validity of suchset-off andapplication. Each Lender andthe Issuing Bankagrees to apply allamounts collected from any such set-off to the Obligations before applying such amounts to any other Indebtedness or other obligations owed by Parent, theBorrowerandanyoftheirrespectiveSubsidiariestosuchLenderortheIssuingBank.

Section 10.8 Counterparts; Integration .ThisAgreementmaybeexecutedbyoneormoreofthepartiestothisAgreementonanynumberofseparatecounterparts,andallofsaidcounterpartstakentogethershallbedeemedtoconstituteoneandthesameinstrument.ThisAgreement,theFeeLetter,theotherLoanDocuments,andanyseparateletteragreementsrelatingtoanyfeespayabletotheAdministrativeAgentanditsAffiliatesconstitutetheentireagreement among the parties hereto and thereto and their affiliates regarding the subject matters hereof and thereof and supersede all prior agreements andunderstandings,oralorwritten,regardingsuchsubjectmatters.DeliveryofanexecutedcounterparttothisAgreementoranyotherLoanDocumentbyfacsimiletransmissionorbyelectronicmailinpdfformatshallbeaseffectiveasdeliveryofamanuallyexecutedcounterparthereof.

Section 10.9 Survival .Allcovenants,agreements,representationsandwarrantiesmadebyParentand/ortheBorrowerhereinandinthecertificates,reports,noticesorotherinstrumentsdeliveredinconnectionwithorpursuanttothisAgreementshallbeconsideredtohavebeenrelieduponbytheotherpartiesheretoandshallsurvivetheexecutionanddeliveryofthisAgreementandtheotherLoanDocumentsandthemakingofanyLoansandissuanceofanyLettersofCredit,regardlessofanyinvestigationmadebyanysuchotherpartyoronitsbehalfandnotwithstandingthattheAdministrativeAgent,theIssuingBankoranyLendermayhavehadnoticeorknowledgeofanyDefaultorincorrectrepresentationorwarrantyatthetimeanycreditisextendedhereunder,andshallcontinueinfullforceandeffectaslongastheprincipaloforanyaccruedinterestonanyLoanoranyfeeoranyotheramountpayableunderthisAgreementisoutstandingandunpaidoranyLetterofCreditisoutstandingandsolongastheCommitmentshavenotexpiredorterminated.TheprovisionsofSections2.18,2.19,2.20,and10.3andArticleIXshallsurviveandremaininfullforceandeffectregardlessoftheconsummationofthetransactionscontemplatedhereby,therepaymentoftheLoans,theexpirationorterminationoftheLettersofCreditandtheCommitmentsortheterminationofthisAgreementoranyprovisionhereof.

Section 10.10 Severability .AnyprovisionofthisAgreement-oranyotherLoanDocumentheldtobeillegal,invalidorunenforceableinanyjurisdiction,shall,astosuchjurisdiction,beineffectivetotheextentofsuchillegality,invalidityorunenforceabilitywithoutaffectingthelegality,validityorenforceabilityoftheremainingprovisionshereoforthereof;andtheillegality,invalidityorunenforceabilityofaparticularprovisioninaparticularjurisdictionshallnotinvalidateorrenderunenforceablesuchprovisioninanyotherjurisdiction.

Section 10.11 Confidentiality . Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to take normal andreasonableprecautionstomaintaintheconfidentialityofanyinformationrelatingtoParentoranyofitsSubsidiariesoranyoftheirrespectivebusinesses,totheextent designated in writing as confidential and provided to it by Parent or any of its Subsidiaries, other than any such information that is available to theAdministrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by Parent or any of its Subsidiaries, except that suchinformationmaybedisclosed(i)toanyRelatedPartyoftheAdministrativeAgent,theIssuingBankoranysuchLenderincluding,withoutlimitation,accountants,legal counsel and other advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iii) to the extentrequestedbyanyregulatoryagencyorauthoritypurportingtohavejurisdictionoverit(includinganyself-regulatoryauthoritysuchastheNationalAssociationofInsuranceCommissioners),(iv)totheextentthatsuchinformationbecomespubliclyavailableotherthanasaresultofabreachofthisSection,orwhichbecomesavailabletotheAdministrativeAgent,theIssuingBank,anyLenderoranyRelatedPartyofanyoftheforegoingonanon-confidentialbasisfromasourceotherthan Parent or any of its Subsidiaries, (v) in connection with the exercise of any remedyhereunder or under any other LoanDocuments or any suit, action orproceedingrelatingtothisAgreementoranyotherLoanDocumentsortheenforcementofrightshereunderorthereunder,(vi)subjecttoexecutionbysuchPersonofanagreementcontainingprovisionssubstantiallythesameasthoseofthisSection,to(A)anyassigneeoforParticipantin,oranyprospectiveassigneeoforParticipantin,anyofitsrightsorobligationsunderthisAgreement,or(B)anyactualorprospectiveparty(oritsRelatedParties)toanyswaporderivativeorothertransactionunderwhichpaymentsaretobemadebyreferencetoParent,theBorrowerandtheirrespectiveobligations,thisAgreementorpaymentshereunder,(vii)toanyratingagency,(viii)totheCUSIPServiceBureauoranysimilarorganization,(ix)

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by the Administrative Agent, the Issuing Bank and the Lenders in connection with marketing, press releases or other transactional announcements or updatesprovidedtoinvestorortradepublications,including,butnotlimitedto,theplacementof“tombstone”advertisementsinpublicationsoftheirchoiceattheirownexpense,or(x)withtheconsentofParentandtheBorrower.AnyPersonrequiredtomaintaintheconfidentialityofanyinformationasprovidedforinthisSectionshall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of suchinformationassuchPersonwouldaccorditsownconfidentialinformation.IntheeventofanyconflictbetweenthetermsofthisSectionandthoseofanyotherContractualObligationenteredintowithanyLoanParty(whetherornotaLoanDocument),thetermsofthisSectionshallgovern.

Section 10.12 Interest Rate Limitation .Notwithstandinganythinghereintothecontrary,ifatanytimetheinterestrateapplicabletoanyLoan,togetherwithallfees,chargesandotheramountswhichmaybetreatedasinterestonsuchLoanunderapplicablelaw(collectively,the“Charges”),shallexceedthemaximumlawfulrateofinterest(the“MaximumRate”)whichmaybecontractedfor,charged,taken,receivedorreservedbyaLenderholdingsuchLoaninaccordancewithapplicablelaw,therateofinterestpayableinrespectofsuchLoanhereunder,togetherwithallChargespayableinrespectthereof,shall be limited to the MaximumRate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were notpayableasaresultoftheoperationofthisSectionshallbecumulatedandtheinterestandChargespayabletosuchLenderinrespectofotherLoansorperiodsshallbe increased (but not above the MaximumRate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date ofrepayment(totheextentpermittedbyapplicablelaw),shallhavebeenreceivedbysuchLender.

Section 10.13 Waiver of Effect of Corporate Seal .EachofParentandtheBorrowerrepresentsandwarrantsthatneitheritnoranyother Loan Party is required to affix its corporate seal to this Agreement or any other Loan Document pursuant to any Requirement of Law, agrees that thisAgreement is delivered by Parent and the Borrower under seal and waives any shortening of the statute of limitations that may result from not affixing thecorporatesealtothisAgreementorsuchotherLoanDocuments.

Section 10.14 Patriot Act . The Administrative Agent and each Lender hereby notifies the Loan Parties that, pursuant to therequirementsofthePatriotAct,itisrequiredtoobtain,verifyandrecordinformationthatidentifieseachLoanParty,whichinformationincludesthenameandaddressofsuchLoanPartyandotherinformationthatwillallowsuchLenderortheAdministrativeAgent,asapplicable,toidentifysuchLoanPartyinaccordancewiththePatriotAct.

Section 10.15 No Advisory or Fiduciary Responsibility . In connection with all aspects of each transaction contemplated hereby(includinginconnectionwithanyamendment,waiverorothermodificationhereoforofanyotherLoanDocument),eachofParent,theBorrowerandeachotherLoan Party acknowledges and agrees and acknowledges its Affiliates’ understanding that (i) (A) the services regarding this Agreement provided by theAdministrative Agent and/or the Lenders are arm’s-length commercial transactions between Parent, the Borrower, each other Loan Party and their respectiveAffiliates,ontheonehand,andtheAdministrativeAgentandtheLenders,ontheotherhand,(B)eachofParent,theBorrowerandtheotherLoanPartieshaveconsultedtheirownlegal,accounting,regulatoryandtaxadvisorstotheextenttheyhavedeemedappropriate,and(C)eachofParent,theBorrowerandeachotherLoanPartyiscapableofevaluatingandunderstanding,andunderstandsandaccepts,theterms,risksandconditionsofthetransactionscontemplatedherebyandbytheotherLoanDocuments;(ii)(A)eachoftheAdministrativeAgentandtheLendersisandhasbeenactingsolelyasaprincipaland,exceptasexpresslyagreedinwritingbytherelevantparties,hasnotbeen,isnot,andwillnotbeactingasanadvisor,agentorfiduciaryfortheBorrower,anyotherLoanPartyoranyoftheirrespectiveAffiliates,oranyotherPerson,Parent,and(B)neithertheAdministrativeAgentnoranyLenderhasanyobligationtoParent,theBorrower,anyotherLoanPartyoranyoftheirAffiliateswithrespecttothetransactioncontemplatedherebyexceptthoseobligationsexpresslysetforthhereinandintheotherLoanDocuments;and(iii)theAdministrativeAgent,theLendersandtheirrespectiveAffiliatesmaybeengagedinabroadrangeoftransactionsthatinvolveintereststhatdifferfromthoseofParent,theBorrower,theotherLoanPartiesandtheirrespectiveAffiliates,andeachoftheAdministrativeAgentandtheLendershasnoobligationtodiscloseanyofsuchintereststoParent,theBorrower,anyotherLoanPartyoranyoftheirrespectiveAffiliates.Tothefullestextentpermittedbylaw, eachof Parent, the Borrower andthe other LoanParties herebywaives andreleases anyclaimsthat it mayhaveagainst the Administrative Agent or anyLenderwithrespecttoanybreachorallegedbreachofagencyorfiduciarydutyinconnectionwithanyaspectofanytransactioncontemplatedhereby.

Section 10.16 Joint and Several Obligations . Parent and the Borrower hereby acknowledge and agree that all obligations andliabilitiesofParentandtheBorrowerhereundershallbejointandseveral.

Section 10.17 Acknowledgement and Consent to Bail-In of EEA Financial Institutions .NotwithstandinganythingtothecontraryinanyLoanDocumentorinanyotheragreement,arrangementorunderstandingamonganysuchparties,eachpartyheretoacknowledgesthatanyliabilityofanyEEAFinancialInstitutionarisingunderanyLoanDocument,totheextentsuchliabilityisunsecured,maybesubjecttothewrite-downandconversionpowersofanEEAResolutionAuthorityandagreesandconsentsto,andacknowledgesandagreestobeboundby:

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(a) theapplicationofanyWrite-DownandConversionPowersbyanEEAResolutionAuthoritytoanysuchliabilitiesarisinghereunderwhichmaybepayabletoitbyanypartyheretothatisanEEAFinancialInstitution;and

(b) theeffectsofanyBail-inActiononanysuchliability,including,ifapplicable:

(i) areductioninfullorinpartorcancellationofanysuchliability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAFinancialInstitution,itsparentundertaking,orabridgeinstitutionthatmaybeissuedtoitorotherwiseconferredonit,andthatsuchsharesorotherinstrumentsofownershipwillbeacceptedbyitinlieuofanyrightswithrespecttoanysuchliabilityunderthisAgreementoranyotherLoanDocument;or

(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversionpowersofanyEEAResolutionAuthority.

Section 10.18 Amendment and Restatement .

(a) ThisAgreementconstitutesanamendmentandrestatementoftheExistingCreditAgreement,effectivefromandaftertheRestatement Date. Theexecutionanddeliveryofthis Agreement shall not constitute a novationofanyindebtedness or other obligationsowingtotheLenders or the Administrative Agent under the Existing Credit Agreement based on facts or events occurring or existing prior to the execution anddeliveryofthisAgreement.OntheRestatementDate,thecreditfacilitiesdescribedintheExistingCreditAgreement,shallbeamended,supplemented,modifiedandrestatedintheirentiretybythefacilitiesdescribedherein,andallloansandotherobligationsoftheBorroweroutstandingasofsuchdateundertheExistingCreditAgreement,shallbedeemedtobeloansandobligationsoutstandingunderthecorrespondingfacilitiesdescribedherein,withoutanyfurtheractionbyanyPerson,exceptthattheAdministrativeAgentshallmakesuchtransfersoffundsasarenecessaryinorderthattheoutstandingbalanceofsuchLoans,togetherwithanyLoansfundedontheRestatementDate,reflecttherespectiveRevolvingCommitmentoftheLendershereunder.

(b) Each Loan Party acknowledges and agrees that the security interests and Liens (as defined in the Existing CreditAgreement) granted to the Administrative Agent pursuant to the Existing Credit Agreement and the other Collateral Documents (as defined in theExistingCreditAgreement),shallremainoutstandingandinfullforceandeffect,withoutinterruptionorimpairmentofanykind,inaccordancewiththeExistingCreditAgreementandshallcontinuetosecuretheObligations.

(c) TheParentandeachofitsSubsidiariesacknowledgeandagreethatanycausesofactionorotherrightscreatedinfavorofanyLenderanditssuccessorsinconnectionwiththeExistingCreditAgreementoranyotherLoanDocumentexecutedinconnectiontherewithpriortotheRestatementDateshallsurvivetheexecutionanddeliveryofthisAgreement.AllindemnificationobligationsoftheParentanditsSubsidiariesarisingpursuanttotheExistingCreditAgreementshallsurvivetheamendmentandrestatementoftheExistingCreditAgreementpursuanttothisAgreement.

Section 10.19 Certain ERISA Matters .

(a) EachLender(x)representsandwarrants,asofthedatesuchPersonbecameaLenderpartyhereto,to,and(y)covenants,fromthedatesuchPersonbecameaLenderpartyheretotothedatesuchpersonceasesbeingaLenderpartyhereto,forthebenefitof,theAdministrativeAgent,theSoleArranger,andtheirrespectiveAffiliates,andnot,fortheavoidanceofdoubt,toorforthebenefitoftheBorroweroranyotherLoanParty,thatatleastoneofthefollowingisandwillbetrue:

(i) suchLenderisnotusing“planassets”(withinthemeaningof29CFR§2510.3-101,asmodifiedbySection3(42)ofERISA)ofoneormoreBenefitPlansinconnectionwiththeLoans,theLettersofCreditortheCommitments,

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certaintransactionsdeterminedbyindependentqualifiedprofessionalassetmanagers),PTE95-60(aclassexemptionforcertaintransactionsinvolvinginsurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separateaccounts),PTE91-38(aclassexemptionforcertaintransactionsinvolvingbankcollectiveinvestmentfunds)orPTE96-23(aclassexemption

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for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in,administrationofandperformanceoftheLoans,theLettersofCredit,theCommitmentsandthisAgreement,

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within themeaningofPartVIofPTE84-14),(B)suchQualifiedProfessionalAssetManagermadetheinvestmentdecisiononbehalfofsuchLendertoenterinto,participatein,administerandperformtheLoans,theLettersofCredit,theCommitmentsandthisAgreement,(C)theentranceinto,participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies therequirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements ofsubsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of andperformanceoftheLoans,theLettersofCredit,theCommitmentsandthisAgreement,or

(iv) suchotherrepresentation,warrantyandcovenantasmaybeagreedinwritingbetweentheAdministrativeAgent,initssolediscretion,andsuchLender.

(b) Inaddition,unlesssub-clause(i)intheimmediatelyprecedingclause(a)istruewithrespecttoaLenderorsuchLenderhas not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lenderfurther(x)representsandwarrants,asofthedatesuchPersonbecameaLenderpartythereto,to,and(y)covenants,fromthedatesuchPersonbecameaLenderpartyheretotothedatesuchPersonceasesbeingaLenderpartyhereto,forthebenefitof,theAdministrativeAgent,theSoleArranger,andtheirrespectiveAffiliates,andnot,fortheavoidanceofdoubt,toorforthebenefitoftheBorroweroranyotherLoanParty,that:

(i) none of the Administrative Agent, the Sole Arranger, or any of their respective Affiliates is a fiduciary withrespecttotheassetsofsuchLender(includinginconnectionwiththereservationorexerciseofanyrightsbytheAdministrativeAgentunderthisAgreement,anyLoanDocumentoranydocumentsrelatedheretoorthereto),

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into,participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent(within the meaning of 29 CFR§ 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person thatholds,orhasundermanagementorcontrol,totalassetsofatleast$50million,ineachcaseasdescribedin29CFR§2510.3-21(c)(1)(i)(A)-(E),

(iii) the Person making the investment decision on behalf of such Lender with respect to the entrance into,participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable ofevaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including inrespectoftheObligations),

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into,participationin,administrationofandperformanceoftheLoans,theLettersofCredit,theCommitmentsandthisAgreementisafiduciaryunderERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible forexercisingindependentjudgmentinevaluatingthetransactionshereunder,and

(v) nofeeorothercompensationisbeingpaiddirectlytotheAdministrativeAgent,theSoleArrangeroranyoftheirrespectiveAffiliatesforinvestmentadvice(asopposedtootherservices)inconnectionwiththeLoans,theLettersofCredit,theCommitmentsorthisAgreement.

(c) TheAdministrativeAgentandtheSoleArrangerherebyinformtheLendersthateachsuchPersonisnotundertakingtoprovide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, andthat suchPerson has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or otherpaymentswithrespecttotheLoans,theLettersofCredit,theCommitmentsandthisAgreement,(ii)mayrecognizeagainifitextendedtheLoans,theLetters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or theCommitmentsbysuchLenderor(iii)mayreceivefeesorotherpaymentsinconnectionwiththetransactionscontemplatedhereby,theLoanDocumentsor otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees,administrativeagentorcollateralagentfees,

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utilizationfees,minimumusagefees,letterofcreditfees,frontingfees,deal-awayoralternatetransactionfees,amendmentfees,processingfees,termoutpremiums,banker’sacceptancefees,breakageorotherearlyterminationfeesorfeessimilartotheforegoing.

(remainder of page left intentionally blank)

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IN WITNESS WHEREOF ,thepartiesheretohavecausedthisAgreementtobedulyexecutedbytheirrespectiveauthorizedofficersasofthedayandyearfirstabovewritten.

LENDINGTREE, LLC

By: /s/J.D.Moriarty Name:J.D.Moriarty Title:CFO

LENDINGTREE, INC.

By: /s/J.D.Moriarty Name:J.D.Moriarty Title:CFO

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SUNTRUST BANKastheAdministrativeAgent,theIssuingBank,theSwinglineLenderandaLender

By: /s/CynthiaW.Burton Name:CynthiaW.Burton Title:Director

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

BANK OF AMERICA, N.A.asaLender

By: /s/CharlesR.Dickerson Name:CharlesR.Dickerson Title:SeniorVicePresident

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ROYAL BANK OF CANADAasaLender

By: /s/J.ChristianGutierrez Name:J.ChristianGutierrez Title:AuthorizedSignatory

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

FIFTH THIRD BANKasaLender

By: /s/JodieR.Ayres Name:JodieR.Ayres Title:VicePresident

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

REGIONS BANKasaLender

By: /s/JasonDouglas Name:JasonDouglas Title:Director

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

JPMORGAN CHASE BANK, N.A.asaLender

By: /s/JustinBurton Name:JustinBurton Title:VicePresident

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

GOLDMAN SACHS BANK USAasaLender

By: /s/RebeccaKratz Name:RebeccaKratz Title:AuthorizedSignatory

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

IMPORTANT NOTE TO INVESTORS: (1) the representations and warranties contained in the agreement were made for the purposes of allocatingcontractual risk between the parties and not as a means of establishing facts; (2) the agreement may have different standards of materiality thanstandards of materiality under applicable securities laws; (3) the representations are qualified by a confidential disclosure schedule that contains somenonpublic information that is not material under applicable securities laws; (4) facts may have changed since the date of the agreement; and (5) onlyparties to the agreement and specified third-party beneficiaries have a right to enforce the agreement.

SCHEDULE I

Applicable Margin and Applicable Percentage

Pricing Level Consolidated Total Net Leverage Ratio

Applicable Margin forEurodollar Loans

Applicable Margin forBase Rate Loans

Applicable Percentagefor Commitment Fee

I Greaterthan3.50to1.00 2.00% 1.00% 0.45%

II Greaterthanto2.50to1.00butlessthanorequal3.50to1.00 1.75% 0.75% 0.35%

III Greaterthan1.50to1.00butlessthanorequalto2.50to1.00 1.50% 0.50% 0.30%

IV Lessthanorequalto1.50to1.00 1.25% 0.25% 0.25%

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE II

Commitment Amounts

Lender RevolvingCommitment Amount

SunTrustBank $[***]BankofAmerica,N.A. $[***]RoyalBankofCanada $[***]

FifthThirdBank $[***]RegionsBank $[***]

JPMorganChaseBank,N.A. $[***]GoldmanSachsBankUSA $[***]

Total $250,000,000

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 1.1(A)

Immaterial Subsidiaries

1. HLCEscrow,Inc.,aCaliforniacorporation

2.LTRealEstate,Inc.,aDelawarecorporation

3.RexfordOfficeHoldings,LLC,aDelawarelimitedliabilitycompany

4.HomeLoanCenter,Inc.,aCaliforniacorporation

5.LTIndiaHoldingCompany,LLC,aDelawarelimitedliabilitycompany

6.DegreeTree,Inc.,aDelawarecorporation

7.Tree.comBUHoldingCompany,Inc.,aDelawarecorporation

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 1.1(B)

Subsidiary Loan Parties

1.LendingTree,LLC,aDelawarelimitedliabilitycompany

2.IronHorseHoldings,LLC,aDelawarelimitedliabilitycompany

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 4.5

Environmental Matters

None.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 4.14

Subsidiaries

Owner NameofSubsidiary JurisdictionandTypeofEntity OwnershipInterest LoanParty(yesorno)

LendingTree,Inc. LendingTree,LLC Delawarelimitedliabilitycompany

100% Yes

LendingTree,LLC DegreeTree,Inc. Delawarecorporation 100% No

LendingTree,LLC Tree.comBUHoldingCompany,Inc.

Delawarecorporation 100% No

LendingTree,LLC IronHorseHoldings,LLC Delawarelimitedliabilitycompany

100% Yes

LendingTree,LLC HomeLoanCenter,Inc. Californiacorporation 100% No

HomeLoanCenter,Inc. HLCEscrow,Inc. Californiacorporation 100% No

LendingTree,LLC LTRealEstate,Inc. Delawarecorporation 100% No

LendingTree,LLC LTIndiaHoldingCompany,LLC

Delawarelimitedliabilitycompany

100% No

LendingTree,LLC RexfordOfficeHoldings,LLC

Delawarelimitedliabilitycompany

100% No

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 4.16

Deposit and Disbursement Accounts

NameandAddressofDepositoryInstitution AccountNumber TypeofAccount OwnerBankofAmerica,Dallas,TX

ScottMcGeein,BankofAmericaNC1-028-13-05

150NorthCollegeStreetCharlotte,NC28255980-386-1125

[***] Checking LendingTree,LLC

BankofAmerica,Atlanta,GAScottMcGeein,BankofAmerica

NC1-028-13-05150NorthCollegeStreet

Charlotte,NC28255980-386-1125

[***] Checking LendingTree,LLC

BankofAmerica,Dallas,TXScottMcGeein,BankofAmerica

NC1-028-13-05150NorthCollegeStreet

Charlotte,NC28255980-386-1125

[***] Lockbox LendingTree,LLC

BankofAmerica,Dallas,TXScottMcGeein,BankofAmerica

NC1-028-13-05150NorthCollegeStreet

Charlotte,NC28255980-386-1125

[***] Checking LendingTree,LLC

BankofAmerica,Dallas,TXScottMcGeein,BankofAmerica

NC1-028-13-05150NorthCollegeStreet

Charlotte,NC28255980-386-1125

[***] DemandDeposit LendingTree,LLC

BankofAmerica,Dallas,TXScottMcGeein,BankofAmerica

NC1-028-13-05150NorthCollegeStreet

Charlotte,NC28255980-386-1125

[***] Checking IronHorseHoldings,LLC

BankofAmerica,Dallas,TXScottMcGeein,BankofAmerica

NC1-028-13-05150NorthCollegeStreet

Charlotte,NC28255980-386-1125

[***] Lockbox IronHorseHoldings,LLC

JPMorganChase,SanAntonio,TXMattTugwell,JPMorganChase&Co.

6000FairviewRoad,Suite1233Charlotte,NC28210704-544-4271

[***] Checking LendingTree,LLC

JPMorganChase,SanAntonio,TXMattTugwell,JPMorganChase&Co.

6000FairviewRoad,Suite1233Charlotte,NC28210704-544-4271

[***] Checking LendingTree,LLC

HSBCBankUSA,NA,NY,NYLindaJ.Kelly,HSBCBank168CentreStreet,2ndFloor

NewYork,NY10003646-344-8259

[***] Checking LendingTree,LLC

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

FifthThirdBank5050KingsleyDrive

MD1MOB2DCincinnati,OH45263

[***] Escrow LendingTree,LLC

ServisFirstBankP.O.Box1508

Birmingham,AL35201-1508

[***] Escrow LendingTree,LLC

FifthThirdBank5050KingsleyDrive

MD1MOB2DCincinnati,OH45263

[***] Escrow LendingTree,LLC

FifthThirdBank5050KingsleyDrive

MD1MOB2DCincinnati,OH45263

[***] Escrow LendingTree,LLC

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 7.1

Existing Indebtedness

None.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 7.2

Existing Liens

None.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 7.4

Existing Investments

Securities Accounts

Name and Addressof Securities Intermediary: Merrill Lynch, Pierce, Fenner & Smith, Inc., Lakewood, NJ

Account Number: [***]

Name and Addressof Securities Intermediary: Goldman Sachs & Co. LLC

Account Number: [***]

Name and Addressof Securities Intermediary: Citigroup Inc.

Account Number: [***]

Securities

Name and Address of Securities Issuer: LendingTree,Inc.owns100%ofthemembershipinterestsofLendingTree,LLC.Type of Equity Interest Evidenced by Such Securities: MembershipInterestsCertificated or Uncertificated: UncertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

n/a

Name and Address of Securities Issuer: LendingTree,LLCowns100%oftheoutstandingequityofRexfordOfficeHoldings,LLC.Type of Equity Interest Evidenced by Such Securities: MembershipInterestCertificated or Uncertificated: uncertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

n/a

Name and Address of Securities Issuer: [***]Type of Equity Interest Evidenced by Such Securities: CommonStockCertificated or Uncertificated: CertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

CertificateNo.P-1:1,800sharesofPreferredStockCertificateNo.A-1:950sharesofClassACommonStock

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Name and Address of Securities Issuer: HomeLoanCenter,Inc.ownsalloftheoutstandingequityofHLCEscrow,Inc.Type of Equity Interest Evidenced by Such Securities: CommonStockCertificated or Uncertificated: CertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

CertificateNo.1:10,000sharesofCommonStock

Name and Address of Securities Issuer: LendingTree,LLCowns100%oftheoutstandingequityofIronHorseHoldings,LLC.Type of Equity Interest Evidenced by Such Securities: MembershipInterestCertificated or Uncertificated: UncertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

n/a

Name and Address of Securities Issuer: LendingTree,LLCowns100%oftheoutstandingequityofLTIndiaHoldingCompany,LLC.

