Exhibit
10.1


 


Execution Version


 


AMENDMENT
No. 2, dated as of June 2, 2021 (this “Amendment”), to the Credit Agreement, dated as of October 14, 2020
(as amended by Amendment No. 1 , dated as of May 7, 2021 and as may be further amended, restated, amended and restated, extended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among BALDWIN
RISK PARTNERS, LLC, a Delaware limited liability company (the “Borrower”), the Guarantors from time to time
party thereto, the several Lenders from time to time party thereto and JPMorgan Chase Bank, N.A.,
as Administrative Agent. Capitalized terms used but not defined herein having the meaning provided in the Credit Agreement (as amended
hereby).


 


WHEREAS, Section 2.26 of the
Credit Agreement permits amendments with the written consent of the Administrative Agent, the Borrower, and the Refinancing Term B-1 Lenders
(as defined in the Credit Agreement (as amended hereby)) to permit the incurrence of the Refinancing Term B-1 Loans (as defined in the
Credit Agreement (as amended hereby));


 


WHEREAS, Section 11.1 of the
Credit Agreement permits amendments to the Credit Agreement with the written consent of the Administrative Agent, the Borrower and the
Required Lenders;


 


WHEREAS, the Borrower desires
to (a) incur Refinancing Term B-1 Loans pursuant to amendments authorized by Section 2.26 of the Credit Agreement, which Refinancing Term
B-1 Loans shall be made on the terms set forth in the Credit Agreement (as amended hereby) and be in a principal amount equal to $398,000,000
and (b) use the proceeds thereof to refinance in full all of the Initial Term Loans outstanding immediately prior to the Amendment No.
2 Effective Date (as defined below) (the “Existing Initial Term Loans”);


 


WHEREAS, upon the effectiveness
of this Amendment, each Lender holding Existing Initial Term Loans (an “Existing Initial Term Loan Lender”) that shall
have executed and delivered a consent to this Amendment substantially in the form of Exhibit A-1 hereto (a “Consent to
Amendment No. 2”) shall be deemed to have exchanged all of its Existing Initial Term Loans (which Existing Initial Term Loans
shall thereafter no longer be deemed to be outstanding) for Refinancing Term B-1 Loans in the same aggregate principal amount as such
Existing Initial Term Loan Lender’s Existing Initial Term Loans (or such lesser amount as determined by the Amendment No. 2 Arrangers
(as defined below)), and such Existing Initial Term Loan Lender shall thereafter become a Refinancing Term B-1 Lender;


 


WHEREAS, upon the effectiveness
of this Amendment, (a) each Additional Term B-1 Lender shall make Additional Term B-1 Loans to the Borrower in Dollars in the amount set
forth next to its name on Schedule I hereto (the “Amendment No. 2 Allocation Schedule”), the proceeds of which will
be used by the Borrower to repay in full the outstanding principal amount of Existing Initial Term Loans that are not “cashlessly”
exchanged for Refinancing Term B-1 Loans (including any Existing Initial Term Loans of Non-Consenting Existing Initial Term Loan Lenders),
if any, and (b) the Borrower shall pay to each Existing Initial Term Loan Lender all accrued and unpaid interest on the Existing Initial
Term Loans up to, but not including, the Amendment No. 2 Effective Date;


 




     


     


    

WHEREAS, the Required Lenders
have agreed to the amendments contemplated by this Amendment and submitted a signature page to this Amendment in the form of the Consent
to Amendment No. 2 or a consent in the form of Exhibit A-2 hereto, as applicable, (a “Consent”);


 


WHEREAS, the Borrower desires
(a) to incur Incremental Term B-1 Loans pursuant to amendments authorized by Section 2.25 of the Credit Agreement, which Incremental Term
B-1 Loans shall be made on the terms set forth in the Credit Agreement (as amended hereby) and be in a principal amount equal to $102,000,000
and (b) use the proceeds thereof for Permitted Acquisitions, working capital and other general corporate purposes;


 


WHEREAS, each Person that executes
and delivers a joinder to the Credit Agreement substantially in the form of Exhibit B hereto (an “Incremental Joinder”)
as an Incremental Term B-1 Lender will make Incremental Term B-1 Loans in the amount set forth on the signature page of such Person’s
Incremental Joinder on the Amendment No. 2 Effective Date to the Borrower;


 


WHEREAS, JPMorgan Chase Bank,
N.A., Wells Fargo Securities, LLC, BofA Securities, Inc., Capital One, National Association, Cadence Bank, N.A. and Lake Forest Bank &
Trust Company, N.A. are the joint lead arrangers and joint bookrunners for this Amendment and the Term B-1 Loans (as defined in the Credit
Agreement (as amended hereby)) (the “Amendment No. 2 Arrangers”);


 


NOW, THEREFORE, in consideration
of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:


 


Section
1.Amendments. The Credit Agreement is, effective as of the Amendment No. 2 Effective Date (as defined below), hereby
amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages attached as Annex A hereto.


 


Section 2.Representations
and Warranties. Each Loan Party represents and warrants to the Lenders as of the Amendment No. 2 Effective Date that:


 


(a)    Such
Loan Party is duly organized (or where applicable in the relevant jurisdiction, registered or incorporated), validly existing and (where
applicable in the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization, registration or incorporation,
as the case may be, (b) has the power and authority to own and operate its property, to lease the property it operates as lessee
and to conduct the business in which it is currently engaged and (c) is in compliance with all Requirements of Law, except in the
case of clauses (a) (except as it relates to the due organization and valid existence of the Borrower), (b) and (c) above, to the
extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.


 




    2 


     


    

(b)    Such
Loan Party has the power and authority, and the legal right, to enter into, make, deliver and perform this Amendment and the other Loan
Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Such Loan Party has taken
all necessary organizational action to authorize the execution, delivery and performance of this Amendment and, in the case of the Borrower,
to authorize the extensions of credit on the terms and conditions of this Amendment.


 


(c)    Such
Loan Party has duly executed and delivered this Amendment and upon such execution, this Amendment will constitute, a legal, valid and
binding obligation of each applicable Loan Party, enforceable against each such Loan Party in accordance with its terms, except as enforceability
may be limited by such Legal Reservations.


 


(d)    Neither
the execution, delivery or performance by such Loan Party of this Amendment nor compliance with the terms and provisions hereof nor the
other transactions contemplated hereby will (a) violate any Contractual Obligation of the Borrower or any Group Member (except, individually
or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect), or violate any material Requirement
of Law or the Organizational Documents of such Loan Party and (ii)  result in, or require, the creation or imposition of any Lien
on any of their respective properties or revenues pursuant to any Requirement of Law, any such Organizational Documents or any such Contractual
Obligation (other than the Liens created by the Security Documents and other than any other Permitted Liens) except, individually or in
the aggregate, as would not reasonably be expected to result in a Material Adverse Effect.


 


(e)    Before
and after giving effect to this Amendment, each of the representations and warranties made by such Loan Party herein or pursuant to the
Loan Documents are true and correct in all material respects (except where such representations and warranties are already qualified by
materiality, in which case such representation and warranty are accurate in all respects) on and as of the date hereof as if made on and
as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties are true and correct in all material respects (except where such representations and warranties are already
qualified by materiality, in which case such representation and warranty are accurate in all respects) as of such earlier date.


 


(f)    At
the time of and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.


 


Section 3.Incremental Term B-1 Loan Commitments;
Incremental Term B-1 Loans. On the Amendment No. 2 Effective Date immediately after the incurrence of the Refinancing Term B-1
Term Loans, each of the Incremental Term B-1 Lenders agrees to make Incremental Term B-1 Loans to the Borrower in a principal amount not
to exceed such Incremental Term B-1 Lender’s Incremental Term B-1 Loan Commitment, with such Incremental Term B-1 Loans having terms
identical to the Refinancing Term B-1 Loans except as set forth in this Amendment. Unless previously terminated, the Incremental Term
B-1 Loan Commitments shall terminate at 11:59 p.m., New York City time, on the Amendment No. 2 Effective Date.


 




    3 


     


    

The Incremental
Term B-1 Loans shall be one Class with, and increase the amount of, the Refinancing Term B-1 Loans.


 


Section 4.Conditions to Effectiveness of
Amendment. This Amendment shall become effective on the first Business Day on which all of the following conditions are satisfied
(the “Amendment No. 2 Effective Date”):


 


(a)    The
Administrative Agent shall have received (i) from each Existing Initial Term Loan Lender with a Refinancing Term B-1 Loan Commitment,
from each Additional Term B-1 Lender having Refinancing Term B-1 Loan Commitments and from each Incremental Term B-1 Lender having Incremental
Term B-1 Loan Commitments (ii) from the Administrative Agent, (iii) from the Required Lenders and (iv) from the Borrower and each
Guarantor, either (x) a counterpart or Consent to this Amendment signed on behalf of such party or (y) written evidence satisfactory to
the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page of this Amendment) that
such party has signed a counterpart or Consent to this Amendment;


 


(b)    The
Borrower shall have paid to all Refinancing Term B-1 Lenders on the Amendment No. 2 Effective Date, simultaneously with the making of
the Refinancing Term B-1 Loans under the Credit Agreement, all accrued and unpaid interest on the Existing Initial Term Loans up to, but
not including, the Amendment No. 2 Effective Date;


 


(c)    The
Administrative Agent shall have received (i) the executed legal opinion of Davis Polk & Wardwell LLP, New York counsel to the Loan
Parties, (ii) the executed legal opinion of Morris, Nichols, Arsht & Tunnell LLP, as Delaware counsel to the Loan Parties and (ii)
the executed legal opinion of Hill Ward Henderson, as Florida local counsel to the Loan Parties. The Borrower, the other Loan Parties
and the Administrative Agent hereby instruct such counsel to deliver such legal opinion;


 


(d)    The
Borrower shall have (i) paid to the Amendment No. 2 Arrangers the fees in the amounts previously agreed in writing pursuant to the Engagement
Letter dated as of May 25, 2021 between JPMorgan Chase Bank, N.A. and Baldwin Risk Partners, LLC (the “Engagement Letter”)
to be received on the Amendment No. 2 Effective Date and (ii) reimbursed the Administrative Agent for all reasonable costs and expenses
as set forth in the Engagement Letter (limited, in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and
other charges of Cahill Gordon & Reindel LLP, counsel for the Amendment No. 2 Arrangers and the Administrative Agent) of the Administrative
Agent for which invoices have been presented at least three (3) Business Days prior to the Amendment No. 2 Effective Date;


 


(e)    At the
time of and immediately after giving effect to the Amendment no Default or Event of Default shall have occurred and be continuing;


 


(f)    The
Administrative Agent (or its counsel) shall have received (i) a certificate of each of the Borrower and each Guarantor, dated as
of the Amendment No. 2 Effective Date, with appropriate insertions, executed by any authorized officer (or in the case of the Borrower,
any director or authorized agent of the Borrower) and the Secretary or any Assistant


 




    4 


     


    

Secretary
(or another authorized officer) of the Borrower and each Guarantor, as applicable, and attaching the documents referred to in
Section 5.1(d) of the Credit Agreement or (ii) a certificate of the Borrower on behalf of each Loan Party, dated as of the Amendment
No. 2 Effective Date and executed by an Authorized Officer of the Borrower, certifying that, except as otherwise indicated therein, there
have been no amendments, supplements or modifications since the Closing Date to the documents delivered on the Closing Date pursuant
to Section 5.1(d) of the Credit Agreement;


 


(g)    The
Administrative Agent shall have received at least three days prior to the Amendment No. 2 Effective Date, (i) a Beneficial Ownership Certification
for the Borrower and (ii) such other documentation and information as is reasonably requested in writing at least ten Business Days prior
to the Amendment No. 2 Effective Date by the Administrative Agent about the Loan Parties to the extent the Administrative Agent and the
Borrower in good faith mutually agree such documentation or information is required by regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including, without limitation, the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001;


 


(h)    The
Administrative Agent shall have received a Solvency Certificate, which demonstrates that the Borrower and its Subsidiaries, on a consolidated
basis, are, immediately following the making of the Term B-1 Loans on the Amendment No. 2 Effective Date and after giving effect to the
application of the proceeds of such Term B-1 Loans, Solvent;


 


(i)    The
Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower to the effect that the representations
and warranties made in Section 2 of this Amendment are true and correct in all material respects (provided that any such representations
and warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects);
and


 


(j)    The
Administrative Agent shall have received a Borrowing Request with respect to the Term B-1 Loans.


 


(k)    The
Borrower shall have paid a consent fee to the Administrative Agent, for the ratable account of the Applicable Lenders (as defined below),
equal to 0.05% of the Revolving Commitments held by such Applicable Lender. “Applicable Lender” shall mean each Revolving
Lender that has delivered an executed counterpart of this Amendment prior to 12:00 p.m., New York City time, on May 27, 2021 or such later
date and time specified by the Borrower and notified in writing to the Lenders by the Administrative Agent.


 


Section 5.Counterparts. This Amendment
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original,
but all of which, when taken together, shall constitute a single contract. Delivery of an executed counterpart of a signature page of
this Amendment by electronic imaging shall be as effective as delivery of a manually executed counterpart of this Amendment. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 


 


Section 6.Governing Law; Submission to
Jurisdiction; Waivers, Waivers of Jury Trial. The applicable law, submission to jurisdiction and waiver provisions set forth in
Sections 11.13, 11.14 and 11.18 of the Credit Agreement shall apply to this Amendment, mutatis mutandis.


 


Section 7.Headings. The headings
of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.


 


Section 8.Effect of Amendment.


 


(a)    This
Amendment shall not constitute a novation of the Credit Agreement or any of the Loan Documents. Except as expressly set forth herein,
this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies
of the Lenders or the Agents under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.
By executing and delivering a copy hereof, each Loan Party hereby consents to this Amendment and the transactions contemplated hereby
and hereby ratifies and reaffirms its respective guarantees, pledges and grants of security interests, as applicable, under and subject
to the terms of each of the Loan Documents to which it is party, and agrees that, after giving effect to this Amendment, such guarantees,
pledges and grants of security interests, and the terms of each of the Security Documents to which it is a party, shall continue to be
in full force and effect, including to secure the Obligations (including, without limitation, the Term B-1 Loans). For the avoidance of
doubt, on and after the Amendment No. 2 Effective Date, this Amendment shall for all purposes constitute a “Loan Document, ”
“Refinancing Amendment” and “Incremental Amendment.”


 


(b)    Each
Additional Term B-1 Lender party hereto (i) confirms that it has received a copy of the Credit Agreement, this Amendment and the other
Loan Documents, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, any other Agent,
the Amendment No. 2 Arrangers or any other Additional Term B-1 Lender or any other Lender and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement;
(iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion
under the Credit Agreement and the other Loan Documents as are delegated to the Administrative


 




    5 


     


    

 Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) agrees that it will
perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed
by it as a Lender.  Upon the Amendment No. 2 Effective Date, the undersigned Additional Term B-1 Lender shall become a Lender under
the Credit Agreement (as amended hereby) and shall have the respective Additional Term B-1 Loan Commitment set forth next to its name
on the Amendment No. 2 Allocation Schedule. In addition, if an Existing Initial Term Loan Lender has executed and delivered a Consent
to Amendment No. 2, the amount of such Existing Initial Term Loan Lender’s participation in the Refinancing Term B-1 Loans may
be less than 100% of the principal amount of such Existing Initial Term Loan Lender’s Existing Initial Term Loans, based on the
Amendment No. 2 Arrangers’ allocation of the Refinancing Term B-1 Loans.


 


Section 9.The parties hereto agree to treat the
Incremental Term B-1 Loans to be issued pursuant to this Amendment as fungible for U.S. federal income tax purposes with the Refinancing
Term B-1 Loans.


 


[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]


 





 




    6 


     


    

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed as of the date first above written.


 


	 	BALDWIN RISK PARTNERS, LLC, as the Borrower
	 	 
	 	 
	 	By:	/s/ Trevor Baldwin
	 	 	Name:	Trevor Baldwin
	 	 	Title:	President and Chief Executive Officer



 

	 	Baldwin Krystyn Sherman Partners, LLC 
	 	BRP Colleague Inc.
	 	BRP Insurance Intermediary Holdings, LLC 
	 	BRP Main Street Insurance Holdings, LLC 
	 	BRP Medicare Insurance Holdings, LLC 
	 	BRP Medicare Insurance, LLC 
	 	BRP Medicare Insurance II, LLC 
	 	BRP Medicare Insurance III, LLC 
	 	Connected Risk Solutions, LLC 
	 	Guided Insurance Solutions, LLC 
	 	BRP Financial Services Holdings, LLC 
	 	BKS Financial Investments, LLC 
	 	BRP Securities, LLC 
	 	League City Office Building, LLC 
	 	Millennial Specialty Insurance, LLC 
	 	BRP Pendulum, LLC 
	 	BKS Venture Investments, LLC 
	 	Armfield, Harrison & Thomas, LLC 
	 	BRP Middle Market Insurance Holdings, LLC 
	 	Insgroup, LLC 
	 	Insgroup Dallas, LLC 
	 	360 Rx
    Solutions, LLC 
	 	Burnham Benefits Insurance Services, LLC 
	 	Burnham Gibson Wealth Advisors, LLC 
	 	Burnham Risk and Insurance Solutions, LLC 


	 	BRP Effective Coverage, LLC,
	 	as Guarantors
	 	 
	 	 
	 	By:	/s/ Trevor Baldwin
	 	 	Name:	Trevor Baldwin
	 	 	Title:	President and Chief Executive Officer



 


 


 


[BRP – Signature Page to Amendment No. 2]


 



     


     


    

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 	 
	 	 
	 	By:	/s/ Edyn Hengst
	 	 	Name:	Edyn Hengst
	 	 	Title:	Authorized Officer



 


 

	 	JPMORGAN CHASE BANK, N.A., as Additional Term B-1 Lender
	 	 
	 	 
	 	By:	/s/ Edyn Hengst
	 	 	Name:	Edyn Hengst
	 	 	Title:	Authorized Officer



 


 


 


 


 


 


[BRP – Signature Page to Amendment No. 2]


 





 




     


     


    

IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

                     as a Revolving Lender

	 	 
	 	 
	 	By:	/s/ Edyn Hengst
	 	 	Name:	Edyn Hengst
	 	 	Title:	Authorized Officer
	 	 	 	 
	 	 	 	 



 


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


Name of Fund Manager (if any):__________________


 


 


 


 


[BRP – Consent to Amendment No. 2]


 



     


     


    

IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	BANK OF AMERICA, N.A.,

                     as a Revolving Lender

	 	 
	 	 
	 	By:	/s/ Cameron Cardozo
	 	 	Name:	Cameron Cardozo
	 	 	Title:	Senior Vice President



 


 



 


 


 


[BRP – Consent to Amendment No. 2]


 








     


     


    

IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	     Wells Fargo Bank, NA                               ,

                    

	 	 as a Revolving Lender
	 	 
	 	 
	 	By:	/s/ William R. Goley
	 	 	Name:	Will Goley
	 	 	Title:	Managing Director



 


 


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



 


 


Name of Fund Manager (if any):__________________


 


 


 


[BRP – Consent to Amendment No. 2]


 






     


     


    








IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION,

                     as a Revolving Lender
                    (type name of the legal entity)

	 	 
	 	 
	 	By:	/s/ Dan Scheinberg
	 	 	Name:	Dan Scheinberg
	 	 	Title:	Duly Authorized Signatory



 


 


 


 


 





 






     


     


    




IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	Cadence Bank, N.A.                                         ,

                    

	 	 as a Revolving Lender
                    (type name of the legal entity)
	 	 
	 	 
	 	By:	/s/ Leslie Fredericks
	 	 	Name:	Leslie Fredericks
	 	 	Title:	SVP



 


 





 


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



 


 


Name of Fund Manager (if any):__________________


 


 


 


[BRP – Consent to Amendment No. 2]


 






     


     


    






IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	Lake Forest Bank and Trust Company, N.A.

                     as a Revolving Lender

	 	 
	 	 
	 	By:	/s/ Shane Bryant
	 	 	Name:	Shane Bryant
	 	 	Title:	Vice President



 


 


 


 


 


[BRP – Consent to Amendment No. 2]


 



     


     


    




 


 


[LENDER PAGES ON FILE WITH ADMINISTRATIVE AGENT]


 


 









    1


     


    




Schedule I


 


	Additional Term B-1 Lender	Additional Term B-1 Loan Commitment
	JPMorgan Chase Bank, N.A.	$29,128,500.00
	TOTAL	$29,128,500.00



 


 


I-1



     


     


    

Exhibit A-1


 


CONSENT TO AMENDMENT NO. 2


 


May [     ], 2021


 


CONSENT
(this “Consent to Amendment No. 2”) to Amendment No. 2 (“Amendment”) to the Credit Agreement, dated as of October
14, 2020 (as amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”),
among BALDWIN RISK PARTNERS, LLC a Delaware limited liability company (the “Borrower”),
the guarantors from time to time party thereto, the several Lenders from time to time parties thereto (each a “Lender”)
and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but not defined herein having the meaning provided in
the Credit Agreement (as amended hereby).


 


Existing Lenders of Term Loans


 


The undersigned Lender hereby irrevocably and unconditionally approves
the Amendment and consents to convert 100% of the outstanding principal amount of the Existing Initial Term Loans held by such Lender
(or such lesser amount allocated to such Lender by the Amendment No. 2 Arrangers) into Refinancing Term B-1 Loans in a like principal
amount.


 


Please note that the Amendment No. 2 Arrangers may, in their sole discretion,
elect to exchange (on a cashless basis) less than 100% of your existing hold, in which case the difference between the current amount
and the allocated amount will be prepaid to each of your funds on the Amendment No. 2 Effective Date on a pro rata basis.


 


 


 


A-1






     


     


    




IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	as a Lender (type name of the
    legal entity)
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	If a second signature is necessary:
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 



 



 


 


Name of Fund Manager (if any):__________________


 


 


[BRP– Consent to Amendment No. 2]






     


     


    

Exhibit A-2


 


May [    ], 2021


 


CONSENT
(this “Consent”) to Amendment No. 2 (“Amendment”) to the Credit Agreement, dated as of October
14, 2020 (as amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”),
among BALDWIN RISK PARTNERS, LLC a Delaware limited liability company (the “Borrower”),
the guarantors from time to time party thereto, the several Lenders from time to time parties thereto (each a “Lender”)
and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used but not defined herein having the meaning provided in
the Credit Agreement (as amended hereby).


 


Revolving Lenders


 


The undersigned Revolving Lender hereby irrevocably and unconditionally
consents to the Amendment.


 


 


 


 


A-2




     


     


    

IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed
and delivered by a duly authorized officer as of the date first written above.


 


	 	 	 	 
	 	as a Revolving Lender (type name of the
    legal entity)
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	If a second signature is necessary:
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 



 



 


 


Name of Fund Manager (if any):__________________


 


 


[BRP – Consent to Amendment No. 2]


 



     


     


    

Exhibit B


 


JOINDER AGREEMENT


 


JOINDER AGREEMENT, dated as
of June 2, 2021 (this “Agreement”), by and among [INCREMENTAL TERM B-1 LENDER] (each, an “Incremental Term
B-1 Lender” and, collectively, the “Incremental Term B-1 Lenders”), Baldwin Risk Partners, LLC (the “Borrower”),
and JPMORGAN CHASE BANK, N.A. (the “Administrative Agent”).


 


RECITALS:


 


WHEREAS, reference is hereby
made to the Credit Agreement, dated as of October 14, 2020 (as amended by that certain Amendment No. 1, dated as of May 7, 2021, and as
may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”)
among Baldwin Risk Partners, LLC, a Delaware limited liability company (the “Borrower”), the guarantors party thereto
from time to time, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”),
JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), (capitalized terms
used but not defined herein having the meaning provided in the Credit Agreement);


 


WHEREAS, subject to the terms
and conditions of the Credit Agreement, the Borrower may establish Incremental Term Commitments and has elected to establish such Incremental
Term Commitments pursuant to Amendment No. 2 to the Credit Agreement dated the date hereof (“Amendment No. 2”); and


 


WHEREAS, subject to the terms
and conditions of the Credit Agreement and Amendment No. 2, the Incremental Term B-1 Lenders shall become Lenders under the Credit Agreement
and Amendment No. 2 pursuant to one or more Joinder Agreements;


 


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


 


Each Incremental Term B-1 Lender
hereby agrees to provide the Incremental Term B-1 Loan Commitment set forth on its signature page hereto pursuant to and in accordance
with Amendment No. 2. The Incremental Term B-1 Loan Commitments provided pursuant to this Agreement shall be subject to all of the terms
in the Credit Agreement and to the conditions set forth in the Credit Agreement, and shall be entitled to all the benefits afforded by
the Credit Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantees
and security interests created by the Security Documents. Each Incremental Term B-1 Lender, the Borrower and the Administrative Agent
acknowledge and agree that the Incremental Term B-1 Loan Commitments provided pursuant to this Agreement shall constitute Term Commitments
for all purposes of the Credit Agreement and the other applicable Loan Documents. Each Incremental Term B-1 Lender hereby agrees to make
an Incremental Term B-1 Loan to the Borrower in an amount equal to its Incremental Term B-1 Loan Commitment on the Amendment No. 2 Effective
Date in accordance with Amendment No. 2.


 


Each Incremental Term B-1 Lender
party hereto (i) confirms that it has received a copy of the Credit Agreement, Amendment No. 2 and the other Loan Documents, together
with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative


 


 


 







     


     


    

Agent, any
other Agent, the Amendment No. 2 Arrangers or any other Incremental Term B-1 Lender or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) agrees that it will perform in
accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a
Lender.


 


Upon (i) the execution of a
counterpart of this Agreement by each Incremental Term B-1 Lender, the Administrative Agent and the Borrower and (ii) the delivery to
the Administrative Agent of a fully executed counterpart (including by way of telecopy or other electronic transmission) hereof, each
of the undersigned shall become Lenders under the Credit Agreement and shall have the respective Incremental Term B-1 Loan Commitment
set forth on its signature page hereto, effective as of the Amendment No. 2 Effective Date.


 


For each Incremental Term B-1
Lender, delivered herewith to the Administrative Agent are such forms, certificates or other evidence with respect to United States federal
income tax withholding matters as such Incremental Term B-1 Lender may be required to deliver to the Administrative Agent pursuant to
Section 2.19 of the Credit Agreement.


 


This Agreement may not be amended,
modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.


 


This Agreement, the Credit Agreement
and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and
supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the
subject matter hereof.


 


The applicable law, submission
to jurisdiction and waiver provisions set forth in Sections 11.13, 11.14 and 11.18 of the Credit Agreement shall apply to this Agreement,
mutatis mutandis.


 


Any term or provision of this
Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity
or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is
so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.


 


This Agreement may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall constitute an original, but all of which, when taken together,
shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by electronic imaging shall
be as effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Agreement and the transactions contemplated
hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.


 


 







     


     


    

IN WITNESS WHEREOF, each of the undersigned has caused
its duly authorized officer to execute and deliver this Joinder Agreement as of June 2, 2021.


 


	 	[NAME OF INCREMENTAL TERM B-1 LENDER]
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	If a second signature is necessary:
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	Incremental Term B-1 Loan Commitment:
	 	 
	 	$__________________________
	 	 	 	 
	 	 	 	 
	 	BALDWIN RISK PARTNERS, LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 




     


     


    

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



 


 


 






     


     


    

 





ANNEX
A


 


 


 


CREDIT AGREEMENT


among


BALDWIN RISK PARTNERS,
LLC,


as Borrower,


the Guarantors from
time to time party hereto,


the several Lenders
from time to time party hereto,


and


JPMORGAN CHASE BANK,
N.A.,

as Administrative Agent


 


Dated as of October
14, 2020


as amended by
Amendment No. 1, dated as of May 7, 2021,


as
amended by Amendment No. 2, dated as of June 2, 2021


 





 





 



 


JPMORGAN CHASE BANK,
N.A.,


WELLS FARGO SECURITIES,
LLC,

BOFA SECURITIES, INC.,


CAPITAL ONE, NATIONAL
ASSOCIATION


CADENCE BANK, N.A.


and


LAKE FOREST BANK & TRUST COMPANY, N.A.,


 


as Joint Lead Arrangers
and Joint Bookrunners


 


 


WELLS FARGO SECURITIES,
LLC,


BOFA SECURITIES,
INC.,

and


CAPITAL ONE, NATIONAL
ASSOCIATION


 


as Co-Syndication
Agents


 




    	 



    	 



    




 


TABLE OF CONTENTS


 


Page


 


	SECTION
    1. DEFINITIONS	1
	 	 
	1.1   Defined
    Terms	1
	1.2   Other
    Interpretive Provisions	9194
	1.3   Accounting	9295
	1.4   Limited
    Condition Transactions	9395
	1.5   Financial
    Ratio Calculations	9396
	1.6   Currency
    Equivalents Generally.	9496
	1.7   Treatment
    of Subsidiaries Prior to Joinder.	9597
	1.8   Interest
    Rates; Eurocurrency Notification.	9597
	1.9   Divisions.	9698
	 	
	SECTION
    2. AMOUNT AND TERMS OF COMMITMENTS	9698
	 	
	2.1   Term
    Commitments	9698
	2.2   Procedure
    for Borrowing Term Loans	9699
	2.3   Repayment
    of Term Loans	9799
	2.4   Revolving
    Commitments	97100
	2.5   Procedure
    for Borrowing of Revolving Loans	97100
	2.6   Designated
    Acquisition Swingline Commitment.	98101
	2.7   Procedure
    for Designated Acquisition Swingline Borrowing; Refunding of Designated Acquisition Swingline Loans.	98101
	2.8   Commitment
    Fees, etc	100103
	2.9   Termination
    or Reduction of Revolving Commitments	101103
	2.10   Optional
    Prepayments	101104
	2.11   Mandatory
    Prepayments and Commitment Reductions	102105
	2.12   Conversion
    and Continuation Options	105108
	2.13   Limitations
    on Eurocurrency Tranches	106109
	2.14   Interest
    Rates and Payment Dates	106109
	2.15   Computation
    of Interest and Fees	107110
	2.16   Inability
    to Determine Interest Rate; Illegality	107110
	2.17   Pro
    Rata Treatment and Payments	110113
	2.18   Requirements
    of Law	111114
	2.19   Taxes	112115
	2.20   [Reserved]	116119
	2.21   Indemnity	116119
	2.22   Change
    of Lending Office	116119
	2.23   Replacement
    of Lenders	116120
	2.24   Notes	117120
	2.25   Incremental
    Credit Extensions	117121
	2.26   Refinancing
    Amendments	122125
	2.27   Defaulting
    Lenders	124127
	2.28   Loan
    Modification Offers	126129
	 	
	SECTION
    3. LETTERS OF CREDIT	127131
	 	
	3.1   L/C
    Commitment	127131
	3.2   Procedure
    for Issuance of Letter of Credit	128132
	3.3   Fees
    and Other Charges	130133



 



    	 



    	 



    
	3.4   L/C
    Participations	130134
	3.5   Reimbursement
    Obligation of the Borrower	131135
	3.6   Obligations
    Absolute	132135
	3.7   Letter
    of Credit Payments	133136
	3.8   Applications	133136
	3.9   Letter
    of Credit Amounts	133136
	 	
	SECTION
    4. REPRESENTATIONS AND WARRANTIES	133137
	 	
	4.1   Financial
    Condition	133137
	4.2   No
    Change	133137
	4.3   Existence;
    Compliance with Law	134137
	4.4   Power;
    Authorization; Enforceable Obligations	134137
	4.5   No
    Legal Bar	134138
	4.6   Litigation	134138
	4.7   Ownership
    of Property; Liens	135138
	4.8   Intellectual
    Property	135138
	4.9   Taxes	135139
	4.10   Federal
    Regulations	135139
	4.11   Employee
    Benefit Plans	135139
	4.12   Affected
    Financial Institution. No Loan Party is an Affected Financial Institution.	136139
	4.13   Investment
    Company Act	136139
	4.14   Environmental
    Matters	136140
	4.15   Accuracy
    of Information, etc	137140
	4.16   Security
    Documents	137141
	4.17   Solvency	137141
	4.18   Patriot
    Act; FCPA; OFAC; Sanctions Laws.	138141
	4.19   Status
    as Senior Indebtedness	138142
	 	
	SECTION
    5. CONDITIONS PRECEDENT	138142
	 	
	5.1   Conditions
    to Closing Date	138142
	5.2   Conditions
    to Each Borrowing Date	140144
	 	
	SECTION
    6. AFFIRMATIVE COVENANTS	141145
	 	
	6.1   Financial
    Statements	141145
	6.2   Certificates;
    Other Information	142146
	6.3   Payment
    of Taxes	144148
	6.4   Maintenance
    of Existence; Compliance with Law	144148
	6.5   Maintenance
    of Property; Insurance	145148
	6.6   Inspection
    of Property; Books and Records; Discussions	145149
	6.7   Notices	146149
	6.8   Environmental
    Laws	146150
	6.9   Additional
    Collateral, etc	146150
	6.10   Credit
    Ratings	148152
	6.11   Further
    Assurances	148152
	6.12   Designation
    of Unrestricted Subsidiaries	149152
	6.13   Employee
    Benefit Plans	149153
	6.14   Use
    of Proceeds	149153
	6.15   Post-Closing
    Matters	149153



 



    - ii - 


    	 



    
	6.16   FCPA;
    OFAC	150153
	6.17   Lender
    Calls.	150153
	 	
	SECTION
    7. NEGATIVE COVENANTS	150154
	 	
	7.1   Financial
    Covenants	150154
	7.2   Limitation
    on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	150154
	7.3   Limitation
    on Restricted Payments; Restricted Debt Payments; Investments	157161
	7.4   Dividend
    and Other Payment Restrictions Affecting Subsidiaries	163167
	7.5   Asset
    Sales	166170
	7.6   Transactions
    with Affiliates	167171
	7.7   Liens	170174
	7.8   Fundamental
    Changes	170174
	7.9   Use
    of Proceeds	172176
	7.10   Changes
    in Fiscal Periods	172176
	7.11   Negative
    Pledge Clauses	172176
	7.12   Lines
    of Business	172176
	7.13   Amendments
    to Organizational Documents	172177
	 	
	SECTION
    8. GUARANTEE	173177
	 	
	8.1   The
    Guarantee	173177
	8.2   Obligations
    Unconditional	173177
	8.3   Reinstatement	174179
	8.4   No
    Subrogation	175179
	8.5   Remedies	175179
	8.6   [Reserved].	175179
	8.7   Continuing
    Guarantee	175179
	8.8   General
    Limitation on Guarantor Obligations	175179
	8.9   Release
    of Guarantors	176180
	8.10   Right
    of Contribution	176180
	8.11   Keepwell	176180
	 	
	SECTION
    9. EVENTS OF DEFAULT	176181
	 	
	9.1   Events
    of Default	176181
	9.2   Action
    in Event of Default.	179183
	9.3   Right
    to Cure	180185
	9.4   Application
    of Proceeds	182186
	 	
	SECTION
    10. ADMINISTRATIVE AGENT	182187
	 	
	10.1   Appointment
    and Authority	182187
	10.2   Rights
    as a Lender	183188
	10.3   Exculpatory
    Provisions	184188
	10.4   Reliance
    by Administrative Agent	185189
	10.5   Delegation
    of Duties	185190
	10.6   Resignation
    and Removal of Administrative Agent	185190
	10.7   Certain
    ERISA Matters	187191
	10.8   No
    Other Duties, Etc	188192



 



    - iii - 


    	 



    
	10.9   Administrative
    Agent May File Proofs of Claim.	188192
	10.10   Collateral
    and Guaranty Matters	189193
	10.11   Intercreditor
    Agreements.	190195
	10.12   Withholding
    Tax Indemnity	191195
	10.13   Indemnification	191196
	10.14   Appointment
    of Incremental Arrangers, Refinancing Arrangers and Loan Modification Agents	191196
	10.15   Credit
    Bidding	192197
	10.16   Acknowledgment
    of Lenders	198
	 	
	SECTION
    11. MISCELLANEOUS	193199
	 	
	11.1   Amendments
    and Waivers	193199
	11.2   Notices	198203
	11.3   No
    Waiver; Cumulative Remedies	200206
	11.4   Survival
    of Representations and Warranties	200206
	11.5   Payment
    of Expenses; Indemnity; Limitation of Liability	200206
	11.6   Successors
    and Assigns; Participations and Assignments	202208
	11.7   [Reserved]	209215
	11.8   Adjustments;
    Set-off	210215
	11.9   [Reserved]	210216
	11.10   Counterparts;
    Electronic Execution	210216
	11.11   Severability	211217
	11.12   Integration	211217
	11.13   Governing
    Law	212217
	11.14   Submission
    To Jurisdiction; Waivers	212218
	11.15   Acknowledgements	212218
	11.16   Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	213218
	11.17   Confidentiality	213219
	11.18   Waivers
    Of Jury Trial	214220
	11.19   USA
    Patriot Act Notification; Beneficial Ownership	214220
	11.20   Maximum
    Amount	215221
	11.21   Lender
    Action	215221
	11.22   No
    Fiduciary Duty	215221
	11.23   Acknowledgments
    Regarding any Supported QFCs	216222



 






    - iv - 


    	 



    

	SCHEDULES:	 	 
	 	 	 
	1.1A-1	Commitments	 
	1.1A-2	L/C Sublimit	 
	1.1B	[Reserved]	 
	1.1C 	Permitted Investments	 
	1.1D 	Permitted Liens	 
	1.1G	Existing Swap Agreements	 
	5.1(f)	Local Counsel Opinions	 
	6.15	Post-Closing Undertakings	 
	7.2 	Permitted Indebtedness	 
	11.2	Notice Addresses for Administrative Agent and Issuing Lenders	 
	 	 	 
	EXHIBITS: 	 	 
	 	 	 
	A	Form of Security Agreement	 
	B	Form of Assignment and Assumption	 
	C	Form of Compliance Certificate	 
	D	Form of Terms of Intercreditor (pari passu)	 
	E	Form of Prepayment Notice	
	F-1	Form of Revolving Loan Note	
	F-2	Form of Term Loan Note	
	F-3	Form of Designated Acquisition Swingline Note	
	G	Form of Guarantor Joinder Agreement	 
	H	Form of Borrowing and Conversion/Continuation Request	 
	I	Form of Solvency Certificate	 
	J	Form of Global Intercompany Note	 
	K-1	Form of U.S. Tax Compliance Certificate (Non-U.S. Lenders That Are Not Partnerships)	 
	K-2	Form of U.S. Tax Compliance Certificate (Non-U.S. Participants That Are Not Partnerships)	 
	K-3	Form of U.S. Tax Compliance Certificate (Non-U.S. Participants That Are Partnerships)	
	K-4	Form of U.S. Tax Compliance Certificate (Non-U.S. Lenders That Are Partnerships)	 



 













    - v - 


    	 



    

CREDIT
AGREEMENT (this “Agreement”), dated as of October 14, 2020, among Baldwin Risk Partners, LLC, a Delaware limited liability
company (the “Borrower”), the Guarantors from time to time party hereto (including through delivery of a Guarantor
Joinder Agreement in accordance with the terms of this Agreement), the several banks, financial institutions, institutional investors
and other entities from time to time party hereto as lenders (the “Lenders”), the Issuing Lenders from time to time
party hereto and JPMorgan Chase Bank, N.A. (“JPMCB”), as Administrative Agent.


 


W I T N E S S
E T H:


 


WHEREAS,
to finance a portion of the Existing Debt Release/Repayment and for other purposes described herein, the Lenders agreed to extend certain
credit facilities consisting of (i) Term Loans made available to the Borrower in an aggregate principal amount of $400,000,000 and
(ii) Revolving Commitments (which Revolving Commitments include the subfacilities as set forth herein with respect to L/C Commitments)
made available to the Borrower in an aggregate principal amount of $400,000,000;


 


WHEREAS,
the Borrower agreed to secure all of the Obligations by granting to the Administrative Agent, for the benefit of the Secured Parties,
a lien on substantially all of its assets (subject to certain limitations set forth in the Loan Documents); and


 


WHEREAS,
each Guarantor has agreed to guarantee the Obligations of the Borrower and to secure the Obligations by granting to the Administrative
Agent, for the benefit of the Secured Parties, a lien on substantially all of its assets (subject, in each case, to certain limitations
set forth in the Loan Documents).


 


NOW,
THEREFORE, the parties hereto hereby agree as follows:


 


SECTION 1.

DEFINITIONS


 


1.1         Defined
Terms. As used in this Agreement (including the recitals hereof), the terms listed in this Section 1.1 shall have the
respective meanings set forth in this Section 1.1.


 


“ABR
Loans”: Loans the rate of interest applicable to which is based upon the Alternate Base Rate.


 


“Acceptable
Price”: as defined in the definition of “Dutch Auction.”


 


“Accepting
Lenders”: as defined in Section 2.28(a).


 


“Acquired
Indebtedness”: with respect to any specified Person:


 


(a)       Indebtedness
of any other Person existing at the time such other Person is merged, amalgamated or consolidated with or into or became a Restricted
Subsidiary of such specified Person whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other
Person merging, amalgamating or consolidating with or into, or becoming a Restricted Subsidiary of such specified Person; and


 


(b)       Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person;


 




     


    	 



    


provided
that any Indebtedness of such Person that is extinguished, redeemed, defeased, retired or otherwise repaid at the time of or immediately
upon consummation of the transaction pursuant to which such other Person becomes a Subsidiary of the specified Person will not be Acquired
Indebtedness.


 


“Additional
ECF Reduction Amounts”: for any Excess Cash Flow Period, the sum, without duplication, of:


 


(a)       without
duplication of amounts included in the Additional ECF Reduction Amount in prior fiscal years, the aggregate amount actually paid by the
Borrower and the Restricted Subsidiaries in cash during such Excess Cash Flow Period on account of Capital Expenditures (excluding (x)
the principal amount of Indebtedness Incurred in connection with such expenditures (other than Indebtedness under any revolving facility)
and (y) Capital Expenditures made in such Excess Cash Flow Period where a certificate in the form contemplated by the following clause (b)
below was previously delivered); and


 


(b)       without
duplication of amounts included in the Additional ECF Reduction Amount in prior fiscal years, the aggregate amount of Capital Expenditures,
Permitted Acquisitions and other Permitted Investments (other than with respect to Investments made pursuant to clause (1) or
(2) of the definition thereof) permitted hereunder that any Group Member shall, during such Excess Cash Flow Period (or following
such period and prior to the applicable Excess Cash Flow Application Date), become committed to be made (including pursuant to any letter
of intent); provided that the Borrower shall deliver an Officer’s Certificate to the Administrative Agent not later than
such Excess Cash Flow Application Date, certifying that such Capital Expenditure, Permitted Acquisition or other Investment permitted
hereunder, as applicable, will be made (or is reasonably expected to be made) in the following Excess Cash Flow Period; provided, further,
however, that if such Capital Expenditure, Permitted Acquisition or other Investment permitted hereunder, as applicable, are not actually
made in cash after the end of such Excess Cash Flow Period, such amount shall be added back to Excess Cash Flow for the subsequent Excess
Cash Flow Period.


 


“Additional
Lender”: at any time, any bank or other financial institution that agrees to provide any portion of any (a) Revolving
Commitment Increase, Additional/Replacement Revolving Commitments or Incremental Term Loans pursuant to an Incremental Amendment in accordance
with Section 2.25 or (b) Permitted Credit Agreement Refinancing Debt pursuant to a Refinancing Amendment in accordance
with Section 2.26; provided that (i) the Administrative Agent, each Issuing Lender and the Designated Acquisition
Swingline Lender shall have consented (not to be unreasonably withheld, conditioned or delayed) to such Additional Lender if such consent
would be required under Section 11.6(b) for an assignment of Loans or Revolving Commitments, as applicable, to such Additional
Lender, (ii) the Borrower shall have consented to such Additional Lender, (iii) if such Additional Lender is an Affiliated
Lender, such Additional Lender must comply with the limitations and restrictions set forth in Section 11.6(b)(iv) and (iv) such
Additional Lender will become a party to this Agreement.


 


“Additional/Replacement
Revolving Commitments”: as defined in Section 2.25(a).


 


“Additional
Term B-1 Lender” shall mean a Person with an Additional Term B-1 Loan Commitment on the Amendment No. 2 Effective Date.


 


“Additional
Term B-1 Loan” shall mean a Term Loan in Dollars that is made pursuant to Section 2.1(b)(ii) on the Amendment No. 2 Effective Date.


 




    2 


    	 



    

“Additional
Term B-1 Loan Commitment” shall mean, with respect to an Additional Term B-1 Lender, the commitment of such Additional Term B-1
Lender to make Additional Term B-1 Loans on the Amendment No. 2 Effective Date, in an amount set forth on the Amendment No. 2 Allocation
Schedule.


 


“Adjusted
LIBO Rate” means the Eurocurrency Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities.


 


“Administrative
Agent”: JPMorgan Chase Bank, N.A., as the administrative agent for the Lenders this Agreement and the other Loan Documents,
together with any of its successors in such capacity.


 


“Affected
Financial Institution”: (a) any EEA Financial Institution or (b) any UK Financial Institution.


 


“Affiliate”:
with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and “under common control with”), as used with respect to
any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise.


 


“Affiliate
Transaction” as defined in Section 7.6(a).


 


“Affiliated
Lender”: any Debt Fund Affiliate or Non-Debt Fund Affiliate.


 


“Aggregate
Exposure”: with respect to any Lender at any time, an amount equal to (a) until the Closing Date, the aggregate Dollar
Equivalent of the amount of such Lender’s Commitments at such time and (b) thereafter, the sum of (i) the aggregate Dollar
Equivalent of the then unpaid principal amount of such Lender’s Term Loans and (ii) the amount of such Lender’s Revolving
Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions
of Credit then outstanding.


 


“Aggregate
Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s
Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time.


 


“Agreement”:
as defined in the preamble hereto.


 


“All-In
Yield” means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount,
upfront fees, interest rate floors, or otherwise, in each case, incurred or payable by the borrower generally to all the lenders of such
Indebtedness; provided that upfront fees and original issue discount shall be equated to interest rate based upon an assumed four year
average life to maturity on a straight-line basis (e.g. 100 basis points of original issue discount equals 25 basis points of interest
rate margin for a four year average life to maturity); provided, further, that “All-In Yield” shall exclude any structuring,
commitment, underwriting, ticking and arranger fees, other similar fees and, if applicable, consent fees for an amendment (in each case
regardless of whether any such fees are paid to or shared in whole or in part with any lender) or other fees not paid generally to all
lenders ratably in the primary syndication of such Indebtedness.


 


“ALTA”:
the American Land Title Association.


 




    3 


    	 



    

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if
such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the
Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month
Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due
to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such
change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate
rate of interest pursuant to Section 2.16 (for the avoidance of doubt, only until the Benchmark Replacement has
been determined pursuant to Section 2.16(c)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and
shall be determined without reference to clause (c) above. For the avoidance of doubt, (x) with respect to any Revolving Loan, if the
Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes
of this Agreement and (y) with respect to any Term Loan, if the Alternate Base Rate as determined pursuant to the foregoing would be
less than 1.751.50%, such rate shall be deemed
to be 1.751.50% for purposes of this Agreement.


 


“Alternative
Currency”: each of Euro, British Pounds Sterling and Canadian Dollars.


 


“Alternative
Currency Letter of Credit” means a Letter of Credit denominated in an Alternative Currency.


 


“Amendment
No. 1” shall mean Amendment No. 1 to this Agreement, dated as of May 7, 2021.


 


“Amendment
No. 2” shall mean Amendment No. 2 to this Agreement, dated as of June 2, 2021.


 





“Amendment
No. 2 Allocation Schedule” shall have the meaning provided in Amendment No. 2.


 


“Amendment
No. 2 Arrangers” shall have the meaning provided in Amendment No. 2.


 


“Amendment
No. 2 Effective Date” shall mean June 2, 2021, the first Business Day on which all conditions precedent set forth in Section 3
of Amendment No. 2 are satisfied.


 


“Ancillary
Document”: as defined in Section 11.10.


 


“Anti-Corruption
Laws”: Laws relating to anti-bribery or anti-corruption, including Laws that prohibit the corrupt payment, offer, promise,
receipt, request or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly,
including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2010, and any other Law that relates to anti-bribery
or anti-corruption.


 


“Applicable
Discount”: as defined in the definition of “Dutch Auction.”


 


“Applicable
Margin”: with respect to:


 


(a)       any
Revolving Loan, (i) initially, 2.00% per annum in the case of Eurocurrency Loans and 1.00% per annum in the case of ABR Loans and
(ii) from and after the first Business Day immediately following the delivery to the Administrative Agent of a Compliance Certificate
(pursuant to Section 6.2(c)), commencing with the first full fiscal quarter of the Borrower ending after the Closing Date,
wherein the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the


 




    4 


    	 



    

most
recently ended Test Period, is (A) greater than 3.75 to 1.00, 3.00% per annum in the case of Eurocurrency Loans and 2.00% per annum
in the case of ABR Loans, (B) less than or equal to 3.75 to 1.00 but greater than 3.00 to 1.00, 2.50% per annum in the case of Eurocurrency
Loans and 1.50% per annum in the case of ABR Loans, (C) less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, 2.25% per annum
in the case of Eurocurrency Loans and 1.25% per annum in the case of ABR Loans and (D) less than or equal to 2.50 to 1.00, 2.00%
per annum in the case of Eurocurrency Loans and 1.00% per annum in the case of ABR Loans;


 


(b)       (i)
any Initial Term Loan, 4.00% per annum in the case of Eurocurrency Loans and 3.00% per annum in the case of ABR Loans and
(ii) any Term B-1 Loans, 3.50% per annum in the case of Eurocurrency Loans and 2.50% per annum in the case of ABR Loans;


 


(c)       any
Incremental Term Loan, the Applicable Margin shall be as set forth in the Incremental Amendment relating to the Incremental Term Commitment
in respect of such Incremental Term Loan;


 


(d)       any
Other Term Loan or any Other Revolving Loan, the Applicable Margin shall be as set forth in the Refinancing Amendment relating to such
Loan; and


 


(e)       any
Extended Term Loan or any Extended Revolving Loan, the Applicable Margin shall be as set forth in the Loan Modification Agreement relating
to such Loan.


 


Any
increase or decrease in the Applicable Margin resulting from a change in the Total Net Leverage Ratio shall become effective as of the
first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.2(c); provided
that the pricing level as set forth above in clause (a)(ii)(A) shall apply as of the first Business Day after the date
on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including
the date on which such Compliance Certificate is so delivered (and thereafter the pricing level otherwise determined in accordance with
this definition shall apply).


 


In
the event that any financial statements delivered pursuant to Section 6.1 or a Compliance Certificate delivered pursuant
to Section 6.2(c) are shown to be inaccurate at any time that this Agreement is in effect and any Loans or Commitments are
outstanding hereunder when such inaccuracy is discovered and such inaccuracy, if corrected, would have led to a higher Applicable Margin
for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the
Borrower shall promptly (and in no event later than five (5) Business Days thereafter) deliver to the Administrative Agent a correct
Compliance Certificate for such Applicable Period, (ii) from and after the date such corrected Compliance Certificate is delivered,
the Applicable Margin shall be determined by reference to the corrected Compliance Certificate (but in no event shall the Lenders owe
any amounts to the Borrower) and (iii) the Borrower shall pay to the Administrative Agent promptly (and in no event later than ten Business
Days after knowledge by the chief financial officer or treasurer of the Borrower that such payment is due) any additional interest owing
as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative
Agent in accordance with the terms hereof. This paragraph will not limit the rights of the Administrative Agent or the Lenders hereunder.
Notwithstanding anything to the contrary in this Agreement, any additional interest hereunder shall not be due and payable until such
payment is due pursuant to clause (iii) above and accordingly, any nonpayment of such interest as a result of any such inaccuracy
shall not constitute a Default (whether retroactively or otherwise), and no such amounts shall be deemed overdue (and no amounts shall
accrue interest at the default rate set forth in Section 2.14(c)), at any time prior to the date that is ten Business Days following
such knowledge by the chief financial officer or treasurer of the Borrower.


 




    5 


    	 



    

“Applicable
Period” as defined in the definition of “Applicable Margin.”


 


“Applicable
Requirements”: in respect of any Indebtedness, Indebtedness that satisfies the following requirements:


 


(a)       subject
to the Permitted Earlier Maturity Indebtedness Exception, such Indebtedness (x) except in connection with a Qualifying Bridge Facility,
does not mature prior to the then Latest Maturity Date applicable to outstanding Term Loans, does not have any greater scheduled amortization
than that which is applicable to the Term Loans and is not subject to mandatory redemption or prepayment (except, in each case, (i) customary
asset sale or change of control provisions or (ii) other mandatory redemptions that are also made or offered, on a pro rata basis,
to holders of outstanding Term Loans that are First Lien Obligations) and (y) except in connection with a customary high-yield bridge
facility, so long as the long-term debt into which any such customary bridge facility is to be converted or exchanged satisfies this
clause (a) and any such conversion or exchange is subject only to customary conditions for similar conversions or exchanges (a “Qualifying
Bridge Facility”), does not have a Weighted Average Life to Maturity shorter than the Weighted Average Life to Maturity of
any then outstanding Term Loans (without giving effect to any prepayments that would otherwise modify the Weighted Average Life to Maturity
of the Term Loans);


 


(b)       if
such Indebtedness is secured by the Collateral, a Senior Representative acting on behalf of the holders of such Indebtedness has become,
or is, party to an Intercreditor Agreement, which results in such Senior Representative having rights to share in the Collateral on a
pari passu or junior basis, as applicable;


 


(c)       to
the extent such Indebtedness is secured, it is not secured by any property or assets of any Loan Party or any other Restricted Subsidiary
(other than the Collateral except for exclusions with respect to cash collateral customary for pre-funded (and similar) letter of credit
facilities, as applicable and Escrowed Proceeds) (it being agreed that such Indebtedness shall not be required to be secured by all of
the Collateral); provided that Indebtedness that may be Incurred by Non-Guarantor Subsidiaries pursuant to Section 7.2
may be secured by assets of Non-Guarantor Subsidiaries;


 


(d)       if
such Indebtedness is Incurred by (i) any Non-Guarantor Subsidiary, such Indebtedness shall not be guaranteed by any Loan Party or (ii)
the Borrower or any Guarantor, such Indebtedness shall not be guaranteed by any Person other than the Borrower or Guarantors; and


 


(e)       the
other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, discounts, premiums, optional prepayment or optional
redemption provisions and financial covenants), if more restrictive on the Group Members, taken as a whole, than the terms of the Initial
Term Loans or the Revolving Commitments in existence as of the Closing Date, as applicable, are reasonably satisfactory to the Administrative
Agent, it being understood and agreed that the determination as to whether such terms and conditions are more restrictive on the Group
Members, taken as a whole, than the terms of the Initial Term Loans or the Revolving Commitments in existence as of the Closing Date,
as applicable, shall exclude any terms and conditions which are (1) only applicable after the Latest Maturity Date and/or (2) incorporated
into this Agreement (or any other applicable Loan Document) pursuant to an amendment executed by the Administrative Agent and the Borrower
for the benefit of all existing Lenders (to the extent applicable), it being understood and agreed that such amendment shall require
no additional consent;


 


provided
that if an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative Agent for posting to the
Lenders at least five (5) Business Days (or a shorter period acceptable to the Administrative Agent) prior to the Incurrence of such
Indebtedness, together with a


 




    6 


    	 



    

reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating
that the Borrower has determined in good faith that such terms and conditions satisfy the requirements of this definition, and the Required
Lenders shall not have notified the Borrower and the Administrative Agent that they disagree with such determination within such five
(5) Business Day period (including a statement of the basis upon which each such Lender disagrees), then such certificate shall be conclusive
evidence that such terms and conditions satisfy the requirements of this definition.


 


“Applicable
Tax Laws” shall mean the Code and any other applicable Requirement of Law relating to Taxes, as in effect from time to time.


 


“Application”:
an application, in such form as the applicable Issuing Lender may specify from time to time, requesting such Issuing Lender to issue
a Letter of Credit.


 


“Approved
Commercial Bank”: a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.


 


“Approved
Electronic Communications”: as defined in Section 11.2.


 


“Approved
Fund”: as defined in Section 11.6.


 


“Asset
Sale”:


 


(1)       the
sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property or
assets (including by way of a Sale Leaseback Transaction) of the Borrower or any Restricted Subsidiary (each referred to in this definition
as a “disposition”); or


 


(2)       the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than, in each case, (x) directors’ qualifying shares
or shares or interests required to be held by non-U.S. nationals or other third parties to the extent required by applicable law or (y) Preferred
Stock or Disqualified Stock of a Restricted Subsidiary issued in compliance with Section 7.2), other than by any Restricted
Subsidiary to the Borrower or another Restricted Subsidiary (whether in a single transaction or a series of related transactions), in
each case other than:


 


(a)       a
sale, exchange, transfer or other disposition of Cash Equivalents or Investment Grade Securities or uneconomical, obsolete, damaged,
unnecessary, surplus, unsuitable or worn out equipment or any sale or disposition of property or assets in connection with scheduled
turnarounds, maintenance and equipment and facility updates or any disposition of inventory or goods (or other assets) held for sale
or no longer used in the ordinary course of business;


 


(b)       the
sale, conveyance, transfer or other disposition of all or substantially all of the assets of the Borrower and its Restricted Subsidiaries
(on a consolidated basis) in a manner pursuant to Section 7.8;


 


(c)       any
Permitted Investment or Restricted Payment that is permitted to be made, and is made, under Section 7.3;


 


(d)       any
disposition of assets of the Borrower or any Restricted Subsidiary, or the issuance or sale of Equity Interests of any Restricted Subsidiary,
with an aggregate Fair Market Value of less than the greater of $11,250,000 and 15.0% of Consolidated EBITDA determined on a Pro Forma
Basis as of the most recently ended Test Period;


 




    7 


    	 



    

(e)       (i) any
transfer or disposition of property or assets by a Restricted Subsidiary to the Borrower or (ii) by the Borrower or a Restricted
Subsidiary to a Restricted Subsidiary;


 


(f)       sales
of assets received by the Borrower or any Restricted Subsidiary upon the foreclosure on a Lien;


 


(g)       any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary or any joint venture that
is not a Subsidiary of the Borrower;


 


(h)       the
unwinding of any Hedging Obligations;


 


(i)       the
sale, lease, assignment, license or sublease of inventory, equipment, accounts receivable, notes receivable or other current assets held
for sale, lease, assignment, license or sublease in the ordinary course of business or the conversion of accounts receivable into a notes
receivable;


 


(j)       the
lease, assignment or sublease of any real or personal property in the ordinary course of business and dispositions to landlords of improvements
made to leased real property pursuant to customary terms of leases;


 


(k)       a
sale of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” to a Receivables
Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions;


 


(l)       a
transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” (or
a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing;


 


(m)       any
financing transaction with respect to property owned, built or acquired by the Borrower or any Restricted Subsidiary, including Sale
Leaseback Transactions permitted under this Agreement;


 


(n)       any
exchange of assets for assets (including a combination of assets and Cash Equivalents) related to a Similar Business of comparable or
greater market value or usefulness to the business of the Borrower and the Restricted Subsidiaries, as a whole, as determined in good
faith by the Borrower;


 


(o)       the
grant of any license or sub-license of patents, trademarks, know-how and any other intellectual property in the ordinary course of business
or which do not materially interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary;


 


(p)       any
sale or other disposition deemed to occur with creating, granting or perfecting a Lien not otherwise prohibited by this Agreement or
the Loan Documents;


 


(q)       the
surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the ordinary
course of business;


 


(r)       foreclosures,
condemnations or any similar action on assets;


 


(s)       sales
of any non-core assets to obtain the approval of an anti-trust authority to a Permitted Acquisition or other permitted Investment;


 




    8 


    	 



    

(t)       sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;


 


(u)       transfers
of property pursuant to a Recovery Event; and


 


(v)       the
lapse, abandonment or other disposition of intellectual property rights in the ordinary course of business, which in the reasonable good
faith determination of the Borrower are no longer commercially reasonable to maintain or are not material to the conduct of the business
of the Borrower and the Restricted Subsidiaries taken as a whole.


 


For
purposes of determining compliance with Section 7.5, in the event that any disposition (or any portion thereof) meets the criteria
of more than one of the above categories or of the categories under Section 7.5 (including in part of one category and in part
of another category), the Borrower shall, in its sole discretion, at the time of making such disposition, divide and/or classify such
disposition (or any portion thereof) in one or more of the above categories or in any category under Section 7.5 (including in
part in one category and in part in another category).


 


“Assignee”:
as defined in Section 11.6(b)(i).


 


“Assignment
and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit B, or such other form acceptable
to the Administrative Agent.


 


“Auction
Purchase”: a purchase of Loans or Commitments pursuant to a Dutch Auction (x) in the case of a Permitted Auction Purchaser,
in accordance with the provisions of Section 11.6(b)(iii) or (y) in the case of an Affiliated Lender, in accordance
with the provisions of Section 11.6(b)(iv).


 


“Available
Amount”: means, at any time, the sum of:


 


		(A)	if positive, 50% of the Consolidated
Net Income of the Borrower for the period (taken as one accounting period) from October 1, 2020 to the end of the most recently ended
Test Period, plus



 


		(B)	100% of the aggregate net proceeds,
including cash and the Fair Market Value of assets other than cash, received by the Borrower after the Closing Date from (1) the
issue or sale of Equity Interests of the Borrower or (2) the issue or sale of Equity Interests of any direct or indirect parent
of the Borrower (in the case of both (1) and (2) other than (without duplication) any Cure Amount, Refunding Capital Stock, Designated
Preferred Stock, Cash Contribution Amount, Excluded Contributions and Disqualified Stock), including Equity Interests issued upon conversion
of Indebtedness or upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary or an employee stock
ownership plan or trust established by the Borrower or any of its Subsidiaries), plus



 


		(C)	100% of the aggregate amount of
contributions to the common or preferred (if preferred, on terms substantially the same (or better for the Borrower) as the Existing
Preferred Equity; provided that in no event shall preferred contributions have a final scheduled maturity date or any required
payment prior the Latest Maturity Date) capital of the Borrower received in cash and the Fair Market Value of property other than cash
after the Closing Date (other than (without duplication) any Cure Amount, Excluded Contributions, Refunding Capital



 




    9 


    	 



    

Stock,
Designated Preferred Stock and Disqualified Stock and the Cash Contribution Amount), plus


 


		(D)	the principal amount of any Indebtedness,
or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock, of the Borrower or any
Restricted Subsidiary thereof issued after the Closing Date (other than any Indebtedness or Disqualified Stock issued to the Borrower
or any Restricted Subsidiary) that has been converted into or exchanged for Equity Interests in the Borrower or any direct or indirect
parent of the Borrower (other than Disqualified Stock), plus



 


		(E)	100% of the aggregate amount received
by the Borrower or any Restricted Subsidiary in cash and the Fair Market Value of property other than cash received by the Borrower or
any Restricted Subsidiary from:



 


		(I)	the sale or other disposition
                                            (other than to the Borrower or a Restricted Subsidiary) of Investments made by the Borrower
                                            and the Restricted Subsidiaries after the Closing Date the permissibility of which was contingent
                                            upon the utilization of the Available Amount and from repurchases and redemptions of such
                                            Investments from the Borrower and the Restricted Subsidiaries by any Person (other than the
                                            Borrower or any of its Subsidiaries) and from repayments of loans or advances which constituted
                                            Investments (excluding Investments made pursuant to clause (26)(b) of the definition
                                            of “Permitted Investments”),



 


		(II)	the sale (other than to the
                                            Borrower or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary of
                                            the Borrower, or



 


		(III)	any distribution or dividend
                                            from any Unrestricted Subsidiary of the Borrower (to the extent such distributions or dividend
                                            is not already included in the calculation of Consolidated Net Income); plus



 


		(F)	in the event any Unrestricted Subsidiary of the Borrower has been redesignated as a Restricted
                                                                                                                    Subsidiary or has been merged or consolidated with or into, or transfers or conveys its assets to, or is liquidated into, the
                                                                                                                    Borrower or a Restricted Subsidiary, in each case after the Closing Date, the Fair Market Value of the Investment of the Borrower in
                                                                                                                    such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed,
                                                                                                                    as applicable), after deducting any Indebtedness associated with such Unrestricted Subsidiary so designated or combined or any
                                                                                                                    Indebtedness associated with the assets so transferred or conveyed (other than in each case to the extent that the designation of
                                                                                                                    such Subsidiary as an Unrestricted Subsidiary was made pursuant to clause (30) of the definition of “Permitted
                                                                                                                    Investments”); plus



 


		(G)	an amount equal to any returns
in Cash Equivalents (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar
amounts) actually received by the Borrower or any Restricted Subsidiary in respect of Investments made pursuant to clause (3)
of the definition of “Permitted Investments”; plus



 




    10 


    	 



    

 


		(H)	the greater of $15,000,000 and
20.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period.



 


minus,
the sum of:


 


		(A)	the amount of Restricted Payments
made after the Closing Date pursuant to Section 7.3(b)(iii);



 


		(B)	the amount of any Investments
made after the Closing Date pursuant to clause (3) of the definition of “Permitted Investments”; and



 


		(C)	the amount of prepayments of Junior
Indebtedness made after the Closing Date pursuant to Section 7.3(d)(iii).



 


“Available
Revolving Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s
Revolving Commitment then in effect over (b) the aggregate Outstanding Amount of such Lender’s Revolving Extensions
of Credit at such time.


 


“Available
Tenor”: as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark
or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the
length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for
such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 2.16.


 


“Bail-In
Action”: the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability
of an Affected Financial Institution.


 


“Bail-In
Legislation”: (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of
the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).


 


“Bankruptcy
Code”: Title 11 of the United States Code entitled “Bankruptcy”, as now and hereinafter in effect, or any successor
statute.


 


“Basel
III”: the Basel Committee on Banking Supervision’s (the “Committee”) revised rules relating to capital
requirements set out in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Guidance
for national authorities operating the countercyclical capital buffer” and “Basel III: International framework for liquidity
risk measurement, standards and monitoring” published by the Committee in December 2010, “Revisions to the Basel II
market risk framework” published by the Committee in February 2011, the rules for global systemically important banks contained
in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text”
published by the Committee in November 2011, as amended, supplemented or restated, and any further guidance or standards published by
the Committee in connection with these rules.


 




    11 


    	 



    

“Benchmark”:
initially, Adjusted LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred with respect to Adjusted LIBO Rate or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate pursuant to clause (c) or clause (d) of Section 2.16.


 


“Benchmark
Replacement”: for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative
Agent for the applicable Benchmark Replacement Date:


 


(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;


 


(2)
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;


 


(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of
a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated
credit facilities at such time and (b) the related Benchmark Replacement Adjustment;


 


provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that
publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that,
notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition
Event, and the delivery of a Term SOFR Notice,  on the applicable Benchmark Replacement Date the “Benchmark Replacement”
shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth
in clause (1) of this definition (subject to the first proviso above).


 


If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.


 


“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:


 


(1)
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the
order below that can be determined by the Administrative Agent:


 


(a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the
applicable Corresponding Tenor;


 


(b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first
set for such Interest Period that would apply to the fallback


 




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rate
for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark
for the applicable Corresponding Tenor; and


 


(2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities;


 


provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.


 


“Benchmark
Replacement Conforming Changes”: with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition
of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests
or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical,
administrative or operational matters) that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect
the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in
a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such
market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration
of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary
in connection with the administration of this Agreement and the other Loan Documents).


 


“Benchmark
Replacement Date”: the earliest to occur of the following events with respect to the then-current Benchmark:


 


(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
component thereof);


 


(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein;


 


(3)
in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders
and the Borrower pursuant to Section 2.16(d); or


 


(4)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such


 




    13 


    	 



    

Early
Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required
Lenders.


 


For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference
Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause
(1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all
then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).


 


“Benchmark
Transition Event”: the occurrence of one or more of the following events with respect to the then-current Benchmark:


 


(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);


 


(2)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator
for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
or


 


(3)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer representative.


 


For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).


 


“Benchmark
Unavailability Period”: the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses
(1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all
purposes hereunder and under any Loan Document in accordance with Section 2.16 and (y) ending at the time that a Benchmark Replacement
has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.16.


 


“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.


 




    14 


    	 



    

“Beneficial
Ownership Regulation” means 31 C.F. R. § 1010.230.


 


“Benefit
Plan”: means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b)
a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA
Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit
plan” or “plan”.


 


“Benefited
Lender”: as defined in Section 11.8(a).


 


“BHC
Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with,
12 U.S.C. 1841(k)) of such party.


 


“Board”:
the Board of Governors of the Federal Reserve System of the United States (or any successor).


 


“Board
of Directors”: as to any Person, the board of directors or managers, sole member, managing member or other governing body,
as applicable, of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner
of such Person) or any duly authorized committee thereof.


 


“Borrower”:
as defined in the preamble hereto.


 


“Borrowing”:
a Revolving Borrowing, a Designated Acquisition Swingline Borrowing or a Term Borrowing, as the context may require.


 


“Borrowing
Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans
hereunder or to treat BRP C Corp Acquisition Indebtedness assumed or guaranteed by the Borrower as a Designated Acquisition Swingline
Borrowing.


 


“Borrowing
Minimum”: $1,000,000.


 


“Borrowing
Multiple”: $100,000.


 


“Borrowing
Request”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit H; provided
that if the Borrower has submitted an Officer’s Certificate pursuant to the definition of BRP C Corp Acquisition Indebtedness,
then such Officer’s Certificate shall constitute a Borrowing Request for all purposes hereunder.


 


“British
Pounds Sterling” and “£” mean freely transferable lawful money of the United Kingdom (expressed in
pounds sterling).


 


“BRP
C Corp Acquisition”: an acquisition by BRP Group or one or more of its direct or indirect Subsidiaries (a “BRP DRE
Subsidiary”) of a group of target entities, one or more which are treated as a “C” corporation for US federal income
tax purposes (such group, a “C Corp Target Group”), which entity or entities may (but shall not be required to) take
such actions (by election, conversion, merger or otherwise) that are necessary or appropriate to cause such entity or entities (or successor(s))
to be treated as a partnership or disregarded entity for US federal income tax purposes, after which the C Corp Target Group is contributed
(or the BRP DRE Subsidiary is contributed) to the Borrower in exchange for additional equity of the Borrower and substantially concurrently
therewith the Borrower assumes or guarantees the associated BRP C Corp Acquisition Indebtedness.