Type of Equity Interest Evidenced by Such Securities: MembershipInterestCertificated or Uncertificated: uncertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

n/a

Name and Address of Securities Issuer: LendingTree,LLCowns100%oftheoutstandingequityofLTRealEstate,Inc..Type of Equity Interest Evidenced by Such Securities: CommonStockCertificated or Uncertificated: CertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

CertificateNo.2:1,000sharesofCommonStock

Name and Address of Securities Issuer: LendingTree,LLCowns100%oftheoutstandingequityofDegreeTree,Inc..Type of Equity Interest Evidenced by Such Securities: CommonStockCertificated or Uncertificated: CertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

CertificateNo.A-1:950sharesofClassACommonStockCertificateNo.P-1:170sharesofPreferredStock

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Name and Address of Securities Issuer: LendingTree,LLCowns100%oftheoutstandingequityofHomeLoanCenter,Inc.Type of Equity Interest Evidenced by Such Securities: CommonStockCertificated or Uncertificated: CertificatedIf Certificated, Certificate Numbers, and Number ofShares or Other Type of Equity Interest Evidenced bySuch Certificates:

CertificateNo.1:100sharesofCommonStock

Derivatives maintained with Bank of America, N.A. and Royal Bank of Canada in connection with the Permitted Bond Hedge Transaction.

Commodity Accounts – N/A

Name and Addressof Commodity Intermediary: Account Number:

Promissory Notes, Evidences of Indebtedness, and Other Instruments

[***]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 7.5

Affiliate Transactions

3.SeparationandDistributionAgreement,datedasofAugust20,2008(the"SpincoAgreement"),byandamongIAC/InterActiveCorp,aDelawarecorporation("IAC"),HSN,Inc.,aDelawarecorporation,IntervalLeisureGroup,Inc.,aDelawarecorporation,Ticketmaster,aDelaware,andParent(formerlyknownasTree.com,Inc.,aDelawarecorporation).

Description:Thisisthemasteragreementprovidingfortheseparationofassetsandliabilitiesbetween"new"IACandthefour"Spincos"(includingTree.com,Inc.),anddefiningliabilityandindemnificationintheeventofabreachorunwinding.

4.RegistrationRightsAgreement,datedasofAugust20,2008(the"RegistrationRightsAgreement"),amongTree.com,Inc.(formerlyknownasTree.com,Inc.,aDelawarecorporation),LibertyMediaCorporation("LibertyMedia")andLibertyUSAHoldings,LLC("LibertyUSA"and,togetherwithLibertyMedia,the"LibertyParties").

Description:UndertheRegistrationRightsAgreement,theLibertyPartiesandtheirpermittedtransferees(collectively,the"Holders")areentitledtothreedemandregistrationrights(andunlimitedpiggybackregistrationrights)inrespectofthesharesofParent'scommonstockreceivedbytheLibertyPartiesasaresultoftheParent'sspin-offandothersharesofParentcommonstockacquiredbytheLibertyPartiesconsistentwiththeSpincoAgreement(collectively,the"RegistrableShares").TheHolderswillbepermittedtoexercisetheirregistrationrightsinconnectionwithcertainhedgingtransactionsthattheymayenterintoinrespectoftheRegistrableShares.

ParentwillbeobligatedtoindemnifytheHolders,andeachsellingHolderwillbeobligatedtoindemnifyParent,againstspecifiedliabilitiesinconnectionwithmisstatementsoromissionsinanyregistrationstatement.

5.SpincoAssignmentandAssumptionAgreement,datedasofAugust20,2008(the"SpincoAssignment"),amongIAC/InterActiveCorp,Tree.com,Inc.(formerlyknownasTree.com,Inc.,aDelawarecorporation),LibertyMediaCorporationandLibertyUSAHoldings,LLC.

Description:UndertheSpincoAssignment,IACassignedandParentassumedfromIACallofIAC'srightsandobligationsundertheSpincoAgreementthatprovideforcertainpost-spin-offarrangementsrelatingtotheIssuer.

6.SplitcoAssignmentandAssumptionAgreement,datedNovember2,2017(the“SplitcoAssignment”),amongGeneralCommunication,Inc.(whichwasrenamedGCILiberty,Inc.),LibertyInteractiveCorporation(f/k/aLibertyMediaCorporation),LibertyUSAHoldings,LLC,VenturesHoldco,LLC,andLendingTree,Inc.

Description:UndertheSplitcoAssignment,LibertyInteractiveCorporationassignedandGeneralCommunication,Inc.assumedfromLibertyInteractiveCorporationallofLibertyInteractiveCorporation’srightsandobligationsundertheSpincoAgreementandtheRegistrationRightsAgreement.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT A

FORM OF ASSIGNMENT AND ASSUMPTION

ThisAssignmentandAssumption(the“AssignmentandAssumption”)isdatedasoftheEffectiveDatesetforthbelowandisenteredintobyandbetween[the][each]Assignoridentifiedinitem1below([the][each,an]“Assignor”)and[the][each]Assigneeidentifiedinitem2below([the][each,an]“Assignee”).[Itisunderstoodandagreedthattherightsandobligationsof[theAssignors][theAssignees]hereunderareseveralandnotjoint.]CapitalizedtermsusedbutnotdefinedhereinshallhavethemeaningsgiventothemintheAmendedandRestatedCreditAgreementidentifiedbelow(asamended,amendedandrestated, supplemented,orotherwisemodifiedfromtimetotime,the“CreditAgreement”), receiptofacopyofwhichisherebyacknowledgedby[the][each]Assignee.TheStandardTermsandConditionssetforthinAnnex1attachedheretoareherebyagreedtoandincorporatedhereinbyreferenceandmadeapartofthisAssignmentandAssumptionasifsetforthhereininfull.

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each]Assigneeherebyirrevocablypurchasesandassumesfrom[theAssignor][therespectiveAssignors],subjecttoandinaccordancewiththeStandardTermsand Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below(i) all of [the Assignor’s][therespective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any otherdocumentsorinstrumentsdeliveredpursuanttheretototheextentrelatedtotheamountandpercentageinterestidentifiedbelowofallofsuchoutstandingrightsand obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including, without limitation, any letters of credit,guarantees,andswinglineloansincludedinsuchfacilities),and(ii)totheextentpermittedtobeassignedunderapplicablelaw,allclaims,suits,causesofactionandanyotherrightof[theAssignor(initscapacityasaLender)][therespectiveAssignors(intheirrespectivecapacitiesasLenders)]againstanyPerson,whetherknown or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loantransactions governedtherebyor inanywaybasedonor relatedtoanyof theforegoing, including, but not limitedto, contract claims, tort claims, malpracticeclaims,statutoryclaimsandallotherclaimsatlaworinequityrelatedtotherightsandobligationssoldandassignedpursuanttoclause(i)above(therightsandobligationssoldandassignedby[the][any]Assignorto[the][any]Assigneepursuanttoclauses(i)and(ii)abovebeingreferredtohereincollectivelyas[the][an]“Assigned Interest ”). Each such sale and assignment is without recourse to [the] [any] Assignor and, except as expressly provided in this Assignment andAssumption,withoutrepresentationorwarrantyby[the][any]Assignor.

1.Assignor[s]:______________________________

______________________________

2.Assignee[s]:______________________________

______________________________[foreachAssignee,indicate[Affiliate][ApprovedFund]of[identify Lender ]

3.Borrower:LendingTree,LLC,aDelawarelimitedliabilitycompany(the“Borrower”)

4.AdministrativeAgent:SunTrustBank,astheadministrativeagentundertheCreditAgreement(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”)

5.Credit Agreement: Amended and Restated Credit Agreement dated as of November 21, 2017 (as amended, restated, amended and restated, supplementedand/orotherwisemodifiedfromtimetotime,the“CreditAgreement”)byandamongtheBorrower,LendingTree,Inc.,aDelawarecorporation,eachlenderfromtimetotimepartythereto(the“Lenders”)andSunTrustBank,asAdministrativeAgentforitselfandtheLenders.

6.AssignedInterest[s]:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Assignor[s] Assignee[s]FacilityAssigned

AggregateAmountofCommitment/Loansfor

allLenders

AmountofCommitment/Loans

Assigned8

PercentageAssignedofCommitment/

Loans CUSIPNumber

$ $ %

$ $ %

$ $ %

[7.TradeDate:______________]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Effective Date: _____________ ___, 20___ [TOBEINSERTEDBYADMINISTRATIVEAGENTANDWHICHSHALLBETHEEFFECTIVEDATEOFRECORDATIONOFTRANSFERINTHEREGISTERTHEREFOR.]

ThetermssetforthinthisAssignmentandAssumptionareherebyagreedto:

ASSIGNOR[S][NAMEOFASSIGNOR]

By:______________________________Title:

[NAMEOFASSIGNOR]

By:______________________________Title:

ASSIGNEE[S][NAMEOFASSIGNEE]

By:______________________________Title:

[NAMEOFASSIGNEE]

By:______________________________Title:

[Consentedtoand]Accepted:

SUNTRUST BANK ,asAdministrativeAgent,IssuingBankandSwinglineLender

By:_________________________________Title:

[Consentedto:]

LENDINGTREE, LLC ,astheBorrower

By

Name:

Title:]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ANNEX1

AMENDEDANDRESTATEDCREDITAGREEMENTDATEDASOFNOVEMBER21,2017

BYANDAMONGLENDINGTREE,LLC,ADELAWARELIMITEDLIABILITYCOMPANY,LENDINGTREE,INC.,ADELAWARECORPORATION,

THESEVERALBANKSANDOTHERFINANCIALINSTITUTIONSANDLENDERSFROMTIMETOTIMEPARTYTHERETO,ANDSUNTRUSTBANK,ASADMINISTRATIVEAGENT

STANDARDTERMSANDCONDITIONSFORASSIGNMENTANDASSUMPTION

1.RepresentationsandWarranties.

1.1Assignor[s].[The][Each]Assignor(a)representsandwarrantsthat(i)itisthelegalandbeneficialownerof[the][therelevant]AssignedInterest,(ii)[the][such]AssignedInterestisfreeandclearofanylien,encumbranceorotheradverseclaim,(iii)ithasfullpowerandauthority,andhastakenallactionnecessary,toexecuteanddeliverthisAssignmentandAssumptionandtoconsummatethetransactionscontemplatedherebyand(iv)itis[not]aDefaultingLender;and(b)assumesnoresponsibilitywithrespectto(i)anystatements,warrantiesorrepresentationsmadeinorinconnectionwiththeCreditAgreementorany other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateralthereunder,(iii)thefinancialconditionoftheBorrower,anyofitsSubsidiariesorAffiliatesoranyotherPersonobligatedinrespectofanyLoanDocument,or(iv)theperformanceor observancebytheBorrower, anyof its Subsidiaries or Affiliates or anyother Personofanyof their respective obligations underanyLoanDocument.

1.2.Assignee[s].[The][Each]Assignee(a)representsandwarrantsthat(i)ithasfullpowerandauthority,andhastakenallactionnecessary,to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the CreditAgreement,(ii)itmeetsalltherequirementstobeanassigneeunderSection10.4oftheCreditAgreement(subjecttosuchconsents,ifany,asmayberequiredunder Section 10.4 of the Credit Agreement), (iii) fromand after the Effective Date, it shall be boundby the provisions of the Credit Agreement as a Lenderthereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect todecisionstoacquireassetsofthetyperepresentedbytheAssignedInterestandeitherit,orthePersonexercisingdiscretioninmakingitsdecisiontoacquiretheAssignedInterest,isexperiencedinacquiringassetsofsuchtype,(v)ithasreceivedacopyoftheCreditAgreement,andhasreceivedorhasbeenaccordedtheopportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1(b) thereof, as applicable, andsuchother documents andinformation as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such]AssignedInterest,(vi)ithas,independentlyandwithoutrelianceupontheAdministrativeAgentoranyotherLenderandbasedonsuchdocumentsandinformationas it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] AssignedInterest,and(vii)ifitisaForeignPersonattachedtotheAssignmentandAssumptionisanydocumentationrequiredtobedeliveredbyitpursuanttothetermsofthe Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on theAdministrativeAgent,[the][any]AssignororanyotherLender,andbasedonsuchdocumentsandinformationasitshalldeemappropriateatthetime,continuetomakeitsowncreditdecisionsintakingornottakingactionundertheLoanDocuments,and(ii)itwillperforminaccordancewiththeirtermsalloftheobligationswhichbythetermsoftheLoanDocumentsarerequiredtobeperformedbyitasaLender.

2.Payments.FromandaftertheEffectiveDate,theAdministrativeAgentshallmakeallpaymentsinrespectof[the][each]AssignedInterest(includingpaymentsofprincipal,interest,feesandotheramounts)to[the][therelevant]AssignorforamountswhichhaveaccruedtobutexcludingtheEffectiveDateandto[the][therelevant] Assigneefor amounts whichhaveaccruedfromandafter theEffective Date. Notwithstandingtheforegoing, theAdministrativeAgentshallmakeallpaymentsofinterest,feesorotheramountspaidorpayableinkindfromandaftertheEffectiveDateto[the][therelevant]Assignee.

3. General Provisions . This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and theirrespective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute oneinstrument.DeliveryofanexecutedcounterpartofasignaturepageofthisAssignmentandAssumptionbytelecopyshallbeeffectiveasdeliveryofamanuallyexecutedcounterpartofthisAssignmentandAssumption.ThisAssignmentandAssumptionshallbegovernedby,andconstruedinaccordancewith,thelawoftheStateofNewYork.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT B

FORM OF GUARANTY AND SECURITY AGREEMENT

[PLEASESEEATTACHED.]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

datedasofNovember21,2017

madeby

LENDINGTREE, LLC asBorrower,

LENDINGTREE, INC. ,asParent,

and

THE OTHER GRANTORS FROM TIME TO TIME PARTY HERETO

infavorof

SUNTRUST BANK asAdministrativeAgent

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ARTICLE I DEFINITIONS 1

Section1.1 Definitions1

Section1.2 OtherDefinitionalProvisions;References5

ARTICLE II GUARANTEE 5

Section2.1 Guarantee5

Section2.2 Payments7

ARTICLE III GRANT OF SECURITY INTEREST 7

Section3.1 GrantofSecurityInterest7

Section3.2 TransferofPledgedSecurities8

Section3.3 GrantorsRemainLiableunderAccounts,ChattelPaperandPaymentIntangibles8

ARTICLE IV ACKNOWLEDGMENTS, WAIVERS AND CONSENTS 9

Section4.1 Acknowledgments,WaiversandConsents9

Section4.2 NoSubrogation,ContributionorReimbursement11

ARTICLE V REPRESENTATIONS AND WARRANTIES 12

Section5.1 ConfirmationofRepresentationsinCreditAgreement12

Section5.2 BenefittotheGuarantors12

Section5.3 FirstPriorityLiens12

Section5.4 LegalName,OrganizationalStatus,ChiefExecutiveOffice12

Section5.5 PriorNames,PriorChiefExecutiveOffices12

Section5.6 Goods13

Section5.7 ChattelPaper13

Section5.8 TruthofInformation;Accounts13

Section5.9 Reserved13

Section5.10 Copyrights,PatentsandTrademarks13

ARTICLE VI COVENANTS 13

Section6.1 CovenantsinCreditAgreement13

Section6.2 MaintenanceofPerfectedSecurityInterest;FurtherDocumentation14

Section6.3 MaintenanceofRecords14

Section6.4 RightofInspection15

Section6.5 FurtherIdentificationofCollateral15

Section6.6 ChangesinNames,Locations15

Section6.7 CompliancewithContractualObligations15

Section6.8 LimitationsonDispositionsofCollateral15

Section6.9 PledgedSecurities15

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Section6.10 LimitationsonModifications,Waivers,ExtensionsofAgreementsGivingRisetoAccounts16

Section6.11 AnalysisofAccounts17

Section6.12 InstrumentsandTangibleChattelPaper17

Section6.13 Copyrights,PatentsandTrademarks17

Section6.14 CommercialTortClaims18

ARTICLE VII REMEDIAL PROVISIONS 19

Section7.1 PledgedSecurities19

Section7.2 CollectionsonAccounts20

Section7.3 Proceeds20

Section7.4 UCCandOtherRemedies20

Section7.5 PrivateSalesofPledgedSecurities21

Section7.6 Waiver;Deficiency22

Section7.7 Non-JudicialEnforcement22

ARTICLE VIII THE ADMINISTRATIVE AGENT22

Section8.1 TheAdministrativeAgent’sAppointmentasAttorney-in-Fact22

Section8.2 DutyoftheAdministrativeAgent24

Section8.3 FilingofFinancingStatements24

Section8.4 AuthorityoftheAdministrativeAgent25

ARTICLE IX SUBORDINATION OF INDEBTEDNESS 25

Section9.1 SubordinationofAllGuarantorClaims25

Section9.2 ClaimsinBankruptcy25

Section9.3 PaymentsHeldinTrust25

Section9.4 LiensSubordinate26

Section9.5 NotationofRecords26

ARTICLE X MISCELLANEOUS 26

Section10.1 Waiver26

Section10.2 Notices26

Section10.3 PaymentofExpenses,Indemnities26

Section10.4 AmendmentsinWriting27

Section10.5 SuccessorsandAssigns27

Section10.6 Severability27

Section10.7 Counterparts27

Section10.8 Survival27

Section10.9 Captions28

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Section10.10 NoOralAgreements28

Section10.11 GoverningLaw;SubmissiontoJurisdiction28

Section10.12 WAIVEROFJURYTRIAL28

Section10.13 Acknowledgments29

Section10.14 AdditionalGrantors29

Section10.15 Set-Off30

Section10.16 Releases30

Section10.17 Reinstatement31

Section10.18 Acceptance31

Section10.19 RelationtoOtherSecurityDocuments31

Section10.20 AmendmentandRestatement;NoNovation31

ARTICLE XI KEEPWELL 32

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Schedules

Schedule1-NoticeAddressesSchedule2-PledgedSecuritiesSchedule3-FilingsandOtherActionsRequiredtoPerfectSecurityInterestsSchedule4-LegalName,OrganizationalStatus,ChiefExecutiveOfficeSchedule5-PriorNamesandPriorChiefExecutiveOfficesSchedule6-PatentsandPatentLicensesSchedule7-TrademarksandTrademarkLicensesSchedule8-CopyrightsandCopyrightLicensesSchedule9-CommercialTortClaims

Annexes

AnnexI-FormofAssumptionAgreementAnnexII-FormofIntellectualPropertySecurityAgreementAnnexIII-FormofSupplementAnnexIV-FormofAcknowledgmentandConsent

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

THIS AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT ,datedasofNovember21,2017,ismadebyLENDINGTREE,LLC,aDelawarelimitedliabilitycompany(the“Borrower”),LENDINGTREE,INC.,aDelawarecorporation(“Parent”),andcertainSubsidiariesoftheBorroweridentifiedonthesignaturepagesheretoas“Guarantors”(togetherwiththeBorrower,Parent,andanyotherSubsidiaryoftheBorrowerthatbecomesapartyheretofromtimetotimeafterthedatehereof,each,a“Grantor”and,collectively,the“Grantors”),infavorofSUNTRUSTBANK,asadministrativeagent(insuchcapacity,togetherwithitssuccessorsinsuchcapacity,the“AdministrativeAgent”)fortheSecuredParties(asdefinedbelow).

WHEREAS, theBorrowerandParentareenteringintothatcertainAmendedandRestatedCreditAgreement,datedasofthedatehereof,byandamongtheBorrower,Parent,theLendersfromtimetotimepartythereto,theIssuingBank,andtheAdministrativeAgent,providingforcertaincreditfacilities,including,withoutlimitation,arevolvingcreditfacility(asamended,restated,supplemented,replaced,increased,refinancedorotherwisemodifiedfromtimetotime,the“CreditAgreement”);

WHEREAS, itisaconditionprecedenttotheobligationsoftheLenders,theIssuingBank,andtheAdministrativeAgentundertheLoanDocumentsthattheGrantorsarerequiredtoenterintothisAgreement,pursuanttowhichtheGrantors(otherthantheBorrower)shallguarantyallObligationsoftheBorrowerandtheGrantors(includingtheBorrower)shallgrantLiensonsubstantiallyalloftheirpersonalpropertytotheAdministrativeAgent,onbehalfoftheSecuredParties,tosecuretheirrespectiveObligations;

WHEREAS ,thepartiesheretopreviouslyenteredintothatcertainGuarantyandSecurityAgreementdatedasofOctober22,2015(asamended,restated,supplemented,orotherwisemodifiedfromtimetotimepriortothedatehereof,the“ExistingSecurityAgreement”);and

WHEREAS ,itistheintentofthepartiesheretothatthisAgreementnotconstituteanovationoftheliabilitiesandobligationsexistingundertheExistingSecurityAgreementandthattheliabilitiesandobligationsexistingundertheExistingSecurityAgreementshallremainoutstandingandthatthisAgreementamendandrestateinitsentiretytheExistingSecurityAgreement.

NOW, THEREFORE, inconsiderationofthepremisesandtoinducetheAdministrativeAgent,theLendersandtheIssuingBanktoenterintotheCreditAgreementandtoinducetheLendersandtheIssuingBanktomaketheirrespectiveextensionsofcredittotheBorrowerthereunder,eachGrantorherebyagreeswiththeAdministrativeAgent,fortheratablebenefitoftheSecuredParties,asfollows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions .

(a) Eachtermdefinedaboveshall havethemeaningset forthabovefor all purposesof this Agreement. Unless otherwisedefinedherein,termsdefinedintheCreditAgreementandusedhereinshallhavethemeaningsassignedtosuchtermsintheCreditAgreement,andtheterms“AccountDebtor”,“Accounts”, “Chattel Paper”, “Commercial Tort Claims”, “Deposit Accounts”, “Documents”, “Electronic Chattel Paper”, “Equipment”, “Fixtures”, “GeneralIntangibles”, “Goods”, “Instruments”, “Inventory”, “Investment Property”, “Letter-of-Credit Rights”, “Payment Intangibles”, “Proceeds”, “SupportingObligations”,and“TangibleChattelPaper”shallhavethemeaningsassignedtosuchtermsintheUCCasineffectonthedatehereof:

(b)Thefollowingtermsshallhavethefollowingmeanings:

“Agreement”shallmeanthisAmendedandRestatedGuarantyandSecurityAgreement,asamended,restated,supplementedorotherwisemodifiedfromtimetotime.

“BankruptcyCode”shallhavethemeaningsetforthinSection2.1(c)(i).“Collateral”shallhavethemeaningsetforthinSection3.1.“CopyrightLicenses”shallmeananyandallpresentandfutureagreementsprovidingforthegrantingofanyrightinortoCopyrights(whethertheapplicable

Grantorislicenseeorlicensorthereunder),including,withoutlimitation,anythereofreferredtoinSchedule8.“Copyrights”shallmean,collectively,withrespecttoeachGrantor,allcopyrights,whetherregisteredorunregistered,ownedbyorassignedtosuchGrantor

andallregistrationsandapplicationsfortheforegoing(whetherbystatutoryorcommon

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law,whetherestablishedorregisteredintheUnitedStates,anyStatethereof,oranyothercountryoranypoliticalsubdivisionthereofand,ineachcase,whetherownedbyorlicensedtosuchGrantor),andallgoodwillassociatedtherewith,nowexistingorhereafteradoptedoracquired,togetherwithanyandall(i)rightsandprivilegesarisingunderapplicablelawwithrespecttosuchGrantor’suseofanycopyrights,(ii)reissues,continuations,extensionsandrenewalsthereofandamendmentsthereto,(iii)income,fees,royalties,damagesandpaymentsnowandhereafterdueand/orpayablethereunderandwithrespectthereto,includingdamages,claimsandpaymentsforpast,presentorfutureinfringementsthereof,(iv)rightscorrespondingtheretothroughouttheworldand(v)rightstosueforpast,presentorfutureinfringementsthereof,including,withoutlimitation,anythereofreferredtoinSchedule8.

“ExcludedCapitalStock”shallmean(a)anyvotingCapitalStockofanyForeignSubsidiaryownedbyanyGrantorinexcessof66%oftheissuedandoutstandingvotingCapitalStockofsuchForeignSubsidiaryand(b)anyCapitalStockofanyForeignSubsidiarywhichisnotaMaterialSubsidiary;provided,that“ExcludedCapitalStock”shallnotincludeanyproceeds,products,substitutionsorreplacementsofExcludedCapitalStock(unlesssuchproceeds,products,substitutionsorreplacementswouldotherwiseconstituteExcludedCapitalStock).

“ExcludedProperty”shallmean(i)allfee-ownedRealEstateandallRealEstateconstitutingleaseholdinterests;(ii)anymotorvehicles,aircraft,andotherassetssubjecttocertificatesoftitletotheextentthatasecurityinterestthereincannotbeperfectedbythefilingofaUCCfinancingstatement;(iii)anyLetter-of-CreditRights(excepttotheextentconstitutingasupportobligationforotherCollateralastowhichtheperfectionofsecurityinterestsinsuchotherCollateralandthesupportobligationisaccomplishedsolelybythefilingofaUCCfinancingstatement)andCommercialTortClaims,ineachcase,withavalueoflessthan$500,000;(iv)ExcludedCapitalStock;(v)anylicense,Instrument,agreement,orotherGeneralIntangible(otherthanProceedsandAccountsthereof)totheextent,andsolongas,thepledgethereofasCollateralwouldviolatethetermsthereoforresultinabreachbyanyGrantorofanyagreementrelatedthereto,butonlytotheextent,andonlyforsolongas,suchprohibitionisnotterminatedorrenderedunenforceableorotherwisedeemedineffectivebytheUCC,theBankruptcyCodeoranyotherapplicablelawandsuchprohibitionisnotprohibitedunderSection7.8oftheCreditAgreement(provided,thatsuchassetsshallceasetobeExcludedPropertyatsuchtimeassuchprohibitionorrestrictionisterminated,renderedunenforceable,ordeemedineffectiveorotherwiseceasestobeineffectand,uponsuchprohibitionorrestrictionbeingterminated,renderedunenforceable,deemedineffective,orotherwiseceasingtobeineffect,theLiengrantedhereinshallbedeemedtohaveautomaticallyattachedtosuchassets);(vi)ExcludedAccountsdescribedinclauses(a)through(c)ofthedefinitionthereof;(vii)anyUnitedStatesintent-to-usetrademarkapplicationsandanyotherassetstotheextentthepledgethereofisprohibitedbyanyapplicablelaw(otherthanProceedsandAccountsthereof),butonlytotheextent,andforsolongas,suchprohibitionisnotterminatedorrenderedunenforceableorotherwisedeemedineffectivebytheUCC,theBankruptcyCodeoranyotherapplicablelaw(provided,thatsuchassetsshallceasetobeExcludedPropertyatsuchtimeassuchprohibitionisterminated,renderedunenforceable,ordeemedineffectiveorotherwiseceasestobeineffectand,uponsuchprohibitionbeingterminated,renderedunenforceable,deemedineffectiveorotherwiseceasingtobeineffect,theLiengrantedhereinshallbedeemedtohaveautomaticallyattachedtosuchassets);and(viii)thoseassetsoftheGrantorsastowhichtheAdministrativeAgentshallreasonablydeterminethatthecostsofobtainingorperfectingsuchsecurityinterestareexcessiveinrelationtothevalueofthesecuritytotheSecuredPartiestobeaffordedthereby;provided,that“ExcludedProperty”shallnotincludeanyproceeds,products,substitutionsorreplacementsofExcludedProperty(unlesssuchproceeds,products,substitutionsorreplacementswouldotherwiseconstituteExcludedProperty);provided,further,thatupontheoccurrenceofaneventthatrenderspropertytonolongerconstituteExcludedProperty,asecurityinterestinsuchpropertyshallbeautomaticallyandsimultaneouslygrantedhereunderandshallbeincludedasCollateralhereunder.

“GuaranteedObligations”shallhavethemeaningsetforthinSection2.1(a).“Guarantors”shallmean,collectively,ParentandeachotherGrantor(otherthantheBorrower).“Issuers”shallmean,collectively,eachissuerofaPledgedSecurity.“MonetaryObligation”shallmeanamonetaryobligationsecuredbyGoodsorowedunderaleaseofGoodsandincludesamonetaryobligationwithrespect

tosoftwareusedinGoods.“Note”shallmeananinstrumentthatevidencesapromisetopayaMonetaryObligationandanyotherinstrumentwithinthedescriptionof“promissorynote”

asdefinedinArticle9oftheUCC.“PatentLicenses”shallmeananyandallpresentandfutureagreementsprovidingforthegrantingofanyrightinortoPatents(whethertheapplicable

Grantorislicenseeorlicensorthereunder),including,withoutlimitation,anythereofreferredtoinSchedule6.“Patents”shallmean,collectively,withrespecttoeachGrantor,allletterspatentissuedorassignedto,andallpatentapplicationsandregistrationsmadeby,

suchGrantor(whetherestablishedorregisteredorrecordedintheUnitedStates,anyStatethereoforanyothercountryoranypoliticalsubdivisionthereofand,ineachcase,whetherownedbyorlicensedtosuchGrantor),andallgoodwillassociatedtherewith,nowexistingorhereafteradoptedoracquired,togetherwithanyandall(i)

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rightsandprivilegesarisingunderapplicablelawwithrespecttosuchGrantor’suseofanypatents,(ii)inventionsandimprovementsdescribedandclaimedtherein,(iii)reissues,divisions,continuations,renewals,extensionsandcontinuations-in-partthereofandamendmentsthereto,andrightstoobtainanyoftheforegoing,(iv)income,fees,royalties,damages,claimsandpaymentsnoworhereafterdueand/orpayablethereunderandwithrespecttheretoincludingdamagesandpaymentsforpast,presentorfutureinfringementsthereof,(v)rightscorrespondingtheretothroughouttheworldand(vi)rightstosueforpast,presentorfutureinfringementsthereof,including,withoutlimitation,anythereofreferredtoinSchedule6.

“PledgedCertificatedStock”shallmeanallcertificatedsecuritiesandanyotherCapitalStockorStockEquivalentofanyPerson,otherthanExcludedProperty,evidencedbyacertificate,instrumentorothersimilardocument,ineachcaseownedbyanyGrantor,andanydistributionofpropertymadeon,inrespectoforinexchangefortheforegoingfromtimetotime,includingineachcasethoseinterestssetforthonSchedule2totheextentsuchinterestsarecertificated.

“PledgedSecurities”shallmean,collectively,allPledgedCertificatedStockandallPledgedUncertificatedStock.“PledgedUncertificatedStock”shallmeananyCapitalStockorStockEquivalentofanyPerson,otherthanPledgedCertificatedStockandExcluded

Property,ineachcaseownedbyanyGrantor,includingallright,titleandinterestofanyGrantorasalimitedorgeneralpartnerinanypartnershiporasamemberofanylimitedliabilitycompanynotconstitutingPledgedCertificatedStock,allright,titleandinterestofanyGrantorin,toandunderanyorganizationaldocumentofanypartnershiporlimitedliabilitycompanytowhichitisaparty,andanydistributionofpropertymadeon,inrespectoforinexchangefortheforegoingfromtimetotime,includingineachcasethoseinterestssetforthonSchedule2totheextentsuchinterestsarenotcertificated.

“QualifiedECPGuarantor”shallmean,inrespectofanySwapObligation,eachLoanPartythathastotalassetsexceeding$10,000,000atthetimetherelevantGuaranteeorgrantoftherelevantsecurityinterestbecomeseffectivewithrespecttosuchSwapObligationorsuchotherpersonasconstitutesan“eligiblecontractparticipant”undertheCommodityExchangeActoranyregulationspromulgatedthereunderandcancauseanotherPersontoqualifyasan“eligiblecontractparticipant”atsuchtimebyenteringintoakeepwellunderSection1a(18)(A)(v)(II)oftheCommodityExchangeAct.

“SecuredObligations”shallhavethemeaningsetforthinSection3.1.“SecuredParties”shallmeantheAdministrativeAgent,theLenders,theIssuingBank,theLender-RelatedHedgeProvidersandtheBankProductProviders.“SecuritiesAct”shallmeantheSecuritiesActof1933,asamendedandineffectfromtimetotime.“StockEquivalents”shallmeanallsecuritiesconvertibleintoorexchangeableforCapitalStockoranyotherStockEquivalentandallwarrants,optionsor

otherrightstopurchase,subscribefororotherwiseacquireanyCapitalStockoranyotherStockEquivalent,whetherornotpresentlyconvertible,exchangeableorexercisable.

“TrademarkLicenses”shallmeananyandallpresentandfutureagreementsprovidingforthegrantingofanyrightinortoTrademarks(whethertheapplicableGrantorislicenseeorlicensorthereunder),including,withoutlimitation,anythereofreferredtoinSchedule7.

“Trademarks”shallmean,collectively,withrespecttoeachGrantor,alltrademarks,servicemarks,slogans,logos,certificationmarks,tradedress,uniformresourcelocations(URL’s),domainnames,corporatenames,tradenamesandothersourceorbusinessidentifiers,whetherregisteredorunregistered,ownedbyorassignedtosuchGrantorandallregistrationsandapplicationsfortheforegoing(whetherbystatutoryorcommonlaw,whetherestablishedorregisteredintheUnitedStates,anyStatethereof,oranyothercountryoranypoliticalsubdivisionthereofand,ineachcase,whetherownedbyorlicensedtosuchGrantor),andallgoodwillassociatedtherewith,nowexistingorhereafteradoptedoracquired,togetherwithanyandall(i)rightsandprivilegesarisingunderapplicablelawwithrespecttosuchGrantor’suseofanytrademarks,(ii)reissues,continuations,extensionsandrenewalsthereofandamendmentsthereto,(iii)income,fees,royalties,damagesandpaymentsnowandhereafterdueand/orpayablethereunderandwithrespectthereto,includingdamages,claimsandpaymentsforpast,presentorfutureinfringementsthereof,(iv)rightscorrespondingtheretothroughouttheworldand(v)rightstosueforpast,presentorfutureinfringementsthereof,including,withoutlimitation,anythereofreferredtoinSchedule7.

“UCC”shallmeantheUniformCommercialCodeasineffectfromtimetotimeintheStateofNewYork.Section 1.2 Other Definitional Provisions; References .Thedefinitionoftermshereinshallapplyequallytothesingularandpluralformsofthe

terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,“includes”and“including”shallbedeemedtobefollowedbythephrase“withoutlimitation”.Theword“will”shallbeconstruedtohavethesamemeaningandeffectastheword“shall”.Unlessthecontextrequiresotherwise(a)anydefinitionoforreferencetoanyagreement,instrumentorotherdocumenthereinshallbeconstrued as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to anyrestrictionsonsuchamendments,supplementsormodificationssetforthherein),(b)anyreferencehereintoanyPersonshallbeconstruedtoincludesuchPerson’ssuccessorsandassigns,(c)thewords“herein”,“hereof”and“hereunder”,andwordsofsimilarimport,shallbeconstruedtorefertothisAgreementinitsentiretyandnottoanyparticularprovisionhereof,

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

(d)allreferenceshereintoArticles,Sections,Exhibits,SchedulesandAnnexesshall,unlessotherwisestated,beconstruedtorefertoArticlesandSectionsof,andExhibits,SchedulesandAnnexesto,thisAgreementand(e)thewords“asset”and“property”shallbeconstruedtohavethesamemeaningandeffectandtorefertoanyandalltangibleandintangibleassetsandproperties,includingcash,securities,accountsandcontractrights.Wherethecontextrequires,termsrelatingtotheCollateraloranypartthereof,whenusedinrelationtoaGrantor,shallrefertosuchGrantor’sCollateralortherelevantpartthereof.

ARTICLE II

GUARANTEE

Section 2.1 Guarantee .

(a) EachGuarantor unconditionally guarantees, jointly withthe other Guarantors andseverally, as a primaryobligor andnot merely as asurety, (i) the due and punctual payment of all Obligations of the Borrower and the other Loan Parties including, without limitation, (A) the principal of andpremium,ifany,andinterest(includinginterestaccruingduringthependencyofanybankruptcy,insolvency,receivershiporothersimilarproceeding,regardlessof whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set forprepaymentorotherwise,(B)eachpaymentrequiredtobemadebytheBorrowerundertheCreditAgreementinrespectofanyLetterofCredit,whenandasdue,including payments in respect of reimbursement or disbursements, interest thereon and obligations to provide cash collateral, and (C) all other monetaryobligations, includingfees, costs, expenses andindemnities, whether primary, secondary, direct, contingent, fixedor otherwise (includingmonetary obligationsincurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in suchproceeding),oftheLoanPartiestotheAdministrativeAgent,theLendersandtheIssuingBankundertheCreditAgreementandtheotherLoanDocuments;(ii)thedueandpunctualperformanceofallcovenants,agreements,obligationsandliabilitiesoftheLoanPartiesunderorpursuanttotheCreditAgreementandtheotherLoanDocuments; (iii) the dueandpunctual payment of all BankProduct Obligations; and(iv) the dueandpunctual payment andperformance of all HedgingObligations that constitute Obligations with respect to such Guarantor (all the monetary and other obligations referred to in the preceding clauses (i) through(iv) beingcollectively called the “GuaranteedObligations”). Each Guarantor further agrees that the Guaranteed Obligations maybe extended or renewed, inwhole or in part, without notice to or further assent fromsuch Guarantor, and that such Guarantor will remain bound upon its guarantee notwithstanding anyextensionorrenewalofanyGuaranteedObligations.

(b)EachGuarantorfurtheragreesthatitsguaranteeconstitutesaguaranteeofpaymentwhendueandnotofcollection,andwaivesanyrighttorequirethatanyresortbehadbytheAdministrativeAgentoranySecuredPartytoanyofthesecurityheldforpaymentoftheGuaranteedObligationsortoanybalanceofanydepositaccountorcreditonthebooksoftheAdministrativeAgentoranySecuredPartyinfavoroftheBorroweroranyotherGuarantor.

(c)ItistheintentofeachGuarantorandtheAdministrativeAgentthatthemaximumobligationsoftheGuarantorshereundershallbe,butnotinexcessof:

(i)inacaseorproceedingcommencedbyoragainstanyGuarantorundertheprovisionsofTitle11oftheUnitedStatesCode,11U.S.C.§§101etseq.,asamendedandineffectfromtimetotime(the“BankruptcyCode”),onorwithinoneyearfromthedateonwhichanyoftheGuaranteedObligations are incurred, the maximumamount whichwouldnot otherwise cause the GuaranteedObligations (or anyother obligations ofsuchGuarantorowedtotheAdministrativeAgentortheSecuredParties)tobeavoidableorunenforceableagainstsuchGuarantorunder(i)Section548oftheBankruptcyCodeor(ii)anystatefraudulenttransferorfraudulentconveyanceactorstatuteappliedinanysuchcaseorproceedingbyvirtueofSection544oftheBankruptcyCode;or

(ii)inacaseorproceedingcommencedbyoragainstanyGuarantorundertheBankruptcyCodesubsequenttooneyearfromthedateonwhichanyoftheGuaranteedObligationsareincurred,themaximumamountwhichwouldnototherwisecausetheGuaranteedObligations(orany other obligations of such Guarantor to the Administrative Agent or the Secured Parties) to be avoidable or unenforceable against such Guarantorunder any state fraudulent transfer or fraudulent conveyance act or statute applied in any such case or proceeding by virtue of Section 544 of theBankruptcyCode;or

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(iii)inacaseorproceedingcommencedbyoragainstanyGuarantorunderanylaw,statuteorregulationotherthantheBankruptcyCode (including, without limitation, any other bankruptcy, reorganization, arrangement, moratorium, readjustment of debt, dissolution, liquidation orsimilar debtor relief laws), the maximum amount which would not otherwise cause the Guaranteed Obligations (or any other obligations of suchGuarantor to the Administrative Agent or the Secured Parties) to be avoidable or unenforceable against such Guarantor under such law, statute orregulation,including,withoutlimitation,anystatefraudulenttransferorfraudulentconveyanceactorstatuteappliedinanysuchcaseorproceeding.

(d)ThesubstantivelawsunderwhichthepossibleavoidanceorunenforceabilityoftheGuaranteedObligations(oranyotherobligationsofsuch Guarantor to the Administrative Agent or the Secured Parties) as may be determined in any case or proceeding shall hereinafter be referred to as the “AvoidanceProvisions”. Totheextent set forth in subsections (c)(i), (ii) and(iii) of this Section, but onlyto theextent that theGuaranteedObligations wouldotherwisebesubjecttoavoidanceorfoundunenforceableundertheAvoidanceProvisions,ifanyGuarantorisnotdeemedtohavereceivedvaluableconsideration,fairvalueorreasonablyequivalentvaluefortheGuaranteedObligations,oriftheGuaranteedObligationswouldrendersuchGuarantorinsolvent,orleavesuchGuarantorwithanunreasonablysmallcapitaltoconductitsbusiness,orcausesuchGuarantortohaveincurreddebts(ortohaveintendedtohaveincurreddebts)beyondits abilitytopaysuchdebtsastheymature, ineachcaseasofthetimeanyoftheGuaranteedObligationsaredeemedtohavebeenincurredundertheAvoidanceProvisionsandaftergivingeffecttothecontributionbysuchGuarantor,themaximumGuaranteedObligationsforwhichsuchGuarantorshallbeliablehereunder shall be reduced to that amount which, after giving effect thereto, would not cause the Guaranteed Obligations (or any other obligations of suchGuarantortotheAdministrativeAgentortheSecuredParties),assoreduced,tobesubjecttoavoidanceorunenforceabilityundertheAvoidanceProvisions.

(e) This Sectionis intendedsolely to preserve therights of theAdministrative Agent andtheSecuredParties hereunder to themaximumextent that would not cause the Guaranteed Obligations of suchGuarantor to be subject to avoidance or unenforceability under the Avoidance Provisions, andneithertheGrantorsnoranyotherPersonshallhaveanyrightorclaimunderthisSectionasagainsttheAdministrativeAgentoranySecuredPartythatwouldnototherwisebeavailabletosuchPersonundertheAvoidanceProvisions.

(f)EachGuarantoragreesthatifthematurityofanyoftheGuaranteedObligationsisacceleratedbybankruptcyorotherwise,suchmaturityshallalsobedeemedacceleratedforthepurposeofthisguaranteewithoutdemandornoticetosuchGuarantor.TheguaranteecontainedinthisArticleshallremaininfullforceandeffectuntilallGuaranteedObligationsareirrevocablysatisfiedinfullandallCommitmentshavebeenirrevocablyterminated,notwithstandingthat,fromtimetotimeduringthetermoftheCreditAgreement,noObligationsmaybeoutstanding.

Section 2.2 Payments .EachGuarantorherebyagreesandguaranteesthatpaymentshereunderwillbepaidtotheAdministrativeAgentwithoutset-offorcounterclaiminU.S.dollarsattheofficeoftheAdministrativeAgentspecifiedpursuanttotheCreditAgreement.

ARTICLE III

GRANT OF SECURITY INTEREST

Section 3.1 Grant of Security Interest . Each Grantor hereby pledges, assigns and transfers to the Administrative Agent, and grants to theAdministrativeAgent,fortheratablebenefitoftheSecuredParties,asecurityinterestinallofthefollowingpropertynowownedoratanytimehereafteracquiredbysuchGrantororinwhichsuchGrantornowhasoratanytimeinthefuturemayacquireanyright,titleorinterestandwhethernowexistingorhereaftercominginto existence (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the statedmaturity,byaccelerationorotherwise)oftheObligationsandtheGuaranteedObligations(collectively,the“SecuredObligations”):

(a)allAccountsandChattelPaper;

(b)allCopyrightsandCopyrightLicenses;

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(c)allCommercialTortClaims(including,withoutlimitation,theCommercialTortClaimssetforthonSchedule9attachedhereto);

(d)allcontracts;

(e)allDepositAccounts;

(f)allDocuments;

(g)allGeneralIntangibles;

(h)allGoods(including,withoutlimitation,allInventory,allEquipmentandallFixtures);

(i)allInstruments;

(j)allInvestmentProperty;

(k)allLetter-of-CreditRights;

(l)allNotesandallintercompanyobligationsbetweentheLoanParties;

(m)allPatentsandPatentLicenses;

(n)allPledgedSecurities;

(o)allTrademarksandTrademarkLicenses;

(p)allvehicles;

(q)allbooksandrecords,SupportingObligationsandrelatedlettersofcreditorotherclaimsandcausesofaction,ineachcasetotheextentpertainingtotheCollateral;and

(r)totheextentnototherwiseincluded,substitutions,replacements,accessions,productsandotherProceeds(including,withoutlimitation,insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of any or all of the foregoing and all collateral security,guaranteesandotherSupportingObligationsgivenwithrespecttoanyoftheforegoing;

providedthat,notwithstandingtheforegoing,noLienorsecurityinterestisherebygrantedonanyExcludedProperty,and,totheextentthatanyCollaterallaterbecomesExcludedProperty,theLiengrantedhereunderwillautomaticallybedeemedtohavebeenreleased;provided,further,thatifandwhenanypropertyshallceasetobeExcludedProperty,aLienonandsecurityinterestinsuchpropertyshallautomaticallybedeemedgrantedtherein.

Section 3.2 Transfer of Pledged Securities . Subject toSection 5.16of the Credit Agreement, all certificates and instruments representing orevidencingthePledgedCertificatedStockshallbedeliveredtoandheldpursuantheretobytheAdministrativeAgentoraPersondesignatedbytheAdministrativeAgentand,inthecaseofaninstrumentorcertificateinregisteredform,shallbedulyindorsedtotheAdministrativeAgentorinblankbyaneffectiveendorsement(whether on the certificate or instrument or on a separate writing), and accompanied by any required transfer tax stamps to effect the pledge of the PledgedSecuritiestotheAdministrativeAgent.Notwithstandingtheprecedingsentence,allPledgedCertificatedStockmustbedeliveredortransferredinsuchmanner,andeachGrantor shall takeall suchfurther actionas maybereasonablyrequestedbytheAdministrative Agent, as topermit theAdministrative Agenttobea“protectedpurchaser”totheextentofitssecurityinterestasprovidedinSection8-303oftheUCC.

Section 3.3 Grantors Remain Liable under Accounts, Chattel Paper and Payment Intangibles . Anything herein to the contrarynotwithstanding,eachGrantorshallremainliableundereachoftheAccounts,ChattelPaperandPayment

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Intangiblestoobserveandperformalloftheconditionsandobligationstobeobservedandperformedbyitthereunder,all inaccordancewiththetermsofanyagreementgivingrisetoeachsuchAccount,ChattelPaperorPaymentIntangible.NeithertheAdministrativeAgentnoranyotherSecuredPartyshallhaveanyobligationorliabilityunderanyAccount,ChattelPaperorPaymentIntangible(oranyagreementgivingrisethereto)byreasonoforarisingoutofthisAgreementorthereceiptbytheAdministrativeAgentoranysuchotherSecuredPartyofanypaymentrelatingtosuchAccount,ChattelPaperorPaymentIntangiblepursuanthereto, nor shall the Administrative Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under orpursuanttoanyAccount,ChattelPaperorPaymentIntangible(oranyagreementgivingrisethereto)tomakeanypayment,tomakeanyinquiryastothenatureorthesufficiencyofanypaymentreceivedbyitorastothesufficiencyofanyperformancebyanypartyunderanyAccount,ChattelPaperorPaymentIntangible(oranyagreementgivingrisethereto),topresentorfileanyclaim,totakeanyactiontoenforceanyperformanceortocollectthepaymentofanyamountswhichmayhavebeenassignedtoitortowhichitmaybeentitledatanytimeortimes.

ARTICLE IV

ACKNOWLEDGMENTS, WAIVERS AND CONSENTS

Section 4.1 Acknowledgments, Waivers and Consents .

(a)EachGuarantoracknowledgesandagreesthattheobligationsundertakenbyitunderthisAgreementinvolvetheguaranteeof,andeachGrantoracknowledgesandagreesthattheobligationsundertakenbyitunderthisAgreementinvolvetheprovisionofcollateralsecurityfor,ObligationsofPersonsother than such Grantor and that such Grantor’s guarantee and provision of collateral security for the Secured Obligations are absolute, irrevocable andunconditional under any and all circumstances. In full recognition and furtherance of the foregoing, each Grantor understands and agrees, to the fullest extentpermitted under applicable law and except as may otherwise be expressly and specifically provided in the Loan Documents, that each Grantor shall remainobligatedhereunder(including,withoutlimitation,withrespecttoeachGuarantortheguaranteemadebyithereinand,withrespecttoeachGrantor,thecollateralsecurityprovidedbysuchGrantorherein),andtheenforceabilityandeffectivenessofthisAgreementandtheliabilityofsuchGrantor,andtherights,remedies,powers and privileges of the Administrative Agent and the other Secured Parties under this Agreement and the other Loan Documents, shall not be affected,limited,reduced,dischargedorterminatedinanyway:

(i)notwithstandingthat,withoutanyreservationofrightsagainstanyGrantorandwithoutnoticetoorfurtherassentbyanyGrantor,ineachcase,subjecttoandinaccordancewiththetermsoftheLoanDocuments,(A)anydemandforpaymentofanyoftheSecuredObligationsmadebytheAdministrativeAgentoranyotherSecuredPartymayberescindedbytheAdministrativeAgentorsuchotherSecuredPartyandanyoftheSecuredObligationscontinued;(B)theSecuredObligations,theliabilityofanyotherPersonuponorforanypartthereoforanycollateralsecurityorguaranteetherefor or right of offset with respect thereto may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,compromised,waived,surrenderedorreleasedby,oranyindulgenceorforbearanceinrespectthereofgrantedby,theAdministrativeAgentoranyotherSecured Party; (C) the Credit Agreement, the other Loan Documents and all other documents executed and delivered in connection therewith or inconnectionwithHedgingObligationsandBankProductObligationsincludedasObligationsmaybeamended,modified,supplementedorterminated,inwholeorinpart,astheAdministrativeAgent(ortheRequiredLenders,allLenders,ortheotherpartiesthereto,asthecasemaybe)maydeemadvisablefromtimetotime;(D)theBorrower,anyGuarantororanyotherPersonmayfromtimetotimeacceptorenterintoneworadditionalagreements,securitydocuments,guaranteesorotherinstrumentsinadditionto,inexchangefororrelativetoanyLoanDocument,alloranypartoftheSecuredObligationsoranyCollateralnoworinthefutureservingassecurityfortheSecuredObligations;(E)anycollateralsecurity,guaranteeorrightofoffsetatanytimeheldby the Administrative Agent or any other Secured Party for the payment of the Secured Obligations maybe sold, exchanged, waived, surrendered orreleased;and(F)anyothereventshalloccurwhichconstitutesadefenseorreleaseofsuretiesgenerally;and

(ii)regardlessof,andeachGrantorherebyexpresslywaivestothefullestextentpermittedbylawanydefensenoworinthefuturearisingbyreasonof,(A)theillegality,invalidityorunenforceabilityoftheCreditAgreement,anyotherLoanDocument,anyoftheSecuredObligationsoranyothercollateralsecuritytherefororguaranteeorrightofoffsetwithrespecttheretoatanytimeorfromtimetotimeheldbytheAdministrativeAgentoranyotherSecuredParty;(B)anydefense,set-offorcounterclaim(otherthanadefenseofpaymentorperformance)whichmayat

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

any time be available to or be asserted by any Grantor or any other Person against the Administrative Agent or any other Secured Party; (C) theinsolvency,bankruptcyarrangement,reorganization,adjustment,composition,liquidation,disability,dissolutionorlackofpowerofanyGrantororanyotherPersonatanytimeliableforthepaymentofallorpartoftheSecuredObligationsorthefailureoftheAdministrativeAgentoranyotherSecuredPartytofileorenforceaclaiminbankruptcyorotherproceedingwithrespecttoanyPerson,oranysale,leaseortransferofanyoralloftheassetsofanyGrantor, or any changes in the shareholders of any Grantor; (D) the fact that any Collateral or Lien contemplated or intended to be given, created orgranted as security for the repayment of the Secured Obligations shall not be properly perfected or created, or shall prove to be unenforceable orsubordinate to anyother Lien, it being recognized andagreed byeach of the Grantors that it is not entering into this Agreement in reliance on, or incontemplationofthebenefitsof,thevalidity,enforceability,collectabilityorvalueofanyoftheCollateralfortheSecuredObligations;(E)anyfailureoftheAdministrativeAgentoranyotherSecuredPartytomarshalassetsinfavorofanyGrantororanyotherPerson,toexhaustanycollateralforalloranypartoftheSecuredObligations,topursueorexhaustanyright,remedy,powerorprivilegeitmayhaveagainstanyGrantororanyotherPersonortotakeanyactionwhatsoevertomitigateorreduceanyGrantor’sliabilityunderthisAgreementoranyotherLoanDocument;(F)anylawwhichprovidesthattheobligationofasuretyorguarantormustneitherbelargerinamountnorinotherrespectsmoreburdensomethanthatoftheprincipalorwhichreducesasurety’sorguarantor’sobligationinproportiontotheprincipalobligation;(G)thepossibilitythattheSecuredObligationsmayatanytimeandfromtimetotimeexceedtheaggregateliabilityofsuchGrantorunderthisAgreement;or(H)anyothercircumstanceoractwhatsoever,includinganyactionoromissionofthetypedescribedinsubsection(a)(i)ofthisSection(withorwithoutnoticetoorknowledgeofanyGrantor),whichconstitutes,ormightbeconstruedtoconstitute,anequitableorlegaldischargeordefenseoftheBorrowerfortheObligations,orofsuchGuarantorundertheguaranteecontainedinArticleII,orwithrespecttothecollateralsecurityprovidedbysuchGrantorherein,orwhichmightbeavailabletoasuretyorguarantor,inbankruptcyorinanyotherinstance.