 




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“BRP
C Corp Acquisition Indebtedness”: Indebtedness of BRP Group or a BRP DRE Subsidiary that is assumed, or in the case of Indebtedness
of a BRP DRE Subsidiary guaranteed, by the Borrower in connection with a BRP C Corp Acquisition; provided that (A) the aggregate
principal amount of such BRP C Corp Acquisition Indebtedness shall not exceed the cash portion of closing date purchase price paid by
BRP Group or the BRP DRE Subsidiary, as applicable, for the C Corp Target Group plus transaction costs and expenses in connection therewith,
(B) the Borrower shall notify the Administrative Agent at least thirty days prior to the consummation of the BRP C Corp Acquisition pursuant
to an Officer’s Certificate delivered to the Administrative Agent, that (i) describes in reasonable detail the aggregate principal
amount of such BRP C Corp Acquisition Indebtedness and the other material terms thereof and (ii) irrevocably elects whether such BRP
C Corp Acquisition Indebtedness shall be assumed or guaranteed by the Borrower as either an Incremental Loan, Indebtedness permitted
by Section 7.2(b)(vi) or as a Designated Acquisition Swingline Loan (each, a “Specified Acquisition Basket”),
(C) the Borrower shall notify the Administrative Agent at least 10 days prior to the consummation of the BRP C Corp Acquisition of the
identity of the Designated Acquisition Swingline Lender or other lender of BRP C Corp Acquisition Indebtedness, (D) the
Borrower shall treat all such BRP C Corp Acquisition Indebtedness and all commitments for such BRP C Corp Acquisition Indebtedness (pursuant
to an Officer’s Certificate delivered to the Administrative Agent at least 3 Business Days prior to the consummation of
the BRP C Corp Acquisition) (such amount until revoked as described below, the “Elected
Amount”) which is to be assumed or guaranteed by the Borrower (or any commitment in respect thereof), as being incurred, as
the case may be, as of the Calculation Date (or, in the case of Designated Acquisition Swingline Loans, as incurred as of the date of
delivery of such notice and as of the Calculation Date) and (i) any subsequent incurrence of such Indebtedness under such commitment
(so long as the total amount under such Indebtedness does not exceed the Elected Amount) shall not be deemed, for purposes of this calculation,
to be an incurrence of additional Indebtedness at such subsequent time, (ii) the Borrower may revoke an election of an Elected Amount,
pursuant to an Officer’s Certificate delivered to the Administrative Agent; provided that such BRP C Corp Acquisition Indebtedness
shall either be repaid or commitments for such debt terminated and (iii) for purposes of calculations of the Total First Lien Net
Leverage Ratio, Total Net Leverage Ratio, Total Secured Net Leverage Ratio, Debt Service Coverage Ratio, and Revolving Commitments and
Designated Acquisition Swingline Commitment (in the case of Designated Acquisition Swingline Loans) after the delivery of such notice
with respect thereto, and until the incurrence (or earlier revocation) thereof, the Elected Amount shall be deemed to have been incurred
and the related BRP C Corp Acquisition consummated, (E) the BRP C Corp Acquisition pursuant to which the BRP C Corp Acquisition
Indebtedness was incurred would meet all of the requirements of a Permitted Acquisition were it to be consummated by the Borrower instead
of BRP Group or the BRP DRE Subsidiary, as applicable, (F) the Borrower shall assume or guarantee such BRP C Corp Acquisition Indebtedness
immediately following the consummation of such BRP C Corp Acquisition pursuant to documentation reasonably acceptable to the Administrative
Agent and, in the case of an assumption, pursuant to which the Borrower shall succeed to, and be substituted for and may exercise every
right and power of, BRP Group or the BRP DRE Subsidiary, as applicable, under such BRP C Corp Acquisition Indebtedness with the same
force and effect as if such BRP Group Acquisition Indebtedness had been issued hereunder, (G) such BRP C Corp Acquisition Indebtedness,
both when incurred by BRP Group or the BRP DRE Subsidiary, as applicable, and when assumed or guaranteed by the Borrower, would meet
all of the requirements of the Specified Acquisition Basket that the Borrower has elected as if incurred hereunder and (H) if the BRP
C Corp Acquisition Indebtedness is initially incurred by a BRP DRE Subsidiary, after giving effect to the transactions contemplated by
the BRP C Corp Acquisition, (i) such BRP DRE Subsidiary shall become a Guarantor hereunder on the date of such BRP C Corp Acquisition
and the Borrower shall satisfy the requirements of Section 6.9 on such date and (ii) to the extent that such BRP C Corp Acquisition
Indebtedness is not assumed by the Borrower, such BRP C Corp Acquisition Indebtedness shall be fully and unconditionally guaranteed by
the Borrower and the Guarantors pursuant to a guarantee in form and substance consistent with Section 8 pursuant to which such
BRP C Corp Acquisition Indebtedness shall


 




    16 


    	 



    

constitute
a “Guarantee Obligation” hereunder; provided, further, that if the foregoing are satisfied, such BRP C Corp
Acquisition Indebtedness will be deemed incurred and outstanding under the relevant Specified Acquisition Basket.


 


“BRP
Group” means BRP Group, Inc., a Delaware corporation.


 


“BRP
Operating Agreement” means Borrower’s Third Amended and Restated Limited Liability Company Agreement, as amended, restated,
supplemented or otherwise modified from time to time.


 


“Business”:
as defined in Section 4.14(b).


 


“Business
Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to close, provided that with respect to notices and determinations in connection with, and payments of principal and interest
on, Eurocurrency Loans, such day is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market.


 


“Calculation
Date”: (i) with respect to Section 7.1 and the determination of “Applicable Margin”, “Commitment
Fee Rate” and “ECF Percentage”, the last day of the applicable Test Period and (ii) otherwise, the applicable
date with respect to which the Debt Service Coverage Ratio, Total First Lien Net Leverage Ratio, Total Secured Net Leverage Ratio or
Total Net Leverage Ratio is tested.


 


“Canadian
Dollars” or “C$” means lawful currency of Canada.


 


“Cancellation”
or “Cancelled”: the cancellation, termination and forgiveness by Permitted Auction Purchaser of all Loans, Commitments
and related Obligations acquired in connection with an Auction Purchase or other acquisition of Term Loans, which cancellation shall
be consummated as described in Section 11.6(b)(iii)(C) and the definition of “Eligible Assignee.”


 


“Capital
Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures, including payments of Contractual
Obligations, by such Person or any Restricted Subsidiary thereof during such period for the acquisition or leasing (pursuant to a capital
lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such
period), or software expenditures that, in conformity with GAAP, are required to be or may be included as “capital expenditures”
in the consolidated statement of cash flows provided pursuant to Section 6.1. For the avoidance of doubt, Capital Expenditures
shall exclude costs incurred in a cloud computing arrangement that are accounted for in accordance with Financial Accounting Standards
Board ASU No. 2018-15.


 


“Capital
Stock”: (1) in the case of a corporation, corporate stock or share capital; (2) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3) in the case of an exempted company, shares; (4) in the case of a partnership or limited liability company, partnership
or membership interests (whether general or limited); and (5) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.


 


“Capitalized
Lease Obligations”: at the time any determination thereof is to be made, the amount of the liability in respect of a capital
lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes
thereto) in accordance with GAAP.


 




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“Captive
Insurance Subsidiary”: any direct or indirect Subsidiary of the Borrower that bears financial risk or exposure relating to
insurance or reinsurance activities and any segregated accounts associated with any such Person.


 


“Cash-Capped
Incremental Amount”: an amount equal to the greater of $75,000,000 and 100% of Consolidated EBITDA determined on a Pro Forma
Basis as of the most recently ended Test Period less the aggregate principal amount of Indebtedness previously Incurred under
Section 2.25(a)(i)(z), Section 7.2(b)(vi)(z) (or Section 7.2(b)(xvi) in respect of amounts previously
incurred under Section 7.2(b)(vi)(z)).


 


“Cash-Capped
Incremental Facility”: as defined in Section 2.25(a)(i).


 


“Cash
Collateral”: as defined in the definition of “Collateralize.”


 


“Cash
Collateral Account”: means a blocked, non-interest bearing deposit account of one or more of the Loan Parties at JPMorgan Chase
Bank, N.A. or another commercial bank in the name of the Administrative Agent and under the sole dominion and control of the Administrative
Agent, and otherwise established in a manner satisfactory to the Administrative Agent.


 


“Cash
Collateralize”: as defined in Section 3.2(b).


 


“Cash
Contribution Amount”: the aggregate amount of cash contributions made to the capital of the Borrower or any Restricted Subsidiary
described in the definition of “Contribution Indebtedness.”


 


“Cash
Distributions” means a Distribution made in cash, but excluding any Distribution made in connection with a redemption pursuant
to Article 10 of the BRP Operating Agreement to the extent all cash distributed was contributed to Borrower by BRP Group in accordance
with the BRP Operating Agreement.


 


“Cash
Equivalents”:


 


(1)       Dollars,
Canadian Dollars, British Pounds Sterling, Euros, the national currency of any participating member state of the European Union and other
local currencies held by the Borrower and the Restricted Subsidiaries from time to time in the ordinary course of business in connection
with any business conducted by such Person in such jurisdiction;


 


(2)       securities
issued or directly and fully guaranteed or insured by the government of the United States, Canada, any country that is a member of the
European Union, Switzerland or the United Kingdom or any agency or instrumentality thereof in each case with maturities not exceeding
two years from the date of acquisition;


 


(3)       certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank
having capital and surplus in excess of $250,000,000, in the case of U.S. banks, and $100,000,000 (or the foreign currency equivalent
thereof), in the case of non-U.S. banks, and whose long-term debt is rated with an Investment Grade Rating by Moody’s or S&P
(or reasonably equivalent ratings of another internationally recognized ratings agency);


 




    18 


    	 



    

(4)       repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial
institution meeting the qualifications specified in clause (3) above;


 


(5)       commercial
paper issued by a corporation (other than an Affiliate of Borrower) rated at least “P-1/A-1” or the equivalent thereof by
Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing
within one year after the date of acquisition;


 


(6)       readily
marketable direct obligations issued by any state or commonwealth of the United States of America, Canada, any country that is a member
of the European Union, the United Kingdom or Switzerland or any political subdivision of the foregoing having one of the two highest
rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized
ratings agency) in each case with maturities not exceeding two years from the date of acquisition;


 


(7)       Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s
in each case with maturities not exceeding two years from the date of acquisition;


 


(8)       investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above;
and


 


(9)       instruments
equivalent to those referred to in clauses (1) through (7) above denominated in Canadian Dollars, British Pounds Sterling
or Euros or any other currency comparable in credit quality and tenor to those referred to above and customarily used by corporations
for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with (a) any
business conducted by any Restricted Subsidiary organized in such jurisdiction or (b) any Investment in the jurisdiction where such
Investment is made.


 


“Cash
Management Agreement”: any agreement to provide Cash Management Services.


 


“Cash
Management Obligations”: all obligations, including guarantees thereof, of any Group Member to a Cash Management Provider that
has appointed in writing the Administrative Agent as its collateral agent in a manner reasonably acceptable to the Administrative Agent
and has agreed in writing with the Administrative Agent that it is providing Cash Management Services to one or more Group Members arising
from transactions in the ordinary course of business of any Group Member, to the extent such obligations are primary obligations of a
Loan Party or are guaranteed by a Loan Party.


 


“Cash
Management Provider”: any Person that, as of the Closing Date or as of the date it enters into any Cash Management Agreement,
is the Administrative Agent, a Joint Lead Arranger, a Lender or an Affiliate of the Administrative Agent or a Lender, in its capacity
as a counterparty to such Cash Management Agreement, in each case, whether or not such Person subsequently ceased to be the Administrative
Agent, a Joint Lead Arranger, a Lender or an Affiliate of the Administrative Agent or a Lender.


 


“Cash
Management Services”: any cash management facilities or services, including (i) treasury, depositary and overdraft services,
automated clearinghouse transfer of funds, (ii) foreign exchange, netting and currency management services and (iii) purchase cards,
credit or debit cards, credit card processing, electronic funds transfer, automated clearinghouse arrangements or similar services.


 




    19 


    	 



    

“Cashless
Option Term B-1 Lender” shall mean each Existing Initial Term Loan Lender that has executed and delivered a Consent to Amendment
No. 2.


 


“CFC”:
a “controlled foreign corporation” within the meaning of Section 957(a) of the Code.


 


“CFC
Holdco”: any Subsidiary that has no material assets other than Capital Stock (or Capital Stock and Indebtedness) of one or
more direct or indirect Foreign Subsidiaries that are CFCs.


 


“Change
in Law”: the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law,
rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that, for the avoidance of doubt, (x) the
U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act, the European Capital Requirements Directive IV and in each case
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to be a “Change in Law”.


 


“Change
of Control”: shall be deemed to occur if:


 


(a)       the
occurrence of any of the following, in a single transaction or any series of transactions: (i) the sale, transfer, conveyance, lease
or other disposition (other than by way of merger or consolidation) to any Person (other than to Borrower or any Guarantor) of all or
substantially all of the assets of Borrower and its subsidiaries, taken as a whole; (ii) (A) the adoption of a plan relating to the dissolution,
liquidation or winding-up of Borrower or any Guarantor, (B) the consummation of any sale, issuance, transfer, exchange, exercise or conversion
of Capital Stock, or (C) any merger, consolidation, recapitalization, reorganization or other transaction, which in any such case of
(A), (B ) or (C) results in a Person (other than BRP Group or any subsidiary of BRP Group or Permitted Holders) becoming the managing
member of Borrower; and (iii) (A) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation) of all or substantially all of BRP Group’s assets and the assets of its subsidiaries, taken as a whole,
to any Person (other than BRP Group, one of its subsidiaries or Permitted Holders); or (B) BRP Group becomes aware of (by way of a report
or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person
(other than Permitted Holders) or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act), but excluding Permitted Holders, in a single transaction or in a related series of transactions, by way of acquisition,
merger, amalgamation, consolidation, transfer, conveyance or other business combination or purchase of beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the Voting Stock
of BRP Group, other than by virtue of the reincorporation of BRP Group in another jurisdiction, so long as the Beneficial Owners of the
Voting Interests of BRP Group immediately prior to such transaction hold a majority of the voting power of the Voting Stock of such holding
company or reincorporation entity immediately thereafter; or


 


(b) a
“change of control” or similar event shall occur with respect to any agreement governing Indebtedness of any Group Member
incurred pursuant to Section 7.2(a), 7.2(b)(iv), 7.2(b)(v), 7.2(b)(vi), or 7.2(b)(xxii) or any
Refinancing Indebtedness in respect of the foregoing, in each case the outstanding principal amount of which exceeds, in the aggregate
at the time of determination, the greater of


 




    20 


    	 



    

$15,000,000
and 20.0% of Consolidated EBITDA on a Pro Forma Basis for the most recently ended Test Period.


 


Notwithstanding
the foregoing, a transaction will not be deemed to involve a change of control under clause (a)(iii)(B) above if (x) BRP Group becomes
a direct or indirect wholly owned subsidiary of a holding company and (y)(A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of BRP Group Voting Stock immediately
prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements
of this sentence) is the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The
term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.


 


“Class”:
(a) with respect to Commitments or Loans, those of such Commitments or Loans that have the same terms and conditions and (b) with
respect to Lenders, those of such Lenders that have Commitments or Loans of a particular Class. For the
avoidance of doubt, the Incremental Term B-1 Loans and the Refinancing Term B-1 Loans are one Class of Loans.


 


“Closing
Date”: October 14, 2020.


 


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


 


“Collateral”:
all of the assets and property of the Loan Parties and any other Person, now owned or hereafter acquired, whether real, personal or mixed,
upon which a Lien is purported to be created by any Security Document; provided, however, that the Collateral shall not
include any Excluded Assets.


 


“Collateralize”:
to (i) pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Lenders and the Revolving
Lenders, as collateral for the L/C Obligations, cash or deposit account balances (“Cash Collateral”) pursuant to documentation
in form and substance reasonably satisfactory to the Administrative Agent or (ii) issue back to back letters of credit for the benefit
of the Issuing Lenders in a form and substance reasonably satisfactory to the Administrative Agent, in each case, in an amount equal
to 102% of the outstanding L/C Obligations.


 


“Commitment”:
as to any Lender, the sum of the Term Commitment and the Revolving Commitment of such Lender.


 


“Commitment
Fee”: as defined in Section 2.8(a).


 


“Commitment
Fee Rate”: initially, 0.25% per annum, and from and after the first Business Day immediately following the delivery to the
Administrative Agent of a Compliance Certificate (pursuant to Section 6.2(c)), commencing with the Compliance Certificate
delivered in respect of the first full fiscal quarter of the Borrower ending after the Closing Date, wherein the Total Net Leverage Ratio
determined on a Pro Forma Basis as of the most recent Test Period, is (x) less than or equal to 3.75 to 1.00 but greater than 3.00
to 1.00, 0.35% per annum, (y) ) less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, 0.30% per annum and (z) less than
or equal to 2.50 to 1.00, 0.25% per annum and (z) otherwise, 0.40% per annum.


 


“Commodity
Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.


 




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“Commonly
Controlled Entity”: an entity, whether or not incorporated, that is under common control with any Loan Party within the meaning
of Section 4001 of ERISA or is part of a group that includes any Loan Party and that is treated as a single employer under Section 414
of the Code.


 


“Compliance
Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit C.


 


“Consent
to Amendment No. 2” shall mean a consent to Amendment No. 2 substantially in the form of Exhibit A-1 attached thereto.


 


“Consolidated
Current Assets”: at any date, all amounts (other than Cash Equivalents, amounts related to assets held for sale, loans (permitted)
to third parties, deferred bank fees, deferred tax assets and excluding the effects of adjustments pursuant to GAAP resulting from the
application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated
acquisition) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption)
on a consolidated balance sheet at such date.


 


“Consolidated
Current Liabilities”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total
current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries at such
date, but excluding (a) the current portion of any Funded Debt the Borrower and the Restricted Subsidiaries, (b) without duplication
of clause (a) above, all Indebtedness consisting of Loans to the extent otherwise included therein, (c) the current portion
of interest, (d) the current portion of Capitalized Lease Obligations and (e) liabilities in respect of unpaid earn-outs, deferred tax
assets, unearned revenue and, furthermore, excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization
accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated acquisition.


 


“Consolidated
EBITDA”: the Consolidated Net Income of the Borrower and the Restricted Subsidiaries for such period:


 


(1)       increased
(without duplication) by:


 


(a)       provision
for Taxes based on income or profits or capital (or Taxes based on revenue in lieu of Taxes based on income or profits or capital), including
federal, foreign, state, local, franchise, unitary, property, excise, value added and similar Taxes and foreign withholding Taxes of
such Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income and payroll taxes related
to stock compensation costs, including (i) an amount equal to the amount of distributions actually made to the holders of Capital
Stock of such Person or any direct or indirect parent of such Person in respect of such period in accordance with Section 7.3(b)(xii),
which shall be included as though such amounts had been paid as income Taxes directly by such Person and (ii) penalties and interest
related to such taxes or arising from any tax examinations; plus


 


(b)       consolidated
Fixed Charges for such period (including (x) bank fees and (y) costs of surety bonds in connection with financing activities
and surety bonds outstanding, in each case, to the extent included in Fixed Charges), together with items excluded from the definition
of “Consolidated Interest Expense” pursuant to clauses (1)(b)(i) through (1)(b)(ix) thereof, in each case,
to the extent the same was deducted (and not added back) in calculating such Consolidated Net Income; plus


 


(c)       Consolidated
Non-Cash Charges for such period to the extent such non-cash charges were deducted (and not added back) in computing Consolidated Net
Income; plus


 




    22 


    	 



    

(d)       any
expenses (including legal and professional expenses) or charges (other than depreciation or amortization expense) related to any Equity
Offering, Investment, acquisition, disposition, dividend, distribution, return of capital, recapitalization or the Incurrence of Indebtedness,
including a refinancing thereof, and any amendment or modification to the terms of any such transaction (in each case, (i) including
any such transactions consummated prior to the Closing Date, (ii) whether or not such transaction is undertaken but not completed,
(iii) whether or not such transaction is permitted by this Agreement and (iv) including any such transaction incurred by any
direct or indirect parent company of the Borrower), including such fees, expenses or charges related to the Transactions, in each case,
deducted (and not added back) in computing Consolidated Net Income; plus


 


(e)       the
amount of any restructuring charges, accruals or reserves deducted (and not added back) in such period in computing Consolidated Net
Income, including any such costs Incurred in connection with acquisitions before or after the Closing Date (including entry into new
market/channels and new service or product offerings) and costs related to the closure, reconfiguration and/or consolidation of facilities
and costs to relocate employees, integration and transaction costs, retention charges, severance (including, for the avoidance of doubt,
any costs and expenses relating to the repurchasing or extinguishing of any equity interests, or equity-like interests, held by severed
Persons), contract termination costs, recruiting and signing bonuses and expenses, future lease commitments, systems establishment costs,
conversion costs and excess pension charges and consulting fees, expenses attributable to the implementation of costs savings initiatives,
costs associated with tax projects/audits and costs consisting of professional consulting or other fees relating to any of the foregoing;
plus


 


(f)       any
salaries and wages earned by employees classified as a part of the New Producer Program; provided that the aggregate amount of
such net operating costs set forth in this clause (f) shall not exceed 10% of Consolidated EBITDA (calculated after taking account of
the add-back in this clause (f)) for any such period (which calculated pro forma
impact will be derived from the income statement separately maintained for financial reporting purposes for the New Producer Program
and will not include any net operating costs from employees otherwise excluded or separate from the New Producer Program); plus


 


(g)       the
amount of any noncontrolling interest expense consisting of Subsidiary income attributable to minority equity interests of third parties
in any non-Wholly Owned Subsidiary of the Borrower deducted (and not added back) in such period in calculating Consolidated Net Income;
plus


 


(h)       the
amount of directors’ fees and expenses, in each case, to the extent deducted (and not added back) in computing Consolidated Net
Income; plus


 


(i)       the
“run rate” expected cost savings, operating expense reductions, other operating improvements and initiatives, restructuring
charges and expenses and synergies that are expected in good faith to be realized as a result of actions with respect to which substantial
steps have been, will be, or are expected in good faith to be, taken within 12 months after the date of any acquisition, disposition,
divestiture, restructuring, other operational changes or the implementation of a cost savings or other similar initiative, as applicable
(calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and initiatives,
restructuring charges and expenses and synergies had been realized on the first day of such period as if such cost savings, operating
expense reductions, other operating improvements and initiatives, restructuring charges and expenses and synergies were realized during
the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that
(A) such actions or substantial steps have been, will be, or are expected in good faith to be, taken within 12 months after
(x) if such cost savings, expense reductions, charge, expense, acquisition, divestiture, restructuring or initiative is initiated
on or prior to the Closing Date, the Closing Date or (y) if such cost savings, expense


 




    23 


    	 



    

reductions,
charge, expense, acquisition, divestiture, restructuring, other operational changes or initiative is initiated after the Closing Date,
the date on which such cost savings, expense reductions, charge, expense, acquisition, divestiture, restructuring, other operational
changes or initiative is initiated and (B) no cost savings, operating expense reductions, restructuring charges and expenses or
synergies shall be added pursuant to this defined term to the extent duplicative of any expenses or charges otherwise added to Consolidated
EBITDA, whether through a pro forma adjustment or otherwise, for such period (which adjustments
may be incremental to pro forma adjustments made pursuant to the definition of “Debt Service Coverage Ratio”); provided
that the aggregate amount of all items added back pursuant to this clause (i) shall not exceed, together with amounts added
back pursuant to clause (j) below, 20% of Consolidated EBITDA (after giving effect to this clause (i)) for such period;
plus


 


(j)       the
“run rate” expected cost savings, operating expense reductions, other operating improvements and initiatives, restructuring
charges and expenses and synergies related to the Transactions projected by the Borrower in good faith to result from actions with respect
to which substantial steps have been, will be, or are expected to be, taken (in the good faith determination of the Borrower) within
12 months after the Closing Date, calculated on a pro forma basis as though such cost savings, operating expense reductions, other
operating improvements and initiatives, restructuring charges and expenses and synergies had been realized on the first day of such period
as if such cost savings, operating expense reductions, restructuring charges and expenses and synergies were realized during the entirety
of such period), net of the amount of actual benefits realized during such period from such actions and which
adjustments may be incremental to pro forma adjustments made pursuant to the definition of “Debt Service Coverage Ratio”;
provided that the aggregate amount of all items added back pursuant to this clause (j) shall not exceed, together
with amounts added back pursuant to clause (i) above, 20% of Consolidated EBITDA (after giving effect to this clause (j))
for such period; plus


 


(k)       the
amount of loss or discount on sale of receivables and related assets to the Receivables Subsidiary in connection with a Receivables Financing,
to the extent deducted (and not added back) in computing Consolidated Net Income; plus


 


(l)       any
costs or expenses incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan
or agreement or any stock subscription or shareholder agreement or any accelerated vesting of awards in anticipation of the Transactions,
to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of Borrower or net cash proceeds of
an issuance of Equity Interest of the Borrower (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded
from the calculation of the Available Amount to the extent deducted (and not added back) in computing Consolidated Net Income; plus


 


(m)       [Reserved.];


 


(n)       the
Tax effect of any items excluded from the calculation of Consolidated Net Income pursuant to clauses (1), (3), (4), (7), (8) and (17) of the definition thereof; plus


 


(o)       [Reserved.];
plus


 


(p)       all
charges attributable to, and payments of, legal settlements, fines, judgments or orders; plus


 


(q)       [Reserved];


 




    24 


    	 



    

(2)       decreased
by (without duplication), non-cash gains increasing Consolidated Net Income for such period, excluding any non-cash gains to the extent
they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period;
and


 


(3)       increased
(by losses) or decreased (by gains) by (without duplication) the application of FASB Interpretation No. 45 (Guarantees).


 


Notwithstanding
the foregoing, the Consolidated EBITDA in respect of any Permitted Acquisition that is a Material Acquisition shall not be included in
the calculation of Consolidated EBITDA unless the “Consolidated EBITDA” is verified by a Quality of Earnings Report from
CBIZ, Inc. or such other diligence firm reasonably acceptable to Administrative Agent (it being agreed that any public accounting firm
of nationally recognized standing shall be acceptable to Administrative Agent).


 


“Consolidated
Interest Expense”: with respect to the Borrower and the Restricted Subsidiaries for any period, the sum, without duplication,
of


 


(1)       consolidated
interest expense for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income ((a)
including (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (ii) all
commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash
interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging
Obligations or other derivative instruments pursuant to GAAP), (iv) the interest component of Capitalized Lease Obligations and
(v) net payments and receipts (if any) pursuant to interest rate Hedging Obligations with respect to Indebtedness, and (b) excluding
(i) any prepayment premium or penalty, (ii) costs associated with obtaining Hedging Obligations and breakage costs in respect of Hedging
Obligations related to interest rates, (iii) any expense resulting from the discounting of any Indebtedness in connection with the
application of purchase accounting in connection with the Transactions or any acquisition, (iv) penalties and interest relating
to Taxes, (v) any “additional interest” or “penalty interest” with respect to any securities, (vi) any
accretion or accrued interest of discounted liabilities, (vii) amortization of deferred financing fees, amendment or consent fees,
debt issuance costs, commissions, discounts, fees and expenses, (viii) any expensing of bridge, commitment and other financing fees,
cost of surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities and (ix) commissions,
discounts, yield and other fees and charges (including any interest expense) related to any Receivables Financing); plus


 


(2)       consolidated
capitalized interest for such period, whether paid or accrued; less


 


(3)       interest
income for such period;


 


provided
that, for purposes of calculating Consolidated Interest Expense, no effect shall be given to the discount and/or premium resulting from
the bifurcation of derivatives under FASB ASC 815 and related interpretations as a result of the terms of the Indebtedness to which such
Consolidated Interest Expense relates.


 


For
purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.


 


Notwithstanding
the foregoing, any additional charges arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing
Liabilities from Equity—Overall—Recognition” to any series of Preferred Stock other than Disqualified Stock or (ii) the


 




    25 


    	 



    

application
of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition,” in each case,
shall be disregarded in the calculation of Fixed Charges.


 


“Consolidated
Net Income”: for any period, the Net Income of the Borrower and the Restricted Subsidiaries for such period, on a consolidated
basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication:


 


(1)       any
after-Tax effect of infrequent, non-recurring, non-operating or unusual gains, losses, income or expenses (including all fees and expenses
relating thereto) (including costs and expenses relating to the Transactions), severance, recruiting and relocation costs, contract termination
costs, system establishment charges, consolidation and closing costs, integration and facilities opening costs, business optimization
costs, transition costs, restructuring costs, signing, retention, incentive or completion bonuses or payments and curtailments or modifications
to pension and post-retirement employee benefit plans shall be excluded,


 


(2)       the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies,
whether or not effected through a cumulative effect adjustment or a retroactive application or otherwise in each case in accordance with
GAAP, shall be excluded,


 


(3)       any
net after-Tax effect of income or loss from disposed, abandoned or discontinued operations and any net after-Tax gains or losses on disposal
of disposed, abandoned, transferred, closed or discontinued operations shall be excluded,


 


(4)       any
net after-Tax effect of gains or losses (including all fees and expenses relating thereto) attributable to business dispositions or asset
dispositions or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business, as determined
in good faith by the Borrower, shall be excluded,


 


(5)       the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the
equity method of accounting (other than a Guarantor), shall be excluded; provided that the Consolidated Net Income of the Borrower
shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted
into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period or a prior period to the extent not previously
included,


 


(6)       solely
for the purpose of the definition of “Excess Cash Flow” and determining the amount available for Restricted Payments under
clause (A) of the definition of “Available Amount”, the Net Income for such period of any Restricted Subsidiary (other
than any Loan Party) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of its Net Income is not at the date of determination permitted without any prior Governmental Approval (which has not been
obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived, provided that Consolidated Net Income of
the Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in Cash Equivalents
(or to the extent converted into Cash Equivalents) to the Borrower or any of the Restricted Subsidiaries (to the extent not subject to
any such restriction) in respect of such period or a prior period, to the extent not previously included,


 




    26 


    	 



    

(7)       effects
of adjustments (including the effects of such adjustments pushed down to the Restricted Subsidiaries) in any line item in such Person’s
consolidated financial statements (including, but not limited to, any step-ups or reductions with respect to re-valuing assets and liabilities)
pursuant to GAAP and related authoritative pronouncements resulting from the application in accordance with GAAP of purchase accounting
in relation to the Transactions or any investment, acquisition, merger or consolidation (or reorganization or restructuring) that is
consummated after the Closing Date or the depreciation, amortization or write-off of any amounts thereof, net of taxes, shall be excluded,


 


(8)       any
net after-Tax income (loss) from the early extinguishment of (i) Indebtedness, (ii) Hedging Obligations or (iii) other
derivative instruments shall be excluded,


 


(9)       any
impairment charge or expense, asset write-off or write-down, including impairment charges or asset write-offs or write-downs related
to intangible assets, long-lived assets or investments in debt and equity securities or as a result of a change in law or regulations,
in each case, pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP shall be excluded,


 


(10)       [reserved],


 


(11)       any
fees and expenses or other charges (including any make-whole premium or penalties) incurred during such period, or any amortization thereof
for such period, in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness,
Equity Offering, refinancing transaction or amendment or modification of any debt instrument (in each case, (i) including any such
transactions consummated prior to the Closing Date, (ii) whether or not such transaction is undertaken but not completed, (iii) whether
or not such transaction is permitted by this Agreement and (iv) including any such transaction incurred by any direct or indirect
parent company of the Borrower) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction
shall be excluded,


 


(12)       accruals
and reserves that are established and not reversed within 12 months after the Closing Date that are so required to be established
as a result of the Transactions (or within 12 months after the closing of any acquisition that are so required to be established
as a result of such acquisition) in accordance with GAAP shall be excluded,


 


(13)       losses
or by gains arising from mark-to-market changes in earn-out and other similar obligations;


 


(14)       any
charges resulting from the application of Accounting Standards Codification Topic 805 “Business Combinations,” Accounting
Standards Codification Topic 350 “Intangibles—Goodwill and Other,” Accounting Standards Codification Topic 360-10-35-15
“Impairment or Disposal of Long-Lived Assets,” Accounting Standards Codification Topic 480-10-25-4 “Distinguishing
Liabilities from Equity—Overall—Recognition” or Accounting Standards Codification Topic 820 “Fair Value Measurements
and Disclosures” shall be excluded,


 


(15)       non-cash
interest expense resulting from the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion
Options—Recognition” shall be excluded,


 


(16)       any
non-cash rent, non-cash interest expense and non-cash interest income shall be excluded; provided that, if any such non-cash item
represents an accrual or reserve for potential cash item in any future period, (i) the Borrower may elect not to exclude such non-cash
item in the current period and (ii) to the extent the Borrower elects to exclude such non-cash item, the cash payment in respect


 




    27 


    	 



    

thereof
in such future period shall reduce or increase, as applicable, Consolidated Net Income in such future period to the extent paid,


 


(17)       the
net after-Tax effect of carve-out related items (including audit and legal expenses, elimination of duplicative costs (including with
respect to software licensing expenses and fees with respect to transaction services agreements) and costs and expenses related to information
and technology systems establishment or modification), in each case in connection with the performance of the rights and obligations
under any transitions services agreement, shall be excluded,


 


(18)       any
non-cash expenses, accruals, reserves or income related to adjustments to historical tax exposures or tax asset valuation allowances
shall be excluded;


 


(19)       [reserved];
and


 


(20)       the
following items shall be excluded:


 


(a)       any
net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations and the application of Accounting Standards
Codification Topic 815 “Derivatives and Hedging”; and


 


(b)       any
net foreign exchange gains or losses (whether or not realized) resulting from the impact of foreign currency changes on the valuation
of assets and liabilities on the consolidated balance sheet of the Borrower and the Restricted Subsidiaries (in each case, including
any net loss or gain resulting from hedge arrangements for currency exchange risk) and any net foreign exchange gains or losses (whether
or not realized) from the impact of foreign currency changes on intercompany accounts and in any event including any foreign exchange
translation or transaction gains or losses.


 


Solely
for purposes of calculating Consolidated EBITDA, the Net Income of the Borrower and the Restricted Subsidiaries shall be calculated without
deducting the income attributable to the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary except
to the extent of dividends declared or paid in respect of such period or any prior period on the shares of Capital Stock of such Restricted
Subsidiary held by such third parties.


 


In
addition, to the extent not already accounted for in the Consolidated Net Income of the Borrower and the Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include (i) the amount of proceeds received during such
period from business interruption insurance in respect of insured claims for such period, (ii) the amount of proceeds as to which
the Borrower has determined that there is a reasonable basis that it will be reimbursed by the insurer in respect of such period from
business interruption insurance (with a deduction for any amount so added back to the extent denied by the applicable carrier in writing
within 180 days or not so reimbursed within 365 days) and (iii) reimbursements of any expenses and charges that are covered
by indemnification, reimbursement, guaranty, purchase price adjustment or other similar provisions in connection with any Permitted Investment
or any sale, conveyance, transfer or other disposition of assets permitted hereunder.


 


Notwithstanding
the foregoing, (x) for the purpose of Section 7.3 only (other than clauses  (E) and (F) of the definition
of Available Amount), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition not
constituting a Permitted Investment made by the Borrower and the Restricted Subsidiaries, any repurchases and redemptions of Investments
that are not Permitted Investments from the Borrower and the Restricted Subsidiaries,
any repayments of loans and advances which do not constitute Permitted Investments by the Borrower or any of the Restricted


 




    28 


    	 



    

Subsidiaries,
any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary , in each case only
to the extent such amounts increase the amount of Restricted Payments, Investments and/or Restricted Debt Payments permitted under such
covenant pursuant to clauses  (E) and (F) of the definition of Available Amount and (y) for the purpose of the
definition of “Excess Cash Flow” only, there shall be excluded the income (or deficit) of any Person accrued prior to the
date it becomes a Restricted Subsidiary or is merged into or consolidated with the Borrower or any Restricted Subsidiary thereof.


 


“Consolidated
Non-Cash Charges”: for any period, the aggregate depreciation, amortization (including amortization of intangibles, deferred
financing fees, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees, the
non-cash portion of interest expense resulting from the reduction in the carrying value under purchase accounting of outstanding Indebtedness
and commissions, discounts, yield and other fees and charges but excluding amortization of prepaid cash expenses that were paid in a
prior period), non-cash impairment, non-cash compensation (including in connection with options, restricted stock, restricted stock units
or other equity level awards under any Borrower incentive plan), non-cash rent and other non-cash expenses reducing Consolidated Net
Income for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided that if any non-cash
charges referred to in this definition represent an accrual or reserve for potential cash items in any future period, the cash payment
in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to such extent paid.


 


“Consolidated
Total Indebtedness”: as of any date of determination, the aggregate principal amount of Indebtedness of the Borrower and
the Restricted Subsidiaries described in clauses (a)(i), (a)(ii) (excluding, for the avoidance of doubt, surety bonds,
performance bonds and similar instruments) and (solely with respect to the definition of “Total Net Leverage Ratio”) and (a)(iv)
of the definition of “Indebtedness”, determined on a consolidated basis, to the extent required to be recorded on a
balance sheet in accordance with GAAP, including, without duplication, the outstanding principal amount of the Term Loans; provided,
that the amount of revolving Indebtedness under this Agreement and any other revolving credit facility shall be computed based upon
the period-ending value of such Indebtedness during the applicable period; provided, further, that Consolidated Total
Indebtedness shall not include (x) Indebtedness in respect of any Qualified Receivables Financing permitted pursuant to Section 7.2(b)(xxi)
or (y) obligations in respect of letters of credit (including Letters of Credit), except to the extent of unreimbursed amounts
thereunder.


 


“Consolidated
Working Capital”: at any date, the excess of Consolidated Current Assets on such date over Consolidated Current Liabilities
on such date.


 


“Consolidated
Working Capital Adjustment”: for any period on a consolidated basis, the amount (which may be a negative number) by which Consolidated
Working Capital as of the beginning of such period exceeds (or is less than (in which case the Consolidated Working Capital Adjustment
will be a negative number)) Consolidated Working Capital as of the end of such period.


 


“Contingent
Obligations”: with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations
that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any
manner, whether directly or indirectly, including, any obligation of such Person, whether or not contingent:


 


(1)       to
purchase any such primary obligation or any property constituting direct or indirect security therefor,


 




    29 


    	 



    

(2)       to
advance or supply funds:


 


(a)       for
the purchase or payment of any such primary obligation; or


 


(b)       to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor;
or


 


(3)       to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability
of the primary obligor to make payment of such primary obligation against loss in respect thereof.


 


“Contractual
Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other
undertaking to which such Person is a party or by which it or any of its property is bound.


 


“Contribution
Indebtedness”: Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount not greater than
the aggregate amount of cash contributions (including such contributions in exchange for Equity Interests in the Borrower) (other than
Excluded Contributions, any contributions received in connection with the exercise of the Cure Right or any such cash contributions that
have been used to increase the Available Amount) made to the common equity capital of the Borrower after the Closing Date, in each case
to the extent not previously applied in determining the permissibility of a transaction under the Loan Documents where such permissibility
was (or may have been) contingent on the receipt of availability of such amount.


 


“control”:
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “controlling” and “controlled”
have meanings correlative thereto.


 


“Corresponding
Tenor”: with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.


 


“Covered
Party” as defined in Section 11.23.


 


“Cure
Amount”: as defined in Section 9.3(a).


 


“Cure
Period”: as defined in Section 9.3(a).


 


“Cure
Right”: as defined in Section 9.3(a).


 


“Daily
Simple SOFR”: for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the
Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining
“Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not
administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable
discretion.


 


“Debt
Fund Affiliate”: an Affiliate of the Borrower (other than the Borrower and any of its Subsidiaries) that is a bona fide debt
fund or an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and
similar extensions of credit in the ordinary course of business with respect to which the Borrower and its Affiliates (other than Debt


 




    30 


    	 



    

Fund
Affiliates) do not directly or indirectly possess the power to direct or cause the direction of the investment policies of such entity.


 


“Debt
Service Coverage Ratio”: the ratio of:


 


(a)       Consolidated
EBITDA less Capital Expenditures, less cash Taxes (including, without any limitation, any payment(s) made in cash for Tax
on net income or any Cash Distributions to Borrower or its members for purposes of paying income tax liabilities), each for the most
recently completed four fiscal quarter period for which the financial statements required by Section 6.1(a) or (b),
as the case may be, have been or were required to have been delivered hereunder, to


 


(b)       Consolidated
Interest Expense paid in cash plus the principal amount of all Indebtedness scheduled to be paid, during the most recently completed
four fiscal quarter period.


 


For
purposes of making the computation referred to above, Investments (including any designation of a Subsidiary as a Restricted Subsidiary
or an Unrestricted Subsidiary), acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations (as determined
in accordance with GAAP), in each case with respect to an operating unit of a business, and Operational Changes that the Borrower or
any of the Restricted Subsidiaries has both determined to make and made after the Closing Date and during the four-quarter reference
period or subsequent to such reference period and on or prior to or substantially simultaneously with the Calculation Date (each, for
purposes of this definition, a “pro forma event”) shall be calculated on a Pro Forma Basis assuming that all such
Investments, acquisitions, dispositions, mergers (including the Transactions), consolidations, Operational Changes and discontinued operations
(and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on
the first day of the four-quarter reference period. If, since the beginning of such period, any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period shall have made or
effected any Investment, acquisition, disposition, merger, consolidation or discontinued operation, in each case with respect to an operating
unit of a business, or Operational Changes that would have required adjustment pursuant to this definition, then the Debt Service Coverage
Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation,
discontinued operation or Operational Changes had occurred at the beginning of the applicable four-quarter period.


 


For
purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Borrower to the extent identifiable and supportable. Any such pro
forma calculation may include, without duplication,  adjustments appropriate to reflect cost savings, operating expense reductions,
restructuring charges and expenses and synergies reasonably expected to result from the applicable event to the extent set forth in the
definition of “Consolidated EBITDA”.


 


If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Debt Service Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest
on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance
of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or 


 




    31 


    	 



    

similar
rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if
none, then based upon such optional rate chosen as the Borrower may designate. In connection with any Limited Condition Transaction,
the Borrower may determine baskets and ratios in accordance with Section 1.4.


 


“Debtor
Relief Laws”: the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.


 


“Declined
Proceeds”: as defined in Section 2.11(f).


 


“Default”:
any of the events specified in Section 9.1, whether or not any requirement for the giving of notice, the lapse of time, or
both, has been satisfied.


 


“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.


 


“Defaulting
Lender”: any Lender that (a) has refused (whether verbally or in writing) to fund (and has not retracted such refusal),
or has failed to fund, any portion of the Term Loans, Revolving Loans, participations in L/C Obligations or participations in Designated
Acquisition Swingline Loans required to be funded by it hereunder (collectively, its “Funding Obligations”) within
one Business Day of the date required to be funded by such Lender hereunder unless such Lender notifies the Administrative Agent and
the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to
funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing),
(b) has notified the Administrative Agent or the Borrower in writing that it does not intend to (or will not be able to) satisfy
such Funding Obligations or has made a public statement to that effect with respect to its Funding Obligations or generally under other
agreements in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to
fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding
(which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement)
cannot be satisfied), (c) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required
to be paid by it hereunder within one Business Day of the date when due, (d) has failed, within three (3) Business Days after written
request by the Administrative Agent, to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with
its Funding Obligations; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (d)
upon the Administrative Agent’s receipt of such confirmation, or (e) has, or has a direct or indirect parent company that
has, (i) admitted in writing that it is insolvent or pay its debts as they become due, (ii) become the subject of a proceeding
under any Debtor Relief Law, (iii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or a substantial part of its assets or a custodian appointed
for it, (iv) is or becomes subject to a forced liquidation, (v) makes a general assignment for the benefit of creditors or
is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such person or its assets to
be insolvent or bankrupt, (vi) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any
such proceeding or appointment or action or (vii) become the subject of a Bail-In Action; provided that a Lender shall not
be a Defaulting Lender under this clause (e) solely by virtue of the ownership or acquisition of any equity interest in that
Lender or the existence of an Undisclosed Administration in respect of that Lender (or, in such any case, any direct or indirect parent
company thereof) by a Governmental Authority so long as such ownership interest or Undisclosed Administration does not result in or provide
such Lender with immunity from the


 




    32 


    	 



    

jurisdiction
of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or
such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.


 


“Defaulting
Lender Fronting Exposure”: at any time there is a Defaulting Lender, (a) with respect to an Issuing Lender, such Defaulting
Lender’s Pro Rata Share of the Outstanding Amount of L/C Obligations of such Issuing Lender other than L/C Obligations as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with
the terms hereof and (b) with respect to the Designated Acquisition Swingline Lender, such Defaulting Lender’s Pro Rata Share of
Designated Acquisition Swingline Loans other than Designated Acquisition Swingline Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof.


 


“Designated
Non-cash Consideration”: the Fair Market Value of non-cash consideration received by the Borrower or any of its Restricted
Subsidiaries in connection with an Asset Sale that is determined by the Borrower to be Designated Non-cash Consideration, less
the amount of Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.


 


“Designated
Preferred Stock”: Preferred Stock of the Borrower or any direct or indirect parent of the Borrower, as applicable (other than
Disqualified Stock), that is issued for cash (other than to the Borrower or any of the Subsidiaries or an employee stock ownership plan
or trust established by the Borrower or any of its Subsidiaries) and is so determined by the Borrower to be Designated Preferred Stock,
the cash proceeds of which are excluded from the calculation set forth in clauses (B) and (C) of the definition of “Available
Amount”.


 


“Designated
Acquisition Swingline Borrowing”: utilization of the Designated Acquisition Swingline Commitment consisting of the assumption
of or guarantee by the Borrower of BRP C Corp Acquisition Indebtedness treated as a Designated Acquisition Swingline Loan hereunder.


 


“Designated
Acquisition Swingline Commitment”: the obligation of one or more Designated Acquisition Swingline Lenders to hold Designated
Acquisition Swingline Loans pursuant to Section 2.6 in an aggregate principal amount at any one time outstanding not to exceed
the lesser of (x) the aggregate outstanding principal amount of any BRP C Corp Acquisition Indebtedness and (y) $300,000,000 (or such
higher amount agreed to by the Designated Acquisition Swingline Lenders). For the avoidance of doubt, the availability of Designated
Acquisition Swingline Commitments shall be reduced by the amount of BRP C Corp. Acquisition Indebtedness that are Designated Acquisition
Swingline Loans.


 


“Designated
Acquisition Swingline Lender”: (i) JPMCB, in its capacity as the lender of Designated Acquisition Swingline Loans or (ii) one
or more other Revolving Lenders approved by the Administrative Agent and the Borrower and that agrees in writing to act in such capacity
(in such capacity).


 


“Designated
Acquisition Swingline Loan Note”: a promissory note substantially in the form of Exhibit F-3.


 


“Designated
Acquisition Swingline Loans”: as defined in Section 2.6.


 


“Designated
Acquisition Swingline Participation Amount”: as defined in Section 2.7(c).


 




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“Disposition”:
with respect to any property (including Capital Stock of the Borrower or any Restricted Subsidiary), any sale, lease, Sale Leaseback
Transaction, assignment, conveyance, transfer or other disposition thereof (including by allocation of assets by division, merger or
consolidation or amalgamation, or allocation of assets to any series of a limited liability company and excluding the granting of a Lien
permitted hereunder) and any issuance of Capital Stock of any Restricted Subsidiary. The terms “Dispose” and “Disposed
of” shall have correlative meanings.


 


“Disqualified
Lender”: (i) such banks, financial institutions or other Persons separately identified in writing by the Borrower to the
Joint Lead Arrangers on September 22, 2020 (or any affiliates of such entities that are readily identifiable as affiliates solely on
the basis of their names), (ii) competitors of the Borrower or any of its Subsidiaries (other than bona fide fixed income investors or
debt funds) identified in writing from time to time by email to JPMDQ_contact@jpmorgan.com (and affiliates of such entities that are
readily identifiable as affiliates solely on the basis of their names or that are identified to us from time to time in writing by you
(other than bona fide fixed income investors or debt funds); provided that any additional designation permitted by the foregoing
shall not become effective until three (3) Business Days following delivery to the Administrative Agent by email; provided, further,
that in no event shall any notice given pursuant to this definition apply to retroactively disqualify any Person who previously acquired
and continues to hold, any Loans, Commitments or participations prior to the receipt of such notice.


 


“Disqualified
Stock”: with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into
which it is convertible or for which it is redeemable or exchangeable, in each case at the option of the holder thereof), or upon the
happening of any event:


 


(1)       matures
or is mandatorily redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking fund obligation or
otherwise,


 


(2)       is
convertible or exchangeable for Indebtedness or Disqualified Stock, or


 


(3)       is
redeemable at the option of the holder thereof, in whole or in part,


 


in
each case prior to the then Latest Maturity Date in respect of the Term Facility (other than as a result of a change of control or asset
sale to the extent permitted under clause (1) above); provided, however, that only the portion of Capital Stock
that so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof
prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock
is issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Capital
Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or any Restricted Subsidiary
in order to satisfy applicable statutory or regulatory obligations; provided, further, however, that any Capital
Stock held by any future, current or former employee, director, manager or consultant (or their respective trusts, estates, investment
funds, investment vehicles or immediate family members), of the Borrower, any of its Subsidiaries, any of its direct or indirect parent
companies or any other entity in which the Borrower or a Restricted Subsidiary has an Investment and is designated in good faith as an
“affiliate” by the Board of Directors of the Borrower (or the compensation committee thereof), in each case pursuant to any
stockholders’ agreement, management equity plan, stock option plan or any other management or employee benefit plan or agreement
shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or any Restricted Subsidiary;
provided, further, however, that any class of Capital Stock of such Person that by its terms authorizes such Person
to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified
Stock.


 




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“Distribution”
for any Person means, with respect to any Capital Stock of that Person, (i) the declaration or payment of any dividend or distribution
on or with respect to such Capital Stock, (ii) the retirement, redemption, purchase, withdrawal, or other acquisition for value of such
Capital Stock (including the purchase of warrants, rights, or other options to acquire such interests), or (iii) any other payment by
that Person with respect to such Capital Stock.


 


“Dollar
Equivalent” means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b)
with respect to any amount in any other currency, the equivalent in Dollars of such amount, determined by the Administrative Agent or
the Issuing Lender, as applicable, pursuant to Section 1.6 using the Exchange Rate with respect to such currency at the time in
effect under the provisions of such Section.


 


“Dollars”
and “$”: dollars in lawful currency of the United States.


 


“Dutch
Auction”: one or more purchases (each, a “Purchase”) by a Permitted Auction Purchaser or an Affiliated Lender
(either, a “Purchaser”) of Term Loans; provided that, each such Purchase is made on the following basis:


 


(a)       (i) the
Purchaser will notify the Administrative Agent in writing (a “Purchase Notice”) (and the Administrative Agent will
deliver such Purchase Notice to each relevant Lender) that such Purchaser wishes to make an offer to purchase from each Term Lender and/or
each Lender with respect to any Class of Term Loans on an individual tranche basis Term Loans, in an aggregate principal amount as is
specified by such Purchaser (the “Term Loan Purchase Amount”) with respect to each applicable tranche, subject to
a range or minimum discount to par expressed as a price at which range or price such Purchaser would consummate the Purchase (the “Offer
Price”) of such Term Loans to be purchased (it being understood that different Offer Prices and/or Term Loan Purchase Amounts,
as applicable, may be offered with respect to different tranches of Term Loans and, in such an event, each such offer will be treated
as a separate offer pursuant to the terms of this definition); provided that the Purchase Notice shall specify that each Return
Bid (as defined below) must be submitted by a date and time to be specified in the Purchase Notice, which date shall be no earlier than
the second Business Day following the date of the Purchase Notice and (ii) the Term Loan Purchase Amount specified in each Purchase
Notice delivered by such Purchaser to the Administrative Agent shall not be less than $10,000,000 in the aggregate;


 


(b)       such
Purchaser will allow each Lender holding the Class of Term Loans subject to the Purchase Notice to submit a notice of participation (each,
a “Return Bid”) which shall specify (i) one or more discounts to par of such Lender’s tranche or tranches
of Term Loans subject to the Purchase Notice expressed as a price (each, an “Acceptable Price”) (but in no event will
any such Acceptable Price be greater than the highest Offer Price for the Purchase subject to such Purchase Notice) and (ii) the
principal amount of such Lender’s tranches of Term Loans at which such Lender is willing to permit a purchase of all or a portion
of its Term Loans to occur at each such Acceptable Price (the “Reply Amount”);


 


(c)       based
on the Acceptable Prices and Reply Amounts of the Term Loans as are specified by the Lenders, such Purchaser will determine the applicable
discount (the “Applicable Discount”), which will be the lower of (i) the lowest Acceptable Price at which such
Purchaser can complete the Purchase for the entire Term Loan Purchase Amount and (ii) in the event that the aggregate Reply Amounts
relating to such Purchase Notice are insufficient to allow such Purchaser to complete a purchase of the entire Term Loan Purchase Amount,
the highest Acceptable Price that is less than or equal to the Offer Price;


 




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(d)       such
Purchaser shall purchase Term Loans from each Lender with one or more Acceptable Prices that are equal to or less than the Applicable
Discount at the Applicable Discount (such Term Loans being referred to as “Qualifying Loans” and such Lenders being
referred to as “Qualifying Lenders”), subject to clauses (e), (f), (g) and (h) below;


 


(e)       such
Purchaser shall purchase the Qualifying Loans offered by the Qualifying Lenders at the Applicable Discount; provided that if the
aggregate principal amount required to purchase the Qualifying Loans would exceed the Term Loan Purchase Amount, such Purchaser shall
purchase Qualifying Loans ratably based on the aggregate principal amounts of all such Qualifying Loans tendered by each such Qualifying
Lender;


 


(f)       the
Purchase shall be consummated pursuant to and in accordance with Section 11.6(b) and, to the extent not otherwise provided
herein, shall otherwise be consummated pursuant to procedures (including as to timing, rounding and minimum amounts, Interest Periods,
and other notices by such Purchaser) reasonably acceptable to the Administrative Agent (provided that, subject to the proviso
of clause (g) of this definition, such Purchase shall be required to be consummated no later than ten (10) Business Days
after the time that Return Bids are required to be submitted by Lenders pursuant to the applicable Purchase Notice);


 


(g)       upon
submission by a Lender of a Return Bid, subject to the foregoing clause (f), such Lender will be irrevocably obligated
to sell the entirety or its pro rata portion (as applicable pursuant to clause (e) above) of the Reply Amount at
the Applicable Discount plus accrued and unpaid interest through the date of purchase to such Purchaser pursuant to Section 11.6(b)
and as otherwise provided herein; provided that as long as no Return Bids have been submitted each Purchaser may rescind its
Purchase Notice by notice to the Administrative Agent; and


 


(h)       purchases
by a Permitted Auction Purchaser of Qualifying Loans shall result in the immediate Cancellation of such Qualifying Loans.


 


“Early
Opt-in Election”: if the then-current Benchmark is Adjusted LIBO Rate, the occurrence of:


 


		(1)	a notification by the Administrative
                                            Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
                                            other parties hereto that at least five currently outstanding dollar-denominated syndicated
                                            credit facilities at such time contain (as a result of amendment or as originally executed)
                                            a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark
                                            rate (and such syndicated credit facilities are identified in such notice and are publicly
                                            available for review), and



 


		(2)	the joint election by the Administrative
                                            Agent and the Borrower to trigger a fallback from Adjusted LIBO Rate and the provision by
                                            the Administrative Agent of written notice of such election to the Lenders.



 


“ECF
Percentage”: (a) 50% so long as the Total First Lien Net Leverage Ratio determined on a Pro Forma Basis as of the last day
of such fiscal year is greater than 4.75 to 1.00 (with only the amount of Excess Cash Flow required to be swept so that the Total First
Lien Net Leverage Ratio determined on a Pro Forma Basis as of the last day of such fiscal year would be no greater than 4.75 to 1.00)
and (b) otherwise, 0%.


 


“EEA
Financial Institution”: means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any


 




    36 


    	 



    

entity
established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a)
or (b) of this definition and is subject to consolidated supervision with its parent.


 


“EEA
Member Country”: means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA
Resolution Authority”: means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.


 


“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted
by a Person with the intent to sign, authenticate or accept such contract or record.


 


“Eligible
Assignee”: (a) any Lender, any Affiliate of a Lender and any Approved Fund (any two or more Approved Funds with
respect to a particular Lender being treated as a single Eligible Assignee for all purposes hereof), and (b) any commercial
bank, insurance company, financial institution, investment or mutual fund or other entity that is an “accredited
investor” (as defined in Regulation D under the Securities Act) and which extends credit or buys commercial loans in the
ordinary course; provided that “Eligible Assignee” (x) shall include (i) Affiliated Lenders, subject to
the provisions of Section 11.6(b)(iv) and (ii) Permitted Auction Purchasers, subject to the provisions of Section 11.6(b)(iii),
and solely to the extent that such Permitted Auction Purchasers purchase or acquire Term Loans pursuant to a Dutch Auction or in
open market purchases and effect a Cancellation immediately upon such contribution, purchase or acquisition pursuant to
documentation reasonably satisfactory to the Administrative Agent and (y) shall not include any Disqualified Lender or any
natural person.


 


“Environmental
Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing
liability or standards of conduct concerning Materials of Environmental Concern, human health and safety with respect to exposure to
Materials of Environmental Concern, and protection or restoration of the environment as now or may at any time hereafter be in effect.


 


“Equity
Holder”: any direct or indirect equity holder of the Borrower.


 


“Equity
Interests”: Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any Indebtedness
that is convertible into, or exchangeable for, Capital Stock).


 


“Equity
Offering”: any public or private sale after the Closing Date of common stock or Preferred Stock of the Borrower or any direct
or indirect parent of the Borrower, as applicable (other than Disqualified Stock), other than:


 


(1)       public
offerings with respect to such Person’s common stock registered on Form S-8; and


 


(2)       an
issuance to any Restricted Subsidiary.


 


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


 




    37 


    	 



    

“ERISA
Event” as defined in Section 4.11.


 


“Escrowed
Proceeds” means the proceeds of Indebtedness permitted by Section 7.2 which are maintained under escrow or a similar contingent
release arrangement and are permitted to be released solely for (x) Permitted Acquisitions subject to such Indebtedness being permitted
by Section 7.2 on a pro forma basis on the date of release from escrow or similar contingent release arrangement and/or (y) repayment
of Indebtedness. For the avoidance of doubt, funds in the Segregated Acquisition Amount Deposit Account are Escrowed Proceeds.


 


“EU
Bail-In Legislation Schedule”: means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.


 


“Euro”
and “€” means the lawful currency of the European Union as constituted by the Treaty of Rome which established
the European Community, as such treaty may be amended from time to time and as referred to in the European Monetary Union legislation.


 


“Eurocurrency
Loans”: Loans that bear interest at a rate based on the definition of “Eurocurrency Rate”, other than any ABR Loan.


 


“Eurocurrency
Rate”: with respect to any Borrowing of Eurocurrency Loans for any Interest Period, the London interbank offered rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for the applicable currency for
a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate
(or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays
such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the
Administrative Agent in its reasonable discretion at approximately 11:00 a.m., London time, on the relevant Quotation Date (the “LIBOR
Screen Rate”); provided that (a) with respect to any Revolving Loan, if the LIBOR Screen Rate shall be less than 0.00%,
such rate shall be deemed to be 0.00% for purposes of this Agreement and (b) with respect to any Term Loan, if the LIBOR Screen Rate
shall be less than 0.750.50%,
such rate shall be deemed to be 0.750.50%
for purposes of this Agreement; provided further that if the LIBOR Screen
Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to
the applicable currency then the Eurocurrency Rate shall be the Interpolated Rate; provided that (x) with respect to any Revolving
Loan, if any Interpolated Rate shall be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement and (y)
with respect to any Term Loan, if any Interpolated Rate shall be less than 0.750.50%,
such rate shall be deemed to be 0.750.50%
for purposes of this Agreement; and


 





“Eurocurrency
Tranche”: the collective reference to Eurocurrency Loans under a particular Facility the then current Interest Periods with
respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made
on the same day).


 


“Event
of Default”: any of the events specified in Section 9.1; provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied.


 


“Excess
Cash Flow”: for any Excess Cash Flow Period, the excess, if positive, of


 


(a)       the
sum, without duplication, of


 


(i)       Consolidated
Net Income for such Excess Cash Flow Period,


 




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(ii)       the
amount of Consolidated Non-Cash Charges deducted in arriving at such Consolidated Net Income, but excluding any such Consolidated Non-Cash
Charges representing an accrual or reserve for a potential cash item in any future period,


 


(iii)       the
Consolidated Working Capital Adjustment for such Excess Cash Flow Period,


 


(iv)       the
aggregate net amount of non-cash loss on the Disposition of property by the Borrower and the Restricted Subsidiaries during such Excess
Cash Flow Period (other than sales in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income,


 


(v)       [reserved],
and


 


(vi)       cash
receipts in respect of Swap Agreements during such Excess Cash Flow Period to the extent not otherwise included in Consolidated Net Income,
over


 


(b)       the
sum, without duplication, of


 


(i)       the
amount of all non-cash credits included in arriving at such Consolidated Net Income (but excluding any non-cash credit to the extent
representing a reversal of an accrual or reserve described in clause (a)(ii)),


 


(ii)       to
the extent not deducted in determining Consolidated Net Income, Permitted Tax Distributions and Taxes of any Group Member paid or payable
with respect to such Excess Cash Flow Period and, if payable, for which reserves have been established to the extent required by GAAP,



 


(iii)       all
mandatory prepayments of the Term Loans pursuant to Section 2.11 made during such Excess Cash Flow Period as a result of
any Asset Sale or Recovery Event, but only to the extent that such Asset Sale or Recovery Event resulted in a corresponding increase
in Consolidated Net Income,


 


(iv)       the
aggregate amount actually paid by the Borrower and the Restricted Subsidiaries in cash during such Excess Cash Flow Period on account
of Permitted Acquisitions or other Investments permitted hereunder (including any earn-out payments, deferred consideration and other
contingent consideration, but excluding (A) the principal amount of Indebtedness Incurred in connection with such expenditures (other
than Indebtedness under any revolving credit facility), (B) the proceeds of equity contributions to, or equity issuances by the
Borrower or any Restricted Subsidiary to finance such expenditures) and (C) Permitted Acquisitions and other Investments made in such
Excess Cash Flow Period where a certificate in the form contemplated by the preceding clause (iii) was previously delivered,


 


(v)       to
the extent not funded with the proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), the aggregate
amount of all regularly scheduled principal amortization payments of Funded Debt made on their due date during such Excess Cash Flow
Period (including payments in respect of Capitalized Lease Obligations to the extent not deducted in the calculation of Consolidated
Net Income),


 


(vi)       to
the extent not funded with the proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), the aggregate
amount of all optional prepayments, repurchases and redemptions of Indebtedness (other than (x) the Loans and (y) in respect
of any 


 




    39 


    	 



    

revolving
credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder) made during the Excess Cash Flow
Period,


 


(vii)       the
aggregate net amount of non-cash gains on the Disposition of property by the Borrower and the Restricted Subsidiaries during such Excess
Cash Flow Period (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated
Net Income,


 


(viii)       to
the extent not funded with proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), the aggregate amount
of all Restricted Payments made in cash (other than such Restricted Payments made to the Borrower or any Restricted Subsidiary), during
such Excess Cash Flow Period,


 


(ix)       any
cash payments that are made during such Excess Cash Flow Period and have the effect of reducing an accrued liability that was not accrued
during such period,


 


(x)       the
amount of Taxes paid in cash during such Excess Cash Flow Period to the extent they exceed the amount of Tax expense deducted in determining
Consolidated Net Income for such period,


 


(xi)       to
the extent not deducted in determining Consolidated Net Income for such period, any amounts paid by the Restricted Subsidiaries during
such period that are reimbursable by the seller, or other unrelated third party, in connection with a Permitted Acquisition or other
permitted Investments (and provided that once so reimbursed, such amounts shall increase Excess Cash Flow for the period in which received),


 


(xii)       the
aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and any Restricted Subsidiary during
such period that are required to be made in connection with any prepayment or satisfaction and discharge of Indebtedness,


 


(xiii)       cash
expenditures in respect of Swap Agreements during such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated
Net Income,


 


(xiv)       the
amount of cash payments made in respect of pensions and other post-employment benefits in such period to the extent not deducted in arriving
at such Consolidated Net Income,


 


(xv)       the
amount of Cash Equivalents subject to cash collateral or other deposit arrangements made with respect to Letters of Credit or Swap Agreements;
provided, that if such Cash Equivalents cease to be subject to those arrangements, such amount shall be added back to Excess Cash
Flow for the subsequent Excess Cash Flow Period when such arrangements cease,


 


(xvi)       a
reserve established by the Borrower or any Restricted Subsidiary in good faith in respect of deferred revenue that any Group Member generated
during such Excess Cash Flow Period; provided that, to the extent all or any portion of such deferred revenue is not returned
to customers during the immediately succeeding Excess Cash Flow Period or otherwise included in the Consolidated Net Income in the immediately
subsequent year, such deferred revenue shall be added back to Excess Cash Flow for such subsequent Excess Cash Flow Period, 


 


(xvii)       to
the extent not funded with the proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), cash payments
by the Borrower and the Restricted 


 




    40 


    	 



    

Subsidiaries
in respect of long-term liabilities to the extent not deducted in arriving at such Consolidated Net Income; provided that no such
payments are with respect to long-term liabilities with an Affiliate of the Borrower (or are guaranteed by an Affiliate of the Borrower),
and


 


(xviii)       amounts
added to Consolidated Net Income pursuant to clauses (1), (3), (4), (11), (17) and (18)
of the definition of “Consolidated Net Income.”


 


“Excess
Cash Flow Application Date”: as defined in Section 2.11(b).


 


“Excess
Cash Flow Period”: each fiscal year of the Borrower beginning with the fiscal year ending December 31, 2021.


 


“Exchange
Act”: the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.


 


“Exchange
Rate” means, on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at
which such other currency may be exchanged into Dollars at the time of determination on such day on the Reuters WRLD Page for such currency.
In the event that such rate does not appear on any Reuters WRLD Page, the Exchange Rate shall be determined by reference to such other
publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the
absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative
Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about
such time as the Administrative Agent shall elect after determining that such rates shall be the basis for determining the Exchange Rate,
on such date for the purchase of Dollars for delivery two Business Days later, provided that if at the time of any such determination,
for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine
such rate, and such determination shall be conclusive absent manifest error.


 


“Excluded
Assets”: shall mean, with respect to any Loan Party, (i) any fee-owned real property not constituting Material Property and
any leasehold interest in real property (it being understood there will be no requirement to obtain any landlord waivers, estoppels or
collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, except to the extent a security
interest therein can be perfected by the filing of a UCC financing statement, (iii) letter of credit rights (other than to the extent
consisting of supporting obligations with respect to other collateral to the extent a security interest therein can be perfected by the
filing of a UCC financing statement) and commercial tort claims with a value of less than $15,000,000, (iv) any governmental licenses
or state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or
authorizations are prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of the UCC or other
applicable law, (v) pledges and security interests prohibited or restricted by applicable law, rule or regulation (including any requirement
thereunder to obtain the consent of any governmental or regulatory authority) after giving effect to the applicable anti-assignment provisions
of the UCC or other applicable law, (vi) (A) Margin Stock, (B) Equity Interests in any Person that is not a wholly-owned Restricted Subsidiary,
but only to the extent that (x) the organizational documents or other agreements with other equity holders restrict or do not permit
the pledge of such Equity Interests or (y) the pledge of such Equity Interests (including any exercise of remedies) would result in a
change of control, repurchase obligation or any adverse regulatory consequences to any of the Loan Parties or such Restricted Subsidiary,
(C) Equity Interests in Captive Insurance Subsidiaries, and (D) voting stock of any CFC or CFC Holdco in excess of 65% of the voting
stock of such CFC or CFC Holdco, (vii) any lease, license or agreement or any property subject to a purchase money security interest,
capital lease obligations or similar arrangement permitted under this Agreement, in each case, to the extent that a grant of a security


 




    41 


    	 



    

interest
therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right of termination
in favor of any other party thereto (other than a Loan Party or Restricted Subsidiary) after giving effect to the applicable anti-assignment
provisions of the UCC or other applicable law, other than proceeds and receivables thereof, the assignment of which is expressly deemed
effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition, (viii) any intent-to-use trademark
application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to
the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity
or enforceability of such intent-to-use trademark application under applicable federal law, (ix) (A) payroll and other employee wage
and benefit accounts, (B) withholding tax accounts, including, without limitation, sales tax accounts, (C) escrow accounts (other than
segregated escrow accounts or similar accounts holding Escrowed Proceeds (including, for the avoidance of doubt, the Segregated Acquisition
Amount Deposit Account)) and (D) fiduciary or trust accounts, in each case of clauses (A) through (D), to the extent maintained
for the benefit of unaffiliated third parties (other than a Loan Party) solely for such purpose, and the funds or other property held
in or maintained in such account for such purposes, and (x) assets in circumstances where the cost or burden of obtaining a security
interest in such assets would be excessive in light of the practical benefit to the Lenders afforded thereby as reasonably determined
between the Borrower and the Administrative Agent; provided, however, that Excluded Assets shall not include any proceeds,
substitutions or replacements of any Excluded Assets referred to in clause (i) through (x) (unless such proceeds, substitutions
or replacements would constitute Excluded Assets referred to in clauses (i) through (x)).


 


“Excluded
Contributions”: the net cash proceeds and Cash Equivalents or Fair Market Value of assets or property received by or contributed
to the Borrower or any Restricted Subsidiary after the Closing Date (other than (i) such amounts provided by or contributed to the
Borrower or any Restricted Subsidiary from or by any Restricted Subsidiary and (ii) Permitted Cure Securities) from:


 


(a)       contributions
to its common or preferred equity capital, and


 


(b)       the
sale (other than to the Borrower or a Restricted Subsidiary or management equity plan or stock option plan or any other management or
employee benefit plan or agreement) of Capital Stock (other than Refunding Capital Stock, Disqualified Stock and Designated Preferred
Stock) of the Borrower or any direct or indirect parent, in each case of clauses (a) and (b) designated by the Borrower
as an Excluded Contribution, the proceeds of which are excluded from the calculation set forth in clause (C) of the definition
of “Available Amount.”


 


“Excluded
ECP Guarantor”: in respect of any Swap Obligation, any Loan Party that is not a Qualified ECP Guarantor at the time such Swap
Obligation is Incurred.


 


“Excluded
Subsidiary”: any Subsidiary of the Borrower that is, at any time of determination, (i) not a Wholly Owned Subsidiary,
provided that such Subsidiary shall cease to be an Excluded Subsidiary at the time such Subsidiary becomes a Wholly Owned Subsidiary,
(ii) a special purpose securitization vehicle (or similar entity), including any Receivables Subsidiary created pursuant to a transaction
permitted under this Agreement, in each case reasonably satisfactory to the Administrative Agent, (iii) [reserved], (iv) a
not-for-profit Subsidiary, (v) a Captive Insurance Subsidiary, (vi) a CFC, (vii) a CFC Holdco, (viii) a Subsidiary
of a CFC, (ix) an Unrestricted Subsidiary, (x) any Foreign Subsidiary, (xi) any Immaterial Subsidiary (provided
that, in the absence of any other applicable limitation, such Subsidiary shall cease to be an Excluded Subsidiary at the time such Subsidiary
is no longer an Immaterial Subsidiary), (xii) for which the granting of a pledge or security interest would be prohibited or restricted
by applicable law whether on the Closing Date or thereafter or by contract existing on the Closing Date, or, if such Subsidiary is acquired
after the Closing Date, by contract existing when such Subsidiary is


 




    42 


    	 



    

acquired
(so long as such prohibition is not created in contemplation of such acquisition), including any requirement to obtain the consent of
any Governmental Authority or third party pursuant to such contract (unless such consent has been obtained), (xiii) [reserved] or (xiv)
for which the cost of providing a Guarantee is excessive in relation to the value afforded thereby (as reasonably agreed by the Borrower
and the Administrative Agent); provided that, notwithstanding the foregoing, the Borrower may designate any U.S. Subsidiary that
is an Excluded Subsidiary as a Guarantor and may designate, with the consent of the Administrative Agent any Foreign Subsidiary that
is an Excluded Subsidiary as a Guarantor, by causing such Subsidiary to execute a Guarantor Joinder Agreement, whereupon such Subsidiary
shall cease to constitute an Excluded Subsidiary and such Subsidiary and the Loan Party that holds the Equity Interests of such Subsidiary
shall in connection therewith comply with the provisions of Section 6.9(c) and may, thereafter, re-designate such Subsidiary as
an Excluded Subsidiary (so long as such Subsidiary otherwise then qualified as an Excluded Subsidiary), upon which re-designation such
Subsidiary shall automatically be released from its Guarantee in accordance with Section 8.9.