(b)EachGrantorherebywaivestotheextentpermittedbylaw(i)exceptasexpresslyprovidedotherwiseinanyLoanDocument,allnoticesto suchGrantor, or to anyother Person, including, but not limited to, notices of the acceptance of this Agreement, the guarantee containedinArticleIIortheprovisionofcollateralsecurityprovidedherein,orthecreation,renewal,extension,modificationoraccrualofanySecuredObligations,ornoticeoforproofofreliancebytheAdministrativeAgentoranyotherSecuredPartyupontheguaranteecontainedinArticleIIoruponthecollateralsecurityprovidedherein,orofdefaultinthepaymentorperformanceofanyoftheSecuredObligationsowedtotheAdministrativeAgentoranyotherSecuredPartyandenforcementofanyrightorremedywithrespectthereto,ornoticeofanyothermattersrelatingthereto;theSecuredObligations,andanyofthem,shallconclusivelybedeemedtohavebeencreated,contractedorincurred,orrenewed,extended,amendedorwaived,inrelianceupontheguaranteecontainedinArticleIIandthecollateralsecurityprovidedhereinandnonoticeofcreationoftheSecuredObligationsoranyextensionofcreditalreadyorhereaftercontractedbyorextendedtotheBorrowerneedbe given to any Grantor, and all dealings between the Borrower and any of the other Grantors, on the one hand, and the Administrative Agent and the otherSecuredParties,ontheotherhand,likewiseshallbeconclusivelypresumedtohavebeenhadorconsummatedinrelianceupontheguaranteecontainedinArticleIIandonthecollateralsecurityprovidedherein;(ii)diligenceanddemandofpayment,presentment,protest,dishonorandnoticeofdishonor;(iii)anystatuteoflimitationsaffectinganyGrantor’sliabilityhereunderortheenforcementthereof;(iv)allrightsofrevocationwithrespecttotheSecuredObligations,theguaranteecontainedinArticleIIandtheprovisionofcollateralsecurityherein;and(v)allprinciplesorprovisionsoflawwhichconflictwiththetermsofthisAgreementandwhichcan,asamatteroflaw,bewaived.

(c) Whenmakinganydemandhereunderorotherwisepursuingitsrightsandremedieshereunderagainst anyGrantor, theAdministrativeAgent or any other Secured Party may, but shall be under no obligation to, join or make a similar demand on or otherwise pursue or exhaust such rights andremediesasitmayhaveagainsttheBorrower,anyotherGrantororanyotherPersonoragainstanycollateralsecurityorguaranteefortheSecuredObligationsoranyrightofoffsetwithrespectthereto,andanyfailurebytheAdministrativeAgentoranyotherSecuredPartytomakeanysuchdemand,topursuesuchotherrightsorremediesortocollectanypaymentsfromtheBorrower,anyotherGrantororanyotherPersonortorealizeuponanysuchcollateralsecurityorguaranteeortoexerciseanysuchrightofoffset,oranyreleaseoftheBorrower,anyotherGrantororanyotherPersonoranysuchcollateralsecurity,guaranteeorrightofoffset, shall notrelieveanyGrantorofanyobligationorliabilityhereunder, andshall notimpair oraffect therightsandremedies, whetherexpress, impliedoravailable asa matter of law,of theAdministrative Agent or anyother SecuredPartyagainst anyGrantor. Forthepurposeshereof, “demand”shall includethecommencement and continuance of any legal proceedings. Neither the Administrative Agent nor any other Secured Party shall have any obligation to protect,secure,perfectorinsureanyLienatanytimeheldbyitassecurityfortheSecuredObligationsorfortheguaranteecontainedinArticleIIoranypropertysubjectthereto.

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Section 4.2 No Subrogation, Contribution or Reimbursement .UntilallSecuredObligationsareirrevocablysatisfiedinfullandallcommitmentsof eachSecuredParty under the Credit Agreement or anyother LoanDocument havebeenirrevocably terminated, notwithstandinganypayment madebyanyGrantorhereunderoranyset-offorapplicationoffundsofanyGrantorbytheAdministrativeAgentoranyotherSecuredParty,noGrantorshallbeentitledtobesubrogatedto anyof the rights of the Administrative Agent or anyother SecuredParty against theBorrower or anyother Grantor or anycollateral security orguaranteeorrightofoffsetheldbytheAdministrativeAgentoranyotherSecuredPartyforthepaymentoftheSecuredObligations,norshallanyGrantorseekorbeentitledtoseekanyindemnity,exoneration,participation,contributionorreimbursementfromtheBorroweroranyotherGrantorinrespectofpaymentsmadebysuchGrantorhereunder,andeachGrantorherebyexpresslywaives,releasesandagreesnottoexerciseanyorallsuchrightsofsubrogation,reimbursement,indemnityandcontribution.EachGrantorfurtheragreesthattotheextentthatsuchwaiverandreleasesetforthhereinisfoundbyacourtofcompetentjurisdictiontobevoidorvoidableforanyreason,anyrightsofsubrogation,reimbursement,indemnityandcontributionsuchGrantormayhaveagainsttheBorroweroranyotherGrantororagainstanycollateralorsecurityorguaranteeorrightofoffsetheldbytheAdministrativeAgentoranyotherSecuredPartyshallbejuniorandsubordinatetoanyrightstheAdministrativeAgentandtheotherSecuredPartiesmayhaveagainsttheBorrowerandsuchGrantorandtoallright,titleandinteresttheAdministrativeAgentandtheotherSecuredPartiesmayhaveinsuchcollateralorsecurityorguaranteeorrightofoffset.TotheextentpermittedbytheLoanDocuments, theAdministrativeAgent,forthebenefit oftheSecuredParties, mayuse,sell ordisposeofanyitemofCollateral orsecurityasit seesfit withoutregardtoanysubrogationrightsanyGrantormayhave,anduponanydispositionorsale,anyrightsofsubrogationanyGrantormayhaveshallterminate.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

ToinducetheAdministrativeAgentandtheotherSecuredPartiestoenterintotheCreditAgreementandtheotherLoanDocuments,toinducetheLendersandtheIssuingBanktomaketheirrespectiveextensionsofcredittotheBorrowerthereunderandtoinducetheLender-RelatedHedgeProvidersandtheBankProductProviderstoenterintoHedgingObligationsandBankProductObligationswiththeGrantors,eachGrantorrepresentsandwarrantstotheAdministrativeAgentandeachotherSecuredPartyasfollows:

Section 5.1 Confirmation of Representations in Credit Agreement . Each Grantor represents and warrants to the Secured Parties that therepresentationsandwarrantiessetforthinArticleIVoftheCreditAgreementastheyrelatetosuchGrantor(initscapacityasaLoanPartyoraSubsidiaryoftheBorrower,asthecasemaybe)ortotheLoanDocumentstowhichsuchGrantorisapartyaretrueandcorrectinallmaterialrespects;providedthateachreferencein each such representation and warranty to Parent’s or the Borrower’s knowledge, as applicable, shall, for the purposes of this Section, be deemed to be areferencetosuchGrantor’sknowledge.

Section 5.2 Benefit to the Guarantors .AsoftheRestatementDate,ParentandtheBorroweraremembersofanaffiliatedgroupofcompaniesthatincludes each Guarantor, and Parent, the Borrower and the other Guarantors are engaged in related businesses permitted pursuant toSection 5.3of the CreditAgreement. Each Guarantor (other than Parent) is a Subsidiary of the Borrower, and the guaranty and surety obligations of each Guarantor pursuant to thisAgreementreasonablymaybeexpectedtobenefit,directlyorindirectly,suchGuarantor;andeachGuarantorhasdeterminedthatthisAgreementisnecessaryandconvenienttotheconduct,promotionandattainmentofthebusinessofsuchGuarantor,Parent,andtheBorrower.

Section 5.3 First Priority Liens . ThesecurityinterestsgrantedpursuanttothisAgreement(a)uponcompletionofthefilingsandotheractionsspecifiedonSchedule3(which, inthecaseofall filingsandotherdocumentsreferredtoonsaidSchedulehavebeendeliveredtotheAdministrativeAgentincompletedanddulyexecutedform)will constitutevalidperfectedsecurityinterests inall oftheCollateral infavoroftheAdministrativeAgent, fortheratablebenefitoftheSecuredParties,ascollateralsecurityforsuchGrantor’sobligations,enforceableinaccordancewiththetermshereofagainstallcreditorsofsuchGrantor and any Persons purporting to purchase any Collateral from such Grantor and (b) are prior to all other Liens on the Collateral in existence on theRestatementDate,exceptforPermittedEncumbrancesandothernonconsensualLiensofthetypedescribedinSection7.2oftheCreditAgreement,ineachcase,whichmayhavepriorityovertheLiensontheCollateralbyoperationoflaw.

Section 5.4 Legal Name, Organizational Status, Chief Executive Office . Onthe ClosingDate, the correct legal nameof suchGrantor, suchGrantor’sjurisdictionoforganization,organizationalidentificationnumber,federal(and,ifapplicable,

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state)taxpayeridentificationnumberandthelocationofsuchGrantor’schiefexecutiveofficeorsoleplaceofbusinessarespecifiedonSchedule4.

Section 5.5 Prior Names, Prior Chief Executive Offices .OntheRestatementDate,Schedule5correctlysetsforth(a)allnamesandtradenamesthatsuchGrantorhasusedinthelastfiveyearsand(b)thechiefexecutiveofficeofsuchGrantoroverthelastfiveyears(ifdifferentfromthatwhichissetforthinSection5).

Section 5.6 Goods .NoportionoftheCollateralconstitutingGoodswithanaggregatevalueof$500,000ormoreisatanytimeinthepossessionofabaileethathasissuedanegotiableornon-negotiabledocumentcoveringsuchCollateral.

Section 5.7 Chattel Paper .NoCollateralconstitutingChattelPaperorInstrumentscontainsanystatementthereintotheeffectthatsuchCollateralhasbeenassignedtoanidentifiedpartyotherthantheAdministrativeAgent,andthegrantofasecurityinterestinsuchCollateralinfavoroftheAdministrativeAgenthereunderdoesnotviolatetherightsofanyotherPersonasasecuredparty.

Section 5.8 Truth of Information; Accounts .AllinformationwithrespecttotheCollateralsetforthinanyschedule,certificateorotherwritingatanytimeheretoforeorhereafterfurnishedbysuchGrantortotheAdministrativeAgentoranyotherSecuredParty,andallotherwritteninformationheretoforeorhereafterfurnishedbysuchGrantortotheAdministrativeAgentoranyotherSecuredParty,isandwillbetrueandcorrectinallmaterialrespectsasofthedatefurnished.TheamountrepresentedbysuchGrantortotheAdministrativeAgentandtheotherSecuredPartiesfromtimetotimeasowingbyeachAccountDebtoror by all Account Debtors in respect of the Accounts, Chattel Paper and Payment Intangibles will at such time be the correct amount actually owing by suchAccountDebtororAccountDebtorsthereunder.TheplacewhereeachGrantorkeepsitsrecordsconcerningtheAccounts,ChattelPaperandPaymentIntangiblescomprisingaportionoftheCollateralis11115RushmoreDrive,Charlotte,NorthCarolina28277.

Section 5.9 Reserved .

Section 5.10 Copyrights, Patents and Trademarks .Schedule6includesallPatentsandPatentLicensesownedbysuchGrantorinitsownnameasoftheRestatement Date.Schedule7includes all Trademarks andTrademarkLicenses ownedbysuchGrantor in its ownnameas of theRestatement Date.Schedule 8 includes all Copyrights and Copyright Licenses owned by such Grantor in its own name as of the Restatement Date. To each such Grantor’sknowledge,eachPatentandTrademarkmaterialtosuchGrantor’sbusinessisvalid,subsisting,unexpiredandenforceableandhasnotbeenabandoned.ExceptassetforthineithersuchSchedule,noneofsuchPatents,TrademarksandCopyrightsisthesubjectofanylicensingorfranchiseagreement.Noholding,decisionorjudgmenthasbeenrenderedbyanyGovernmentalAuthoritywhichwouldlimit,cancelorquestionthevalidityofanyPatent,TrademarkorCopyrightmaterialtosuchGrantor’sbusiness.Noactionorproceedingispending(i)seekingtolimit,cancelorquestionthevalidityofanyPatent,TrademarkorCopyrightmaterialtosuchGrantor’sbusiness,or(ii)which,ifadverselydetermined,wouldhaveamaterialadverseeffectonthevalueofanyPatent,TrademarkorCopyrightmaterialtosuchGrantor’sbusiness.

ARTICLE VI

COVENANTS

EachGrantorcovenantsandagreeswiththeAdministrativeAgentandtheotherSecuredPartiesthat,fromandafterthedateofthisAgreementuntiltheSecuredObligationsshallhavebeenpaidinfull,noLetterofCreditshallbeoutstanding(orhasbeenCashCollateralizedinaccordancewiththetermsoftheCreditAgreement)andallCommitmentsshallhavebeenterminated:

Section 6.1 Covenants in Credit Agreement .InthecaseofeachGuarantor,suchGuarantorshalltake,orshallrefrainfromtaking,asthecasemaybe,eachactionthatisnecessarytobetakenornottakenbysuchGuarantor,asthecasemaybe,sothatnoDefaultorEventofDefaultiscausedbythefailuretotakesuchactionortorefrainfromtakingsuchactionbysuchGuarantororanyofitsSubsidiaries.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Section 6.2 Maintenance of Perfected Security Interest; Further Documentation .

(a) SuchGrantor shall maintainthesecurityinterest createdbythis Agreement asaperfectedsecurityinterest havingat least theprioritydescribedinSection5.3andshalldefendsuchsecurityinterestagainsttheclaimsanddemandsofallPersonswhomsoever,exceptforLiensexpresslypermittedunderSection7.2oftheCreditAgreement.

(b)Atanytimeandfromtimetotime,uponthereasonablerequestoftheAdministrativeAgent,andatthesoleexpenseofsuchGrantor,suchGrantor will promptly and duly give, execute, deliver, indorse, file or record any and all financing statements, continuation statements, amendments, notices(including,withoutlimitation,notificationstofinancialinstitutionsandanyotherPerson),contracts,agreements,assignments,certificates,stockpowersorotherinstruments,obtainanyandallgovernmentalapprovalsandconsentsandtakeorcausetobetakenanyandallstepsoractsthatmaybereasonablynecessaryorastheAdministrativeAgentmayreasonablyrequesttocreate,perfect,establishthepriorityof,ortopreservethevalidity,perfectionorpriorityof,theLiensgrantedbythisAgreementortoenabletheAdministrativeAgenttoenforceitsrights,remedies,powersandprivilegesunderthisAgreementwithrespecttosuchLiensortootherwiseobtainorpreservethefullbenefitsofthisAgreementandtherights,powersandprivilegeshereingranted.

(c)WithoutlimitingtheobligationsoftheGrantorsundersubsection(b)ofthisSection,(i)uponthereasonablerequestoftheAdministrativeAgent,suchGrantorshalltakeorcausetobetakenallactions(otherthananyactionsrequiredtobetakenbytheAdministrativeAgent)reasonablyrequestedbytheAdministrativeAgenttocausetheAdministrativeAgentto(A)have“control”(withinthemeaningofSections9-104,9-105,9-106,and9-107oftheUCC)over anyCollateral constituting Deposit Accounts, Electronic Chattel Paper, Investment Property (includingthePledgedSecurities), or Letter-of-Credit Rights,including,withoutlimitation,executinganddeliveringanyagreements,informandsubstancereasonablysatisfactorytotheAdministrativeAgent,withsecuritiesintermediaries, issuers or other Personsin order to establish “control”, andeachGrantor shall promptly notify the Administrative Agent andthe other SecuredParties of such Grantor’s acquisition of any such Collateral, and (B) be a “protected purchaser” (as defined in Section 8-303 of the UCC); (ii) with respect toCollateralotherthancertificatedsecuritiesandGoodscoveredbyadocumentinthepossessionofaPersonotherthansuchGrantorortheAdministrativeAgent,suchGrantorshallobtainwrittenacknowledgmentthatsuchPersonholdspossessionfortheAdministrativeAgent’sbenefit;and(iii)withrespecttoanyCollateralconstitutingGoodsthatareinthepossessionofabailee,suchGrantorshallprovidepromptnoticetotheAdministrativeAgentandtheotherSecuredPartiesofanysuchCollateraltheninthepossessionofsuchbailee,andsuchGrantorshalltakeorcausetobetakenallactions(otherthananyactionsrequiredtobetakenbytheAdministrativeAgentoranyotherSecuredParty)reasonablynecessarybytheAdministrativeAgenttocausetheAdministrativeAgenttohaveaperfectedsecurityinterestinsuchCollateralunderapplicablelaw.

(d) This Section and the obligations imposed on each Grantor by this Section shall be interpreted as broadly as possible in favor of theAdministrativeAgentandtheotherSecuredPartiesinordertoeffectuatethepurposeandintentofthisAgreement.

Section 6.3 Maintenance of Records .SuchGrantorwillkeepandmaintainatitsowncostandexpensesatisfactoryandcompleterecordsoftheCollateralconsistentwithsuchGrantor’shistoricbusinesspractices,including,withoutlimitation,arecordofallpaymentsreceivedandallcreditsgrantedwithrespecttotheAccountscomprisinganypartoftheCollateral.FortheAdministrativeAgent’sandtheotherSecuredParties’furthersecurity,theAdministrativeAgent,fortheratablebenefitoftheSecuredParties,shallhaveasecurityinterestinallofsuchGrantor’sbooksandrecordspertainingtotheCollateral.

Section 6.4 Right of Inspection . Each Grantor will, and will cause each of its respective Subsidiaries to, permit any representative of theAdministrative Agentor anyLendertovisit andinspect its properties, to examinetheCollateral, includingits booksandrecords, andtomakecopiesandtakeextractsfromsuchbooksandrecords,andtodiscussitsaffairs,financesandaccountswithanyofitsofficersandwithitsindependentcertifiedpublicaccountants,all at such reasonable times and as often as the Administrative Agent or any Lender may reasonably request after reasonable prior notice to Parent and theBorrower;providedthat(a)ifanEventofDefaulthasoccurredandiscontinuing,nopriornoticeshallberequired(b)ifnoEventofDefaulthasoccurredandiscontinuing,theGrantorsshallonlyreimbursetheAdministrativeAgentandtheLendersforonesuchvisitperFiscalYear

Section 6.5 Further Identification of Collateral . Upon request, such Grantor will furnish to the Administrative Agent and the other SecuredPartiesfromtimetotime,atsuchGrantor’ssolecostandexpense,statementsandschedulesfurther

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identifying and describing the Collateral and such other reports in connection with the Collateral as the Administrative Agent may reasonably request, all inreasonabledetail.

Section 6.6 Changes in Names, Locations . SuchGrantorrecognizesthatfinancingstatementspertainingtotheCollateralhavebeenormaybefiledwheresuchGrantorisorganized.Withoutlimitationofanyothercovenantherein,suchGrantorwillnotcauseorpermit(i)anychangetobemadeinitslegalname,identityorcorporate,limitedliabilitycompany,orlimitedpartnershipstructureor(ii)anychangetosuchGrantor’sjurisdictionoforganization,unlesssuchGrantorshallhavefirst(1)notifiedtheAdministrativeAgentofsuchchangeatleast30days(orsuchshorterperiodoftimeastheAdministrativeAgentmayagreeinwritingin its sole discretion) prior to thedate of suchchange, and(2) takenall actionreasonablyrequested bythe Administrative Agent for the purposeofmaintaining the perfection and priority of the Administrative Agent’s security interests under this Agreement, and unless such Grantor shall otherwise be incompliancewithSection7.3oftheCreditAgreement.InanynoticefurnishedpursuanttothisSection,suchGrantorwillexpresslystateinaconspicuousmannerthat the notice is required bythis Agreement andcontains facts that mayrequire additional filings of financing statements or other notices for the purposes ofcontinuingperfectionoftheAdministrativeAgent’ssecurityinterestintheCollateral.

Section 6.7 Compliance with Contractual Obligations .SuchGrantorwillperformandcomplyinallmaterialrespectswithallofitscontractualobligationsrelatingtotheCollateral(otherthanwithrespecttoanysuchcontractualobligationsbeingdisputedbysuchGrantoringoodfaithandbyappropriatemeasures).

Section 6.8 Limitations on Dispositions of Collateral .TheAdministrativeAgentandtheotherSecuredPartiesdonotauthorizetheGrantorsto,andsuchGrantoragreesnotto,sell,transfer,leaseorotherwisedisposeofanyoftheCollateral,orattempt,offerorcontracttodoso,excepttotheextentexpresslypermittedbytheCreditAgreement.

Section 6.9 Pledged Securities .

(a)IfsuchGrantorshallbecomeentitledtoreceiveorshallreceiveanystockcertificateorotherinstrument(including,withoutlimitation,anycertificateorinstrumentrepresentingadividendoradistributioninconnectionwithanyreclassification,increaseorreductionofcapitaloranycertificateorinstrument issued in connection with any reorganization), option or rights in respect of the Capital Stock or other equity interests of any nature of any Issuer,whether in addition to, in substitution of, as a conversion of, or in exchangefor, anyshares (or suchother interests) of the PledgedSecurities, or otherwise inrespectthereof,exceptasotherwiseprovidedhereinorintheCreditAgreement,suchGrantorshallacceptthesameastheagentoftheAdministrativeAgentandtheotherSecuredParties,holdthesameintrustfortheAdministrativeAgentandtheotherSecuredPartiesanddeliverthesameforthwithtotheAdministrativeAgentintheexactformreceived,dulyindorsedbysuchGrantortotheAdministrativeAgent,ifrequired,togetherwithanundatedstockpowerorotherequivalentinstrument of transfer acceptable to the Administrative Agent covering such certificate or instrument duly executed in blank by such Grantor and with, if theAdministrativeAgentsorequests,signatureguaranteed,tobeheldbytheAdministrativeAgent,subjecttothetermshereof,asadditionalcollateralsecurityfortheSecuredObligations.

(b)WithoutthepriorwrittenconsentoftheAdministrativeAgent,suchGrantorwillnot(i)unlessotherwisepermittedhereby,votetoenable,or take any other action to permit, any Issuer to issue any Capital Stock or other equity interests of any nature or to issue any other securities or interestsconvertible into or granting the right to purchase or exchange for any Capital Stock or other equity interests of any nature of any Issuer (except pursuant to atransaction expressly permitted by the Credit Agreement), (ii) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, thePledgedSecuritiesorProceedsthereof(exceptpursuanttoatransactionexpresslypermittedbytheCreditAgreement),(iii)create,incurorpermittoexistanyLien(exceptforLienspermittedbySection7.2oftheCreditAgreement)oroptioninfavorof,oranyclaimofanyPersonwithrespectto,anyofthePledgedSecuritiesorProceedsthereof,oranyinteresttherein,exceptforthesecurityinterestscreatedbythisAgreementor(iv)enterintoanyagreementorundertakingrestrictingtherightorabilityofsuchGrantorortheAdministrativeAgenttosell,assignortransferanyofthePledgedSecuritiesorProceedsthereof(exceptpursuanttoatransactionexpresslypermittedbytheCreditAgreement).

(c)InthecaseofeachGrantorwhichisanIssuer,andeachotherIssuerthatexecutestheAcknowledgmentandConsentintheformofAnnexIV(whichtheapplicableGrantorshalluseitscommerciallyreasonableeffortstoobtainfromeachsuchotherIssuer),suchIssueragreesthat(i)itwillbeboundbythetermsofthisAgreementrelatingtothePledgedSecuritiesissuedbyitandwillcomplywithsuchtermsinsofarassuchtermsareapplicabletoit,(ii)itwillnotifytheAdministrativeAgent

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

promptlyinwritingoftheoccurrenceofanyoftheeventsdescribedinsubsection(a)ofthisSectionwithrespecttothePledgedSecuritiesissuedbyitand(iii)thetermsofSection7.1(c)andSection7.5shall applytoit,mutatis mutandis , with respect to all actions that maybe required of it pursuant toSection7.1(c)orSection7.5withrespecttothePledgedSecuritiesissuedbyit.

(d)SuchGrantorshallfurnishtotheAdministrativeAgentsuchpowersandotherequivalentinstrumentsoftransferasmayberequiredbytheAdministrativeAgenttoassurethetransferabilityofandtheperfectionofthesecurityinterestinthePledgedSecuritieswhenandasoftenasmaybereasonablyrequestedbytheAdministrativeAgent.

(e)ThePledgedSecuritieswillconstitutenotlessthan100%oftheCapitalStockorotherequityinterestsoftheIssuerthereofownedbyanyGrantor,exceptPledgedSecuritiesofanyForeignSubsidiaryshallbelimitedtonotmorethan66%ofthevotingCapitalStockand100%ofthenon-votingCapitalStockofsuchForeignSubsidiary.

(f)IfanyGrantoracquiresanyPledgedSecuritiesafterexecutingthisAgreement,itshallexecuteaSupplementtothisAgreementintheformofAnnexIIIwithrespecttosuchPledgedSecuritiesanddeliversuchSupplementtotheAdministrativeAgentpromptlythereafter.

Section 6.10 Limitations on Modifications, Waivers, Extensions of Agreements Giving Rise to Accounts . SuchGrantorwillnot(i)amend,modify,terminateorwaiveanyprovisionofanyChattelPaper,InstrumentoranyagreementgivingrisetoanAccountorPaymentIntangiblecomprisingaportionoftheCollateral,or(ii)failtoexercisepromptlyanddiligentlyeachandeveryrightwhichitmayhaveunderanyChattelPaper,InstrumentandeachagreementgivingrisetoanAccountorPaymentIntangiblecomprisingaportionoftheCollateral(otherthananyrightoftermination),exceptwheresuchactionorfailuretoact,individuallyorintheaggregate,couldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.

Section 6.11 Analysis of Accounts .TheAdministrativeAgentshallhavetherightatanytimeandfromtimetotimeuponreasonablepriornoticetomaketestverificationsoftheAccounts,ChattelPaperandPaymentIntangiblescomprisingaportionoftheCollateralinanymannerandthroughanymediumthatitreasonablyconsidersadvisable,andeachGrantor,atsuchGrantor’ssolecostandexpense,shallfurnishallsuchassistanceandinformationastheAdministrativeAgentmayreasonablyrequireinconnectiontherewith.Atanytimeandfromtimetotime,upontheAdministrativeAgent’srequestandattheexpenseofeachGrantor, such Grantor shall furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, theAccounts, Chattel Paper and Payment Intangibles comprising a portion of the Collateral, and all original and other documents evidencing, and relating to, theagreements andtransactions whichgaverise totheAccounts, Chattel Paper andPayment Intangibles comprisingaportionoftheCollateral, including, withoutlimitation,alloriginalorders,invoicesandshippingreceipts.

Section 6.12 Instruments and Tangible Chattel Paper . If any amount payable under or in connection with any of the Collateral shall be orbecomeevidenced byanyInstrument or Tangible Chattel Paper andthe value of suchInstruments andTangible Chattel Paper in the aggregate is $500,000ormore,eachsuchInstrumentorTangibleChattelPaper,shallbedeliveredtotheAdministrativeAgentassoonaspracticable,dulyendorsedinamannersatisfactorytotheAdministrativeAgenttobeheldasCollateralpursuanttothisAgreement.

Section 6.13 Copyrights, Patents and Trademarks .