 


“Excluded
Swap Obligation”: any obligation (a “Swap Obligation”) of any Excluded ECP Guarantor to pay or perform under
any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity
Exchange Act, if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a
security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or
any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof)
by virtue of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as defined
in the Commodity Exchange Act.


 


“Excluded
Taxes”: any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a
payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the
case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or
for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the applicable Commitment or, to the extent a Lender acquires an interest in a Loan
not funded pursuant to a prior Commitment, acquires such interest in such Loan (other than pursuant to an assignment request by the Borrower
under Section 2.23) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
2.19, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to
comply with paragraph (e) or (f) of Section 2.19, and (d) any withholding Taxes imposed under FATCA.


 


“Existing
Debt Release/Repayment”: collectively, the repayment in full of obligations, termination of commitments and release of any
security interests and guarantees with respect to that certain Fourth Amended and Restated Credit Agreement dated as of December 19,
2019, among, inter alia, the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.


 


“Existing
Initial Term Loan” shall have the meaning provided in Amendment No. 2.


 


“Existing
Initial Term Loan Lender” shall have the meaning provided in Amendment No. 2.


 


“Existing
Swap Agreement”: each Swap Agreement listed on Schedule 1.1G.


 




    43 


    	 



    







“Extended
Revolving Commitments”: one or more Classes of extended Revolving Commitments that result from a Permitted Amendment.


 


“Extended
Revolving Loans”: the Revolving Loans made pursuant to any Extended Revolving Commitment or otherwise extended pursuant to
a Permitted Amendment.


 


“Extended
Term Loans”: one or more classes of extended Term Loans that result from a Permitted Amendment.


 


“Facility”:
(a) any Term Facility and (b) any Revolving Facility, as the context may require.


 


“Fair
Market Value”: with respect to any Investment, asset, property or transaction, the price which could be negotiated in an arm’s
length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure
or compulsion to complete the transaction (as determined in good faith by the Borrower).


 


“FATCA”:
Sections 1471 through 1474 of the Code as in existence on the Closing Date (and any amended or successor versions of such provisions
to the extent such versions are substantively comparable and not materially more onerous to comply with), any current or future U.S.
Treasury regulations thereunder and official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the
Code and any fiscal, tax or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or
convention entered into in connection with the implementation of such Sections of the Code and/or U.S. Treasury regulations thereunder.


 


“Federal
Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by
depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time, and published
on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective
Rate as so determined would be less than 0.75%0.50%,
such rate shall be deemed to be 0.750.50%
for the purposes of this Agreement.


 





“Fee
Payment Date”: (a) the last Business Day of each March, June, September and December (commencing on December 31, 2020),
(b) the Revolving Termination Date and (c) the date the Total Revolving Commitments are reduced to zero.


 


“Financial
Covenant Event of Default”: as defined in Section 9.2(b).


 


“Financial
Definitions”: the definitions of Consolidated Interest Expense, Consolidated Net Income, Total First Lien Net Leverage Ratio,
Total Net Leverage Ratio, Total Secured Net Leverage Ratio, Consolidated Total Indebtedness, Consolidated EBITDA, Fixed Charge Coverage
Ratio, Debt Service Coverage Ratio and Net Income, and any defined term or section reference included in such definitions.


 


“First
Lien Obligations”: any Indebtedness that is secured on a pari passu basis with the Liens that secure the Initial
Term B-1 Loans, the Revolving Loans (if any)
and the Revolving Commitments (or any refinancing of the Initial Term B-1
Loans, Revolving Loans (if any) or Revolving Commitments with loans or commitments having the same Lien priority as the Initial
Term B-1 Loans, Revolving Loans (if any)
or Revolving Commitments, as applicable, prior to such refinancing). For the avoidance of doubt, “First Lien Obligations”
shall include the Initial Term Loans, the Term B-1 Loans, the  Revolving Loans (if any)
or Revolving Commitments (or the loans or commitments that Refinance the Initial Term Loans, the Term B-1
Loans  Revolving Loans (if any) or Revolving Commitments).


 


 




    44 


    	 



    

“First
Priority Refinancing Revolving Facility”: as defined in the definition of “Permitted First Priority Refinancing Debt.”


 


“First
Priority Refinancing Term Facility”: as defined in the definition of “Permitted First Priority Refinancing Debt.”


 


“Fixed
Amounts”: as defined in Section 1.5.


 


“Fixed
Charge Coverage Ratio”: for any period, the ratio of Consolidated EBITDA for such period to the Fixed Charges for such period.
In the event that the Borrower or any of the Restricted Subsidiaries Incurs, assumes, guarantees, redeems (or gives irrevocable notice
of redemption for), retires or extinguishes any Indebtedness (other than in the case of revolving advances under any Qualified Receivables
Financing in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable
period) or issues or redeems (or gives irrevocable notice of redemption for) Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event
for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”),
then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, assumption, guarantee, redemption
(including as contemplated by any such irrevocable notice of redemption), retirement or extinguishment of Indebtedness, or such issuance
or redemption (including as contemplated by any such irrevocable notice of redemption) of Disqualified Stock or Preferred Stock, as if
the same had occurred at the beginning of the applicable four-quarter period.


 


For
purposes of making the computation referred to above, Investments (including any designation of a Subsidiary as a Restricted Subsidiary
or an Unrestricted Subsidiary), acquisitions, dispositions, mergers (including the Transactions), consolidations and disposed or discontinued
operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and Operational Changes
that the Borrower or any of the Restricted Subsidiaries has both determined to make and made after the Closing Date and during the four-quarter
reference period or subsequent to such reference period and on or prior to or substantially simultaneously with the Calculation Date
(each, for purposes of this definition, a “pro forma event”) shall be calculated on a Pro Forma Basis assuming that
all such Investments, acquisitions, dispositions, mergers (including the Transactions), consolidations, Operational Changes and discontinued
operations (and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had
occurred on the first day of the four-quarter reference period. If, since the beginning of such period, any Person that subsequently
became a Restricted Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period
shall have made or effected any Investment, acquisition, disposition, merger, consolidation or discontinued operation, in each case with
respect to an operating unit of a business, or Operational Changes that would have required adjustment pursuant to this definition, then
the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, merger, consolidation, discontinued operation or Operational Changes had occurred at the beginning of the applicable four-quarter
period.


 


For
purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Borrower to the extent identifiable and supportable. Any such pro
forma calculation may include, without duplication,  adjustments appropriate to reflect cost savings, operating expense reductions,
restructuring charges and expenses and synergies reasonably expected to result from the applicable event to the extent set forth in the
definition of “Consolidated EBITDA”.


 




    45 


    	 



    

If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest
on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance
of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon
the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate. In connection with any
Limited Condition Transaction, the Borrower may determine baskets and ratios in accordance with Section 1.4.


 


“Fixed
Charges”: with respect to the Borrower and the Restricted Subsidiaries for any period, the sum of:


 


(1)       Consolidated
Interest Expense paid in cash during such period; and


 


(2)       all
cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of the Borrower
and the Restricted Subsidiaries;


 


provided,
however, that, notwithstanding the foregoing, any charges arising from (i) the application of Accounting Standards Codification
Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” to any series of Preferred Stock
other than Disqualified Stock or (ii) the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with
Conversion Options—Recognition,” in each case, shall be disregarded in the calculation of Fixed Charges.


 


“Flood
Insurance Laws”: collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National
Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto,
(ii) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Biggert-Waters
Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.


 


“Floor”:
the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment
or renewal of this Agreement or otherwise) with respect to Adjusted LIBO Rate.


 


“Foreign
Benefit Plan Event”: with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount
permitted under any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority,
(b) the failure to make the required contributions or payments, under any applicable law or the terms of the Foreign Plan, on or
before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the
intention to terminate any such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan, (d) the
incurrence of any liability by a Loan Party or any of Subsidiary of a Loan Party on account of the complete or partial termination of
such Foreign Plan or the complete or partial withdrawal of any participating employer therein, (e) the occurrence of any transaction
that could result in a Loan Party or any Subsidiary of a Loan Party incurring, or the imposition on a Loan Party or any Subsidiary of
a Loan Party of, any fine, excise tax or penalty resulting from any noncompliance with


 




    46 


    	 



    

applicable
law or (f) any other event or condition with respect to a Foreign Plan that is not in compliance with applicable law that could
result in liability of a Loan Party or any Subsidiary of a Loan Party.


 


“Foreign
Plan”: any pension plan, employee benefit plan, fund or other similar program established, maintained or contributed to by
a Loan Party or any Subsidiary of a Loan Party primarily for the benefit of individuals residing outside the United States (other than
plans, funds or similar programs that are sponsored, maintained or administered by a Governmental Authority), and which is not subject
to ERISA or the Code.


 


“Foreign
Subsidiary”: any Subsidiary of the Borrower that is not a U.S. Subsidiary.


 


“Funded
Debt”: as to any Person, all Indebtedness described in clauses (a)(i), (a)(ii) (excluding, for the avoidance
of doubt, surety bonds, performance bonds and similar instruments) and (a)(iv) of the definition of “Indebtedness”
of such Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable
or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar
agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current
maturities and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from
the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans.


 


“Funding
Default”: as defined in Section 2.17(d).


 


“Funding
Obligations” as defined in the definition of “Defaulting Lender.”


 


“GAAP”:
generally accepted accounting principles in the United States of America that are in as in effect from time to time (for all other purposes
of this Agreement); provided that any leases which would have been classified as operating leases in accordance with GAAP prior
to December 31, 2018 (whether or not such operating lease obligations were in effect on such date) shall be classified as operating leases
for the purposes of this Agreement regardless of any change in or application of GAAP following such date pursuant to ASC 842 or otherwise
that would require such leases (on a prospective or retroactive basis or otherwise) to be treated as capital leases.


 


“Global
Intercompany Note”: a note substantially in the form of Exhibit J.


 


“Governmental
Approval”: any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.


 


“Governmental
Authority”: any nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank, administrative tribunal or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including any supra-national bodies exercising such powers or functions,
such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory
capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee
on Banking Supervision or any successor or similar authority to any of the foregoing).


 


“Group
Members”: the collective reference to the Borrower and its Restricted Subsidiaries.


 




    47 


    	 



    

“guarantee”:
as to any Person, a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business),
direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Indebtedness of another Person.


 


“Guarantee”:
as defined in Section 8.2(b).


 


“Guarantee
Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity
or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of
a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any
Indebtedness (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (a) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for
the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor
or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof;
provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection
in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower
of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation
is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying
such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are
not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good faith.


 


“Guarantor
Joinder Agreement”: an agreement substantially in the form of Exhibit G, or
such other form as the Administrative Agent and Borrower may agree.


 


“Guarantor
Obligations”: as defined in Section 8.1.


 


“Guarantors”:
the collective reference to (a) each Restricted Subsidiary that executes this Agreement as a “Guarantor” and each Restricted
Subsidiary that executes a Guarantor Joinder Agreement (except to the extent released in accordance with this Agreement) and (b) the
Borrower with respect to any Designated Acquisition Swingline Loan that is borrowed by a BRP DRE Subsidiary; provided, however,
that the Guarantors shall not include any Excluded Subsidiary unless designated by the Borrower pursuant to the proviso in the definition
of “Excluded Subsidiary”.


 


“Hedging
Obligations”: with respect to any Person, the obligations of such Person under Swap Agreements.


 


“Honor
Date”: as defined in Section 3.5.


 


“Immaterial
Subsidiary”: each Subsidiary which, as of the most recently ended Test Period, contributed 5.0% or less of Consolidated EBITDA
for such period; provided that, if, as of the most recently ended Test Period, the aggregate amount of Consolidated EBITDA attributable
to all Subsidiaries that are Immaterial Subsidiaries exceeds 10% of Consolidated EBITDA for any such period,


 




    48 


    	 



    

the
Borrower shall designate sufficient Subsidiaries to eliminate such excess, and such designated Subsidiaries shall no longer constitute
Immaterial Subsidiaries under this Agreement.


 


“Impacted
Interest Period” as defined in the definition of “Eurocurrency Rate.”


 


“Incremental
Amendment”: as defined in Section 2.25(c).


 


“Incremental
Arranger”: as defined in Section 2.25(a).


 


“Incremental
Facility”: any Class of Incremental Term Commitments or Revolving Commitment Increases and the extensions of credit made thereunder,
as the context may require.


 


“Incremental
Facility Closing Date”: as defined in Section 2.25(c).


 


“Incremental
Loan”: any Class of Incremental Term Loans or Incremental Revolving Loans, as the context may require.


 


“Incremental
Revolving Lender”: as defined in Section 2.25(a).


 


“Incremental
Revolving Loans”: as defined in Section 2.25(a).


 


“Incremental
Term B-1 Loan Commitment” means, with respect to an Incremental Term B-1 Lender, the commitment of such Incremental Term B-1 Lender
to make an Incremental Term B-1 Loan on the Amendment No. 2 Effective Date, in the amount set forth on the joinder agreement of such
Incremental Term B-1 Lender to Amendment No. 2. The aggregate amount of the Incremental Term B-1 Loan Commitments of all Incremental
Term B-1 Lenders equals $102,000,000. For the avoidance of doubt, each Incremental Term B-1 Loan Commitment is an Incremental Term Commitment.


 


“Incremental
Term Commitments”: as defined in Section 2.25(a).


 


“Incremental
Term B-1 Lender” means a Person with an Incremental Term B-1 Loan Commitment to make Incremental Term B-1 Loans to the Borrower
on the Amendment No. 2 Effective Date. For the avoidance of doubt, each Incremental Term B-1 Lender is an Additional Lender.


 


“Incremental
Term Lender”: as defined in Section 2.25(a).


 


“Incremental
Term Loan Maturity Date”: the date on which an Incremental Term Loan matures as set forth in the Incremental Amendment relating
to such Incremental Term Loan.


 


“Incremental
Term B-1 Loans” means a Term Loan that is made pursuant to Section 3 of Amendment No. 2. For the avoidance of doubt, each Incremental
Term B-1 Loan is an Incremental Term Loan.


 


“Incremental
Term Loans”: as defined in Section 2.25(a).


 


“Incremental
Term Percentage”: as to any Incremental Term Lender at any time, the percentage which such Lender’s Incremental Term
Commitments then constitutes of the aggregate Incremental Term Commitments then outstanding.


 


“Incremental
Yield Differential”: as defined in Section 2.25(a)(vii).


 




    49 


    	 



    

“Incur”:
with respect to any Indebtedness, issue, assume, guarantee, incur or otherwise become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary.


 


“Incurrence-Based
Amounts”: as defined in Section 1.5.


 


“Indebtedness”:
with respect to any Person:


 


(a)       the
principal and premium (if any) of any Indebtedness of such Person, whether or not contingent, (i) in respect of borrowed money,
(ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or,
without duplication, reimbursement agreements in respect thereof), (iii) representing the deferred and unpaid purchase price of
any property, asset or business, except (x) any such balance that constitutes a trade payable, accrued expense or similar
obligation to a trade creditor and (y) any acquisition earn-out obligations, (iv) in respect of Capitalized Lease
Obligations or purchase money debt or (v) representing any Hedging Obligations, other than Hedging Obligations that are
incurred in the normal course of business and not for speculative purposes, and that do not increase the Indebtedness of the obligor
outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or foreign currency exchange
rates or by reason of fees, indemnities and compensation payable thereunder, if and to the extent that any of the foregoing
Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the
footnotes thereto) of such Person prepared in accordance with GAAP, provided that Indebtedness of any direct or indirect
parent of the Borrower appearing upon the balance sheet of the Borrower solely by reason of push-down accounting under GAAP shall be
excluded;


 


(b)       to
the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on
the obligations described in clause (a) of another Person (other than by endorsement of negotiable instruments for collection
in the ordinary course of business); and


 


(c)       to
the extent not otherwise included, obligations described in clause (a) of another Person secured by a Lien on any asset owned
by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such
Indebtedness will be the lesser of (i) the Fair Market Value of such asset at such date of determination, and (ii) the amount
of such Indebtedness of such other Person;


 


provided
that (a) Contingent Obligations, (b) obligations under or in respect of Receivables Financings, (c) Obligations associated
with other post-employment benefits and pension plans, workers’ compensation claims, deferred compensation or employee or director
equity plans, social security or wage taxes, (d) [reserved], (e) in connection with the purchase by the Borrower or any Restricted
Subsidiary of any business, post-closing payment adjustments to which the seller may be entitled to the extent such payment is determined
by a final closing balance sheet or such payment depends on the performance of such business after the closing until 30 days after
any such obligation becomes contractually due and payable, (f) deferred or prepaid revenues, (g) any Capital Stock (other than
Disqualified Stock), (h) purchase price holdbacks (including “live-out” payments) in respect of a portion of the purchase
price of an asset to satisfy warranty or other unperformed obligations of the respective seller, (i) premiums payable to, and advance
commissions or claims payments from, insurance companies, (j) earn-out, contingent payments or similar obligations, (k) intercompany
indebtedness made in the ordinary course of business and having a term not exceeding 364 days, (l) deferred compensation to
employees of the Borrower and its Subsidiaries incurred in the ordinary course of business, and (m) obligations, to the extent such
obligations would otherwise constitute Indebtedness, under any agreement


 




    50 


    	 



    

that have been
defeased or satisfied and discharged pursuant to the terms of such agreement shall in each case not constitute Indebtedness.


 


“Indemnified
Liabilities”: as defined in Section 11.5.


 


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


 


“Indemnitee”:
as defined in Section 11.5.


 


“Independent
Financial Advisor”: an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized
standing that is, in the good faith determination of the Borrower or its direct or indirect parent, qualified to perform the task for
which it has been engaged.


 


“Initial
Term Loan”: a Term Loan made on the Closing Date pursuant to Section 2.1.


 


“Insolvency”:
with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.


 


“Insolvent”:
pertaining to a condition of Insolvency.


 


“Intellectual
Property Security Agreements”: collectively, (a) each of the intellectual property security agreements among the Loan
Parties party thereto and the Administrative Agent, in each case substantially in a form reasonably acceptable to the Administrative
Agent and (b) each other intellectual property security agreement or intellectual property security agreement supplement executed
and delivered pursuant to Section 6.9, Section 6.11, or Section 6.15, in each case as amended, restated,
supplemented, replaced or otherwise modified from time to time in accordance with its terms.


 


“Intercreditor
Agreement”: (i) any intercreditor agreement executed in connection with any transaction requiring such agreement to be
executed pursuant to the terms hereof, among the Administrative Agent, the Borrower, the Guarantors and one or more Senior Representatives
in respect of such Indebtedness or any other party, as the case may be, substantially on terms set forth on Exhibit D (except
to the extent otherwise reasonably agreed by the Borrower, the Administrative Agent and the Required Lenders, which changes will be deemed
approved by each Lender who has not objected within five (5) Business Days following the posting thereof by the Administrative Agent
to the Lenders (or such other time as reasonably agreed by the Administrative Agent and the Borrower)) and such other terms that are
reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented, replaced or otherwise modified
from time to time with the consent of the Administrative Agent (such consent not be unreasonably withheld, conditioned or delayed) and
(ii) an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, (which intercreditor
agreement will be deemed approved by each Lender who has not objected within five (5) Business Days following the posting thereof
by the Administrative Agent to the Lenders (or such other time as reasonably agreed by the Administrative Agent and the Borrower)), in
each case as amended, restated, supplemented, replaced or otherwise modified from time to time in accordance with its terms.


 


“Interest
Payment Date”: (a) as to any ABR Loan (including any Designated Acquisition Swingline Loan), the last Business Day of
each March, June, September and December (commencing on December 31, 2020) and the final maturity date of such Loan, (b) as to any
Eurocurrency Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurocurrency
Loan having an Interest Period longer than three months, each day that is three months, or a whole


 




    51 


    	 



    

multiple
thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Eurocurrency Loan
(except in the case of the repayment or prepayment of all Loans or, as to any Revolving Loan, the Revolving Termination Date or such
earlier date on which the Revolving Commitments are terminated), the date of any repayment or prepayment made in respect thereof.


 


“Interest
Period”: as to any Eurocurrency Loan, the period commencing on the borrowing, continuation or conversion date, as the case
may be, with respect to such Eurocurrency Loan and ending (i) one, two, three or six (in each case, subject to availability) months
thereafter or (ii) if approved by all Lenders under the relevant Facility, twelve months thereafter, one week thereafter or such other
period as all relevant Lenders shall agree, in each case as selected by the Borrower in its irrevocable notice of borrowing, continuation
or conversion, substantially in the form of Exhibit H, or such other form as may be approved by the Administrative Agent
(including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of the Borrower; provided that all of the foregoing provisions relating to Interest
Periods are subject to the following:


 


(i)       if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;


 


(ii)       the
Borrower may not select an Interest Period under any Revolving Facility that would extend beyond the Revolving Termination Date and the
Borrower (with respect to the Term Loans) may not select an Interest Period under the Term Facility beyond the date final payment is
due on the Term Loans;


 


(iii)       any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and


 


(iv)       if
the Borrower shall fail to specify the Interest Period in any notice of borrowing of, conversion to, or continuation of, Eurocurrency
Loans, the Borrower shall be deemed to have selected an Interest Period of one month.


 


“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the LIBOR Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest
error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period
for which the LIBOR Screen Rate is available for the applicable currency that is shorter than the Impacted Interest Period; and (b) the
LIBOR Screen Rate for the shortest period (for which that LIBOR Screen Rate is available for the applicable currency) that exceeds the
Impacted Interest Period, in each case, at such time.


 


“Investment
Grade Rating”: a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P,
or an equivalent rating by any other rating agency.


 


“Investment
Grade Securities”:


 


(1)       securities
issued or directly and fully guaranteed or insured by the government or any agency or instrumentality thereof (other than Cash Equivalents)
of the U.S., Canada, any country that is a member of the European Union, or the United Kingdom;


 




    52 


    	 



    

(2)       securities
that have an Investment Grade Rating;


 


(3)       investments
in any fund that invests at least 95% of its assets in investments of the type described in clauses (1) and (2) which
fund may also hold immaterial amounts of cash pending investment and/or distribution; and


 


(4)       corresponding
instruments in countries other than the United States customarily utilized for high quality investments.


 


“Investments”:
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit and advances or extensions of credit to customers and
vendors, commission, travel and similar advances to officers, directors, employees and consultants made in the ordinary course of business)
and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person.
For purposes of the definition of “Unrestricted Subsidiary” and Section 7.3:


 


(1)       “Investments”
shall include the portion (proportionate to the Borrower’s direct or indirect equity interest in such Subsidiary) of the Fair Market
Value of the net assets of a Subsidiary of the Borrower at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to
have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to:


 


(a)       the
Borrower’s direct or indirect “Investment” in such Subsidiary at the time of such redesignation less


 


(b)       the
portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such
Subsidiary at the time of such redesignation; and


 


(2)       any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.


 


For
the avoidance of doubt, a guarantee by the Borrower or a Restricted Subsidiary of the obligations of another Person (the “primary
obligor”) shall not be deemed to be an Investment by the Borrower or such Restricted Subsidiary in the primary obligor to the extent
that such obligations of the primary obligor are in favor of the Borrower or any Restricted Subsidiary, and in no event shall (x) a
guarantee of an operating lease or other business contract of the Borrower or any Restricted Subsidiary, (y) intercompany indebtedness
among the Borrower and the Restricted Subsidiaries made in the ordinary course of business and having a term not exceeding 364 days
or (z) acquisitions of books of business from individuals or groups of individuals or hiring of individuals and related recruiting costs,
signing or incentive bonuses or other payments of a similar nature be deemed an Investment.


 


“IRS”:
the Internal Revenue Service.


 


“ISDA
Definitions”: the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor
thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published
from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.


 




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“Issuing
Lender”: (i) each of JPMCB, Wells Fargo Bank, N.A., Bank of America, N.A., Capital One, National Association, Cadence Bank,
N.A. and Lake Forest Bank & Trust Company, N.A., or in each case any of their respective affiliates, each in its capacity as issuer
of any Letter of Credit and (ii) such other Revolving Lenders or Affiliates of Revolving Lenders that are reasonably acceptable
to the Administrative Agent and the Borrower that agrees, pursuant to an agreement with and in form and substance reasonably satisfactory
to the Administrative Agent and the Borrower, to be bound by the terms hereof applicable to such Issuing Lender. Any Issuing Lender may
cause Letters of Credit to be issued by designated Affiliates or financial institutions and such Letters of Credit shall be treated as
issued by such Issuing Lender for all purposes under the Loan Documents.


 


“Joint
Bookrunners”: collectively, the Joint Bookrunners listed on the cover page hereof .
 and, from and after the Amendment No. 2 Effective Date, the Amendment No. 2 Arrangers.


 


“Joint
Lead Arrangers”: collectively, the Joint Lead Arrangers listed on the cover page hereof .  and,
from and after the Amendment No. 2 Effective Date, the Amendment No. 2 Arrangers.


 


“JPMCB”
has the meaning specified in the introductory paragraph to this Agreement.


 


“Junior
Indebtedness”: collectively, (i) Subordinated Indebtedness and (ii) Junior Lien Obligations.


 


“Junior
Lien Obligations”: any Indebtedness that is secured on a junior basis to the First Lien Obligations.


 


“Junior
Priority Refinancing Revolving Facility”: as defined in the definition of “Permitted Junior Priority Refinancing Debt.”


 


“Junior
Priority Refinancing Term Facility”: as defined in the definition of “Permitted Junior Priority Refinancing Debt.”


 


“Latest
Maturity Date”: at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder
at such time, including the latest maturity or expiration date of any Incremental Term Loans, Other Term Loan, any Other Term Commitment,
any Other Revolving Loan or any Other Revolving Commitment.


 


“Laws”:
collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes
and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not
having the force of law.


 


“L/C
Advance”: with respect to each L/C Participant, such L/C Participant’s funding of its participation in any Letter of
Credit in accordance with Section 3.4(a).


 


“L/C
Borrowing”: an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the
date when made or Refinanced as a Revolving Borrowing.


 


“L/C
Commitment”: $5,000,000.


 




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“L/C
Credit Extension”: with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the
renewal or increase of the amount thereof.


 


“L/C
Obligations”: at any time, an amount equal to the sum of (a) the aggregate Dollar Equivalent of the then undrawn and unexpired
amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not
then been reimbursed pursuant to Section 3.5. For purposes of computing the amount available to be drawn under any Letter
of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 3.9 and, if on any date of
determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn.


 


“L/C
Participants”: the collective reference to all the Revolving Lenders other than each Issuing Lender.


 


“L/C
Sublimit”: with respect to any Issuing Lender, (i) the amount set forth opposite the name of such Issuing Lender on Schedule 1.1A-2
or (ii) such other amount specified in the agreement by which such Issuing Lender becomes an Issuing Lender hereunder.


 


“LCT
Election” as defined in Section 1.4.


 


“LCT
Test Date” as defined in Section 1.4.


 


“Legal
Reservations”: the principle that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought by proceedings in equity or at law).


 


“Lender-Related
Parties” as defined in Section 11.5.


 


“Lenders”:
as defined in the preamble hereto; provided that, unless the context otherwise requires, each reference herein to the Lenders
shall be deemed to include the Issuing Lenders and the Designated Acquisition Swingline Lender.


 


“Letter
of Credit Expiration Date”: the day that is five (5) Business Days prior to the scheduled Revolving Termination Date (or, if
such day is not a Business Day, the immediately preceding Business Day).


 


“Letters
of Credit”: as defined in Section 3.1(a).


 


“Liabilities”:
any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.


 


“LIBOR
Screen Rate”: as defined in the definition of “Eurocurrency Rate”.


 


“Lien”:
any mortgage, deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or similar preferential arrangement (including
any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of
the foregoing).


 




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“Limited
Condition Transaction”: (a) any acquisition or other Investment permitted hereunder, including by way of merger, amalgamation
or consolidation, by the Borrower or one or more of the Restricted Subsidiaries, whose consummation is not conditioned upon the availability
of, or on obtaining, third party financing (or, if such a condition does exist, the Borrower or any Restricted Subsidiary, as applicable,
would be required to pay any fee, liquidated damages or other amount or be subject to any indemnity, claim or other liability as a result
of such third party financing not having been available or obtained) or (b) any redemption, satisfaction and discharge or repayment of
Indebtedness or Preferred Stock requiring irrevocable notice in advance of such redemption, satisfaction and discharge or repayment;
provided that the Consolidated Net Income (and any other financial term derived therefrom), other than for purposes of calculating
any ratios in connection with the Limited Condition Transaction, shall not include any Consolidated Net Income of, or attributable to,
the target company or assets associated with any such Limited Condition Transaction unless and until the closing of such Limited Condition
Transaction shall have actually occurred.


 


“Loan”:
any loan made or maintained by any Lender pursuant to this Agreement.


 


“Loan
Documents”: this Agreement, Amendment No. 1, Amendment No. 2,  the Notes, the Security
Documents, any Guarantor Joinder Agreement, any Intercreditor Agreement or other intercreditor agreement to which the Administrative
Agent is a party any Refinancing Amendment, any Incremental Amendment, any Loan Modification Agreement and any other document designated
as a “Loan Document” by the Administrative Agent and the Borrower from time to time.


 


“Loan
Modification Agent”: as defined in Section 2.28(a).


 


“Loan
Modification Agreement”: as defined in Section 2.28(b).


 


“Loan
Modification Offer”: as defined in Section 2.28(a).


 


“Loan
Parties”: the collective reference to the Borrower and the Guarantors.


 


“Majority
Facility Lenders”: (a) with respect to any Revolving Facility, the Majority Revolving Lenders with respect to such Revolving
Facility and (b) with respect to any Term Facility, the Majority Term Lenders with respect to such Term Facility.


 


“Majority
Revolving Lenders”: at any time with respect to any Revolving Facility, (i) prior to the termination of all Revolving
Commitments with respect to such Revolving Facility, non-Defaulting Lenders holding more than 50% of the Total Revolving Commitments
and (ii) after the termination of all the Revolving Commitments with respect to such Revolving Facility, non-Defaulting Lenders
holding more than 50% of the Total Revolving Extensions of Credit with respect to such Revolving Facility.


 


“Majority
Term Lenders”: at any time with respect to any Term Facility, Term Lenders that are non-Defaulting Lenders having Term Loans
and unused and outstanding Term Commitments with respect to such Term Facility representing more than 50% of the sum of all Term Loans
outstanding and unused and outstanding Term Commitments with respect to such Term Facility at such time.


 


“Margin
Stock”: as set forth in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor
thereto.


 


“Market
Capitalization”: an amount equal to (a) the total number of issued and outstanding shares of common Capital Stock of the Borrower
or any direct or indirect parent company thereof on the date of the declaration of a Restricted Payment permitted pursuant to Section 7.3(b)(viii)
multiplied by


 




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(b)
the arithmetic mean of the closing prices per share of such common Capital Stock on the principal securities exchange on which such shares
of common Capital Stock are traded for the thirty (30) consecutive trading days immediately preceding the date of declaration of such
Restricted Payment.


 


“Material
Adverse Effect”: a material adverse effect on (a) the business, assets, liabilities, operations, financial condition or
operating results of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Loan Parties (taken as
a whole) to perform their payment obligations under the Loan Documents or (c) the rights, remedies and benefits available to, or
conferred upon, the Administrative Agent, any Lender or any Secured Party hereunder or thereunder.


 


“Material
Acquisition” means any Permitted Acquisition that includes a minimum cash payment at the close of such transaction of not less
than $20.0 million.


 


“Material
Property”: any individual fee owned real property located in the United States with a Fair Market Value equal to or greater
than $10,000,000 (such Fair Market Value to be determined (x) in the case of any real property owned on the Closing Date, as of the Closing
Date, and (y) in the case of any real property acquired after the Closing Date, as of the date of acquisition thereof).


 


“Materials
of Environmental Concern”: any chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, any petroleum
or petroleum products, asbestos, polychlorinated biphenyls, lead or lead-based paints or materials, radon, urea-formaldehyde insulation,
toxic molds, fungi and mycotoxins, and radioactive materials that are regulated pursuant to Environmental Law or have an adverse effect
on human health or the environment.


 


“Maximum
Amount”: as defined in Section 11.20(a).


 


“MFN
Excluded Loans”: any Incremental Term Loans or Indebtedness incurred under Section 7.2(b)(xxii) and subject to clause (ii)
of the proviso thereto up to an aggregate amount equal to the greater of $37,500,000 and 50.0% of Consolidated EBITDA determined on a
Pro Forma Basis as of the most recently ended Test Period.


 


“Minimum
Extension Condition”: as defined in Section 2.28(c).


 


“Moody’s”:
Moody’s Investors Service, Inc., or any successor to the rating agency business thereof.


 


“Mortgage”:
any deed of trust, mortgage or deed to secure debt in respect of Material Property in the U.S. made by a Loan Party in favor or for the
benefit of the Administrative Agent on behalf of the Secured Parties in form and substance reasonably satisfactory to the Administrative
Agent, in each case as the same may be amended, amended and restated, extended, supplemented, substituted or otherwise modified from
time to time.


 


“Mortgaged
Properties”: the real properties as to which, pursuant to Section 6.9(b) or otherwise, the Administrative Agent,
for the benefit of the Secured Parties, shall be granted a Lien pursuant to the Mortgages.


 


“Multiemployer
Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.


 


“Net
Cash Proceeds”: (a) in connection with any Asset Sale, any Recovery Event or any other sale of assets the proceeds thereof
actually received in the form of Cash Equivalents (including any such


 




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proceeds
received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable
or otherwise, but only as and when received), net of (i) attorneys’ fees, accountants’ fees, investment banking fees,
and other bona fide fees, costs and expenses actually incurred in connection therewith, (ii) amounts required to be applied to the
repayment of Indebtedness secured by a Lien not prohibited hereunder on any asset that is the subject of such Asset Sale, Recovery Event
or other sale of assets (other than any Lien pursuant to a Security Document), (iii) Taxes paid and the Borrower’s reasonable
and good faith estimate of income, franchise, sales, and other applicable Taxes required to be paid by any Group Member or any Equity
Holder in connection with such Asset Sale, Recovery Event or other sale of assets, (iv) a reasonable reserve for any indemnification
payments (fixed or contingent) attributable to the seller’s indemnities and representations and warranties to the purchaser in
respect of such Asset Sale, Recovery Event or other sale of assets owing by any Group Member in connection therewith and which are reasonably
expected to be required to be paid; provided that to the extent such indemnification payments are not made and are no longer reserved
for, such reserve amount shall constitute Net Cash Proceeds, (v) cash escrows to any Group Member from the sale price for such Asset
Sale, Recovery Event or other sale of assets; provided that any cash released from such escrow shall constitute Net Cash Proceeds
upon such release, (vi) in the case of a Recovery Event, costs of preparing assets for transfer upon a taking or condemnation, (vii) in
the case of any Asset Sale or any Recovery Event by a non-Wholly Owned Restricted Subsidiary, the pro rata portion (calculated
without regard to this clause (vii)) attributable to minority interests and not available for distribution to or for the account
of the Borrower or a Wholly Owned Restricted Subsidiary and (viii) other customary fees and expenses actually incurred in connection
therewith and net of Taxes paid or reasonably estimated to be payable as a result thereof, and (b) in connection with any issuance
or sale of Capital Stock or any incurrence or issuance of Indebtedness, the proceeds thereof received in the form of Cash Equivalents
from any such issuance, sale or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting
discounts and commissions and other bona fide fees and expenses actually incurred in connection therewith.


 


“Net
Income”: with respect to any Person, the net income (loss) attributable to such Person, determined in accordance with GAAP
and before any reduction in respect of Preferred Stock dividends.


 


“New
Producer Program”: the salary and benefits in the first twelve months of employment for specific sales personnel hired by Borrower
of which the performance of such personnel is being tracked separately for financial reporting purposes.


 


“Non-Consenting
Existing Initial Term Loan Lender” shall mean each Existing Initial Term Loan Lender that did not execute and deliver a Consent
to Amendment No. 2 on or prior to the Amendment No.1 Effective Date.


 


“Non-Debt
Fund Affiliate”: any Affiliate of the Borrower other than (i) any Subsidiary of the Borrower and (ii) any natural person.


 


“Non-Guarantor
Subsidiary”: any Subsidiary that is not a Guarantor.


 


“Non-U.S.
Lender”: as defined in Section 2.19(e)(ii)(2).


 


“Note”:
a Term Loan Note, a Revolving Loan Note or a Designated Acquisition Swingline Loan Note.


 


“Notice
of Intent to Cure”: written notice (including via e-mail) from the Borrower to the Administrative Agent, with respect to each
Test Period for which a Cure Right will be exercised, within


 




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ten
(10) Business Days after the date the financial statements required under Section 6.1(a) or (b) have been or were
required to have been delivered with respect to the most recently ended Test Period.


 


“NYFRB”
means the Federal Reserve Bank of New York.


 


“NYFRB’s
Website”: the website of the NYFRB at http://www.newyorkfed.org, or any successor source.


 


“NYFRB
Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that
if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal
funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing
selected by it; provided, further, that if any of the aforesaid rates as so determined be less than 0.750.50%,
such rate shall be deemed to be 0.750.50% for
purposes of this Agreement.


 


“Obligations”:
the unpaid principal of and interest on (including interest accruing after the maturity of the Loans or the maturity of Cash Management
Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, relating to the Borrower or any Guarantor, whether or not a claim for post-filing or post-petition interest is allowed
in such proceeding) the Loans, to the extent expressly assumed by the Borrower as an Incremental Loan or Designated Acquisition Swingline
Loan, BRP Group C Corp Acquisition Indebtedness, all Reimbursement Obligations and all other obligations and liabilities of the Borrower
or any other Loan Party (including with respect to guarantees) to the Administrative Agent, any Lender or any other Secured Party, whether
direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of,
or in connection with, this Agreement, or any other Loan Document or any other document made, delivered or given in connection herewith
or therewith or any Qualified Hedging Agreement (other than, in the case of any Excluded ECP Guarantor, any Excluded Swap Obligations
arising thereunder) or any Specified Cash Management Agreement, whether on account of principal, interest, reimbursement obligations,
fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender
that are required to be paid by the Borrower or any Guarantor pursuant to any Loan Document), Guarantee Obligations or otherwise (including
all fees, expenses, liabilities and other obligations accruing after the filing of any petition in bankruptcy, or the commencement of
any insolvency, reorganization or like proceeding, whether or not a claim is allowed or allowable in such proceeding) .


 


“OFAC”:
the U.S. Department of the Treasury’s Office of Foreign Assets Control.


 


“Offer
Price”: as defined in the definition of “Dutch Auction.”


 


“Officer’s
Certificate”: a certificate signed on behalf of the Borrower or any other Group Member by any Responsible Officer thereof.


 


“OID”:
with respect to any Term Loan or Revolving Facility (or repricing thereof), or any Incremental Term Loan, Additional/Replacement Revolving
Commitment or Revolving Commitment Increase, as the case may be, the amount of any original issue discount or upfront fees (which shall
be deemed to constitute a like amount of original issue discount) paid by a Borrower, but excluding (i) any arrangement, structuring,
syndication, commitment, ticking, unused line or other fees payable in connection therewith that are not shared with all Lenders in the
primary syndication thereof (and excluding any bona fide arranger, structuring, syndication, commitment, ticking, unused line or similar


 




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fees
paid to a Lender or an Affiliate of a Lender in its capacity as a commitment party or arranger and regardless of whether such Indebtedness
is syndicated to third parties) and (ii) customary consent fees for any amendment paid generally to consenting lenders, in each case,
which excluded fees shall not be included and equated to the interest rate.


 


“Operational
Changes” means any cost savings initiative, business optimization expense, operating expense reduction, restructuring charge
or similar charges, in each case, consistent with the type specified in the definition of “Consolidated EBITDA”.


 


“Organizational
Document”: (i) relative to each Person that is a corporation, its charter and its by-laws (or similar documents), (ii) relative
to each Person that is a limited liability company, its certificate of formation and its operating agreement (or similar documents),
(iii) relative to each Person that is a limited partnership, its certificate of formation or registration and its limited partnership
agreement (or similar documents), (iv) relative to each Person that is a general partnership, its partnership agreement (or similar
document), (v) relative to each Person that is an exempted limited partnership, its exempted limited partnership agreement, (vi) relative
to each Person that is an exempted company, its memorandum and articles of association and (vii) relative to any Person that is
any other type of entity, such documents as shall be comparable to the foregoing.


 


“Other
Applicable Indebtedness”: as defined in Section 2.11(b).


 


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


 


“Other
Obligations”: any principal, interest, penalties, fees, indemnifications, reimbursements (including reimbursement obligations
with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing
any Indebtedness; provided that Other Obligations with respect to the Loans shall not include fees or indemnification in favor
of third parties other than the Secured Parties.


 


“Other
Revolving Commitments”: one or more Classes of revolving credit commitments hereunder or Extended Revolving Commitments hereunder
that result from a Refinancing Amendment.


 


“Other
Revolving Loans”: the Revolving Loans made pursuant to any Other Revolving Commitment.


 


“Other
Taxes”: any and all present or future stamp or documentary or similar Taxes arising from any payment made hereunder or from
the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.23 (other
than Section 2.23(c)).


 


“Other
Term Commitments”: one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment.


 


“Other
Term Loans”: one or more Classes of Term Loans that result from a Refinancing Amendment.


 




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“Outstanding
Amount”: (a) with respect to the Term Loans, Revolving Loans and Designated Acquisition Swingline Loans on any date, the
aggregate Dollar Equivalent of the outstanding principal amount thereof on such date after giving effect to any borrowings and prepayments
or repayments of Term Loans, Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C
Credit Extensions as a Revolving Borrowing) and Designated Acquisition Swingline Loans, as the case may be, occurring on such date and
(b) with respect to any L/C Obligations on any date, the aggregate Dollar Equivalent of the outstanding amount thereof on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a
result of any reimbursements of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid
drawings under Letters of Credit or L/C Credit Extensions as a Revolving Borrowing) or any reductions in the maximum amount available
for drawing under Letters of Credit taking effect on such date.


 


“Overnight
Bank Funding Rate”: for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by
U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the
NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding
rate.


 


“Parent
Holding Company”: any direct or indirect parent entity of the Borrower which holds directly or indirectly 100% of the Equity
Interest of the Borrower and which does not hold Equity Interests in any other Person (except for any other Parent Holding Company).


 


“Participant”:
as defined in Section 11.6(c)(i).


 


“Participant
Register”: as defined in Section 11.6(c)(i).


 


“Patriot
Act”: USA PATRIOT Improvement and Reauthorization Act, Pub. L. 109-177 (signed into law March 9, 2009), as amended.


 


“Payment”
has the meaning assigned to it in Section 10.16(a).


 


“Payment
Notice” has the meaning assigned to it in Section 10.16(a).


 


“PBGC”:
the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).


 


“Permitted
Acquisition”: as defined in clause (23) of the definition of “Permitted Investments.”


 


“Permitted
Amendment”: an amendment to this Agreement and the other Loan Documents, effected in connection with a Loan Modification Offer
pursuant to Section 2.28, providing for an extension of the maturity date applicable to the Loans and/or Commitments of the
Accepting Lenders and, in connection therewith, (a) a change to the Applicable Margin with respect to the Loans and/or Commitments
of the Accepting Lenders, (b) a change to the fees payable to, or the inclusion of new fees to be payable to, the Accepting Lenders
and/or (c) any other changes permitted by the terms of Section 2.28.


 


“Permitted
Asset Swap”: the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related
Business Assets and Cash Equivalents between the Borrower or any of the Restricted Subsidiaries and another Person.


 




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“Permitted
Auction Purchaser”: the Borrower or any of its Restricted Subsidiaries.


 


“Permitted
Credit Agreement Refinancing Debt”: (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority
Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) Indebtedness Incurred or Other Revolving Commitments obtained
pursuant to a Refinancing Amendment, in each case, issued, Incurred or otherwise obtained (including by means of the extension or renewal
of existing Indebtedness) in exchange for, or to extend, renew, replace or Refinance, in whole or part, existing Term Loans, outstanding
Revolving Loans or (in the case of Other Revolving Commitments obtained pursuant to a Refinancing Amendment) Revolving Commitments hereunder
(including any successive Permitted Credit Agreement Refinancing Debt) (any such extended, renewed, replaced or Refinanced Term Loans,
Revolving Loans or Revolving Commitments, “Refinanced Credit Agreement Debt”); provided that (i) such
extending, renewing or refinancing Indebtedness (including, if such Indebtedness includes or relates to any Other Revolving Commitments,
the unused portion of such Other Revolving Commitments) is in an original aggregate principal amount (or accreted value, if applicable)
not greater than the aggregate principal amount (or accreted value, if applicable) of the Refinanced Credit Agreement Debt (and, in the
case of Refinanced Credit Agreement Debt consisting, in whole or in part, of unused Revolving Commitments or Other Revolving Commitments,
the amount thereof) plus an amount equal to unpaid and accrued interest and premium thereon plus other reasonable and customary
fees and expenses (including upfront fees, original issue discount and underwriting discounts), (ii) in the case of Other Revolving
Commitments and Other Revolving Loans, there shall be no required repayment thereof (other than in connection with a voluntary reduction
of commitments or availability thereunder) prior to the maturity thereof, and (iii) such Refinanced Credit Agreement Debt shall
be repaid, defeased or satisfied and discharged, and all accrued interest, fees and premiums (if any) in connection therewith shall be
paid, on the date such Permitted Credit Agreement Refinancing Debt is issued, Incurred or obtained; provided that to the extent
that such Refinanced Credit Agreement Debt consists, in whole or in part, of Revolving Commitments or Other Revolving Commitments (or
Revolving Loans or Other Revolving Loans Incurred pursuant to any Revolving Commitments or Other Revolving Commitments), such Revolving
Commitments or Other Revolving Commitments, as applicable, shall be terminated, and all accrued fees in connection therewith shall be
paid, on the date such Permitted Credit Agreement Refinancing Debt is issued, Incurred or obtained.


 


“Permitted
Cure Securities”: any Qualified Equity Interest in the Borrower.


 


“Permitted
Debt”: as defined in Section 7.2(b).


 


“Permitted
Earlier Maturity Indebtedness Exception”: with respect to the incurrence of any Incremental Term Loans, Permitted Credit Agreement
Refinancing Debt, Refinancing Indebtedness, Ratio Debt and any Indebtedness incurred under ‎Section 7.2(b)(vi) permitted to be incurred
hereunder, up to the Incremental Term Loans of up to the greater of $37,500,000 and 50.0% of Consolidated EBITDA determined on a Pro
Forma Basis as of the most recently ended Test Period, in each case determined at the time of incurrence of such Indebtedness (the “Specified
Debt”) which may have a maturity date that is earlier than and a Weighted Average Life to Maturity that is shorter than, the
Indebtedness with respect to which the Specified Debt is otherwise required to have a later maturity date.


 


“Permitted
First Priority Refinancing Debt”: any secured Indebtedness Incurred by the Borrower in the form of one or more series of senior
secured notes or senior secured term loans (each, a “First Priority Refinancing Term Facility”) or one or more senior
secured revolving credit facilities (each, a “First Priority Refinancing Revolving Facility”); provided that
(i) such Indebtedness consists of First Lien Obligations, (ii) such Indebtedness constitutes Permitted Credit Agreement Refinancing
Debt in respect of Term Loans (including portions of Classes of Term Loans, Other Term Loans or Incremental Term Loans) or outstanding
Revolving Loans or Revolving Commitments and (iii) such Indebtedness


 




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complies
with the Permitted Refinancing Requirements; provided that an Officer’s Certificate signed on behalf of the Borrower delivered
to the Administrative Agent at least five (5) Business Days (or such shorter period reasonably acceptable to the Administrative Agent)
prior to the Incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of
such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms
and conditions satisfy the requirement of this definition shall be conclusive evidence that such terms and conditions satisfy such requirement
unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination
(including a reasonable description of the basis upon which it disagrees)). Permitted First Priority Refinancing Debt will include any
Registered Equivalent Notes issued in exchange therefor.


 


“Permitted
Holders”: shall mean, collectively, (i) L. Lowry Baldwin; (ii) the spouse or children (natural or adopted) of L. Lowry Baldwin;
(iii) any descendant of any person described in (i) or (ii) above and the spouse of any such descendant; (iv) any estate, trust, legal
guardianship, custodianship or other estate planning vehicle for the primary benefit of any one or more individuals named or described
in (i), (ii) and (iii) above; (v) any trust controlled by any one or more individuals named or described in (i), (ii) and (iii) above;
(vi) any person controlled, directly or indirectly, by any one or more persons named or described in (i) through (v) above; (vii) employee
shareholders of BRP Group on the Closing Date; and (viii) any Person with which one or more of the persons named or described in (i)
through (vi) above form a “group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this
clause (vii), one or more of the persons named or described in (i) through (vi) above beneficially own more than 50% of the relevant
Voting Stock beneficially owned by the group.


 


“Permitted
Investments”:


 


(1)       any
Investment in the Borrower or any Restricted Subsidiary;


 


(2)       any
Investment in Cash Equivalents or Investment Grade Securities;


 


(3)       any
Investment in an aggregate amount not to exceed, at the time such Investments are made and after giving effect thereto, the Available
Amount at such time, so long no Event of Default has occurred and is continuing or would result therefrom;


 


(4)       any
Investment in securities or other assets, including earnouts, not constituting Cash Equivalents or Investment Grade Securities and received
in connection with an Asset Sale made pursuant to Section 7.5 or any other disposition of assets not constituting an Asset
Sale;


 


(5)       any
Investment (x) existing on the Closing Date and, with respect to any such Investment in excess of $5,000,000 in aggregate
amount, set forth on Schedule 1.1C, (y) made pursuant to binding commitments in effect on the Closing Date and, with
respect to any such Investment in excess of $5,000,000 in aggregate amount, set forth on Schedule 1.1C and (z) that
replaces, Refinances, refunds, renews or extends any Investment described under either of the immediately preceding clause (x)
or (y), provided that any such Investment is in an amount that does not exceed the amount replaced, Refinanced,
refunded, renewed or extended except to the extent required by the terms of such Investment on the Closing Date;


 


(6)       loans
and advances to, and guarantees of Indebtedness of, employees of the Borrower (or any of its direct or indirect parent companies) or
a Restricted Subsidiary not in excess, at the time such Investment is made, taken together with all other Investments made pursuant to
this clause (6) that are at the time outstanding, of the greater of $3,750,000 and 5.0% of Consolidated EBITDA, determined
on a Pro Forma Basis as of the most recently ended Test Period;


 




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(7)       any
Investment acquired by the Borrower or any of the Restricted Subsidiaries (a) in exchange for any other Investment or receivable
or other claim held by the Borrower or any Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of the Borrower or such other Investment or receivable, (b) in satisfaction of judgments against other Persons, (c) in
good faith settlement of delinquent obligations of, and other disputes with Persons who are not Affiliates or (d) as a result of
a foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investment or other transfer of title
with respect to any secured Investment in default;


 


(8)       Hedging
Obligations permitted under Section 7.2(b)(xii);


 


(9)       Investments
by the Borrower or any of the Restricted Subsidiaries having an aggregate Fair Market Value, at the time such Investment is made, taken
together with all other Investments made pursuant to this clause (9) that are at the time outstanding, not to exceed the
greater of $30,000,000 and 40.0% of Consolidated EBITDA, determined on a Pro Forma Basis as of the most recently ended Test Period at
any one time outstanding; provided, however, that if any Investment pursuant to this clause (9) is made in
any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary
after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease
to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary;


 


(10)       loans
and advances to (or guarantees of Indebtedness of) future, present or former officers, directors, employees and consultants for business
related travel expenses (including entertainment expense), moving and relocation expenses, Tax advances, payroll advances and other similar
expenses, or to fund such Person’s purchase or other acquisition for value of Equity Interests of the Borrower or any direct or
indirect parent company thereof under compensation plans approved by the Board of Directors of the Borrower (or any direct or indirect
parent company thereof) in good faith;


 


(11)       Investments
the payment for which is Equity Interests, or the Net Cash Proceeds received by the Borrower from the sale of Equity Interests of, in
each case, the Borrower (other than Disqualified Stock) or any direct or indirect parent of the Borrower, as applicable; provided,
however, that such Equity Interests will not increase the amount available for Restricted Payments or Restricted Debt Payments
or increase the Available Amount;


 


(12)       any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 7.6
(except transactions described in clauses (b)(ii), (b)(v), (b)(vii), (b)(x)(B), (b)(xxiii)
and (b)(xxiv)) therein);


 


(13)       Investments
consisting of (y) the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons
or (z) any license or sublicense of intellectual property granted in the ordinary course of business or which do not materially interfere
with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary;


 


(14)       guarantees
issued in accordance with Section 7.2 and Section 6.9;


 


(15)       Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment (including prepayments to suppliers) or purchases
of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business;


 


(16)       any
Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified
Receivables Financing, including


 




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Investments
of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness;
provided, however, that any Investment in a Receivables Subsidiary is in the form of a Purchase Money Note, contribution
of additional receivables or an equity interest;


 


(17)       [reserved];


 


(18)       [reserved];


 


(19)       Investments
of a Restricted Subsidiary acquired after the Closing Date or of an entity merged into or consolidated with a Restricted Subsidiary in
a transaction that is not prohibited by Section 7.8 after the Closing Date to the extent that such Investments were not made
in contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;


 


(20)       Investments
made in connection with obtaining, maintaining or renewing client contacts and advances, loans, rebates and extensions of credit (including
the creation of receivables) to suppliers, distributors, customers and vendors, and performance guarantees, in each case in the ordinary
course of business;


 


(21)       other
Investments; provided that after giving effect to such Investment (i) no Event of Default has occurred or is continuing and (ii)
the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does not exceed 4.00 to 1.00;


 


(22)       [reserved];


 


(23)
acquisitions by the Borrower
or any Restricted Subsidiary of the majority of the Capital Stock
of Persons or of assets constituting a division, business unit or product line of, or all or substantially all of the assets of a Person
(each a “Permitted Acquisition”); provided that, (i) the
Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does not exceed 5.00 to 1.00, (ii)
no Event of Default has occurred or is continuing giving effect to such Permitted Acquisition, (iiiii)
the line of business of the acquired entity shall be a Similar Business of the businesses conducted by the Borrower and the Restricted
Subsidiaries, (iviii)
any Person acquired shall become, and any Person acquiring assets shall be, a Restricted Subsidiary (unless designated as an Unrestricted
Subsidiary) and (viv)
the Borrower or such Restricted Subsidiary, as applicable, shall take, and shall cause such Person to take, all actions required under
Section 6.9 in connection therewith;


  


(24)       Investments
in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary banking
arrangements in the ordinary course of business;


 


(25)       Investments
(A) for utilities, security deposits, leases and similar prepaid expenses incurred in the ordinary course of business and (B) trade
accounts created, or prepaid expenses accrued, in the ordinary course of business;


 


(26)       loans
and advances to direct and indirect parent companies of the Borrower (a) in lieu of, and not in excess of the amount of (after giving
effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made
to such companies in accordance with Section 7.3 or (b) in connection with the Tax Receivables Agreement, for a term of 60 days
or less and in an amount not exceeding $10,000,000 at any time outstanding to fund purchases of limited liability company interests in
the Borrower;


 




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(27)       any
Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities
arising in the ordinary course of business;


 


(28)       Investments
consisting of earnest money deposits required in connection with a Permitted Acquisition or other permitted Investment;


 


(29)       Investments
resulting from the exercise of drag-along rights, put-rights, call-rights or similar rights under joint venture or similar documents;
and


 


(30)       Investments
in Unrestricted Subsidiaries and joint ventures, at the time of the making of such Investment, taken together with all other Investments
made pursuant to this clause (30) that are at that time outstanding, not to exceed the greater of $22,500,000 and 30.0% of
Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period.


 


Subject
to the immediately following sentence, the amount of any non-cash Investments will be the Fair Market Value thereof at the time made,
and the amount of any cash Investment will be the original cost thereof. If any Investment in any Person is made in compliance with Section 7.3(e)
in reliance on a category above that is subject to a Dollar-denominated restriction on the making of Investments and, subsequently,
such Person returns to the Borrower, any other Loan Party or, to the extent applicable, any Restricted Subsidiary all or any portion
of such Investment (in the form of a dividend, distribution, interest, payment, return of capital, repayment, liquidation or otherwise
but excluding intercompany Indebtedness), then except to the extent increasing the Available Amount, such return shall be deemed to be
credited to the Dollar-denominated category against which the Investment is then charged (but in any event not in an amount that would
result in the aggregate dollar amount able to be invested in reliance on such category to exceed such Dollar-denominated restriction).
To the extent the category subject to a Dollar-denominated restriction is also subject to an equivalent percentage of such Dollar amount
which, at the date of determination, produces a numerical restriction that is greater than such Dollar amount, then such Dollar equivalent
shall be deemed to be substituted in lieu of the corresponding Dollar amount in the foregoing sentence for purposes of determining such
credit.


 


“Permitted
Liens”: with respect to any Group Member:


 


(1)       pledges
or deposits by such Person in connection with (a) worker’s compensation, employment or unemployment insurance and other types of
employers’ health tax, social security legislation, retirement and other similar legislation, employee source deductions, goods
and services Taxes, sales Taxes, municipal Taxes and pension fund obligations or other insurance-related obligations (including, but
not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto), (b) securing liability
for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees or similar
instruments for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Restricted
Subsidiary or otherwise supporting the payment of items set forth in the foregoing clause (a), or (c) good faith deposits, prepayments
or cash pledges to secure bids, tenders, contracts (other than for the payment of Indebtedness) or leases, subleases, licenses, sublicenses
or similar agreements to which such Person is a party, performance and return of money bonds and other similar obligations incurred in
the ordinary course of business, or deposits to secure public or statutory obligations of such Person or deposits of cash or government
bonds to secure surety, stay, customs or appeal bonds or statutory bonds to which such Person is a party, or deposits as security for
contested Taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business;


 


(2)       Liens
with respect to outstanding motor vehicle fines and Liens imposed by law, such as landlords’, carriers’, warehousemen’s,
materialmen’s, repairmen’s, construction contractors’ and


 




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mechanics’
and other like Liens, in each case for sums not overdue for a period of more than 30 days or being contested in good faith by appropriate
proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding
with an appeal or other proceedings for review if adequate reserves with respect thereto are being maintained in accordance with GAAP;


 


(3)       Liens
for Taxes, assessments or other governmental charges and corporate Taxes (i) not overdue for more than 60 days. (ii) that
are being contested in good faith by appropriate proceedings if (a) adequate reserves with respect thereto are being maintained
on the books of such Person in accordance with GAAP (or, in the case of any Foreign Subsidiary, the accounting principles applicable
in the relevant jurisdiction) or (b) they are immaterial to the Borrower and its Restricted Subsidiaries taken as a whole or (iii)
on property the Borrower or any of its Restricted Subsidiaries has decided to abandon if the sole recourse for such Tax, assessment or
governmental charge is to such property;


 


(4)       Liens
securing obligations incurred pursuant to Section 7.2(b)(xiii) as well as Liens in favor of issuers of performance, surety, bid,
indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements, or letters of credit or bankers’
acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person
in the ordinary course of its business;


 


(5)       survey
exceptions, encumbrances, leases, subleases, encroachments, protrusions, easements or reservations of, or rights of others for, sublicenses,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, and other similar
purposes, or zoning, building codes or other restrictions (including defects or irregularities in title and similar encumbrances, including
any title exceptions listed on any Title Policy) as to the use of real properties, or Liens incidental to the conduct of the business
of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which, in each case,
do not in the aggregate materially impair their use in the operation of the business of such Person taken as a whole;


 


(6)       Liens
Incurred to secure Other Obligations in respect of Indebtedness permitted to be Incurred pursuant to Section 7.2(b)(i), (b)(iv),
(b)(vi), (b)(vii), (b)(xv), (b)(xvi), or (b)(xxix) (in each case, except to the extent required to be unsecured
pursuant to the terms thereof); provided that, (A) in the case of Section 7.2(b)(vii) and Section (b)(xxix),,
such Lien extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of
which is financed thereby and any income or profits thereof; provided that individual financings provided by a lender may be cross
collateralized to other financings provided by such lender or its Affiliates, (B) in the case of Section 7.2(b)(vi)
such Indebtedness complies with the Applicable Requirements, and (C) in the case of Section 7.2(b)(xv), such guarantee
may only be subject to Liens to the extent the underlying Indebtedness may be subject to any Liens;


 


(7)       (i)
Liens securing the Obligations and (ii) Liens existing on the Closing Date, and, with respect to any such Lien securing an obligation
in excess of $7,500,000 set forth on Schedule 1.1D;


 


(8)       Liens
on assets, property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however,
that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Restricted
Subsidiary; provided, further, however, that such Liens may not extend to any other property owned by the Borrower or any
Restricted Subsidiary (other than the proceeds or products of such assets, property or shares of stock or improvements thereon);


 




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(9)       Liens
on assets or on property at the time the Borrower or any Restricted Subsidiary acquired such assets or property, including any acquisition
by means of a merger or consolidation with or into the Borrower or any Restricted Subsidiary; provided, however, that such
Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however,
that the Liens may not extend to any other assets or property owned by the Borrower or any Restricted Subsidiary (other than the proceeds
or products of such assets or property or shares of stock or improvements thereon);


 


(10)       Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Borrower or another Restricted Subsidiary permitted
to be Incurred pursuant to Section 7.2;


 


(11)       Liens
(including Liens on Cash Equivalents) securing Hedging Obligations in an amount not to exceed, at the time such Lien is created or Incurred,
taken together with all other Liens Incurred pursuant to this clause (11), the greater of $11,250,000 and 15.0% of Consolidated
EBITDA, determined on a Pro Forma Basis as of the most recently ended Test Period;


 


(12)       Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’
acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
goods;


 


(13)       leases,
licenses, subleases and sublicenses of, and the granting of an easement interest in and to, assets (including real property and intellectual
property rights) in the ordinary course of business;


 


(14)       Liens
arising from UCC financing statement filings (or similar filings in any other jurisdiction) regarding operating leases or consignments
or sales of receivables entered into by the Borrower and its Restricted Subsidiaries in the ordinary course of business and other Liens
arising solely from precautionary UCC financing statements or similar filings;


 


(15)       Liens
in favor of the Borrower or any Guarantor;


 


(16)       Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred in
connection with a Qualified Receivables Financing;


 


(17)       pledges
and deposits made in the ordinary course of business to secure liability to insurance carriers, insurance companies and brokers;


 


(18)       Liens
on the Equity Interests of Unrestricted Subsidiaries and joint ventures that are not Restricted Subsidiaries;


 


(19)       grants
of software and other technology licenses in the ordinary course of business;


 


(20)       judgment
and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation
being contested in good faith by appropriate proceedings and for which adequate reserves have been made;


 


(21)       Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary
course of business;


 


(22)       Liens
on Escrowed Proceeds during the period which any such Escrowed Proceeds are held under escrow or similar contingent release arrangements;


 




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(23)       Liens
on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business to the Borrower’s or such
Restricted Subsidiary’s client at which such equipment is located;


 


(24)       Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7),
(8), (9), (10), (11), (15) and (25) of this definition of “Permitted Liens”; provided,
however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus
proceeds or products of such property or improvements on such property), and (y) the Indebtedness secured by such Lien at such
time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount
of the Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (15)
and (25) of this definition of “Permitted Liens” at the time the original Lien became a Permitted Lien under this
Agreement, and (B) an amount necessary to pay accrued and unpaid interest, any fees and expenses, including any premium and defeasance
costs, related to such refinancing, refunding, extension, renewal or replacement; provided that with regard to liens incurred
under this clause (24) with respect to Liens originally permitted under clause (11) or (25), clauses (11)
and (25) shall continue to be calculated assuming such Lien was incurred under such clauses;


 


(25)       Liens
securing obligations which obligations do not exceed, at the time such Lien is created or Incurred, taken together with all other Liens
Incurred pursuant to this clause (25), the greater of $22,500,000 and 30.0% of Consolidated EBITDA, determined on a Pro Forma
Basis as of the most recently ended Test Period;


 


(26)       [reserved];


 


(27)       Liens
on receivables and related assets including proceeds thereof being sold in factoring arrangements entered into in the ordinary course
of business;


 


(28)       Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries
to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and its Restricted
Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any of its
Restricted Subsidiaries in the ordinary course of business;


 


(29)       Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other
brokerage accounts incurred in the ordinary course of business and not for speculative purposes;


 


(30)       Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 7.3; provided that
such Liens do not extend to any assets other than those assets that are the subject of such repurchase agreement;


 


(31)       restrictions
on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and similar agreements;


 


(32)       customary
options, put and call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures, partnerships
and similar investment vehicles;


 




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(33)       any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the Borrower
or any of its Restricted Subsidiaries;


 


(34)       Liens
(i) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of
any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for
the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of
business;


 


(35)       Liens
not given in connection with the issuance of Indebtedness for borrowed money (i) of a collection bank arising under Section 4-210
of the UCC (or similar filings in any other jurisdiction) on items in the course of collection; (ii) attaching to a pooling, commodity
or securities trading account or other commodity or securities brokerage accounts incurred in the ordinary course of business; and (iii) in
favor of a banking or other financial institution arising as a matter of law or under customary general terms and conditions encumbering
deposits or other funds maintained with a financial institution (including the right of set-off) and which are within the general parameters
customary in the banking or finance industry or arising pursuant to such banking or financial institution’s general terms and conditions (including
Liens in favor of deposit banks or securities intermediaries securing customary fees, expenses or charges in connection with the establishment,
operation or maintenance of deposit accounts or securities accounts);


 


(36)       (i) Liens
solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement in connection with an Investment
permitted hereunder and (ii) Liens on advances of Cash Equivalents in favor of the seller of any property to be acquired in a Permitted
Investment to be applied against the purchase price for such Investment;


 


(37)       customary
Liens on deposits required in connection with the purchase of property, equipment and inventory, in each case incurred in the ordinary
course of business;


 


(38)       Liens
on Cash Equivalents or other property arising in connection with the defeasance, discharge, repayment or redemption of Indebtedness;
provided that such defeasance, discharge, repayment or redemption is permitted hereunder;


 


(39)       Liens
on property or assets under construction (and related rights) in favor of a contractor or developer or arising from progress or partial
payments by a third party relating to such property or assets;


 


(40)       Liens
given to a public utility or any municipality or Governmental Authority when required by such utility or authority in connection with
the operations of the Borrower or a Restricted Subsidiary thereof; provided that such Liens do not materially interfere with the
operations of the Borrower and its Restricted Subsidiaries, taken as a whole;


 


(41)       Liens
on assets of Non-Guarantor Subsidiaries, provided such Liens secure obligations of Non-Guarantor Subsidiaries that are otherwise
permitted hereunder and such Liens only encumber assets of such Non-Guarantor Subsidiaries;


 


(42)       Liens
arising out of or deemed to exist in connection with any financing transaction of the type described in clause 2(m) of the
definition of “Asset Sale”;


 




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(43)       (i) pledges,
deposits or Liens arising as a matter of law in the ordinary course of business in connection with workers’ compensation schemes,
payroll Taxes, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course
of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit
or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any
Restricted Subsidiary;


 


(44)       restrictive
covenants affecting the use to which real property may be put; provided that such covenants are complied with;


 


(45)       [reserved];
and


 


(46)       zoning
by-laws and other land use restrictions, including site plan agreements, development agreements and contract zoning agreements.


 


The
Borrower may divide, classify (or later reclassify) any Lien (or any portion thereof) in one or more of the above categories (including
in part in one category and in part another category) as set forth in this definition.


 


“Permitted
Junior Priority Refinancing Debt”: any secured Indebtedness Incurred by the Borrower in the form of one or more series of
junior lien secured notes or junior lien secured term loans (each, a “Junior Priority Refinancing Term Facility”)
or one or more junior lien revolving credit facilities (each, a “Junior Priority Refinancing Revolving
Facility”); provided that (i) such Indebtedness constitutes Junior Lien Obligations, (ii) such Indebtedness
constitutes Permitted Credit Agreement Refinancing Debt in respect of Term Loans (including portions of Classes of Term Loans, Other
Term Loans or Incremental Term Loans) or outstanding Revolving Loans or Revolving Commitments and (iii) such Indebtedness
complies with the Permitted Refinancing Requirements; provided that an Officer’s Certificate signed on behalf of the
Borrower delivered to the Administrative Agent at least five (5) Business Days (or such shorter period reasonably acceptable to the
Administrative Agent) prior to the Incurrence of such Indebtedness, together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined
in good faith that such terms and conditions satisfy the requirement of this definition shall be conclusive evidence that such terms
and conditions satisfy such requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day
period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees)).
Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.


 


“Permitted
Refinancing Requirements”: with respect to any Indebtedness Incurred by the Borrower to Refinance, in whole or part, any other
Indebtedness (such other Indebtedness, “Refinanced Debt”):


 


(a)       with
respect to all such Indebtedness:


 


(i)       the
other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, discounts, premiums, and optional prepayment or
optional redemption provisions) are, taken as a whole, not materially more restrictive on the Group Members than those applicable to
the Refinanced Debt, when taken as a whole (except for (w) financial covenants or other covenants or provisions applicable only
to periods after the Latest Maturity Date at the time of such Refinancing, as may be agreed by the Borrower and the providers of such
Indebtedness, (x) terms that are conformed (or added) to the Loan Documents for the benefit of the Lenders pursuant to an amendment
between the


 




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Administrative
Agent and the Borrower, (y) terms that are, solely in the case of notes, customary market terms at the time of Incurrence (as determined
by the Borrower in good faith) or (z) are approved by the Administrative Agent in its reasonable discretion;


 


(ii)       if
such Indebtedness is guaranteed, it is not guaranteed by any Restricted Subsidiary other than the Restricted Subsidiaries that are Loan
Parties; and


 


(iii)       the
proceeds of such Indebtedness are applied, substantially concurrently with the Incurrence thereof, to the prepayment (or satisfaction
and discharge) of the outstanding amount (and, if such Indebtedness constitutes Refinancing Revolving Debt, reductions of the Revolving
Commitments) of the Refinanced Debt in accordance with its terms;


 


provided,
that an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative Agent at least five (5) Business
Days (or a shorter period acceptable to the Administrative Agent) prior to the Incurrence of such Indebtedness, together with a reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating
that the Borrower has determined in good faith that such terms and conditions satisfy the requirements of this definition, shall be conclusive
evidence that such terms and conditions satisfy the requirements of this definition, unless the Administrative Agent notifies the Borrower
within such five (5) Business Day period that it disagrees with such determination (including a reasonable description of the basis upon
which it disagrees);


 


(b)       if
such Indebtedness constitutes Refinancing Revolving Debt, (i) such Indebtedness does not mature (or require commitment reductions
or amortization) prior to the final stated maturity date of the Refinanced Debt and (ii) if such Indebtedness is provided or guaranteed
by a Person (who is not a Loan Party) that is an Affiliate of the Borrower, such Indebtedness includes provisions providing for the pro
rata treatment of payment, repayment, borrowings, participations and commitment reductions of the Revolving Facility and such Indebtedness;


 


(c)       if
such Indebtedness constitutes Refinancing Term Debt:


 


(i)       (x)
in the case of Refinancing Term Debt Incurred under any First Priority Refinancing Term Facility or any Junior Priority Refinancing Term
Facility, subject to the Permitted Earlier Maturity Indebtedness Exception, such Indebtedness (A) does not mature prior to the maturity
date of the Refinanced Debt and (B) does not have a Weighted Average Life to Maturity shorter than the Weighted Average Life to Maturity
of the Refinanced Debt and (y) in the case of Refinancing Term Debt incurred under an Unsecured Refinancing Term Facility, such Indebtedness
does not mature or have scheduled amortization or payments of principal and is not subject to mandatory redemption or prepayment (except
(i) customary asset sale or change of control provisions or (ii) other mandatory redemptions that are also made or offered to holders
of outstanding Term Loans that are First Lien Obligations on at least a pari passu basis), in each case prior to the then Latest
Maturity Date at the time such Refinancing Term Debt is incurred;


 


(ii)       such
Indebtedness shares not greater than ratably in (or, if such Indebtedness constitutes Unsecured Refinancing Term Facility or Junior Priority
Refinancing Term Facility, on a junior basis with respect to) any voluntary or mandatory prepayments of any Term Loans then outstanding;
and


 




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(d)       if
such Indebtedness is secured:


 


(i)       such
Indebtedness is not secured by any assets other than the Collateral (it being understood that such Indebtedness shall not be required
to be secured by all of the Collateral); provided that Indebtedness that may be Incurred by Non-Guarantor Subsidiaries pursuant
to Section 7.2 may be secured by assets of Non-Guarantor Subsidiaries; and


 


(ii)       a
Senior Representative acting on behalf of the providers of such Indebtedness shall have become party to an Intercreditor Agreement (or
any Intercreditor Agreement shall have been amended or replaced in a manner reasonably acceptable to the Administrative Agent), which
results in such Senior Representative having rights to share in the Collateral as provided in the definition of “Permitted First
Priority Refinancing Debt”, in the case of a First Priority Refinancing Revolving Facility or a First Priority Refinancing Term
Facility, or in the definition of “Permitted Junior Priority Refinancing Debt”, in the case of a Junior Priority Refinancing
Revolving Facility or a Junior Priority Refinancing Term Facility.