(a)SuchGrantor(eitheritselforthroughlicensees)will,exceptwithrespecttoanyTrademarkthatsuchGrantorshallreasonablydetermineisnotmaterialtoitsbusiness,(i)maintainasinthepastthequalityofservicesofferedundersuchTrademark,(ii)maintainsuchTrademarkinfullforceandeffect,freefromanyclaimofabandonmentfornon-use,(iii)employsuchTrademarkwiththeappropriatenoticeofregistration,and(iv)not(andnotpermitanylicenseeorsublicenseethereofto)doanyactorknowinglyomittodoanyactwherebyanysuchTrademarkmaybecomeinvalidated.

(b)SuchGrantorwillnot,exceptwithrespecttoanyPatentthatsuchGrantorshallreasonablydetermineisnotmaterialtoitsbusiness,doanyact,oromittodoanyact,wherebyanysuchPatentmaybecomeabandonedordedicated.

(c)SuchGrantorwillnot,exceptwithrespecttoanyCopyrightthatsuchGrantorshallreasonablydetermineisnotmaterialtoitsbusiness,doanyact,oromittodoanyact,wherebyanysuchCopyrightmaybecomeabandonedordedicated.

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(d)SuchGrantorwillnotifytheAdministrativeAgentandtheotherSecuredPartiespromptlyifitknows,orhasreasontoknow,thatanyapplication or registration relating to any Copyright, Patent or Trademark material to such Grantor’s business may become abandoned or dedicated, or of anyadversedeterminationordevelopment(including,withoutlimitation,theinstitutionof,oranysuchdeterminationordevelopmentin,anyproceedingintheUnitedStatesPatentandTrademarkOffice,theUnitedStatesCopyrightOfficeoranycourtortribunalinanycountry)regardingsuchGrantor’sownershipofanysuchCopyright,PatentorTrademarkoritsrighttoregisterthesameortokeepandmaintainthesame.

(e)WheneveraGrantor,eitherbyitselforthroughanyagent,employee,licenseeordesignee,shallfileanapplicationfortheregistrationofanyCopyright,PatentorTrademarkwiththeUnitedStatesCopyrightOffice,theUnitedStatesPatentandTrademarkOfficeoranysimilarofficeoragencyinanyother country or any political subdivision thereof, Parent shall report such filing to the Administrative Agent and the other Secured Parties in the ComplianceCertificate delivered for the Fiscal Quarter in which such filing occurs. Upon request of the Administrative Agent, such Grantor shall execute and deliver anIntellectual Property Security Agreement substantially in the formofAnnex II , and any and all other agreements, instruments, documents, and papers as theAdministrativeAgentmayrequesttoevidencetheAdministrativeAgent’sandtheotherSecuredParties’securityinterestinanyregisteredCopyright,PatentorTrademark(oranyapplicationfortheregistrationthereof)andthegoodwillandGeneralIntangiblesofsuchGrantorrelatingtheretoorrepresentedthereby,andsuch Grantor hereby constitutes the Administrative Agent its attorney-in-fact to execute and file all such writings for the foregoing purposes, all acts of suchattorney being hereby ratified and confirmed; such power being coupled with an interest is irrevocable until the Secured Obligations are paid in full and theCommitmentsareterminated.

(f) Such Grantor will take all reasonable and necessary steps, including, without limitation, in any proceeding before the United StatesCopyright Office, the United States Patent and Trademark Office, or any similar office or agency in any other country or any political subdivision thereof, tomaintainandpursueeachapplication(andtoobtaintherelevantregistration)andtomaintaineachregistrationoftheCopyrights,PatentsandTrademarksmaterialtosuchGrantor’sbusiness,including,withoutlimitation,filingofapplicationsforrenewal,affidavitsofuseandaffidavitsofincontestability.

(g)IntheeventthatanyCopyright,PatentorTrademarkincludedintheCollateralthatismaterialtosuchGrantor’sbusinessisinfringed,misappropriatedordilutedbyathirdparty,suchGrantorshallpromptlynotifytheAdministrativeAgentafteritlearnsthereofandshall,unlesssuchGrantorshallreasonablydeterminethatsuchCopyright,PatentorTrademarkisnotmaterialtothebusinesstosuchGrantor,promptlysueforinfringement,misappropriationordilution, to seekinjunctive relief whereappropriate andto recover anyandall damagesfor suchinfringement, misappropriation or dilution, or takesuchotheractionsassuchGrantorshallreasonablydeemappropriateunderthecircumstancestoprotectsuchCopyright,PatentorTrademark.

Section 6.14 Commercial Tort Claims .IfsuchGrantorshallatanytimeholdoracquireaCommercialTortClaimthatsatisfiestherequirementsofthefollowingsentence,suchGrantorshall,within30days(orsuchlongerperiodoftimeastheAdministrativeAgentmayagreeinwritinginitssolediscretion)aftersuchCommercialTortClaimsatisfiessuchrequirements,notifytheAdministrativeAgentinawritingsignedbysuchGrantorcontainingabriefdescriptionthereof,andgrantingtotheAdministrativeAgentinsuchwriting(forthebenefitoftheSecuredParties)asecurityinterestthereinandintheProceedsthereof,allupon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Administrative Agent. The provisions of theprecedingsentence shall applyonlyto a Commercial Tort Claimthat satisfies thefollowingrequirements: (i) the monetary valueclaimedbyor payable to therelevantGrantorinconnectionwithsuchCommercialTortClaimshallexceed$500,000,and(ii)either(A)suchGrantorshallhavefiledalawsuitorcounterclaimorotherwisecommencedlegalproceedings(including,withoutlimitation,arbitrationproceedings)againstthePersonagainstwhomsuchCommercialTortClaimismade,or(B)suchGrantorandthePersonagainstwhomsuchCommercialTortClaimisassertedshallhaveenteredintoasettlementagreementwithrespecttosuchCommercial Tort Claim.Inaddition, totheextent that theexistenceofanyCommercial Tort ClaimheldoracquiredbyanyGrantor is disclosedbysuchGrantor in anypublic filingwiththeSecurities ExchangeCommissionor anysuccessor thereto or analogousGovernmental Authority, or to theextent that theexistence of anysuchCommercial Tort Claimis disclosedin anypress release issuedbyanyGrantor, then, uponthe request of the Administrative Agent, therelevantGrantorshall,within30days(orsuchlongerperiodoftimeastheAdministrativeAgentmayagreeinwritinginitssolediscretion)aftersuchrequestismade,transmittotheAdministrativeAgentawritingsignedbysuchGrantorcontainingabriefdescriptionofsuchCommercialTortClaimandgrantingtotheAdministrative Agent in such writing (for the benefit of the Secured Parties) a security interest therein and in the Proceeds thereof, all upon the terms of thisAgreement,withsuchwritingtobeinformandsubstancereasonablysatisfactorytotheAdministrativeAgent.

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ARTICLE VII

REMEDIAL PROVISIONS

Section 7.1 Pledged Securities .

(a)UnlessanEventofDefaultshallhaveoccurredandbecontinuingandtheAdministrativeAgentshallhavegivennoticetotherelevantGrantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to subsection (b) of this Section, each Grantor shall be permitted toreceiveallcashdividendspaidinrespectofthePledgedSecuritiespaidinthenormalcourseofbusinessoftherelevantIssuer,totheextentpermittedintheCreditAgreement,andtoexerciseallvotingandcorporaterightswithrespecttothePledgedSecurities.

(b) IfanEventofDefaultshall occurandbecontinuing,thenatanytimeintheAdministrativeAgent’sdiscretion,withoutnotice, (i)theAdministrativeAgentshallhavetherighttoreceiveanyandallcashdividends,paymentsorotherProceedspaidinrespectofthePledgedSecuritiesandmakeapplicationthereoftotheObligationsinaccordancewithSection2.12(d)oftheCreditAgreement,and(ii)anyorallofthePledgedSecuritiesshallberegisteredinthenameoftheAdministrativeAgentoritsnominee,andtheAdministrativeAgentoritsnomineemaythereafterexercise(x)allvoting,corporateandotherrightspertainingtosuchPledgedSecuritiesatanymeetingofshareholders(orotherequivalentbody)oftherelevantIssuerorIssuersorotherwiseand(y)anyandallrightsofconversion,exchangeandsubscriptionandanyotherrights,privilegesoroptionspertainingtosuchPledgedSecuritiesasifitweretheabsoluteownerthereof(including,withoutlimitation,therighttoexchangeatitsdiscretionanyandallofthePledgedSecuritiesuponthemerger,consolidation,reorganization,recapitalizationorotherfundamentalchangeintheorganizationalstructureofanyIssuer,orupontheexercisebyanyGrantorortheAdministrativeAgentofanyright,privilegeoroptionpertainingtosuchPledgedSecurities,andinconnectiontherewith,therighttodepositanddeliveranyandallofthePledgedSecuritieswithanycommittee,depositary,transferagent,registrarorotherdesignatedagencyuponsuchtermsandconditionsastheAdministrativeAgentmaydetermine),all withoutliabilityexcepttoaccountforpropertyactuallyreceivedbyit, buttheAdministrativeAgentshall havenodutytoanyGrantortoexerciseanysuchright,privilegeoroptionandshallnotberesponsibleforanyfailuretodosoordelayinsodoing.

(c)EachGrantorherebyauthorizesandinstructseachIssuerofanyPledgedSecuritiespledgedbysuchGrantorhereunder(andeachIssuerpartyheretoherebyagrees)to(i)complywithanyinstructionreceivedbyitfromtheAdministrativeAgentinwriting(x)afteranEventofDefaulthasoccurredandiscontinuingand(y)thatisotherwiseinaccordancewiththetermsofthisAgreement,withoutanyotherorfurtherinstructionsfromsuchGrantor,andeachGrantoragreesthateachIssuershallbefullyprotectedinsocomplying,and(ii)unlessotherwiseexpresslypermittedhereby,payanydividendsorotherpaymentswithrespecttothePledgedSecuritiesdirectlytotheAdministrativeAgentuponrequestbyAdministrativeAgentduringtheexistenceofanEventofDefault.

(d) After the occurrence and during the continuation of an Event of Default, if the Issuer of any Pledged Securities is the subject ofbankruptcy,insolvency,receivership, custodianshiporotherproceedingsunderthesupervisionofanyGovernmentalAuthority,thenall rightsoftheGrantorinrespectthereoftoexercisethevotingandotherconsensualrightswhichsuchGrantorwouldotherwisebeentitledtoexercisewithrespecttothePledgedSecuritiesissuedbysuchIssuershallcease,andallsuchrightsshallthereuponbecomevestedintheAdministrativeAgentwhoshallthereuponhavethesolerighttoexercisesuchvotingandotherconsensualrights,buttheAdministrativeAgentshallhavenodutytoexerciseanysuchvotingorotherconsensualrightsandshallnotberesponsibleforanyfailuretodosoordelayinsodoing.

Section 7.2 Collections on Accounts .TheAdministrativeAgentherebyauthorizeseachGrantortocollectupontheAccounts,Instruments,ChattelPaperandPaymentIntangiblessubjecttotheAdministrativeAgent’sdirectionandcontrol,andtheAdministrativeAgentmaycurtailorterminatesaidauthorityatanytimeaftertheoccurrenceandduringthecontinuanceofanEventofDefault.UpontherequestoftheAdministrativeAgent,atanytimeaftertheoccurrenceand during the continuance of an Event of Default, each Grantor shall notify the applicable Account Debtors that the applicable Accounts, Chattel Paper andPaymentIntangibleshavebeenassignedtotheAdministrativeAgentfortheratablebenefit oftheSecuredPartiesandthatpaymentsinrespectthereofshall bemadedirectlytotheAdministrativeAgent.DuringtheexistenceofanEventofDefault,theAdministrativeAgentmayinitsownnameorinthenameofotherscommunicatewiththeapplicableAccountDebtorstoverifywiththemtoitssatisfactiontheexistence,amountandtermsofanyapplicableAccounts,ChattelPaperorPaymentIntangibles.

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Section 7.3 Proceeds .IfrequiredbytheAdministrativeAgentatanytimeaftertheoccurrenceandduringthecontinuanceofanEventofDefault,anypaymentsofAccounts,Instruments,ChattelPaperandPaymentIntangiblescomprisingaportionoftheCollateral,whencollectedorreceivedbyeachGrantor,andanyothercashornon-cashProceedsreceivedbyeachGrantoruponthesaleorotherdispositionofanyCollateral,shallbeforthwith(and,inanyevent,withintwo(2)BusinessDays)depositedbysuchGrantorintheexactformreceived,dulyindorsedbysuchGrantortotheAdministrativeAgentinaspecialcollateralaccount maintained by the Administrative Agent subject to withdrawal by the Administrative Agent for the ratable benefit of the Secured Parties only, ashereinafterprovided,and,untilsoturnedover,shallbeheldbysuchGrantorintrustfortheAdministrativeAgentfortheratablebenefit oftheSecuredPartiessegregatedfromotherfundsofanysuchGrantor.EachdepositofanysuchProceedsshallbeaccompaniedbyareportidentifyingindetailthenatureandsourceofthepaymentsincludedinthedeposit.AllProceedsoftheCollateral(including,withoutlimitation,ProceedsconstitutingcollectionsofAccounts,ChattelPaper,Instruments or Payment Intangibles comprising a portion of the Collateral) while held by the Administrative Agent (or by any Grantor in trust for theAdministrativeAgentfortheratablebenefitoftheSecuredParties)shallcontinuetobecollateralsecurityforalloftheSecuredObligationsandshallnotconstitutepaymentthereofuntilappliedashereinafterprovided.AtsuchintervalsasmaybeagreeduponbyeachGrantorandtheAdministrativeAgent,or,ifanEventofDefaultshallhaveoccurredandbecontinuing,atanytimeattheAdministrativeAgent’selection,theAdministrativeAgentshallapplyalloranypartofthefundsondepositinsaidspecialcollateralaccountonaccountoftheSecuredObligationsintheordersetforthinSection8.2oftheCreditAgreement,andanypartofsuchfundswhichtheAdministrativeAgentelectsnotsotoapplyanddeemsnotrequiredascollateralsecurityfortheSecuredObligationsshallbepaidoverfromtimetotimebytheAdministrativeAgenttoeachGrantorortowhomsoevermaybelawfullyentitledtoreceivethesame.

Section 7.4 UCC and Other Remedies .

(a) If an Event of Default shall occur and be continuing, the Administrative Agent, on behalf of the Secured Parties, mayexercise in itsdiscretion, in addition to all other rights, remedies, powers and privileges granted to them in this Agreement, the other Loan Documents, and in any otherinstrumentoragreementsecuring,evidencingorrelatingtotheSecuredObligations,allrights,remedies,powersandprivilegesofasecuredpartyundertheUCC(regardless of whether the UCC is in effect in the jurisdiction where such rights, remedies, powers or privileges are asserted) or any other applicable law orotherwiseavailableatlaworequity.Withoutlimitingthegeneralityoftheforegoing,theAdministrativeAgent,withoutdemandofperformanceorotherdemand,presentment,protest,advertisementornoticeofanykind(exceptanynoticerequiredbylawreferredtobelow)tooruponanyGrantororanyotherPerson(allandeachofwhichdemands,presentments,protests,advertisementsandnoticesareherebywaived),mayinsuchcircumstancesforthwithcollect,receive,appropriateandrealizeupontheCollateral,oranypartthereof,and/ormayforthwithsell,lease,assign,giveoptionoroptionstopurchase,orotherwisedisposeofanddelivertheCollateraloranypartthereof(orcontracttodoanyoftheforegoing),inoneormoreparcelsatpublicorprivatesaleorsales,atanyexchange,broker’sboardorofficeoftheAdministrativeAgentoranyotherSecuredPartyorelsewhereuponsuchtermsandconditionsasitmaydeemadvisableandatsuchpricesasitmaydeembest,forcashoroncreditorforfuturedeliverywithoutassumptionofanycreditrisk.TheAdministrativeAgentoranyotherSecuredPartyshallhavetheright uponanysuchpublic sale or sales, and, to the extent permitted bylaw, uponanysuchprivate sale or sales, to purchase the whole or anypart of theCollateralsosold,freeofanyrightorequityofredemptioninanyGrantor,whichrightorequityisherebywaivedandreleased.IfanEventofDefaultshalloccurandbecontinuing,eachGrantorfurtheragrees,attheAdministrativeAgent’srequest,toassembletheCollateralandmakeitavailabletotheAdministrativeAgentatplaceswhichtheAdministrativeAgentshallreasonablyselect,whetheratsuchGrantor’spremisesorelsewhere.AnysuchsaleortransferbytheAdministrativeAgenteithertoitselfortoanyotherPersonshallbeabsolutelyfreefromanyclaimofrightbyanyGrantor,includinganyequityorrightofredemption,stayorappraisalwhichsuchGrantorhasormayhaveunderanyruleoflaw,regulationorstatutenowexistingorhereafteradopted.Uponanysuchsaleortransfer,theAdministrative Agent shall have the right to deliver, assign and transfer to the purchaser or transferee thereof the Collateral so sold or transferred. TheAdministrativeAgentshallapplythenetproceedsofanyactiontakenbyitpursuanttothisSection,afterdeductingallreasonablecostsandexpensesofeverykindincurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of theAdministrativeAgentandtheotherSecuredPartieshereunder,including,withoutlimitation,reasonableattorneys’feesanddisbursements,tothepaymentinwholeorinpartoftheObligations,inaccordancewithSection8.2oftheCreditAgreement,andonlyaftersuchapplicationandafterthepaymentbytheAdministrativeAgentofanyotheramountrequiredbyanyprovisionoflaw,including,withoutlimitation,Section9-615oftheUCC,needtheAdministrativeAgentaccountforthesurplus,ifany,toanyGrantor.Totheextentpermittedbyapplicablelaw,eachGrantorwaivesallclaims,damagesanddemandsitmayacquireagainsttheAdministrativeAgentoranyotherSecuredPartyarisingoutoftheexercisebythemofanyrightshereunder.Ifanynoticeofa

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proposedsaleorotherdispositionofCollateralshallberequiredbylaw,suchnoticeshallbedeemedreasonableandproperifgivenatleast10daysbeforesuchsaleorotherdisposition.

(b) Intheevent that theAdministrativeAgentelects nottosell theCollateral, theAdministrativeAgentretainsits rights todisposeoforutilizetheCollateraloranypartorpartsthereofinanymannerauthorizedorpermittedbylaworinequityandtoapplytheproceedsofthesametowardspaymentof the Secured Obligations. Each and every method of disposition of the Collateral described in this Agreement shall constitute disposition in a commerciallyreasonable manner. The Administrative Agent may appoint any Person as agent to performany act or acts necessary or incident to any sale or transfer of theCollateral.

Section 7.5 Private Sales of Pledged Securities .EachGrantorrecognizesthattheAdministrativeAgentmaybeunabletoeffectapublicsaleofanyorallthePledgedSecurities, byreasonofcertainprohibitionscontainedintheSecuritiesActandapplicablestatesecuritieslawsorotherwise,andmaybecompelledtoresort tooneormoreprivatesalesthereoftoarestrictedgroupofpurchaserswhichwill beobligedtoagree,amongotherthings,toacquiresuchsecurities for their ownaccount for investment and not with a viewto the distribution or resale thereof. Each Grantor acknowledges and agrees that any suchprivatesalemayresultinpricesandothertermslessfavorablethanifsuchsalewereapublicsaleand,notwithstandingsuchcircumstances,agreesthatanysuchprivatesaleshallbedeemedtohavebeenmadeinacommerciallyreasonablemanner.TheAdministrativeAgentshallbeundernoobligationtodelayasaleofanyofthePledgedSecuritiesfortheperiodoftimenecessarytopermittheIssuerthereoftoregistersuchsecuritiesforpublicsaleundertheSecuritiesAct,orunderapplicablestatesecuritieslaws,evenifsuchIssuerwouldagreetodoso.EachGrantoragreestouseitsbesteffortstodoorcausetobedoneallsuchotheractsasmayreasonablybenecessarytomakesuchsaleorsalesofalloranyportionofthePledgedSecuritiespursuanttothisSectionvalidandbindingandincompliancewithanyandall other applicable Requirements of Law.EachGrantor further agrees that a breachof anyof thecovenants containedinthis Sectionwill causeirreparableinjurytotheAdministrativeAgentandtheotherSecuredParties,thattheAdministrativeAgentandtheotherSecuredPartieshavenoadequateremedyat law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against suchGrantor,andsuchGrantorherebywaivesandagreesnottoassertanydefensesagainstanactionforspecificperformanceofsuchcovenants.

Section 7.6 Waiver; Deficiency .EachGrantorwaivesandagreesnottoassertanyrightsorprivilegeswhichitmayacquireundertheUCCoranyotherapplicablelaw.EachGrantorshallremainliableforanydeficiencyiftheproceedsofanysaleorotherdispositionoftheCollateralareinsufficienttopayitsObligationsorGuaranteedObligations,asthecasemaybe,andthefeesanddisbursementsofanyattorneysemployedbytheAdministrativeAgentoranyotherSecuredPartytocollectsuchdeficiency.

Section 7.7 Non-Judicial Enforcement . The Administrative Agent may enforce its rights hereunder without prior judicial process or judicialhearing,and,totheextentpermittedbylaw,eachGrantorexpresslywaivesanyandall legalrightswhichmightotherwiserequiretheAdministrativeAgenttoenforceitsrightsbyjudicialprocess.

ARTICLE VIII

THE ADMINISTRATIVE AGENT

Section 8.1 The Administrative Agent’s Appointment as Attorney-in-Fact .

(a)EachGrantorherebyirrevocablyconstitutesandappoints,duringtheexistenceofanEventofDefault,theAdministrativeAgentandanyofficeroragentthereof,withfullpowerofsubstitution,asitstrueandlawfulattorney-in-factwithfullirrevocablepowerandauthorityintheplaceandsteadofsuchGrantor andinthenameof suchGrantor or in its ownname, for thepurposeof carryingout thetermsof this Agreement, to takeanyandall reasonablyappropriate action and to execute any and all documents and instruments which may be reasonably necessary or desirable to accomplish the purposes of thisAgreement,and,withoutlimitingthegeneralityoftheforegoing,eachGrantorherebygivestheAdministrativeAgentthepowerandright,duringtheexistenceofanEventofDefault,onbehalfofsuchGrantor,withoutnoticetoorassentbysuchGrantor,todoanyorallofthefollowing:

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(i) payordischargeTaxesandLiensleviedorplacedonorthreatenedagainst theCollateral, effect anyrepairs oranyinsurancecalledforbythetermsofthisAgreementandpayalloranypartofthepremiumsthereforandthecoststhereof;

(ii) execute, in connection with any sale provided for in Section 7.4 or Section 7.5 , any endorsements, assignments or otherinstrumentsofconveyanceortransferwithrespecttotheCollateral;and

(iii) (A) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or tobecomeduethereunderdirectlytotheAdministrativeAgentorastheAdministrativeAgentshalldirect;(B)takepossessionofandindorseandcollectanychecks,drafts, notes, acceptancesorotherinstrumentsforthepaymentofmoneysdueunderanyAccount, Instrument, GeneralIntangible, ChattelPaperorPaymentIntangibleorwithrespecttoanyotherCollateral,andtofileanyclaimortotakeanyotheractionorproceedinginanycourtoflaworequity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any or all such moneys due under any Account,InstrumentorGeneralIntangibleorwithrespecttoanyotherCollateralwheneverpayable;(C)askordemandfor,collect,andreceivepaymentofandreceiptforanyandallmoneys,claimsandotheramountsdueortobecomedueatanytimeinrespectoforarisingoutofanyCollateral;(D)signandindorseanyinvoices,freightorexpressbills,billsoflading,storageorwarehousereceipts,draftsagainstdebtors,assignments,verifications,noticesandotherdocumentsinconnectionwithanyoftheCollateral;(E)receive,changetheaddressfordelivery,openanddisposeofmailaddressedtoanyGrantor,andexecute,assignandindorsenegotiableandotherinstrumentsforthepaymentofmoney,documentsoftitleorotherevidencesofpayment,shipmentorstorageforanyformofCollateralonbehalfofandinthenameofanyGrantor;(F)commenceandprosecuteanysuits,actionsorproceedingsatlaworinequityinanycourtofcompetentjurisdictiontocollecttheCollateraloranyportionthereofandtoenforceanyotherrightinrespectofanyCollateral;(G)defendanysuit, actionor proceedingbrought against suchGrantor with respect to anyCollateral; (H)settle, compromise or adjust anysuchsuit,actionorproceedingand, in connectiontherewith, givesuchdischargesor releases as theAdministrativeAgent maydeemappropriate; (I) assignanyPatentorTrademark(alongwiththegoodwillofthebusinesstowhichanysuchTrademarkpertains)throughouttheworldforsuchtermorterms,onsuchconditions,andinsuchmannerastheAdministrativeAgentshallinitssolediscretiondetermine;and(J)generally,sell,transfer,pledgeandmakeanyagreement with respect to or otherwise deal with any of the Collateral as fully and completely as thoughthe Administrative Agent were the absoluteownerthereofforallpurposes,anddo,attheAdministrativeAgent’soptionandsuchGrantor’sexpense,atanytime,orfromtimetotime,allactsandthingswhichtheAdministrativeAgentdeemsnecessarytoprotect,preserveorrealizeupontheCollateralandtheAdministrativeAgent’sandtheotherSecuredParties’securityintereststhereinandtoeffecttheintentofthisAgreement,allasfullyandeffectivelyassuchGrantormightdo.

Anythinginthissubsectiontothecontrarynotwithstanding,theAdministrativeAgentagreesthatitwillnotexerciseanyrightsunderthepowerofattorneyprovidedforinthissubsectionunlessanEventofDefaultshallhaveoccurredandbecontinuing.TheAdministrativeAgentshallgivetherelevantGrantornoticeofanyactiontakenpursuanttothissubsectionwhenreasonablypracticable;providedthattheAdministrativeAgentshallhavenoliabilityforthefailuretoprovideanysuchnotice.

(b) If any Grantor fails to perform or comply with any of its agreements contained herein within the applicable grace periods, theAdministrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with suchagreement.

(c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section, together withinterest thereon at the rate for Default Interest fromthe date of payment by the Administrative Agent to the date reimbursed by the relevant Grantor, shall bepayablebysuchGrantortotheAdministrativeAgentondemand.

(d)EachGrantorherebyratifiesallthatsaidattorneysshalllawfullydoorcausetobedonebyvirtuehereofandincomplianceherewith.Allpowers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and thesecurityinterestscreatedherebyarereleased.