 


“Permitted
Tax Distributions”: payments made pursuant to Section 7.3(b)(xii).


 


“Permitted
Unsecured Refinancing Debt”: any unsecured Indebtedness Incurred by the Borrower in the form of one or more series of senior
unsecured notes or term loans (each, an “Unsecured Refinancing Term Facility”) or one or more revolving credit facilities
(each, an “Unsecured Refinancing Revolving Facility”); provided that (i) such Indebtedness constitutes
Permitted Credit Agreement Refinancing Debt in respect of Term Loans (including portions of Classes of Term Loans, Other Term Loans or
Incremental Term Loans) or outstanding Revolving Loans or Revolving Commitments and (ii) such Indebtedness complies with the Permitted
Refinancing Requirements; provided that if an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative
Agent for posting to the Lenders at least five (5) Business Days (or such shorter period reasonably acceptable to the Administrative
Agent) prior to the Incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions
of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such
terms and conditions satisfy the requirement of this definition, and the Required Lenders shall not have notified the Borrower and the
Administrative Agent that they disagree with such determination (including a statement of the basis upon which each such Lender disagrees)
within such five (5) Business Day period, then such certificate shall be conclusive evidence that such terms and conditions satisfy such
requirement. Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.


 


“Person”:
any natural person, corporation, limited partnership, exempted limited partnership, exempted company, general partnership, limited liability
company, limited liability partnership, joint venture, association, joint stock company, trust, bank trust company, land trust, business
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity whether legal or not,
or any series of any of the foregoing.


 


“Plan”:
at a particular time, any employee benefit plan that is covered by Title IV of ERISA and in respect of which the Borrower or a Commonly
Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.


 


“Platform”:
as defined in Section 6.2(a).


 




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“Preferred
Stock”: any Equity Interest with preferential right of payment of dividends or redemptions upon liquidation, dissolution, or
winding up.


 


“Prepayment-Based
Incremental Amount”: an amount equal to the amount of all prior voluntary prepayments, the par value of all term loan
buybacks (to the extent such term loans are cancelled) (including buybacks pursuant to Section 2.23) and undrawn commitment
reductions of Term Loans, Revolving Loans, Incremental Term Loans, Incremental Revolving Loans and other Indebtedness that
constitutes First Lien Obligations (or, solely with respect to Junior Indebtedness initially Incurred under the Cash-Capped
Incremental Facility, Indebtedness that constitutes Junior Lien Obligations), in each case, (x) with respect to any revolving loans,
to the extent accompanied by a permanent reduction in such revolving commitments, (y) to the extent not funded with the proceeds of
Indebtedness constituting “long term indebtedness” (or comparable caption) under GAAP (other than Indebtedness in
respect of any revolving credit facility) or the proceeds of Permitted Cure Securities applied pursuant to Section 9.3 and
(z) less any previous Incurrence pursuant Sections 2.25(a)(i)(y) or 7.2(b)(vi)(y) (or Section
7.2(b)(xvi) in respect of amounts previously incurred under Section 7.2(b)(vi)(y)).


 


“Prepayment-Based
Incremental Facility”: as defined in Section 2.25(a)(i).


 


“Prime
Rate”: the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall
Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the Administrative
Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being
effective.


 


“Private
Lender Information”: any information and documentation that is not Public Lender Information.


 


“Pro
Forma Balance Sheet”: as defined in Section 4.1(a).


 


“Pro
Forma Basis”: (i) if, during such Reference Period, the Borrower or any Restricted Subsidiary shall have made any Disposition
(or discontinued any operations) of at least a division of a business unit, then, with respect to the calculation of any test, financial
ratio, basket or covenant under this Agreement, including any Financial Definitions, such calculation for such Reference Period shall
be given pro forma effect thereto as if such Disposition or discontinuation occurred on the first day of such Reference Period (for the
avoidance of doubt, including (without duplication) pro forma adjustments, if any, to the extent set forth in the definition of “Consolidated
EBITDA”);


 


(ii)       if,
during such Reference Period, the Borrower or any Restricted Subsidiary shall have made an Investment or acquisition of assets, in each
case constituting at least a division of a business unit or a product line of, or all or substantially all of the assets of, any Person
(whether by way of merger, asset acquisition, acquisition of Capital Stock or otherwise), then, with respect to the calculation of any
test, financial ratio, basket or covenant under this Agreement, including any Financial Definition, such calculation for such Reference
Period shall be calculated after giving pro forma effect thereto as if such Investment or acquisition occurred on the first day of such
Reference Period (for the avoidance of doubt, including (without duplication) pro forma adjustments, if any, to the extent set forth
in the definition of “Consolidated EBITDA”);


 


(iii)       if,
during such Reference Period, the Borrower shall have designated any Restricted Subsidiary as an Unrestricted Subsidiary, or designated
any Unrestricted Subsidiary as a


 




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Restricted
Subsidiary, then, with respect to the calculation of any test, financial ratio, basket or covenant under this Agreement, including any
Financial Definition, such calculation for such Reference Period shall be calculated after giving pro forma effect thereto as if such
designation occurred on the first day of such Reference Period;


 


(iv)       if,
during such Reference Period, the Borrower or any Restricted Subsidiary shall have Incurred or shall have repaid, retired or extinguished
any Indebtedness (other than Indebtedness under any revolving credit facility unless such Indebtedness has been permanently repaid, retired
or extinguished (and the commitments thereunder terminated) and not replaced), or issued or redeemed (or gives irrevocable notice of
redemption for) any Disqualified Stock or Preferred Stock, then, with respect to the calculation of any test, financial ratio, basket
or covenant under this Agreement, including any Financial Definition, such calculation for such Reference Period shall be calculated
giving pro forma effect to such Incurrence, repayment, retirement, extinguishment, issuance or redemption (including as contemplated
by any such irrevocable notice of redemption), as if the same had occurred on the first day of such Reference Period;


 


(v)       if,
following the last day of the most recently completed period of four consecutive fiscal quarters for which the financial statements and
certificates required by Section 6.1(a) or (b), as the case may be, have been or were required to have been delivered
and prior to the end of the Reference Period, the Borrower or any Restricted Subsidiary shall have Incurred or shall have repaid, retired
or extinguished any Indebtedness (other than Indebtedness under any revolving credit facility unless such Indebtedness has been permanently
repaid, retired or extinguished (and the commitments thereunder terminated) and not replaced), or issued or redeemed (or gives irrevocable
notice or redemption for) any Disqualified Stock or Preferred Stock, then, with respect to the calculation of any test, financial ratio,
basket or covenant under this Agreement, including any Financial Definition, such calculation for such Reference Period shall be calculated
giving pro forma effect to such Incurrence, repayment, retirement, extinguishment, issuance or redemption (including as contemplated
by any such irrevocable notice of redemption), as if the same had occurred on the first day of such Reference Period; and


 


(vi)       if,
during such Reference Period, the Borrower or any Restricted Subsidiary shall have commenced any Operational Changes, then, with respect
to the calculation of any test, financial ratio, basket or covenant under this Agreement, including any Financial Definition, such calculation
for such Reference Period shall be calculated after giving pro forma effect thereto as if such designation or entry occurred on the first
day of such Reference Period.


 


If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging
Obligations applicable to such Indebtedness).


 


Interest
on (x) a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial
or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP
and (y) any Indebtedness under a revolving credit facility shall be computed based upon the average daily balance of such Indebtedness
during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a
prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate as the Borrower may designate.


 




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The
term “Disposition” in this definition shall not include dispositions of inventory and other ordinary course dispositions
of property.


 


“Pro
Rata Share”: with respect to (i) any Revolving Facility, and each Revolving Lender’s share of such Revolving Facility,
at any time a fraction (expressed as a percentage), the numerator of which is the amount of the Revolving Commitments of such Revolving
Lender under such Revolving Facility at such time and the denominator of which is the amount of the aggregate Revolving Commitments under
such Revolving Facility at such time; provided that if such Revolving Commitments have been terminated, then the Pro Rata Share
of each Revolving Lender shall be determined based on the Pro Rata Share of such Revolving Lender under such Revolving Facility immediately
prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof, (ii) any Term
Facility, and each Term Lender and such Term Lender’s share of all Term Commitments or Term Loans under such Term Facility, at
any time a fraction (expressed as a percentage), the numerator of which is the amount of the Term Commitments of such Term Lender under
such Term Facility at such time and the denominator of which is the amount of the aggregate Term Commitments under such Term Facility
at such time; provided that if any Term Loans are outstanding under such Term Facility, then the Pro Rata Share of each Term Lender
shall be a fraction (expressed as a percentage), the numerator of which is the amount of the Term Loans of such Term Lender under such
Term Facility at such time and the denominator of which is the amount of the aggregate Term Loans at such time; provided, further,
that if all Term Loans under such Term Facility have been repaid, then the Pro Rata Share of each Term Lender under such Term Facility
shall be determined based on the Pro Rata Share of such Term Lender under such Term Facility immediately prior to such repayment, and
(iii) with respect to each Lender and all Loans and Outstanding Amounts at any time a fraction (expressed as a percentage), the
numerator of which is the Outstanding Amount with respect to Loans and Commitments of such Lender at such time (plus such Lender’s
obligation to purchase participations in undrawn Letters of Credit) and the denominator of which is the Outstanding Amount (in aggregate)
plus the amount of all Lenders’ obligations to purchase participations in undrawn Letters of Credit at such time; provided that if all Outstanding Amounts have been repaid or terminated, then the Pro Rata Share of each Lender shall be determined based
on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made
pursuant to the terms hereof.


 


“Properties”:
as defined in Section 4.14(a).


 


“PTE”:
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.


 


“Public
Lender”: as defined in Section 6.2(a).


 


“Public
Lender Information”: information and documentation that is (i) of a type that would customarily be publicly available
(as reasonably determined by the Borrower) if the Borrower and its Subsidiaries were public reporting companies, (ii) publically available
(or could be derived from publically available information) or (iii) not material or inside information with respect to the Borrower
and its Subsidiaries or any of their respective securities for purposes of United States Federal and state securities laws.


 


“Purchase”:
as defined in the definition of “Dutch Auction.”


 


“Purchase
Money Note”: a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from the
Borrower or any of its Subsidiaries to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended
to finance that portion of the purchase price that is not paid by cash or a contribution of equity.


 




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“Purchase
Notice”: as defined in the definition of “Dutch Auction.”


 


“Purchaser”:
as defined in the definition of “Dutch Auction.”


 


“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).


 


“QFC
Credit Support” has the meaning assigned to it in Section 11.23.


 


“Qualified
Counterparty”: any Person that, as of the Closing Date or as of the date it enters into any Qualified Hedging Agreement, is
(i) if such Qualified Hedging Agreement is an Existing Swap Agreement, any counterparty thereto, (ii) the Administrative Agent,
a Joint Lead Arranger, a Lender or an Affiliate of the foregoing, in its capacity as a counterparty to such Qualified Hedging Agreement.


 


“Qualified
ECP Guarantor”: in respect of any Swap Obligation, any Loan Party that has total assets exceeding $10,000,000 (or total assets
exceeding such other amount so that such Loan Party is an “eligible contract participant” as defined in the Commodity Exchange
Act) at the time such Swap Obligation is incurred.


 


“Qualified
Equity Interests”: any Capital Stock that is not Disqualified Stock.


 


“Qualified
Hedging Agreement”: any (i) Existing Swap Agreement and (ii) Swap Agreement entered into by any Group Member, on
the one hand, and any Qualified Counterparty, on the other hand (including any Swap Agreement entered into prior to the Closing Date
between any Group Member).


 


“Qualified
Receivables Financing”: any Receivables Financing of a Receivables Subsidiary that meets the following conditions: (1) the
Borrower shall have determined in good faith that such Qualified Receivables Financing (including financing terms, covenants, termination
events and other provisions) is in the aggregate economically fair and reasonable to Borrower and the Receivables Subsidiary, (2) all
sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good faith
by the Borrower), and (3) the financing terms, covenants, termination events and other provisions thereof shall be market terms
at the time the Receivables Financing is first introduced (as determined in good faith by the Borrower and it being understood that such
terms, covenants, termination events and other provisions may subsequently be modified so long as such modifications are on market terms
at the time of any such modification) and may include Standard Securitization Undertakings. The grant of a security interest in any accounts
receivable of the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure any Indebtedness shall not be
deemed a Qualified Receivables Financing.


 


“Qualifying
Lender” as defined in the definition of “Dutch Auction.”


 


“Qualifying
Loan” as defined in the definition of “Dutch Auction.”


 


“Quotation
Date” means, in respect of the determination of the Eurocurrency Rate for any Interest Period for a Eurocurrency Loan, the
day that is two Business Days prior to the first day of such Interest Period.


 


“Ratio-Based
Incremental Amount”:


 


                
(x) with respect to any Indebtedness that constitutes First Lien Obligations, an unlimited amount so long as either (I) the Total
First Lien Net Leverage Ratio does not exceed 4.75 to 1.00, or (II) if


 




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incurred
in connection with a Permitted Acquisition or other Investment, the Total First Lien Net Leverage Ratio does not exceed the Total First
Lien Net Leverage Ratio immediately prior to such Permitted Acquisition or Investment;


 


               
(y) with respect to any such Incremental Term Loans that constitute Junior Lien Obligations, an unlimited amount so long as either
(I) the Total Secured Net Leverage Ratio does not exceed 4.75 to 1.00, or (II) if incurred in connection with a Permitted Acquisition
or other Investment, the Total Secured Net Leverage Ratio does not exceed the Total Secured Net Leverage Ratio immediately prior to such
Permitted Acquisition or Investment; or


 


(z)
with respect to any such Incremental Term Loans that are unsecured, an unlimited amount so long as either (I) the Total Net Leverage
Ratio does not exceed 4.75 to 1.00 or (II) if incurred in connection with a Permitted Acquisition or other Investment, the Total Net
Leverage Ratio does not exceed the Total Net Leverage Ratio immediately prior to such Permitted Acquisition or Investment;


 


in
each case where such Total First Lien Net Leverage Ratio, Total Secured Net Leverage Ratio and/or Total Net Leverage Ratio, as applicable,
is calculated on a Pro Forma Basis (but without giving effect to the cash proceeds received from such Indebtedness that remain on the
balance sheet (other than Escrowed Proceeds)) as of the most recently completed Test Period (calculated assuming that any applicable
revolving commitments being Incurred pursuant to this definition are fully drawn throughout such period);


 


provided
that, for the avoidance of doubt, if, as part of the same transaction or series of related transactions, the Borrower Incurs
Indebtedness pursuant to the Ratio-Based Incremental Amount and substantially concurrently also Incurs Indebtedness (x) pursuant to
the Prepayment-Based Incremental Amount or the Cash-Capped Incremental Amount (whether Incurred under Section 2.25 or Section
7.2(b)(vi) or under any or all such sections) or (y) otherwise constituting a Fixed Amount, then the Total First Lien Net
Leverage Ratio, Total Secured Net Leverage Ratio and/or Total Net Leverage Ratio, as applicable, will be calculated with respect to
such Incurrence pursuant to the Ratio-Based Incremental Amount without regard to any such substantially concurrent Incurrence of
Indebtedness under the Prepayment-Based Incremental Facility, the Cash-Capped Incremental Facility or any other Fixed
Amount.


 


“Ratio-Based
Incremental Facility”: as defined in Section 2.25(a)(i).


 


“Ratio
Debt”: as defined in Section 7.2(a).


 


“Receivables
Fees”: distributions or payments made directly or by means of discounts with respect to any participation interest issued or
sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing.


 


“Receivables
Financing”: any transaction or series of transactions that may be entered into by the Borrower or any Subsidiary of the Borrower
pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary
(in the case of a transfer by the Borrower or any of its Subsidiaries), and (b) any other Person (in the case of a transfer by a
Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future)
of the Borrower or any of its Subsidiaries, and any assets related thereto including all collateral securing such accounts receivable,
all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and
other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset
securitization transactions involving accounts receivable and any Hedging


 




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Obligations
entered into by the Borrower or any such Subsidiary in connection with such accounts receivable.


 


“Receivables
Repurchase Obligation”: any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables
arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion
thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any
failure to take action by or any other event relating to the seller.


 


“Receivables
Subsidiary”: a Wholly Owned Restricted Subsidiary of the Borrower (or another Person formed for the purposes of engaging in
a Qualified Receivables Financing with the Borrower or its Restricted Subsidiaries in which the Borrower or any Subsidiary of the Borrower
makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers accounts receivable and related assets) which
engages in no activities other than in connection with the financing of accounts receivable of the Borrower and its Subsidiaries, all
proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and which is designated by the Board of Directors of the Borrower as a Receivables Subsidiary
and:


 


(a)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Borrower or any
other Subsidiary of the Borrower (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant
to Standard Securitization Undertakings), (ii) is recourse to or obligates the Borrower or any other Subsidiary of the Borrower
in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Borrower
or any other Subsidiary of the Borrower, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant
to Standard Securitization Undertakings,


 


(b)       with
which neither the Borrower nor any other Subsidiary of the Borrower has any material contract, agreement, arrangement or understanding
other than on terms which the Borrower reasonably believe to be no less favorable to the Borrower or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Borrower, and


 


(c)       to
which neither the Borrower nor any other Subsidiary of the Borrower has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results.


 


Any
such designation by the Board of Directors of the Borrower shall be evidenced to the Administrative Agent by delivering to the Administrative
Agent a certified copy of the resolutions of the Board of Directors of the Borrower giving effect to such designation and an Officer’s
Certificate signed on behalf of the Borrower certifying that such designation complied with the foregoing conditions.


 


“Recipient”
means the Administrative Agent or any Lender (including any Issuing Lender), as applicable.


 


“Recovery
Event”: any settlement of or payment in respect of any property or casualty insurance claim or any condemnation, eminent domain
or similar proceeding relating to any asset of any Group Member.


 


“Reference
Period”: the period beginning on the first day of the most recently completed Test Period and ending on the Calculation Date.


 




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“Reference
Time”: with respect to any setting of the then-current Benchmark means (1) if such Benchmark is Adjusted LIBO Rate, 11:00 a.m.
(London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not Adjusted
LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.


 


“Refinance”:
in respect of any Indebtedness, to refinance, discharge, redeem, replace, defease, refund, extend, renew or repay any Indebtedness with
the proceeds of other Indebtedness, or to issue other Indebtedness, in exchange or replacement for, such Indebtedness in whole or in
part; “Refinanced” and “Refinancing” shall have correlative meanings.


 


“Refinanced
Credit Agreement Debt”: as defined in the definition of “Permitted Credit Agreement Refinancing Debt.”


 


“Refinanced
Debt”: as defined in the definition of “Permitted Refinancing Requirements.”


 


“Refinancing
Amendment”: an amendment to this Agreement executed by each of (a) the Borrower, (b) the Refinancing Arranger, (c) the
Administrative Agent and (d) each Additional Lender and Lender that agrees to provide any portion of the Permitted Credit Agreement
Refinancing Debt being Incurred pursuant thereto, in accordance with Section 2.26.


 


“Refinancing
Arranger”: any Person (who may be the Administrative Agent, if it so agrees) appointed by the Borrower, after consultation
with the Administrative Agent, the arranger of any Permitted Credit Agreement Refinancing Debt.


 


“Refinancing
Indebtedness”: as defined in Section 7.2(b)(xvi).


 


“Refinancing
Revolving Debt”: any First Priority Refinancing Revolving Facility, Junior Priority Refinancing Revolving Facility or Unsecured
Refinancing Revolving Facility.


 


“Refinancing
Term B-1 Lender” shall mean, collectively, (i), each Existing Initial Term Loan Lender that executed and delivered a Consent to
Amendment No. 2 on or prior to the Amendment No. 2 Effective Date and (ii) each Additional Term B-1 Lender.


 


“Refinancing
Term B-1 Loan” shall mean, collectively, (i) a Term Loan in Dollars made pursuant to Section 2.1(b)(i) on the Amendment No. 2 Effective
Date and (ii) each Additional Term B-1 Loan.


 


“Refinancing
Term B-1 Loan Commitment” shall mean, with respect to a Cashless Option Term B-1 Lender, the agreement of such Cashless Option
Term B-1 Lender, the agreement of such Cashless Option Term B-1 Lender to exchange its Existing Initial Term Loans for an equal aggregate
principal amount of Refinancing Term B-1 Loans (or such lesser amount as determined by the Amendment No. 2 Arrangers) on the Amendment
No. 2 Effective Date, as evidenced by such Existing Initial Term Loan Lender executing and delivering Amendment No. 2.


 


“Refinancing
Term Debt”: Indebtedness under any First Priority Refinancing Term Facility, Junior Priority Refinancing Term Facility or Unsecured
Refinancing Term Facility.


 


“Refunded
Designated Acquisition Swingline Loans”: as defined in Section 2.7(b).


 




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“Refunding
Capital Stock”: as defined in Section 7.3(b)(ii).


 


“Register”:
as defined in Section 11.6(b)(vi).


 


“Registered
Equivalent Notes”: with respect to any notes originally issued in a Rule 144A or other private placement transaction under
the Securities Act of 1933 (or pursuant to similar rules in any jurisdiction outside of the United States), substantially identical notes
(having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC (or
any securities regulator outside of the United States).


 


“Regulated
Bank”: an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal
Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch,
agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under
12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v)
any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority
in any jurisdiction.


 


“Reimbursement
Obligation”: the obligation of the Borrower to reimburse the Issuing Lenders pursuant to Section 3.5 for amounts
drawn under Letters of Credit.


 


“Reinvestment
Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by any Loan Party that are
not applied to repay the Term Loans or reduce the Revolving Commitments pursuant to Section 2.11(c) on account of the Borrower’s
right to reinvest such proceeds in lieu of applying them to the prepayment of Loans.


 


“Reinvestment
Event”: as defined in Section 2.11(c).


 


“Reinvestment
Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any
amount expended prior to the relevant Reinvestment Prepayment Date to acquire, replace, reconstruct or repair assets useful in the business
of the Borrower and the Restricted Subsidiaries or in connection with a Permitted Acquisition.


 


“Reinvestment
Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a) the date occurring 12 months after such
Reinvestment Event (or, if later, 180 days after the date the Borrower or a Restricted Subsidiary has entered into a binding commitment
to reinvest the Net Cash Proceeds of such Reinvestment Event prior to the expiration of such 12 month period) and (b) the date
on which the Borrower shall have notified the Administrative Agent in writing that it intends to prepay Indebtedness pursuant to Section
2.11(c).


 


“Rejection
Notice” as defined in Section 2.11(f).


 


“Related
Business Assets”: assets (other than Cash Equivalents) used or useful in a Similar Business.


 


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


 


“Relevant
Governmental Body” means the Federal Reserve Board or the NYFRB, or a committee officially endorsed or convened by the Federal
Reserve Board or the NYFRB or, any successor thereto.


 




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“Removal
Effective Date” as defined in Section 10.6(b).


 


“Reply
Amount”: as defined in the definition of “Dutch Auction.”


 


“Reportable
Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice
period is waived.


 


“Repriced
Term Loan” as defined in Section 11.1(b)(ii).


 


“Repricing
Indebtedness”: as defined in the definition of “Repricing Transaction.”


 


“Repricing
Transaction”: other than in the context of a transaction involving a Change of Control or the financing of any Transformative
Acquisition (including, for the avoidance of doubt, within forty-five days before, concurrently with, or within forty-five days following
each such transaction), (i) the repayment, prepayment, refinancing, substitution or replacement of all or a portion of the Initial
Term B-1 Loans with the Incurrence by the Borrower
or any other Restricted Subsidiary of any Indebtedness (“Repricing Indebtedness”) having an effective interest cost
or weighted average yield (taking into account interest rate margin and benchmark floors, recurring fees and all upfront or similar fees
or original issue discount paid or payable by the Borrower or any Restricted Subsidiary (amortized over the shorter of (A) the Weighted
Average Life to Maturity of such term loans and (B) four years), but excluding (x) any arrangement, commitment, structuring, syndication,
ticking, unused line or other fees payable by the Borrower or Restricted Subsidiary in connection therewith that are not shared ratably
in the primary syndication thereof with all lenders or holders of such term loans in their capacities as lenders or holders of such term
loans, (y) customary consent fees for any amendment paid generally to consenting lenders or holders and (z) any bona fide arrangement,
commitment, ticking, structuring, syndication or similar fees paid by the Borrower or Restricted Subsidiary to a lender or an Affiliate
of a lender in its capacity as a commitment party or arranger and regardless of whether such Indebtedness is syndicated to other third
parties)) that is less than the effective interest cost or weighted average yield of the Initial
Term B-1 Loans and (ii) any amendment, waiver, consent or modification
to this Agreement relating to the interest rate for, or weighted average yield (to be determined on the same basis as that described
in clause (i) above) of, the Initial Term B-1
Loans directed at, or the result of which would be, the lowering of the effective interest cost or weighted average yield
applicable to the Initial Term B-1
Loans.


  


“Required
Lenders”: at any time, non-Defaulting Lenders holding more than 50% of (a) until the Closing Date, the Commitments then
in effect and (b) thereafter, the sum of (i) the aggregate Outstanding Amount of all Term Loans at such time, (ii) the
Total Incremental Term Commitments then in effect and (iii) the Total Revolving Commitments then in effect or, if the Revolving
Commitments have been terminated, the Total Revolving Extensions of Credit at such time.


 


“Requirement
of Law”: as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.


 


“Resignation
Effective Date” as defined in Section 10.6(a).


 


“Resolution
Authority”: an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.


 


“Responsible
Officer”: the chief executive officer, representative, director, manager, president, vice president, executive vice president,
chief financial officer, treasurer or assistant treasurer, secretary


 




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or
assistant secretary, an authorized signatory, an attorney-in-fact (to the extent empowered by the board of directors/managers of the
Borrower), or other similar officer of a Loan Party (or of its general partner, managing member or sole member, if applicable) of the
applicable Loan Party, but in any event, with respect to financial matters, the chief financial officer, treasurer, vice president of
finance, controller or comptroller (or other officer or director with equivalent duties), and solely for purposes of notices given pursuant
to Section 2, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in
a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement
between the applicable Loan Party and the Administrative Agent.


 


“Restricted”:
when referring to Cash Equivalents of the Borrower and the Restricted Subsidiaries, means that such Cash Equivalents appear as “restricted”
on the consolidated balance sheet of the Borrower, other than on accounts of Liens in favor of (x) the Administrative Agent for
the benefit of the Secured Parties and (y) other Liens permitted under clauses (3), (10), (13), (15),
(24), (25), (30), (33), (35), (38) and (40) of the definition of “Permitted Liens”
above, other than consensual Liens on assets which constitute Collateral and rank prior to the Liens in favor of the Administrative Agent
(on behalf of the Secured Parties) on the Collateral.


 


“Restricted
Debt Payments” as defined in Section 7.3(c).


 


“Restricted
Payments”: as defined in Section 7.3(a).


 


“Restricted
Subsidiary”: any Subsidiary of the Borrower other than any Unrestricted Subsidiary (or, at the option of the Borrower, any
other Subsidiary of the Borrower designated by it as a Restricted Subsidiary); provided, however, that upon an Unrestricted
Subsidiary’s ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted
Subsidiary”.


 


“Retained
Declined Proceeds”: as defined in Section 2.11(f).


 


“Retired
Capital Stock”: as defined in Section 7.3(b)(ii).


 


“Return
Bid”: as defined in the definition of “Dutch Auction.”


 


“Reuters”:
as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.


 


“Revolving
Borrowing”: a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency Loans,
having the same Interest Period made by each of the Revolving Lenders.


 


“Revolving
Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Designated
Acquisition Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under
the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.1A-1 or in the Assignment
and Assumption, Refinancing Amendment or Incremental Amendment pursuant to which such Lender became a party hereto, as applicable, as
the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments is $400,000,000.
For the avoidance of doubt, the availability of Revolving Commitments shall be reduced by the Elected Amount of BRP C Corp. Acquisition
Indebtedness that are Designated Acquisition Swingline Loans.


 


“Revolving
Commitment Increase”: as defined in Section 2.25(a).


 




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“Revolving
Commitment Increase Lender”: as defined in Section 2.25(d).


 


“Revolving
Commitment Period”: the period from and including the Closing Date to but excluding the Revolving Termination Date.


 


“Revolving
Excess”: as defined in Section 2.11(e).


 


“Revolving
Extensions of Credit”: as to any Revolving Lender at any time to an amount equal to the sum of (a) the aggregate Outstanding
Amount of all Revolving Loans held by such Lender at such time, (b) such Lender’s Revolving Percentage of the aggregate Outstanding
Amount of all L/C Obligations at such time and (c) such Lender’s Revolving Percentage of the aggregate Outstanding Amount of Designated
Acquisition Swingline Loans at such time.


 


“Revolving
Facility”: any Class of Revolving Commitments and the extensions of credit made thereunder, as the context may require.


 


“Revolving
Lender”: each Lender that has a Revolving Commitment or that holds Revolving Loans.


 


“Revolving
Loan Note”: a promissory note substantially in the form of Exhibit F-1.


 


“Revolving
Loans”: as defined in Section 2.4(a).


 


“Revolving
Percentage”: as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes
of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which
the aggregate Outstanding Amount of such Lender’s Revolving Loans at such time constitutes of the aggregate Outstanding Amount
of all Revolving Loans at such time; provided that in the event that the Revolving Loans are paid in full prior to the reduction
to zero of the Total Revolving Extensions of Credit, the Revolving Percentages shall be determined in a manner designed to ensure that
the other outstanding Revolving Extensions of Credit shall be held by the Revolving Lenders on a comparable basis.


 


“Revolving
Termination Date”: the fifth anniversary of the Closing Date.


 


“S&P”:
Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.


 


“Sale
Leaseback Transaction”: any arrangement with any Person or Persons, whereby in contemporaneous or substantially contemporaneous
transactions the Borrower or any Restricted Subsidiary sells substantially all of its right, title and interest in any property and,
in connection therewith, the Borrower or a Restricted Subsidiary acquires, leases or licenses back the right to use all or a material
portion of such property.


 


“Sanctioned
Person”: (a) any Person listed in any Sanctions Laws-related list of designated persons maintained by OFAC (including
the designation as a “specially designated national” or “blocked person”), the U.S. Department of State, the
United Nations Security Council, the European Union, the United Kingdom or any EU member state, and (b) any Person 50% or greater
owned or controlled by any such Person or Persons.


 


“Sanctions
Laws”: the economic sanctions laws and regulations administered or enforced by the U.S. Government (including OFAC or the U.S.
Department of State), the United Nations Security


 




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Council,
Canada, the European Union and the United Kingdom and any other applicable sanctions authority.


 


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


 


“Secured
Parties”: the collective reference to the Administrative Agent, the Lenders (including each Issuing Lender and the Designated
Acquisition Swingline Lender), any Qualified Counterparties and any Cash Management Providers.


 


“Securities
Act”: the Securities Act of 1933, as amended from time to time, and any successor statute.


 


“Security
Agreement”: the Pledge and Security Agreement dated as of the Closing Date among the Loan Parties and the Administrative Agent,
substantially in the form of Exhibit A.


 


“Security
Agreements”: collectively, the Security Agreement and each other security agreement and security agreement supplement executed
and delivered pursuant to Section 5.1(a), Section 6.9, Section 6.11 or Section 6.15 or
pursuant to the Security Agreement, in each case as amended, restated, supplemented, replaced or otherwise modified from time to time
in accordance with its terms.


 


“Security
Documents”: the collective reference to the Security Agreements, each Intellectual Property Security Agreement, each Segregated
Acquisition Amount Deposit Account Control Agreement, each Mortgage, collateral assignments, security agreement supplements, security
agreements, pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to Section 5.1(a),
Section 6.9, Section 6.11 or Section 6.15 or pursuant to the Security Agreement, and each of the
other agreements, instruments or documents that creates or purports to create a Lien which in each case, to the extent legally possible,
is created in favor of the Administrative Agent for the benefit of the Secured Parties, whether entered into on or after the Closing
Date.


 


“Segregated
Acquisition Amount”: any proceeds of Incremental Term Loans (which are the same Class of Term Loans as the Initial Term Loans or Term B-1 Loans) incurred after the Closing Date and deposited in the Segregated Acquisition
Amount Deposit Account that are designated in writing by the Borrower to the Administrative Agent as Segregated Acquisition Amount.


 


“Segregated
Acquisition Amount Deposit Account” has the meaning specified in Section 4.16(c).


 


“Segregated
Acquisition Amount Deposit Account Control Agreement” has the meaning specified in Section 4.16(c).


 


“Senior
Representative”: with respect to any series of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing
Debt or any series of Indebtedness permitted under Section 7.2(b)(vi), the trustee, administrative agent, collateral agent,
security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, Incurred or otherwise
obtained, as the case may be, and each of their successors in such capacities.


 


“Significant
Subsidiary”: at any date of determination, each Restricted Subsidiary that would be a “Significant Subsidiary”
within the meaning of Rule 1-02 under the Securities Act as such rule is in effect on the Closing Date.


 




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“Similar
Business”: any business, service or other activity engaged in by the Borrower, any of the Restricted Subsidiaries, or any direct
or indirect parent on the Closing Date and any business or other activities that are reasonably similar, ancillary, complementary or
related to, or a reasonable extension, development or expansion of, the businesses in which the Borrower and the Restricted Subsidiaries
are engaged on the Closing Date.


 


“Single
Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan.


 


“SOFR”:
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the
SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding
Business Day.


 


“SOFR
Administrator”: the NYFRB (or a successor administrator of the secured overnight financing rate).


 


“SOFR
Administrator’s Website”: the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source
for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.


 


“Solvency
Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit I.


 


“Solvent”:
with respect to any Person and its Subsidiaries on a consolidated basis, means that as of any date of determination, (a) each of
the amount at which the assets (both tangible and intangible), in their entirety, of Borrower and its Subsidiaries taken as a whole would
change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge
of the relevant facts, with neither being under any compulsion to act and the amount that could be obtained by an independent willing
seller from an independent willing buyer if the assets (both tangible and intangible) of Borrower and its Subsidiaries taken as a whole
are sold on a going concern basis with reasonable promptness in an arm’s-length transaction under present conditions for the sale
of comparable business enterprises insofar as such conditions can be reasonably evaluated of the assets of Borrower and its Subsidiaries
taken as a whole exceed their recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP)
of Borrower and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions,
determined in accordance with GAAP consistently applied and maximum estimated amount of liabilities reasonably likely to result from
pending litigation and other contingent liabilities of Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions
(including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in recorded liabilities
(including contingent liabilities that would be recorded in accordance with GAAP) of Borrower and its Subsidiaries taken as a whole,
as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied),
as identified and explained in terms of their nature and estimated magnitude by responsible officers of Borrower; (ii) Borrower and its
Subsidiaries taken as a whole after giving effect to the Transactions have sufficient capital to ensure that it is a going concern; and
(iii) Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions have sufficient assets and cash flow to
pay their respective recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of Borrower
and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined
in accordance with GAAP consistently applied and maximum estimated amount of liabilities reasonably likely to result from pending litigation
and other contingent liabilities of Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions (including
all fees and expenses related thereto


 




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but
exclusive of such contingent liabilities to the extent reflected in the recorded liabilities (including contingent liabilities that would
be recorded in accordance with GAAP) of Borrower and its Subsidiaries taken as a whole, as of the date hereof after giving effect to
the consummation of the Transactions, determined in accordance with GAAP consistently applied), as identified and explained in terms
of their nature and estimated magnitude by responsible officers of Borrower as those liabilities mature or (in the case of contingent
liabilities) otherwise become payable. For the purposes hereof, it is assumed that the indebtedness and other obligations incurred on
the date hereof will come due on their respective stated maturities.


 


“Specified
Cash Management Agreement”: any Cash Management Agreement entered into by any Group Member, on the one hand, and any Cash Management
Provider, on the other hand.


 


“Specified
Class”: as defined in Section 2.28(a).


 


“Specified
Refinancing Indebtedness” Refinancing Indebtedness permitted under Section 7.2(b)(xvi) that is incurred to Refinance
outstanding Term Loans.


 


“Specified
Representations”: the representations and warranties set forth in Sections 4.3(a), 4.4(a) (solely as it relates
to the Loan Documents), 4.4(c), 4.5(i) (with respect to the Organizational Documents only), 4.10, 4.13, 4.16,
4.17, 4.18(a) (with respect to the Patriot Act only), 4.18(d) (with respect to the U.S. Foreign Corrupt Practices
Act of 1977, as amended, and OFAC only) and 4.19 (in each case, only with respect to the Borrower).


 


“Standard
Securitization Undertakings”: representations, warranties, covenants, indemnities and guarantees of performance entered into
by the Borrower or any Subsidiary of the Borrower which the Borrower has determined in good faith to be customary in a Receivables Financing
including those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.


 


“Stated
Maturity Date”: with respect to any security, the date specified in such security as the fixed date on which the final payment
of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision
providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control
of the issuer unless such contingency has occurred).


 


“Subordinated
Indebtedness”: (a) with respect to the Borrower, any Indebtedness of the Borrower which is by its terms contractually
subordinated in right of payment to the Loans, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is
by its terms contractually subordinated in right of payment to its Guarantee.


 


“Subsidiary”:
with respect to any Person (1) any corporation, partnership, limited liability company, unlimited liability company, association,
joint venture or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50%
of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency)
to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions)
having the power to direct or cause the direction of the management and policies thereof at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, (2) any partnership,
joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of


 




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that
Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and
(y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity and (3) any
Person that is consolidated in the consolidated financial statements of the specified Person in accordance with GAAP. Unless otherwise
qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary
or Subsidiaries of the Borrower.


 


“Successor
Company”: as defined in Section 7.8(i).


 


“Supported
QFC” has the meaning assigned to it in Section 11.23.


 


“Swap
Agreement”: any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a Swap Agreement.


 


“Swap
Obligation”: as defined in the definition of “Excluded Swap Obligation.”


 


“Syndication
Agents” collectively, the Co-Syndication Agents listed on the cover page hereof.


 


“Tax
Receivables Agreement”: that certain Tax Receivable Agreement dated as of October 28, 2019, among BRP Group, the Borrower and
the persons named therein.


 


“Taxes”:
all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.


 


“Term
B-1 Lender” shall mean, collectively, (i), each Refinancing Term B-1 Lender and (ii) each Incremental Term B-1 Lender.


 


“Term
B-1 Loan” shall mean, collectively, (i) each Refinancing Term B-1 Loan and (ii) each Incremental Term B-1 Loan.


 


“Term
Borrowing”: a borrowing consisting of simultaneous Term Loans of the same Type.


 


“Term
Commitment”: as to any Lender, (i) the obligation of such Lender, if any, to make a Term Loan to the Borrower in a principal
amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule
1.1A-1, (ii) the Refinancing Term B-1 Loan Commitment,
(iii) the Incremental Term B-1 Loan Commitment, (iv) the Incremental Term Commitments, if any, issued after the Closing Date
pursuant to Section 2.25 or (iiiv) Other
Term Commitments, if any, issued after the Closing Date pursuant to a Refinancing Amendment entered into pursuant to Section 2.26.
The original aggregate principal amount of the Term Commitments is $400,000,000.as
of the Closing Date was $400,000,000 and as of the Amendment No. 2 Effective Date is $0.


  


“Term
Facility”: any Class of Term Loans, as the context may require.


 


“Term
Lenders”: each Lender that has a Term Commitment or that holds a Term Loan.


 




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“Term
Loan”: an Initial Term Loan, the Term B-1 Loans, an Other Term Loan or an Incremental
Term Loan, as the context requires.


 


“Term
Loan Maturity Date”: the seventh anniversary of the Closing Date.


 


“Term
Loan Note”: a promissory note substantially in the form of Exhibit F-2, as it may be amended, supplemented or otherwise
modified from time to time.


 


“Term Loan
Purchase Amount”: as defined in the definition of “Dutch Auction.”


 


“Term
Percentage”: as to any Term Lender at any time, the percentage which such Lender’s Term Commitment then constitutes of
the aggregate Term Commitments (or, at any time after the Closing Date, the percentage which the aggregate Outstanding Amount of such
Lender’s Term Loans at such time constitutes of the aggregate Outstanding Amount of all Term Loans at such time).


 


“Term SOFR”:
for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been
selected or recommended by the Relevant Governmental Body.


 


“Term SOFR
Notice”: a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition
Event.


 


“Term
SOFR Transition Event”: the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the
Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark
Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.16 that is not Term SOFR.


 


“Test
Period” means, subject to Sections 1.2(f) and 1.4, the most recently ended period of four consecutive
fiscal quarters of the Borrower (taken as one account period) for which financial statements and certificates required by Section
6.1(a) or (b), as the case may be, are internally available.


 


“Title
Policy”: an ALTA or equivalent lender’s title insurance policy issued by a title insurer reasonably acceptable to Administrative
Agent pursuant to the terms of Section 6.9(b), subject only to those exceptions which are either Permitted Liens (with any
Liens on Collateral that are expressly contemplated to be junior to the Liens on the Collateral securing the Obligations to be listed
in the applicable Title Policy as subordinate to the Administrative Agent’s lien on the applicable Mortgaged Property) or are otherwise
reasonably approved by the Administrative Agent and containing such endorsements as are customary in the jurisdiction in which the applicable
Mortgaged Property is located and as the Administrative Agent shall reasonably require.


 


“Total
First Lien Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) Consolidated
Total Indebtedness on such day that is secured by the Collateral and constitutes First Lien Obligations over (ii) an amount
equal to the sum of (x) the Unrestricted Cash Equivalents and (y) Cash Equivalents restricted in favor of the Administrative Agent (which
may also include Cash Equivalents securing other Indebtedness that are either (A) First Lien Obligations or (B) Junior Lien Obligations
subject to the terms of an Intercreditor Agreement, in any such case, so long as the holders of such other Indebtedness do not have the
benefit of a control agreement or other equivalent methods of perfection (unless the Administrative Agent also has the benefit of a control
agreement or other equivalent methods of perfection (including, for the avoidance of doubt, Restricted Cash Equivalents that constitutes
Escrowed Proceeds)), in each case of the Borrower and the Restricted Subsidiaries on such


 




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date,
to (b) Consolidated EBITDA, calculated on a Pro Forma Basis for such period, and with such
pro forma adjustments to Consolidated Total Indebtedness and Consolidated EBITDA as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of “Debt Service Coverage Ratio”.


 


“Total
Incremental Term Commitments”: at any time, the aggregate principal amount of the Incremental Term Commitments then in effect.


 


“Total
Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) the amount of Consolidated
Total Indebtedness on such day over (ii) an amount equal to the sum of (x) the Unrestricted Cash Equivalents and (y) Cash
Equivalents restricted in favor of the Administrative Agent (which may also include Cash Equivalents securing other Indebtedness that
are either (A) First Lien Obligations or (B) Junior Lien Obligations subject to the terms of an Intercreditor Agreement, in any such
case, so long as the holders of such other Indebtedness do not have the benefit of a control agreement or other equivalent methods of
perfection (unless the Administrative Agent also has the benefit of a control agreement or other equivalent methods of perfection (including,
for the avoidance of doubt, Restricted Cash Equivalents that constitutes Escrowed Proceeds)), in each case of the Borrower and the Restricted
Subsidiaries on such date, to (b) Consolidated EBITDA of the Borrower and the Restricted Subsidiaries, calculated on a Pro Forma
Basis for such period, and with such pro forma adjustments to Consolidated Total Indebtedness and
Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Debt
Service Coverage Ratio”.


 


“Total
Revolving Commitments”: at any time, the aggregate principal amount of the Revolving Commitments then in effect.


 


“Total
Revolving Extensions of Credit”: at any time, the aggregate Outstanding Amount of the Revolving Extensions of Credit of the
Revolving Lenders at such time.


 


“Total
Secured Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) Consolidated Total
Indebtedness on such day (x) constituting the Obligations or (y) that is otherwise secured by the Collateral over (ii) an
amount equal to the sum of (x) the Unrestricted Cash Equivalents and (y) Cash Equivalents restricted in favor of the Administrative
Agent (which may also include Cash Equivalents securing other Indebtedness that are either (A) First Lien Obligations or (B) Junior Lien
Obligations subject to the terms of an Intercreditor Agreement, in any such case, so long as the holders of such other Indebtedness do
not have the benefit of a control agreement or other equivalent methods of perfection (unless the Administrative Agent also has the benefit
of a control agreement or other equivalent methods of perfection (including, for the avoidance of doubt, Restricted Cash Equivalents
that constitutes Escrowed Proceeds))), in each case of the Borrower and the Restricted Subsidiaries on such date, to (b) Consolidated
EBITDA, calculated on a Pro Forma Basis for such period, and with such pro forma adjustments to
Consolidated Total Indebtedness and Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provisions set
forth in the definition of “Debt Service Coverage Ratio”.


 


“Transactions”:
(a) the execution and delivery of the Loan Documents to be entered into on the Closing Date and the funding of the Loans on the
Closing Date, (b) the consummation of the Existing Debt Release/Repayment and (c) the payment of fees and expenses Incurred
in connection with each of the foregoing.


 


“Transferee”:
any Assignee or Participant.


 




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“Transformative
Acquisition” means any acquisition by the Borrower or any Restricted Subsidiary that (a) is not permitted by the terms of the
Loan Documents immediately prior to the consummation of such acquisition or (b) if permitted by the terms of the Loan Documents immediately
prior to the consummation of such Acquisition, would not provide the Borrower and the Restricted Subsidiaries with adequate flexibility
under the Loan Documents for the continuation and/or expansion of their combined operations following such consummation, as determined
by the Borrower acting in good faith.


 


“Type”:
as to any Loan, its nature as an ABR Loan or a Eurocurrency Loan.


 


“UK
Financial Institution”: any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended
from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
firms, and certain affiliates of such credit institutions or investment firms.


 


“UK
Resolution Authority”: the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.


 


“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.


 


“Undisclosed
Administration”: in relation to a Lender or its direct or indirect parent company the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based
on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment
is not to be publicly disclosed.


 


“Uniform
Commercial Code” or “UCC”: the Uniform Commercial Code (or any similar or equivalent legislation) as in
effect from time to time in any applicable jurisdiction.


 


“United
States”: the United States of America.


 


“Unrestricted”:
when referring to Cash Equivalents, means that such Cash Equivalents are not Restricted.


 


“Unrestricted
Subsidiary”: (i) any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section 6.12
subsequent to the Closing Date and (ii) any Subsidiary of an Unrestricted Subsidiary.


 


“Unsecured
Refinancing Revolving Facility”: as defined in the definition of “Permitted Unsecured Refinancing Debt.”


 


“Unsecured
Refinancing Term Facility”: as defined in the definition of “Permitted Unsecured Refinancing Debt.”


 


“U.S.
Special Resolution Regime” shall have the meaning provided in Section 11.23.


 


“U.S.
Subsidiary”: any Subsidiary of the Borrower organized under the laws of the United States, any state within the United States
or the District of Columbia.


 




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“U.S.
Tax Compliance Certificate” shall have the meaning provided in Section 2.19(e)(ii)(2)(C). 


 


“Voting
Stock”: with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person.


 


“Weighted
Average Life to Maturity”: when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at
any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination
to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such
Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments.


 


“Wholly
Owned Restricted Subsidiary”: any Wholly Owned Subsidiary that is a Restricted Subsidiary.


 


“Wholly
Owned Subsidiary”: with respect to any Person, a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or
other third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person.


 


“Write-Down
and Conversion Powers”: (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.


 


1.2         Other
Interpretive Provisions.


 


(a)                Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents
or any certificate or other document made or delivered pursuant hereto or thereto.


 


(b)                As
used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting
terms not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined,
shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” or “Incur”
shall be construed to mean incur, create, issue, assume or become liable in respect of (and the words “incurred”, “incurrence”,
“Incurred” or “Incurrence” shall have correlative meanings), (iv) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, Capital Stock, securities, revenues, accounts, real property, leasehold interests and contract rights, (v)  the term “consolidated”
with respect to any Person refers to such Person consolidated with the Restricted Subsidiaries, and excludes from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person, (vi) references to agreements
or other Contractual Obligations (including any of the Loan Documents) shall,


 




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unless
otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, novated, supplemented, restated, extended,
amended and restated or otherwise modified from time to time and (vii) a debt instrument includes any equity or hybrid instrument
to the extent characterized as indebtedness.


 


(c)                The
words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and clause, paragraph, Section, Schedule
and Exhibit references are to this Agreement unless otherwise specified.


 


(d)                The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.


 


(e)                For
the avoidance of doubt, unless otherwise specified herein, each date indicated in any Loan Document to fall on a Business Day, if such
date is not a Business Day, shall instead fall on the next succeeding Business Day.


 


(f)                Prior
to the first delivery of financial statements under Section 6.1, any ratio or other financial metric that is measured based on
the most recent financial statements delivered or required to be delivered pursuant to Section 6.1 (including any such metric
measured by reference to a Test Period) shall instead be based on the financial statements delivered pursuant to Section 5.1(c).


 


(g)                For
the avoidance of doubt, unless otherwise specified or the context indicates otherwise, all Financial Definitions and the definition of
Excess Cash Flow (including any defined term or section reference included therein) referred to in the Loan Documents shall be calculated
with reference to the Borrower and the Restricted Subsidiaries, determined on a consolidated basis.


 


(h)                For
the purposes of Sections 7.5 and 7.8, an allocation of assets to a division of a Restricted Subsidiary that is a limited
liability company, or an allocation of assets to a series of a Restricted Subsidiary that is a limited liability company, shall be treated
as a transfer of assets from one Restricted Subsidiary to another Restricted Subsidiary.


 


1.3         Accounting.
For purposes of all Financial Definitions and calculations in the Loan Documents, including the determination of Excess Cash Flow, there
shall be excluded for any period the effects of purchase accounting (including the effects of such adjustments pushed down to the Borrower
and the Restricted Subsidiaries) in component amounts required or permitted by GAAP and related authoritative pronouncements (including
the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition
consummated prior to the Closing Date, any Permitted Acquisition, or the amortization or write-off of any amounts thereof.


 


If
at any time any change in GAAP would affect the computation of any financial ratio, standard or term set forth in any Loan Document,
and the Borrower or the Required Lenders shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to
amend such ratio, standard or term to preserve the original intent thereof in light of such change in GAAP (subject to approval by the
Borrower); provided that, until so amended, such ratio, standard or term shall continue to be computed in accordance with GAAP
immediately prior to such change therein and the Borrower shall provide to the Administrative Agent and the Lenders within five (5) days
after delivery of each certificate or financial report required hereunder that is affected thereby a written statement of the Borrower
setting forth in reasonable detail the differences (including any differences that would affect any calculations relating to the financial
covenants as set forth in Section 7.1) that would have resulted if such financial statements had been prepared giving effect
to such change; provided, that, to the extent any such change would


 




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have
a negative impact on the Borrower with respect to any ratio, financial calculation, financial reporting items or requirement computation,
the Borrower may (in its sole discretion) elect to compute or report such ratio, financial calculation, financial reporting item or requirement
in accordance with GAAP and/or the Applicable Tax Laws, as the case may be, as changed and accordingly, if such an election is made,
the Borrower shall not be required to deliver the written statement described in the immediately preceding proviso with respect thereto.


 


1.4          Limited
Condition Transactions. Notwithstanding anything to the contrary herein, in connection with any action (including any Limited Condition
Transaction itself) being taken solely in connection with a Limited Condition Transaction, for purposes of:


 


(a)determining
compliance with any provision of this Agreement which requires the calculation of any financial ratio or test, including the Total First
Lien Net Leverage Ratio, Total Secured Net Leverage Ratio, Total Net Leverage Ratio, Fixed Charge Coverage Ratio and/or Debt Service
Coverage Ratio;


 


(b)testing
availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated EBITDA or Consolidated
Net Income);


 


(c)testing
the absence of a Default or Event of Default; or


 


(d)the
making of any representations or warranties (other than pursuant to a borrowing under the Revolving Facility),


 


in each case, at
the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Transaction,
an “LCT Election”), the date of determination of whether any such action is permitted under the Loan Documents shall
be deemed to be the date the definitive agreements for (or in the case of a Limited Condition Transaction that involves some other manner
of establishing a binding obligation under local law, such other binding obligations to consummate), or irrevocable notice of, such Limited
Condition Transaction are entered into (the “LCT Test Date”), and if, after giving effect to the Limited Condition
Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness and the use
of proceeds thereof) on a Pro Forma Basis as if they had occurred at the beginning of the most recently completed Test Period ending
prior to the LCT Test Date, the Borrower or the Restricted Subsidiaries would have been permitted to take such action on the relevant
LCT Test Date in compliance with such ratio, basket, test, Default or Event of Default “blocker” or making of representations
and warranties, such ratio, basket, test, Default or Event of Default “blocker” or making of representations and warranties
shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCT Election and any of the ratios,
baskets, tests, Default or Event of Default “blocker” or making of representations and warranties for which compliance was
determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio, basket, test, Default or Event
of Default “blocker” or making of representations and warranties, including due to fluctuations in Consolidated EBITDA at
or prior to the consummation of the relevant transaction or action, such baskets, ratios, tests, Default or Event of Default “blocker”
or making of representations and warranties will not be deemed to have been exceeded as a result of such fluctuations.


 


1.5          Financial
Ratio Calculations. For the avoidance of doubt, with respect to any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of the Loan Documents under a specific covenant that does not require compliance with a financial ratio or
test (including a test based on the Debt Service Coverage Ratio, Fixed Charge Coverage Ratio, the Total First Lien Net Leverage Ratio,
the Total Secured Net Leverage Ratio and/or the Total Net Leverage Ratio) (any such


 




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amounts, the “Fixed
Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on
a provision of the Loan Documents under the same covenant that requires compliance with a financial ratio or test (including a test based
on the Debt Service Coverage Ratio, Fixed Charge Coverage Ratio, the Total First Lien Net Leverage Ratio, the Total Secured Net Leverage
Ratio and/or the Total Net Leverage Ratio) (any such amounts, the “Incurrence-Based Amounts”), it is understood and
agreed that (a) the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence-Based
Amounts, and (b) except as provided in clause (a), the entire transaction shall be calculated on a Pro Forma Basis. In addition, for
the avoidance of doubt, any Indebtedness (and associated Liens, subject to the applicable priorities required pursuant to the applicable
Incurrence-Based Amounts), Investments, liquidations, dissolutions, mergers, consolidations, dividends, or any prepayments of Indebtedness
incurred or otherwise effected in reliance on Fixed Amounts may be reclassified at any time, as the Borrower may elect from time to time,
as incurred under the applicable Incurrence-Based Amounts if the Borrower together with the Restricted Subsidiaries subsequently meets
the applicable ratio for such Incurrence-Based Amounts on a Pro Forma Basis. Notwithstanding the foregoing, Revolving Borrowings are
not “Fixed Amounts.”


 


1.6          Currency
Equivalents Generally.


 


(a)                The
Administrative Agent or the Issuing Lender, as applicable, shall determine the Dollar Equivalent of any Alternative Currency Letter of
Credit as of each date (with such date to be reasonably determined by the Administrative Agent) that is on or about the date of each
request for the issuance, amendment, renewal or extension of such Alternative Currency Letter of Credit, using the Exchange Rate for
the applicable currency in relation to Dollars in effect on the date of determination, and each such amount shall be the Dollar Equivalent
of such Letter of Credit until the next required calculation thereof pursuant to this Section 1.6(a).


 


(b)                The
Dollar Equivalent of any L/C Borrowing made by any Issuing Lender in any Alternative Currency and not reimbursed by the Borrower shall
be determined as set forth in Section 3.5. In addition, the Dollar Equivalent of the L/C Exposure shall be determined as
set forth in Section 3.9, at the time and in the circumstances specified therein.


 


(c)                The
Administrative Agent or the Issuing Lenders, as applicable, shall notify the Borrower, the applicable Lenders and the applicable Issuing
Lender of each calculation of the Dollar Equivalent of each Letter of Credit denominated in any Alternative Currency and each Borrowing
in any Alternative Currency.


 


(d)                Notwithstanding
the foregoing, for purposes of determining compliance with Sections 7.2, 7.3 and 7.6 with respect to any amount
of Indebtedness or Investment in a currency other than Dollars, no Default shall be deemed to have occurred solely as a result of changes
in rates of exchange occurring after the time such Lien, Indebtedness or Investment is incurred; provided that, for the avoidance
of doubt, the foregoing provisions of this Section 1.6 shall otherwise apply to such Sections, including with respect to determining
whether any Indebtedness or Investment may be incurred at any time under such Sections.


 


(e)                For
purposes of determining compliance under Sections 7.5 and 7.6, any amount in a currency other than Dollars will be converted
to Dollars in a manner consistent with that used in calculating net income in the Borrower’s annual financial statements delivered
pursuant to Section 6.1(a); provided, however, that the foregoing shall not be deemed to apply to the determination
of any amount of Indebtedness.


 




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(f)                For
purposes of determining compliance with any restriction on the incurrence of Indebtedness, the Dollar Equivalent of the principal amount
of Indebtedness denominated in a foreign currency shall be calculated based on the Exchange Rate in effect on the date such Indebtedness
was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness
is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension,
replacement, refunding, refinancing, renewal or defeasance would cause the applicable restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance,
such restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased.


 


1.7          Treatment
of Subsidiaries Prior to Joinder.


 


Each
Subsidiary of the Borrower that is required to be joined as a Loan Party pursuant to Section 6.9 shall, until the completion of
such joinder, be deemed for the purposes of Section 7 of this Agreement to be a Loan Party from and after the Closing Date (or
the date of formation or acquisition of such subsidiary).


 


1.8          Interest
Rates; Eurocurrency Notification.


 


The
interest rate on Eurocurrency Loans is determined by reference to the Eurocurrency Rate, which is derived from the London interbank offered
rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021,
it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with
any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered
rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer
be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality,
public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place
of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in
Election, Section 2.16(c) and (d) provide the mechanism for determining an alternative rate of interest. The Administrative
Agent will promptly notify the applicable parties as and when required by Section 2.16(f), of any change to the reference rate
upon which the interest rate on Eurocurrency Loans is based. Except as otherwise provided in this Agreement, the Administrative Agent
does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or
any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Rate” or
with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative,
successor or replacement rate implemented pursuant to Section 2.16(c) or (d), whether upon the occurrence of a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement
Conforming Changes pursuant to Section 2.16(e), including without limitation, whether the composition or characteristics of any
such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the
Eurocurrency Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability
other than, in each case, to the extent of the Administrative Agent’s gross negligence, bad faith or willful misconduct as determined
by a court of competent jurisdiction in a final and non-appealable decision. Nothing in this Section shall constitute a representation
or warranty


 




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by
the Borrower or any of its Restricted Subsidiaries nor can it constitute the basis of any Default or Event of Default.


 


1.9         Divisions.


 


For
all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent
Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first
date of its existence by the holders of its equity interests at such time.


 


SECTION 2.

AMOUNT AND TERMS OF COMMITMENTS


 


2.1          Term
Commitments. (a) Subject to the terms and conditions hereof, each Term Lender severally agrees
to make a single Term Loan to the Borrower on the Closing Date in Dollars and in an amount not to exceed the amount of the Term Commitment
of such Lender on the Closing Date. The Term Loans may from time to time be Eurocurrency Loans or ABR Loans, as determined by the Borrower
and notified to the Administrative Agent in accordance with Sections 2.2 and 2.12. The Term Commitments in effect
on the Closing Date shall automatically terminate at 11:59 p.m. (New York City time) on the Closing Date. Once borrowed and repaid,
no Term Loan may be re-borrowed.


 


(b)              (i)
Subject to and upon the terms and conditions herein set forth, each Cashless Option Term B-1 Lender severally agrees to exchange its
Existing Initial Term Loan for a like principal amount of Refinancing Term B-1 Loans (or such lesser amount as determined by the Amendment
No. 2 Arrangers) on the Amendment No. 2 Effective Date.


 


(ii)              Subject
to and upon the terms and conditions herein set forth, each Additional Term B-1 Lender severally agrees to make Additional Term B-1 Loans
in Dollars to the Borrower on the Amendment No. 2 Effective Date in a principal amount not to exceed its Additional Term B-1 Loan Commitment
on the Amendment No. 2 Effective Date. The Borrower shall prepay all Existing Initial Term Loans of Non-Consenting Existing Initial Term
Loan Lenders with a portion of the gross proceeds of the Additional Term B-1 Loans.


 


(iii)             The
Borrower shall pay all accrued and unpaid interest on the Existing Initial Term Loans to the Existing Initial Term Loan Lenders to, but
not including, the Amendment No. 2 Effective Date on such Amendment No. 2 Effective Date.


 


2.2          Procedure
for Borrowing Term Loans. The Borrower shall give the Administrative Agent irrevocable notice, substantially in the form of Exhibit H
or such other form as may be approved by the Administrative Agent (including (x) any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent and (y) by written notice), appropriately completed and signed
by a Responsible Officer of the Borrower (which notice must be received by the Administrative Agent no later than (A) 1:00 p.m.
(New York City time), on the anticipated Closing Date, in the case of ABR Loans, (B) 11:00 a.m. (New York City time), one
Business Day prior to the anticipated Closing Date, in the case of Eurocurrency Loans (in each case or such shorter period as
the


 




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Administrative
Agent reasonably shall agree), requesting that the Term Lenders make the Initial Term Loans on the Closing Date and specifying (i) the
amount to be borrowed, (ii) the Type of Loan, (iii) the applicable Interest Period, (iv) instructions for remittance of
the Term Loans to be borrowed. Notwithstanding the foregoing, such notices may be conditioned on the occurrence of the Closing Date or,
with respect to Term Loans borrowed after the Closing Date, may be conditioned on the occurrence of any transaction utilizing such Term
Loans. Upon receipt of such notice the Administrative Agent shall promptly notify each Term Lender thereof. Not later than 4:00 p.m.
(New York City time) on the Closing Date, each such Term Lender shall make available to the Administrative Agent an amount in immediately
available funds equal to the Term Loan or Term Loans to be made by such Lender. Such borrowing will then be made available to the Borrower
by the Administrative Agent crediting such account or by wire transfer as is designated in writing to the Administrative Agent by the
Borrower (or as otherwise directed by the Borrower), with the aggregate of the amounts made available to the Administrative Agent by
the Term Lenders and in like funds as received by the Administrative Agent.


 


2.3          Repayment
of Term Loans.


 


(a)       The
principal amount of the Initial Term B-1
Loans of each Term Lender shall be repaid by the Borrower (i) on the last Business Day of each March, June, September and
December (commencing on December 31, 2020September
30, 2021),
in an amount equal to 0.25% of the sum of the aggregate Outstanding Amount of the Term Loans on the Closing Date (which payments shall
be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.17(b))
and (ii) on the Term Loan Maturity Date, in an amount equal to the aggregate Outstanding Amount on such date, together in each case with
accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.


 





(b)                To
the extent not previously paid, (i) each Incremental Term Loan shall be due and payable on the Incremental Term Loan Maturity Date
applicable to such Incremental Term Loan, (ii) each Other Term Loan shall be due and payable on the maturity date thereof as set
forth in the Refinancing Amendment applicable thereto and (iii) each Extended Term Loan shall be due and payable on the maturity
date thereof as set forth in the Permitted Amendment applicable thereto together, in each case, with accrued and unpaid interest on the
principal amount to be paid to but excluding the date of payment.


 


2.4         
Revolving Commitments.


 


(a)                Subject
to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans (“Revolving Loans”)
to the Borrower in Dollars (or, with respect to any Incremental Revolving Loans, in an Approved Currency) from time to time during the
Revolving Commitment Period in an aggregate principal amount which, when added to such Lender’s Revolving Percentage of the sum
of (i) the aggregate Outstanding Amount of L/C Obligations at such time and (ii) the aggregate Outstanding Amount of the Designated Acquisition
Swingline Loans at such time, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Commitment
Period the Borrower may use the Revolving Commitments by borrowing, repaying or prepaying the Revolving Loans in whole or in part, and
reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurocurrency Loans
or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.12.


 


(b)                The
Borrower shall repay all outstanding Revolving Loans on the Revolving Termination Date, together with accrued and unpaid interest on
the Revolving Loans, to but excluding the date of payment.


 




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2.5         Procedure for Borrowing of Revolving Loans. The Borrower may borrow under the Revolving Commitments during the Revolving
Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice
must be received by the Administrative Agent prior to (a) 11:00 a.m. (New York City time), three (3) Business Days prior to the requested
Borrowing Date, in the case of Eurocurrency Loans or (b) 1:00 p.m. (New York City time), on the requested date of such Borrowing,
in the case of ABR Loans (in each case or such shorter period as the Administrative Agent acting reasonably shall agree) and which notice
shall be by written notice), specifying (i) the amount, Class, currency and Type of Revolving Loans to be borrowed, (ii) the
requested Borrowing Date, (iii) in the case of Eurocurrency Loans, the respective amounts of each such Type of Loan and the respective
lengths of the initial Interest Period therefor and (iv) instructions for remittance of the applicable Loans to be borrowed; provided,
however, that if the Borrower wishes to request Eurocurrency Loans having an Interest Period other than one, two, three or six months
in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative
Agent not later than 11:00 a.m. (New York City time) four (4) Business Days (or such shorter period as the Administrative Agent
acting reasonably shall agree) prior to the requested date of such Borrowing, whereupon the Administrative Agent shall give prompt notice
to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m.
(New York City time) three (3) Business Days before the requested date of such Borrowing, the Administrative Agent shall notify the Borrower
whether or not the requested Interest Period has been consented to by all the Lenders. Notwithstanding the foregoing, such notices may
be conditioned on the occurrence of the Closing Date, or with respect to Revolving Loans made pursuant to Revolving Commitments that
become effective after the Closing Date, may be conditioned on the occurrence of any transaction utilizing the applicable Revolving Loans.
Each borrowing under the Revolving Commitments shall be in a principal amount of the Borrowing Minimum or a whole multiple of the Borrowing
Multiple in excess thereof; provided that the Designated Acquisition Swingline Lender may request,
on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7.
Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each
Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of
the Borrower designated in the applicable notice of Borrowing prior to 1:00 p.m. (New York City time) on the Borrowing Date requested
by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower
by the Administrative Agent crediting such account or by wire transfer as is designated in writing to the Administrative Agent by the
Borrower, with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as
received by the Administrative Agent.


 


2.6         Designated
Acquisition Swingline Commitment.


 


(a)                Subject
to the terms and conditions hereof, the Designated Acquisition Swingline Lender may, but shall have no obligation to, make a portion
of the credit otherwise available to the Borrower under the Revolving Commitments held by the Designated Acquisition Swingline Lender
from time to time during the Revolving Commitment Period in the form of the assumption or guarantee by the Borrower of BRP Acquisition
Indebtedness (“Designated Acquisition Swingline Loans”); provided that (i) the aggregate Outstanding Amount
of Designated Acquisition Swingline Loans at any time shall not exceed the Designated Acquisition Swingline Commitment then in effect
(notwithstanding that the aggregate Outstanding Amount of Designated Acquisition Swingline Loans at any time, when aggregated with the
Outstanding Amount of the Designated Acquisition Swingline Lender’s other Revolving Loans, may exceed the Designated Acquisition
Swingline Commitment then in effect) and (ii) the Borrower shall not request, and the Designated Acquisition Swingline Lender shall
not hold, any Designated Acquisition Swingline Loan if, after giving effect to such Designated Acquisition Swingline Loan, the aggregate
amount of the Available Revolving Commitments of the


 




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Lenders
would be less than zero. During the Revolving Commitment Period, the Designated Acquisition Swingline Commitment will be revolving in
nature and the Borrower may utilize it for Designated Acquisition Swingline Loans, repay Designated Acquisition Swingline Loans and utilize
it again for Designated Acquisition Swingline Loans, all in accordance with the terms and conditions hereof. Designated Acquisition Swingline
Loans shall be ABR Loans only and shall be subject to the conditions set forth in the definition of “BRP C Corp Acquisition Indebtedness.”


 


      (b)                The
Borrower shall repay to the Designated Acquisition Swingline Lender the then unpaid principal amount of each Designated Acquisition Swingline
Loan within seven Business Days after the assumption or guarantee thereof by the Borrower, but in no event later than the Revolving Termination
Date.


 


               
2.7         Procedure for Designated Acquisition Swingline
Borrowing; Refunding of Designated Acquisition Swingline Loans.


 


      (a)                 Except
to the extent set forth in the definition of BRP C Corp Acquisition Indebtedness, whenever a Borrower desires that BRP C Corp Acquisition
Indebtedness held by the Designated Acquisition Swingline Lender be assumed or guaranteed by the Borrower and be treated as Designated
Acquisition Swingline Loans, the Borrower shall give the Designated Acquisition Swingline Lender irrevocable written notice (which notice
must be received by the Designated Acquisition Swingline Lender not later than 11:00 a.m., New York City time, on the three Business
Days prior to the Borrowing Date, or such shorter notice period as is acceptable to the Designated Acquisition Swingline Lender) substantially
in the form of Exhibit H or such other form as may be approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a
Responsible Officer of the Borrower specifying (i) the amount to be assumed or guaranteed and (ii) the requested Borrowing Date (which
shall be a Business Day during the Revolving Commitment Period). Each utilization of the Designated Acquisition Swingline Commitment
shall be in an amount equal the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof and meet the requirements
of BRP C Corp Acquisition Indebtedness. Promptly thereafter, on the Borrowing Date specified in the notice in respect of Designated Acquisition
Swingline Loans, the BRP C Corp Acquisition Indebtedness shall be assumed or guaranteed by the Borrower and be treated as a Designated
Acquisition Swingline Loan hereunder.


 


     (b)               Unless
the Borrower and the Designated Acquisition Swingline Lender otherwise agree, the Designated Acquisition Swingline Lender shall, on behalf
of the Borrower (which hereby irrevocably directs the Designated Acquisition Swingline Lender to act on its behalf), give notice no later
than 12:00 Noon, New York City time on the Business Day prior to the date that an outstanding Designated Acquisition Swingline Loan is
to become due pursuant to Section 2.6(b), requesting each Revolving Lender to make, and each Revolving Lender hereby agrees to make,
a Revolving Loan, in an amount equal to such Revolving Lender’s Revolving Percentage of the Outstanding Amount of such Designated
Acquisition Swingline Loan (the “Refunded Designated Acquisition Swingline Loan”) on such due date, to repay the Designated
Acquisition Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to the Administrative Agent
in immediately available funds, not later than 10:00 a.m., New York City time, one (1) Business Day after the date of such notice.
The proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to the Designated Acquisition Swingline
Lender for application by the Designated Acquisition Swingline Lender to the repayment of the Refunded Designated Acquisition Swingline
Loan.