Section 8.2 Duty of the Administrative Agent . The Administrative Agent’s sole duty with respect to the custody, safekeeping and physicalpreservationoftheCollateralinitspossession,underSection9-207oftheUCCorotherwise,shallbetodealwithitinthesamemannerastheAdministrativeAgentdealswithsimilarpropertyforitsownaccountandshallbedeemed

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tohaveexercisedreasonablecareinthecustodyandpreservationoftheCollateralinitspossessioniftheCollateralisaccordedtreatmentsubstantiallyequaltothatwhichcomparable securedparties accordcomparablecollateral. Neither theAdministrativeAgent, anyotherSecuredPartynoranyoftheir respectiveofficers,directors,employeesoragentsshallbeliableforfailuretodemand,collectorrealizeuponanyoftheCollateralorforanydelayindoingsoorshallbeunderanyobligationtosellorotherwisedisposeofanyCollateralupontherequestofanyGrantororanyotherPersonortotakeanyotheractionwhatsoeverwithregardtothe Collateral or any part thereof. The powers conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect theAdministrativeAgent’sandtheotherSecuredParties’interestsintheCollateralandshallnotimposeanydutyupontheAdministrativeAgentoranyotherSecuredPartytoexerciseanysuchpowers.TheAdministrativeAgentandtheotherSecuredPartiesshallbeaccountableonlyforamountsthattheyactuallyreceiveasaresultoftheexerciseofsuchpowers,andneithertheynoranyoftheirofficers,directors,employeesoragentsshallberesponsibletoanyGrantorforanyactorfailure to act hereunder, except for their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. To the fullest extent permitted by applicable law, the Administrative Agent shall be under no duty whatsoever to make or give anypresentment,noticeofdishonor,protest,demandforperformance,noticeofnon-performance,noticeofintenttoaccelerate,noticeofacceleration,orothernoticeordemandinconnectionwithanyCollateral,ortotakeanystepsnecessarytopreserveanyrightsagainstanyGrantororotherPersonorascertainingortakingaction with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not it has or is deemed to haveknowledgeofsuchmatters.EachGrantor,totheextentpermittedbyapplicablelaw,waivesanyrightofmarshalinginrespectofanyandallCollateral,andwaivesanyrighttorequiretheAdministrativeAgentoranyotherSecuredPartytoproceedagainstanyGrantororotherPerson,exhaustanyCollateral orenforceanyotherremedywhichtheAdministrativeAgentoranyotherSecuredPartynowhasormayhereafterhaveagainstanyGrantororotherPerson.

Section 8.3 Filing of Financing Statements .PursuanttotheUCCandanyotherapplicablelaw,eachGrantorauthorizestheAdministrativeAgent,itscounseloritsrepresentative,atanytimeandfromtimetotime,tofileorrecordfinancingstatements,continuationstatements,amendmentstheretoandotherfiling or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as theAdministrative Agent reasonably determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Additionally, eachGrantorauthorizestheAdministrativeAgent,itscounseloritsrepresentative,atanytimeandfromtimetotime,tofileorrecordsuchfinancingstatementsthatdescribethecollateral coveredtherebyas“all assetsoftheGrantor”, “all personal propertyoftheGrantor”orwordsofsimilar effect. Aphotographicorotherreproduction of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in anyjurisdiction.

Section 8.4 Authority of the Administrative Agent .EachGrantoracknowledgesthattherightsandresponsibilitiesoftheAdministrativeAgentunderthis Agreement withrespect toanyactiontakenbytheAdministrativeAgentortheexercise ornon-exercise bytheAdministrativeAgentofanyoption,votingright,request,judgmentorotherrightorremedyprovidedforhereinorresultingorarisingoutofthisAgreementshall,asbetweentheAdministrativeAgentandtheotherSecuredParties,begovernedbytheCreditAgreementandbysuchotheragreementswithrespecttheretoasmayexistfromtimetotimeamongthem,but,asbetweentheAdministrativeAgentandtheGrantors,theAdministrativeAgentshallbeconclusivelypresumedtobeactingasagentfortheSecuredPartieswithfull andvalidauthoritysotoact orrefrainfromacting, andnoGrantorshall beunderanyobligation, orentitlement, tomakeanyinquiryrespectingsuchauthority.

ARTICLE IX

SUBORDINATION OF INDEBTEDNESS

Section 9.1 Subordination of All Guarantor Claims .Asusedherein,theterm“GuarantorClaims”shallmeanalldebtsandobligationsofParent,theBorroweroranyotherGrantortoanyGrantor,whethersuchdebtsandobligationsnowexistorarehereafterincurredorarise,orwhethertheobligationofthedebtorthereonbedirect,contingent,primary,secondary,several,jointandseveral,orotherwise,andirrespectiveofwhethersuchdebtsorobligationsbeevidencedbynote,contract,openaccount,orotherwise,andirrespectiveofthePersonorPersonsinwhosefavorsuchdebtsorobligationsmay,attheirinception,havebeenormayhereafterbecreated,orthemannerinwhichtheyhavebeenormayhereafterbeacquired.AftertheoccurrenceandduringthecontinuationofanEventofDefault,noGrantorshallreceiveorcollect,directlyorindirectly,fromanyobligorinrespectthereofanyamountupontheGuarantorClaims.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Section 9.2 Claims in Bankruptcy . In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvencyproceedingsinvolvinganyGrantor,theAdministrativeAgentonbehalfoftheSecuredPartiesshallhavetherighttoprovetheirclaiminanyproceeding,soastoestablishtheirrightshereunderandreceivedirectlyfromthereceiver,trusteeorothercourtcustodiandividendsandpaymentswhichwouldotherwisebepayableupon Guarantor Claims. Each Grantor hereby assigns such dividends and payments to the Administrative Agent for the benefit of the Secured Parties forapplicationagainsttheSecuredObligationsasprovidedunderSection8.2oftheCreditAgreement.ShouldtheAdministrativeAgentoranyotherSecuredPartyreceive, for application upon the Secured Obligations, any such dividend or payment which is otherwise payable to any Grantor, and which, as between suchGrantor, shall constitute a credit upon the Guarantor Claims, then upon payment in full of the Secured Obligations and termination of all Commitments, theintended recipient shall become subrogated to the rights of the Administrative Agent and the other Secured Parties to the extent that such payments to theAdministrative Agent and the other Secured Parties on the Guarantor Claims have contributed toward the liquidation of the Secured Obligations, and suchsubrogationshallbewithrespecttothatproportionoftheSecuredObligationswhichwouldhavebeenunpaidiftheAdministrativeAgentandtheotherSecuredPartieshadnotreceiveddividendsorpaymentsupontheGuarantorClaims.

Section 9.3 Payments Held in Trust . In the event that, notwithstandingSection 9.1 andSection 9.2 , any Grantor should receive any funds,payments, claims or distributions which are prohibited bysuch Sections, then it agrees (a) to hold in trust for the Administrative Agent andthe other SecuredPartiesanamountequaltotheamountofallfunds,payments,claimsordistributionssoreceived,and(b)thatitshallhaveabsolutelynodominionovertheamountofsuchfunds,payments,claimsordistributionsexcepttopaythempromptlytotheAdministrativeAgent,forthebenefitoftheSecuredParties;andeachGrantorcovenantspromptlytopaythesametotheAdministrativeAgent.

Section 9.4 Liens Subordinate .EachGrantoragreesthat,untiltheSecuredObligationsarepaidinfullandallCommitmentshaveterminated,anyLienssecuringpaymentoftheGuarantorClaimsshallbeandremaininferiorandsubordinatetoanyLienssecuringpaymentoftheSecuredObligations,regardlessofwhethersuchencumbrancesinfavorofsuchGrantor, theAdministrativeAgentoranyotherSecuredPartypresentlyexist orarehereafter createdorattach.Without the prior written consent of the Administrative Agent, no Grantor, during the period in which any of the Secured Obligations are outstanding and allCommitmentshaveterminated,shall(a)exerciseorenforceanycreditor’srightitmayhaveagainstanydebtorinrespectoftheGuarantorClaims,or(b)foreclose,repossess, sequester or otherwise takesteps or institute anyaction or proceeding (judicial or otherwise, including, without limitation, the commencement of orjoinderinanyliquidation,bankruptcy,rearrangement,debtor’srelieforinsolvencyproceeding)toenforceanyLienheldbyit.

Section 9.5 Notation of Records .UpontherequestoftheAdministrativeAgent,allpromissorynotesandallaccountsreceivableledgersorotherevidenceoftheGuarantorClaimsacceptedbyorheldbyanyGrantorshall containaspecificwrittennoticethereonthat theindebtednessevidencedtherebyissubordinatedunderthetermsofthisAgreement.

ARTICLE X

MISCELLANEOUS

Section 10.1 Waiver .NofailureonthepartoftheAdministrativeAgentoranyotherSecuredPartytoexerciseandnodelayinexercising,andnocourseofdealingwithrespectto,anyright,remedy,powerorprivilegeunderanyoftheLoanDocumentsshalloperateasawaiverthereof,norshallanysingleorpartialexerciseofanyright,powerorprivilegeunderanyoftheLoanDocumentsprecludeanyotherorfurtherexercisethereofortheexerciseofanyotherright,remedy, poweror privilege. Therights, remedies, powers andprivileges providedherein are cumulative andnot exclusive of anyrights, remedies, powers andprivilegesprovidedbylaw.TheexercisebytheAdministrativeAgentofanyoneormoreoftherights,powersandremedieshereinshallnotbeconstruedasawaiverofanyotherrights,powersandremedies,including,withoutlimitation,anyrightsofset-off.

Section 10.2 Notices .AllnoticesandothercommunicationsprovidedforhereinshallbegiveninthemannerandsubjecttothetermsofSection10.1oftheCreditAgreement;providedthatanysuchnotice,requestordemandtooruponanyGuarantorshallbeaddressedtosuchGuarantoratitsnoticeaddresssetforthonSchedule1.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Section 10.3 Payment of Expenses, Indemnities .

(a)EachGrantoragreestopayorpromptlyreimbursetheAdministrativeAgentandeachotherSecuredPartyforalladvancesandreasonableand documented out-of-pocket charges, costs and expenses (including, without limitation, all reasonable and documented out-of-pocket costs and expenses ofholding,preparingforsaleandselling,collectingorotherwiserealizingupontheCollateralandallreasonableanddocumentedout-of-pocketattorneys’fees,legalexpenses and court costs) incurred by any Secured Party in connection with the exercise of its respective rights and remedies hereunder, including, withoutlimitation, any advances and reasonable and documented out-of-pocket charges, costs and expenses that may be incurred in any effort to enforce any of theprovisionsofthisAgreementoranyobligationofanyGrantorinrespectoftheCollateralorinconnectionwith(i)thepreservationoftheLienof,ortherightsoftheAdministrativeAgentoranyotherSecuredPartyunder,thisAgreement,(ii)anyactualorattemptedsale,lease,disposition,exchange,collection,compromise,settlementorotherrealizationinrespectof,orcareof,theCollateral,includingallsuchcostsandexpensesincurredinanybankruptcy,reorganization,workoutorothersimilarproceeding,or(iii)collectingagainstsuchGrantorundertheguaranteecontainedinArticleIIorotherwiseenforcingorpreservinganyrightsunderthisAgreementandtheotherLoanDocumentstowhichsuchGrantorisaparty.

(b) EachGrantoragreestopay,andtosavetheAdministrativeAgentandtheotherSecuredPartiesharmlessfrom,anyandall liabilities,obligations,losses,damages,penalties,actions,judgments,suits,costs,expensesordisbursementsofanykindornaturewhatsoever(including,withoutlimitation,courtcostsandattorneys’feesandanyandallliabilitieswithrespectto,orresultingfromanydelayinpaying,anyandallstamp,excise,salesorothertaxeswhichmaybepayableordeterminedtobepayablewithrespecttoanyoftheCollateralorinconnectionwithanyofthetransactionscontemplatedbythisAgreement)incurredbecauseof,incidentto,orwithrespecttotheCollateral(including,withoutlimitation,anyexerciseofrightsorremediesinconnectiontherewith)ortheexecution,delivery,enforcement,performanceoradministrationofthisAgreement,totheextenttheBorrowerwouldberequiredtodosopursuanttoSection10.3oftheCreditAgreement.

(c)AllamountsforwhichanyGrantorisliablepursuanttothisSectionshallbedueandpayablebysuchGrantortotheAdministrativeAgentoranySecuredPartyupondemand.

Section 10.4 Amendments in Writing .NoneofthetermsorprovisionsofthisAgreementmaybewaived,amended,supplementedorotherwisemodifiedexceptinaccordancewithSection10.2oftheCreditAgreement.

Section 10.5 Successors and Assigns . ThisAgreementshall bebindinguponthesuccessorsandassignsofeachGrantorandshall inuretothebenefitoftheAdministrativeAgentandtheotherSecuredParties,thefutureholdersoftheLoans,andtheirrespectivesuccessorsandassigns;providedthatnoGrantor mayassign, transfer or delegate anyof its rights or Secured Obligations under this Agreement without the prior written consent of the AdministrativeAgentandtheLenders.

Section 10.6 Severability . Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to suchjurisdiction,beineffectivetotheextentofsuchinvalidity,illegalityorunenforceabilitywithoutaffectingthevalidity,legalityandenforceabilityoftheremainingprovisionshereof;andtheinvalidityofaparticularprovisioninaparticularjurisdictionshallnotinvalidatesuchprovisioninanyotherjurisdiction.

Section 10.7 Counterparts .ThisAgreementmaybeexecutedinanynumberofcounterparts,allofwhichtakentogethershallconstituteoneandthesameinstrument,andanyofthepartiesheretomayexecutethisAgreementbysigninganysuchcounterpart.

Section 10.8 Survival .TheobligationsofthepartiesunderSection10.3shallsurvivetherepaymentoftheSecuredObligationsandtheterminationoftheCreditAgreement,theLettersofCredit(ortheCashCollateralizationthereofinaccordancewiththetermsoftheCreditAgreement),theCommitments,theHedgingObligationsandtheBankProductObligations.TotheextentthatanypaymentsontheSecuredObligationsorproceedsofanyCollateralaresubsequentlyinvalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under anybankruptcylaw,commonlaworequitablecause, then, tosuchextent, theSecuredObligationssosatisfiedshall berevivedandcontinueasif suchpaymentorproceeds hadnot beenreceivedandthe Administrative Agent’s andthe other SecuredParties’ Liens, security interests, rights, powers andremedies under thisAgreement and each other applicable Collateral Document shall continue in full force and effect. In such event, each applicable Collateral Document shall beautomaticallyreinstatedandeach

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

GrantorshalltakesuchactionasmaybereasonablyrequestedbytheAdministrativeAgentandtheotherSecuredPartiestoeffectsuchreinstatement.

Section 10.9 Captions .CaptionsandsectionheadingsappearinghereinareincludedsolelyforconvenienceofreferenceandarenotintendedtoaffecttheinterpretationofanyprovisionofthisAgreement.

Section 10.10 No Oral Agreements .TheLoanDocumentsembodytheentireagreementandunderstandingbetweenthepartiesandsupersedeallotheragreementsandunderstandingsbetweensuchpartiesrelatingtothesubjectmatterhereofandthereof. TheLoanDocumentsrepresentthefinalagreementbetweenthepartiesandmaynotbecontradictedbyevidenceofprior,contemporaneousorsubsequentoralagreementsoftheparties.Therearenounwrittenoralagreementsbetweentheparties.

Section 10.11 Governing Law; Submission to Jurisdiction .

(a) This Agreement and the other Loan Documents any claims, controversy, dispute or cause of action (whether in contract or tort orotherwise)basedupon,arisingoutoforrelatingtothisAgreementoranyotherLoanDocument(except,astoanyotherLoanDocument,asexpresslysetforththerein) and the transactions contemplated hereby and thereby shall be construed in accordance with and be governed by the law(without giving effect to theconflictoflawprinciplesthereofexceptforSections5-1401and5-1402oftheNewYorkGeneralObligationsLaw)oftheStateofNewYork.

(b)EachGrantorherebyirrevocablyandunconditionallysubmits,foritselfanditsproperty,totheexclusivejurisdictionoftheUnitedStatesDistrictCourtfortheSouthernDistrictofNewYork,andoftheSupremeCourtoftheStateofNewYorksittinginNewYorkCounty,andofanyappellatecourtfromanythereof,inanyactionorproceedingarisingoutoforrelatingtothisAgreementoranyotherLoanDocumentorthetransactionscontemplatedherebyorthereby,orforrecognitionorenforcementofanyjudgment,andeachofthepartiesheretoherebyirrevocablyandunconditionallyagreesthatallclaimsinrespectofanysuchactionorproceedingmaybeheardanddeterminedinsuchDistrictCourtorsuchNewYorkstatecourtor,totheextentpermittedbyapplicablelaw,suchappellatecourt. Eachofthepartiesheretoagreesthatafinal judgmentinanysuchactionorproceedingshall beconclusiveandmaybeenforcedinotherjurisdictionsbysuitonthejudgmentorinanyothermannerprovidedbylaw.NothinginthisAgreementoranyotherLoanDocumentshallaffectanyrightthattheAdministrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other LoanDocumentagainstParent,theBorrowerortheirrespectivepropertiesinthecourtsofanyjurisdiction.

(c)EachGrantorirrevocablyandunconditionallywaivesanyobjectionwhichitmaynoworhereafterhavetothelayingofvenueofanysuchsuit,actionorproceedingdescribedinsubsection(b)ofthisSectionandbroughtinanycourtreferredtoinsubsection(b)ofthisSection.Eachofthepartiesheretoirrevocablywaives,tothefullestextentpermittedbyapplicablelaw,thedefenseofaninconvenientforumtothemaintenanceofsuchactionorproceedinginanysuchcourt.

(d)EachpartytothisAgreementirrevocablyconsentstotheserviceofprocessinthemannerprovidedfornoticesinSection10.2.NothinginthisAgreementorinanyotherLoanDocumentwillaffecttherightofanypartyheretotoserveprocessinanyothermannerpermittedbylaw.

Section 10.12 WAIVER OF JURY TRIAL .EACHPARTYHERETOIRREVOCABLYWAIVES,TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW,ANYRIGHTITMAYHAVETOATRIALBYJURYINANYLEGALPROCEEDINGDIRECTLYORINDIRECTLYARISINGOUTOFTHISAGREEMENTORANYOTHERLOANDOCUMENTORTHETRANSACTIONSCONTEMPLATEDHEREBYORTHEREBY(WHETHERBASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT ORATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THEEVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIESHERETOHAVEBEENINDUCEDTOENTERINTOTHISAGREEMENTANDTHEOTHERLOANDOCUMENTSBY,AMONGOTHERTHINGS,THEMUTUALWAIVERSANDCERTIFICATIONSINTHISSECTION.

Section 10.13 Acknowledgments .

(a)EachGrantorherebyacknowledgesthat:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

(i) it hasbeenadvisedbycounselinthenegotiation,executionanddeliveryofthisAgreementandtheotherLoanDocumentstowhichitisaparty;

(ii)neithertheAdministrativeAgentnoranyotherSecuredPartyhasanyfiduciaryrelationshipwithordutytoanyGrantorarisingoutoforinconnectionwiththisAgreementoranyoftheotherLoanDocuments,andtherelationshipbetweentheGrantors,ontheonehand,andtheAdministrativeAgentandtheotherSecuredParties,ontheotherhand,inconnectionherewithortherewithissolelythatofdebtorandcreditor;and

(iii)nojointventureiscreatedherebyorbytheotherLoanDocumentsorotherwiseexistsbyvirtueofthetransactionscontemplatedherebyamongtheSecuredPartiesoramongtheGrantorsandtheLenders.

(b)EachofthepartiesheretospecificallyagreesthatithasadutytoreadthisAgreementandtheotherLoanDocumentstowhichitisapartyandagreesthatitischargedwithnoticeandknowledgeofthetermsofthisAgreementandtheotherLoanDocumentstowhichitisaparty;thatithasinfactreadthisAgreementandtheotherLoanDocumentstowhichitisapartyandisfullyinformedandhasfullnoticeandknowledgeoftheterms,conditionsandeffectsofthis Agreement and the other Loan Documents to which it is a party; that it has been represented by independent legal counsel of its choice throughout thenegotiationsprecedingitsexecutionofthisAgreementandtheotherLoanDocumentstowhichitisparty;andhasreceivedtheadviceofitsattorneyinenteringinto this Agreement and the other Loan Documents to which it is a party; and that it recognizes that certain of the terms of this Agreement and other LoanDocuments to which it is a party result in one party assuming the liability inherent in some aspects of the transaction and relieving the other party of itsresponsibility for such liability. Each Grantor agrees and covenants that it will not contest the validity or enforceability of any exculpatory provision of thisAgreementortheotherLoanDocumentstowhichitisapartyonthebasisthatsuchGrantorhadnonoticeorknowledgeofsuchprovisionorthattheprovisionisnot“conspicuous”.

(c) Each Grantor warrants and agrees that each of the waivers and consents set forth in this Agreement are made voluntarily andunconditionallyafterconsultationwithoutsidelegalcounselandwithfullknowledgeoftheirsignificanceandconsequences,withtheunderstandingthateventsgivingrisetoanydefenseorrightwaivedmaydiminish,destroyorotherwiseadverselyaffectrightswhichsuchGrantorotherwisemayhaveagainstanyotherGrantor, the Administrative Agent, the other SecuredParties or anyother Personor against anyCollateral. If, notwithstandingtheintent of theparties that thetermsofthisAgreementshallcontrolinanyandallcircumstances,anysuchwaiversorconsentsaredeterminedtobeunenforceableunderapplicablelaw,suchwaiversandconsentsshallbeeffectivetothemaximumextentpermittedbylaw.

Section 10.14 Additional Grantors . Each Personthat is required to becomea party to this Agreement pursuant toSection5.12oftheCreditAgreementandisnotasignatoryheretoshallbecomeaGrantorforallpurposesofthisAgreementuponexecutionanddeliverybysuchPersonofanAssumptionAgreementintheformofAnnexI.

Section 10.15 Set-Off . EachGrantoragreesthat, inadditionto(andwithoutlimitationof) anyright ofset-off, bankers’ lienorcounterclaimaSecuredPartymayotherwisehave,eachSecuredPartyshallhavetherightandbeentitled(afterconsultationwiththeAdministrativeAgent),atitsoption,tooffset(i)balancesheldbyitorbyanyofitsAffiliatesforaccountofanyGrantororanyofitsSubsidiariesatanyofitsoffices,indollarsorinanyothercurrency,and(ii)ObligationsthendueandpayabletosuchSecuredParty(oranyAffiliateofsuchSecuredParty), whicharenotpaidwhendue,inwhichcaseit shall promptlynotifytheBorrowerandtheAdministrativeAgentthereof,providedthatsuchSecuredParty’sfailuretogivesuchnoticeshallnotaffectthevaliditythereof.

Section 10.16 Releases .

(a) ReleaseUponPaymentinFull . Thegrantofthesecurityinterest hereunderandall oftherights, powersandremediesinconnectionherewithshallremaininfullforceandeffectuntilthepaymentinfullincashoftheSecuredObligationsandtheterminationoftheCreditAgreement,theLettersofCredit(ortheCashCollateralizationthereofinaccordancewiththetermsoftheCreditAgreement)andallCommitments.UponthepaymentinfullincashoftheSecuredObligationsandtheterminationoftheCreditAgreement,theLettersofCredit(ortheCashCollateralizationthereofinaccordancewiththetermsoftheCreditAgreement)andallCommitments, theAdministrativeAgent,atthewrittenrequestandexpenseoftheBorrower,willpromptlyrelease,reassignandtransfertheCollateraltotheGrantors,withoutrecourse,representation,warrantyorotherassuranceofanykind,anddeclarethisAgreementtobeofnofurtherforceoreffect.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

(b)FurtherAssurances.IfanyoftheCollateralshallbesold,transferredorotherwisedisposedofbyanyGrantorinatransactionpermittedbytheCreditAgreement,thentheAdministrativeAgent,attherequestandsoleexpenseofsuchGrantor,shallpromptlyexecuteanddelivertosuchGrantorallreleases or other documents reasonably necessary for the release of the Liens created hereby on such Collateral and the Capital Stock of such Grantor, madewithoutrecourse,representation,warrantyorotherassuranceofanykind.AttherequestandsoleexpenseoftheBorrower,aGrantorshallbereleasedfromitsobligationshereunderintheeventthatalltheCapitalStockofsuchGrantorshallbesold,transferredorotherwisedisposedofinatransactionexpresslypermittedbytheCreditAgreement;providedthattheBorrowershallhavedeliveredtotheAdministrativeAgent,atleast10BusinessDays(orsuchshorterperiodoftimeastheAdministrativeAgentmayagreeinwritinginitssolediscretion)priortothedateoftheproposedrelease,awrittenrequestforreleaseidentifyingtherelevantGrantorandthetermsofthesaleorotherdispositioninreasonabledetail,includingthepricethereofandanyexpensesinconnectiontherewith,togetherwithacertificationbytheBorrowerstatingthatsuchtransactionisincompliancewiththeCreditAgreementandtheotherLoanDocuments.

(c)RetentioninSatisfaction.ExceptasmaybeexpresslyapplicablepursuanttoSection9-620oftheUCC,noactiontakenoromissiontoact bythe Administrative Agent or the other Secured Parties hereunder, including, without limitation, any exercise of voting or consensual rights or any otheractiontakenorinaction,shallbedeemedtoconstitutearetentionoftheCollateralinsatisfactionoftheSecuredObligationsorotherwisetobeinfullsatisfactionoftheSecuredObligations,andtheSecuredObligationsshallremaininfullforceandeffect,untiltheAdministrativeAgentandtheotherSecuredPartiesshallhaveappliedpayments (including, without limitation, collections fromCollateral) towards the SecuredObligations in the full amount thenoutstandingor untilsuchsubsequenttimeasisprovidedinsubsection(a)ofthisSection.

Section 10.17 Reinstatement .TheobligationsofeachGrantorunderthisAgreement(including,withoutlimitation,withrespecttotheguaranteecontainedinArticleIIandtheprovisionofcollateralherein)shallcontinuetobeeffective,orbereinstated,asthecasemaybe,ifatanytimepayment,oranypartthereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any other Secured Party upon theinsolvency, bankruptcy, dissolution, liquidation or reorganization of Parent, the Borrower or any other Grantor, or upon or as a result of the appointment of areceiver, intervenor or conservator of, or trustee or similar officer for, Parent, the Borrower or any other Grantor or any substantial part of its property, orotherwise,allasthoughsuchpaymentshadnotbeenmade.

Section 10.18 Acceptance . Each Grantor hereby expressly waives notice of acceptance of this Agreement, acceptance on the part of theAdministrative Agent and the other Secured Parties being conclusively presumed by their request for this Agreement and delivery of the same to theAdministrativeAgent.

Section 10.19 Relation to Other Security Documents . The provisions of this Agreement shall be read and construed with the other LoanDocumentsreferredtobelowinthemannersoindicated.

(a)CreditAgreement.IntheeventofanyconflictbetweenanyprovisioninthisAgreementandaprovisionintheCreditAgreement,suchprovisionoftheCreditAgreementshallcontrol.

(b) Patent, Trademark, Copyright Security Agreements . The provisions of any Intellectual Property Security Agreement (or similaragreement)aresupplementaltotheprovisionsofthisAgreement,andnothingcontainedinanyIntellectualPropertySecurityAgreement(orsimilaragreement)shalllimitanyoftherightsorremediesofCollateralAgenthereunder.

Section 10.20 Amendment and Restatement; No Novation .ThisAgreementconstitutesanamendmentandrestatementoftheExistingSecurityAgreementeffectivefromandafterthedatehereof.TheexecutionanddeliveryofthisAgreementandtheconsummationofthetransactionscontemplatedherebyarenotintendedbythepartiestobe,andshallnotconstitute,anovationoranaccordandsatisfactionofthe“GuaranteedObligations”(asdefinedintheExistingSecurityAgreement),the“SecuredObligations”(asdefinedintheExistingSecurityAgreement),oranyotherobligationsowingtotheAdministrativeAgentoranyotherPersonundertheExistingSecurityAgreementoranyother“LoanDocument”(asdefinedintheExistingCreditAgreement).EachofthepartiesheretoherebyacknowledgesandagreesthatthepledgeandgrantofthesecurityinterestsintheCollateralpursuanttoArticleIIIofthisAgreementisnotintendedto,norshallitbeconstruedtobe,areleaseofanypriorpledgeorsecurityinterestsgrantedbytheGrantorsinfavoroftheAdministrativeAgent(forthebenefitofthe“SecuredParties”thereunderandSecuredPartieshereunder)undertheExistingSecurityAgreement,butisintendedtoconstitutearestatementandreconfirmation

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

of the prior pledge and security interests granted by the Grantors in favor of the Administrative Agent (for the benefit of such “Secured Parties” and SecuredParties) in andto the Collateral. Eachof the parties hereto herebyacknowledges andagrees that theguarantees pursuant to Article II of this Agreement is notintendedto,norshallitbeconstruedtobe,areleaseofanypriorguarantybyanyGuarantorundertheExistingSecurityAgreement,butisintendedtoconstitutearestatementandreconfirmationofsuchpriorguaranty.

ARTICLE XI

KEEPWELL

EachQualifiedECPGuarantorherebyjointlyandseverallyabsolutely,unconditionallyandirrevocablyundertakestoprovidesuchfundsorothersupportasmaybeneededfromtimetotimebyeachotherLoanPartytohonorallofitsobligationsunderthisAgreementinrespectofSwapObligations(provided,however,thateachQualifiedECPGuarantorshallonlybeliableunderthisArticleXIforthemaximumamountofsuchliabilitythatcanbeherebyincurredwithoutrenderingitsobligationsunderthisArticleXI,orotherwiseunderthisAgreement,voidableunderapplicablelawrelatingtofraudulentconveyanceorfraudulenttransfer,andnotforanygreateramount).TheobligationsofeachQualifiedECPGuarantorunderthisSectionshallremaininfullforceandeffectuntilthisAgreementhasbeenterminatedpursuanttoSection10.16(a).EachQualifiedECPGuarantorintendsthatthisArticleXIconstitute,andthisArticleXIshallbedeemedtoconstitute,a“keepwell,support,orotheragreement”forthebenefitofeachotherLoanPartyforallpurposesofSection1a(18)(A)(v)(II)oftheCommodityExchangeAct.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

IN WITNESS WHEREOF ,thepartiesheretohavecausedthisAgreementtobedulyexecutedbytheirrespectiveauthorizedofficersasofthedayandyearfirstabovewritten.

BORROWER :

LENDINGTREE, LLC

By:

Name:

Title:

PARENT AND GUARANTOR :

LENDINGTREE, INC.

By:

Name:

Title:

GUARANTORS :

IRON HORSE HOLDINGS, LLC

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

AcknowledgedandAgreedtoasofthedatehereof:

ADMINISTRATIVE AGENT :

SUNTRUST BANK

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 1

Notice Addresses

ToParent:

LendingTree,Inc.

11115RushmoreDrive

Charlotte,NC28277

Attn:ChiefFinancialOfficer

withacopyto:

LendingTree,Inc.

11115RushmoreDrive

Charlotte,NC28277

Attn:GeneralCounsel

ToeachGuarantor:

c/oLendingTree,Inc.

11115RushmoreDrive

Charlotte,NC28277

Attn:ChiefFinancialOfficer

withacopyto:

c/oLendingTree,Inc.

11115RushmoreDrive

Charlotte,NC28277

Attn:GeneralCounsel

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 2

PledgedSecurities

Owner Issuer Class of Capital Stock No. of Shares Certificated or UncertificatedLendingTree,Inc. LendingTree,LLC SeriesAPreferred 7873.0037116units UncertificatedLendingTree,Inc. LendingTree,LLC SeriesBPreferred 200units UncertificatedLendingTree,Inc. LendingTree,LLC Common 1000units UncertificatedLendingTree,LLC Tree.comBUHolding

Company,Inc.ClassACommon 950shares Certificated

LendingTree,LLC Tree.comBUHoldingCompany,Inc.

Preferred 1,800shares Certificated

LendingTree,LLC LTRealEstate,Inc. Common 1,000shares CertificatedLendingTree,LLC HomeLoanCenter,Inc. Common 100shares CertificatedLendingTree,LLC DegreeTree,Inc. ClassACommon 2,900shares CertificatedLendingTree,LLC DegreeTree,Inc. Preferred 1,270shares CertificatedLendingTree,LLC IronHorseHoldings,

LLCMembershipInterest 100% Uncertificated

LendingTree,LLC RexfordOfficeHoldings,LLC

MembershipInterest 100% Uncertificated

LendingTree,LLC LTIndiaHoldingCompany,LLC

MembershipInterest 100% Uncertificated

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 3

Filings and Other Actions Required to Perfect Security Interests

Uniform Commercial Code Filings (UCC-1)

Grantor JurisdictionLendingTree,LLC DelawareLendingTree,Inc. DelawareIronHorseHoldings,LLC Delaware

Copyright Filings

Grantor JurisdictionLendingTree,LLC UnitedStateCopyrightOffice

Fixture Filings - None

Owner Address Fixture Filing (Yes/No)

Bailee Agreements - None

Bailee Owner Location

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 4

Legal Name, Organizational Status, Chief Executive Office

Legal NameJurisdiction ofOrganization Tax ID# Organizational # Location of Office

LendingTree,LLC Delaware [***] 2631408 11115RushmoreDriveCharlotte,NC28277

LendingTree,Inc. Delaware [***] 4532083 11115RushmoreDriveCharlotte,NC28277

IronHorseHoldings,LLC Delaware [***] 4944115 701EastBayStreetSuite414Charleston,SC29403

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 5

Prior Names and Prior Chief Executive Offices

Grantor Prior Name(s) Prior Office(s)LendingTree,Inc. Tree.com,Inc. N/A

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 6

Patents and Patent Licenses

Patents

TitleApplication No. andDate Patent No. and Date Owner Status / Next Deadline

METHODANDCOMPUTERNETWORKFORCO-ORDINATINGALOANOVERTHEINTERNET

09/07513605/08/1998

638559405/07/2002 LendingTree,LLC Granted

METHODANDCOMPUTERNETWORKFORCO-ORDINATINGALOANOVERTHEINTERNET

10/08089102/22/2002

661181608/26/2003 LendingTree,LLC Granted

MethodsandComputerNetworkforCo-OrdinatingaLoanOvertheInternet

14/53758111/10/2014 N/A LendingTree,LLC Filed

MethodsandSystemsforOnlineCreditOffers

14/05078110/10/2013 N/A LendingTree,LLC

Filed.ResponsetoOfficeActiondue10/16/2015.

SystemandMethodforCollectingFinancialInformationoveraGlobalCommunicationsNetwork

13/448,1704/16/2012 9032281

LendingTree,LLCasassignedfromJeremyC.ZongkertoSellerbythatPatentAssignment,No.501889867 Filed

Licensed Patents – LendingTree, LLC

• [***]

LendingTree,LLCcurrentlylicensesitsOwnedPatentstothefollowingparties:• [***]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 7

Trademarks and Trademark Licenses

Trademarks

Trademark Jurisdiction Registration / Application No. and Date OwnerDEGREETREE Australia 1498471-01/08/2013 LendingTree,LLCDEGREETREE NewZealand 961106–06/26/2022 LendingTree,LLCDONERIGHTDIRECTORY&Design

UnitedStates 3437719–05/27/2008 LendingTree,LLC

DONERIGHTGUARANTEE(Wordmark)

UnitedStates 3428235–05/13/2008 LendingTree,LLC

DoneRight!(Wordmark) UnitedStates 3432705–05/20/2008 LendingTree,LLCGETSMART(Wordmark) UnitedStates 2241814–04/27/1999 LendingTree,LLCDONERIGHT!(Wordmark) UnitedStates 3432705–05/20/2008 LendingTree,LLCGETSMART(Wordmark) UnitedStates 2241814–04/27/1999 LendingTree,LLCGETSMART(Wordmark) UnitedStates 2949459–05/10/2005 LendingTree,LLCGETSMART(Wordmark) UnitedStates 2929887–03/01/2005 LendingTree,LLCGETSMART&HomeCalculatorandDollarSignDesigns

UnitedStates 3323701–10/30/2007 LendingTree,LLC

INSURANCETREE&Design UnitedStates 3824225–07/27/2010 LendingTree,LLCLENDINGTREE(Wordmark) UnitedStates 2265733–07/27/1999 LendingTree,LLCLENDINGTREE(Wordmark) UnitedStates 2886058–09/21/2004 LendingTree,LLCLENDINGTREE&Design UnitedStates 3873272–11/09/2010 LendingTree,LLCLENDINGTREEMONEYRIGHT&Design

UnitedStates 3757322–03/09/2010 LendingTree,LLC

Malew/Glasses,HandsonHipsDesign

UnitedStates 3323716–10/30/2007 LendingTree,LLC

HeadofMalew/GlassesinCircleDesign

UnitedStates 3323728–10/30/2007 LendingTree,LLC

SMARTY-PANTS(Wordmark) UnitedStates 3323713–10/30/2007 LendingTree,LLCTREE(Wordmark) UnitedStates 3807609–06/22/2010 LendingTree,LLCTREE.COM&Design UnitedStates 3724381–12/15/2009 LendingTree,LLCTREE.COMWHERESMARTDECISIONSSTART&Design

UnitedStates 3833355–08/17/2010 LendingTree,LLC

WHENBANKSCOMPETE,YOUWIN(Wordmark)

UnitedStates 2440603–04/03/2001 LendingTree,LLC

SERVICETREE(Wordmark) UnitedStates 4337410–05/21/2013 LendingTree,LLCSERVICETREE&Design UnitedStates 4337411–05/21/2013 LendingTree,LLCLENDINGTREE&Design SouthAfrica 2005/04757–03/10/2005 LendingTree,LLCLENDINGTREE(Word) Canada TMA714738–05/21/2008 LendingTree,LLCLENDINGTREE&Design European

Community003995966–11/18/2005 LendingTree,LLC

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

LENDINGTREE&Design India 1401066–02/21/2008 LendingTree,LLCLENDINGTREE&Design Japan 4889041–08/19/2005 LendingTree,LLCLENDINGTREE&Design NewZealand 726496–09/15/2005 LendingTree,LLCLENDINGTREE&Design Singapore T0503390D–08/22/2005 LendingTree,LLCGETSMART(Wordmark) Benelux 0606634–05/16/1997 LendingTree,LLCGETSMART(Wordmark) Canada TMA608992 LendingTree,LLCGETSMART(Wordmark) NewZealand 291069–11/18/1998 LendingTree,LLCGETSMART(Stylized) India 1401065–08/08/2008 LendingTree,LLCGETSMARTLENDING&Design Canada TMA686469–04/24/2007 LendingTree,LLCWHENBANKSCOMPETE,YOUWIN(Wordmark)

Canada TMA714951–05/22/2008 LendingTree,LLC

IFYOUNEEDALOAN,YOU'RENOTALONE

UnitedStates 86/674462–06/25/2015 LendingTree,LLC

THEPLACETOSHOPFORMONEY

UnitedStates 86/674459–06/25/2015 LendingTree,LLC

MAGNIFYMONEY UnitedStates 4781167 LendingTree,LLCMILECARDS.COM UnitedStates 87523344 LendingTree,LLCMILECARDS UnitedStates 87523376 LendingTree,LLCDEPOSITACCOUNTS UnitedStates 87523383 LendingTree,LLCONLINEBANKS UnitedStates 87523386 LendingTree,LLCCOMPARERATES.EARNMORE.

UnitedStates 87523393 LendingTree,LLC

MAGNIFYMONEY UnitedStates 87523396 LendingTree,LLCSNAPSCORE UnitedStates 87024367 LendingTree,LLCVANISHINGINTERESTRATE UnitedStates 4778418 LendingTree,LLCSNAPCAP UnitedStates 4637098 LendingTree,LLCCHOOSEWISELY UnitedStates 4886937/86552518 IronHorseHoldings,LLCcomparecards.com UnitedStates 4413403/85748104 IronHorseHoldings,LLCCOMPARE.PICK.SAVE. UnitedStates 4363212/85576466 IronHorseHoldings,LLCCOMPARECARDS UnitedStates IronHorseHoldings,LLC

Licensed Trademarks

[***]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 8

Copyrights and Copyright Licenses

U.S. Copyrights

Title Registration No. Claimant Registration DateHorizon TXu595-439 LendingTree,LLC 12/21/1998Lend-xwebsite TX0005595188 LendingTree,LLC 10/08/2002LendingTree.comwebsite TX0005595189 LendingTree,LLC 10/08/2002DepositsOnlineWebsiteSoftware TXu001791029 LendingTree,LLC DepositsOnlineSystemSoftware TXu001791042 LendingTree,LLC Snapcap.com N/A LendingTree,LLC Snapscore.com N/A LendingTree,LLC Snapcap.co N/A LendingTree,LLC Getsnapcap.com N/A LendingTree,LLC DepositAccounts.com N/A LendingTree,LLC OnlineBanks.com N/A LendingTree,LLC BankDealBlog.com N/A LendingTree,LLC HighYieldCheckingDeals.com N/A LendingTree,LLC Magnifymoney.com N/A LendingTree,LLC Milecards.com N/A LendingTree,LLC CreditConciergeproduct N/A IronHorseHoldings,LLC N/AReportingandMarketingAttributionSystem

N/A IronHorseHoldings,LLC N/A

CompareCardswebsite N/A IronHorseHoldings,LLC N/ACreditConciergewebsite N/A IronHorseHoldings,LLC N/AiOSProduct(underdevelopment) N/A IronHorseHoldings,LLC N/A

Licensed Copyrights – LendingTree, LLC

[***]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 9Commercial Tort Claims

None.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ANNEX I

Form of Assumption Agreement

THIS ASSUMPTION AGREEMENT ,datedasof[_____](this“AssumptionAgreement”),ismadeby[NAME OF NEW SUBSIDIARY ],a[state ofincorporation ][corporation](the“AdditionalGrantor”),infavorofSUNTRUSTBANK,asadministrativeagent(insuchcapacity,the“AdministrativeAgent”)fortheSecuredParties(asdefinedintheGuarantyandSecurityAgreementreferredtobelow).AllcapitalizedtermsnotdefinedhereinshallhavethemeaningsassignedtothemintheGuarantyandSecurityAgreement.

WHEREAS ,LENDINGTREE,LLC,aDelawarelimitedliabilitycompany(the“Borrower”),LENDINGTREE,INC.,aDelawarecorporation(“Parent”),thelendersfromtimetotimepartiesthereto,theissuingbankpartytheretoandtheAdministrativeAgenthaveenteredintothatcertainAmendedandRestatedCreditAgreement,datedasofNovember21,2017(asamended,restated,supplemented,replaced,increased,refinancedorotherwisemodifiedfromtimetotime,the“CreditAgreement”);

WHEREAS ,inconnectionwiththeCreditAgreement,theBorrower,Parent,andcertainoftheBorrower’sSubsidiarieshaveenteredintothatcertainAmendedandRestatedGuarantyandSecurityAgreement,datedasofNovember21,2017(asamended,restated,supplementedorotherwisemodifiedfromtimetotime,the“GuarantyandSecurityAgreement”),infavoroftheAdministrativeAgentforthebenefitoftheSecuredParties;

WHEREAS ,theCreditAgreementrequirestheAdditionalGrantortobecomeapartytotheGuarantyandSecurityAgreement;andWHEREAS ,theAdditionalGrantorhasagreedtoexecuteanddeliverthisAssumptionAgreementinordertobecomeapartytotheGuarantyandSecurity

Agreement;NOW, THEREFORE ,itisagreed:SECTION 1 .GuarantyandSecurityAgreement.ByexecutinganddeliveringthisAssumptionAgreement,theAdditionalGrantor,asprovidedinSection

10.14oftheGuarantyandSecurityAgreement,herebybecomesapartytotheGuarantyandSecurityAgreementasaGrantorthereunderwiththesameforceandeffectasiforiginallynamedthereinasaGrantorand,withoutlimitingthegeneralityoftheforegoing,herebyexpresslyassumesallobligationsandliabilitiesofaGrantorthereunderandexpresslygrantstotheAdministrativeAgent,forthebenefitoftheSecuredParties,asecurityinterestinallCollateralnowownedoratanytimehereafteracquiredbysuchAdditionalGrantortosecureallofsuchAdditionalGrantor’sobligationsandliabilitiesthereunder.TheinformationsetforthinScheduleAheretoisherebyaddedtotheinformationsetforthinSchedules1through9totheGuarantyandSecurityAgreement.TheAdditionalGrantorherebyrepresentsandwarrantsthateachoftherepresentationsandwarrantiescontainedinArticleVoftheGuarantyandSecurityAgreementistrueandcorrectonandasofthedatehereof(aftergivingeffecttothisAssumptionAgreement)asifmadeonandasofsuchdate.

SECTION 2 .GoverningLaw.THISASSUMPTIONAGREEMENTSHALLBEGOVERNEDBY,ANDCONSTRUEDANDINTERPRETEDINACCORDANCEWITH,THELAWOFTHESTATEOFNEWYORK.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

INWITNESSWHEREOF,theundersignedhascausedthisAssumptionAgreementtobedulyexecutedanddeliveredasofthedatefirstabovewritten.[ NAMEOFADDITIONALGRANTOR]

By:

Name:

Title:

AcknowledgedandAgreedtoasofthedatehereof:

ADMINISTRATIVE AGENT :

SUNTRUST BANK

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE A

Supplement to Schedules of Guaranty and Security Agreement

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ANNEX II

Form of Intellectual Property Security Agreement

THIS [COPYRIGHT][PATENT][TRADEMARK] SECURITY AGREEMENT, datedasof[_____](this“SecurityAgreement”),ismadeby[NAMEOF GRANTOR ],a[state of incorporation ][corporation](the“Grantor”),infavorofSUNTRUSTBANK,asadministrativeagent(insuchcapacity,togetherwithitssuccessorsandpermittedassigns,the“AdministrativeAgent”)fortheSecuredParties(asdefinedintheGuarantyandSecurityAgreementreferredtobelow).

WHEREAS ,LENDINGTREE,LLC,aDelawarelimitedliabilitycompany(the“Borrower”),LENDINGTREE,INC.,aDelawarecorporation(“Parent”),thelendersfromtimetotimepartiesthereto(the“Lenders”),theissuingbankpartytheretoandtheAdministrativeAgenthaveenteredintothatcertainAmendedandRestatedCreditAgreement,datedasofNovember21,2017(asamended,restated,supplemented,replaced,increased,refinancedorotherwisemodifiedfromtimetotime,the“CreditAgreement”);

WHEREAS ,inconnectionwiththeCreditAgreement,theBorrower,ParentandcertainoftheBorrower’sSubsidiarieshaveenteredintothatcertainAmendedandRestatedGuarantyandSecurityAgreement,datedasofNovember21,2017(asamended,restated,supplementedorotherwisemodifiedfromtimetotime,the“GuarantyandSecurityAgreement”),infavoroftheAdministrativeAgentforthebenefitoftheSecuredParties;and

WHEREAS ,theGuarantyandSecurityAgreementrequirestheGrantortoexecuteanddeliverthisSecurityAgreement;NOW, THEREFORE ,inconsiderationofthepremisesandinordertoensurecompliancewiththeCreditAgreement,theGrantorherebyagreesasfollows:SECTION 1 .DefinedTerms.CapitalizedtermsusedhereinwithoutdefinitionareusedasdefinedintheGuarantyandSecurityAgreement.SECTION 2 .GrantofSecurityInterestin[Copyright][Patent][Trademark]Collateral.TheGrantor,ascollateralsecurityforthepromptandcomplete

paymentandperformancewhendue(whetheratstatedmaturity,byaccelerationorotherwise)oftheSecuredObligationsoftheGrantor,herebymortgages,pledgesandhypothecatestotheAdministrativeAgentforthebenefitoftheSecuredParties,andgrantstotheAdministrativeAgentforthebenefitoftheSecuredPartiesaLienonandsecurityinterestin,allofitsright,titleandinterestin,toandunderthefollowingCollateral(the“[Copyright][Patent][Trademark]Collateral”):

[(i)allofitsCopyrightsandallCopyrightLicensesprovidingforthegrantbyortotheGrantorofanyrightunderanyCopyright,including,withoutlimitation,thosereferredtoonScheduleIhereto;

(ii)allrenewals,reversionsandextensionsoftheforegoing;and(iii)allincome,royalties,proceedsandliabilitiesatanytimedueorpayableorassertedunderandwithrespecttoanyoftheforegoing,including,without

limitation,allrightstosueandrecoveratlaworinequityforanypast,presentandfutureinfringement,misappropriation,dilution,violationorotherimpairmentthereof.]

[(i)allofitsPatentsandallPatentLicensesprovidingforthegrantbyortotheGrantorofanyrightunderanyPatent,including,withoutlimitation,thosereferredtoonScheduleIhereto;

(ii)allreissues,reexaminations,continuations,continuations-in-part,divisions,renewalsandextensionsoftheforegoing;and(iii)allincome,royalties,proceedsandliabilitiesatanytimedueorpayableorassertedunderandwithrespecttoanyoftheforegoing,including,without

limitation,allrightstosueandrecoveratlaworinequityforanypast,presentandfutureinfringement,misappropriation,dilution,violationorotherimpairmentthereof.]

[(i)allofitsTrademarksandallTrademarkLicensesprovidingforthegrantbyortotheGrantorofanyrightunderanyTrademark,including,withoutlimitation,thosereferredtoonScheduleIhereto;

(ii)allrenewalsandextensionsoftheforegoing;(iii)allgoodwillofthebusinessconnectedwiththeuseof,andsymbolizedby,eachsuchTrademark;and(iv)allincome,royalties,proceedsandliabilitiesatanytimedueorpayableorassertedunderandwithrespecttoanyoftheforegoing,including,without

limitation,allrightstosueandrecoveratlaworinequityforanypast,presentandfutureinfringement,misappropriation,dilution,violationorotherimpairmentthereof.]

SECTION 3 .GuarantyandSecurityAgreement.ThesecurityinterestgrantedpursuanttothisSecurityAgreementisgrantedinconjunctionwiththesecurityinterestgrantedtotheAdministrativeAgentpursuanttotheGuarantyandSecurityAgreement,andtheGrantorherebyacknowledgesandagreesthattherightsandremediesoftheAdministrativeAgentwithrespecttothesecurityinterestinthe[Copyright][Patent][Trademark]CollateralmadeandgrantedherebyaremorefullysetforthintheGuarantyandSecurityAgreement,thetermsandprovisionsofwhichareincorporatedbyreferencehereinasiffullysetforthherein.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SECTION 4 .GrantorRemainsLiable.TheGrantorherebyagreesthat,anythinghereintothecontrarynotwithstanding,theGrantorshallassumefullandcompleteresponsibilityfortheprosecution,defense,enforcementoranyothernecessaryordesirableactionsinconnectionwithits[Copyrights][Patents][Trademarks]and[Copyright][Patent][Trademark]Licensessubjecttoasecurityinteresthereunder.

SECTION 5 .Counterparts.ThisSecurityAgreementmaybeexecutedinanynumberofcounterpartsandbydifferentpartiesinseparatecounterparts,eachofwhichwhensoexecutedshallbedeemedtobeanoriginalandallofwhichtakentogethershallconstituteoneandthesameagreement.Signaturepagesmaybedetachedfrommultipleseparatecounterpartsandattachedtoasinglecounterpart.

SECTION 6 .GoverningLaw.ThisSecurityAgreementandtherightsandobligationsofthepartiesheretoshallbegovernedby,andconstruedandinterpretedinaccordancewith,thelawoftheStateofNewYork.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

INWITNESSWHEREOF,theGrantorhascausedthis[Copyright][Patent][Trademark]SecurityAgreementtobeexecutedanddeliveredbyitsdulyauthorizedofficerasofthedatefirstsetforthabove.

[ NAMEOFGRANTOR]

By:

Name:

Title:

AcknowledgedandAgreedtoasofthedatehereof:

ADMINISTRATIVE AGENT :

SUNTRUST BANK

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE I

[Copyrights][Patents][Trademarks] and [Copyright][Patent][Trademark] Licenses

I.REGISTERED[COPYRIGHTS][PATENTS][TRADEMARKS]

[Includeregistrationnumberanddate]

II.[COPYRIGHT][PATENT][TRADEMARK]APPLICATIONS

[Includeapplicationnumberanddate]

III.[COPYRIGHT][PATENT][TRADEMARK]LICENSES

[Includecompletelegaldescriptionofagreement(nameofagreement,partiesanddate)]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ANNEX III

Form of Supplement

THIS SUPPLEMENT TO GUARANTY AND SECURITY AGREEMENT ,datedasof[_____](this“Supplement”),ismadeby[NAME OFGRANTOR ],a[state of incorporation ][corporation](the“Grantor”),infavorofSUNTRUSTBANK,asadministrativeagent(insuchcapacity,the“AdministrativeAgent”)fortheSecuredParties(asdefinedintheGuarantyandSecurityAgreementreferredtobelow).AllcapitalizedtermsnotdefinedhereinshallhavethemeaningsassignedtothemintheGuarantyandSecurityAgreement.

WHEREAS ,LENDINGTREE,LLC,aDelawarelimitedliabilitycompany(the“Borrower”),LENDINGTREE,INC.,aDelawarecorporation(“Parent”),thelendersfromtimetotimepartiesthereto,theissuingbankpartytheretoandtheAdministrativeAgenthaveenteredintothatcertainAmendedandRestatedCreditAgreement,datedasofNovember21,2017(asamended,restated,supplemented,replaced,increased,refinancedorotherwisemodifiedfromtimetotime,the“CreditAgreement”);

WHEREAS ,inconnectionwiththeCreditAgreement,theBorrower,ParentandcertainoftheBorrower’sSubsidiarieshaveenteredintothatcertainAmendedandRestatedGuarantyandSecurityAgreement,datedasofNovember21,2017(asamended,restated,supplementedorotherwisemodifiedfromtimetotime,the“GuarantyandSecurityAgreement”),infavoroftheAdministrativeAgentforthebenefitoftheSecuredParties;and

WHEREAS ,itisaconditionprecedenttothecontinuedextensionoftheLoansandthecontinuedissuanceoftheLettersofCreditundertheCreditAgreementthattheGrantorgranttotheAdministrativeAgentasecurityinterestinallofitsAdditionalPledgedCollateral(asdefinedbelow),andtheGrantorwishestofulfillsaidconditionprecedent;

NOW, THEREFORE ,inconsiderationofthepremisesandinordertoensurecompliancewiththeCreditAgreement,theGrantorherebyagreesasfollows:SECTION 1 .AdditionalPledge.AssecurityforthepaymentandperformanceoftheSecuredObligations,theGrantorhereby:(a)pledges,hypothecates,assigns,charges,mortgages,delivers,setsover,conveysandtransferstotheAdministrativeAgent,forthebenefitoftheSecured

Parties,andgrantstotheAdministrativeAgent,forthebenefitoftheSecuredParties,asecurityinterestinalloftheGrantor’sright,titleandinterestinandto:(i)thesharesofCapitalStockandStockEquivalentsmoreparticularlydescribedinScheduleIheretoandthecertificates,ifany,evidencing

such shares (the “Additional Pledged Securities ”) and all cash, instruments and other property from time to time received, receivable or otherwisedistributedinexchangeforanyandallofsuchAdditionalPledgedSecurities;and

(ii)allotherCollateral(asdefinedintheGuarantyandSecurityAgreement)relatingtotheAdditionalPledgedSecurities(togetherwiththeitemsdescribedinclause(i)above,the“AdditionalPledgedCollateral”);and

(b)deliverstotheAdministrativeAgent,forthebenefitoftheSecuredParties,alloftheGrantor’sright,titleandinterestinandtothecertificatesandinstruments,ifany,evidencingtheAdditionalPledgedCollateral,accompaniedbyinstrumentsoftransferorassignment,dulyexecutedinblank.