 


       (c)                If
prior to the time a Revolving Loan would have otherwise been made pursuant to Section 2.7(b), one of the events described
in Section 9.1(g) shall have occurred and be continuing


 






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with
respect to the Borrower or if for any other reason, as determined by the Designated Acquisition Swingline Lender in its sole
discretion, Revolving Loans may not be made as contemplated by Section 2.7(b), each Revolving Lender shall, on the date
such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.7(b) or upon the request of
the Designated Acquisition Swingline Lender, purchase for cash an undivided participating interest in the aggregate Outstanding
Amount of Designated Acquisition Swingline Loans by paying to the Designated Acquisition Swingline Lender an amount (the
“Designated Acquisition Swingline Participation Amount”) equal to (i) such Revolving Lender’s
Revolving Percentage times (ii) the sum of the aggregate Outstanding Amount of Designated Acquisition Swingline Loans at
such time that were to have been repaid with such Revolving Loans or that the Designated Acquisition Swingline Lender otherwise
requests Revolving Lenders to purchase participation interests in.


 


      (d)                Whenever,
at any time after the Designated Acquisition Swingline Lender has received from any Revolving Lender such Lender’s Designated Acquisition
Swingline Participation Amount, the Designated Acquisition Swingline Lender receives any payment on account of the Designated Acquisition
Swingline Loans, the Designated Acquisition Swingline Lender will distribute to such Lender its Designated Acquisition Swingline Participation
Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating
interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata
portion of such payment if such payment is not sufficient to pay the principal of and interest on all Designated Acquisition Swingline
Loans then due); provided, however, that in the event that such payment received by the Designated Acquisition Swingline
Lender is required to be returned, such Revolving Lender will return to the Designated Acquisition Swingline Lender any portion thereof
previously distributed to it by the Designated Acquisition Swingline Lender.


 


      (e)                Each
Revolving Lender’s obligation to make the Loans referred to in Section 2.7(b) and to purchase participating interests
pursuant to Section 2.7(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any
setoff, counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the Designated Acquisition
Swingline Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or
an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse
change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by
the Borrower, any other Loan Party or any other Revolving Lender or (v) any other circumstance, happening or event whatsoever, whether
or not similar to any of the foregoing.


 


      (f)                 Notwithstanding
anything to the contrary contained in Sections 2.6 and 2.7 or elsewhere in this Agreement, (i) the Designated Acquisition
Swingline Lender shall not be obligated to make any Designated Acquisition Swingline Loan at a time when a Revolving Lender is a Defaulting
Lender unless the Designated Acquisition Swingline Lender has entered into arrangements reasonably satisfactory to it and the Borrower
to eliminate the Designated Acquisition Swingline Lender’s risk with respect to the Defaulting Lender’s or Defaulting Lenders’
participation in such Designated Acquisition Swingline Loans, including by cash collateralizing such Defaulting Lender’s or Defaulting
Lenders’ Pro Rata Share of the aggregate Outstanding Amount of Designated Acquisition Swingline Loans at such time and (ii) the
Designated Acquisition Swingline Lender shall not make any Designated Acquisition Swingline Loan after it has received written notice
from the Borrower, any other Loan Party or the Required Lenders stating that a Default or an Event of Default exists and is continuing
until such time as the Designated Acquisition Swingline Lender shall have received written notice (A) of rescission of all such notices
from the party or parties originally delivering such notice or notices or (B) of the waiver of such Default or Event of Default in accordance
with Section 11.1.


 




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2.8         Commitment
Fees, etc.


 


     (a)               The
Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender, in accordance with its Revolving
Percentage, a commitment fee (the “Commitment Fee”) equal to the Commitment Fee Rate times the actual
daily amount by which the Total Revolving Commitments exceed the sum of (i) the Outstanding Amount of Revolving Loans and
(ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.25. For
the avoidance of doubt, the Outstanding Amount of Designated Acquisition Swingline Loans shall not be counted towards or considered
usage of the Revolving Commitments of all Lenders for purposes of determining the Commitment Fee.  The Commitment Fee shall
accrue at all times during the Revolving Commitment Period, including at any time during which one or more of the conditions in Section 5
is not satisfied, and shall be due and payable in arrears on each applicable Fee Payment Date. The Commitment Fee shall be
calculated quarterly in arrears, and if there is any change in the Commitment Fee Rate during any quarter, the actual daily amount
shall be computed and multiplied by the Commitment Fee Rate separately for each period during such quarter that such Commitment Fee
Rate was in effect.


 


      (b)                The Borrower
agrees to pay to the Administrative Agent and the Joint Lead Arrangers (and their respective affiliates) the fees in the amounts and
on the dates set forth in any fee agreements with such Persons and to perform any other obligations contained therein.


 


2.9         Termination
or Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than one Business Days’ notice (to
the extent there are no Eurocurrency Loans that are Revolving Loans outstanding at such time) or not less than three (3) Business
Days’ notice (in any other case) to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to
reduce the amount of the Revolving Commitments; provided that if any such notice of termination of the Revolving Commitments
indicates that such termination is to be conditioned on one or more conditions precedent, such notice of termination may be revoked
or automatically terminated if such conditions precedent are not met. Any termination or reduction of Revolving Commitments pursuant
to this Section 2.9 shall be accompanied by prepayment of the Revolving Loans and/or
Designated Acquisition Swingline Loans to the extent, if any, that the Total Revolving Extensions of Credit exceed the amount
of the Total Revolving Commitments as so reduced; provided that if the aggregate Outstanding Amount of Revolving Loans and
Designated Acquisition Swingline Loans at such time is less than the amount of such excess (because L/C Obligations
constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, Collateralize outstanding Letters of
Credit, in each case, in a manner reasonably satisfactory to the Administrative Agent. Any such reduction shall be in an amount
equal to the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof or, if less than the Borrowing
Minimum, the amount of the Revolving Commitments, or a whole multiple thereof, and shall reduce permanently the Revolving
Commitments then in effect. Each prepayment of the Loans under this Section 2.9 (except in the case of Revolving Loans
that are ABR Loans (to the extent all Revolving Loans are not being prepaid) and Designated
Acquisition Swingline Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount
prepaid.


 


2.10        Optional
Prepayments.


 


                               (a)               The Borrower may at any time and from time to time prepay the Loans, in whole or in part, in each case, without premium
or penalty, upon notice, substantially in the form of Exhibit E or such other form as may be approved by the Administrative
Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
appropriately completed and signed by a Responsible Officer of the Borrower, which notice must be received by the Administrative Agent
no later than 2:00 p.m. (New York City time) three (3) Business


 




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Days
prior to the prepayment date, in the case of Eurocurrency Loans, and no later than 2:00 p.m. (New York City time) on the prepayment date,
in the case of ABR Loans; provided that if a Eurocurrency Loan is prepaid on any day other than the last day of the Interest Period
applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21; provided, further,
that such notice shall be irrevocable unless such notice of prepayment indicates that such prepayment is conditioned upon one or more
conditions precedent, in which case such notice of prepayment may be revoked or automatically terminated if such conditions precedent
are not satisfied and any Eurocurrency Loan that was the subject of such notice shall be continued as an ABR Loan. Upon receipt of any
such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified
in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are
ABR Loans and Designated Acquisition Swingline Loans, other than in connection with a repayment of all Loans) accrued interest to such
date on the amount prepaid. Partial prepayments of Term Loans and Revolving Loans shall be in an aggregate principal amount of (x) in
the case of ABR Loans, the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof or (y) in the case
of Eurocurrency Loans, the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof. Partial prepayments of
Designated Acquisition Swingline Loans shall be in an aggregate principal amount of $100,000 or a whole multiple of $10,000 in excess
thereof.


      


                        (b)       Notwithstanding
anything herein to the contrary, in the event that, on or prior to the date that is six months after the ClosingAmendment
No. 2 Effective
Date, the Borrower (x) makes any prepayment of Initial
Term B-1 Loans with the proceeds of any Repricing
Transaction described under clause (i) of the definition of “Repricing Transaction”, or (y) effects any amendment
of this Agreement resulting in a Repricing Transaction under clause (ii) of the definition of “Repricing Transaction”,
the Borrower shall on the date of such prepayment or amendment, as applicable, pay to each Lender (I) in the case of such clause (x),
1.00% of the principal amount of the Initial Term B-1
Loans so prepaid and (II) in the case of such clause (y), 1.00% of the aggregate amount of the Initial
Term B-1 Loans affected by such Repricing Transaction
and outstanding on the effective date of such amendment.


 





2.11       
Mandatory Prepayments and Commitment Reductions.


 


                             
(a)                If any Indebtedness shall be Incurred by any Group Member (other than any Indebtedness permitted to be Incurred by any
such Person in accordance with Section 7.2 (other than Specified Refinancing Indebtedness), an amount equal to 100% of the
Net Cash Proceeds within one (1) Business Day after the receipt of such proceeds, shall be applied on the date of such issuance or Incurrence
toward the prepayment of the Loans as set forth in clause (g) of this Section 2.11.


 


                             
(b)                Subject to clause (d) of this Section 2.11, if, for any Excess Cash Flow Period, there shall be
Excess Cash Flow, an amount equal to (i) the ECF Percentage for such period of such Excess Cash Flow minus (ii) $5,000,000
minus (iii) at the election of the Borrower, to the extent not funded with (x) the proceeds of Indebtedness constituting
“long term indebtedness” (or a comparable caption) under GAAP (other than Indebtedness in respect of any revolving credit
facility) or (y) the proceeds of Permitted Cure Securities applied pursuant to Section 9.3, the aggregate amount of
(1) all Purchases by any Permitted Auction Purchaser (determined by the actual cash purchase price paid by such Permitted Auction
Purchaser for such Purchase and not the par value of the Loans purchased by such Permitted Auction Purchaser) pursuant to a Dutch Auction
permitted hereunder, (2) voluntary prepayments of Term Loans and Revolving Loans (but, in the case of Revolving Loans, only to the
extent of a concurrent and permanent reduction in the Revolving Commitments) (including pursuant to Section 2.23), (3) voluntary
prepayments and repurchases (to the extent of the actual cash purchase price paid for such loan buyback and not the par value) (including
any “yanks” of non-consenting lenders thereunder)


 




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of Indebtedness
(other than the Obligations) that constitutes First Lien Obligations made by Borrower or any of its Restricted Subsidiaries and (4) the
aggregate amount of Additional ECF Reduction Amounts, in the case of clauses (1) through (4) above, during the Excess Cash
Flow Period or, at the election of the Borrower in its sole discretion and without duplication with future periods, following such Excess
Cash Flow Period and prior to such Excess Cash Flow Application Date (and including the amount of any such prepayments and repurchases
made in any previous Excess Cash Flow Period and not applied with respect to such previous Excess Cash Flow Period or any successive
previous Excess Cash Flow Period to reduce Excess Cash Flow payment obligations) shall, on the relevant Excess Cash Flow Application
Date, be applied toward the prepayment of (A) the Loans as set forth in clause (g) of this Section 2.11 or, solely
to the extent permitted by this section, (B) at the Borrower’s option, the prepayment of outstanding Indebtedness that constitutes
First Lien Obligations (collectively, “Other Applicable Indebtedness”). Each such prepayment shall be made on a date
(an “Excess Cash Flow Application Date”) no later than ten (10) Business Days after the date on which the
financial statements of the Borrower referred to in Section 6.1(a), for the fiscal year with respect to which such prepayment
is made, are required to be delivered to the Lenders. Any such amount of Excess Cash Flow may be applied to Other Applicable Indebtedness
only to (and not in excess of) the extent to which a mandatory prepayment is required under the terms of such Other Applicable Indebtedness
(with any remaining Excess Cash Flow applied to prepay outstanding Term Loans in accordance with the terms hereof), unless such application
would result in the holders of Other Applicable Indebtedness receiving in excess of their pro rata share (determined on the basis of
the aggregate Outstanding Amount of Term Loans and Other Applicable Indebtedness at such time) of such Excess Cash Flow relative to Term
Lenders, in which case such Excess Cash Flow may only be applied to Other Applicable Indebtedness on a pro rata basis with outstanding
Term Loans. To the extent the holders of Other Applicable Indebtedness decline to have such Indebtedness repurchased, repaid or prepaid
with any such Excess Cash Flow, the declined amount of such Excess Cash Flow shall promptly (and, in any event, within ten (10) Business
Days after the date of such rejection) be applied to prepay Term Loans in accordance with the terms hereof (to the extent such Excess
Cash Flow would otherwise have been required to be applied if such Other Applicable Indebtedness was not then outstanding).


 


                             
(c)                Subject to clause (d) of this Section 2.11, if, on any date, the Borrower or any Restricted Subsidiary
shall receive Net Cash Proceeds from any Asset Sale or any Recovery Event in excess of $5,000,000 in any fiscal year, then, unless the
Borrower has determined in good faith that such Net Cash Proceeds shall be reinvested in its business (a “Reinvestment Event”),
an aggregate amount equal to 100% of such Net Cash Proceeds shall be applied within five (5) Business Days of such date to prepay (A) outstanding
Term Loans in accordance with this Section 2.11 and (B) at the Borrower’s option Other Applicable Indebtedness;
provided that, notwithstanding the foregoing, within five (5) Business Days following each Reinvestment Prepayment Date, an amount
equal to the Reinvestment Prepayment Amount with respect to any Asset Sale or Recovery Event, shall be applied to prepay the outstanding
Loans as set forth in Section 2.11(g); provided, further, that the Borrower may elect to deem expenditures
that would otherwise be permissible reinvestments pursuant to this clause (c) that occur within 90 days prior to the actual receipt of
Net Cash Proceeds from any Asset Sale or Recovery Event to have been reinvested in accordance with the provisions hereof so long as such
expenditure has been made no earlier that the earliest of (1) notice to the Administrative Agent of such Asset Sale or Recovery Event
(it being agreed that the Administrative Agent will not distribute such notice to the lenders until the occurrence of (2) or (3) as follows),
(2) the execution of a definitive agreement for such Asset Sale or (3) the consummation of such Asset Sale or the occurrence of such
Recovery Event. Any such Net Cash Proceeds may be applied to Other Applicable Indebtedness only to (and not in excess of) the extent
to which a mandatory prepayment in respect of such Asset Sale or Recovery Event is required under the terms of such Other Applicable
Indebtedness (with any remaining Net Cash Proceeds applied to prepay outstanding Term Loans in accordance with the terms hereof), unless
such application would result in the holders of Other Applicable Indebtedness receiving in excess of their pro rata share (determined
on the


 




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basis of the aggregate
Outstanding Amount of Term Loans and Other Applicable Indebtedness at such time) of such Net Cash Proceeds relative to Term Lenders,
in which case such Net Cash Proceeds may only be applied to Other Applicable Indebtedness on a pro rata basis with outstanding Term Loans.
To the extent the holders of Other Applicable Indebtedness decline to have such indebtedness repurchased, repaid or prepaid with any
such Net Cash Proceeds, the declined amount of such Net Cash Proceeds shall promptly (and, in any event, within ten (10) Business Days
after the date of such rejection) be applied to prepay Term Loans in accordance with the terms hereof (to the extent such Net Cash Proceeds
would otherwise have been required to be applied if such Other Applicable Indebtedness was not then outstanding).


 


                             
(d)                Notwithstanding anything to the contrary in this Agreement (including clauses (a), (b) and (c) above), to the extent
that the Borrower has determined in good faith that (i)  any of or all the Net Cash Proceeds of any Asset Sale or Recovery Event
by a Subsidiary or Excess Cash Flow attributable to Subsidiaries (or branches of Subsidiaries) are prohibited or delayed by applicable
local law from being repatriated to the relevant Borrower(s) (including financial assistance and corporate benefit restrictions and fiduciary
and statutory duties of the relevant directors), (ii) such repatriation would present a material risk of liability for the applicable
Subsidiary or its directors or officers (or gives rise to a material risk of breach of fiduciary or statutory duties by any director
or officers) or (iii) in the case of Foreign Subsidiaries (including repatriation or distributions that would be made through Foreign
Subsidiaries), such repatriation or any distribution of the relevant amounts would result in material adverse tax consequences, the portion
of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Loans at the times set forth in
this Section 2.11 but may be retained by the applicable Subsidiary or branch (the Borrower hereby agreeing to cause the applicable
Subsidiary or branch to promptly take commercially reasonable actions to permit such repatriation without violating applicable local
law or incurring material adverse tax consequences; (provided, however, that no such commercially reasonable actions shall
be required to be taken later than twelve (12) months after the applicable Indebtedness Incurrence, Asset Sale, Recovery Event or (with
respect to any such Excess Cash Flow) the last day of the applicable Excess Cash Flow Period)) provided, that for a period of
365 days from receipt of such Net Cash Proceeds, if such repatriation of any of such affected Net Cash Proceeds or Excess Cash Flow
becomes permitted under such applicable local law, would not present a material risk as described in clause (ii) above, or
no such material adverse tax consequences would result from such distribution, such distribution will be promptly affected and such distributed
Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than ten (10) Business Days after such distribution)
applied (net of additional Taxes payable or reserved against as a result thereof) to the repayment of Term Loans pursuant to this Section 2.11.


 


             
(e)                 In the event the aggregate Outstanding Amount of Revolving Loans and L/C Obligations and Designated Acquisition Swingline Loans
at any time exceeds (the “Revolving Excess”) the Total Revolving Commitments then in effect, the Borrower shall promptly
repay Designated Acquisition Swingline Loans and Revolving Loans and Collateralize Letters of Credit to the extent necessary to remove
such Revolving Excess.


 


                     
(f)                 The Borrower shall deliver to the Administrative Agent notice, substantially in the form of Exhibit E or such other
form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower, of each
prepayment required under this Section 2.11 (other than prepayments pursuant to Section 2.11(a)), which notice
must be received by the Administrative Agent not less than three (3) Business Days (or such shorter time as the Administrative Agent
shall reasonably agree) prior to the date such prepayment shall be made. The Administrative Agent will promptly notify each applicable
Lender of such notice. Each such Lender may reject all of its Pro Rata Share of the prepayment (such declined amounts, the


 




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“Declined
Proceeds”) by providing written notice (each, a “Rejection Notice”) to the Administrative Agent and the
Borrower no later than (i) 5:00 p.m., New York City time on the date of such Lender’s receipt of such notice from the Administrative
Agent, if such notice is received prior to 11:00 a.m., New York City time, and (ii) 12:00 p.m., New York City time on the date following
such Lender’s receipt of such notice from the Administrative Agent, if such notice is received after 11:00 a.m. New York City time.
If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, such failure will
be deemed an acceptance of such prepayment. Subject to any requirements of any other Indebtedness, any Declined Proceeds may be retained
by the Borrower (such retained amount, the “Retained Declined Proceeds”). Each notice delivered pursuant to the first
sentence of this clause (f) shall, as applicable, set forth in reasonable detail the calculation of the amount of such prepayment.


 


                              (g)                Amounts
to be applied in connection with any prepayments made pursuant to this Section 2.11 (other than Section 2.11(e)) shall
be applied to the prepayment of the Term Loans in accordance with Section 2.17(b). The application of any prepayment of Loans
pursuant to this Section 2.11 shall be made on a pro rata basis within any Class of Loans regardless of Type. Each
prepayment of the Loans under this Section 2.11 (except in the case of Revolving Loans that are ABR Loans (to the extent
all Revolving Loans are not being prepaid)) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.


 


                  
   (h)                Notwithstanding any of the other provisions of this Section 2.11, if any prepayment of Eurocurrency
Loans is required to be made under this Section 2.11 other than on the last day of the Interest Period applicable thereto,
the Borrower may, in its sole discretion, deposit the amount of any such prepayment otherwise required to be made thereunder with the
Administrative Agent, to be held as security for the obligations of the Borrower to make such prepayment pursuant to a cash collateral
agreement to be entered into on terms reasonably satisfactory to the Administrative Agent until the last day of such Interest Period,
at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other
Loan Party) to apply such amount to the prepayment of such Eurocurrency Loans in accordance with this Section 2.11 (determined
as of the date such prepayment was required to be originally made); provided that such unpaid Eurocurrency Loans shall continue
to bear interest in accordance with Section 2.15 until such unpaid Eurocurrency Loans have been prepaid. Upon the occurrence
and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by
or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the applicable Eurocurrency Loans
in accordance with this Section 2.11 (determined as of the date such prepayment was required to be originally made). Notwithstanding
anything to the contrary contained in this Agreement, any amounts held by the Administrative Agent pursuant to this subsection (h) pending
application to any Eurocurrency Loans shall be held and applied to the satisfaction of such Eurocurrency Loans prior to any other application
of such amounts as may be provided for herein.


 


    (i)               Notwithstanding
anything to the contrary contained in Section 2.10 and this Section 2.11, a portion of the proceeds of the Additional Term B-1 Loans
shall be used to repay all Existing Initial Term Loans of the Non-Consenting Existing Initial Term Loan Lenders.


 


2.12         Conversion
and Continuation Options.


 


        (a)               The
Borrower may elect from time to time to convert Eurocurrency Loans to ABR Loans by giving the Administrative Agent prior irrevocable
written notice of such election substantially in the form of Exhibit H or such other form as approved by the Administrative
Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
appropriately completed and signed by a Responsible Officer of the


 




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Borrower, no later
than 12:00 p.m. Local Time, three (3) Business Days prior to the proposed conversion date. The Borrower may elect from time to time to
convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable written notice of such election substantially
in the form of Exhibit H or such other form as approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a
Responsible Officer of the Borrower, no later than 12:00 p.m. (New York City time), on the third Business Day preceding the proposed
conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, further, that
if the Borrower wishes to request Eurocurrency Loans having an Interest Period other than one, two, three or six months in duration as
provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later
than 12:00 p.m. (New York City time) three (3) Business Days prior to the requested date of such Borrowing conversion, whereupon the
Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is approved
by all of them. Not later than 12:00 p.m. (New York City time), two (2) Business Days before the requested date of such Borrowing conversion,
the Administrative Agent shall notify the Borrower whether or not the requested Interest Period has been consented to by all the Lenders;
provided, further that, no ABR Loan may be converted into a Eurocurrency Loan when a bankruptcy or payment Event of Default
has occurred and is continuing. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
If the Borrower fails to give a timely notice requesting any conversion from one Type of Loan to another, then the applicable Loans shall
be continued as, or converted to, Eurocurrency Loans with a one-month Interest Period. Any such automatic conversion to ABR Loans shall
be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Loans.


 


       (b)            Any
Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower
giving irrevocable written notice to the Administrative Agent , substantially in the form of Exhibit H or such other form
as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved
by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower, no later than 2:00 p.m.
(New York City time) on the third Business Day preceding the proposed continuation date in the case of Eurocurrency Loans; provided,
further that, to the extent the Required Lenders provide written notice thereof to the Borrower, no Eurocurrency Loan may be continued
as such when any Event of Default has occurred and is continuing; provided, further, that if the Borrower shall fail to
give any required notice as described above in this paragraph, such Loans shall be automatically continued as Eurocurrency Loans with
a one-month Interest Period on the last day of such then expiring Interest Period, and if such continuation is not permitted pursuant
to the preceding proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then-expiring Interest Period.
Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.


 


2.13         Limitations
on Eurocurrency Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations
of Eurocurrency Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that,
after giving effect thereto, (a) the aggregate principal amount of the Eurocurrency Loans comprising each Eurocurrency Tranche shall
be equal to $1,000,000 or a whole multiple of $500,000 in excess thereof, and (b)(i) in the case of Term Loans, no more than five
Eurocurrency Tranches shall be outstanding at any one time and (ii) in the case of Revolving Loans, no more than 10 Eurocurrency
Tranches shall be outstanding at any one time.


 




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2.14         Interest
Rates and Payment Dates.


 


(a)              Each
Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the
Eurocurrency Rate determined for such day plus the Applicable Margin.


 


(b)              Each
ABR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.


 


(c)             (i)  If
all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity,
by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate that would otherwise be
applicable thereto pursuant to the foregoing provisions of this Section 2.14 plus 2% and (ii) if all or a portion of (x) any
interest payable on any Loan or Reimbursement Obligation, (y) any Commitment Fee or (z) any other amount payable hereunder
or under any other Loan Document shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue
amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus
2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under
the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of
such non-payment until such amount is paid in full (as well after as before judgment).


 


(d)           Interest
shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to Section 2.14(c) shall be payable from time to time on demand.


 


2.15         Computation
of Interest and Fees.


 


(a)               Interest
and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect
to ABR Loans, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days
elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of
a Eurocurrency Rate. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate or the Eurocurrency
Rate shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent
shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in
interest rate. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable
to such Loan or, with respect to an ABR Loan being converted from a Eurocurrency Loan, the date of conversion of such Eurocurrency Loan
to such ABR Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period
applicable to such Loan or, with respect to an ABR Loan being converted to a Eurocurrency Loan, the date of conversion of such ABR Loan
to such Eurocurrency Loan, as the case may be, shall be excluded; provided that if a Loan is repaid on the same day on which it
is made, one day’s interest shall be paid on that Loan.


 


(b)             Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding
on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver
to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.14.


 




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2.16         Inability
to Determine Interest Rate; Illegality.


 


(a)             If
prior to the first day of any Interest Period (i) the Administrative Agent or the Majority Facility Lenders in respect of the relevant
Facility shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Interest Period;
provided that no Benchmark Transition Event shall have occurred at such time, or (ii) the Administrative Agent shall have
received notice from the Majority Facility Lenders in respect of the relevant Facility that the Eurocurrency Rate determined or to be
determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such
Lenders) of making or maintaining their affected Loans during such Interest Period, then the Administrative Agent shall give written
notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. Thereafter, (x) the obligation of the
Lenders to make or maintain Eurocurrency Loans shall be suspended and (y) in the event of a determination described in the preceding
sentence with respect to the Eurocurrency component of the Alternate Base Rate, the utilization of the Eurocurrency Rate component in
determining the Alternate Base Rate shall be suspended, in each case until such time as the Administrative Agent (upon the approval of
the Majority Facility Lenders which approval the Administrative Agent agrees to seek promptly once it reasonably believes such condition
no longer exists) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion
to or continuation of Eurocurrency Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing
of ABR Loans in the amount specified therein.


 


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


 


(i)               any
obligation of such Lender to make or continue Eurocurrency Loans or to convert ABR to Eurocurrency Loans shall be suspended, and


 


(ii)              if
such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference
to the Eurocurrency Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender, shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Alternate
Base Rate,


 


in each case of
clauses (i) and (ii) above until such Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such determination no longer exist.


 


Upon
receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay (solely if
requirement by a Requirement of Law) or,  if applicable, convert all of such Lender’s Eurocurrency Loans to ABR Loans (the
interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the Eurocurrency Rate component of the Alternate Base Rate) either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully
continue to maintain such Eurocurrency Loans. In the event any Lender shall exercise its rights under clauses (i) or (ii)
of this Section 2.16(b), all payments and prepayments of principal that would otherwise have been applied to repay the Eurocurrency
Loans that would have been made by such Lender or the converted Eurocurrency Loans of such Lender shall instead be applied to repay the
Alternate Base Rate Loans (if applicable)


 




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made
by such Lender in lieu of, or resulting from the conversion of, such Eurocurrency Loans. For purposes of this Section 2.16(b),
a notice to the Borrower by any Lender shall be effective as to each Eurocurrency Loan made by such Lender, if lawful, on the last day
of the Interest Period then applicable to such Eurocurrency Loan; in all other cases, such notice shall be effective on the date of receipt
by the Borrower.


 


(c)               Notwithstanding
anything to the contrary herein or in any other Loan Document (it being understood that Swap Agreements are not to be “Loan Documents”),
if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined
in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such
Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark
setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business
Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent
of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time,
written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.


 


(d)              Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Transition
Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current
Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any
Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (d) shall not be effective unless
the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.


 


(e)              In
connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party
to this Agreement or any other Loan Document.


  


(f)                The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term
SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement
of any tenor of a Benchmark pursuant to clause (g) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders)
pursuant to this Section 2.16, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this


 




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Agreement or any other
Loan Document, except, in each case, as expressly required pursuant to this Section 2.16.


 


(g)              Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or Adjusted LIBO Rate) and either (A) any tenor for
such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the
Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided
a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative,
then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such
time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either
(A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or
is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such
time to reinstate such previously removed tenor.


 


(h)             Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke
any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as
applicable, will not be used in any determination of ABR.


 


2.17         Pro Rata Treatment and Payments.


 


(a)            
 Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any Commitment Fee
and any reduction of the Commitments of the Lenders shall be made pro rata to the relevant Lenders of any Class according to the
respective Term Percentages, Incremental Term Percentages or Revolving Percentages, as the case may be, of the relevant Lenders of such
Class.


 


                (b)            Each
payment (including each voluntary or mandatory prepayment) on account of principal of and interest on any Class of the Term Loans
shall be made pro rata to the Term Lenders of such Class according to the respective Outstanding Amount of the Term Loans
then held by the Term Lenders of such Class. The amount of each optional prepayment of the Term Loans made pursuant to Section 2.10 shall
be applied as directed by the Borrower in the notice described in Section 2.10 and, if no direction is given by the
Borrower, in the direct order of maturity and to the Term Loans of the Borrower on a pro rata basis. The amount of each
mandatory prepayment of the Term Loans pursuant to Section 2.11 shall be applied as directed by the Borrower in the
notice described in Section 2.11 and to the Term Loans of the Borrower on a pro-rata basis (other than in the case of
Permitted Credit Agreement Refinancing Debt, the proceeds of which shall be applied to the applicable Class on a pro rata
basis) and, if no direction is given by the Borrower, in the direct order of maturity. Each payment (including each prepayment) by
the Borrower on account of principal of and interest on the Revolving Loans shall be made pro rata to the Revolving Lenders
according to the respective Outstanding Amount of the Revolving Loans then held by the Revolving Lenders.


 






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(c)       All
payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without setoff or counterclaim and shall be made prior to 2:00 p.m. (New York City time) on the due date thereof to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York 10017, for the account of the Lenders, in Dollars and in immediately
available funds. Any payments received after such time shall be deemed to be received on the next Business Day at the Administrative
Agent’s sole discretion. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds
as received.


 


(d)       Unless
the Administrative Agent shall have been notified in writing by any Lender prior to the time of any Borrowing that such Lender will not
make the amount that would constitute its share of such Borrowing available to the Administrative Agent, the Administrative Agent may
assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon
such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent
by the required time on the Borrowing Date therefor (a “Funding Default”), such Lender shall pay to the Administrative
Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and
(ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the
period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent
submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error.
If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three (3) Business
Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with (without duplication of any
such amounts ultimately received from such Lender, and any interest thereon) interest thereon at the rate per annum applicable to ABR
Loans under the relevant Facility, on demand, from the Borrower. Nothing herein shall be deemed to relieve any Lender from its obligation
to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a
result of any default by such Lender hereunder.


 


(e)       Unless
the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower
hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower
are making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available
to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent
by the Borrower within three (3) Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand,
from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at
the rate per annum equal to the daily Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative
Agent or any Lender against the Borrower.


 


2.18          
Requirements of Law.


 


(a)       Subject
to clause (c) of this Section 2.18, if any Change in Law shall (i) subject any Lender to any Tax with respect
to this Agreement, any Letter of Credit, any Application or any Eurocurrency Loan made by it (except for any Indemnified Taxes or Excluded
Taxes), (ii) impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets
held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition
of funds by, any office of such Lender that is not otherwise included in the determination of the Eurocurrency Rate or (iii) impose
on such Lender any other condition, and the result of any of the foregoing is to increase the cost to such Lender by an amount that such
Lender


 




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reasonably
deems to be material, of making, converting into, continuing or maintaining Eurocurrency Loans or issuing or participating in Letters
of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such
Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable.
If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with
a copy to the Administrative Agent) of the event by reason of which it has become so entitled.


 


(b)       Subject
to clause (c) of this Section 2.18, if any Lender shall have determined that compliance by such Lender (or any
corporation controlling such Lender) with any Change in Law regarding capital adequacy or liquidity shall have the effect of reducing
the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under
or in respect of any Loans or Letters of Credit to a level below that which such Lender or such corporation could have achieved but for
such Change in Law (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy
or liquidity) by an amount reasonably deemed by such Lender to be material, then from time to time, after submission by such Lender to
the Borrower (with a copy to the Administrative Agent) of a written request therefor (setting forth in reasonable detail the basis for
calculating the additional amounts owed to such Lender under this Section 2.18(b)), the Borrower shall pay to such Lender
such additional amount or amounts as will compensate such Lender or such corporation for such reduction.


 


(c)       Notwithstanding
anything to the contrary in this Agreement (including clauses (a) and (b) above), reimbursement pursuant to this Section 2.18
for (A) increased costs arising from any market disruption (i) shall be limited to circumstances generally affecting the
banking market and (ii) may only be requested by Lenders representing the Majority Facility Lenders with respect to the applicable
Facility and (B) increased costs because of any Change in Law resulting from clause (x) or (y) of the proviso
to the definition of “Change in Law” may only be requested by a Lender imposing such increased costs on borrowers similarly
situated to the Borrower under syndicated credit facilities comparable to those provided hereunder. A certificate as to any additional
amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive
in the absence of manifest error. The Borrower shall pay such Lender the additional amount shown as due on any such certificate promptly
after, and in any event within, ten (10) Business Days of, receipt thereof. Notwithstanding anything to the contrary in this Section,
the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than nine months prior
to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided that,
if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the
period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder.


 


2.19          
Taxes.


 


(a)       Payments
Free of Taxes. All payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by applicable law. If any applicable law, as determined in the good faith discretion
of an applicable withholding agent, requires the deduction or withholding of any Tax from any such payment by a withholding agent, the
applicable withholding agent shall make such deduction or withholding and shall timely pay the full amount deducted or withheld to the
relevant Governmental Authority in accordance with applicable law. If such Tax is an Indemnified Tax, the sum payable by the Borrower
shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section),


 




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the
applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.


 


(b)       Payment
of Other Taxes by Borrower. Without duplication of any obligation under Section 2.19(a), the Borrower shall timely pay to
the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse
it for the payment of, any Other Taxes.


 


(c)       Indemnification
by Borrower. Without duplication of any obligation under Section 2.19(a) or (b), the Borrower shall indemnify each
Recipient, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or
deducted from a payment to such Recipient and any reasonable and documented, out-of-pocket expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Such written
demand shall be made no later than 180 days after the earlier of (1) the date on which the Administrative Agent or the applicable Lender,
as the case may be, received written demand for payment of the applicable Indemnified Taxes from the relevant Governmental Authority
or (2) the date on which the Administrative Agent or the applicable Lender, as the case may be, paid the applicable Indemnified Taxes;
provided that failure or delay on the part of the Administrative Agent or the applicable Lender, as the case may be, to make such
written demand shall not constitute a waiver of the right of the Administrative Agent or the applicable Lender, as the case may be, to
demand indemnity and reimbursement for such Indemnified Taxes, except to the extent that such failure or delay results in prejudice to
the Borrower.


 


(d)       Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.


 


(e)       Status
of Lenders.


 


(i)       Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section
2.19 in clauses (e)(ii)(1), (e)(ii)(2), and (e)(ii)(4) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender.


 




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(ii)       Without
limiting the generality of the foregoing:


 


(1)       any
Lender that is a “United States person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower
and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that
such Lender is exempt from U.S. federal backup withholding tax;


 


(2)       
any Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S.
Lender”) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever
of the following is applicable:


 


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



 


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



 


		(C)	in the case
                                            of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under
                                            Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that such Non-U.S. Lender is not a “bank” within the meaning
                                            of Section 881(c)(3)(A) of the Code, a “10-percent shareholder” of the Borrower
                                            within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign
                                            corporation” related to the Borrower as described in Section 881(c)(3)(C) of the
                                            Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies
                                            of IRS Form W-8BEN or IRS Form W-8BEN-E; or



 


		(D)	to the extent
                                            a Non-U.S. Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied
                                            by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate
                                            substantially in the form of



 




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Exhibit K-2
or Exhibit K-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the
portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-4
on behalf of each such direct and indirect partner;


 


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


 


(4)       if
a payment made to a Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the
amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (4), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.


 


Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability
to do so. Notwithstanding any other provision of this Section 2.19, a Lender shall not be required to deliver any documentation
that such Lender is not legally eligible to deliver.


 


Each
Lender authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation
provided by such Lender to the Administrative Agent pursuant to this Section 2.19.


 


(f)       Status
of Administrative Agent. Prior to the date it becomes the Administrative Agent under this Agreement, the Administrative Agent shall
deliver to the Borrower a duly completed IRS Form W-9 (or, in the case of a successor Administrative Agent that is not organized in the
United States, a duly executed IRS Form W-8ECI (with respect to any payments to be received on its own behalf) and IRS Form W-8IMY (for
all other payments)) with the effect that the Borrower may make


 




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payments
to the Administrative Agent, to the extent such payments are received by the Administrative Agent as an intermediary, without deduction
or withholding of any Taxes imposed by the United States (without regard to the beneficial owners of such payment).


 


(g)       Refunds.
If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund (whether
in the form of cash or as a credit against, or as a reduction of, a tax liability) of any Taxes as to which it has been indemnified by
the Loan Parties or with respect to which the Loan Parties have paid additional amounts pursuant to this Section 2.19, it
shall pay over such refund to the relevant Loan Party (but only to the extent of indemnity payments made, or additional amounts paid,
by the Loan Parties under this Section 2.19 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided that the relevant Loan Party, upon the request of the Administrative Agent or such Lender,
agrees to repay the amount paid over to the Loan Parties (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to
repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.19(g), in no event
will the Administrative Agent or any Lender be required to pay any amount to the Loan Parties pursuant to this Section 2.19(g)
the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than it would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.19(g) shall not
be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to
its taxes which it deems confidential) to the Borrower or any other Person.


 


(h)       The
agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable
hereunder.


 


(i)       For
the avoidance of doubt, for purposes of this Section 2.19, the term Lender shall include any Issuing Lender or Designated
Acquisition Swingline Lender.


 


2.20          
[Reserved].


 


2.21         
Indemnity. The Borrower agree
to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a direct
consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurocurrency Loans after
the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower
in making any prepayment of or conversion from Eurocurrency Loans after the Borrower has given a notice thereof in accordance with the
provisions of this Agreement, (c) the conversion of any Eurocurrency Loan prior to the last day of the Interest Period thereof or
(d) the making of a prepayment of Eurocurrency Loans on a day that is not the last day of an Interest Period with respect thereto.
Such indemnification shall not exceed an amount equal to the excess, if any, of (i) the amount of interest that would have accrued
on the amount so prepaid or converted, or not so borrowed, reduced, converted or continued, for the period from the date of such prepayment
or of such failure to borrow, reduce, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow,
reduce, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable
rate of interest or other return for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any)
over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount
by placing such amount on deposit for a comparable period with leading banks in the interbank


 




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eurocurrency market.
A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence
of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable
hereunder. Each Lender that has delivered an executed Consent to Amendment No. 2 hereby waives any breakage
loss or expense pursuant to this Section 2.21 in connection with the repayment of the Existing Initial Term Loans on the Amendment No.
2 Effective Date.


 


2.22          
Change of Lending Office.


 


(a)       Each
Lender agrees that, upon the occurrence of any event giving rise to the operation of Sections 2.18 or 2.19 with
respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such
Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such
event; provided that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending
office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section
shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Sections 2.18 or 2.19.


 


(b)       Subject
to clause (a) above, and without prejudice to the rights and obligations (but subject to the terms and requirements) in Section 2.19,
the Borrower agrees that each Lender may, at its option, make any Loan available to the Borrower by causing any foreign or domestic branch
or Affiliate of such Lender to make such Loan, and that any exercise of such option shall not affect or postpone any of the obligations
of the Borrower or the rights of any Lender pursuant to this Agreement.


 


2.23           Replacement
of Lenders.The Borrower shall be permitted to replace any Lender (or prepay the Loans of such Lender on a non-pro rata basis)
(a) where a Loan Party is obligated to pay additional amounts or indemnity payments under Section 2.19, (b)
that requests reimbursement for amounts owing pursuant to Section 2.16 or Section 2.18, (c) that
becomes a Defaulting Lender or otherwise defaults in its obligation to make Loans hereunder or (d) that has not consented to a
proposed change, waiver, discharge or termination of the provisions of this Agreement as contemplated by Section 11.1
that requires the consent of all Lenders or all Lenders under a particular Facility or each Lender affected thereby and which has
been approved by the Required Lenders or a majority (by aggregate principal amount) of such affected Lenders as provided in Section 11.1,
in each case, with a Lender or an Eligible Assignee; provided that (i) such replacement or repayment does not conflict with any
Requirement of Law, (ii) the replacement financial institution or other Eligible Assignee shall purchase (or the Borrower shall
prepay) all Loans and other amounts (or, in the case of clause (d) as it relates to provisions affecting a particular Facility,
Loans or other amounts owing under such Facility) owing to such replaced Lender on or prior to the date of replacement or repayment,
(iii) the Borrower shall be liable to such replaced Lender under Section 2.21 if any Eurocurrency Loan owing to
such replaced Lender shall be purchased or prepaid other than on the last day of the Interest Period relating thereto, (iv) if
applicable, the replacement financial institution or other Eligible Assignee, if not already a Lender, shall be reasonably
satisfactory to the Administrative Agent, (v) if applicable, the replaced Lender shall be deemed to have made such replacement
in accordance with the provisions of Section 11.6, (vi) until such time as such replacement or repayment shall be
consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Sections 2.16, 2.18, 2.19(a)
or 2.19(c), as the case may be, and (vii) any such replacement or repayment shall not be deemed to be a waiver of any
rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced or repaid Lender. Upon any
such assignment, such replaced or repaid Lender shall no longer constitute a “Lender” for purposes hereof (or, in the
case of clause (d) as it relates to provisions affecting a particular Facility, a Lender under such Facility); provided that
any rights of such replaced or repaid Lender to indemnification hereunder shall survive as to such replaced or repaid Lender. Each
Lender, the Administrative Agent and


 




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the Borrower agrees
that in connection with the replacement or repayment of a Lender and upon payment to such replaced or repaid Lender of all amounts required
to be paid under this Section 2.23, the Administrative Agent and the Borrower shall be authorized, without the need for additional
consent from such replaced Lender, to execute an Assignment and Assumption on behalf of such replaced Lender, and any such Assignment
and Assumption so executed by the Administrative Agent or the Borrower and, to the extent required under Section 11.6, the
Borrower, the Designated Acquisition Swingline Lender and each Issuing Lender, shall be effective
for purposes of this Section 2.23 and Section 11.6. Notwithstanding anything to the contrary in this Section 2.23,
in the event that a Lender which holds Loans or Commitments under more than one Facility does not agree to a proposed amendment, supplement,
modification, consent or waiver which requires the consent of all Lenders under a particular Facility, the Borrower shall be permitted
to replace or repay the non-consenting Lender with respect to the affected Facility and may, but shall not be required to, replace or
repay such Lender with respect to any unaffected Facilities.


 


2.24          
Notes. If so requested by any Lender by written notice to the Borrower (with a copy to the
Administrative Agent), the Borrower shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice,
to any Person who is an assignee of such Lender pursuant to Section 11.6) (promptly after the Borrower’s receipt of
such notice) a Note or Notes to evidence such Lender’s Loans.


 


2.25          
Incremental Credit Extensions.


 


Subject
to the terms of this Section 2.25:


 


(a)       The
Borrower may, at any time or from time to time after the Closing Date, by notice from the Borrower to the Administrative Agent (whereupon
the Administrative Agent shall promptly deliver a copy to each of the Lenders) and the Person appointed by the Borrower to arrange an
Incremental Facility (such Person (who (i) may be the Administrative Agent, if it so agrees, or (ii) any other Person appointed
by the Borrower after consultation with the Administrative Agent, the “Incremental Arranger”), request one or more
additional tranches of term loans and/or one or more increases to the amount of any Class of Term Loans then outstanding (including,
in each case, through the assumption or guarantee of BRP C Corp. Acquisition Indebtedness) (the commitments thereof, the “Incremental
Term Commitments”, the loans thereunder, the “Incremental Term Loans”, and a Lender making such loans, an
“Incremental Term Lender”) and/or one or more additional tranches of revolving loans (the “Additional/Replacement
Revolving Commitments”) and/or one or more increases in the amount of the Revolving Commitments of any Class (each such increase,
a “Revolving Commitment Increase”, the loans thereunder and under any Additional/Replacement Revolving Commitments,
the “Incremental Revolving Loans”, and a Lender making a commitment to provide such Incremental Revolving Loans, an
“Incremental Revolving Lender”); provided that:


 


(i)       after
giving effect to any such Additional/Replacement Revolving Commitments, any such Revolving Commitment Increase and any such
Incremental Term Loans, the aggregate amount of such Additional/Replacement Revolving Commitments, Revolving Commitment Increases
and Incremental Term Loans shall not exceed an amount equal to the sum of (x) the Ratio-Based Incremental Amount (any
Incurrence under this clause (x), a “Ratio-Based Incremental Facility”), plus (y) the
Prepayment-Based Incremental Amount (any Incurrence under this clause (y), a “Prepayment-Based Incremental
Facility”), plus (z) the Cash-Capped Incremental Amount (any Incurrence under this clause (z), a
“Cash-Capped Incremental Facility”), provided that, for the avoidance of doubt, the amount available to
the Borrower pursuant to the Prepayment-Based Incremental Facility and the Cash-Capped Incremental Facility shall be available at
all times and shall not be subject to the ratio test in the Ratio-Based Incremental Facility. Unless the Borrower elects otherwise,
any Incremental


 




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Term
Loans, Additional/Replacement Revolving Commitments or Revolving Commitment Increase shall be deemed Incurred first under the
Ratio-Based Incremental Facility, with the balance Incurred next under the Prepayment-Based Incremental Facility and then
under the Cash-Capped Incremental Facility. The Borrower may designate any Incremental Arranger of any Incremental Facility with such
titles under the Incremental Facility as Borrower may deem appropriate;


 


(ii)       as
determined by the Borrower, (A) the Incremental Revolving Loans shall rank pari passu in right of payment and of security and
(B) the Incremental Term Loans shall rank pari passu in right of payment (or be subordinated if agreed by the Lenders providing
such Incremental Term Loans) and of security (or on a junior lien or unsecured basis, to the extent agreed by the Lenders providing such
Incremental Term Loans), and shall, if not pari passu in right of payment or security, be provided as a separate facility and,
if secured, be subject to an Intercreditor Agreement;


 


(iii)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, the Incremental Term
Loans shall not mature earlier than the Term Loan Maturity Date and the Incremental Revolving Loans shall not mature earlier than the
Revolving Termination Date;


 


(iv)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, the Incremental Term
Loans shall have a Weighted Average Life to Maturity no shorter than the Weighted Average Life to Maturity of the Term Loans (without
giving effect to any prepayments that would otherwise modify the Weighted Average Life to Maturity of the Term Loans);


 


(v)       (x) the
All-In Yield (and, in the case of any Incremental Term Loan, subject to clauses (iii) and (iv) above, the amortization
schedule) applicable to any such Incremental Term Loans or Additional/Replacement Revolving Commitments shall be determined by the Borrower
and the applicable Incremental Term Lenders or Incremental Revolving Lenders, as the case may be, and (y) any such Additional/Replacement
Revolving Commitments or Revolving Commitment Increase shall not have amortization or scheduled mandatory commitment reductions prior
to the Revolving Termination Date;


 


(vi)       (A)
the representations and warranties shall be true and correct in all material respects as of the applicable Incremental Facility Closing
Date (or, in connection with a Limited Condition Transaction, the Specified Representations shall be true and correct in all material
respects) and (B) no Default or Event of Default (or, in connection with a Limited Condition Transaction, no Default or Event of Default
under Section 9.1(a) or 9.1(g)) shall exist on the
Incremental Facility Closing Date with respect to any Incremental Amendment entered into in connection therewith (and after giving effect
to any Incremental Term Loans and/or Incremental Revolving Loans made thereunder);


 


(vii)       with
respect to any Incremental Term Loans (other than Incremental Term Loans which constitute MFN Excluded Loans) that are denominated in
Dollars that are secured on a pari passu basis with the Obligations and are made on or prior to the date that is twelve months
after the Closing Date, if the All-In Yield with respect to the Incremental Term Loans made thereunder paid by the Borrower (as determined
by the Borrower and the applicable Incremental Term Lenders) with respect to the Incremental Term Loans made thereunder exceeds the All-In
Yield paid by the Borrower with respect to the Initial Term B-1
Loans that are denominated in the same currency as such Incremental Term Loans, as the case may be, after giving effect to
any increase or repricing thereof that has theretofore become effective (it being understood that (i) if any such repricing was effected
as a refinancing tranche, the OID applicable to the refinancing loans shall be taken into account in lieu of the OID applicable to the
Refinanced loans and (ii) such All-In Yield calculated immediate prior to the time


 




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of
the addition of such Incremental Term Loans), by more than 50 basis points (the amount of such excess above 50 basis
points being referred to herein as the “Incremental Yield Differential”), then, upon the effectiveness of such
Incremental Amendment, the Applicable Margin then in effect for such Initial Term B-1 Loans
denominated in the same currency shall automatically be increased by the Incremental Yield Differential; provided,
(1) if the Incremental Term Loans include an interest-rate floor greater than the interest rate floor applicable to such Initial Term
B-1 Loans, the differential between such interest rate floors shall be equated to the interest rate margins for purposes
of determining whether an increase to the Applicable Margin shall be required, but only to the extent an increase in the interest
rate floor applicable to such Initial Term B-1 Loans
would cause an increase in the Applicable Margin, and in such case the interest rate floor (but not the Applicable Margin)
applicable to such Initial Term B-1 Loans
shall be increased to the extent of such differential between interest rate floors and (2) any Incremental Term Loans that
constitute fixed-rate Indebtedness shall be swapped to a floating rate on a customary matched-maturity basis;


 


(viii)       the
Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases may be denominated in Dollars
or any other Alternative Currency; and


 


(ix)       no
Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases may be secured by any assets
other than the Collateral and no Incremental Term Loans and Revolving Commitment Increases shall be guaranteed by any person other than
the Loan Parties.


 


All
or any portion of Indebtedness originally designated as Incurred under the Cash-Capped Incremental Facility or the Prepayment-Based Incremental
Facility will automatically be reclassified as having been Incurred under the Ratio-Based Incremental Facility so long as, at the time
of such reclassification (without giving effect to any amounts previously Incurred under the Cash-Capped Incremental Facility or the
Prepayment-Based Incremental Facility that are not being reclassified), the Borrower would be permitted to Incur the aggregate principal
amount of Indebtedness being so reclassified under the Ratio-Based Incremental Facility (which, for the avoidance of doubt, shall have
the effect of increasing availability under the Cash-Capped Incremental Facility or Prepayment-Based Incremental Facility, as applicable,
by the amount of such reclassified Indebtedness).


 


(c)       Incremental
Term Loans may provide for the ability to participate on a pro rata, greater than pro rata or less than pro rata
basis in any voluntary prepayments of Term Loans or any mandatory prepayments of Term Loans with the proceeds of Other Term Loans and
on a pro rata or less than pro rata basis with any other prepayment of Term Loans (except for any permitted amortization
schedule, any earlier maturing debt, which in any event shall be permitted and any mandatory prepayment provisions for Escrowed Proceeds).
Additional/Replacement Revolving Commitments may participate in the payment, borrowing, participation and commitment reduction provisions
herein on a pro rata basis with any then outstanding Revolving Loans and Revolving Commitments, except that the Borrower shall
be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to
any other Class with a later maturity date than such Class. Incremental Revolving Lenders may agree to a less than pro rata share
of any prepayment Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases may benefit
from the same Guarantees applicable to then outstanding Term Loans and Revolving Commitments. The Revolving Commitment Increases shall
be on the exact same terms and pursuant to the exact same documentation, be treated substantially the same as the Revolving Commitments
being increased, and shall be considered to be part of the Class of Revolving Facility being increased (it being understood that, if
required to consummate the provision of Revolving Commitment Increases, the pricing, interest rate margins, rate floors and commitment
fees on the Class of Revolving Commitments


 




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being
increased may be increased and additional upfront or similar fees may be payable to the lenders providing the Revolving Commitment Increase
(without any requirement to pay such fees to any existing Revolving Lenders)). Each notice from the Borrower to the Administrative Agent
and the Incremental Arranger pursuant to Section 2.25(a) shall set forth the requested amount and proposed terms of the relevant
Incremental Term Loans, Additional/Replacement Revolving Commitments or Revolving Commitment Increase.


 


(d)       Incremental
Term Loans may be made, and Additional/Replacement Revolving Commitments and Revolving Commitment Increases may be provided, by any existing
Lender or any Additional Lender (provided that no existing Lender shall be obligated to provide any portion of any Incremental
Facility), in each case on terms permitted in this Section 2.25, and, to the extent not permitted in this Section 2.25,
all terms and documentation with respect to any Incremental Term Loan, Additional/Replacement Revolving Commitments or Revolving Commitment
Increase shall be reasonably satisfactory to the Administrative Agent; provided that terms that (i) are more restrictive
on the Group Members, taken as a whole, than those with respect to the Term Loans and Revolving Commitments made on the Closing Date
(but excluding (1) any terms applicable after the Latest Maturity Date and (2) are more favorable to the existing Lenders than the
comparable terms in the existing Loan Documents, in which case such terms may be incorporated into this Agreement (or any other applicable
Loan Document) pursuant to an amendment executed by the Administrative Agent and the Borrower for the benefit of all existing Lenders
(to the extent applicable to such Lender) without further amendment or consent requirements) or (ii) relate to provisions of a mechanical
(including with respect to the Collateral and currency mechanics) or administrative nature, shall in each case be reasonably satisfactory
to the Administrative Agent; provided, that if a certificate of a Responsible Officer of the Borrower shall have been delivered
to the Administrative Agent for posting to the Lenders at least five (5) Business Days prior to the incurrence of such Additional/Replacement
Revolving Commitments, Revolving Commitment Increases and/or Incremental Term Loans, together with a reasonably detailed description
of the material covenants and events of default of such Indebtedness or drafts of the documentation relating thereto, stating that the
Borrower has determined in good faith that such terms and conditions satisfy the requirement of this clause (i) or (ii) and the Required
Lenders shall not have notified the Borrower and the Administrative Agent that they disagree with such determination (including a statement
of the basis upon which each such Lender disagrees) within such five (5) Business Day period, then such certificate shall be conclusive
evidence that such material covenants and events of default satisfy such requirement; provided, further, that (A) (x) the
Administrative Agent shall have consented (such consent not to be unreasonably withheld, conditioned or delayed) to such Lender’s
making such Additional/Replacement Revolving Commitments or Revolving Commitment Increases if such consent would be required under Section 11.6(b)
for an assignment of Loans or Revolving Commitments, as applicable, to such Lender or Additional Lender and each Issuing Lender and
Designated Acquisition Swingline Lender shall have consented (such consent not to be unreasonably withheld, conditioned or delayed) to
such Lender’s making such Additional/Replacement Revolving Commitments or Revolving Commitment Increases and (B) the Administrative
Agent shall not be required to execute, accept or acknowledge any Incremental Amendment (as defined below) or related documentation which
contains (by express language or omission) any material deviation from the terms of this Section 2.25 (as determined in the
Administrative Agent’s reasonable discretion). Commitments in respect of Incremental Term Loans, Additional/Replacement Revolving
Commitments and Revolving Commitment Increases shall become Commitments (or in the case of a Revolving Commitment Increase to be provided
by an existing Revolving Lender, an increase in such Lender’s applicable Revolving Commitment) under this Agreement pursuant to
an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed
by the Borrower, the Administrative Agent and each Lender agreeing to provide such Commitment, if any, and each Additional Lender, if
any. The Incremental Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other
Loan Documents as may be necessary or appropriate, in the reasonable opinion


 




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of
the Administrative Agent, the Incremental Arranger and the Borrower, to effect the provisions of this Section 2.25 (including
any amendments that are not adverse to the interests of any Lender that are made to effectuate changes necessary to enable any Incremental
Term Loans that are intended to be fungible with an existing Class of Term Loans to be fungible with such Term Loans, which shall include
any amendments to Section 2.3 that do not reduce the ratable amortization received by each Lender thereunder). The effectiveness
of any Incremental Amendment and the occurrence of any credit event (including the making (but not the conversion or continuation) of
a Loan and the issuance, increase in the amount, or extension of a Letter of Credit thereunder) pursuant to such Incremental Amendment
shall be subject to the satisfaction of such conditions as the parties thereto shall agree (the effective date of any such Incremental
Amendment, an “Incremental Facility Closing Date”)). The Borrower will use the proceeds of the Incremental Term Loans,
Additional/Replacement Revolving Commitments and Revolving Commitment Increases for any purpose not prohibited by this Agreement. No
Lender shall be obligated to provide any Incremental Term Loans, Additional/Replacement Revolving Commitments or Revolving Commitment
Increases, unless it so agrees.


 


(e)       Upon
each Revolving Commitment Increase pursuant to this Section 2.25, each Revolving Lender immediately prior to such increase will
automatically and without further act be deemed to have assigned to each Lender providing a portion of the Revolving Commitment Increase
(each a “Revolving Commitment Increase Lender”) in respect of such increase, and each such Revolving Commitment Increase
Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Lender’s participations
hereunder in outstanding Letters of Credit and Designated Acquisition Swingline Loans such that, after giving effect to each such deemed
assignment and assumption of participations, the percentage of the aggregate outstanding (i) participations hereunder in Letters of Credit
and (ii) participations hereunder in Designated Acquisition Swingline Loans held by each Revolving Lender (including each such Revolving
Commitment Increase Lender) will equal the percentage of the aggregate Revolving Commitments of all Revolving Lenders represented by
such Revolving Lender’s Revolving Commitment and if, on the date of such increase, there are any Revolving Loans outstanding, such
Revolving Loans shall on or prior to the effectiveness of such Revolving Commitment Increase either be prepaid from the proceeds of additional
Revolving Loans made hereunder or assigned to a Revolving Commitment Increase Lender (in each case, reflecting such increase in Revolving
Commitments, such that Revolving Loans are held ratably in accordance with each Revolving Lender’s Pro Rata Share, after giving
effect to such increase), which prepayment or assignment shall be accompanied by accrued interest on the Revolving Loans being prepaid
and any costs incurred by any Lender in accordance with Section 2.21 (it being understood that the foregoing provisions shall
apply only to an increase in the amount of the Revolving Commitments of any Class and not to any additional tranches of Revolving Loans).
The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment
requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding
sentence. For the avoidance of doubt, this Section 2.25(d) shall apply only to such Class of Revolving Commitments that are
the same Class as the Incremental Revolving Loans and shall not apply to any other Class of Revolving Loans.


 


(f)       Notwithstanding
anything to the contrary herein, this Section 2.25 shall supersede any provisions in Sections 2.17 or 11.1
to the contrary and Section 2.17 shall be deemed to be amended to implement any Incremental Amendment.


 


(g)       If
the Incremental Arranger is not the Administrative Agent, the actions authorized to be taken by the Incremental Arranger herein shall
be done in consultation with the Administrative Agent and, with respect to the preparation of any documentation necessary or appropriate
to carry out the provisions of this Section 2.25 (including amendments to this Agreement and the other


 




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Loan
Documents), any comments to such documentation reasonably requested by the Administrative Agent shall be reflected therein.


 


2.26          
Refinancing Amendments.


 


(a)       At
any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender, Permitted Credit Agreement
Refinancing Debt in respect of (1) all or any portion of the Term Loans then outstanding under this Agreement (which for
purposes of this clause (1) will be deemed to include any then outstanding Other Term Loans) or (2) all or any
portion of the Revolving Loans (or unused Revolving Commitments) under this Agreement (which for purposes of this clause (2)
will be deemed to include any then outstanding Other Revolving Loans and Other Revolving Commitments), in the form of (x) Other
Term Loans or Other Term Commitments or (y) Other Revolving Loans or Other Revolving Commitments, as the case may be, in each
case pursuant to a Refinancing Amendment; provided that such Permitted Credit Agreement Refinancing Debt:


 


(i)       shall
not be permitted to rank senior in right of payment or security to the Loans and Commitments hereunder;


 


(ii)       will
have such pricing, fees and amortization (subject to clause (iii) below), call protection and prepayment premiums as may be agreed by
the Borrower and the Lenders thereof;


 


(iii)       (x) with
respect to any Other Revolving Loans or Other Revolving Commitments, will have a maturity date that is not prior to the maturity date
of Revolving Loans (or unused Revolving Commitments) being Refinanced and (y) subject to the Permitted Earlier Maturity Indebtedness
Exception, with respect to any Other Term Loans or Other Term Commitments, will have a maturity date that is not prior to the maturity
date of, and will have a Weighted Average Life to Maturity that is not shorter than, the Term Loans being Refinanced;


 


(iv)       Other
than with respect to (A) clause (ii) above, (B) covenants and other provisions applicable only to periods after the Latest Maturity
Date that is in effect and (C) optional prepayment and redemption terms and, in each case, subject to the proviso below, will have terms
and conditions that are either (x) consistent with, or, taken as a whole, less favorable to the Lenders or Additional Lenders providing
such Permitted Credit Agreement Refinancing Debt than the Refinanced Debt or (y) or approved by the Administrative Agent in its reasonable
discretion;


 


(v)       the
proceeds of such Permitted Credit Agreement Refinancing Debt shall be applied, substantially concurrently with the Incurrence thereof,
to the prepayment of outstanding Term Loans or reduction of Revolving Commitments being so Refinanced (and repayment of Revolving Loans
outstanding thereunder); and


 


(vi)       shall
not be secured by any assets other than the Collateral, shall not be guaranteed by any person other than the Guarantors;


 


provided,
further, that the terms and conditions applicable to such Permitted Credit Agreement Refinancing Debt may provide for any additional
or different financial or other covenants or other provisions that are agreed between the Borrower and the Lenders thereof and applicable
only during periods after the Latest Maturity Date that is in effect on the date such Permitted Credit Agreement Refinancing Debt is
issued, Incurred or obtained or added to the Loan Documents for the benefit of the applicable Lenders pursuant to a Refinancing Amendment;
provided, further that if a certificate of a Responsible Officer shall have been delivered to the Administrative Agent
for posting to the Lenders at


 




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least five (5)
Business Days prior to the incurrence of such Permitted Credit Agreement Refinancing Debt, together with a reasonably detailed description
of the material terms and conditions of such Permitted Credit Agreement Refinancing Debt or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirements of this Section 2.26(a),
and the Required Lenders shall not have notified the Borrower and the Administrative Agent that they disagree with such determination
(including a statement of the basis upon which each such Lender disagrees) within such five (5) Business Day period, then such certificate
shall be conclusive evidence that such terms and conditions satisfy the requirements of this Section 2.26(a). The effectiveness
of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of (i) to the extent reasonably requested by the
Administrative Agent, receipt by the Administrative Agent of board resolutions, officers’ certificates and/or reaffirmation agreements
consistent with those delivered on the Closing Date and (ii) such conditions as the Borrower and providers of said Permitted Credit Agreement
Refinancing Debt shall agree. Any Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrower
or any Restricted Subsidiary, pursuant to any Other Revolving Commitments established thereby, in each case on terms substantially equivalent
to the terms applicable to Letters of Credit under the Revolving Commitments subject to the approval of the Issuing Lenders.


 


(c)       The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto
hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only
to the extent) necessary to reflect the existence and terms of the Permitted Credit Agreement Refinancing Debt Incurred pursuant thereto
(including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other
Revolving Commitments and/or Other Term Commitments).


 


(d)       Any
Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, the Refinancing Arranger and the Borrower,
to effect the provisions of this Section 2.26. In addition, if so provided in the relevant Refinancing Amendment and with the
consent of each Issuing Lender, participations in Letters of Credit expiring on or after the Revolving Termination Date shall be reallocated
from Lenders holding Revolving Commitments to Lenders holding Extended Revolving Commitments in accordance with the terms of such Refinancing
Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding
revolving commitments, be deemed to be participation interests in respect of such revolving commitments and the terms of such participation
interests (including the commission applicable thereto) shall be adjusted accordingly.


 


(e)       Notwithstanding
anything to the contrary in this Agreement, this Section 2.26 shall supersede any provisions in Sections 2.17 or 11.1
to the contrary and the Borrower and the Administrative Agent may amend Section 2.17 to implement any Refinancing
Amendment.


 


(f)       If
the Refinancing Arranger is not the Administrative Agent, the actions authorized to be taken by the Incremental Arranger herein shall
be done in consultation with the Refinancing Arranger and, with respect to the preparation of any documentation necessary or appropriate
to carry out the provisions of this Section 2.26 (including amendments to this Agreement and the other Loan Documents), any
comments to such documentation reasonably requested by the Administrative Agent shall be reflected therein.


 




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2.27          
Defaulting Lenders.


 


(a)       Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time
as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:


 


(i)       Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as provided for in the definitions of “Required Lenders”, “Majority Revolving Lenders”
and “Majority Term Lenders” and otherwise as set forth in Section 11.1.


 


(ii)       Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9 or otherwise, and including
any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to Section 11.8), shall be
applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any
amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, in the case of a Revolving Lender, to
the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lenders and the Designated
Acquisition Swingline Lender hereunder; third, as the Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by
this Agreement, as determined by the Administrative Agent; fourth, in the case of a Revolving Lender, if so determined by the
Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy
obligations of such Defaulting Lender to fund Loans under this Agreement; fifth, to the payment of any amounts owing to the
Lenders, the Issuing Lenders or the Designated Acquisition Swingline Lender as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, such Issuing Lender or the Designated Acquisition Swingline Lender against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; sixth, so long as no
Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of
competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans or L/C Advances and
such Lender is a Defaulting Lender under clause (a) of the definition thereof, such payment shall be applied solely to
pay the relevant Loans of, and L/C Advances owed to, the relevant non-Defaulting Lenders on a pro rata basis
prior to being applied pursuant to Section 3.2(b). Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to Section 3.2(b)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.


 


(iii)       Certain
Fees. Such Defaulting Lender shall not be entitled to receive or accrue Letter of Credit fees or any commitment fee pursuant to Section 2.8(a)
for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise
would have been required to have been paid to such Defaulting Lender).


 


(iv)       Reallocation
of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing
the amount of the obligation of each non-Defaulting Lender to acquire, Refinance or fund participations in Designated Acquisition Swingline
Loans and Letters of Credit pursuant to Sections 2.7 and 3.4, respectively, the “Pro Rata Share” of each
non-Defaulting Lender shall be computed without giving effect to the


 




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Revolving
Commitment of such Defaulting Lender; provided that the aggregate obligation of each non-Defaulting Lender to acquire, Refinance
or fund participations in Letters of Credit and Designated Acquisition Swingline Loans shall not exceed the positive difference, if any,
of (1) the Revolving Commitment of such non-Defaulting Lender minus (2) the aggregate principal amount of the Revolving
Loans of such Lender. In the event non-Defaulting Lenders’ obligations to acquire, Refinance or fund participations in Letters
of Credit are increased as a result of a Defaulting Lender, then all Letter of Credit fees that would have been paid to such Defaulting
Lender shall be paid to such non-Defaulting Lenders ratably in accordance with such increase of such non-Defaulting Lender’s obligations
to acquire, Refinance or fund participations in Letters of Credit. Subject to Section 11.16, no reallocation hereunder shall constitute
a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following
such reallocation.


 


(b)       Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Designated Acquisition Swingline Lender and each Issuing Lender agree
in writing that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the
parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may
include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of outstanding
Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit and Designated Acquisition Swingline Loans to be held on a pro rata basis
by the Lenders in accordance with their Pro Rata Share (without giving effect to Section 2.27(a)(iv)), whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except
to the extent otherwise expressly agreed by the affected parties and subject to Section 11.16, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been
a Defaulting Lender.


 


(c)       No
Release. Subject to Section 11.16, the provisions hereof attributable to Defaulting Lenders shall not release or excuse
any Defaulting Lender from failure to perform its obligations hereunder.


 


2.28       Loan Modification Offers.


 


(a)       The
Borrower may, on one or more occasions, by written notice from the Borrower to the Administrative Agent, make one or more offers (each,
a “Loan Modification Offer”) to all the Lenders of one or more Classes on the same terms to each such Lender (each
Class subject to such a Loan Modification Offer, a “Specified Class”) to make one or more Permitted Amendments pursuant
to procedures reasonably specified by any Person that is not an Affiliate of the Borrower appointed by the Borrower, after consultation
(and, with respect to any documentation requiring execution of the Administrative Agent in its capacity as such, with the consent of
the Administrative Agent) with the Administrative Agent, as agent under such Loan Modification Agreement (as defined below) (such Person
(who may be the Administrative Agent, if it so agrees), the “Loan Modification Agent”) and reasonably acceptable to
the Borrower and the Administrative Agent; provided that (i) any such offer shall be made by the Borrower to all Lenders
with Loans with a like maturity date (whether under one or more tranches) on a pro rata basis (based on the aggregate Outstanding
Amount of the applicable Loans), (ii) no Default or Event of Default shall have occurred and be continuing at the time of any such
offer, (iii) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower and (iv) in the case
of any Permitted Amendment relating to the Revolving Commitments, each Issuing Lender and the Designated Acquisition Swingline Lender
shall have approved such Permitted


 




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Amendment.
Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such
Permitted Amendment is requested to become effective (which shall not be less than five (5) Business Days nor more than 45 Business
Days after the date of such notice, unless otherwise agreed to by the Loan Modification Agent); provided that, notwithstanding
anything to the contrary, assignments and participations of Specified Classes shall be governed by the same or, at the Borrower’s
discretion, more restrictive assignment and participation provisions than those set forth in Section 11.6. Permitted Amendments
shall become effective only with respect to the Loans and Commitments of the Lenders of the Specified Class that accept the applicable
Loan Modification Offer (such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with
respect to such Lender’s Loans and Commitments of such Specified Class as to which such Lender’s acceptance has been made.
No Lender shall have any obligation to accept any Loan Modification Offer.


 


(b)       A
Permitted Amendment shall be effected pursuant to an amendment to this Agreement (a “Loan Modification Agreement”)
executed and delivered by the Borrower, the Administrative Agent, each applicable Accepting Lender and the Loan Modification Agent. The
Loan Modification Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each Loan Modification
Agreement may, without the consent of any Lender other than the applicable Accepting Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the opinion of the Loan Modification Agent and the Borrower, to give
effect to the provisions of this Section 2.28, including any amendments necessary to treat the applicable Loans and/or Commitments
of the Accepting Lenders as a new “Class” of loans and/or commitments hereunder; provided that (x) no Loan Modification
Agreement may provide for (i) any Specified Class to be secured by any Collateral or other assets of any Group Member that does
not also secure the Loans and (ii) so long as any Loans are outstanding, any mandatory or voluntary prepayment provisions that do
not also apply to the Loans on a pro rata basis or greater than pro rata basis (or, with respect to voluntary prepayments and
prepayments made with proceeds of Permitted Credit Agreement Refinancing Debt, on a pro rata basis, less than pro rata basis or greater
than pro rata basis), (y) in the case of any Loan Modification Offer relating to Revolving Commitments or Revolving Loans, except
as otherwise agreed to by each Issuing Lender, (i) the allocation of the participation exposure with respect to any then-existing
or subsequently issued Letter of Credit as between the commitments of such new “Class” and the remaining Revolving Commitments
shall be made on a ratable basis as between the commitments of such new “Class” and the remaining Revolving Commitments and
(ii) the Revolving Termination Date may not be extended without the prior written consent of each Issuing Lender and (z) the
terms and conditions of the applicable Loans and/or Commitments of the Accepting Lenders (excluding pricing, fees, rate floors and optional
prepayment or redemption terms) shall be substantially identical to, or (taken as a whole) shall be no more favorable to, the Accepting
Lenders than those applicable to the Specified Class (except for (1) financial covenants or other covenants or provisions applicable
only to periods after the Latest Maturity Date at the time of such Loan Modification Offer, as may be agreed by the Borrower and the
Accepting Lenders, (2) customary market terms at the time of Incurrence (as determined by the Borrower in good faith) or approved
by the Administrative Agent in its reasonable discretion, (3) any terms that are conformed (or added) to the Loan Documents for
the benefit of the lenders of the Specified Class pursuant to such Loan Modification Agreement and (4) pricing, premiums and fees);
provided that if a certificate of a Responsible Officer shall have been delivered to the Administrative Agent for posting to the
Lenders at least five (5) Business Days prior to the effectiveness of such Loan Modification Agreement, together with a reasonably detailed
description of the material terms and conditions thereof or drafts of the documentation relating thereto, stating that the Borrower has
determined in good faith that such terms and conditions satisfy the requirements of this Section 2.28(b), and the Required Lenders
shall not have notified the Borrower and the Administrative Agent that they disagree with such determination (including a statement of
the basis upon which each such Lender disagrees) within such five (5) Business Day period, then such certificate shall be conclusive
evidence that such terms and conditions satisfy the requirements of this Section 2.28(b).