SECTION 2 .RepresentationsandWarranties.TheGrantorhereby(a)representsandwarrantsthatitisthelegalandbeneficialowneroftheAdditionalPledgedCollateral,freeandclearofanylien,securityinterest,optionorotherchargeorencumbranceexceptforthesecurityinterestcreatedbytheGuarantyandSecurityAgreementassupplementedbythisSupplement;and(b)restateseachrepresentationandwarrantysetforthinArticle5oftheGuarantyandSecurityAgreement,assupplementedbythisSupplement,asofthedatehereofwithrespecttotheAdditionalPledgedCollateral.

SECTION 3 .AdditionalPledgedCollateral.ByexecutionanddeliveryofthisSupplement,theAdditionalPledgedCollateralshallbecomeapartoftheCollateralreferredtointheGuarantyandSecurityAgreementandshallsecuretheSecuredObligationsasifsuchAdditionalPledgedCollateralwereCollateralontheRestatementDate,andshallbesubjecttoallofthetermsandconditionsgoverningCollateralundertheGuarantyandSecurityAgreement.Fromandafterthedatehereof,Schedule2totheGuarantyandSecurityAgreementisherebyamendedtoaddtheAdditionalPledgedCollateral.

SECTION 4 .BindingEffect.ThisSupplementshallbecomeeffectivewhenitshallhavebeenexecutedbytheGrantorandthereaftershallbebindingupontheGrantorandshallinuretothebenefitoftheAdministrativeAgentandtheSecuredParties.UpontheeffectivenessofthisSupplement,thisSupplementshallbedeemedtobeapartofandshallbesubjecttoallofthetermsandconditionsoftheGuarantyandSecurityAgreement.TheGrantorshallnothavetherighttoassignitsrightshereunderoranyinteresthereinwithoutthepriorwrittenconsentoftheLenders.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SECTION 5 .GoverningLaw.THISSUPPLEMENTANDTHERIGHTSANDOBLIGATIONSOFTHEPARTIESHEREUNDERSHALLBECONSTRUEDINACCORDANCEWITHANDGOVERNEDBYTHELAW(WITHOUTGIVINGEFFECTTOTHECONFLICTOFLAWPRINCIPLESTHEREOF)OFTHESTATEOFNEWYORK.

SECTION 6 .ExecutioninCounterparts.ThisSupplementmaybeexecutedinanynumberofcounterparts,eachofwhichwhensoexecutedshallbedeemedtobeanoriginalandallofwhichtakentogethershallconstituteoneandthesameagreement.

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

IN WITNESS WHEREOF ,theGrantorhascausedthisSupplementtobedulyexecutedanddeliveredbyitsdulyauthorizedofficerasofthedatefirstabovewritten.

[ NAMEOFGRANTOR]

By:

Name:

Title:

AcknowledgedandAgreedtoasofthedatehereof:

ADMINISTRATIVE AGENT :

SUNTRUST BANK

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE I

Additional Pledged Securities

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

ANNEX IV

Form of Acknowledgment and Consent

TheundersignedherebyacknowledgesreceiptofacopyofthatcertainAmendedandRestatedGuarantyandSecurityAgreement,datedasofNovember21,2017(asamended,restated,supplementedorotherwisemodifiedfromtimetotime,the“Agreement”),madebyLENDINGTREE,LLC,aDelawarelimitedliabilitycompany,LENDINGTREE,INC.,aDelawarecorporation,andtheotherGrantorspartiestheretoforthebenefitofSUNTRUSTBANK,asadministrativeagent(the“AdministrativeAgent”).TheundersignedagreesforthebenefitoftheAdministrativeAgentandtheSecuredPartiesdefinedthereinasfollows:

1.TheundersignedwillbeboundbythetermsoftheAgreementrelatingtothePledgedSecuritiesissuedbytheundersignedandwillcomplywithsuchtermsinsofarassuchtermsareapplicabletotheundersigned.

2.TheundersignedwillnotifytheAdministrativeAgentpromptlyinwritingoftheoccurrenceofanyoftheeventsdescribedinSection6.9(a)oftheAgreementwithrespecttothePledgedSecuritiesissuedbytheundersigned.

3. ThetermsofSections7.1(c)and7.5of theAgreement shall applyto it,mutatis mutandis , withrespect to all actionsthat mayberequiredof itpursuanttoSections7.1(c)or7.5oftheAgreementwithrespecttothePledgedSecuritiesissuedbytheundersigned.

[NAME OF ISSUER]

By:

Name:

Title:

AddressforNotices:

[_____]

[_____]

Attention:[_____]

TelecopyNumber:[_____]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.3

FORM OF NOTICE OF REVOLVING BORROWING

[Date]

SunTrustBank,

asAdministrativeAgent

foritselfandtheLendersreferredtobelow

AgencyServices303PeachtreeStreet,N.E./25thFloorAtlanta,Georgia30308Attention:ManagerTelecopyNumber:(404)495-2170

E-mail:Agency.Services@SunTrust.com

LadiesandGentlemen:

Reference is made to that certain Amended and Restated Credit Agreement dated as of November 21, 2017 (as amended, restated, supplemented, orotherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).Termsdefined in the Credit Agreement are used herein with the same meanings. This notice constitutes a Notice of Revolving Borrowing, and the Borrower herebyrequestsaBorrowingundertheCreditAgreement,andinconnectiontherewith,theBorrowerspecifiesthefollowinginformationwithrespecttotheBorrowingrequestedhereby:

(a) AggregateprincipalamountofRevolvingLoanBorrowing:___________________.

(b) DateofRevolvingLoanBorrowing(whichisaBusinessDay):__________________.

(c) TypeofRevolvingLoanBorrowing:___________________.

(d) InthecaseofaEurodollarBorrowing,initialInterestPeriod:______________________.

(e) LocationandnumberofBorrower’saccounttowhichproceedsofRevolvingLoanBorrowingaretobedisbursed:___________________.

TheBorrowerherebyrepresentsandwarrantsthat,atthetimeofandimmediatelyaftergivingeffecttotheRevolvingLoanBorrowingrequestedhereby:

(i)noDefaultorEventofDefaultexists;and

(ii)allrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsaretrueandcorrectinallmaterialrespects(otherthanthoserepresentations andwarranties that are expresslyqualifiedbyaMaterial AdverseEffect or other materiality, in whichcasesuchrepresentations andwarrantiesshallbetrueandcorrectinallrespects).

[THEREMAINDEROFTHISPAGEISINTENTIONALLYLEFTBLANK.]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Verytrulyyours,

LENDINGTREE, LLC

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.4

FORM OF NOTICE OF SWINGLINE BORROWING

[Date]

SunTrustBank,

asAdministrativeAgent

foritselfandtheLendersreferredtobelow

AgencyServices303PeachtreeStreet,N.E./25thFloorAtlanta,Georgia30308Attention:ManagerTelecopyNumber:(404)495-2170

E-mail:Agency.Services@SunTrust.com

LadiesandGentlemen:

Reference is made to that certain Amended and Restated Credit Agreement dated as of November 21, 2017 (as amended, restated, supplemented, orotherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).Termsdefined in the Credit Agreement are used herein with the same meanings. This notice constitutes a Notice of Swingline Borrowing, and the Borrower herebyrequestsaSwinglineBorrowingundertheCreditAgreement,andinthatconnectiontheBorrowerspecifiesthefollowinginformationwithrespecttotheSwinglineBorrowingrequestedhereby:

(a) PrincipalamountofSwinglineLoan:____________________.

(b) DateofSwinglineLoan(whichisaBusinessDay)____________________.

(c) Location and number of Borrower’s account to which proceeds of the Swingline Loan requested hereby are to be disbursed:____________________.

TheBorrowerherebyrepresentsandwarrantsthat,atthetimeofandimmediatelyaftergivingeffecttotheSwinglineLoanrequestedhereby:

(i)noDefaultorEventofDefaultexists;and

(ii)allrepresentationsandwarrantiesofeachLoanPartysetforthintheLoanDocumentsaretrueandcorrectinallmaterialrespects(otherthanthoserepresentations andwarranties that are expresslyqualifiedbyaMaterial AdverseEffect or other materiality, in whichcasesuchrepresentations andwarrantiesshallbetrueandcorrectinallrespects).

[THEREMAINDEROFTHISPAGEISINTENTIONALLYLEFTBLANK.]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Verytrulyyours,

LENDINGTREE, LLC

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.7

FORM OF NOTICE OF CONTINUATION/CONVERSION

[Date]

SunTrustBank,

asAdministrativeAgent

foritselfandtheLendersreferredtobelow

AgencyServices303PeachtreeStreet,N.E./25thFloorAtlanta,Georgia30308Attention:ManagerTelecopyNumber:(404)495-2170

E-mail:Agency.Services@SunTrust.com

LadiesandGentlemen:

Reference is made to that certain Amended and Restated Credit Agreement dated as of November 21, 2017 (as amended, restated, supplemented, orotherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).TermsdefinedintheCreditAgreementareusedhereinwiththesamemeanings.ThisnoticeconstitutesaNoticeofConversion/Continuation,andtheBorrowerherebyrequeststheconversionorcontinuationofaRevolvingLoanBorrowingundertheCreditAgreement,andinthatconnectiontheBorrowerspecifiesthefollowinginformationwithrespecttotheRevolvingLoanBorrowingtobeconvertedorcontinuedasrequestedhereby:

(a) RevolvingLoanBorrowingtowhichthisrequestapplies:______________________.

(b) PrincipalamountofRevolvingLoanBorrowingtobeconverted/continued:______________________.

(c) Effectivedateofelection(whichisaBusinessDay):______________________.

(d) TypeofresultingBorrowing:______________________.

(e) IftheresultingBorrowingisaEurodollarBorrowing,initialInterestPeriod:______________________.

[THEREMAINDEROFTHISPAGEISINTENTIONALLYLEFTBLANK.]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

Verytrulyyours,

LENDINGTREE, LLC

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.20A

U.S. TAX COMPLIANCE CERTIFICATE(ForForeignLendersThatAreNotPartnershipsForU.S.FederalIncomeTaxPurposes)

ReferenceisherebymadetotheAmendedandRestatedCreditAgreementdatedasofNovember21,2017(asamended,restated,supplemented,or otherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).

PursuanttotheprovisionsofSection2.20oftheCreditAgreement,theundersignedherebycertifiesthat(i)itisthesolerecordandbeneficialowneroftheLoan(s)(aswellasanynote(s)evidencingsuchLoan(s))inrespectofwhichitisprovidingthiscertificate,(ii)itisnotabankwithinthemeaningofSection881(c)(3)(A)oftheCode,(iii)itisnotatenpercentshareholderoftheBorrowerwithinthemeaningofSection871(h)(3)(B)oftheCodeand(iv)itisnotacontrolledforeigncorporationrelatedtotheBorrowerasdescribedinSection881(c)(3)(C)oftheCode.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRSFormW-8BENorIRSFormW-8BEN-E,asapplicable.Byexecutingthiscertificate,theundersignedagreesthat(1)iftheinformationprovidedonthiscertificatechanges,theundersignedshallpromptlysoinformtheBorrowerandtheAdministrativeAgent,and(2)theundersignedshallhaveatalltimesfurnishedtheBorrowerandthe Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to theundersigned,orineitherofthetwocalendaryearsprecedingsuchpayments.

Unlessotherwisedefinedherein, termsdefinedintheCredit Agreementandusedhereinshall havethemeaningsgiventothemintheCreditAgreement.

[NAMEOFLENDER]

By: Name: Title:

Date:__________,20[]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.20B

U.S. TAX COMPLIANCE CERTIFICATE(ForForeignParticipantsThatAreNotPartnershipsForU.S.FederalIncomeTaxPurposes)

ReferenceisherebymadetotheAmendedandRestatedCreditAgreementdatedasofNovember21,2017(asamended,restated,supplemented,or otherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).

PursuanttotheprovisionsofSection2.20oftheCreditAgreement,theundersignedherebycertifiesthat(i)itisthesolerecordandbeneficialowneroftheparticipationinrespectofwhichitisprovidingthiscertificate,(ii)itisnotabankwithinthemeaningofSection881(c)(3)(A)oftheCode,(iii)itisnotatenpercentshareholderoftheBorrowerwithinthemeaningofSection871(h)(3)(B)oftheCode,and(iv)itisnotacontrolledforeigncorporationrelatedtotheBorrowerasdescribedinSection881(c)(3)(C)oftheCode.

TheundersignedhasfurnisheditsparticipatingLenderwithacertificateofitsnon-U.S.PersonstatusonIRSFormW-8BENorIRSFormW-8BEN-E,asapplicable.Byexecutingthiscertificate,theundersignedagreesthat(1)iftheinformationprovidedonthiscertificatechanges,theundersignedshallpromptlysoinformsuchLenderinwriting,and(2)theundersignedshallhaveatalltimesfurnishedsuchLenderwithaproperlycompletedandcurrentlyeffectivecertificateineitherthecalendaryearinwhicheachpaymentistobemadetotheundersigned,orineitherofthetwocalendaryearsprecedingsuchpayments.

Unlessotherwisedefinedherein, termsdefinedintheCredit Agreementandusedhereinshall havethemeaningsgiventothemintheCreditAgreement.

[NAMEOFPARTICIPANT]

By: Name: Title:

Date:__________,20[]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.20C

U.S. TAX COMPLIANCE CERTIFICATE(ForForeignParticipantsThatArePartnershipsForU.S.FederalIncomeTaxPurposes)

ReferenceisherebymadetotheAmendedandRestatedCreditAgreementdatedasofNovember21,2017(asamended,restated,supplemented,or otherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).

PursuanttotheprovisionsofSection2.20oftheCredit Agreement, theundersignedherebycertifiesthat(i)it isthesolerecordowneroftheparticipationinrespectofwhichitisprovidingthiscertificate,(ii)itsdirectorindirectpartners/membersarethesolebeneficialownersofsuchparticipation,(iii)withrespectsuchparticipation,neithertheundersignednoranyofitsdirectorindirectpartners/membersisabankextendingcreditpursuanttoaloanagreemententered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirectpartners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirectpartners/membersisacontrolledforeigncorporationrelatedtotheBorrowerasdescribedinSection881(c)(3)(C)oftheCode.

TheundersignedhasfurnisheditsparticipatingLenderwithIRSFormW-8IMYaccompaniedbyoneofthefollowingformsfromeachofitspartners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, (ii) IRS Form W-8BEN-E or (iii) an IRS Form W-8IMYaccompaniedbyanIRSFormW-8BENfromeachofsuchpartner’s/member’sbeneficialownersthatisclaimingtheportfoliointerestexemption.Byexecutingthiscertificate,theundersignedagreesthat(1)iftheinformationprovidedonthiscertificatechanges,theundersignedshallpromptlysoinformsuchLenderand(2)theundersignedshallhaveatalltimesfurnishedsuchLenderwithaproperlycompletedandcurrentlyeffectivecertificateineitherthecalendaryearinwhicheachpaymentistobemadetotheundersigned,orineitherofthetwocalendaryearsprecedingsuchpayments.

Unlessotherwisedefinedherein, termsdefinedintheCredit Agreementandusedhereinshall havethemeaningsgiventothemintheCreditAgreement.

[NAMEOFPARTICIPANT]

By: Name: Title:

Date:__________,20[]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 2.20D

U.S. TAX COMPLIANCE CERTIFICATE(ForForeignLendersThatArePartnershipsForU.S.FederalIncomeTaxPurposes)

ReferenceisherebymadetotheAmendedandRestatedCreditAgreementdatedasofNovember21,2017(asamended,restated,supplemented,or otherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation,theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively, the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).

PursuanttotheprovisionsofSection2.20oftheCredit Agreement, theundersignedherebycertifiesthat(i)it isthesolerecordowneroftheLoan(s)(aswellasanynote(s)evidencingsuchLoan(s))inrespectofwhichitisprovidingthiscertificate,(ii)itsdirectorindirectpartners/membersarethesolebeneficialownersofsuchLoan(s)(aswellasanynote(s)evidencingsuchLoan(s)),(iii)withrespecttotheextensionofcreditpursuanttothisCreditAgreementorany other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreemententered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirectpartners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirectpartners/membersisacontrolledforeigncorporationrelatedtotheBorrowerasdescribedinSection881(c)(3)(C)oftheCode.

TheundersignedhasfurnishedtheAdministrativeAgentandtheBorrowerwithIRSFormW-8IMYaccompaniedbyoneofthefollowingformsfromeachofitspartners/membersthatisclaimingtheportfoliointerestexemption:(i)anIRSFormW-8BEN,(ii)IRSFormW-8BEN-Eor(iii)anIRSFormW-8IMYaccompaniedbyanIRSFormW-8BENorIRSFormW-8BEN-E,asapplicable,fromeachofsuchpartner’s/member’sbeneficialownersthatisclaimingthe portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, theundersignedshallpromptlysoinformtheBorrowerandtheAdministrativeAgent,and(2)theundersignedshallhaveatalltimesfurnishedtheBorrowerandtheAdministrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to theundersigned,orineitherofthetwocalendaryearsprecedingsuchpayments.

Unlessotherwisedefinedherein, termsdefinedintheCredit Agreementandusedhereinshall havethemeaningsgiventothemintheCreditAgreement.

[NAMEOFLENDER]

By: Name: Title:

Date:__________,20[]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

EXHIBIT 5.1(c)

FORM OF COMPLIANCE CERTIFICATE

[Date]

To: SunTrustBank,asAdministrativeAgent3333PeachtreeRoad,N.E.7thFloorAtlanta,Georgia30326Attention:CynthiaBurtonTelecopyNumber:(404)926-5173E-mail:Cynthia.Burton@SunTrust.com

LadiesandGentlemen:

Reference is made to that certain Amended and Restated Credit Agreement dated as of November 21, 2017 (as amended, restated, supplemented, orotherwise modified from time to time, the “ Credit Agreement ”), among LendingTree, LLC, a Delaware limited liability company (the “ Borrower ”),LendingTree,Inc.,aDelawarecorporation(“Parent”),theseveralbanksandotherfinancialinstitutionsfromtimetotimepartythereto(collectively,the“Lenders”),andSunTrustBank,asadministrativeagentforitselfandtheLenders(insuchcapacity,togetherwithitssuccessorsandassigns,the“AdministrativeAgent”).CapitalizedtermsusedhereinandnototherwisedefinedshallhavethemeaningsassignedtosuchtermsintheCreditAgreement.

Theundersigned,actingasthechieffinancialofficerofParent,doesherebycertifytotheAdministrativeAgentandeachLenderasfollows:

1. The consolidated financial statements of Parent and its Subsidiaries attached hereto as Schedule 1 for the fiscal [ quarter ] [ year ] ending____________________(the“TestingDate”)fairlypresentinall material respectsthefinancial conditionofParentandits Subsidiariesasat theendofsuchfiscal[quarter ][year ]onaconsolidatedbasis,andtherelatedstatementsofincomeandcashflowsofParentanditsSubsidiariesforsuchfiscal[quarter ][year],inaccordancewithGAAPconsistentlyapplied(subject,inthecaseofsuchquarterlyfinancialstatements,tonormalyear-endauditadjustmentsandtheabsenceoffootnotes).

2.ThecalculationssetforthonSchedule2attachedheretoarecomputationsofthefinancialcovenantsetforthinArticleVIoftheCreditAgreementcalculatedfromthefinancialstatementsreferencedinSection1aboveinaccordancewiththetermsoftheCreditAgreement.

3.NoDefaultorEventofDefaultisinexistence[except as set forth on Schedule 3 attached hereto (which schedule specifies the details thereof and theaction, if any, which Parent and its Subsidiaries have taken or propose to take with respect thereto) ].

4.AsoftheTestingDate,[there has been no change in the identity of the Subsidiaries as of the end of such Fiscal Year or Fiscal Quarter from theSubsidiaries identified to the Lenders on the Restatement Date or as of the most recent Fiscal Year or Fiscal Quarter, as the case may be ][there has been achange in the identity of the Subsidiaries as of the end of such Fiscal Year or Fiscal Quarter from the Subsidiaries identified to the Lenders on the RestatementDate or as of the most recent Fiscal Year or Fiscal Quarter, as the case may be, and any such changes are set forth on Schedule 4 attached hereto ].

5.AsoftheTestingDate,[there has been no change in GAAP or the application thereof since the date of the most recently delivered audited financialstatements of Parent and its Subsidiaries] [there has been a change in GAAP or the application thereof since the date of the most recently delivered auditedfinancial statements of Parent and its Subsidiaries, and any such changes are set forth on Schedule 5 attached hereto (which schedule also specifies the effect ofsuch change on the financial statements accompanying this Compliance Certificate)] .

6.[During the Fiscal Quarter ending on the Testing Date, [INSERT NAME OF APPLICABLE LOAN PARTY] filed an application for the registrationof the [COPYRIGHTS][PATENTS][TRADEMARKS] set forth on Schedule 6 attached hereto

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

with the [UNITED STATES COPYRIGHT OFFICE][UNITED STATES PATENT AND TRADEMARK OFFICE][OTHER SIMILAR FOREIGN OFFICE ORAGENCY].]

[THEREMAINDEROFTHISPAGEISINTENTIONALLYLEFTBLANK.]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

PARENT:

LENDINGTREE, INC.

By:

Name:

Title:

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 1

FinancialStatements

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

SCHEDULE 2

FinancialCovenantCalculations

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

[ SCHEDULE 3

Defaults and Events of Default]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

[ SCHEDULE 4

ChangestoSubsidiaries]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

[ SCHEDULE 5

ChangestoGAAP]

ConfidentialportionsofthisdocumenthavebeenredactedandfiledseparatelywiththeCommission.

[ SCHEDULE 6

NewRegisteredCopyrights,PatentsorTrademarks]

Exhibit 21.1

SUBSIDIARIES OF LENDINGTREE, INC.

NameJurisdiction of

Formation

LendingTree,LLC DETree.comBUHoldingCompany,Inc. DEDegreeTree,Inc. DEIronHorseHoldings,LLC DERexfordOfficeHoldings,LLC DEHomeLoanCenter,Inc. CAHLCEscrow,Inc. CALTRealEstate,Inc. DELTIndiaHoldingCompany,LLC DE

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

WeherebyconsenttotheincorporationbyreferenceintheRegistrationStatementonFormS-3(No.333-207718)andonFormS-8(No.333-197952,No.333-182670 and No. 333-218747) of LendingTree, Inc. of our report datedFebruary 26, 2018 relating to the financial statements and the effectiveness of internalcontroloverfinancialreporting,whichappearsinthisForm10-K.

/s/PricewaterhouseCoopersLLP

Charlotte,NorthCarolinaFebruary26,2018

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICERPURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934,AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,DouglasR.Lebda,certifythat:

1.IhavereviewedthisannualreportonForm10-KfortheperiodendedDecember31,2017ofLendingTree,Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancialcondition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inExchangeActRules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15d-15(f))fortheregistrantandhave:

a) Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderoursupervision,toensurethat material informationrelatingtotheregistrant, includingits consolidatedsubsidiaries, is madeknowntousbyothers withinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about theeffectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and

d) Disclosedinthisreportanychangeintheregistrant'sinternalcontroloverfinancialreportingthatoccurredduringtheregistrant'smostrecentfiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely tomateriallyaffect,theregistrant'sinternalcontroloverfinancialreporting;and

5. Theregistrant's othercertifyingofficer(s) andI havedisclosed, basedonourmost recentevaluationofinternal control overfinancial reporting, totheregistrant'sauditorsandtheauditcommitteeoftheregistrant'sboardofdirectors(orpersonsperformingtheequivalentfunctions):

a) Allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhicharereasonablylikelytoadverselyaffecttheregistrant'sabilitytorecord,process,summarizeandreportfinancialinformation;and

b) Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrant'sinternalcontroloverfinancialreporting.

Dated:February26,2018

/s/ DOUGLAS R. LEBDA DouglasR.Lebda

Chairman and Chief Executive Officer(principal executive officer)

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICERPURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934,AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,J.D.Moriarty,certifythat:

1. IhavereviewedthisannualreportonForm10-KfortheperiodendedDecember31,2017ofLendingTree,Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancialcondition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inExchangeActRules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15d-15(f))fortheregistrantandhave:

a) Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderoursupervision,toensurethat material informationrelatingtotheregistrant, includingits consolidatedsubsidiaries, is madeknowntousbyothers withinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about theeffectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and

d) Disclosedinthisreportanychangeintheregistrant'sinternalcontroloverfinancialreportingthatoccurredduringtheregistrant'smostrecentfiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely tomateriallyaffect,theregistrant'sinternalcontroloverfinancialreporting;and

5. Theregistrant's othercertifyingofficer(s) andI havedisclosed, basedonourmost recentevaluationofinternal control overfinancial reporting, totheregistrant'sauditorsandtheauditcommitteeoftheregistrant'sboardofdirectors(orpersonsperformingtheequivalentfunctions):

a) Allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhicharereasonablylikelytoadverselyaffecttheregistrant'sabilitytorecord,process,summarizeandreportfinancialinformation;and

b) Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrant'sinternalcontroloverfinancialreporting.

Dated:February26,2018

/s/ J.D. MORIARTY J.D.Moriarty

Chief Financial Officer(principal financial officer)

Exhibit 32.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICERPURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Douglas R. Lebda, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to myknowledge:

(1) theAnnualReportonForm10-KforthefiscalyearendedDecember31,2017ofLendingTree,Inc.(the"Report")whichthisstatementaccompaniesfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934(15U.S.C.78mor78o(d));and

(2) theinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsofLendingTree,Inc.

Dated: February26,2018 /s/ DOUGLAS R. LEBDA

DouglasR.LebdaChairman and Chief Executive Officer

(principal executive officer)

Exhibit 32.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICERPURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I,J.D.Moriarty,certify,pursuantto18U.S.C.Section1350,asadoptedpursuanttoSection906oftheSarbanes-OxleyActof2002,thattomyknowledge:

(1) theAnnualReportonForm10-KforthefiscalyearendedDecember31,2017ofLendingTree,Inc.(the"Report")whichthisstatementaccompaniesfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934(15U.S.C.78mor78o(d));and

(2) theinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsofLendingTree,Inc.

Dated: February26,2018 /s/ J.D. MORIARTY

J.D.MoriartyChief Financial Officer

(principal financial officer)