 




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(c)       Subject
to Section 2.28(b), the Borrower may at its election specify as a condition (a “Minimum Extension Condition”)
to consummating any such Loan Modification Agreement that a minimum amount (to be determined and specified in the relevant Loan Modification
Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Loans of any or all applicable Classes be extended.


 


(d)       Notwithstanding
anything to the contrary in this Agreement, this Section 2.28 shall supersede any provisions in Sections 2.17 or 11.1
to the contrary and the Borrower and the Administrative Agent may amend Section 2.17 to implement any Loan Modification
Agreement.


 


(e)       If
the Loan Modification Agent is not the Administrative Agent, the actions authorized to be taken by the Loan Modification Agent herein
shall be done in consultation with the Administrative Agent and, with respect to the preparation of any documentation necessary or appropriate
to carry out the provisions of this Section 2.28 (including amendments to this Agreement and the other Loan Documents), any
comments to such documentation reasonably requested by the Administrative Agent shall be reflected therein.


 


SECTION
3.

LETTERS OF CREDIT


 


3.1        L/C Commitment.


 


(a)       Subject
to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section 3.4(a),
agrees to issue standby letters of credit and, to the extent agreed to by an Issuing Lender, bank guarantees and commercial letters of
credit providing for the payment of cash upon the honoring of a presentation thereunder (collectively, “Letters of Credit”)
for the account of the Borrower or the account of any of the Restricted Subsidiaries (provided that a Borrower shall be an applicant,
shall be the primary obligor thereunder, and be fully and unconditionally liable, with respect to each Letter of Credit issued for the
account of a Restricted Subsidiary that is not a Borrower) on any Business Day prior to the date that is 30 days prior to the Revolving
Termination Date in such form as may be approved from time to time by the applicable Issuing Lender; provided that no Issuing
Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations
would exceed the L/C Commitment, (ii) the aggregate amount of the Available Revolving Commitments would be less than zero or (iii) the
L/C Obligation of such Issuing Lender would exceed its L/C Sublimit. Each Letter of Credit shall (i) be denominated in Dollars or
any Alternative Currency, (ii) have a stated amount acceptable to the relevant Issuing Lender, (iii) expire no later than the
earlier of (x) the first anniversary of its date of issuance or such longer period as is reasonably acceptable to the Issuing Lender,
and (y) the date that is five (5) Business Days prior to the Revolving Termination Date or such longer period as is reasonably acceptable
to the Issuing Lender, provided that any Letter of Credit with the consent of the applicable Issuing Lender may provide for the
renewal or extension thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y)
above, except to the extent the L/C Obligations under such Letter of Credit have been Cash Collateralized); provided, further,
that the Issuing Lenders shall not renew or extend any such Letter of Credit if it has received written notice (or otherwise has knowledge)
that an Event of Default has occurred and is continuing or any of the conditions set forth in Section 5.2 are not satisfied
prior to the date of the decision to renew or extend such Letter of Credit and (iv) be otherwise reasonably acceptable in all respects
to the Issuing Lenders. Unless otherwise directed by the Issuing Lenders, the Borrower shall not be required to make a specific request
to an Issuing Lender for any such extension. Once any Letter of Credit has been issued that may be extended automatically pursuant to
the foregoing, the Revolving Lenders shall be deemed to have authorized (but


 




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may
not require) the Issuing Lenders to permit the extension of such Letter of Credit, including to the date that is five (5)) Business Days
prior to the Revolving Termination Date.


 


(b)       The
Issuing Lenders shall not at any time be obligated to issue any Letter of Credit (i) if such issuance would conflict with, or cause
the Issuing Lenders or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law, (ii) if any order,
judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lenders from
issuing such Letter of Credit, or any Requirement of Law applicable to the Issuing Lender or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the Issuing Lenders shall prohibit, or request that the
Issuing Lenders refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon
the Issuing Lenders with respect to such Letter of Credit any restriction, reserve or capital requirement (for which an Issuing Lender
is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon each Issuing Lender any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which each Issuing Lender in good faith deems material to it or
(iii) as otherwise provided in Section 3.2(b) below.


 


3.2              
Procedure for Issuance of Letter of Credit.


 


(a)       The
Borrower may from time to time on any Business Day occurring from (or, in the case of any Letter of Credit permitted to be issued on
the Closing Date, prior to) the Closing Date until the Revolving Termination Date request that an Issuing Lender issue a Letter of Credit
by delivering to the relevant Issuing Lender, with a copy to the Administrative Agent, at its address for notices specified herein an
Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and
information as such Issuing Lender may request. Promptly upon receipt of any Application, the relevant Issuing Lender will confirm with
the Administrative Agent that the Administrative Agent has received a copy of the Application, and if not, will furnish the Administrative
Agent with a copy thereof. Unless such Issuing Lender has received written notice from the Administrative Agent or the Borrower, at least
one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more of the conditions
contained in Section 5 shall not then be satisfied, then, subject to the terms and conditions hereof, such Issuing Lender
will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith
in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall any
Issuing Lender be required to issue any Letter of Credit (a) earlier than (i) three (3) Business Days, in the case of standby
Letters of Credit or similar agreements or (ii) to the extent an Issuing Lender agrees to issue bank guarantees or commercial Letters
of Credit, or similar agreements, such period of time as is acceptable to such Issuing Lender, or (b) later than ten (10) Business
Days (or in each case such shorter period as may be agreed to by an Issuing Lender in any particular instance) after its receipt of the
Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original
of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lenders and the Borrower. Each Issuing
Lender shall furnish a copy of such Letter of Credit to the Borrower and the Administrative Agent promptly following the issuance thereof.
The Administrative Agent shall promptly furnish notice of the issuance of each Letter of Credit (including the amount thereof) to the
Revolving Lenders.


 


(b)       Cash
Collateral. (i) If an Issuing Lender has honored any full or partial drawing request under any Letter of Credit and such drawing
has resulted in an L/C Borrowing and the conditions set forth in Section 5.2 to a Revolving Borrowing cannot then be met,
(ii) if, as of the Letter of Credit Expiration Date, any Letter of Credit may for any reason remain outstanding and partially or
wholly undrawn, (iii) if any Event of Default occurs and is continuing and the Administrative Agent or the


 




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Required
Lenders, as applicable, require the Borrower to Cash Collateralize the L/C Obligations pursuant to Section 9.2 or (iv) an
Event of Default set forth under Section 9.1(g) occurs and is continuing, then the Borrower shall Cash Collateralize the
then Outstanding Amount of all L/C Obligations (in an amount equal to 102% of such Outstanding Amount determined as of the date of such
L/C Borrowing or the Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m. (New York City
time) on (x) in the case of the immediately preceding clauses (i) through (iii), (1) if the Borrower receives
notice thereof prior to 11:00 a.m. (New York City time), on any Business Day, on the Business Day immediately following receipt of such
notice or (2) if the Borrower receives notice thereof after 11:00 a.m. (New York City time), on any Business Day, on the second
Business Day immediately following receipt of such notice (y) in the case of the immediately preceding clause (iv),
the Business Day on which an Event of Default set forth under Section 9.1(g) occurs or, if such day is not a Business Day,
the Business Day immediately succeeding such day. At any time that there shall exist a Defaulting Lender, if any Defaulting Lender Fronting
Exposure remains outstanding (after giving effect to Section 2.27(a)(iv)), then promptly upon the request of the Administrative
Agent or each Issuing Lender, the Borrower shall Cash Collateralize the Defaulting Lender Fronting Exposure and deliver to the Administrative
Agent Cash Collateral in an amount sufficient to cover such Defaulting Lender Fronting Exposure (after giving effect to any Cash Collateral
provided by the Defaulting Lender); provided that if any Defaulting Lender Fronting Exposure is not Cash Collateralized in accordance
with the foregoing to the reasonable satisfaction of the Issuing Lenders, the Issuing Lenders shall have no obligation to issue new Letters
of Credit or to extend, renew or amend existing Letters of Credit to the extent Letter of Credit exposure would exceed the commitments
of the non-Defaulting Lenders. For purposes hereof, “Cash Collateralize” means to pledge and deposit with or deliver
to the Administrative Agent, for the benefit of the relevant Issuing Lender and the Lenders, as collateral for the L/C Obligations, Cash
Collateral pursuant to documentation in form and substance reasonably satisfactory to the relevant Issuing Lender (which documents are
hereby consented to by the Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby grant to the Administrative
Agent, for the benefit of the Issuing Lenders and the Lenders, a security interest in all such cash, deposit accounts and all balances
therein and all proceeds of the foregoing. Cash Collateral shall be maintained in a Cash Collateral Account and may be invested in readily
available Cash Equivalents. If at any time the Administrative Agent reasonably determines that any funds held as Cash Collateral are
subject to any right or claim of any Person other than the Administrative Agent (on behalf of the Secured Parties) or that the total
amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations (or in the case of Cash Collateral provided
with regard to Defaulting Lender Fronting Exposure, such amount of Defaulting Lender Fronting Exposure, in each case that is required
to be Cash Collateralized pursuant to this Section 3.2(b)), the Borrower will, forthwith upon demand by the Administrative Agent,
pay to the Administrative Agent, as additional funds to be deposited and held in a Cash Collateral Account as aforesaid, an amount equal
to the excess of (a) such aggregate Outstanding Amount (and/or such aggregate Defaulting Lender Fronting Exposure, as applicable)
over (b) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent reasonably determines
to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral,
such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant Issuing Lender. To the extent the
amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations or the Defaulting Lender Fronting Exposure,
as applicable, and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrower.


 


3.3              
Fees and Other
Charges.


 


(a)       The
Borrower will pay a fee on the actual aggregate daily undrawn and unexpired amount of all outstanding Letters of Credit at a per annum
rate equal to the Applicable Margin then in effect with respect to Eurocurrency Loans under the Revolving Facility, shared ratably among
the


 




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Revolving
Lenders and payable quarterly in arrears on each applicable Fee Payment Date after the issuance date. In addition, the Borrower shall
pay to each Issuing Lender for its own account a fronting fee of 0.125% per annum (or such lower fee as the Issuing Lenders may agree)
on the actual aggregate daily undrawn and unexpired amount of all such Issuing Lender’s Letters of Credit outstanding during the
applicable period, payable quarterly in arrears on each applicable Fee Payment Date after the issuance date.


 


(b)       In
addition to the foregoing fees, the Borrower shall pay or reimburse such Issuing Lender for such normal and customary costs and expenses
as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering
any Letter of Credit. Such costs and expenses shall be due and payable within three (3) Business Days of demand and nonrefundable.


 


3.4           
L/C Participations.


 


(a)       The
Issuing Lenders irrevocably agree to grant and hereby grant to each L/C Participant, and, to induce the Issuing Lenders to issue Letters
of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lenders,
on the terms and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such
L/C Participant’s Revolving Percentage in the Issuing Lenders’ obligations and rights under and in respect of each Letter
of Credit and the amount of each draft paid by an Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lenders that,
if a draft is paid under any Letter of Credit for which an Issuing Lender is not reimbursed in full by the Borrower in accordance with
the terms of this Agreement, such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address
for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount of such draft, or any
part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional
and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such
L/C Participant may have against any Issuing Lender, the Borrower, any other Group Member or any other Person for any reason whatsoever,
(ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified
in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower and the Restricted
Subsidiaries, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C
Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.


 


(b)       If
any amount required to be paid by any L/C Participant to the Issuing Lenders pursuant to Section 3.4(a) in respect of any
unreimbursed portion of any payment made by the Issuing Lenders under any Letter of Credit is paid to the Issuing Lenders within three
(3) Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lenders on demand an amount equal
to the product of (i) such amount, times (ii) the daily Federal Funds Effective Rate during the period from and including
the date such payment is required to the date on which such payment is immediately available to the Issuing Lenders, times (iii) a
fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such
amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lenders
by such L/C Participant within three (3) Business Days after the date such payment is due, the Issuing Lenders shall be entitled to recover
from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable
to ABR Loans under the Revolving Facility. A certificate of an Issuing Lender submitted to any L/C Participant with respect to any amounts
owing under this Section shall be conclusive in the absence of manifest error.


 




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(c)       Whenever,
at any time after an Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro
rata share of such payment in accordance with Section 3.4(a), an Issuing Lender receives any payment related to such
Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by such Issuing Lender),
or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share
thereof; provided, however, that in the event that any such payment received by such Issuing Lender shall be required to
be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed
by such Issuing Lender to it.


 


3.5       
Reimbursement Obligation of the Borrower. Upon receipt from the beneficiary of any Letter of Credit
of any notice of a drawing under such Letter of Credit, the Issuing Lenders shall promptly notify the Borrower and the Administrative
Agent thereof. If any drawing is paid under any Letter of Credit, the Borrower shall reimburse the Issuing Lenders for the amount of
(a) the drawing so paid and (b) any fees, charges or other costs or expenses incurred by the Issuing Lenders in connection
with such payment, not later than 3:00 p.m. (New York City time) on (x) if such notice of drawing is received prior to 11:00 a.m.
(New York City time), on the first Business Day following the date such drawing is paid by the Issuing Lenders and (y) otherwise,
the second Business Day following the date such drawing is paid by the Issuing Lenders (the “Honor Date”). Each such
payment shall be made to an Issuing Lender at its address for notices referred to herein in the currency in which the applicable Letter
of Credit is denominated and in immediately available funds. If the Borrower fails to so reimburse such Issuing Lender on the Honor Date
(or if any such reimbursement payment is required to be refunded to the Borrower for any reason), then (A) if such payment relates to
an Alternative Currency Letter of Credit, automatically and with no further action required, the Borrower’s or such other Person’s
obligation to reimburse the applicable L/C Borrowing shall be permanently converted into an obligation to reimburse in Dollars the Dollar
Equivalent, calculated using the Exchange Rate on the Honor Date, of such L/C Borrowing and (B) in the case of each L/C Borrowing, the
Administrative Agent shall promptly notify the applicable Issuing Lender and each relevant Issuing Lender of the Honor Date, the amount
of the unreimbursed drawing in Dollars (in the case of an Alternative Currency Letter of Credit, using the Exchange Rate for the applicable
Alternative Currency in relation to Dollars in effect on the date of determination) (the “Unreimbursed Amount”), and
the amount of such relevant Issuing Lender’s Applicable Percentage thereof. In the event that the Borrower does not reimburse the
Issuing Lender on the Business Day following the date it receives notice of the Honor Date (or, if the Borrower shall have received such
notice later than 1:00 p.m. on any Business Day, on the second succeeding Business Day), the Borrower shall be deemed to have requested
a Revolving Borrowing of ABR Loans to be disbursed on such date in an amount equal to the Unreimbursed Amount, without regard to the
minimum and multiples specified in Section 2.5 for the principal amount of ABR Loans but subject to the amount of the unutilized
portion of the Revolving Commitments, and subject to the conditions set forth in Section 5.2 (other than the delivery of a Borrowing
Notice). Any notice given by an Issuing Lender or the Administrative Agent pursuant to this Section 3.5 may be given by telephone
if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or
binding effect of such notice. For the avoidance of doubt, if any drawing occurs under a Letter of Credit and such drawing is not reimbursed
on the same day, such drawing shall, without duplication, accrue interest at the rate applicable to ABR Loans under the Revolving Facility
until the date of reimbursement If the Borrower fail to reimburse an Issuing Lender on the Honor Date, interest shall be payable on any
such amounts from the date on which the relevant drawing is paid until payment in full at the rate set forth in (x) until the second
Business Day next succeeding the date of the relevant notice, Section 2.14(b) and (y) thereafter, Section 2.14(c).


 


3.6       
Obligations Absolute.
The Borrower’s obligations under this Section 3 shall be absolute and unconditional under any and all circumstances
and irrespective of any setoff, counterclaim or defense


 




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to payment that the
Borrower may have or have had against the Issuing Lenders, any beneficiary of a Letter of Credit or any other Person (it being understood
that this provision shall not preclude the ability of the Borrower to bring any claim for damages against any such Person who has acted
with bad faith, gross negligence or willful misconduct, as determined in a final and non-appealable decision of a court of competent
jurisdiction). The Borrower also agree with the Issuing Lenders that the Issuing Lenders shall not be responsible for, and the Borrower’s
Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the validity or genuineness of
documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged or any dispute
between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred
or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee; provided that the foregoing
shall not be construed to excuse an Issuing Lender from liability to the Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Requirements
of Law) suffered by the Borrower that are caused by an Issuing Lender’s failure to exercise care when determining whether drafts
and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the
absence of bad faith, gross negligence or willful misconduct on the part of an Issuing Lender (as finally determined by a court of competent
jurisdiction (that is not subject to appeal)), such Issuing Lender shall be deemed to have exercised care in each such determination.
The Issuing Lenders shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message
or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and non-appealable
decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Issuing Lenders.
The Borrower agrees that any action taken or omitted by the Issuing Lenders under or in connection with any Letter of Credit or the related
drafts or documents, if done in the absence of gross negligence or willful misconduct or, in the case of determinations of whether drafts
and other documents presented under a Letter of Credit comply with the terms thereof, if done in the absence of bad faith (in each case,
as determined in a final and non-appealable decision of a court of competent jurisdiction), shall be binding on the Borrower and shall
not result in any liability of the Issuing Lenders to the Borrower.


 


3.7       
Letter of Credit
Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lenders shall promptly notify the Borrower
of the date and amount thereof. The responsibility of the Issuing Lenders to the Borrower in connection with any draft presented for
payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited
to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are
in conformity with such Letter of Credit.


 


3.8       
Applications.
To the extent that any provision of any Application related to any Letter of Credit, or any other agreement submitted by the Borrower
to, or entered into by the Borrower with, the Issuing Lenders or any other Person relating to any Letter of Credit, is inconsistent with
the provisions of this Section 3, the provisions of this Section 3 shall control.


 


3.9       
Letter of Credit
Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount
of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms (or
the terms of any applicable Application or other document, agreement or instrument entered into by the applicable Issuing Lender and
the Borrower (or Restricted Subsidiary, if applicable) or in favor of the applicable Issuing Lender and relating to such Letter of Credit)
provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount
is in effect at such time.


 




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SECTION
4.

REPRESENTATIONS AND WARRANTIES


 


To
induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, each Loan Party (but with respect to the Borrower, solely as set forth herein) hereby jointly and severally represents and
warrants to the Administrative Agent and each Lender that:


 


4.1           
Financial Condition.


 


(a)       The
audited consolidated balance sheet of Borrower as of December 31, 2018, and December 31, 2019 the related audited consolidated statements
of income, stockholders’ equity for the fiscal years then ended present fairly in all material respects the financial condition
of Borrower and its Subsidiaries at such applicable date, and the results of its operations and stockholders’ deficit for the three
months then ended. All such financial statements, including the related schedules and notes thereto, have been prepared in accordance
with GAAP.


 


(b)       The
unaudited consolidated balance sheet of Borrower as of June 30, 2020, and the related unaudited consolidated statements of income, stockholders’
equity for the fiscal quarter then ended present fairly in all material respects the financial condition of Borrower and its Subsidiaries
at such applicable date, and the results of its operations and stockholders’ deficit for the six months then ended. All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP.


 


4.2           No
Change. Since the Closing Date, there has been no development or event that has had or would reasonably be expected to have a Material
Adverse Effect.


 


4.3          Existence; Compliance
with Law. Each Group Member (a) is duly organized (or where applicable in the relevant jurisdiction, registered or incorporated),
validly existing and (where applicable in the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization,
registration or incorporation, as the case may be, (b) has the power and authority to own and operate its property, to lease the
property it operates as lessee and to conduct the business in which it is currently engaged and (c) is in compliance with all Requirements
of Law, except in the case of clauses (a) (except as it relates to the due organization and valid existence of the Borrower), (b)
and (c) above, to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.


 


4.4          Power;
Authorization; Enforceable Obligations.


 


(a)       Each
Loan Party has the power and authority, and the legal right, to enter into, make, deliver and perform the Loan Documents to which it
is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational
action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower,
to authorize the extensions of credit on the terms and conditions of this Agreement.


 


(b)       No
Governmental Approval or consent or authorization of, filing with, notice to or other act by or in respect of, any other Person is required
in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this
Agreement or any of the Loan Documents, except (i) Governmental Approvals, consents, authorizations, filings and notices that have
been obtained or made and are in full force and effect and (ii) the filings referred to in


 




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Section 4.16.
No Governmental Approval or consent or authorization of, filing with, notice to or other act by or in respect of, any other Person is
required in connection with the consummation of the Transactions, except (w) Governmental Approvals, consents, authorizations, filings
and notices that have been obtained or made and are in full force and effect, (x) the filings referred to in Section 4.16,
(y) consents and approvals from Governmental Authorities required to be obtained in the ordinary course of business, and (z) consents,
authorizations, filings and notices the failure to obtain or perform would not reasonably be expected to result in a Material Adverse
Effect.


 


(c)       Each
Loan Document has been duly executed and delivered on behalf of each applicable Loan Party. This Agreement constitutes, and each other
Loan Document upon execution will constitute, a legal, valid and binding obligation of each applicable Loan Party, enforceable against
each such Loan Party in accordance with its terms, except as enforceability may be limited by any Legal Reservations.


 


4.5       No Legal Bar.
The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings
and guarantees hereunder and the use of the proceeds thereof (i) will not violate any Contractual Obligation of the Borrower or
any Group Member (except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect),
or violate any material Requirement of Law or the Organizational Documents of any Loan Party and (ii) will not result in, or require,
the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law, any such
Organizational Documents or any such Contractual Obligation (other than the Liens created by the Security Documents and other than any
other Permitted Liens) except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse
Effect.


 


4.6     Litigation.
No litigation, suit or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of any Loan Party,
threatened in writing by or against any Group Member or against any of their respective properties, assets or revenues that would reasonably
be expected to have a Material Adverse Effect.


 


4.7     Ownership
of Property; Liens. Except where the failure to have such title or other interest would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, each Group Member has title in fee simple to, or a valid leasehold interest in, all its
real property, and good title to, or a valid leasehold interest in, all its other property, and none of such property is subject to any
Lien except as permitted by Section 7.7.


 


4.8     Intellectual
Property. Except as would not, individually or in an aggregate, reasonably be expected to have a Material Adverse Effect, the Group
Members own, or are licensed to use, all intellectual property necessary for the conduct in all material respects of the business of
the Borrower and the Restricted Subsidiaries, taken as a whole, as currently conducted. As of the Closing Date, except as would not,
individually or in an aggregate, reasonably be expected to have a Material Adverse Effect, the Group Members own, or are licensed to
use, all intellectual property necessary for the conduct in all material respect of the business of the Borrower and the Restricted Subsidiaries,
taken as a whole, as was conducted by them immediately prior to the Closing Date. No material claim has been asserted in writing and
is pending by any Person challenging or questioning any Group Member’s use of any intellectual property or the validity or effectiveness
of any Group Member’s intellectual property or alleging that the conduct of any Group Member’s business infringes or violates
the rights of any Person, nor does the Borrower or any other Loan Party know of any valid basis for any such claim, except, in each case,
for such claims that would not reasonably be expected to result in a Material Adverse Effect.


 




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4.9     Taxes.
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) each Group
Member has filed or caused to be filed all Tax returns that are required to be filed and has paid or caused to be paid all Taxes shown
to be due and payable on said returns or on any assessments made against it or any of its property by any Governmental Authority (other
than any Taxes the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect
to which reserves in conformity with GAAP have been provided on the books of the relevant Group Member); and (ii) no tax Lien (other
than any Liens for Taxes not yet due and payable and any Permitted Lien) has been filed, and, to the knowledge of any of the Group Members,
no claim is being asserted, with respect to any such Tax, fee or other charge.


 


4.10     Federal
Regulations. No Group Member is engaged principally, or as one of its important activities, in the business of extending credit for
the purpose of buying or carrying Margin Stock, and no part of the proceeds of any Loans, and no other extensions of credit hereunder,
will be used for any purpose that violates the provisions of the regulations of the Board.


 


4.11     Employee Benefit
Plans. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) neither
a Reportable Event nor a failure to meet the minimum funding standards of Section 412 or 430 of the Code or Section 302 or 303 of ERISA
has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan,
(ii) each Plan has been operated and maintained in compliance in all respects with applicable Law, including the applicable provisions
of ERISA and the Code, and the governing documents for such Plan, (iii) no termination of a Single Employer Plan has occurred, and no
Lien in favor of the PBGC or a Plan has arisen, during such five-year period, (iv) the present value of all accrued benefits under each
Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the
date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits,
(v) neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal (within the meaning of Sections
4203 and 4205 of ERISA) from any Multiemployer Plan, (vi) no Multiemployer Plan is Insolvent or has terminated (nor does a Group Member
have knowledge that a Multiemployer Plan is intended to be terminated) under Sections 4041A or 4042 of ERISA, (vii) there has been no
filing of a notice of intent to terminate or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, the PBGC
has not instituted proceedings to terminate a Plan, and no event or condition has occurred which constitutes grounds under Section 4042
of ERISA for the termination of, or appointment of a trustee to administer, any Plan, (viii) there has been no determination that any
Single Employer Plan is in “at-risk” status within the meaning of Section 430 of the Code or Section 303 of ERISA or that
any Multiemployer Plan is in “endangered” or “critical” status within the meaning of Section 432 of the Code
or Section 305 of ERISA, (ix) each Foreign Plan has been operated and maintained in compliance in all respects with applicable law and
the governing documents for such plan, and (x) no Foreign Benefit Plan Event has occurred during the five-year period prior to the date
on which this representation is made or deemed made with respect to any Foreign Plan (the occurrence of any of the above, an “ERISA
Event”).


 


4.12    Affected
Financial Institution. No Loan Party is an Affected Financial Institution.


 


4.13     Investment Company
Act. No Loan Party is registered or required to be registered as an “investment company” under the Investment Company
Act of 1940, as amended.


 




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4.14     Environmental
Matters. Except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect:


 


(a)       the
facilities and real properties owned, leased or operated by any Group Member (the “Properties”) do not contain, and
(to the knowledge of the Group Members) have not previously contained, any Materials of Environmental Concern in amounts or concentrations
or under circumstances that constitute or constituted a violation of any Environmental Law;


 


(b)       no
Group Member has received any written notice of violation, alleged violation, non-compliance, liability or potential liability regarding
environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group
Member (the “Business”), nor does any Group Member have knowledge that any such notice is being threatened;


 


(c)       Materials
of Environmental Concern have not been released, transported, generated, treated, stored or disposed of from the Properties in violation
of, or in a manner or to a location that is reasonably expected to give rise to liability under, any Environmental Law;


 


(d)       no
judicial proceeding or governmental or administrative action is pending or, to the knowledge of any Group Member, threatened, under any
Environmental Law to which any Group Member is or, to the knowledge of the Group Member, will be named as a party with respect to the
Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders,
or other judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business;


 


(e)       the
Properties and all operations at the Properties are in compliance, and (to the knowledge of the Group Members) have in the past five
years been in compliance, with all applicable Environmental Laws; and


 


(f)       to
the knowledge of the Group Members, there are no past or present conditions, events, circumstances, facts, or activities that would reasonably
be expected to give rise to any liability or other obligation for any Group Member under any Environmental Laws.


 


4.15     Accuracy of Information,
etc. No written statement or information concerning any Group Member or the Business contained in this Agreement, any other Loan
Document, or any other document, certificate or written statement furnished by or on behalf of any Loan Party to the Administrative Agent
or the Lenders, or any of them (except for projections, pro forma financial information and information of a general economic or industry
nature), for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, when taken as a whole,
contained, as of the date such statement, information, document or certificate was so furnished and after giving effect to all supplements
and updates thereto, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained
herein or therein not materially misleading in light of the circumstances under which such statements were made. The projections and
pro forma financial information, taken as a whole, contained in the materials referenced above are based upon good faith estimates and
assumptions believed by management of the Borrower to be reasonable at the time made and as of the Closing Date (with respect to such
projections and pro forma financial information delivered prior to the Closing Date), it being recognized by the Lenders that such financial
information as it relates to future events is not to be viewed as fact, forecasts and projections are subject to uncertainties and contingencies,
many of which are beyond the control of the Borrower and its Subsidiaries, actual results during the period or periods covered by such
financial information may differ from the projected results set forth therein by a material amount and no assurance can be given that
any forecast or projections will be realized.


 




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4.16     Security
Documents.


 


(a)       Each
of the Security Documents is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal,
valid and, subject to any Legal Reservations, enforceable security interest in the Collateral described therein and proceeds thereof
under applicable laws.


 


(b)       Upon
the making of the filings and taking of the actions contemplated by the Security Documents, the Liens created by the Security Documents
constitute fully perfected (or the equivalent under applicable law) first priority Liens (subject to Permitted Liens) so far as possible
under relevant law on, and security interests in all right, title and interest of the Loan Parties in the Collateral in each case free
and clear of any Liens other than Liens permitted hereunder.


 


(c)       Each
Segregated Acquisition Amount will be, promptly upon funding, deposited into a deposit account subject to the valid and perfected first
priority security interest of the Administrative Agent (each “Segregated Acquisition Amount Deposit Account”) and
subject to the terms of one or more control agreements in a form that is reasonably satisfactory to the Administrative Agent establishing
the Administrative Agent’s control with respect thereto (each, a “Segregated Acquisition Amount Deposit Account Control
Agreement”). The Security Agreement creates a valid security interest in favor of the Administrative Agent for the benefit
of the Secured Parties in the applicable Segregated Acquisition Amount Deposit Account and the funds held therein, and such security
interest of the Administrative Agent for the benefit of the Secured Parties constitutes a first priority security interest perfected
by control (within the meaning of the UCC).


 


4.17     Solvency.
As of the Closing Date (and after giving effect to the consummation of the Transaction to occur on the Closing Date), the Borrower and
its Subsidiaries, on a consolidated basis, after giving effect to the Transactions and the Incurrence of all Indebtedness and obligations
being Incurred in connection herewith and therewith and the other transactions contemplated hereby and thereby, are Solvent.


 


4.18       Patriot
Act; FCPA; OFAC; Sanctions Laws.


 


(a)       To
the extent applicable, the Loan Parties and each of their Subsidiaries are in compliance in all material respects with U.S. and non-U.S.
Laws relating to Sanctions Laws and anti-money laundering, including the Patriot Act. As of the Closing Date, to the knowledge of the
Borrower, the information included in the Beneficial Ownership Certification is true and correct in all material respects.


 


(b)       The
Loan Parties and each of their Subsidiaries are in compliance in all material respects with all applicable Anti-Corruption Laws. No part
of the proceeds of the Loans will be used directly or, knowingly, indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or any other Person acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws.


 


(c)       None
of the Loan Parties, nor any of their Subsidiaries, nor any director or officer, nor, to the knowledge of the Loan Parties, any employee
of the Loan Parties and each of their Subsidiaries, nor, to the knowledge of the Loan Parties and each of their Subsidiaries, any agent
or representative of the Loan Parties and each of their Subsidiaries, is a Sanctioned Person. No Group Member is located, organized or
resident in a country or territory that is the subject of Sanctions Laws.


 




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(d)       The
Loan Parties will not, directly or, knowingly, indirectly, use the proceeds of any Loans, or lend, contribute or otherwise make available
such proceeds to any Subsidiary (and any joint ventures of the Loan Parties or any of their Subsidiaries), joint venture partner or other
Person, to fund any activities of or business with any Sanctioned Person, or in any country or territory, that, at the time of such funding,
is itself the subject of Sanctions Laws, or in any other manner that will result in a violation by any of the Loan Parties of Sanctions
Laws or applicable Anti-Corruption Laws.


 


4.19     Status as Senior
Indebtedness. The Obligations under the Facilities constitute “senior debt”, “senior indebtedness”, “guarantor
senior debt”, “senior secured financing” and “designated senior indebtedness” (or any comparable term)
for all Indebtedness (if any) that is subordinated in right of payment to the Obligations.


 


Notwithstanding
anything herein or in any other Loan Document to the contrary, no officer of any Group Member shall have any personal liability in connection
with the representations and warranties and other certifications in this Agreement or any other Loan Document.


 


SECTION
5.

CONDITIONS PRECEDENT


 


5.1     Conditions to
Closing Date. The agreement of each Lender to make the initial extension of credit requested to be made by it under this Agreement
on the Closing Date is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing
Date, of the following conditions precedent:


 


(a)       Loan
Documents. The Administrative Agent shall have received:


 


(i)       this
Agreement, executed and delivered by the Borrower, each Guarantor and each Person listed on Schedule 1.1A-1;


 


(ii)       the
Security Agreement, executed and delivered by the Loan Parties;


 


(iii)       the
Intellectual Property Security Agreements, executed and delivered by the Loan Parties party thereto;


 


(iv)       each
Note, executed and delivered by the Borrower in favor of each Lender requesting the same at least three (3) Business Days prior to the
Closing Date;


 


(v)       a
Borrowing Request, executed and delivered by the Borrower two (2) Business Days prior to the Closing Date (or such later time as accepted
by the Administrative Agent in its sole discretion);


 


(vi)       [reserved];
and


 


(vii)       the
results of a search of the Uniform Commercial Code filings (or equivalent filings) with respect to the Loan Parties in the states (or
other jurisdictions) of formation of such Persons, the results of a judgment and tax lien search with respect to the Loan Parties in
the states and county in which the chief executive office of each such Person is located and in such other jurisdictions as may be reasonably
required by the Administrative Agent, together with copies of the financing statements (or similar documents) disclosed by such search
and with copies of United States Copyright Office and the United States Patent and Trademark Office searches reasonably required by the
Administrative Agent and evidence reasonably satisfactory to the Administrative Agent that the Liens


 




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indicated
by such financing statements (or similar documents) are permitted under Section 7.7 or have been, or will be simultaneously or
substantially concurrently with the closing under this Agreement, released (or arrangements reasonably satisfactory to the Administrative
Agent for such release shall have been made.


 


(c)       Fees.
The Lenders and the Administrative Agent shall have received, or substantially concurrently with the initial term borrowing under the
Facilities shall receive, all fees required to be paid on or prior to the Closing Date, and all reasonable and documented out-of-pocket
expenses required to be paid on the Closing Date for which reasonably detailed invoices have been presented (including the reasonable
and documented out-of-pocket fees and expenses of legal counsel to the Administrative Agent) to the Borrower at least three (3) Business
Days prior to the Closing Date (or such later date as the Borrower may reasonably agree), which amounts may be offset against the proceeds
of the Facilities.


 


(d)       Closing
Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have received (i) an
Officer’s Certificate of each Loan Party, dated the Closing Date, in form and substance reasonably acceptable to the Administrative
Agent, with appropriate insertions and attachments, including copies of resolutions of the Board of Directors and/or similar governing
bodies of each Loan Party approving and authorizing the execution, delivery and performance of the Loan Documents to which it is a party
and, in the case of the Borrower, the borrowings hereunder, certified organizational authorizations (if required by applicable law or
customary for market practice in the relevant jurisdiction), incumbency certifications, the certificate of incorporation or other similar
Organizational Documents of each Loan Party certified by the relevant authority of the jurisdiction of organization, registration or
incorporation of such Loan Party (only where customary in the applicable jurisdiction) and bylaws or other similar Organizational Documents
of each Loan Party certified by a Responsible Officer as being in full force and effect on the Closing Date and (ii) a good standing
certificate (to the extent such concept exists in the relevant jurisdictions) for each Loan Party from its jurisdiction of organization,
registration or incorporation.


 


(e)       Legal
Opinions. The Administrative Agent shall have received the executed legal opinion of Davis Polk & Wardwell LLP, New York counsel
to the Loan Parties, and executed legal opinions of each local counsel to the Loan Parties or the Administrative Agent, as applicable,
set forth on Schedule 5.1(f), each of which shall be in form and substance reasonably satisfactory to the Administrative
Agent (provided that counsel to the Administrative Agent shall provide such opinions to the extent customary in any applicable
jurisdiction).


 


(f)       Pledged
Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received the certificates representing the Capital Stock
(to the extent certificated) pledged or otherwise required to be delivered pursuant to the Security Agreement, together with an undated
stock power or other equity transfer form for each such certificate executed or endorsed in blank by a duly authorized signatory of the
pledgor thereof.


 


(g)       Filings,
Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Security
Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in
favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected first Lien on the Collateral described therein,
prior and superior in right to any other Person (other than Permitted Liens), shall have been executed and delivered to the Administrative
Agent in proper form for filing, registration or recordation.


 




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(h)       Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate, which demonstrates that the Borrower and its Subsidiaries,
on a consolidated basis, are, after giving effect to the Transactions and the other transactions contemplated hereby, Solvent.


 


(i)       Patriot
Act. The Administrative Agent and the Lenders (in each case to the extent reasonably requested in writing at least ten (10) Business
Days prior to the Closing Date) shall have received, at least three (3) Business Days prior to the Closing Date, all documentation and
other information about the Loan Parties that the Administrative Agent reasonably determines is required by Governmental Authorities
under applicable “know your customer” and anti-money-laundering rules and regulations, including without limitation the PATRIOT
Act and a beneficial ownership certificate to the extent required under 31 C.F.R § 1010.230.


 


(j)       Refinancing.
The Existing Debt Release/Repayment shall be consummated substantially concurrently with the initial borrowing under the Facilities.


 


(k)       Guarantees.
The guarantees of the Guarantor Obligations by all Subsidiaries that are not Excluded Subsidiaries shall have been executed and are in
full force and effect or substantially simultaneously with the initial borrowing under the Facilities, shall be executed and become in
full force and effect.


 


5.2    Conditions
to Each Borrowing Date. The agreement of each Lender to make any extension of credit (other than as otherwise agreed in connection
with a Limited Condition Transaction) requested to be made by it on any date (except as otherwise provided herein in the case of Incremental
Term Loans and Incremental Revolving Loans) is subject to the satisfaction of the following conditions precedent:


 


(a)       Representations
and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true
and correct in all material respects (except where such representations and warranties are already qualified by materiality, in which
case such representation and warranty shall be accurate in all respects) on and as of such date as if made on and as of such date, except
to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties
shall have been true and correct in all material respects (except where such representations and warranties are already qualified by
materiality, in which case such representation and warranty shall be accurate in all respects) as of such earlier date.


 


(b)       No
Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions
of credit requested to be made on such date.


 


(c)       Notice.
The Administrative Agent and, if applicable, the Issuing Lenders or the Designated Acquisition Swingline Lender, shall have received
notice from the Borrower, which, if in writing, may be in the form of a Borrowing Request.


 


Each Borrowing
by, and each issuance, renewal, extension, increase or amendment of a Letter of Credit on behalf of, the Borrower hereunder (other than
its initial extension of credit on the Closing Date or as otherwise agreed in connection with a Limited Condition Transaction, and except
as otherwise provided herein in the case of Incremental Term Loans and Incremental Revolving Loans)) shall constitute a representation
and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2
have been satisfied; provided, however, that for the avoidance of doubt the conversion or continuation of an existing Borrowing pursuant
to Section 2.12 does not constitute the


 




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Borrowing of a
Loan under this Section 5.2 and shall not result in a representation and warranty by the Borrower on the date thereof as
to the conditions contained in this Section 5.2.


 


SECTION
6.

AFFIRMATIVE COVENANTS


 


The
Borrower hereby agrees that, until all Commitments have been terminated and the principal of and interest on each Loan, all fees and
all other expenses or amounts payable under any Loan Document and all other Obligations shall have been paid in full (other than (i)
contingent indemnification and reimbursement obligations for which no claim has been made, (ii) Cash Management Obligations as to which
arrangements reasonably satisfactory to the Cash Management Providers have been made and (iii) obligations under Qualified Hedging Agreements
to which arrangements reasonably satisfactory to the Qualified Counterparties have been made) and all Letters of Credit have been canceled,
have expired or have been Collateralized or, rolled into another credit facility, the Borrower will, and will cause each of its Restricted
Subsidiaries to:


 


6.1    Financial Statements.
Furnish to the Administrative Agent (who shall promptly furnish to each Lender):


 


(a)       as
soon as available, but in any event within 90 days (or such longer period as the SEC shall permit for BRP Group to file its Annual
Report on Form 10-K (such date, the “Extended 10-K Date”) so long as BRP Group is an SEC reporting company not to
exceed the earlier to occur of (x) the Extended 10-K Date and (y) 45 days after the annual audited financial statements would otherwise
be required to have been delivered under this Section 6.01(a)) after the last day of each fiscal year of the Borrower ending after the
Closing Date, a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such
year and the related audited consolidated statements of operations, comprehensive income (loss), member’s equity and cash flows
for such year, setting forth in each case in comparative form the figures for the previous year (beginning with the fiscal year ending
December 31, 2020) and accompanied by an opinion of  PricewaterhouseCoopers LLP or other independent certified public accountants
of recognized national standing (or any other independent certified public accountants reasonably acceptable to the Administrative Agent),
which opinion shall not be subject to qualification as to scope or contain any “going concern” qualification or exception
other than with respect to or resulting from (i) the impending maturity of the Facilities or (ii) any potential or actual inability
to satisfy the financial covenants set forth in Section 7.1 (provided that delivery within the time periods specified above
of copies of the Annual Report on Form 10-K of BRP Group filed with the SEC (or the equivalent documents filed with a comparable agency
in any applicable non-U.S. jurisdiction, provided such documents contain substantially the same information as would be set forth in
a Form 10-K) shall be deemed to satisfy the requirements of this Section 6.1(a)); provided that the extent such information
relates to BRP Group, such information is accompanied by information that explains in reasonable detail any material differences between
the information relating to BRP Group, on the one hand, and the information relating to Borrower and its consolidated Subsidiaries on
a standalone basis, on the other hand which explanation may be qualitative if appropriate or can indicate that there are no material
differences if accurate; and


 


(b)       as
soon as available, but in any event within 45 days (or such longer period as the SEC shall permit for BRP Group to file its Quarterly
Report on Form 10-Q (such date, the “Extended 10-Q Date”) so long as BRP Group is an SEC reporting company not to
exceed the earlier to occur of (x) the Extended 10-Q Date and (y) 45 days after the quarterly unaudited financial statements would otherwise
be required to have been delivered under this Section 6.01(b)) after the last day of the first three fiscal quarters of each fiscal year
of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter
and the related unaudited





 




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consolidated
statements of operations, comprehensive income (loss), member’s equity and cash flows for such quarter and the portion of the fiscal
year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year (beginning with
the fiscal quarter ending December 31, 2020), certified by a Responsible Officer as fairly stating in all material respects the financial
position of the Borrower and its consolidated Subsidiaries in accordance with GAAP for the period covered thereby (subject to normal
year-end audit adjustments and the absence of footnotes) (provided that delivery within the time periods specified above of copies
of the Quarterly Report on Form 10-Q of BRP Group (filed with the SEC (or the equivalent documents filed with a comparable agency in
any applicable non-U.S. jurisdiction, provided such documents contain substantially the same information as would be set forth in Form
10-Q) shall be deemed to satisfy the requirements of this Section 6.1(b)); provided that the extent such information
relates to BRP Group, such information is accompanied by information that explains in reasonable detail any material differences between
the information relating to BRP Group, on the one hand, and the information relating to Borrower and its consolidated Subsidiaries on
a standalone basis, on the other hand which explanation may be qualitative if appropriate or can indicate that there are no material
differences if accurate.


 


All
such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and (except
as otherwise provided below) in accordance with GAAP applied consistently (except to the extent any such inconsistent application of
GAAP has been approved by such accountants (in the case of clause (a) above) or officer (in the case of clause (b)
above), as the case may be, and disclosed in reasonable detail therein) throughout the periods reflected therein and with prior periods
(subject, in the case of quarterly financial statements, to normal year-end audit adjustments and the absence of footnotes).


 


6.2   Certificates;
Other Information. Furnish to the Administrative Agent (who shall promptly furnish to each Lender):


 


(a)       The
Borrower and each Lender acknowledge that certain of the Lenders may be “public-side” Lenders (Lenders that do not wish to
receive material non-public information with respect to the Borrower, its Subsidiaries or its securities) (the “Public Lenders”)
and, if documents or notices required to be delivered pursuant to Section 6.1 or this Section 6.2 or otherwise
are being distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the “Platform”),
any document or notice that Borrower has indicated contains Private Lender Information shall not be posted on that portion of the Platform
designated for such public-side Lenders, provided that if Borrower has not indicated whether a document or notice delivered pursuant
to Section 6.1 or this Section 6.2 contains Private Lender Information, the Administrative Agent reserves the
right to post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic
information with respect to the Borrower, its Subsidiaries or its securities;


 


(b)       [reserved];


 


(c)       concurrently
with the delivery of any financial statements pursuant to Section 6.1(a) or (b), (i) an Officer’s Certificate
of Borrower stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in
such certificate, (ii) (x) a Compliance Certificate containing all information and calculations reasonably necessary for determining
the Applicable Margin and/or Commitment Fee Rate (if, and only if, the Borrower desires to avail itself of a potential step-down in the
Applicable Margin and/or Commitment Fee Rate or if such information or calculation would require an upward adjustment in such Applicable
Margin or Commitment Fee Rate), and, compliance by the Borrower with the provisions of Section 7.1 of this Agreement as of
the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be (and, with respect to each annual financial statement,
the ECF Percentage and if the ECF Percentage is greater than 0% the amount, if any,


 




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of
Excess Cash Flow for such fiscal year together with the calculation thereof in reasonable detail), and (y) to the extent not previously
disclosed to the Administrative Agent, (I) a description of any change in the jurisdiction of organization of any Loan Party, (II) a
list of any material intellectual property registered with, or for which an application for registration has been made with, the U.S.
Patent and Trademark Office or the U.S. Copyright Office and acquired or developed (and not sold, transferred or otherwise disposed of)
by any Loan Party and (III) a list of any material “intent to use” trademark applications for which a “Statement of
Use” or an “Amendment to Allege Use” was filed with the U.S. Patent and Trademark Office by any Loan Party, in each
case, since the date of the most recent report delivered pursuant to this clause (y) (or, in the case of the first such report
so delivered, since the Closing Date), (iii) certifying a list of names of all Immaterial Subsidiaries designated as such (or certifying
as to any changes to such list since the delivery of the last such certificate) and that each Subsidiary set forth on such list individually
qualifies as an Immaterial Subsidiary, (iv) certifying a list of names of all Unrestricted Subsidiaries (if any) (or certifying
as to any changes to such list since the delivery of the last such certificate) and that each Subsidiary set forth on such list individually
qualifies as an Unrestricted Subsidiary and (v) a presentation of Consolidated EBITDA, on a Pro Forma Basis;


 


(d)       concurrently
with the delivery of financial statements pursuant to Section 6.1(a) (commencing with the fiscal year ending on December 31,
2020), a detailed consolidated budget for the following fiscal year (including (i) projected consolidated quarterly income statements
and (ii) projected consolidated annual balance sheet of the Borrower and its consolidated Subsidiaries);


 


(e)       simultaneously
with the delivery of each set of consolidated financial statements referred to in Section 6.1(a) above, a narrative discussion
and analysis of the financial condition and results of operations of the Borrower and the Restricted Subsidiaries for such fiscal year,
as compared to the previous fiscal year (to the extent such comparisons are required pursuant to Section 6.1(a)) (provided
that delivery (i) within the time periods specified above of copies of the Annual Report on Form 10-K of BRP Group filed with the
SEC and (ii) in the form consistent with delivered to the Administrative Agent for the fiscal year ending December 31, 2019, in each
case, shall be deemed to satisfy the requirements of this Section 6.2(e));


 


(f)       promptly,
copies of all financial statements and reports that the Borrower and the Restricted Subsidiaries send generally to the holders of any
class of their debt securities or public equity securities, acting in such capacity, and, within five days after the same are filed,
copies of all financial statements and reports that the Borrower may make to, or file with, the SEC, other than the items referred to
in Sections 6.1(a), 6.1(b) and 6.2(e) (which copies, for the avoidance of doubt, shall be deemed to be delivered
in accordance with this clause (f) when and to the extent such underlying financial statements or reports are filed by BRP Group with
the SEC);


 


(g)       as
promptly as reasonably practicable following the Administrative Agent’s request therefor, (i) such other information regarding
the operations, business affairs and financial condition of any Group Member, or compliance with the terms of any Loan Document, as the
Administrative Agent may reasonably request; (ii) all documentation and other information that the Administrative Agent or any Lender
reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering or terrorist financing rules and regulations, including the Patriot Act and (iii) an updated Beneficial Ownership Certification.


 


Nothing
in this Agreement or in any other Loan Document shall require any Loan Party to provide information (i) that constitutes non-financial
trade secrets or non-financial proprietary information, (ii) in respect of which disclosure is prohibited by applicable Laws, (iii) that
is subject to attorney-client or similar privilege or constitutes attorney work product or (iv) the disclosure of which is restricted
by binding agreements not entered into primarily for the purpose of qualifying for the exclusion


 




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in
this clause (iv) (in the case of this clause (iv), so long as such confidentiality agreement does not relate to information regarding
the financial affairs of any Group Member or compliance with the terms of any Loan Document).


 


6.3           Payment
of Taxes. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all of
its Tax obligations, except (i) where the failure to do so would not reasonably be expected to have a Material Adverse Effect or
(ii) where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP with respect thereto have been provided on the books of the Borrower or the relevant Group Member.


 


6.4          Maintenance of
Existence; Compliance with Law.


 


(a)       (i)
Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain or
obtain all Governmental Approvals and all other rights, privileges and franchises, in each case necessary or desirable in the normal
conduct of its business, except, in each case, as otherwise permitted by Section 7.8 or by the Security Documents and except,
in the case of clauses (i) (other than with respect to Borrower) and (ii) above, to the extent that failure to do
so would not reasonably be expected to have a Material Adverse Effect;


 


(b)       comply
with all Requirements of Law (including, as applicable, Sanctions Law and the applicable Anti-Corruption Laws) except to the extent that
failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect; and


 


(c)       comply
with all Governmental Approvals except to the extent that failure to do so would not reasonably be expected to have a Material Adverse
Effect.


 


6.5          Maintenance of
Property; Insurance. (a) Keep all property useful and necessary in its business in good working order and condition, ordinary
wear and tear and casualty and condemnation excepted, except to the extent the failure to do so would not reasonably be expected to have
a Material Adverse Effect, ii) maintain all the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks
and trade names material to the conduct of its business, except to the extent the failure to do so would not reasonably be expected to
have a Material Adverse Effect, iii) maintain with insurance companies that the Borrower believes (in the good faith judgment of
the management of the Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed insurance
in at least such amounts (after giving effect to any self-insurance) which the Borrower believes (in the good faith judgment of management
of the Borrower) is reasonable and prudent in light of the size and nature of its business and against at least such risks (and with
such risk retentions) as the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable and prudent in
light of the size and nature of its business and (c) all such policies with respect to such liability and property insurance shall name
the Administrative Agent as an additional insured or loss payee, as applicable, and certificates and endorsements evidencing the foregoing
in form and substance reasonably satisfactory to the Administrative Agent shall be delivered to the Administrative Agent. If any portion
of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency)
as a special flood hazard area with respect to which flood insurance has been made available under the Flood Insurance Laws, then the
Borrower shall, or shall cause each Loan Party to, (i) maintain, or cause to be maintained, with insurance companies that the Borrower
believes (in the good faith judgment of the management of the Borrower) are financially sound and reputable insurer, flood insurance
in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance
Laws, (ii) cooperate with the Administrative Agent and provide information reasonably required by the Administrative Agent to comply
with the Flood Insurance


 




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Laws and (iii) deliver
to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent, including,
without limitation, evidence of annual renewals of such insurance.


 


6.6          Inspection
of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which entries full, true and correct
in all material respects in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities
and (b) permit, at the Borrower’s expense, representatives of the Administrative Agent to visit and inspect any of its properties
and examine and make abstracts from any of its books and records at any reasonable time during normal business hours, upon reasonable
prior written notice, and as often as may reasonably be requested and to discuss the business, operations, properties and financial and
other condition of the Group Members with officers and employees of the Group Members and with their independent certified public accountants;
provided that (i) in no event shall there be more than one such visit for the Administrative Agent and its representatives as a
group per calendar year except during the continuance of an Event of Default and (ii) the Borrower shall have the right to be present
during any discussions with accountants. Notwithstanding anything to the contrary in this Section 6.6, none of the Group
Members will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discuss any document, information
or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of
which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law
or any binding agreement (other than any agreement with another Group Member or any Affiliate thereof), (c) is subject to attorney-client
or similar privilege or constitutes attorney work product or (d) the disclosure of which is restricted by binding agreements not entered
into primarily for the purpose of qualifying for the exclusion in this clause (d).


 


6.7          Notices.
Promptly after a Responsible Officer of the Borrower has obtained knowledge thereof, give notice to the Administrative Agent (who shall
promptly furnish to each Lender) of:


 


(a)       the
occurrence of any Default or Event of Default;


 


(b)       the
following events where there is any reasonable likelihood of the imposition of liability on the Borrower or any Commonly Controlled Entity
as a result thereof that would be reasonably expected to have a Material Adverse Effect: (i) the occurrence of any ERISA Event, (ii)
a failure to make any required contributions to a Plan in a material amount or (iii) the institution of proceedings or the taking of
any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the termination
(in other than a “standard termination” as defined in ERISA), or Insolvency of, any Plan; and


 


(c)       (i)
any dispute, litigation, investigation or proceeding between the Borrower or any Restricted Subsidiary and any arbitrator or Governmental
Authority or (ii) the filing or commencement of, or any material development in, any litigation or proceeding affecting the Borrower
or any Restricted Subsidiary, including any claims related to any Environmental Law or in respect of intellectual property, that, in
any such case referred to in clauses (i) or (ii), has resulted or would reasonably be expected to result in a Material
Adverse Effect;


 


Each
notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer of the Borrower setting
forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto.


 




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6.8          Environmental
Laws.


 


(a)       Comply
with, and take commercially reasonably action to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental
Laws, and obtain and comply with and maintain, and take commercially reasonably action to ensure that all tenants and subtenants obtain
and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental
Laws, except, in each case, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.


 


(b)       Conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental
Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except where
the failure to do so would not reasonably be expected to result in a Material Adverse Effect, or such requirements, orders or directives
are being contested in good faith by a Group Member.


 


6.9          Additional
Collateral, etc.


 


(a)       With
respect to any property (to the extent included in the definition of “Collateral”) acquired at any time after the Closing
Date by any Loan Party (or any Group Member required to become a Loan Party pursuant to the terms of the Loan Documents) as to which
the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected first priority Lien (to the extent so required
by the terms of the Security Agreement) within 90 days (or such longer period as the Administrative Agent shall reasonably agree)
(i) execute and deliver to the Administrative Agent such amendments to the relevant Security Document or such other documents as
the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured
Parties, a security interest in such property and (ii) take all actions reasonably necessary or advisable to grant to the Administrative
Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in such property,
including the filing of Uniform Commercial Code financing statements (or equivalent filings in jurisdictions outside of United States)
in such jurisdictions as may be required by any Security Document or by applicable law or as may reasonably be requested by the Administrative
Agent.


 


(b)       With
respect to any interest in any Material Property acquired by any Loan Party (or any Group Member required to become a Loan Party pursuant
to the terms of the Loan Documents) after the Closing Date within 90 days (or such longer period as the Administrative Agent shall
reasonably agree) after the Closing Date or date of acquisition, as applicable, (A) execute and deliver a first priority Mortgage
(subject to Permitted Liens), in favor of the Administrative Agent, for the benefit of the Secured Parties, covering such interest in
real property (provided, that to the extent any property to be subject to a Mortgage is located in a jurisdiction that imposes
mortgage recording taxes, intangibles tax, documentary tax or similar recording fees or taxes, the relevant Mortgage shall not secure
(i) an amount in excess of the Fair Market Value of such property subject thereto unless such jurisdiction imposes a cap on such
taxes or fees such that any secured amounts in excess of the Fair Market Value of such property do not result in additional taxes or
fees or (ii) Obligations in respect of Letters of Credit or the Revolving Facility in those states that impose such a tax on paydowns
or re-advances applicable thereto), (B) if requested by the Administrative Agent, provide the Lenders with a Title Policy in an
amount not to exceed the Fair Market Value of the real property covered thereby, as well as a current ALTA survey thereof (or an existing
ALTA survey, ExpressMap or other similar documentation if available (accompanied if reasonably required by the title company issuing
the applicable Title Policy by a “no-change” affidavit and/or other documents) sufficient to remove the general survey exception
from the Title Policy and to obtain survey coverage in such Title Policy), together with a surveyor’s certificate in form reasonably
acceptable to the Administrative Agent, (C) if requested by the Administrative Agent,


 




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deliver
to the Administrative Agent customary legal opinions from counsel in the jurisdictions in which the real property covered by the Mortgage
is located relating to the enforceability of any such Mortgage and the Lien created thereby, which opinions shall be in form and substance
reasonably satisfactory to the Administrative Agent; (D) deliver a completed “Life-of-Loan” Federal Emergency Management
Agency Standard Flood Hazard Determination with respect to each Mortgaged Property and, to the extent a Mortgaged Property is located
in a special flood hazard area, a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower
and each Loan Party relating thereto and evidence of flood insurance as required under Section 6.5 hereof and (E) provide
evidence reasonably satisfactory to the Administrative Agent of payment by the Borrower of all Title Policy premiums, search and examination
charges, escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of
the Mortgages and issuance of the Title Policies and endorsements contemplated by this Section 6.9(b).


 


(c)       With
respect to any Restricted Subsidiary that is not an Excluded Subsidiary created or acquired after the Closing Date by any Group Member
(which, for the purposes of this Section 6.9(c), shall include any existing Subsidiary that ceases to be an Excluded Subsidiary)
within 90 days after the date of such creation or acquisition (or such longer period as the Administrative Agent shall reasonably
agree), (i) execute and deliver to the Administrative Agent such supplements to the Security Agreement and additional Security Documents
as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties,
a perfected first priority security interest (subject to Permitted Liens) in the Capital Stock of such Restricted Subsidiary that is
owned by any Group Member, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (if any), together
with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, and (iii) cause
such Restricted Subsidiary (a) to execute and deliver to the Administrative Agent (x) a Guarantor Joinder Agreement or such
comparable documentation requested by the Administrative Agent to become a Guarantor and (y) a joinder agreement to the Security
Agreement, substantially in the form annexed thereto, (b) to take such actions reasonably necessary or advisable to grant to the
Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Permitted Liens)
in the Collateral described in the Security Agreement with respect to such Restricted Subsidiary, including the filing of UCC financing
statements in such jurisdictions as may be required by the Security Agreement or by law or as may be requested by the Administrative
Agent, and (c) to deliver to the Administrative Agent a certificate of such Restricted Subsidiary, substantially consistent in form
to those delivered on the Closing Date pursuant to Section 5.1(e).


 


(d)       Notwithstanding
anything to the contrary in this Agreement, (i) no actions in any jurisdiction outside the United States shall be required in order
to create any security interests in assets located or titled outside of the United States, or to perfect any security interests in such
assets, including any intellectual property registered in any jurisdiction outside the United States (it being understood that there
shall be no security agreements or pledge agreements governed under the laws of any jurisdiction outside the United States); provided,
however, that the foregoing shall not apply to the Equity Interests and assets of a Foreign Subsidiary that becomes a Guarantor as contemplated
by the definition of “Excluded Subsidiary”, it being understood and agreed that if a Foreign Subsidiary shall become a Guarantor,
notwithstanding any of the exclusions or limitations set forth in this Agreement (including the definition of Excluded Assets) the assets
of such Foreign Subsidiary and the Equity Interests of such Foreign Subsidiary shall be pledged to the Administrative Agent pursuant
to arrangements reasonably satisfactory to the Administrative Agent (including, foreign law governed security documents) subject to limitations
reasonably agreed by the Borrower and the Administrative Agent and (ii) in no event shall control agreements or perfection by control
or similar arrangements be required with respect to any Collateral (including deposit or securities accounts), other than in respect
of (x) segregated escrow accounts or similar accounts holding Escrowed Proceeds (including, for the avoidance of doubt, the


 




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Segregated
Acquisition Amount Deposit Account) (y) 100% of the equity interests required to be pledged hereunder and under the Security Documents
and (z) notes (including the Global Intercompany Note) required to be pledged under the Security Documents, nor shall leasehold
mortgages, landlord waivers or collateral access agreements be required; and (iii) in no event shall Collateral include any Excluded
Assets unless the Borrower so elects.


 


For
the avoidance of doubt, and without limitation, this Section 6.9 shall apply to any division of a Loan Party and to any division
of a Group Member required to become a Loan Party pursuant to the terms of the Loan Documents and to any allocation of assets to a series
of a limited liability company.


 


6.10          Credit
Ratings. Use commercially reasonable efforts to maintain at all times a credit rating by each of S&P and Moody’s in respect
of the Facilities provided for under this Agreement and a corporate rating by S&P and a corporate family rating by Moody’s
for the Borrower (it being understood that there shall be no requirement to maintain any specific credit rating).


 


6.11        Further
Assurances. At any time or from time to time upon the reasonable request of the Administrative Agent, at the expense of the Borrower,
promptly execute, acknowledge and deliver such further documents and do such other acts and things as the Administrative Agent may reasonably
request in order to effect fully the purposes of the Loan Documents. In furtherance and not in limitation of the foregoing, the Loan
Parties shall take such actions as the Administrative Agent may reasonably request from time to time (including the execution and delivery
of guaranties, security agreements, pledge agreements, stock powers, financing statements and other documents, the filing or recording
of any of the foregoing, and the delivery of stock certificates and other collateral with respect to which perfection is obtained by
possession), in each case to the extent required by the applicable Security Documents to ensure that the Obligations are guaranteed by
the Guarantors, on a first priority basis (subject to Permitted Liens) and are secured by substantially all of the assets (other than
those assets specifically excluded by the terms of this Agreement and the other Loan Documents) of the Loan Parties. For the avoidance
of doubt, and without limitation, this Section 6.11 shall apply to any division of a Loan Party and to any division of a Group
Member required to become a Loan Party pursuant to the terms of the Loan Documents and to any allocation of assets to a series of a limited
liability company.


 


6.12        Designation of
Unrestricted Subsidiaries. The Borrower may at any time after the Closing Date designate any Restricted Subsidiary as an Unrestricted
Subsidiary and subsequently re-designate any Unrestricted Subsidiary as a Restricted Subsidiary if (x) no Default or Event of Default
has occurred and is continuing or would result therefrom and (y) after giving effect to such designation or re-designation, the Borrower
would be in compliance with the financial covenants set forth in Section 7.1. The designation of any Restricted Subsidiary as
an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the applicable Loan Party or Restricted Subsidiary
therein at the date of designation in an amount equal to the Fair Market Value of the applicable Loan Party’s or Restricted Subsidiary’s
investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (x) the Incurrence
at the time of designation of Indebtedness or Liens of such Subsidiary existing at such time, and (y) a return on any Investment
by the applicable Loan Party or Restricted Subsidiary in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal
to the Fair Market Value at the date of such designation of such Loan Party’s or Restricted Subsidiary’s Investment in such
Subsidiary. At any time a Subsidiary is designated as an Unrestricted Subsidiary hereunder, the Borrower shall cause such Subsidiary
to be designated as an Unrestricted Subsidiary (or any similar applicable term) under any Indebtedness permitted under Section 7.2
that constitutes First Lien Obligations and is in a principal amount in excess of the greater of $15,000,000 and 20.0% of Consolidated
EBITDA, calculated on a Pro Forma Basis as of the most recently ended Test Period.


 




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6.13        Employee
Benefit Plans.


 


(a)       Maintain,
or cause to be maintained, all Single Employer Plans that are presently in existence or may, from time to time, come into existence,
in compliance with the terms of any such Single Employer Plan, ERISA, the Code and all other applicable Laws, except to the extent the
failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.


 


(b)       Maintain,
or cause to be maintained, all Foreign Plans that are presently in existence or may, from time to time, come into existence, in compliance
with the terms of any such Plan and all applicable laws, except to the extent the failure to do so would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.


 


6.14        Use
of Proceeds. The Borrower will (a) only use the proceeds of the Loans in accordance with Sections 4.18(d), (b) only use
the proceeds of the Initial Term Loans to finance a portion of the Transactions (including paying any fees, original issue discount,
commissions and expenses associated therewith) and any remaining proceeds to finance the working capital needs of the Borrower and the
Restricted Subsidiaries and for other general corporate purposes of the Borrower and the Restricted Subsidiaries (including acquisitions
and other Investments permitted hereunder) and (c ,
(c) only use the proceeds of the Refinancing Term B-1 Loans on the Amendment No. 2 Effective Date to prepay Existing Initial Term Loans
of Non-Consenting Existing Initial Term Loan Lenders, (d) use the proceeds of the Incremental Term B-1 Loans for Permitted Acquisitions,
working capital and other general corporate purposes and (e) use the proceeds of all other
Borrowings to finance the working capital needs of the Borrower and the Restricted Subsidiaries, to the extent constituting a Designated
Acquisition Swingline Loan, BRP C Corp Acquisition Indebtedness and for general corporate purposes of the Borrower and the Restricted
Subsidiaries (including acquisitions and other Investments permitted hereunder).


 


6.15        Post-Closing
Matters. The Borrower will, and will cause each of the Restricted Subsidiaries to, take each of the actions set forth on Schedule 6.15
within the time period prescribed therefor on such schedule (as such time period may be extended by the Administrative
Agent).


 


6.16        FCPA;
OFAC. The Loan Parties agree to maintain policies, procedures, and internal controls reasonably designed to ensure compliance with
the applicable Anti-Corruption Laws.


 


6.17           Lender
Calls.


 


The
Borrower will hold a conference call (at a time mutually agreed upon by the Borrower and the Administrative Agent but, in any event,
no earlier than the Business Day following the delivery of applicable financial information pursuant to Sections 6.1(a) and (b)
above) with all Lenders who choose to attend such conference call to discuss the results of the previous fiscal quarter; provided, that
the Borrower shall be deemed to have complied with its obligation to hold such conference calls with Lenders if (i) all Lenders are
afforded the opportunity to join BRP Group’s quarterly earnings calls or (ii) BRP Group is holding a conference call open to
investors or debt holders generally to discuss such results.


 


SECTION
7.

NEGATIVE COVENANTS


 


The
Borrower hereby agrees that, until all Commitments have been terminated and the principal of and interest on each Loan, all fees and
all other expenses or amounts payable under any Loan


 




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Document
and all other Obligations shall have been paid in full (other than (i) contingent indemnification and reimbursement obligations for which
no claim has been made, (ii) Cash Management Obligations as to which arrangements reasonably satisfactory to the Cash Management Providers
have been made and (iii) obligations under Qualified Hedging Agreements as to which arrangements reasonably satisfactory to the Qualified
Counterparties have been made) and all Letters of Credit have been canceled, have expired or have been Collateralized or, to the reasonable
satisfaction of the applicable Issuing Lender, rolled into another credit facility, the Borrower will and will cause the Restricted Subsidiaries
to, comply with this Section 7.


 


7.1        Financial
Covenants.


 


(a)       The
Borrower shall not, without the written consent of the Majority Revolving Lenders, permit the Total First Lien Net Leverage Ratio determined
on a Pro Forma Basis as at the last day of (i) the Test Period ending December 31, 2020 to exceed 5.0 to 1.00 and (ii) any Test Period
thereafter, commencing with the Test Period ending March 31, 2021, to exceed 6.00 to 1.00.


 


(b)       [Reserved].


 


7.2       Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.


 


(a)       (i) The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including
Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Borrower will not, and will not permit any of the
Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Borrower and any of the Restricted
Subsidiaries may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock or Preferred Stock (“Ratio
Debt”), in each case, if the Total Net Leverage Ratio does not exceed 4.75 to 1.00, determined on a Pro Forma Basis; provided,
further, however, that the aggregate amount of outstanding Indebtedness (excluding Acquired Indebtedness not Incurred in
connection with or in contemplation of the applicable merger, acquisition or other similar transaction) that may be Incurred and Disqualified
Stock or Preferred Stock that may be issued pursuant to this clause (a) by Restricted Subsidiaries that are not Guarantors,
taken together with the amount of all outstanding Indebtedness Incurred and Disqualified Stock or Preferred Stock issued by Restricted
Subsidiaries that are Non-Guarantor Subsidiaries pursuant to clauses (b)(vi), (b)(xxii) and (b)(xxx) of this
Section 7.2, shall not exceed, at the time such Indebtedness is Incurred, the greater of $18,750,000 and 25.0% of Consolidated
EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period.


 


(b)       The
limitations set forth in Section 7.2(a) shall not apply to (collectively, “Permitted Debt”):


 


(i)       Indebtedness
Incurred pursuant to this Agreement and any other Loan Document (including any Indebtedness treated as Designated Acquisition Swingline
Loans or Incurred pursuant to Section 2.25, 2.26 or 2.28);


 


(ii)       [reserved];


 


(iii)       Indebtedness
existing on the Closing Date (other than Indebtedness described in Section 7.2(b)(i)) and, with respect to any such Indebtedness
in excess of $5,000,000 in aggregate principal amount, set forth on Schedule 7.2;


 




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(iv)       Permitted
First Priority Refinancing Debt and Permitted Junior Priority Refinancing Debt;


 


(v)       Permitted
Unsecured Refinancing Debt;


 


(vi)       Indebtedness,
Disqualified Stock or Preferred Stock in an amount not to exceed the sum of (x) the Ratio-Based Incremental Amount plus
(y) the Prepayment-Based Incremental Amount plus (z) the Cash-Capped Incremental Amount (in each case minus amounts Incurred and
outstanding under clause (xvi) in respect of Indebtedness originally incurred under clause (y) and (z) of this clause (vi)) (provided
that, for the avoidance of doubt, the amount available to the Borrower pursuant to clauses (y) and (z) above shall
be available at all times and shall not be subject to the ratio test described in foregoing clause (x) above); provided,
that:


 


(1)       the
amount of Indebtedness that may be Incurred and Disqualified Stock or Preferred Stock that may be issued pursuant to this clause (vi)
by Restricted Subsidiaries that are Non-Guarantor Subsidiaries shall not exceed, at the time such Indebtedness is Incurred, taken
together with all other outstanding Indebtedness Incurred and Disqualified Stock and Preferred Stock issued pursuant to this proviso (1)
and amounts Incurred by Restricted Subsidiaries that are Non-Guarantor Subsidiaries outstanding pursuant to clauses (a),
(b)(xxii) and (b)(xxx) of this Section 7.2, the greater of $18,750,000 and 25.0% of Consolidated EBITDA determined
on a Pro Forma Basis as of the most recently ended Test Period;


 


(2)       the
Applicable Requirements shall have been satisfied;


 


(3)       no
Indebtedness under this clause (vi) may be Incurred at any time that (x) a Default or Event of Default has occurred and is
continuing or (y) if such Indebtedness is used to finance, in whole or in part, a Limited Condition Transaction, a Default or Event of
Default under Section 9.1(a) or (g) has occurred and is continuing; and


 


(4)       unless
the Borrower elects otherwise, any Indebtedness Incurred pursuant to this clause (vi) shall be deemed Incurred first
under clause (x) above, with the balance Incurred next under clause (y) above and then under clause
(z) above, and, for the avoidance of doubt such Indebtedness may be later reclassified among such clauses pursuant to the reclassification
provisions set forth in Section 2.25;


 


(vii)       Indebtedness
(including Capitalized Lease Obligations, mortgage financings or purchase money obligations) Incurred by the Borrower or any of the Restricted
Subsidiaries, Disqualified Stock issued by the Borrower or any of the Restricted Subsidiaries and Preferred Stock issued by any Restricted
Subsidiaries to finance or Refinance, all or any part of the acquisition, purchase, lease, construction, design, installation, repair,
replacement or improvement of property (real or personal), plant or equipment or other fixed or capital assets used or useful in the
business of the Borrower or the Restricted Subsidiaries (whether through the direct purchase of assets or the Capital Stock of any Person
owning such assets) in an aggregate principal amount not to exceed, at the time such Indebtedness is Incurred, together with all outstanding
Indebtedness outstanding under this clause (vii) (and Indebtedness Incurred to renew, refund, Refinance, replace, defease or discharge
any Indebtedness Incurred pursuant to this clause (vii) (including through Section 7.2(b)(xvi)), the greater of $18,750,000
and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period (in each case minus
amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness originally Incurred under this clause (vii);
provided, that Capitalized Lease


 




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Obligations
Incurred by the Borrower or any Restricted Subsidiary pursuant to this clause (vii) in connection with a Sale Leaseback Transaction
shall not be subject to the foregoing limitation so long as the proceeds of such Sale Leaseback Transaction are used by the Borrower
or such Restricted Subsidiary to permanently repay outstanding loans under any credit agreement, debt facility or other Indebtedness
secured by a Lien on the assets subject to such Sale Leaseback Transaction;


 


(viii)       Indebtedness
(x) in respect of any bankers’ acceptance, bank guarantees, discounted bill of exchange or the discounting or factoring of
receivables, warehouse receipt or similar facilities, and reinvestment obligations related thereto, entered into in the ordinary course
of business and (y) constituting reimbursement obligations with respect to letters of credit, bank guarantees, banker’s acceptances,
warehouse receipts, or similar instruments issued or created in the ordinary course of business, including letters of credit (a) in respect
of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or
self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims and
(b) that are fully cash collateralized;


 


(ix)       Indebtedness
arising from agreements of the Borrower or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, earnout
or similar obligations, in each case, Incurred in connection with the acquisition or disposition of any business, assets or a Subsidiary
of the Borrower in accordance with the terms of this Agreement;


 


(x)       shares
of Preferred Stock of a Restricted Subsidiary issued to the Borrower or another Wholly Owned Restricted Subsidiary; provided that
any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such
shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such shares of Preferred Stock (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an
issuance of shares of Preferred Stock;


 


(xi)       Indebtedness
or Disqualified Stock of (a) a Restricted Subsidiary to the Borrower or (b) the Borrower or any Restricted Subsidiary to any
Restricted Subsidiary or the Borrower; provided that if the Borrower or a Guarantor Incurs such Indebtedness or issues such Disqualified
Stock to a Restricted Subsidiary that is not a Guarantor, such Indebtedness or Disqualified Stock, as applicable, is either subject to
the Global Intercompany Note or subordinated in right of payment (in a manner similar to the subordination provisions in the Global Intercompany
Note) to the Loans or the Guarantee of such Guarantor, as the case may be; provided, further, that any subsequent issuance
or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary lending such Indebtedness or Disqualified
Stock, as applicable, ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness or Disqualified
Stock, as applicable (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of
such Indebtedness or Disqualified Stock, as applicable;


 


(xii)       Hedging
Obligations that are Incurred not for speculative purposes;


 


(xiii)       obligations
(including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of performance, bid, appeal and
surety bonds or other similar bonds and completion guarantees provided by the Borrower or any Restricted Subsidiaries;


 


(xiv)       Indebtedness,
Disqualified Stock or Preferred Stock in an aggregate principal amount or liquidation preference that does not exceed, at the time such
Indebtedness, Disqualified Stock or Preferred Stock is Incurred, taken together with the principal amount or liquidation preference of
all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and


 




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Incurred
pursuant to this clause (xiv), the greater of $18,750,000 and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis
as of the most recently ended Test Period (in each case minus amounts Incurred and outstanding under clause (xvi)
in respect of Indebtedness originally Incurred under this clause (xiv));


 


(xv)       any
guarantee by the Borrower or any of the Restricted Subsidiaries of Indebtedness or other obligations of the Borrower or any of the Restricted
Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by the Borrower or such Restricted Subsidiary is permitted
under the terms of this Agreement; provided that if such Indebtedness is by its express terms subordinated in right of payment
to the Loans or the Guarantee of any Guarantor, any such guarantee of such Guarantor with respect to such Indebtedness shall be subordinated
in right of payment to the Loans and the Guarantees, substantially to the same extent as such Indebtedness is subordinated to the Loans
or any relevant Guarantees, as applicable;


 


(xvi)       the
Incurrence by the Borrower or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred Stock of a Restricted
Subsidiary that serves to refund, Refinance, replace or defease any Indebtedness, Disqualified Stock or Preferred Stock Incurred as permitted
under clause (a) of this Section 7.2 and clauses (b)(iii), (b)(vi), (b)(vii), (b)(xiv),
(b)(xvi), (b)(xix), (b)(xxii), (b)(xxvii) and (b)(xxx), of this Section 7.2 or any Indebtedness,
Disqualified Stock or Preferred Stock Incurred to so refund or Refinance such Indebtedness, Disqualified Stock or Preferred Stock, including
any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay accrued and unpaid interest, fees and expenses, including
any premium and defeasance costs in connection therewith (subject to the following proviso, “Refinancing Indebtedness”)
prior to its respective maturity; provided, however, that such Refinancing Indebtedness:


 


(1)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, has a Weighted Average
Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining Weighted Average Life to
Maturity of the Indebtedness, being refunded, Refinanced, replaced or defeased;


 


(2)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, has a Stated Maturity
Date which is no earlier than the earlier of the Stated Maturity Date of the Indebtedness being refunded, Refinanced, replaced or defeased;


 


(3)       to
the extent such Refinancing Indebtedness Refinances (x) Subordinated Indebtedness, such Refinancing Indebtedness is Subordinated
Indebtedness, (y) Indebtedness constituting Junior Lien Obligations or unsecured, such Refinancing Indebtedness constitutes Junior
Lien Obligations or is unsecured, as applicable, or (z) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified
Stock or Preferred Stock;


 


(4)       is
Incurred in an aggregate principal amount (or if issued with original issue discount an aggregate issue price) that is equal to or less
than the sum of (x) the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then
outstanding of the Indebtedness being Refinanced plus (y) the amount necessary to pay accrued and unpaid interest, fees,
underwriting discounts and expenses, including any premium and defeasance costs Incurred in connection with such Refinancing; and


 




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(5)       shall
not include Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary that is not a Loan Party that Refinances Indebtedness,
Disqualified Stock or Preferred Stock of a Loan Party;


 


(xvii)       Indebtedness arising
from (x) Cash Management Services or (y) the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided that, in the case of clause (y), such
Indebtedness is extinguished within ten (10) Business Days of its Incurrence;


 


(xviii)       Indebtedness
of the Borrower or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to this Agreement, in
a principal amount not in excess of the stated amount of such letter of credit or bank guarantee;


 


(xix)       Contribution
Indebtedness (minus amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness originally Incurred
under this clause (xix));


 


(xx)       Indebtedness
of the Borrower or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations
contained in supply arrangements;


 


(xxi)       Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Borrower or any Restricted Subsidiary
other than a Receivables Subsidiary (except for Standard Securitization Undertakings);


 


(xxii)       (x) Indebtedness,
Disqualified Stock or Preferred Stock of the Borrower or any of the Restricted Subsidiaries Incurred to finance an acquisition of any
assets (including Capital Stock), business, product line or Person or (y) Acquired Indebtedness of the Borrower or any of the Restricted
Subsidiaries; provided that, in either case, after giving effect to the transactions that result in the Incurrence or issuance
thereof, on a Pro Forma Basis, the Borrower would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt (with
respect to unsecured Indebtedness only) or pursuant to the Ratio-Based Incremental Facility (with respect to the lien priorities set
forth therein); provided, that (i) the aggregate principal amount of outstanding Indebtedness Incurred or assumed by Restricted
Subsidiaries which are Non-Guarantor Subsidiaries under this clause (xxii), taken together with amounts Incurred by Restricted
Subsidiaries that are Non-Guarantor Subsidiaries outstanding under clauses (a), (b)(vi) and (b)(xxx) of this
Section 7.2 (and minus amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness of Non-Guarantor Subsidiaries
originally Incurred under this clause (xxii)) shall not exceed, at the time such Indebtedness is Incurred, the greater of $18,750,000
and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period and (ii) any Indebtedness
(other than MFN Excluded Loans) in the form of term loans denominated in Dollars Incurred under this clause (xxii) within
the first twelve months after the Closing Date that is secured by a Lien on the Collateral on a pari passu basis with the First
Lien Obligations shall be subject to the “MFN” provisions set forth in Section 2.25(a)(vii) (as though such Indebtedness
were an incremental facility and only to the extent such MFN provisions would apply to such Indebtedness if it were an incremental facility);


 


(xxiii)       Indebtedness
Incurred by the Borrower or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited to defease or
to satisfy and discharge any Indebtedness permitted to be Incurred hereunder (and any exchange notes or refinancing indebtedness with
respect thereto);


 




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(xxiv)       Guarantees
(A) Incurred in the ordinary course of business in respect of obligations of (or to) suppliers, customers, franchisees, lessors
and licensees that, in each case, are non-Affiliates or (B) otherwise constituting Investments permitted under this Agreement;


 


(xxv)       Indebtedness
issued by the Borrower or any of the Restricted Subsidiaries to current or former employees, directors, managers and consultants thereof,
their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Borrower,
or any direct or indirect parent company of the Borrower to the extent permitted by Section 7.3(b)(iv);


 


(xxvi)       Indebtedness
owed on a short-term basis of no longer than 30 days to banks and other financial institutions Incurred in the ordinary course of
business of the Borrower and the Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary
banking arrangements to manage cash balances of the Borrower and the Restricted Subsidiaries;


 


(xxvii)       Indebtedness
Incurred by joint ventures of the Borrower or any of the Restricted Subsidiaries and Restricted Subsidiaries that are Non-Guarantor Subsidiaries,
in an outstanding aggregate principal amount that does not exceed, at the time such Indebtedness is Incurred, taken together with all
other Indebtedness Incurred pursuant to this clause (xxvii), the greater of $22,500,000 and 30.0% of Consolidated EBITDA
determined on a Pro Forma Basis as of the most recently ended Test Period (in each case minus outstanding amounts Incurred under
clause (xvi) in respect of Indebtedness originally Incurred under this clause (xxvii);


 


(xxviii)       customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of
business;


 


(xxix)       Indebtedness
Incurred pursuant to Sale Leaseback Transactions;


 


(xxx)       [Reserved];


 


(xxxi)       to
the extent constituting Indebtedness, deferred compensation of the current and former employees, directors, managers and consultants
(or their respective estates, spouses or former spouses) of the Borrower, any direct or indirect parent company of the Borrower or any
Restricted Subsidiaries Incurred in the ordinary course of business;


 


(xxxii)       to
the extent constituting Indebtedness, advances in respect of transfer pricing or shared services agreements that are permitted by clause
(30) of the definition of “Permitted Investments”.


 


(c)       For
purposes of determining compliance with this Section 7.2, in the event that an item of Indebtedness, Disqualified Stock or
Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled to be
Incurred as Ratio Debt, the Borrower shall, in its sole discretion, at the time of Incurrence, divide and/or classify, or at any later
time redivide and/or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in one or
more of the categories (including in part in one category and in part in another category set forth in this Section 7.2 (including
Ratio Debt)). The Borrower will also be entitled to divide, classify or reclassify an item of Indebtedness in more than one of the types
of Permitted Debt described in clauses (a) and (b) of this Section 7.2 without giving pro forma effect
to the Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) Incurred as part of the same transaction or substantially
concurrent series of related transactions pursuant to clause (a) or clause (b) of this Section 7.2
when calculating the amount of Indebtedness, Disqualified Stock or Preferred Stock (or any portion


 




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thereof)
that may be Incurred pursuant to this Section 7.2. Other than with respect to clauses (b)(i) of this Section 7.2,
if at any time that the Borrower would be entitled to have incurred any then-outstanding item of Indebtedness as Ratio Debt or pursuant
to clause (b)(vi)(x) of this Section 7.2, such item of Indebtedness shall be automatically reclassified into an item
of Indebtedness incurred as Ratio Debt or pursuant to clause (b)(vi)(x) of this Section 7.2. For the avoidance of doubt,
Indebtedness Incurred under clauses (b)(i) of this Section 7.2 shall be deemed to have been Incurred solely pursuant to such clause
(even if such Indebtedness has been refinanced pursuant to Section 7.2(b)(xvi) and shall not be permitted to be reclassified and shall
be deemed to have been Incurred solely pursuant to such specific subclause and shall not be permitted to be reclassified as Indebtedness
Incurred under the other subclause thereof. For purposes of determining compliance with this Section 7.2, with respect to
Indebtedness Incurred, reborrowings of amounts previously repaid pursuant to “cash sweep” provisions or any similar provisions
that provide that Indebtedness is deemed to be repaid daily (or otherwise periodically) shall only be deemed for purposes of this Section 7.2
to have been Incurred on the date such Indebtedness was first Incurred and not on the date of any subsequent reborrowing thereof.
Accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Indebtedness with the same terms, the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional
shares of Disqualified Stock or Preferred Stock of the same class, the accretion of liquidation preference and increases in the amount
of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence
of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 7.2 (and, for the avoidance of doubt,
no such amounts count against any “basket” amount under this Section 7.2). For the avoidance of doubt, the outstanding
principal amount of any particular Indebtedness shall be counted only once. Guarantees of, or obligations in respect of letters of credit
relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included
in the determination of such amount of Indebtedness, provided that the Incurrence of the Indebtedness represented by such guarantee
or letter of credit, as the case may be, was in compliance with this Section 7.2.


 


(d)       For
purposes of determining compliance with any Dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar-equivalent principal
amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower Dollar-equivalent
amount), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to Refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed
not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such
Indebtedness being Refinanced plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses
incurred in connection with such refinancing.


 


7.3      Limitation on
Restricted Payments; Restricted Debt Payments; Investments.


 


(a)       The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly:


 


(i)       pay
any dividend or make any distribution on account of the Borrower or any Restricted Subsidiary’s Equity Interests, including any
payment made in connection with any merger or consolidation involving the Borrower (other than dividends, payments or distributions (A) payable
solely in Equity Interests (other than Disqualified Stock) of the Borrower or to the Borrower and the Restricted Subsidiaries; or (B) by
a Restricted Subsidiary to the Borrower or another Restricted


 




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Subsidiary
or any other Person that owns Equity Interests in a non-Wholly Owned Restricted Subsidiary that is a Subsidiary of the Borrower (so long
as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a non-Wholly
Owned Restricted Subsidiary, the Borrower, or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution
in accordance with its Equity Interests in such class or series of securities);


 


(ii)       purchase
or otherwise acquire or retire for value any Equity Interests of the Borrower or any other direct or indirect parent of the Borrower;


 


(all such payments
and other actions set forth in clauses (i) and (ii) above, other than any of the exceptions thereto, being collectively
referred to as “Restricted Payments”).


 


(a)       The
provisions of Section 7.3(a) will not prohibit:


 


(i)       the
payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration would
have complied with the provisions of this Agreement;


 


(ii)       (A)
the redemption, repurchase, defeasance, exchange, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of the Borrower or any direct or indirect parent of the Borrower or any Restricted Subsidiary of the Borrower or any
Restricted Subsidiary, in exchange for, or out of the proceeds of a sale (other than to the Borrower or a Restricted Subsidiary) of,
Equity Interests of any direct or indirect parent of the Borrower (other than any Disqualified Stock or any Equity Interests sold to
the Borrower or any Subsidiary of the Borrower or to an employee stock ownership plan or any trust established by the Borrower or any
of its Subsidiaries) (collectively, including any such contributions, “Refunding Capital Stock”); (B) if immediately
prior to the retirement of Retired Capital Stock, the payment of dividends thereon was permitted under clause (vi) of this
Section 7.3(b), the payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds
of which were used to redeem, repurchase, defease, retire or otherwise acquire any Equity Interests of any direct or indirect parent
company of the Borrower) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable
and payable on such Retired Capital Stock immediately prior to such retirement; and (C) the payment of accrued dividends on the
Retired Capital Stock out of the proceeds of the sale (other than to the Borrower or a Restricted Subsidiary) (other than to a Subsidiary
of the Borrower or to an employee stock ownership plan or any trust established by the Borrower or any of its Subsidiaries) of Refunding
Capital Stock;


 


(iii)       the
declaration and payment of Restricted Payments in an aggregate amount not to exceed, at the time such dividends are paid and after giving
effect thereto, the Available Amount at such time, so long as no Event of Default has occurred and is continuing or would result therefrom;


 


(iv)       the
purchase, retirement, redemption or other acquisition (or dividends to the Borrower or any other direct or indirect parent of the Borrower
to finance any such purchase, retirement, redemption or other acquisition) for value of Equity Interests of any other direct or indirect
parent of the Borrower (or to pay any tax liabilities arising from such actions) held by any future, present or former employee, director
or consultant of the Borrower or any direct or indirect parent of the Borrower or any Subsidiary of the Borrower or their estates or
the beneficiaries of such estates upon the death, disability, retirement or termination of employment (or directorship or consulting
arrangement) of such Person or pursuant to any management equity plan, stock option plan, profits interests plan or any other management
or employee benefit plan or other similar agreement or arrangement (including any


 




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separation,
stock subscription, shareholder or partnership agreement); provided, however, that the aggregate amounts paid under this
clause (iv) do not exceed the greater of $7,500,000 and 10.0% of Consolidated EBITDA determined on a Pro Forma Basis as of
the most recently ended Test Period in any calendar year, which shall increase to the greater of $11,250,000 and 15.0% of Consolidated
EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period subsequent to the consummation of a public Equity Offering
by the Borrower or any direct or indirect parent (with unused amounts in any calendar year being carried over to the next succeeding
calendar year and with the amounts in the next succeeding calendar year being carried back to the preceding calendar year to the extent
of a reduction in the next succeeding calendar year’s availability by the aggregate amounts being carried back); provided, further,
however, that such amount in any calendar year may be increased by an amount not to exceed:


 


(1)       the
cash proceeds received after the Closing Date by the Borrower, any direct or indirect parent of the Borrower and the Restricted Subsidiaries
from the sale of Equity Interests (other than Disqualified Stock) to members of management, directors or consultants of the Borrower
and the Restricted Subsidiaries (provided that the amount of such cash proceeds utilized for any such repurchase, retirement,
other acquisition or dividend will not increase the amount available for Restricted Payments under the Available Amount); plus


 


(2)       the
cash proceeds of key man life insurance policies received after the Closing Date by the Borrower, any direct or indirect parent of the
Borrower and the Restricted Subsidiaries;


 


(3)       the
amount of any cash bonuses or other compensation otherwise payable to any future, present or former director, employee, consultant or
distributor of the Borrower, a direct or indirect parent thereof, or the Restricted Subsidiaries that are foregone in return for the
receipt of Equity Interests of the Borrower or a direct or indirect equity holder thereof, or any Restricted Subsidiary; plus


 


(4)       payments
made in respect of withholding or other similar Taxes payable upon repurchase, retirement or other acquisition or retirement of Equity
Interests of the Borrower or the Restricted Subsidiaries or otherwise pursuant to any employee or director equity plan, employee or director
stock option or profits interest plan or any other employee or director benefit plan or any agreement;


 


provided
that the Borrower may elect to apply all or any portion of the aggregate increase contemplated by clauses (1) through (4)
above in any calendar year; in addition, cancellation of Indebtedness owing to the Borrower or any of its Restricted Subsidiaries
from any current, former or future officer, director or employee (or any permitted transferees thereof) of the Borrower or any of the
Restricted Subsidiaries (or any direct or indirect parent company thereof), in connection with a repurchase of Equity Interests of the
Borrower from such Persons will not be deemed to constitute a Restricted Payment for purposes of this Section 7.3 or any
other provisions of this Agreement;


 


(v)       the
payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Borrower or any of the Restricted
Subsidiaries and any Preferred Stock of any Restricted Subsidiaries issued or Incurred in accordance with Section 7.2;


 


(vi)       (A) the
payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock)
issued after the Closing Date, (B) the payment of dividends to any direct or indirect parent of the Borrower, the proceeds of which
will be


 




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used
to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any
direct or indirect parent of the Borrower issued after the Closing Date; and (C) the payment of dividends on Refunding Capital Stock
that is Preferred Stock in excess of the dividends declarable and payable thereon pursuant to clause (b)(ii) of this Section 7.3;
provided, however, that (x) for the most recently ended Test Period preceding the date of issuance of such Designated
Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such
issuance (and the payment of dividends or distributions) on a Pro Forma Basis, the Fixed Charge Coverage Ratio of the Borrower and the
Restricted Subsidiaries would have been at least 2.00 to 1.00 and (y) the aggregate amount of dividends declared and paid pursuant
to this clause (vi) does not exceed the net cash proceeds actually received by the Borrower from any such sale of Designated
Preferred Stock (other than Disqualified Stock issued after the Closing Date and securities issued in connection with the Cure Right);


 


(vii)       Restricted
Payments in an aggregate amount not to exceed an amount equal to Retained Declined Proceeds (to the extent not otherwise applied);


 


(viii)       [Reserved];


 


(ix)       Restricted
Payments in an amount equal to the amount of Excluded Contributions made;


 


(x)       Restricted
Payments in an aggregate amount, at the time such Restricted Payment is made, taken together with all other Restricted Payments made
pursuant to this clause (x), not to exceed (i) the greater of $15,000,000 and 20.0% of Consolidated EBITDA determined on
a Pro Forma Basis as of the most recently ended Test Period less (ii) the aggregate amount of Restricted Debt Payments made pursuant
to Section 7.3(d)(iv);


 


(xi)       the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or other securities of, or Indebtedness owed to the Borrower
or a Restricted Subsidiary by, Unrestricted Subsidiaries;


 


(xii)       for
any taxable period for which the Borrower is a partnership (or disregarded as separate from a partnership) for U.S. federal income tax
purposes, distributions to enable the owners of the Borrower to pay their tax liabilities attributable to the taxable income of the Borrower
in an amount not to exceed the product of (A) the taxable income of the Borrower for U.S. federal income tax purposes for such taxable
period, determined without regard to any adjustments pursuant to Section 704(c), 743 or 754 of the Code, and (B) the highest marginal
tax rate for an individual or a corporation resident in the State of Florida, as then in effect for such taxable period, taking into
account the character of the taxable income in question and the deductibility of state and local income taxes for U.S. federal income
tax purposes and any limitations thereon;


 


(xiii)       the
payment of dividends, other distributions or other amounts to, or the making of loans to, any direct or indirect parent of the Borrower,
in the amount required for such entity to:


 


(1)       pay
amounts equal to the amounts required for any direct or indirect parent of the Borrower to pay fees and expenses (including franchise,
capital stock, minimum and other similar Taxes) required to maintain its corporate existence, customary salary, bonus and other benefits
payable to, and indemnities provided on behalf of, officers, employees, directors or consultants of the Borrower or any direct or indirect
parent of the Borrower, if applicable, and general corporate operating and


 




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overhead
expenses (including legal, accounting and other professional fees and expenses) of any direct or indirect parent of the Borrower, if
applicable, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership
or operation of the Borrower, if applicable, and its Subsidiaries;


 


(2)       so
long as no Event of Default has occurred and is continuing under Section 9.1(a), pay, if applicable, amounts equal to amounts
required for any direct or indirect parent of the Borrower, if applicable, to pay interest and/or principal on Indebtedness the proceeds
of which have been contributed to the Borrower or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered
Indebtedness of, the Borrower or any of the Restricted Subsidiaries Incurred in accordance with Section 7.2; and


 


(3)       pay
fees and expenses Incurred by any direct or indirect parent, other than to Affiliates of the Borrower, related to any investment, acquisition,
disposition, sale, merger or equity or debt offering or similar transaction of such parent, whether or not successful but;


 


(xiv)       
(i) repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants, restricted stock units or similar instruments
if such Equity Interests represent a portion of the exercise price of such options, warrants, restricted stock units or similar instruments
and (ii) in connection with the withholding of a portion of the Equity Interests granted or awarded to a director or an employee
to pay for the Taxes payable by such director or employee upon such exercise, grant or award;


 


(xv)       purchases
of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment or
distribution of Receivables Fees;


 


(xvi)       any
Restricted Payments made in order to permit BRP Group to meet its obligations under the Tax Receivables Agreement (as in effect on the
date hereof);


 


(xvii)       other
Restricted Payments; provided that after giving effect to such Restricted Payment (i) no Event of Default has occurred or is continuing
and (ii) the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does not exceed 3.75
to 1.00;


 


(xviii)       [reserved];


 


(xix)       any
Restricted Payments made in connection with the consummation of the Transactions;


 


(xx)       the
payment of cash in lieu of the issuance of fractional shares of Equity Interests upon exercise or conversion of securities exercisable
or convertible into Equity Interests of the Borrower or upon any dividend, split or combination thereof, or upon any Permitted Acquisition;
and


 


(xxi)       payments
or distributions, in the nature of satisfaction of dissenters’ rights, pursuant to or in connection with a consolidation, merger
or transfer of assets that complies with the provisions of this Agreement applicable to mergers, consolidations and transfers of all
or substantially all the property and assets of the Borrower and its Subsidiaries;


 




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provided,
however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (b)(vi) and (b)(x)
of this Section 7.3, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence
thereof.


 


(c)       The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, make any principal payment on,
or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity,
any Junior Indebtedness (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Junior Indebtedness
in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of
the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under Section 7.2(b)(xi))
(all such payments and other actions set forth above, other than any of the exceptions thereto, being collectively referred to as “Restricted
Debt Payments”).


 


(d)       The
provisions of Section 7.3(c) will not prohibit:


 


(i)       Restricted
Debt Payments in respect of Junior Indebtedness of the Borrower or any Restricted Subsidiary (x) constituting Acquired Indebtedness
not Incurred in connection with or in contemplation of the applicable merger, acquisition or other similar transaction or (y) made
by exchange for, or out of the proceeds of the sale of, new Indebtedness of the Borrower or a Restricted Subsidiary that is Incurred
in accordance with Section 7.2 so long as:


 


(1)       the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value,
if applicable) of the Junior Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired for value (plus
accrued and unpaid interest, fees, underwriting discounts and expenses, including any premium and defeasance costs, required to be
paid under the terms of the instrument governing the Junior Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired
or retired plus any fees and expenses Incurred in connection therewith, including reasonable tender premiums);


 


(2)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, if such original Junior
Indebtedness was subordinated to the Facilities or the related Guarantee, as the case may be, such new Indebtedness must be subordinated
to the Facilities or the related Guarantee at least to the same extent as such Junior Indebtedness so purchased, exchanged, redeemed,
repurchased, defeased, exchanged, acquired or retired;


 


(3)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, such Indebtedness has
a final scheduled maturity date no earlier than the earlier of (x) the final scheduled maturity date of the Junior Indebtedness
being so redeemed, repurchased, defeased, exchanged, acquired or retired or (y) the Latest Maturity Date; and


 


(4)       such
Indebtedness has a Weighted Average Life to Maturity that is not less than the remaining Weighted Average Life to Maturity of the Junior
Indebtedness being so redeemed, repurchased, defeased, acquired or retired;


 


(ii)       Restricted
Debt Payments in respect of Junior Indebtedness, Disqualified Stock or Preferred Stock of the Borrower and the Restricted Subsidiaries
in connection with a “change of control” (as defined in the documentation governing such Junior Indebtedness, Disqualified
Stock or


 




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Preferred
Stock) or an Asset Sale that is permitted under Section 7.5 and the other terms of this Agreement; provided that,
prior to such payment, purchase, redemption, defeasance or other acquisition or retirement for value, (x) in the case of a change
of control, no Event of Default shall have occurred and be continuing under Section 9.1(l) or the Commitments shall have
been terminated and the full amount of all Obligations (other than contingent indemnification and reimbursement obligations for which
no claim has been made) shall have been indefeasibly paid in full in cash or (y) in the case of an Asset Sale, the Borrower (or
a third party to the extent permitted by this Agreement) has applied such amounts in accordance with Section 2.11, as the
case may be;


 


(iii)       the
making of Restricted Debt Payments in an aggregate amount not to exceed, at the time such Restricted Debt Payments are made and after
giving effect thereto, the Available Amount at such time, so long no Event of Default has occurred and is continuing or would result
therefrom;


 


(iv)       Restricted
Debt Payments in an aggregate amount, at the time such Restricted Debt Payment is made, taken together with all other Restricted Debt
Payments made pursuant to this clause (iv), not to exceed (i) the greater of $15,000,000 and 20.0% of Consolidated EBITDA
determined on a Pro Forma Basis as of the most recently ended Test Period less (ii) the aggregate amount of Restricted Payments
made pursuant to Section 7.3(b)(x);


 


(v)       Restricted
Debt Payments in an aggregate amount not to exceed an amount equal to Retained Declined Proceeds to the extent required to be paid under
the terms of the instrument governing the Junior Indebtedness being so repaid and to the extend not otherwise applied;


 


(vi)       other
Restricted Debt Payments; provided that after giving effect to such Restricted Debt Payment (i) no Event of Default has occurred
or is continuing and (ii) the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does
not exceed 3.75 to 1.00;


 


(vii)       the
redemption, repurchase, defeasance, exchange, retirement or other acquisition of any Junior Indebtedness of the Borrower or any Restricted
Subsidiary, in exchange for, or out of the proceeds of a sale (other than to the Borrower or a Restricted Subsidiary) of, Equity Interests
of any direct or indirect parent of the Borrower (other Refunding Capital Stock); (B) if immediately prior to the retirement of
such Junior Indebtedness, the redemption was permitted under clause (vi) of this Section 7.3(b), the payment
of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase,
defease, retire or otherwise acquire any Equity Interests of any direct or indirect parent company of the Borrower) in an aggregate amount
per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately
prior to such retirement; and (C) the payment of accrued dividends on the Retired Capital Stock out of the proceeds of the sale
(other than to the Borrower or a Restricted Subsidiary) (other than to a Subsidiary of the Borrower or to an employee stock ownership
plan or any trust established by the Borrower or any of its Subsidiaries) of Refunding Capital Stock; and


 


(viii)       Restricted
Debt Payments to permit the Borrower or any direct or indirect parent of the Borrower to make cash payments on its Indebtedness at such
times and in such amounts as are necessary so that such Indebtedness will not have “significant original issue discount”
and thus will not be treated as an “applicable high yield discount obligation” within the meaning of Section 163(i)
of the Code;


 




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provided,
however, that at the time of, and after giving effect to, any Restricted Debt Payment permitted under clauses (d)(ii),
(d)(iv) and (d)(vi) of this Section 7.3, no Default or Event of Default shall have occurred and be continuing
or would occur as a consequence thereof.


 


(e)       The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, make any Investment other than
a Permitted Investment.


 


7.4          Dividend
and Other Payment Restrictions Affecting Subsidiaries. The Borrower will not, and will not permit any Restricted Subsidiary that
is not a Loan Party to, directly or indirectly create or otherwise cause to become effective any consensual encumbrance or consensual
restriction on the ability of any Restricted Subsidiary that is not a Loan Party to:


 


(a)       (i) pay
dividends or make any other distributions to the Borrower or any of the Restricted Subsidiaries (1) on its Capital Stock or (2) with
respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Borrower
or any of the Restricted Subsidiaries;


 


(b)       make
loans or advances to the Borrower or any of the Restricted Subsidiaries; or


 


(c)       sell,
lease or transfer any of its properties or assets to the Borrower or any of the Restricted Subsidiaries;


 


except in each
case for such encumbrances or restrictions existing under or by reason of:


 


(1)       contractual
encumbrances or restrictions in effect or entered into or existing on the Closing Date, including pursuant to this Agreement, Hedging
Obligations and the other documents relating to the Transactions;


 


(2)       this
Agreement, the Loan Documents, and, in each case, any guarantees thereof;


 


(3)       applicable
law or any applicable rule, regulation or order;


 


(4)       any
agreement or other instrument of a Person acquired by the Borrower or any Restricted Subsidiary which was in existence at the time of
such acquisition or at the time it merges with or into the Borrower or any Restricted Subsidiary or assumed in connection with the acquisition
of assets from such Person (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person and its Subsidiaries, other than the Person, or the property or assets of the Person and its
Subsidiaries, so acquired or the property or assets so assumed;


 


(5)       contracts
or agreements for the sale of assets, including customary restrictions (A) with respect to a Restricted Subsidiary imposed pursuant to
an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary
(B) restricting assignment of any agreement entered into in the ordinary course of business, (C) constituting restrictions on cash or
other deposits imposed by customers under contracts entered into in the ordinary course of business and (D) which apply by reason of
any applicable Law, rule, regulation or order or are required by any Governmental Authority having jurisdiction over the Borrower or
any Restricted Subsidiary;


 




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(6)       Indebtedness
secured by a Lien that is otherwise permitted to be Incurred pursuant to Sections 7.2 and 7.7 that limits the right
of the debtor to dispose of the assets securing such Indebtedness;


 


(7)       restrictions
on cash or other deposits or net worth imposed by customers;


 


(8)       customary
provisions in joint venture, operating or other similar agreements, asset sale agreements and stock sale agreements in connection with
the entering into of such transaction;


 


(9)       purchase
money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose restrictions
of the nature described in clause (c) of this Section 7.4 on the property so acquired;


 


(10)       customary
provisions contained in leases, licenses, contracts and other similar agreements (including leases or licenses of intellectual property)
that impose restrictions of the type described in clause (c) of this Section 7.4 on the property subject to such
lease, license, contract or agreement;


 


(11)       any
encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided,
that such restrictions apply only to such Receivables Subsidiary;


 


(12)       Indebtedness,
Disqualified Stock or Preferred Stock of the Borrower or any Restricted Subsidiary that is permitted pursuant to Section 7.2;
provided that either (A) such encumbrances and restrictions contained in any agreement or instrument will not materially
affect the Borrower’s ability to make anticipated principal or interest payment on the Loans (as determined by the Borrower in
good faith) or (B) such encumbrances and restrictions are not materially more restrictive, taken as a whole, than those, in the
case of encumbrances, outstanding on the Closing Date, and in the case of restrictions, contained in this Agreement or any Refinancing
Indebtedness with respect thereto;


 


(13)       any
Permitted Investment;


 


(14)       arising
or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of the Borrower or any Restricted Subsidiary in any manner material to the Borrower or any
Restricted Subsidiary;


 


(15)       existing
under, by reason of or with respect to Refinancing Indebtedness; provided that the encumbrances and restrictions contained in
the agreements governing that Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in
the agreements governing the Indebtedness being Refinanced;


 


(16)       restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which
the Borrower or any of the Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such
agreement prohibits the encumbrance of solely the


 




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property
or assets of the Borrower or such Restricted Subsidiary that are the subject of such agreement, the payment rights arising thereunder
or the proceeds thereof and does not extend to any other asset or property of the Borrower or such Restricted Subsidiary or the assets
or property of any other Restricted Subsidiary;


 


(17)       restrictions
that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted
Subsidiary than customary market terms for Indebtedness of such type (and, in any event, are no more restrictive than the restrictions
contained in this Agreement), or that the Borrower shall have determined in good faith will not affect its obligation or ability to make
any payments required hereunder; and


 


(18)       any
encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) of this Section 7.4
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (1) through (17) above; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good
faith judgment of the Borrower, not materially more restrictive as a whole with respect to such dividend and other payment restrictions
than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing.


 


For purposes of
determining compliance with this Section 7.4, (i) the priority of any Preferred Stock in receiving dividends or liquidating
distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability
to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Borrower or a Restricted Subsidiary
to other Indebtedness Incurred by the Borrower or such Restricted Subsidiary shall not be deemed a restriction on the ability to make
loans or advances.


 


7.5            Asset Sales.
the Borrower will not, and will not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless:


 


(a)       the
Borrower, any of the Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the Fair Market Value of the Equity Interests issued or assets sold or otherwise disposed of;


 


(b)       immediately
before and after giving effect to such Asset Sale, no Event of Default has occurred and is continuing; and


 


(c)       except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Borrower or such Restricted Subsidiary,
as the case may be, is in the form of Cash Equivalents, provided, however, that the amount of:


 


(i)       any
liabilities (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto
or, if Incurred, increased or decreased subsequent to the date of such balance sheet, such liabilities that would have been reflected
in the Borrower’s or such Restricted Subsidiary’s balance sheet or in the notes thereto if such incurrence, increase or decrease
had taken place on the date of such balance sheet, as reasonably determined in good faith by the Borrower) of the Borrower or any Restricted
Subsidiary (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee (or a
third party on behalf


 




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of
the transferee) of any such assets or Equity Interests pursuant to an agreement that releases or indemnifies the Borrower or such Restricted
Subsidiary (or a third party on behalf of the transferee), as the case may be, from further liability;


 


(ii)       any
notes or other obligations or other securities or assets received by the Borrower or such Restricted Subsidiary from such transferee
that are converted by the Borrower or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the
cash received);


 


(iii)       any
Designated Non-cash Consideration received by the Borrower or any of the Restricted Subsidiaries in such Asset Sale having an aggregate
Fair Market Value, at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value), taken together
with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding,
not to exceed the greater of $18,750,000 and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended
Test Period;


 


(iv)       Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Borrower
and each other Restricted Subsidiary are released from any Guarantee of such Indebtedness in connection with such Asset Sale; and


 


(v)       consideration
consisting of Indebtedness of the Borrower or any Guarantor received from Persons who are not the Borrower or a Restricted Subsidiary,


 


shall each be deemed
to be Cash Equivalents for the purposes of this Section 7.5;


 


After
the Borrower’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale pursuant to clauses (a)
to (c) above, the Borrower or such Restricted Subsidiary shall apply the Net Cash Proceeds from such Asset Sale if and to
the extent required by Section 2.11(c).


 


7.6           Transactions
with Affiliates.


 


(a)       The
Borrower will not, and will not permit any Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any
transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Borrower (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in
excess of the greater of $7,500,000 and 10.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test
Period, unless such Affiliate Transaction is on terms that are not materially less favorable to the Borrower or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with an
unrelated Person; provided that (i) any such transaction or series of transactions, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Person entered into or made or amended prior to the date on which such Person becomes
an Affiliate of the Borrower and (ii) any amendment thereto or renewal or replacement thereof entered into on or after the date on which
such Person becomes an Affiliate of the Borrower (so long as any such amendment, renewal or replacement is not materially less favorable
to the Borrower and its Restricted Subsidiaries, taken as a whole, compared to the applicable agreement as in effect on the date on which


 




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such
Person becomes an Affiliate of the Borrower (as reasonably determined by the Borrower in good faith) shall not constitute an Affiliate
Transaction.


 


(b)       The
foregoing provisions will not apply to the following:


 


(i)       (A)
transactions between or among the Borrower and/or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary
as a result of such transaction), (B) [reserved] and (C) any merger or consolidation between or among the Borrower and/or any
direct parent company of the Borrower, provided that such parent company shall have no material liabilities and no material assets
other than Cash Equivalents and the Capital Stock of the Borrower and such merger or consolidation is otherwise in compliance with the
terms of this Agreement; provided, that upon giving effect to such merger or consolidation, the surviving Person shall be (or
shall immediately become) a Loan Party and otherwise comply with the requirements of Section 6.9, and 100% of the Capital
Stock of such surviving Person shall be pledged to the Administrative Agent in accordance with the terms of the Loan Documents;


 


(ii)       (A)
Restricted Payments permitted by Section 7.3 (including any payments that are exceptions to the definition of “Restricted
Payments” set forth in Section 7.3(a)(i) and (ii)) and (B) Permitted Investments;


 


(iii)       transactions
pursuant to compensatory, benefit and incentive plans and agreements with officers, directors, managers or employees of the Borrower
(or any direct or indirect parent thereof) or any of the Restricted Subsidiaries approved by a majority of the Board of Directors of
the Borrower (or the compensation, nominating or governance committee thereof) in good faith;


 


(iv)       the
payment of reasonable and customary fees and reimbursements paid to, and indemnity and similar arrangements provided on behalf of, former,
current or future officers, directors, managers, employees or consultants of the Borrower or any Restricted Subsidiary or any direct
or indirect parent of the Borrower;


 


(v)       licensing
of trademarks, copyrights or other intellectual property to permit the commercial exploitation of intellectual property between or among
the Group Members;


 


(vi)       transactions
in which the Borrower or any of the Restricted Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an
Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point
of view or meets the requirements of clause (a) of this Section 7.6;


 


(vii)       payments,
loans or advances to employees or consultants or guarantees in respect thereof (or cancellation of loans, advances or guarantees) for
bona fide business purposes in the ordinary course of business;


 


(viii)       any
agreement, instrument or arrangement (including, without limitation, any arrangement with The Villages Invesco, LLC, a Florida limited
liability company) as in effect as of the Closing Date or any transaction contemplated thereby, or any amendment thereto or renewal or
replacement thereof (so long as any such amendment, renewal or replacement is not materially less favorable to the Borrower and its Restricted
Subsidiaries, taken as a whole, compared to the applicable agreement as in effect on the Closing Date as reasonably determined by the
Borrower in good faith);


 


(ix)       the
existence of, or the performance by the Borrower or any of the Restricted Subsidiaries of its obligations under the terms of any stockholders
or similar agreement


 




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(including
any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Closing Date, and any amendment
thereto or similar transactions, agreements or arrangements which it may enter into thereafter; provided, however, that
the existence of, or the performance by the Borrower or any of the Restricted Subsidiaries of its obligations under, any future amendment
to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after
the Closing Date shall only be permitted by this clause (ix) to the extent that the terms of any such existing transaction,
agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not
otherwise more disadvantageous to the Lenders in any material respect when taken as a whole as compared to the original transaction,
agreement or arrangement as in effect on the Closing Date;


 


(x)       (A) transactions
with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and
otherwise in compliance with the terms of this Agreement, which are fair to the Borrower and the Restricted Subsidiaries in the reasonable
determination of the Borrower, and are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated
party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business;


 


(xi)       any
transaction effected as part of a Qualified Receivables Financing;


 


(xii)       [Reserved];


 


(xiii)       [Reserved];


 


(xiv)       [Reserved];


 


(xv)       any
contribution to the capital of the Borrower or any Restricted Subsidiary and any issuance by the Borrower of its Capital Stock;


 


(xvi)       transactions
permitted by, and complying with, the provisions of Section 7.5 or Section 7.8;


 


(xvii)       [reserved];


 


(xviii)       pledges
of Equity Interests of Unrestricted Subsidiaries;


 


(xix)       any
employment agreements, option plans and other similar arrangements entered into by the Borrower or any of the Restricted Subsidiaries
with employees or consultants;


 


(xx)       the
issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Borrower
or any direct or indirect parent of the Borrower or of a Restricted Subsidiary, as appropriate, in good faith;


 


(xxi)       the
entering into of any tax sharing agreement or arrangement and any payments permitted by Section 7.3(b)(xii) or, with respect
to franchise or similar Taxes, by Section 7.3(b)(xiii)(1);


 


(xxii)       transactions
to effect the Transactions and the payment of all fees and expenses related to the Transactions;


 




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(xxiii)       any
employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into by the Borrower or
any of the Restricted Subsidiaries with current, former or future officers, employees and consultants of the Borrower or any of its Restricted
Subsidiaries and the payment of compensation to officers, employees and consultants of the Borrower or any of its Restricted Subsidiaries
(including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), in each case in the ordinary course
of business;


 


(xxiv)       transactions
with a Person that is an Affiliate of the Borrower solely because the Borrower, directly or indirectly, owns Equity Interests in, or
controls, such Person entered into in the ordinary course of business;


 


(xxv)       transactions
with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Borrower or any of its Subsidiaries, so
long as such transaction is with all holders of such class (and there are such non-Affiliate holders) and such Affiliates are treated
no more favorably than all other holders of such class generally;


 


(xxvi)       any
agreement that provides customary registration rights to the equity holders of the Borrower or any direct or indirect parent of the Borrower
and the performance of such agreements;


 


(xxvii)       payments
to and from and transactions with any joint venture in the ordinary course of business; provided such joint venture is not controlled
by an Affiliate (other than a Restricted Subsidiary) of the Borrower; and


 


(xxviii)       transactions
between the Borrower or any of its Restricted Subsidiaries and any Person that is an Affiliate thereof solely due to the fact that a
director of such Person is also a director of the Borrower or any direct or indirect parent of the Borrower; provided, however,
that such director abstains from voting as a director of the Borrower or such direct or indirect parent of the Borrower, as the case
may be, on any matter involving such other Person.


 


7.7         Liens. The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, create or Incur any Lien (other than Permitted Liens) that
secures obligations under any Indebtedness on any asset or property of the Borrower or any Restricted Subsidiary.


 


7.8         Fundamental
Changes. The Borrower will not, nor will it permit any of the Restricted Subsidiaries to, directly or indirectly merge, dissolve,
liquidate, amalgamate or consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person except that, (other than
in the case of clause (e) below) so long as no Event of Default would result therefrom:


 


(a)       (i)
any Restricted Subsidiary (other than the Borrower) may merge, amalgamate or consolidate with (1) the Borrower (including a merger,
the purpose of which is to reorganize the Borrower into a new jurisdiction in any State of the United States); provided that the
Borrower shall be the continuing or surviving Person or the surviving Person shall expressly assume the obligations of the Borrower pursuant
to documents reasonably acceptable to the Administrative Agent or (2) any one or more other Restricted Subsidiaries; provided,
further, that when any Guarantor is merging with another Restricted Subsidiary that is not a Loan Party (A)  to the extent
constituting an Investment, such Investment must be an Investment permitted hereunder and (B) to the extent constituting a Disposition,
such Disposition must be permitted hereunder;


 




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(b)       (i) any
Restricted Subsidiary that is not a Loan Party may merge, dissolve, liquidate, amalgamate or consolidate with or into any other Restricted
Subsidiary that is not a Loan Party and (ii) any Restricted Subsidiary may liquidate or dissolve, or the Borrower or any Restricted
Subsidiary may (if the validity, perfection and priority of the Liens securing the Obligations is not adversely affected thereby) change
its legal form if the Borrower determines in good faith that such action is in the best interest of the Borrower and its Subsidiaries
and is not disadvantageous to the Lenders in any material respect (it being understood that in the case of any dissolution of a Restricted
Subsidiary that is a Guarantor, such Subsidiary shall at or before the time of such dissolution transfer its assets to another Restricted
Subsidiary that is a Guarantor in the same jurisdiction or a different jurisdiction reasonably satisfactory to the Administrative Agent
unless such Investment or Disposition of assets is permitted hereunder; and in the case of any change in legal form, a Restricted Subsidiary
that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder);


 


(c)       any
Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or to any Restricted Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then to the extent constituting
an Investment, such Investment must be a Permitted Investment and, if applicable, Indebtedness of a Restricted Subsidiary which is not
a Loan Party in accordance with Section 7.2, respectively;


 


(d)       [reserved];


 


(e)       any
Restricted Subsidiary (other than a Borrower) may merge, liquidate, amalgamate or consolidate with any other Person in order to effect
an Investment permitted hereunder; provided that (i) the continuing or surviving Person shall, to the extent subject to the
terms hereof, have complied with the requirements of Section 6.9, (ii) to the extent constituting an Investment, such
Investment must be an Investment permitted hereunder and (iii) to the extent constituting a Disposition, such Disposition must be
permitted hereunder;


 


(f)       the
Borrower and the other Restricted Subsidiaries may consummate the Transactions;


 


(g)       subject
to clause (a) above, any Restricted Subsidiary may merge, dissolve, liquidate, amalgamate, consolidate with or into another
Person in order to effect a Disposition permitted pursuant to Section 7.5;


 


(h)       any
Investment permitted hereunder may be structured as a merger, consolidation or amalgamation; and


 


(i)       Borrower
may merge, amalgamate or consolidate with any other Person; provided that (i) the Borrower shall be the continuing or surviving
corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the “Successor
Company”), (A) the Successor Company shall be an entity organized or existing under the laws of the United States, any state
within the United States or the District of Columbia, (B) the Successor Company shall expressly assume all the obligations of the Borrower
under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Administrative Agent, (C) the Successor Company shall cause such amendments, supplements or other instruments
to be executed, delivered, filed and recorded (and deliver a copy of same to the Administrative Agent) in such jurisdictions as may be
required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to the
Successor Company, together with such financing statements as may be required to perfect any security interests in such Collateral which
may be perfected by the filing of a financing statement under the UCC


 




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of
the relevant states, (D) the Collateral owned by or transferred to the Successor Company shall (a) continue to constitute Collateral
under the Security Documents, (b) be subject to the Lien in favor of the Administrative Agent for the benefit of the Secured Parties,
and (c) not be subject to any Lien other than Permitted Liens, in each case except as otherwise permitted by the Loan Documents, the
property and assets of the Person which is merged or consolidated with or into the Successor Company, to the extent that they are property
or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and
the Successor Company shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the
Lien of the Security Documents in the manner and to the extent required in the Security Documents, (E) each Guarantor, unless it is the
other party to such merger or consolidation, shall have confirmed that its Guarantor Obligations shall apply to the Successor Company’s
obligations under the Loan Documents, (F) each Guarantor, unless it is the other party to such merger or consolidation, shall have by
a supplement to the Security Agreement and other applicable Security Documents confirmed that its obligations thereunder shall apply
to the Successor Company’s obligations under the Loan Documents, (G) if requested by the Administrative Agent, each mortgagor of
a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment to or restatement of the
applicable Mortgage (or other instrument reasonably satisfactory to the Administrative Agent) confirmed that its obligations thereunder
shall apply to the Successor Company’s obligations under the Loan Documents, (H) the Borrower shall have delivered to the Administrative
Agent an officer’s certificate and opinion of counsel, each in form and substance reasonably satisfactory to the Administrative
Agent, and each stating that such merger or consolidation and such supplement to this Agreement or any Security Document preserves the
enforceability of this Agreement and the Security Documents and the perfection of the Liens under the Security Documents and (I) the
Borrower shall have delivered to the Administrative Agent any documentation and other information about the Successor Borrower as may
be reasonably requested in writing by the Administrative Agent or any Lender through the Administrative Agent that the Administrative
Agent or such Lender, as applicable, reasonably determines is required by regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including the PATRIOT Act (and the results thereof shall have been reasonably satisfactory
to the Administrative Agent or such Lender, as applicable); provided, further, that if the foregoing are satisfied, the
Successor Company will succeed to, and be substituted for, the Borrower under this Agreement.


 


7.9         Use of Proceeds.
The Loan Parties will not, directly or, indirectly, use the proceeds of any Loans, or lend, contribute or otherwise make available such
proceeds to any Subsidiary (and any joint ventures of the Loan Parties or any of their Subsidiaries), joint venture partner or other
Person, to fund any activities of or business with any Sanctioned Person, or in any country or territory, that, at the time of such funding,
is itself the subject of Sanctions Laws, or in any other manner that will result in a violation by any of the Loan Parties or any other
party hereto of Sanctions Laws or applicable Anti-Corruption Laws.


 


7.10         Changes in Fiscal
Periods. The Borrower will not permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s
method of determining fiscal quarters, in each case other than with prior written notice to the Administrative Agent.


 


7.11         Negative
Pledge Clauses. The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or suffer to exist or
become effective any agreement that prohibits or limits the ability of the Borrower or any Group Member to create, incur, assume or suffer
to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to secure its obligations under the
Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements evidencing
or governing any purchase money Liens or Capitalized Lease Obligations otherwise permitted hereby (in which case, any prohibition or
limitation shall only be


 




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effective against
the assets financed thereby), (c) customary restrictions on the assignment of leases, licenses and contracts, (d) any agreement
in effect at the time any Person becomes a Restricted Subsidiary; provided that such agreement was not entered into in contemplation
of such Person becoming a Restricted Subsidiary, (e) customary restrictions and conditions contained in agreements relating to the
sale of a Restricted Subsidiary (or the assets of a Restricted Subsidiary) pending such sale; provided that such restrictions and conditions
apply only to the Restricted Subsidiary that is to be sold (or whose assets are to be sold) and such sale is permitted hereunder), (f) restrictions
and conditions existing on the Closing Date and any amendments or modifications thereto so long as such amendment or modification does
not expand the scope of any such restriction or condition in any material respect, (g) restrictions under agreements evidencing
or governing or otherwise relating to Indebtedness of Non-Guarantor Subsidiaries permitted under Section 7.2; provided that
such Indebtedness is only with respect to the assets of Restricted Subsidiaries that are Non-Guarantor Subsidiaries and (h) customary
provisions in joint venture agreements, limited liability company operating agreements, partnership agreements, stockholders agreements
and other similar agreements.


 


7.12         Lines of Business.
The Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, fundamentally and substantively alter the character
of the business of the Borrower and its Subsidiaries, taken as a whole, from the business conducted by the Borrower and its Subsidiaries,
taken as a whole, on the Closing Date and any other business activities that are extensions thereof or otherwise incidental, synergistic,
reasonably related or ancillary to any of the foregoing (and businesses acquired in connection with any Permitted Acquisition or other
Investment).


 


7.13         Amendments to
Organizational Documents. The Borrower will not, and will not permit any Restricted Subsidiary to, terminate or agree to any amendment,
supplement, or other modification of (pursuant to a waiver or otherwise), or waive any of its rights under, any Organizational Documents
of the Borrower or any Restricted Subsidiary, if, in light of the then-existing circumstances, a Material Adverse Effect would be reasonably
likely to exist or result after giving effect to such termination, amendment, supplement or other modification or waiver, except, in
each case, as otherwise permitted by the Loan Documents; provided that in each case, if a certificate of the Borrower shall have been
delivered to the Administrative Agent for posting to the Lenders at least five (5) Business Days prior to such amendment or other modification,
together with a reasonably detailed description of such amendment or modification, stating that the Borrower has determined in good faith
that such terms and conditions satisfy such foregoing requirement, and the Required Lenders shall not have notified the Borrower and
the Administrative Agent that they disagree with such determination (including a statement of the basis upon which each such Lender disagrees)
within such five (5) Business Day period, then such certificate shall be conclusive evidence that such terms and conditions satisfy such
foregoing requirement.


 


SECTION
8.

GUARANTEE


 


8.1         The Guarantee.
Each Guarantor hereby jointly and severally guarantees, as a primary obligor and not as a surety, to each Secured Party and their respective
successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand,
by acceleration or otherwise) of (1) the principal of and interest (including any interest, fees, costs or charges that would accrue
but for the provisions of the Bankruptcy Code after any bankruptcy or insolvency petition under the Bankruptcy Code or any similar law
of any other jurisdiction) on (i) the Loans made by the Lenders to the Borrower, (ii) the Incremental Loans made by the Incremental Term
Lenders or Incremental Revolving Lenders to the Borrower, (iii) the Other Term Loans and Other Revolving Loans made by any lender thereof,
and (iv) the Notes held by each Lender of the Borrower (2) each Designated Acquisition Swingline Loan and (3) all other Obligations from
time to time owing to the


 




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Secured Parties by
the Borrower or the borrower of any Designated Acquisition Swingline Loan (such obligations under clauses (1) and (2) being herein
collectively called the “Guarantor Obligations”). Each Guarantor hereby jointly and severally agrees that, if the Borrower
or the borrower of any Designated Acquisition Swingline Loan shall fail to pay in full when due (whether at stated maturity, by acceleration
or otherwise) any of the Guarantor Obligations, such Guarantor will promptly pay the same in cash, without any demand or notice whatsoever,
and that in the case of any extension of time of payment or renewal of any of the Guarantor Obligations, the same will be promptly paid
in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.


 


8.2         Obligations Unconditional.


 


(a)       The
obligations of the Guarantors under Section 8.1, respectively, shall constitute a guaranty of payment (and not of collection)
and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint and several,
irrespective of the value, genuineness, validity, regularity or enforceability of the Guarantor Obligations under this Agreement, the
Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other
guarantee of or security for any of the Guarantor Obligations, and, in each case, irrespective of any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a surety by any Guarantor (except for payment in full). Without
limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair
the liability of any Guarantor hereunder, which shall, in each case, remain absolute, irrevocable and unconditional under any and all
circumstances as described above:


 


(i)       at
any time or from time to time, without notice to any Guarantor, the time for any performance of or compliance with any of the Guarantor
Obligations shall be extended, or such performance or compliance shall be waived;


 


(ii)       any
of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred
to herein or therein shall be done or omitted;


 


(iii)       the
maturity of any of the Guarantor Obligations shall be accelerated, or any of the Guarantor Obligations shall be amended in any respect,
or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in
any respect or any other guarantee of any of the Guarantor Obligations or any security therefor shall be released or exchanged in whole
or in part or otherwise dealt with;


 


(iv)       any
Lien or security interest granted to, or in favor of, the Issuing Lenders or any Lender or the Administrative Agent as security for any
of the Guarantor Obligations shall fail to be valid or perfected or entitled to the expected priority;


 


(v)       the
release of any other Guarantor pursuant to Section 8.9, 10.10 or otherwise; or


 


(vi)       except
for the payment in full of the Guarantor Obligations, any other circumstance whatsoever which may or might in any manner or to any extent
vary the risk of any Guarantor as an obligor in respect of the Guarantor Obligations or which constitutes, or might be construed to constitute,
an equitable or legal discharge of the Borrower or any Guarantor for the Guarantor Obligations, or of such Guarantor under the Guarantee
or of any security interest granted by any Guarantor, whether in a proceeding under any Debtor Relief Law or in any other instance.


 




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(b)       Each
of the Guarantors hereby expressly waives diligence, presentment, demand of payment, marshaling, protest and all notices whatsoever,
and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrower under this Agreement or
the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee
of, or security for, any of the Guarantor Obligations. Each of the Guarantors waive any and all notice of the creation, renewal, extension,
waiver, termination or accrual of any of the Guarantor Obligations and notice of or proof of reliance by any Secured Party upon the guarantee
made under this Section 8 (this “Guarantee”) or acceptance of the Guarantee, and the Guarantor Obligations,
and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon the Guarantee, and all dealings
between the Borrower or the borrower of Designated Acquisition Swingline Loan, on the one hand, and the Secured Parties, on the other
hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon the Guarantee. The Guarantee shall be
construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect
to the Guarantor Obligations at any time or from time to time held by the Secured Parties and the obligations and liabilities of the
Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of
any right or remedy against the Borrower or against any other person which may be or become liable in respect of all or any part of the
Guarantor Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. The Guarantee
shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors
and assigns thereof, and shall inure to the benefit of the applicable Lenders, and their respective successors and assigns, notwithstanding
that from time to time during the term of this Agreement there may be no Guarantor Obligations outstanding.


 


8.3         Reinstatement.
The obligations of the Guarantors under this Section 8 shall be automatically reinstated if and to the extent that for any
reason any payment by or on behalf of the Borrower or any other Loan Party in respect of the Guarantor Obligations is rescinded or must
be otherwise restored by any holder of any of the Guarantor Obligations, whether as a result of any proceedings in bankruptcy or reorganization
or otherwise.


 


8.4         No
Subrogation. Each Guarantor hereby agrees that until the payment and satisfaction in full in cash of all Guarantor Obligations (other
than (i) contingent indemnification and reimbursement obligations for which no claim has been made, (ii) Letters of Credit that have
been Collateralized or otherwise backstopped, (iii) Cash Management Obligations as to which arrangements reasonably satisfactory to the
Cash Management Providers have been made and (iv) obligations under Qualified Hedging Agreements as to which arrangements reasonably
satisfactory to the Qualified Counterparties have been made) and the expiration and termination of the Commitments under this Agreement,
it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of
its Guarantee, whether by subrogation, right of contribution or otherwise, against the Borrower, as applicable, or any other Guarantor
of any of the Guarantor Obligations or any security for any of the Guarantor Obligations.


 


8.5         Remedies.
Each Guarantor jointly and severally agrees that, as between the Guarantors and the Lenders, the obligations of the Borrower under this
Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 9 (and shall be deemed
to have become automatically due and payable in the circumstances provided in Section 9) for purposes of Section 8.1,
notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically
due and payable) as against the Borrower or any Guarantor and that, in the event of such declaration (or such obligations being deemed
to have become automatically due and payable, or the circumstances occurring where Section 9 provides that such obligations
shall become due


 




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and payable), such
obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of
Section 8.1.


 


8.6       [Reserved].


 


8.7         Continuing
Guarantee. The Guarantee made by the Guarantors is a continuing guarantee of payment (and not of collection), and shall apply to
all Guarantor Obligations whenever arising.


 


8.8         General
Limitation on Guarantor Obligations. In any action or proceeding involving any federal, state, provincial or territorial, corporate,
limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 8.1 would otherwise
be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account
of the amount of its liability under Section 8.1, then, notwithstanding any other provision to the contrary, the amount of
such liability of such Guarantor shall, without any further action by such Guarantor, any Loan Party or any other Person, be automatically
limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 8.10)
that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. To effectuate
the foregoing, the Administrative Agent and the Guarantors hereby irrevocably agree that the Guarantor Obligations of each Guarantor
in respect of the Guarantee at any time shall be limited to the maximum amount as will result in the Guarantor Obligations of such Guarantor
with respect thereto hereof not constituting a fraudulent transfer or conveyance after giving full effect to the liability under such
Guarantee and its related contribution rights but before taking into account any liabilities under any other guarantee by such Guarantor.
For purposes of the foregoing, all guarantees of such Guarantor other than its Guarantee will be deemed to be enforceable and payable
after the Guarantee. To the fullest extent permitted by applicable law, this Section 8.8 shall be for the benefit solely
of creditors and representatives of creditors of each Guarantor and not for the benefit of such Guarantor or the holders of any Equity
Interest in such Guarantor.


 


8.9         Release
of Guarantors. A Guarantor shall be automatically released from its obligations hereunder in the event that such Guarantor shall
become an Excluded Subsidiary or that all the Capital Stock of such Guarantor shall be sold, transferred or otherwise disposed of to
a Person other than a Loan Party, in each case in a transaction permitted by this Agreement; provided that the release of any
Guarantor from its obligations under the Loan Documents solely as a result of such Guarantor becoming an Excluded Subsidiary of the type
described in clause (i) of the definition thereof shall only be permitted if such Guarantor becomes such an Excluded Subsidiary
pursuant to a transaction with a third party that is not otherwise an Affiliate of the Borrower and such transaction was not for the
primary purpose of release the Guarantee of such Guarantor. In connection with any such release of a Guarantor, provided that the Borrower
shall have provided the Administrative Agent with such confirmation or documents as the Administrative Agent shall reasonably request,
the Administrative Agent shall execute and deliver to the Borrower, at the Borrower’s expense, all UCC termination statements and
other documents that the Borrower shall reasonably request to evidence such release.


 


8.10         Right
of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share
of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor
hereunder which has not paid its proportionate share of such payment, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right
of contribution shall be subject to the terms and conditions of Section 8.4. The provisions of this Section 8.10
shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the other Secured Parties,
and each Guarantor shall


 




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remain liable to the
Administrative Agent and the other Secured Parties for the full amount guaranteed by such Guarantor hereunder. Notwithstanding the foregoing,
no Excluded ECP Guarantor shall have any obligations or liabilities to any Guarantor, the Administrative Agent or any other Secured Party
with respect to Excluded Swap Obligations.


 


8.11         Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under the
Guarantee in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 8.11
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.11,
or otherwise under the Guarantee, as it relates to such Loan Party, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 8.11
shall remain in full force and effect until the termination and release of all Obligations in accordance with the terms of this
Agreement. Each Qualified ECP Guarantor intends that this Section 8.11 constitute, and this Section 8.11
shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for
all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


SECTION
9.

EVENTS OF DEFAULT


 


9.1         Events
of Default. An Event of Default shall occur if any of the following events shall occur and be continuing; provided that any requirement
for the giving of notice, the lapse of time, or both, has been satisfied (any such event, an “Event of Default”):


 


(a)       the
Borrower shall fail to pay (x) any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof or
(y) any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document within
five (5) Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or


 


(b)       any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate,
document or financial or other written statement furnished by it at any time under or in connection with this Agreement or any such other
Loan Document shall prove to have been inaccurate in any material respect (except where such representations and warranties are already
qualified by materiality, in which case, in any respect) on or as of the date made or deemed made (or if any representation or warranty
is expressly stated to have been made as of a specific date, inaccurate in any material respect as of such specific date); or


 


(c)       any
Loan Party shall default in the observance or performance of any agreement contained in Section 6.4(a)(i) (in respect of
the Borrower), Section 6.7(a), or Section 7 of this Agreement (other than Section 7.1); or


 


(d)       subject
to Section 9.3, the Borrower shall default in the observance or performance of its agreement contained in Section 7.1;
provided that, notwithstanding anything to the contrary in this Agreement or any other Loan Document, a breach of the requirements
of Section 7.1 shall not constitute an Event of Default for purposes of any Facility other than the Revolving Facility; or


 


(e)       any
Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document
(other than as provided in


 




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paragraphs
(a) through (d) of this Section 9.1), and such default shall continue unremedied for a period of 30 days after
notice to the Borrower from the Administrative Agent or the Required Lenders; or


 


(f)       any
Group Member shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation in
respect of Indebtedness, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in
making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement
under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition
relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event shall occur or condition exist, the effect of which default or other event or condition is to (x) cause, or to permit the holder
or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice
or passage of time if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness
constituting a Guarantee Obligation) to become payable or (y) to cause, with the giving of notice or passage of time if required, any
Group Member to purchase or redeem or make an offer to purchase or redeem such Indebtedness prior to its stated maturity; provided
that a default, event or condition described in clauses (i), (ii) or (iii) of this Section 9.1(f) shall
not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described
in clauses (i), (ii) and (iii) of this Section 9.1(f) shall have occurred and be continuing
with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate the greater of $15,000,000 and 20.0%
of Consolidated EBITDA calculated on a Pro Forma Basis as of the most recently ended Test Period; provided, further, that
clause (iii) of this Section 9.1(f) shall not apply to secured Indebtedness that becomes due as a result of the
voluntary Disposition of the property or assets securing such Indebtedness, if such Disposition is permitted hereunder and such Indebtedness
that becomes due is paid upon such Disposition; provided, further, that clause (iii) of this Section 9.1(f)
shall not apply to Indebtedness held exclusively by the Borrower or any of its Restricted Subsidiaries; provided, further,
that this Section 9.1(f) shall apply only if such default is unremedied and is not waived by the holders of such Indebtedness
prior to the termination of the Commitments and acceleration of the Loans pursuant to Section 9.2 and excludes termination
events or equivalent events with respect to Swap Agreements; or


 


(g)       (i)
the Borrower, any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary shall commence
any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, suspension of payments, moratorium or any indebtedness, winding up, dissolution, administration, scheme of
arrangement or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt
or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with
respect to it or its debts, or (B) seeking appointment of a liquidator, receiver, administrative receiver, compulsory manager, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, the Borrower, any Guarantor
(other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary shall make a general assignment for the benefit
of its creditors; or (ii) there shall be commenced against the Borrower, any Guarantor (other than any Guarantor that is an Immaterial
Subsidiary) or any Significant Subsidiary any case, proceeding, analogous procedure, step or other action of a nature referred to in
clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains
undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower, any Guarantor
(other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results
in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within
60 days from the entry thereof; or


 




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(iv)
the Borrower, any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary shall take any
corporate action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clauses (i),
(ii), or (iii) above; (v)the Borrower, any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) or any
Significant Subsidiary shall generally not, or shall be unable to, or shall admit in writing its inability to generally, pay its debts
as they become due; or


 


(h)       (i)
any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975
of the Code) involving any Plan, (ii) any ERISA Event shall occur, or (iii) the Borrower or any Commonly Controlled Entity shall,
or is reasonably likely to incur any liability in connection with a complete or partial withdrawal from, or the Insolvency of, a Multiemployer
Plan; and in the case of the events described in clauses (i) through (iii) above, such event or condition, together
with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or


 


(i)       one
or more judgments or decrees shall be entered against any Group Member involving in the aggregate a liability (not (x) paid or covered
by insurance as to which the relevant insurance company has been notified of the claim and has not denied coverage or (y) covered by
valid third party indemnification obligation from a third party which is Solvent and which third party has been notified of the claim
under such indemnification obligation and not disputed that it is liable for such claim) of at least the greater of $16,500,000 and 22.0%
of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period, and all such judgments or decrees shall
not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or


 


(j)       any
material provision in any of the Security Documents shall cease, for any reason, to be in full force and effect, other than pursuant
to the terms hereof or thereof, or any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to
be enforceable and of the same effect and priority purported to be created thereby, except (A) to the extent (x)(i) that any lack of
full force and effect or enforceability or such loss of perfection or priority results from the failure of the Administrative Agent to
maintain possession of certificates actually delivered to it representing securities pledged under any Security Agreement or from the
failure of the Administrative Agent to file UCC continuation statements or (ii) as the direct and exclusive result of any action of the
Administrative Agent, Collateral Agent or any Lender or the failure of the Administrative Agent, Collateral Agent, or any Lender to take
any action that is within its control, in each case in a manner otherwise specifically required to be undertaken (or not undertaken,
as the case may be) by a provision of any Loan Document, on the part of the Administrative Agent, Collateral Agent or any Lender (other
than actions or inactions taken as a direct result of the advice of or at the direction of a Loan Party), and except as to Collateral
consisting of real property to the extent that such losses are covered by a lender’s title insurance policy and such insurer has
been notified and has not denied coverage and (y) that the Loan Parties take such action as the Administrative Agent may reasonably request
to remedy such loss of perfection or priority or (B) where the Fair Market Value of assets affected thereby does not exceed the greater
of $16,500,000 and 22.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period.; or


 


(k)       the
Guarantee of any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) shall cease, for any reason, to be in full force
and effect, other than as provided for in Sections 8.9 or 10.10, or any Loan Party shall so assert in writing (except to
the extent solely as a result of acts or omissions by the Administrative Agent or any Lender); or


 


(l)       a
Change of Control shall occur; or


 




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(m)       any
Intercreditor Agreement shall cease, for any reason, to be in full force and effect, or any Loan Party shall so assert in writing, in
each case unless such cessation results solely from acts or omissions by the Administrative Agent or any Lender;


 


(n)       any
Loan Party repudiates or rescinds in writing this Agreement or the Loan Documents in a manner which is materially adverse to the interests
of the Lenders as a whole.


 


9.2       Action
in Event of Default.


 


(a)       (x)
Upon any Event of Default specified in Section 9.1(g)(i) or (ii) occurring and continuing with respect to a Borrower
under the Bankruptcy Code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States from time to time in effect
and affecting the rights of creditors generally, the Commitments to lend to the Borrower shall immediately terminate automatically and
the Loans (with accrued interest thereon) and all other Obligations owing by the Borrower under this Agreement and the other Loan Documents
(including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented
the documents required thereunder) shall automatically immediately become due and payable, and (y) if any other Event of Default (other
than under Section 9.1(g)(i) or (ii) in respect of a Borrower as set out in clause (x) above) occurs and
is continuing, subject to Section 9.2(b) and (c), either or both of the following actions may be taken: (i) with the
consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent
shall, by notice to the Borrower declare the Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments shall
immediately terminate; and/or (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the
Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans (with accrued interest thereon) and all
other Obligations owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the
beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable
forthwith, whereupon the same shall immediately become due and payable. In furtherance of the foregoing, the Administrative Agent may,
or upon the request of the Required Lenders the Administrative Agent shall, exercise any and all other remedies available under the Loan
Documents at law or in equity, including commencing and prosecuting any suits, actions or proceedings at law or in equity in any court
of competent jurisdiction and collecting the Collateral or any portion thereof and enforcing any other right in respect of any Collateral.
Notwithstanding the foregoing provisions of this Section 9 or any other provision of this Agreement, any unfunded Commitments
outstanding at any time in respect of any individual incremental facility pursuant to Section 2.25 established to finance
a Limited Condition Transaction may be terminated only by the lenders holding more than 50% of the aggregate amount of the Commitments
in respect of such incremental facility (or by the Administrative Agent acting at the request of such Lenders), and not, for the avoidance
of doubt, automatically or by the Required Lenders or any other Lenders (or by the Administrative Agent acting at the request of the
Required Lenders or any other Lenders).


 


(b)       Upon
the occurrence of an Event of Default under Section 9.1(d) (a “Financial Covenant Event of Default”) that
is uncured or unwaived and the expiration of the Cure Period without the receipt of the Cure Amount, the Majority Revolving Lenders (and,
for the avoidance of doubt, not the Administrative Agent (except acting at the direction of such Majority Revolving Lenders), the Required
Lenders or any other Lenders) may either (x) terminate the Revolving Commitments and/or (y) take the actions specified in Section 9.2(a)
and (c) in respect of the Revolving Commitments, the Revolving Loans, Letters of Credit and Designated Acquisition Swingline
Loans.


 




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(c)       In
respect of a Financial Covenant Event of Default that is continuing, the Required Lenders may take the actions specified in Section 9.2(a)
on or after the date that the Majority Revolving Lenders terminate the Revolving Commitments and accelerate all Obligations in respect
of the Revolving Commitments; provided, however, that the Required Lenders may not take such actions if either (i) the
Revolving Loans have been repaid in full (other than contingent indemnification and reimbursement obligations for which no claim has
been made) and the Revolving Commitments have been terminated, (ii) the Financial Covenant Event of Default has been waived by the Majority
Revolving Lenders or (iii) a Cure Amount shall have been received in accordance with Section 9.3.


 


(d)       With
respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant
to this paragraph, the Borrower shall at such time deposit in a Cash Collateral Account opened by the Administrative Agent an amount
equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such Cash Collateral Account shall
be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after
all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other Obligations of the Borrower
hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon and all amounts
drawn thereunder have been reimbursed in full and all other Obligations of the Borrower hereunder and under the other Loan Documents
shall have been paid in full (other than (i) contingent indemnification and reimbursement obligations for which no claim has been made,
(ii) Cash Management Obligations as to which arrangements reasonably satisfactory to the Cash Management Providers have been made, (iii)
Letters of Credit that have been Collateralized or, to the reasonable satisfaction of the applicable Issuing Lender, rolled into another
credit facility, and (iv) obligations under Qualified Hedging Agreements as to which arrangements reasonably satisfactory to the Qualified
Counterparties have been made), the balance, if any, in such Cash Collateral Account shall be returned to the Borrower (or such other
Person as may be lawfully entitled thereto). Except as expressly provided above in this Section 9.2, presentment, demand,
protest and all other notices of any kind are hereby expressly waived by the Borrower.


 


9.3        Right to Cure.


 


(a)       Notwithstanding
anything to the contrary contained in Section 9, in the event that the Borrower fails (or, but for the operation of this
Section 9.3, would fail) to comply with the requirements of Section 7.1, the Borrower shall have the right after
the first day of the applicable fiscal quarter and/or from the date of delivery of a Notice of Intent to Cure with respect to the fiscal
quarter most recently ended for which financial results have been provided under Sections 6.1(a) or (b) until ten (10) Business
Days after the end of such fiscal quarter (the “Cure Period”), to issue Permitted Cure Securities for cash or otherwise
receive cash contributions to the equity capital of the Borrower, and, in each case, to contribute any such cash to the equity capital
of the Borrower (collectively, the “Cure Right”), and upon the receipt by the Borrower of such cash (the “Cure
Amount”) pursuant to the exercise by the Borrower of such Cure Right, the Total First Lien Net Leverage Ratio shall be recalculated
by increasing Consolidated EBITDA (solely for purposes of compliance with Section 7.1) on a Pro Forma Basis by an amount
equal to the Cure Amount (x) solely for the purpose of measuring the Total First Lien Net Leverage Ratio and not for any other purpose
under this Agreement or any other Loan Document (including for purposes of determining pricing, mandatory prepayments and the availability
or amount permitted pursuant to any covenant under Section 7) for the quarter with respect to which such Cure Right was exercised
and (y) there shall be no reduction in Indebtedness in connection with any Cure Amounts for determining compliance with Section 7.1
and no Cure Amounts will reduce (or count towards) the Total First Lien Net Leverage Ratio, Total Secured Net Leverage Ratio or the
Total Net Leverage Ratio for purposes of any calculation thereof for the fiscal quarter with respect to which such


 




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Cure
Right was exercised unless the proceeds are actually applied to prepay Indebtedness pursuant to Section 2.11.


 


(b)       If,
after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of Section 7.1,
then the Borrower shall be deemed to have satisfied the requirements of Section 7.1 as of the relevant date of determination
with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of Section 7.1
that had occurred shall be deemed cured for the purposes of this Agreement.


 


(c)       To
the extent a fiscal quarter ended for which the Total First Lien Net Leverage Ratio was initially recalculated as a result of a Cure
Right and such fiscal quarter is included in the calculation of the Total First Lien Net Leverage Ratio in a subsequent fiscal quarter,
the Cure Amount shall be included in Consolidated EBITDA of such initial fiscal quarter.


 


(d)       Notwithstanding
anything herein to the contrary, (i) in each four-fiscal-quarter period there shall be at least two fiscal quarters in which the Cure
Right is not exercised and the Cure Right shall not be exercised in consecutive fiscal quarters, (ii) for purposes of this Section 9.3,
the Cure Amount shall be no greater than the amount required for purposes of complying with the Total First Lien Net Leverage Ratio,
determined at the time the Cure Right is exercised with respect to the fiscal quarter ended for which the Total First Lien Net Leverage
Ratio was initially recalculated as a result of a Cure Right, (iii) the Cure Amount shall be disregarded for all other purposes of this
Agreement, including, determining any baskets with respect to the covenants contained in Section 7, and shall not result
in any adjustment to any amounts other than the amount of Consolidated EBITDA as described in clause (a) above, (iv) there
shall be no pro forma reduction in Indebtedness with the proceeds of any Cure Amount for the fiscal quarter in respect of which
the Cure Right is exercised for purposes of determining compliance with Section 7.1; provided that such Cure Amount
shall reduce Indebtedness in future fiscal quarters to the extent used to prepay any applicable Indebtedness, (v) the Borrower shall
not exercise the Cure Right in excess of five instances over the term of this Agreement and (vi) no Revolving Lender or Issuing Lender
shall be required to make any Revolving Loans or issue, amend, modify, renew or extend any Letter of Credit hereunder if a violation
of Section 7.1 has occurred and is continuing until the expiration of the 10 Business Day period during which the Borrower may
exercise a Cure Right, unless and until the Cure Amount is actually received.


 


9.4        Application
of Proceeds. If an Event of Default shall have occurred and be continuing, the Administrative Agent may apply, at such time or times
as the Administrative Agent may elect, all or any part of proceeds constituting Collateral in payment of the Obligations (and in the
event the Loans and other Obligations are accelerated pursuant to Section 9.2, the Administrative Agent shall, from time
to time, apply the proceeds constituting Collateral in payment of the Obligations) in the following order:


 


(a)       First,
to the payment to the Administrative Agent of all costs and expenses of any sale, collection or other realization on the Collateral,
including reimbursement for all costs, expenses, liabilities and advances made or incurred by the Administrative Agent in connection
therewith (including all reasonable costs and expenses of every kind incurred in connection any action taken pursuant to any Loan Document
or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative
Agent and the other Secured Parties hereunder, reasonable attorneys’ fees and disbursements and any other amount required by any
provision of law (including Section 9-615(a)(3) of the Uniform Commercial Code) (or any equivalent law in any foreign jurisdiction)),
and all amounts for which Administrative Agent is entitled to indemnification hereunder and under the other Loan Documents and all advances
made by the Administrative Agent hereunder and thereunder for the account of any Loan Party (excluding principal and interest in respect
of any Loans extended to such Loan Party), and to the payment of all costs and expenses paid or incurred by the


 




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Administrative
Agent in connection with the exercise of any right or remedy hereunder or under this Agreement or any other Loan Document and to the
payment or reimbursement of all indemnification obligations, fees, costs and expenses owing to the Administrative Agent hereunder or
under this Agreement or any other Loan Document, all in accordance with the terms hereof or thereof;


 


(b)       Second,
for application by it pro rata to (i) repay the Designated Acquisition Swingline Lender for any then outstanding Designated Acquisition
Swingline Loans to the extent Revolving Lenders have not funded their obligations to acquire participations therein, (ii) cure any Funding
Default that has occurred and is continuing at such time and (iii) repay the Issuing Lenders for any amounts not paid by L/C Participants
pursuant to Section 3.4;


 


(c)       Third,
for application by it towards all other Obligations (including, without duplication, Guarantor Obligations), pro rata among the
Secured Parties according to the amounts of the Obligations then held by the Secured Parties (including all Obligations arising under
Specified Cash Management Agreements, Qualified Hedging Agreements and including obligations to provide cash collateral with respect
to Letters of Credit); and


 


(d)       Fourth,
any balance of such proceeds remaining after all of the Obligations shall have been satisfied by payment in full in immediately available
funds (or in the case of Letters of Credit, terminated or Collateralized or (to the reasonable satisfaction of the applicable Issuing
Lender) rolled into another credit facility) and the Commitments shall have been terminated, be paid over to or upon the order of the
applicable Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.


 


SECTION
10.

ADMINISTRATIVE AGENT


 


10.1           Appointment and
Authority.


 


(a)       Administrative
Agent. Each of the Lenders, the Issuing Lenders and the Designated Acquisition Swingline Lender hereby irrevocably appoints JPMorgan
Chase Bank, N.A. to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section 10
are solely for the benefit of the Administrative Agent, the Joint Bookrunners, the Joint Lead Arrangers, the Syndication Agents, the
Lenders and the Issuing Lenders, and, except to the extent that any Group Member has any express rights under this Section 10,
no Group Member shall have rights as a third party beneficiary of any of such provisions. Each Joint Lead Arranger, Joint Bookrunner
and Syndication Agent shall be an intended third party beneficiary of the provisions set forth in this Agreement that are applicable
thereto.


 


(b)       Collateral
Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders
(including in its capacities as a potential Qualified Counterparty and a potential Cash Management Provider) and each of the Issuing
Lenders hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the Issuing Lenders
(with the full power to appoint and to substitute and to delegate) on its behalf, or in its own name as joint and several creditor or
creditor of a parallel debt (as the case may be) for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted
by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.
In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed
by the Administrative Agent pursuant to Section 10.5 for


 




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purposes
of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any
rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this
Section 10 and Section 11, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral
agent” under the Loan Documents as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing,
the Lenders hereby expressly authorize the Administrative Agent on its behalf and/or in its own name (including under the parallel debt)
to execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties with respect
thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents and acknowledge and agree
that any such action by any Agent shall bind the Lenders. Each Lender agrees that it shall not take or institute any actions or proceedings,
judicial or otherwise, for any right or remedy with respect to any Collateral against the Borrower or any other Loan Party or any other
obligor under any of the Loan Documents, Qualified Hedging Agreements or any Specified Cash Management Agreement (including, in each
case, the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help),
or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral of the Borrower
or any other Loan Party, without the prior written consent of the Administrative Agent.


 


10.2          Rights as a Lender.
The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other
Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of,
act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or
any of its Subsidiaries or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.


 


10.3          Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the
other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:


 


(a)       shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;


 


(b)       shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law;


 


(c)       shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent or any of its Affiliates in any capacity;


 


(d)       shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under
the


 




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circumstances
as provided in Section 11.1 and Section 9.2) or (ii) in the absence of its own gross negligence or willful misconduct.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice describing such Default
is given to the Administrative Agent by a Borrower, a Lender or the applicable Issuing Lender.


 


(e)       The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation,
perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Section 5 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. 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
Lenders or Affiliated Lenders. Without limiting the generality of the foregoing, the Administrative Agent shall not ‎(x) be obligated
to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified ‎Lender,
(y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information,
to any ‎Disqualified Lender or (z) be obligated to ascertain, monitor or enforce the limitations in connection with any assignment
to Debt Fund Affiliates and Affiliated Lenders or have any liability with respect thereto or any matter arising thereof. The Administrative
Agent shall be permitted upon request of any Lender or Participant to make available to such Lender or Participant any list of Disqualified
Lenders and any Lender may provide the list of Disqualified Lenders, upon request, to any prospective assignee or Participant on a confidential
basis to such prospective assignee or Participant for the purpose of making the representation in the Assignment and Assumption or participation
documentation that such prospective assignee or Participant is not a Disqualified Lender under the Credit Agreement (it being understood
that the identity of Disqualified Lenders will not be posted or distributed to any Person, other than a distribution by the Administrative
Agent to a Lender upon written request and by a Lender to any prospective assignee or Participant on a confidential basis).


 


10.4          Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it
to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of
a Lender or the applicable Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or
such Issuing Lender unless the Administrative Agent shall have received written notice to the contrary from such Lender or such Issuing
Lender prior to the making of such Loan or the issuance such Letter of Credit. The Administrative Agent may consult with legal counsel,
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts. The Administrative Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required
Lenders (or such other number or percentage of Lenders as shall be provided for herein or in the other Loan Documents) as it deems appropriate
or it shall first be indemnified to its satisfaction by


 




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the
Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.
The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the
other Loan Documents in accordance with a request of the Required Lenders (or such other number or percentage of Lenders as shall be
provided for herein or in the other Loan Documents), and such request and any action taken or failure to act pursuant thereto shall be
binding upon the Lenders and all future holders of the Loans.


 


10.5          Delegation of
Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any
such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this Section 10 shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence
or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable decision
to have resulted from the gross negligence, bad faith or willful misconduct in the selection of such sub-agents.


 


10.6          Resignation and
Removal of Administrative Agent.


 


(a)       The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lenders and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right (for so long as no Event of Default set forth under Section
9.1(a) or (g) has occurred and is continuing, subject to the approval of the Borrower, not to be unreasonably withheld) to appoint
a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30
days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required
Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated
to) on behalf of the Lenders and the Issuing Lenders, in consultation with the Borrower, appoint a successor Administrative Agent meeting
the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance
with such notice on the Resignation Effective Date.


 


(b)       If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative
Agent and (for so long as no Event of Default set forth under Section 9.1(a) or (g) has occurred and is continuing, subject to
the approval of the Borrower, not to be unreasonably withheld), appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty (30) days after such notice (or such earlier day as shall
be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective
in accordance with such notice on the Removal Effective Date.


 


(c)       With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) the retiring or removed Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or the Issuing Lenders under any of the Loan Documents, the retiring
or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is
appointed), all payments, communications


 




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and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing
Lenders directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or removed) Administrative Agent, and the retiring or removed Administrative Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom
as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s
resignation or removal hereunder and under the other Loan Documents, the provisions of this Section 10 and Section 11.5
shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was
acting as Administrative Agent.


 


(a)       Any
resignation by JPMCB as Administrative Agent pursuant to this Section 10.6 shall also constitute its resignation as Designated
Acquisition Swingline Lender. If JPMCB so resigns as a Designated Acquisition Swingline Lender, it shall retain all the rights, powers,
privileges and duties of a Designated Acquisition Swingline Lender hereunder with respect to all Designated Acquisition Swingline Loans
outstanding as of the effective date of its resignation as Designated Acquisition Swingline Lender, including the right to require the
Lenders to make Refunded Designated Acquisition Swingline Loans or fund risk participations in the Outstanding Amount of Designated Acquisition
Swingline Loans pursuant to Section 2.7(b). Upon the appointment by the Borrower of a successor Designated Acquisition Swingline
Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring Designated Acquisition Swingline Lender, (b)
the retiring Designated Acquisition Swingline Lender shall be discharged from all of its duties and obligations hereunder or under the
other Loan Documents, and (c) the successor Designated Acquisition Swingline Lender shall issue Designated Acquisition Swingline loans
in substitution for the Designated Acquisition Swingline Loans, if any, outstanding at the time of such succession or make other arrangements
reasonably satisfactory to the applicable Designated Acquisition Swingline Lender that issued such outstanding Designated Acquisition
Swingline Loans to effectively assume the obligations of the applicable Designated Acquisition Swingline Lender that issued such outstanding
Designated Acquisition Swingline Loans with respect to such Designated Acquisition Swingline Loans.


 


10.7          Certain
ERISA Matters.


 


(a)       Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following
is and will be true:


 


(i)       such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA) of one or more Benefit Plans with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
or this Agreement,


 


(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general


 




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accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable and the conditions are satisfied with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,


 


(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement, or


 


(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.


 


(b)       In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has
provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent
is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).none
of the Administrative Agent or any of its respective Affiliates is a fiduciary with respect to the assets of such Lender (including in
connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related to hereto or thereto).


 


10.8          No Other Duties,
Etc. Anything herein to the contrary notwithstanding, none of the Administrative Agent, Joint Bookrunners, Joint Lead Arrangers or
Syndication Agents listed on the cover page hereof (each, an “Agent”) shall (a) have any powers, obligations, duties or responsibilities
under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender
or an Issuing Lender hereunder or (b) be obligated to carry out on behalf of any Lender (i) any “know your customer” or other
checks in relation to any Person or (ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Lender, and each Lender confirms to each Agent that it is solely responsible for any such checks it is required to carry out
and that it may not rely on any statement in relation to such checks made by any Agent.


 


10.9       Administrative
Agent May File Proofs of Claim.


 


In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative
Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by


 




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declaration
or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:


 


(i)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents and counsel and
all other amounts due the Lenders, the Issuing Lenders and the Administrative Agent under Sections 2.8, 3.3 and 11.5)
allowed in such judicial proceeding; and


 


(ii)       to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;


 


and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender and each Issuing Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the applicable Issuing Lender, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and
any other amounts due the Administrative Agent under Sections 2.8 and 11.5.


 


Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender or any Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or any Issuing Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing
Lender or in any such proceeding.


 


10.10      Collateral
and Guaranty Matters.


 


(a)       Each
of the Lenders (including in its capacities as a potential Qualified Counterparty and a potential Cash Management Provider), the Issuing
Lenders and the Designated Acquisition Swingline Lender irrevocably authorizes the Administrative Agent (without requirement of notice
to or consent of any Lender except as expressly required by Section 11.1): (i) to release any Lien on any property granted
to or held by the Administrative Agent under any Loan Document (1) at the time the property subject to such Lien is sold or transferred
as part of or in connection with any Disposition permitted hereunder or under any other Loan Document to any Person other than a Loan
Party, (2) subject to Section 11.1, if the release of such Lien is approved, authorized or ratified in writing by the Required
Lenders, (3) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under
the Guarantee in accordance with this Agreement or (4) that constitutes Excluded Assets; (ii) to release or subordinate, as
expressly permitted hereunder, any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien described in clause 6 (with respect to Indebtedness permitted by Section 7.2(b)(vii)) of the definition of
Permitted Lien on such property that is permitted by this Agreement to the extent required by the holder of, or pursuant to the terms
of any agreement governing, the obligations secured by such Liens; (iii) to release any Guarantor from its obligations under the
Guarantee if such Person ceases to be a Restricted Subsidiary or becomes an Excluded Subsidiary as a result of a transaction or designation
permitted hereunder (provided that the release of any Guarantor from its obligations under the Loan Documents solely as a result
of such Guarantor becoming an Excluded Subsidiary of the type described


 




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in
clause (i) of the definition thereof shall only be permitted if such Guarantor becomes such an Excluded Subsidiary pursuant
to a transaction with a third party that is not otherwise an Affiliate of the Borrower and such transaction was not for the primary purpose
of release the Guarantee of such Guarantor).


 


(b)       Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of property, or to release (pursuant to clause (a) above)
any Guarantor from its obligations under the Guarantee.


 


(c)       At
such time as the Loans, the Reimbursement Obligations and the other Obligations (other than (i) Contingent Obligations for which no claim
has been made, (ii) Cash Management Obligations as to which arrangements reasonably satisfactory to the Cash Management Providers have
been made and (iii) obligations under Qualified Hedging Agreements as to which arrangements reasonably satisfactory to the Qualified
Counterparties have been made) shall have been satisfied by payment in full in immediately available funds, the Commitments have been
terminated and no Letters of Credit shall be outstanding or all outstanding Letters of Credit have been Collateralized or, to the reasonable
satisfaction of the applicable Issuing Lender, rolled into another credit facility, the Collateral shall be automatically released from
the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive
such termination) of the Administrative Agent and each Group Member under the Security Documents shall automatically terminate, all without
delivery of any instrument or performance of any act by any Person.


 


(d)       If
(i) a Guarantor was released from its obligations under the Guarantee (ii) the Collateral was released from the assignment and security
interest granted under the Security Document (or the interest in such item subordinated), the Administrative Agent will (and each Lender
irrevocably authorizes the Administrative Agent to) execute and deliver to the applicable Loan Party such documents as such Loan Party
may reasonably request to evidence the release of such Guarantor from its obligations under the Guarantee, the release of such item of
Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item,
in each case in accordance with the terms of the Loan Documents and this Section 10.10.


 


(e)       If
as a result of any transaction permitted by this Agreement (i) any Guarantor becomes an Excluded Subsidiary (provided that the
release of any Guarantor from its obligations under the Loan Documents solely as a result of such Guarantor becoming an Excluded Subsidiary
of the type described in clause (i) of the definition thereof shall only be permitted if such Guarantor becomes such an Excluded
Subsidiary pursuant to a transaction with a third party that is not otherwise an Affiliate of the Borrower and such transaction was not
for the primary purpose of release the Guarantee of such Guarantor) or 100% of the Equity Interests of a Guarantor is sold to a Person
that is not a Loan Party (or a Guarantor consolidates or merges with a Person that is not a Loan Party), then (x) such Guarantor’s
Guarantee and all Liens granted by such Guarantor that is released shall be automatically released, and (y) the Capital Stock of such
Guarantor (other than, in the case of a Guarantor that so becomes an Excluded Subsidiary) shall be automatically released from the security
interests created by the Loan Documents, (ii) [reserved] or (iii) any asset becomes an Excluded Asset or, then such asset shall be automatically
released from any security interests created by the Loan Documents. In connection with any termination or release pursuant to this Section 10.10(e),
the Administrative Agent and any applicable Lender shall promptly execute and deliver to any Loan Party, at such Loan Party’s expense,
all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery of documents
pursuant to this Section 10.10(e) shall be without recourse to or warranty by the Administrative Agent or any Lender.


 




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The
parties hereto acknowledge and agree that the Administrative Agent may rely conclusively as to any of the matters described in this 10.10
(including as to its authority hereunder) on a certificate or similar instrument provided to it by the Borrower without further inquiry
or investigation, which certificate may be delivered to the Administrative Agent by the Borrower.


 


10.11       Intercreditor
Agreements.


 


The
Lenders hereby authorize the Administrative Agent to enter into any intercreditor agreement (including any other Intercreditor Agreement)
or arrangement permitted under and expressly contemplated (including with respect to priority) by this Agreement (and any amendments,
amendments and restatements, restatements or waivers of, or supplements or other modifications to, any such agreement or arrangement
permitted under this Agreement), and any such agreement or arrangement will be binding upon the Lenders.


 


Except
as otherwise expressly set forth herein or in any Security Document, no Qualified Counterparty or Cash Management Provider that obtains
the benefits of Section 9.4, any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any
Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any
other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its
capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision
of this Section 10 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, Cash Management Obligations and Obligations arising under Qualified Hedging
Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation
as the Administrative Agent may request, from the applicable Cash Management Provider or Qualified Counterparty, as the case may be.


 




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10.12          Withholding
Tax Indemnity. To the extent required by any applicable Laws, the Administrative Agent may withhold from any payment to any Lender
an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or
other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account
of any Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender
failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax
ineffective), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent (to
the extent that the Administrative Agent has not already been reimbursed by the Borrower or any other Loan Party pursuant to Sections 2.16
and 2.19 and without limiting or expanding the obligation of the Borrower or any other Loan Party to do so) for all amounts
paid, directly or indirectly, by the Administrative Agent as Taxes or otherwise, together with all expenses incurred, including legal
expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 10.12.
The agreements in this Section 10.12 shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations. For the avoidance
of doubt, a “Lender” shall, for purposes of this Section 10.12, include any Issuing Lender and
the Designated Acquisition Swingline Lender.


 


10.13          Indemnification.
Each of the Lenders agrees to indemnify the Administrative Agent and the Joint Lead Arrangers (and their Related Parties) in their respective
capacities as such (to the extent not reimbursed by any Loan Party and without limiting or expanding the obligation of the Loan Parties
to do so), according to its Aggregate Exposure Percentage in effect on the date on which indemnification is sought under this Section 10.13
(or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid
in full, in accordance with its Aggregate Exposure Percentage immediately prior to such date), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may
at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent,
the Joint Lead Arrangers or their Related Parties (the foregoing, the “Lender Indemnitees”) in any way relating to or arising
out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein
or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or any other Person under
or in connection with any of the foregoing; provided that no Lender shall be liable to any Lender Indemnitee for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent
that they are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence,
bad faith or willful misconduct of such Lender Indemnitee. The agreements in this Section 10.13 shall survive the termination
of this Agreement and the payment of the Loans and all other amounts payable hereunder.


 


10.14          Appointment of
Incremental Arrangers, Refinancing Arrangers and Loan Modification Agents. In the event that the Borrower appoints or designates
any Incremental Arranger, Refinancing Arranger or Loan Modification Agent pursuant to (and subject to) Sections 2.25, 2.26
and 2.28, as applicable, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any
of the other Loan Documents to be exercised by or vested in or conveyed to an agent or arranger with respect to the Incremental Loans,
Permitted Credit Agreement Refinancing Debt or Loan Modification Agreement, as applicable, shall be exercisable by and vest in such Incremental
Arranger, Refinancing


 




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Arranger or Loan Modification
Agent to the extent, and only to the extent, necessary to enable such Incremental Arranger, Refinancing Arranger or Loan Modification
Agent to exercise such rights, powers and privileges with respect to the Incremental Loans, Permitted Credit Agreement Refinancing Debt
or Loan Modification Agreement, as applicable, and to perform such duties with respect to such Incremental Loans, Permitted Credit Agreement
Refinancing Debt or Loan Modification Agreement, as applicable, and every covenant and obligation contained in the Loan Documents and
necessary to the exercise or performance thereof by such Incremental Arranger, Refinancing Arranger or Loan Modification Agent shall
run to and be enforceable by either the Administrative Agent or such Incremental Arranger, Refinancing Arranger or Loan Modification
Agent, and (ii) the provisions of this Section 10 and of Section 11.5 (obligating the Borrower to pay the Administrative
Agent’s expenses and to indemnify the Administrative Agent) that refer to the Administrative Agent shall inure to the benefit of
the Administrative Agent and such Incremental Arranger, Refinancing Arranger or Loan Modification Agent and all references therein to
the Administrative Agent shall be deemed to be references to the Administrative Agent and/or such Incremental Arranger, Refinancing Arranger
or Loan Modification Agent, as the context may require. Each Lender and Issuing Lender hereby irrevocably appoints any Incremental Arranger,
Refinancing Arranger or Loan Modification Agent to act on its behalf hereunder and under the other Loan Documents pursuant to (and subject
to) Sections 2.25, 2.26 and 2.28, as applicable, and designates and authorizes such Incremental Arranger, Refinancing
Arranger or Loan Modification Agent to take such actions on its behalf under the provisions of this Agreement and each other Loan Document
and to exercise such powers and perform such duties as are expressly delegated to such Incremental Arranger, Refinancing Arranger or
Loan Modification Agent by the terms of this Agreement or any other Loan Document, together with such actions and powers as are reasonably
incidental thereto.


 


10.15          Credit
Bidding.


 


The
Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or
any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations
pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including
under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject,
or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction
of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any
such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative
Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims
receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount
proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets
so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with
such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles
and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests
in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle
or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for
the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition
vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly,
by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees


 




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under
the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective
of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section
11.1 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue
to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership
interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such
acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent
that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another
bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit
bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata with
their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account
of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further
action. In the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or a
sale of any of the Collateral pursuant to Section 363 of the Bankruptcy Code (or an equivalent process in any foreign jurisdiction),
the Administrative Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and the Administrative
Agent, as agent for and representative of the Lenders (but not any Lender or Lenders in its or their respective individual capacities
unless the Required Lenders shall otherwise agree in writing) shall be entitled, with the consent or at the direction of the Required
Lenders, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold
at any such sale, to use and apply any of the Obligations as a credit on account of the purchase price for any Collateral payable by
the Administrative Agent at such sale. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned
to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide
such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments
issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition
vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.


 


10.16          Acknowledgment
of Lenders. (a) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative
Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates
(whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)
were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion
thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the
amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon
in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount
is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law,
such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off
or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received,
including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative
Agent to any Lender under this Section 10.16(a) shall be conclusive, absent manifest error.


 




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(ii)
Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that
is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or
any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied
by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender
agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender
shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly,
but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion
thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including
the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent
at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation from time to time in effect.


 


(iii) The Borrower and
each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender
that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of
such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any
Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such erroneous Payment is, and solely with
respect to the amount of such erroneous Payment that is, comprised of funds of the Borrower or any other Loan Party


 


(iv)
Each party’s obligations under this Section 10.16(a) shall survive the resignation or replacement of the Administrative Agent or
any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations under any Loan Document.


 


SECTION
11.

MISCELLANEOUS


 


11.1          Amendments and
Waivers.


 


(a)       Except
as otherwise provided in clause (b) below or elsewhere in this Agreement, neither this Agreement nor any other Loan Document
(or any terms hereof or thereof) may be amended, supplemented or modified other than in accordance with the provisions of this Section 11.1.
The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders,
the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (i) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement
or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (ii) waive,
on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument,
any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided,
however, that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or
extend the final scheduled date of maturity of any Loan, reduce or forgive any prepayment premium payable under Section 2.10(b),
extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable
hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall
be effective with the consent of the Required Lenders) and (y) that any amendment or modification of defined terms used in the definition
of “Total First Lien Net Leverage Ratio” in this


 




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Agreement
shall not constitute a reduction in the rate of interest or fees for purposes of this clause (A)) or extend the scheduled date
of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment or increase such Lender’s
Commitment, in each case without the written consent of each Lender directly and adversely affected thereby (it being understood that
(i) the waiver of or amendment to the terms of any mandatory prepayment of the Loans shall not constitute a postponement of any date
scheduled for the payment of principal or interest and (ii) a waiver of any condition precedent set forth in Section 5 or
the waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension
or increase of any Commitment of any Lender); (B) amend, modify, eliminate or reduce the voting rights of any Lender under this
Section 11.1 without the written consent of all Lenders; (C) (x) reduce any percentage specified in the definition of
“Required Lenders”, (y) consent to the assignment or transfer by the Borrower of any of its rights and obligations under
this Agreement and the other Loan Documents and (z) release all or substantially all of the Collateral or release any of the Guarantors
from their obligations under Section 8 of this Agreement or under any Security Agreement, in each case other than as permitted
under this Agreement and the Loan Documents, without the written consent of all Lenders; (D) amend, modify or waive any provision
of Section 2.17(a) or (b), Section 2.11(g) or Section 9.4 which results in a change to the pro rata
application of Loans under any Facility without the written consent of each Lender directly and adversely affected thereby in respect
of each Facility adversely affected thereby; (E) reduce the percentage specified in the definition of any of “Majority Revolving
Lenders” or “Majority Term Lenders” without the written consent of all Lenders under such Facility; (F) amend,
modify or waive any provision of Section 10 without the written consent of the Administrative Agent; (G) amend, modify or
waive any provision of Sections 2.6 or 2.7 without the written consent of the Designated Acquisition Swingline Lender;
(H) [reserved]; (I) forgive the principal amount or extend the payment date of any Reimbursement Obligation without the written
consent of each Lender directly and adversely affected thereby; or (J) [reserved]; and provided further that no amendment, waiver
or consent shall, unless in writing and signed by the applicable Issuing Lender, affect its rights or duties under this Agreement or
under any Application or other document, agreement or instrument entered into by such Issuing Lender and a Borrower (or any Restricted
Subsidiary) pertaining to one or more Letters of Credit issued or to be issued by such Issuing Lender hereunder (except that this Agreement
may be amended (A) to adjust the mechanics related to the issuance of Letters of Credit, including mechanical changes relating to the
existence of multiple Issuing Lenders, with only the written consent of the Administrative Agent, the applicable Issuing Lender and the
Borrower if the obligations of the Revolving Lenders, if any, who have not executed such amendment, and if applicable the other Issuing
Lenders, if any, who have not executed such amendment, are not adversely affected thereby and (B) to adjust the L/C Sublimits of one
or more Issuing Lenders after consultation with the Administrative Agent and any affected Issuing Lenders in a manner which does not
result in the aggregate L/C Sublimits exceeding the L/C Commitment with only the written consent (with a copy to the Administrative Agent
and any affected Issuing Lenders) of the Borrower and those Issuing Lenders whose L/C Sublimits may be increased). Any such waiver and
any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties,
the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and
the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any
Default or Event of Default waived shall be deemed to be cured and not continuing during the period such waiver is effective; but no
such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.


 


(b)       Notwithstanding
anything in this Agreement (including clause (a) above) or any other Loan Document to the contrary:


 


(i)       this
Agreement may be amended (or amended and restated) with the written consent of the Administrative Agent, the Issuing Lenders (to the
extent affected), the Designated


 




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Acquisition
Swingline Lender (to the extent affected), each Lender participating in the additional or extended credit facilities contemplated under
this clause (b)(i) and the Borrower (w) to add one or more additional credit facilities to this Agreement or to increase the amount
of the existing facilities under this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the
accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the
Term Loans and Revolving Extensions of Credit and the accrued interest and fees in respect thereof, (x) to permit any such additional
credit facility which is a term loan facility or any such increase in the Term Facility to share ratably in prepayments with the Term
Loans, (y) to permit any such additional credit facility which is a revolving loan facility or any such increase in the Revolving Facility
to share ratably in prepayments with the Revolving Facility and (z) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders and Majority Facility Lenders;


 


(ii)       this
Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Repriced
Term Loans (as defined below) to permit a (x) any prepayment, repayment, refinancing, substitution or replacement of all or a portion
of the Term Loans with the proceeds of, or any conversion of Term Loans into, any new or replacement tranche of syndicated term loans
bearing interest with an “effective yield” (taking into account interest rate margin and benchmark floors, recurring fees
and all upfront or similar fees or original issue discount paid by a Borrower (amortized over the shorter of (A) the Weighted Average
Life to Maturity of such term loans and (B) four years), but excluding (i) any arrangement, commitment, structuring, syndication, ticking
or other fees payable in connection therewith that are not shared ratably with all lenders or holders of such term loans in their capacities
as lenders or holders of such term loans in the primary syndication of such term loans and any bona fide arrangers, structuring, syndication,
commitment, ticking or other similar fees paid to a Lender or an Affiliate of a Lender in its capacity as a commitment party or arranger
and regardless of whether such indebtedness is syndicated to third parties and (ii) customary consent fees for any amendment paid generally
to consenting lenders or holders) less than the “effective yield” applicable to the Term Loans (determined on the same basis
as provided in the preceding parenthetical) and (y) any amendment to the Term Loans or any tranche thereof which reduces the “effective
yield” applicable to such Term Loans, as applicable (as determined on the same basis as provided in clause (x)) (“Repriced
Term Loans”); provided that the Repriced Term Loans shall otherwise meet the Applicable Requirements;


 


(iii)       this
Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Repricing
Indebtedness to permit any Repricing Transaction;


 


(iv)       this
Agreement and the other Loan Documents may be amended or amended and restated as contemplated by Section 2.25 in connection
with any Incremental Amendment and any related increase in Commitments or Loans, with the consent of the Borrower, the Administrative
Agent, the Incremental Arranger and the Incremental Term Lenders providing such increased Commitments or Loans (provided that,
if any Incremental Term Loans are intended to be Junior Lien Obligations, then the Administrative Agent may enter into an intercreditor
agreement (including an Intercreditor Agreement) (or amend, supplement or modify any existing Intercreditor Agreement) as may be necessary
or appropriate, in the reasonable opinion of the Administrative Agent, to effect the terms of any such Incremental Term Loans);


 


(v)       this
Agreement and the other Loan Documents may be amended in connection with the Incurrence of any Permitted Credit Agreement Refinancing
Debt pursuant to Section 2.26 to the extent (but only to the extent) necessary to reflect the existence and terms of such
Permitted Credit Agreement Refinancing Debt (including any amendments necessary to treat the Loans and


 




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Commitments
subject thereto as Other Term Loans, Other Revolving Loans, Other Revolving Commitments and/or Other Term Commitments), with the written
consent of the Borrower, the Refinancing Arranger, the Administrative Agent and each Additional Lender and Lender that agrees to provide
any portion of such Permitted Credit Agreement Refinancing Debt (provided that the Administrative Agent and the Borrower may effect
such amendments to this Agreement, any Intercreditor Agreement (or enter into a replacement thereof) and the other Loan Documents as
may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the terms of such
Refinancing Amendment);


 


(vi)       this
Agreement and the other Loan Documents may be amended in connection with any Permitted Amendment pursuant to a Loan Modification Offer
in accordance with Section 2.28(b) (and the Administrative Agent and the Borrower may effect such amendments to this Agreement,
any Intercreditor Agreement (or enter into a replacement thereof) and the other Loan Documents as may be necessary or appropriate, in
the reasonable opinion of the Administrative Agent and the Borrower, to effect the terms of such Permitted Amendment);


 


(vii)       the
Administrative Agent may amend any Intercreditor Agreement (or enter into a replacement thereof), additional Security Documents and/or
replacement Security Documents (including a collateral trust agreement) in connection with the Incurrence of (x) any Permitted First
Priority Refinancing Debt to provide that a Senior Representative acting on behalf of the holders of such Indebtedness shall become a
party thereto and shall have rights to share in the Collateral on a pari passu basis (but without regard to the control of remedies)
with the Obligations, (y) any Permitted Junior Priority Refinancing Debt to provide that a Senior Representative acting on behalf of
the holders of such Indebtedness shall become a party thereto and shall have rights to share in the Collateral on a junior lien basis
to the Obligations or (z) any Indebtedness Incurred pursuant to Section 7.2(b)(vi) or any other First Lien Obligations or
Junior Lien Obligations permitted hereunder to provide that an agent, trustee or other representative acting on behalf of the holders
of such Indebtedness shall become a party thereto and shall have rights to share in the Collateral on a pari passu or junior lien
basis to the Obligations;


 


(viii)       only
the consent of the Majority Revolving Lenders shall be necessary to amend, modify or waive Sections 5.2 (with respect to the making
of Revolving Loans or Designated Acquisition Swingline Loans or the issuance of Letters of Credit), 7.1, 9.1(d), 9.2(b)
and 9.3 (including, for the avoidance of doubt, any of the defined terms (including “Total First Lien Net Leverage Ratio)
used therein, but solely as used therein);


 


(ix)       this
Agreement and the other Loan Documents may be amended with the consent of the Administrative Agent and the Borrower to add any terms
or conditions for the benefit of the Lenders;


 


(x)       amendments
and waivers of this Agreement and the other Loan Documents that affect solely the Lenders under any applicable Class under the Term Facility,
Revolving Facility or any Incremental Facility (including waiver or modification of conditions to extensions of credit under the Term
Facility, Revolving Facility or any Incremental Facility, the availability and conditions to funding of any Incremental Facility, and
pricing and other modifications,) will require only the consent of Lenders holding more than 50% of the aggregate commitments or loans,
as applicable, under such Class, and, in each case, (x) no other consents or approvals shall be required and (y) any fees or other consideration
payable to obtain such amendments or waivers need only be offered on a pro rata basis to the Lenders under the affected Class;


 


(xi)       this
Agreement and the other Loan Documents may be amended with the consent of the Administrative Agent and the Borrower (A) to correct any
mistakes or ambiguities of a


 




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technical
nature and (B) to add any terms or conditions for the benefit of Lenders (or any Class thereof); and


 


(xii)       in
connection with any determination as to whether the Required Lenders have (A) consented (or not consented) to any amendment or waiver
of any provision of this Agreement or any other Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any
matter related to any Loan Document, or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain
from taking any action) with respect to or under any Loan Document, any Lender (other than (x) any Lender that is a Regulated Bank and
(y) any Revolving Lender as of the Closing Date) that, as a result of its interest in any total return swap, total rate of return swap,
credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap
or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the
Loans and/or Commitments (each, a “Net Short Lender”) shall have no right to vote any of its Loans and Commitments
and shall be deemed to have voted its interest as a Lender without discretion in the same proportion as the allocation of voting with
respect to such matter by Lenders who are not Net Short Lenders. For purposes of determining whether a Lender has a “net short
position” on any date of determination: (i) derivative contracts with respect to the Loans and Commitments and such contracts that
are the functional equivalent thereof shall be counted at the notional amount thereof in Dollars, (ii) notional amounts in other currencies
shall be converted to the dollar equivalent thereof by such Lender in a commercially reasonable manner consistent with generally accepted
financial practices and based on the prevailing conversion rate (determined on a mid-market basis) on the date of determination, (iii)
derivative contracts in respect of an index that includes any of the Borrower or other Loan Parties or any instrument issued or guaranteed
by any of the Borrower or other Loan Parties shall not be deemed to create a short position with respect to the Loans and/or Commitments,
so long as (x) such index is not created, designed, administered or requested by such Lender and (y) the Borrower and other Loan Parties
and any instrument issued or guaranteed by any of the Borrower or other Loan Parties, collectively, shall represent less than 5% of the
components of such index, (iv) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions
or the 2003 ISDA Credit Derivatives Definitions (collectively, the “ISDA CDS Definitions”) shall be deemed to create
a short position with respect to the Loans and/or Commitments if such Lender is a protection buyer or the equivalent thereof for such
derivative transaction and (x) the Loans or the Commitments are a “Reference Obligation” under the terms of such derivative
transaction (whether specified by name in the related documentation, included as a “Standard Reference Obligation” on the
most recent list published by Markit, if “Standard Reference Obligation” is specified as applicable in the relevant documentation
or in any other manner), (y) the Loans or the Commitments would be a “Deliverable Obligation” under the terms of such derivative
transaction or (z) any of the Borrower or other Loan Parties (or its successor) is designated as a “Reference Entity” under
the terms of such derivative transactions, and (v) credit derivative transactions or other derivatives transactions not documented using
the ISDA CDS Definitions shall be deemed to create a short position with respect to the Loans and/or Commitments if such transactions
are functionally equivalent to a transaction that offers the Lender protection in respect of the Loans or the Commitments, or as to the
credit quality of any of the Borrower or other Loan Parties other than, in each case, as part of an index so long as (x) such index is
not created, designed, administrated or requested by such Lender and (y) the Borrower and other Loan Parties and any instrument issued
or guaranteed by any of the Borrower or other Loan Parties, collectively, shall represent less than 5% of the components of such index.
In connection with any such determination, each Lender (other than (x) any Lender that is a Regulated Bank and (y) any Revolving Lender
as of the Closing Date) shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall otherwise be
deemed to have represented and warranted to the Borrower and the Administrative Agent that it is not a Net Short Lender (it being understood
and agreed that the Administrative Agent shall be entitled to rely on each such representation and deemed representation and shall have
no duty to (x) inquire as to or investigate the accuracy of any such


 




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representation
or deemed representation or (y) otherwise ascertain or monitor whether any Lender, Eligible Assignee or Participant or prospective Lender,
Eligible Assignee or Participant is a Net Short Lender or make any calculations, investigations or determinations with respect to any
derivative contracts and/or net short positions). Without limiting the foregoing, the Administrative Agent shall not (A) 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 the Net Short Lenders or (B) have any liability with respect to or arising out of any assignment or participation of Loans to any
Net Short Lender.


 


11.2         Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile
or email, if applicable), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered,
or three (3) Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile or email notice, when received,
addressed as follows in the case of the Borrower, the Guarantors and the Administrative Agent, and as set forth in an administrative
questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified
by the respective parties hereto:


 


 


	To the Borrower or any Guarantor:	Baldwin Risk
Partners, LLC

4010 W. Boy Scout Blvd., Suite 200

Tampa, Florida 33607
 

    




	 	Attn: 	Kris Wiebeck, Chief Financial Officer
	 	 	Trevor Baldwin, Chief Executive Officer
	 	 	Brad Hale, Chief Accounting Officer
	 	 	Chris Stephens, General Counsel



	 	Tel. No.:  (813) 386-3329
	 	Email:  kwiebeck@baldwinriskpartners.com
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Davis Polk & Wardwell LLP
	 	450 Lexington Avenue
	 	New York, NY 10017
	 	 
	 	Attention:  Joseph P. Hadley
	 	Phone No.:  (212) 450-4007
	 	Email:  joseph.hadley@davispolk.com
	 	 






	To
the Administrative Agent, the Issuing Lenders, the Designated Acquisition Swingline Lender: 
	To the addresses listed in Schedule 11.2

     




 


; provided
that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective until received. In no event
shall a voice mail message be effective as a notice, communication or confirmation hereunder. All telephonic notices to the Administrative
Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.


 


Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved
by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise
agreed by the


 




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Administrative
Agent and the applicable Lender (“Approved Electronic Communications”). The Administrative Agent or the Borrower may,
in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative
Agent otherwise prescribes, (a) notices and other communications sent to an email address shall be deemed received upon the sender’s
receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return email or other written acknowledgment), provided that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient, and (b) notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (a) of notification
that such notice or communication is available and identifying the website address therefor.


 


Each
Loan Party agrees to assume all risk, and hold the Administrative Agent, the Joint Bookrunners, the Syndication Agents and each Lender
harmless from any losses, associated with, the electronic transmission of information (including the protection of confidential information),
except to the extent caused by the bad faith, gross negligence or willful misconduct of such Person, as determined in a final and non-appealable
decision of a court of competent jurisdiction.


 


THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES
WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR
ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE
ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE
AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER
OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER
IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS
THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION
TO HAVE RESULTED PRIMARILY FROM SUCH PERSON’S BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.


 


Each
Loan Party, the Lenders, the Issuing Lenders, the Designated Acquisition Swingline Lender, the Joint Lead Arrangers, the Joint Bookrunners,
the Syndication Agents and the Administrative Agent agree that the Administrative Agent may, but shall not be obligated to, store any
Approved Electronic Communications on the Platform in accordance with Administrative Agent’s customary document retention procedures
and policies.


 


Each
of the Borrower, the other Loan Parties, the Administrative Agent, the Issuing Lenders and the Designated Acquisition Swingline Lender
may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto.
Each other Lender may change its address, facsimile, telephone number or email address for notices and other communications hereunder
by notice to the Borrower, the Administrative Agent, the Issuing Lenders


 




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and
the Designated Acquisition Swingline Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to
ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic
mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore,
each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender
or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal
and state securities Laws, to make reference to documents or notices that are not made available through the “Public Side Information”
portion of the Platform and that may contain Private Lender Information.


 


11.3          
No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy,
power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.


 


11.4          
Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents
and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery
of this Agreement and the making of the Loans and other extensions of credit hereunder.


 


11.5          
Payment of Expenses;
Indemnity; Limitation of Liability. (a) The Borrower agrees upon the occurrence of the Closing Date (i) to pay or reimburse
the Joint Lead Arrangers, the Joint Bookrunners, the Syndication Agents, the Issuing Lenders, the Designated
Acquisition Swingline Lender and the Administrative Agent (without duplication) for all their reasonable and documented out-of-pocket
costs and expenses incurred in connection with the syndication of the Facilities and the development, preparation, delivery, administration,
enforcement and execution of, amendment, waiver, supplement or modification to, this Agreement and the other Loan Documents and any other
documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby
and thereby, including the reasonable fees and disbursements of one primary outside counsel to the Administrative Agent, the Issuing
Lenders, the Designated Acquisition Swingline Lender, the Joint Lead Arrangers, the Joint Bookrunners
and the Syndication Agents, taken as a whole, and one local counsel to the foregoing Persons, taken as a whole, in each appropriate jurisdiction
(which may include one special counsel acting in multiple jurisdictions) (and additional counsel in the case of actual or reasonably
perceived conflicts where such Person informs the Borrower of such conflict and retains such counsel, but excluding, in any case the
allocated costs of in-house counsel), and filing and recording fees and expenses, with statements with respect to the foregoing to be
submitted to the Borrower on or prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time
thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, (ii) to pay or
reimburse each Lender, each Issuing Lender, the Designated Acquisition Swingline Lender and the
Administrative Agent for all of their reasonable and documented out-of-pocket costs and expenses (other than allocated costs of in-house
counsel) incurred in connection with the workout, restructuring, enforcement or preservation of any rights under this Agreement, the
other Loan Documents and any such other documents, including the reasonable and documented fees and disbursements of one primary counsel
to the Lenders, the Issuing Lenders, the Designated Acquisition Swingline Lender, the Administrative
Agent, the Joint Lead Arrangers, the Joint Bookrunners and the Syndication Agents, taken as a whole, and one local counsel to the foregoing
Persons, taken as a whole, in each appropriate jurisdiction (which may include one special counsel acting


 




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in multiple jurisdictions)
(and in the case of an actual or reasonably perceived conflict of interest by any of the foregoing Persons, where such Person informs
the Borrower of such conflict and retains such counsel, additional counsel to such affected Person), (ciii) to
pay, indemnify, and hold each Lender, each Issuing Lender, the Designated Acquisition Swingline Lender
and the Administrative Agent harmless from, any and all recording and filing fees that may be payable or determined to be payable
in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any
amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and
any such other documents; and (iv) jointly and severally, to pay, indemnify, and hold
each Lender, each Issuing Lender, the Designated Acquisition Swingline Lender, the Administrative
Agent, each Joint Lead Arranger, each Joint Bookrunner, each Syndication Agent, each of their respective Affiliates that are providing
services in connection with the financing contemplated by this Agreement and each member, officer, director, partner, trustee, employee,
agent, advisor, controlling person of the foregoing, other representative of the foregoing, and successor and assign of the foregoing
(each, an “Indemnitee”) harmless from and against any and all other claims, liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, reasonable and documented out-of-pocket expenses or disbursements of any kind or nature
whatsoever with respect to or arising out of or in connection with the Acquisition, the transactions contemplated hereby, any transactions
contemplated in connection therewith and the execution, delivery, enforcement, performance and administration of this Agreement, the
other Loan Documents and any such other documents (regardless of whether any Indemnitee is a party hereto and regardless of whether any
such matter is initiated by a third party, the Borrower, any other Loan Party or any other Person), including any of the foregoing relating
to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law relating to the
Borrower or any Group Member or any of the Properties and the reasonable fees and expenses of one primary legal counsel to the Indemnitees,
taken as a whole (or in the case of an actual or reasonably perceived conflict of interest by an Indemnitee, where such Person informs
the Borrower of such conflict and retains such counsel, additional counsel to the affected Indemnitees who are similarly situated, taken
as a whole), and one local counsel in each appropriate jurisdiction (which may include one special counsel acting in multiple jurisdictions)
to the Indemnitees in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document
(all the foregoing in this clause (iv), collectively, the “Indemnified Liabilities”) (but excluding any
losses, liabilities, claims, damages, costs or expenses relating to the matters referred to in Sections 2.18, 2.19
and 2.21 (which shall be the sole remedy in respect of the matters set forth therein)), provided that the Borrower shall not have
any obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities (A) (I)
are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence, bad
faith or willful misconduct of such Indemnitee, (II) are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted from a material breach of the Loan Documents by such Indemnitee or (III) result from any dispute that does not involve
an act or omission by the Borrower or any of its Affiliates and that is brought by any Indemnitee against any other Indemnitee (other
than in its capacity as Administrative Agent, Joint Lead Arranger, Joint Bookrunner, Syndication Agent, Designated
Acquisition Swingline Lender, Issuing Lender or similar role hereunder), or (B) settlements entered into by such person without
the Borrower’s written consent (such consent to not be unreasonably withheld, conditioned or delayed). All amounts due under this
Section 11.5 shall be payable not later than 10 days after written demand therefor. Statements payable by the Borrower pursuant
to this Section 11.5 shall be submitted to the Borrower at the address of the Borrower set forth in Section 11.2,
or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent. This
Section 11.5 shall not apply with respect to Taxes (other than any Taxes that represent losses, claims or damages arising
from any non-Tax claim). The agreements in this Section 11.5 shall survive the termination of this Agreement and the repayment
of the Loans and all other amounts payable hereunder. Each Indemnitee agrees to refund and return any and all Indemnified Liabilities
paid by the Borrower to such Indemnitee pursuant


 




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to this Section
11.5(a) if, pursuant to operation of any of the preceding clause (iv)(A) or (B), such Indemnitee was not entitled to
receipt of such amount.


 


(b)       To
the extent permitted by applicable law (i) the Borrower and any Loan Party shall not assert, and the Borrower and each Loan Party hereby
waives, any claim against any Agent, any Issuing Lender and any Lender, and any Related Party of any of the foregoing Persons (each such
Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or
other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information
transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities
against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or
instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided
that, nothing in this clause (b)(ii) shall relieve the Borrower and each Loan Party of any obligation it may have to indemnify
an Indemnitee, as provided in Section 11.5(a), against any special, indirect, consequential or punitive damages asserted against
such Indemnitee by a third party.


 


11.6          
Successors and
Assigns; Participations and Assignments.


 


(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any affiliate of any Issuing Lender that issues any Letter of Credit), except that the Borrower may
not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and the
Administrative Agent (and any attempted assignment or transfer by the Borrower without such consent shall be null and void).


 


(b)       (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees (each, an
“Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans at the time owing to it and the Note or Notes (if any) held by it) with the prior written consent (such consent
not to be unreasonably withheld, conditioned or delayed) of:


 


		(A)	in
                                            the case of any Term Lender or any Revolving Lender, the Borrower, which request for consent
                                            (in the case of a Revolving Lender) shall be provided to the Borrower; provided that,
                                            with respect to the Term Facility, such consent shall be deemed to have been given if the
                                            Borrower, as the case may be, has not responded within ten (10)  Business Days after
                                            notice by the Administrative Agent, provided, further, that no consent of the
                                            Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved
                                            Fund (as defined below) or, if an Event of Default under Section 9.1(a) (or,
                                            in respect of the Borrower, Section 9.1(g)) has occurred and is continuing, any
                                            other Eligible Assignee;



 


		(B)	except
                                            with respect to an assignment of Loans to an existing Lender, an Affiliate of a Lender or
                                            an Approved



 




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Fund,
the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed);


 


		(C)	with
                                            respect to any proposed assignment of all or a portion of any Revolving Loan or Revolving
                                            Commitment and each Issuing Lender (such consent not to be unreasonably withheld, conditioned
                                            or delayed); and



 


		(D)	in
                                            the case of any Issuing Lender, with respect to an assignment of its L/C Commitment, the
                                            Borrower.



 


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


 


		(A)	except
                                            in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or
                                            an assignment of the entire remaining amount of the assigning Lender’s Commitments
                                            or Loans under any Facility, the amount of the Commitments or Loans of the assigning Lender
                                            subject to each such assignment (determined as of the date the Assignment and Assumption
                                            with respect to such assignment is delivered to the Administrative Agent) shall not be less
                                            than (i) with respect to Term Loans, $1,000,000, and (ii) with respect to Revolving Loans
                                            and Revolving Commitments, $5,000,000 (provided that, in each case, that simultaneous
                                            assignments to or by two or more Approved Funds shall be aggregated for purposes of determining
                                            such amount) unless the Administrative Agent and, in the case of Term Loans, Revolving Commitments
                                            or Revolving Loans or Incremental Term Loans or Incremental Term Commitments, the Borrower
                                            otherwise consents;



 


		(B)	the
                                            parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
                                            and Assumption via an electronic settlement system acceptable to the Administrative Agent
                                            (or, if previously agreed with the Administrative Agent, manually), and shall pay to the
                                            Administrative Agent a processing and recordation fee of $3,500 (which such fee may be waived
                                            or reduced in the sole discretion of the Administrative Agent) for each assignment or group
                                            of affiliated or related assignments; and



 


		(C)	the
                                            Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative
                                            questionnaire, all applicable Forms and all documentation and other information requested
                                            by the Administrative Agent in order to comply with applicable



 




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“know
your customer” and anti-money laundering rules and regulations, including the Patriot Act.


 


This paragraph
(b) shall not prohibit any Lender from assigning all or any portion of its rights and obligations among separate Facilities on a non-pro
rata basis.


 


For
the purposes of this Section 11.6, “Approved Fund” means any Person (other than a natural person) that
is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that
is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender.


 


(iii)       Assignments
to Permitted Auction Purchasers. Each Lender acknowledges that each Permitted Auction Purchaser is an Eligible Assignee hereunder
and may purchase or acquire Term Loans hereunder from Lenders from time to time (x) pursuant to a Dutch Auction in accordance with the
terms of this Agreement (including Section 11.6 hereof), subject to the restrictions set forth in the definitions of “Eligible
Assignee” and “Dutch Auction” or (y) pursuant to open market purchases (which may be on a non-pro rata basis), in each
case, subject to the following limitations:


 


		(A)	each
                                            Permitted Auction Purchaser agrees that, notwithstanding anything herein or in any of the
                                            other Loan Documents to the contrary, with respect to any Auction Purchase or other acquisition
                                            of Term Loans, (1) under no circumstances, whether or not any Loan Party is subject to a
                                            bankruptcy or other insolvency proceeding, shall such Permitted Auction Purchaser be permitted
                                            to exercise any voting rights or other privileges with respect to any Term Loans and any
                                            Term Loans that are assigned to such Permitted Auction Purchaser shall have no voting rights
                                            or other privileges under this Agreement and the other Loan Documents and shall not be taken
                                            into account in determining any required vote or consent and (2) such Permitted Auction Purchaser
                                            shall not receive information provided solely to Lenders by the Administrative Agent or any
                                            Lender and shall not be permitted to attend or participate in meetings attended solely by
                                            Lenders and the Administrative Agent and their advisors; rather, all Loans held by any Permitted
                                            Auction Purchaser shall be automatically Cancelled immediately upon the purchase or acquisition
                                            thereof in accordance with the terms of this Agreement (including Section 11.6
                                            hereof);



 


		(B)	at
                                            the time any Permitted Auction Purchaser is making purchases of Loans it shall enter into
                                            an Assignment and Assumption Agreement;



 


		(C)	immediately
                                            upon the effectiveness of each Auction Purchase or other acquisition of Term Loans, a Cancellation
                                            (it being understood that such Cancellation shall not constitute a voluntary repayment of
                                            Loans for



 




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purposes
of this Agreement) shall be automatically irrevocably effected with respect to all of the Loans and related Obligations subject to such
Auction Purchase, with the effect that such Loans and related Obligations shall for all purposes of this Agreement and the other Loan
Documents no longer be outstanding, and the Borrower and the Guarantors shall no longer have any Obligations relating thereto, it being
understood that such forgiveness and cancellation shall result in the Borrower and the Guarantors being irrevocably and unconditionally
released from all claims and liabilities relating to such Obligations which have been so cancelled and forgiven, and the Collateral shall
cease to secure any such Obligations which have been so cancelled and forgiven; and


 


		(D)	at
                                            the time of such Purchase Notice and Auction Purchase or other acquisition of Term Loans,
                                            (w) no Default or Event of Default shall have occurred and be continuing, (x) the Borrower
                                            or any of its Affiliates shall not be required to make any representation that it is not
                                            in possession of material non-public information with respect to the Borrower, its subsidiaries
                                            or its securities, and all parties to the relevant assignments shall render customary “big
                                            boy” disclaimer letters or any such disclaimers shall be incorporated into the terms
                                            of the applicable Assignment and Assumption, (y) any Affiliated Lender that is a Purchaser
                                            shall identify itself as such and (z) no proceeds of Revolving Loans shall be used to consummate
                                            the Auction Purchase.



 


Notwithstanding
anything to the contrary herein, this Section 11.6(b)(iii) shall supersede any provisions in Section 2.17 to
the contrary.


 


(iv)       Assignments
to Affiliated Lenders. Any Lender may, at any time, assign all or a portion of its rights and obligations with respect to the Term
Loans to an Affiliated Lender through (x) Dutch Auctions open to all Lenders on a pro rata basis or (y) open market purchases
(which may be on a non-pro rata basis), in each case subject to the following limitations:


 


		(A)	notwithstanding
                                            anything in Section 11.1 or the definition of “Required Lenders”
                                            to the contrary, for purposes of determining whether the Lenders have (1) consented
                                            to any amendment, waiver or modification of any Loan Document (including such modifications
                                            pursuant to Section 11.1), (2) otherwise acted on any matter related to any Loan
                                            Document, (3) directed or required Administrative Agent or any Lender to undertake any
                                            action (or refrain from taking any action) with respect to or under any Loan Document, or
                                            (4) subject to Section 2.23, voted on any plan of reorganization pursuant to
                                            Title 11 of the United States



 




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Code,
that in either case does not require the consent of each Lender or each affected Lender or does not adversely affect such Affiliated
Lender disproportionately in any material respect as compared to other Lenders and any Non-Debt Fund Affiliate will be deemed to have
voted in the same proportion as Lenders that are not Affiliated Lenders voting on such matter and each Non-Debt Fund Affiliate each hereby
acknowledges, agrees and consents that if, for any reason, its vote to accept or reject any plan pursuant to Title 11 of the United States
Code) is not deemed to have been so voted, then such vote will be (x) deemed not to be in good faith and (y) “designated”
pursuant to Section 1126(e) of Title 11 of the United States Code such that the vote is not counted in determining whether the applicable
class has accepted or rejected such plan in accordance with Section 1126(c) of Title 11 of the United States Code; provided that, for the avoidance of doubt, Debt Fund Affiliates shall not be subject to such limitation and shall be entitled to vote as any
other Lender; provided, further, that, notwithstanding the foregoing or anything herein to the contrary, Debt Fund Affiliates
may not in the aggregate account for more than 49.9% of the amounts set forth in the calculation of Required Lenders and any amount in
excess of 49.9% will be subject to the limitations set forth in this clause (A);


 


		(B)	the
                                            Non-Debt Fund Affiliates shall not receive information provided solely to Lenders by the
                                            Administrative Agent or any Lender and shall not be permitted to attend or participate in
                                            meetings attended solely by Lenders and the Administrative Agent and their advisors, other
                                            than the right to receive notices of Borrowings, notices of prepayments and other administrative
                                            notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant
                                            to Section 2;



 


		(C)	at
                                            the time any Affiliated Lender is making purchases of Loans pursuant to a Dutch Auction it
                                            shall identify itself as an Affiliated Lender and shall enter into an Assignment and Assumption
                                            Agreement;



 


		(D)	no
                                            Affiliated Lender shall be required to make any representation that it is not in possession
                                            of material non-public information with respect to the Borrower, its Subsidiaries or its
                                            securities, and all parties to the relevant assignments shall render customary "big
                                            boy" disclaimer letters or any such disclaimers shall be



 




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incorporated
into the terms of the applicable Assignment and Assumption;


 


		(E)	to
                                            the extent such remain outstanding, the aggregate principal amount of all Term Loans which
                                            may be purchased by any Non-Debt Fund Affiliate through Dutch Auctions or assigned to any
                                            Non-Debt Fund Affiliate through open market purchases shall in no event exceed, as calculated
                                            at the time of the consummation of any aforementioned Purchases or assignments, 30% of the
                                            aggregate Outstanding Amount of the Term Loans at such time;



 


		(F)	the
                                            Non-Debt Fund Affiliates and their respective Affiliates shall not be permitted to vote on
                                            bankruptcy plans or reorganization; and



 


		(G)	notwithstanding
                                            anything to the contrary herein, each Affiliated Lender, in its capacity as a Term Lender,
                                            in its sole and absolute discretion, may make one or more capital contributions or assignments
                                            of Term Loans that it acquires pursuant to this Section 11.6(b)(iv) directly or indirectly
                                            to the Borrower solely in exchange for Capital Stock of the Borrower (other than Disqualified
                                            Stock) or Parent Holding Company or debt securities of a Parent Holding Company, in each
                                            case upon written notice to the Administrative Agent. Immediately upon the Borrower’s
                                            acquisition of Term Loans from an Affiliated Lender, such Term Loans and all rights and obligations
                                            as a Term Lender related thereto shall for all purposes (including under this Agreement,
                                            the other Loan Documents and otherwise) be deemed to be irrevocably prepaid, terminated,
                                            extinguished, canceled and of no further effect and the Borrower shall neither obtain nor
                                            have any rights as a Lender hereunder or under the other Loan Documents by virtue of such
                                            capital contribution or assignment.



 


Notwithstanding
anything to the contrary herein, this Section 11.6(b)(iv) shall supersede any provisions in Section 2.17 to the
contrary.


 


(v)       Subject
to acceptance and recording thereof pursuant to Section 11.6(b)(vi) below, from and after the effective date specified
in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall,
to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.18, 2.19,
2.21 and 11.5 with respect to facts and circumstances occurring prior to the effective date of such assignment). Other
than with respect to Disqualified Lenders, any assignment or transfer by a Lender of rights or


 




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obligations
under this Agreement that does not comply with this Section 11.6(b) shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section 11.6.


 


(vi)       The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of
each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amount of (and any stated interest on) the Loans and L/C Obligations owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. No assignment shall
be effective unless recorded in the Register. The Register shall be available for inspection by the Borrower, any Issuing Lender and
any Lender at any reasonable time and from time to time upon reasonable prior notice. For the avoidance of doubt, the language in this
Section 11.6(b)(vi) is intended to ensure that the Commitments, Loans, L/C Obligations or other obligations under the Loan Documents
are in “registered form” under Sections 5f.103-1(c) and 1.871-14(c) of the United States Treasury Regulations Sections and
within the meaning of 163(f), 871(h)(2) and 881(c)(2) of the Code, and such language shall be interpreted and applied consistently therewith.


 


(vii)       Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed
administrative questionnaire and applicable Forms (unless the Assignee shall already be a Lender hereunder), together with (x) any processing
and recordation fee and (y) any written consent to such assignment required by Section 11.6(b), the Administrative Agent
shall promptly accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall
be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.


 


(c)       (i)
Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities
(other than a natural person, a Disqualified Lender, the Borrower or any Subsidiary of the Borrower) (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver that (1) requires, subject to Section 11.1(b),
the consent of each Lender directly affected thereby pursuant to clauses (A) and (C) of Section 11.1(a)
and (2) directly affects such Participant. Subject to Section 11.6(c)(ii), the Borrower agree that each Participant
shall be entitled to the benefits of Sections 2.18, 2.19 and 2.21 (subject to the requirements and limitations
of those sections) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.6(b).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.8(b) as though it were
a Lender, provided such Participant shall be subject to Section 11.8(a) as though it were a Lender. Each Lender that sells
a participation shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the commitment of, and the principal amounts (and stated interest) of,
each Participant’s interest in the


 




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Loans,
L/C Obligations or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of
any Participant or any information relating to a Participant’s interest in any Commitments, Loans, L/C Obligations or its other
obligations under any Loan Document) except to the extent that the relevant parties, acting reasonably and in good faith, determine that
such disclosure is necessary to establish that such Commitment, Loan, L/C Obligation or other obligation is in registered form under
Sections 5f.103-1(c) and 1.871-14(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2)
of the Code. No participation shall be effective unless recorded in the Participant Register. Unless otherwise required by the IRS, any
disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the IRS. The entries in the
Participant Register shall be conclusive, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.


 


(ii)       A
Participant shall not be entitled to receive any greater payment under Section 2.18 or 2.19 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant except to the extent such greater payment
is attributable to a Change in Law after the date the Participant acquired the applicable participation. No Participant shall be entitled
to the benefits of Section 2.19 unless such Participant complies with Section 2.19(e) (it being understood that
the documentation required thereunder shall be delivered to the participating Lender).


 


(d)       Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such
Lender as a party hereto.


 


(e)       The
Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in Section 11.6(d) above.


 


(f)       Each
Lender, upon execution and delivery hereof or upon succeeding to an interest in Commitments or Loans, as the case may be, makes, as of
the Closing Date or as of the effective date of the applicable Assignment and Assumption, as applicable, the representations and warranties
contained in Section 10.7.


 


(g)       Each
Lender, upon succeeding to an interest in Commitments or Loans, as the case may be, represents and warrants as of the effective date
of the applicable Assignment and Assumption that it is an Eligible Assignee.


 


11.7          
[Reserved].


 


11.8          
Adjustments;
Set-off.


 


(a)       Except
to the extent that this Agreement expressly provides for or permits payments to be allocated or made to a particular Lender or to the
Lenders under a particular Facility, if any Lender (a “Benefited Lender”) shall receive any payment of all or part
of the Obligations owing to it under any Facility, or receive any collateral in respect thereof (whether voluntarily or involuntarily,
by set-off, pursuant to events or proceedings of the nature referred to in Section 9.1(g) or otherwise), in a greater proportion
than any such payment to or collateral received by any other Lender, if any, in respect


 




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of
the Obligations owing to such other Lender under such Facility, such Benefited Lender shall purchase for cash from the other Lenders
under such Facility a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such
other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefited Lender to share the excess payment
or benefits of such collateral ratably with each of the Lenders under such Facility; provided, however, that if all or
any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded,
and the purchase price and benefits returned, to the extent of such recovery, but without interest.


 


(b)       In
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, with the prior consent of the Administrative
Agent, without prior notice to the Borrower or any other Loan Party, any such notice being expressly waived by the Borrower and each
other Loan Party to the extent permitted by applicable law, upon the occurrence and during the continuance of any Event of Default, to
set off and appropriate and apply against any Obligations then due, payable and owing any and all deposits (general or special, time
or demand, provisional or final) (other than payroll, trust and tax accounts described in clause (ix) of the definition of “Excluded
Assets”), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect,
absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the
credit or the account of the Borrower or any such other Loan Party, as the case may be (but excluding, for the avoidance of doubt, any
Excluded Assets). Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application
made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application.


 


11.9          
[Reserved].


 


11.10          
Counterparts;
Electronic Execution.


 


(a)       This
Agreement any other Loan Document and/or any document, amendment, approval, consent, information, notice (including, for the avoidance
of doubt, any notice delivered pursuant to Section 11.2), certificate, request, statement, disclosure or authorization related
to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”)
that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page may be executed by one or more of the parties to this Agreement, any other Loan Document and/or any Ancillary
Document, as applicable, on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement, any other Loan Document and/or
any Ancillary Document that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such
other Loan Document or such Ancillary Document, as applicable. A set of the copies of this Agreement signed by all the parties shall
be lodged with the Borrower and the Administrative Agent.


 


(b)       The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries
or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that
nothing herein shall require the Administrative


 




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Agent
to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided,
further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature,
the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf
of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form
of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall
be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each Loan
Party hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement
of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, and the Borrower and the Loan Parties,
Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same
legal effect, validity and enforceability as any paper original, (ii) the Administrative Agent and each of the Lenders may, at its option,
create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic
record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect,
validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or
enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies
of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages
thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s
and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic
means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of
the Borrower and/or any Loan Party to use any available security measures in connection with the execution, delivery or transmission
of any Electronic Signature.


 


11.11          
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.


 


11.12          
Integration. This Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable
to the Joint Lead Arranger, the Joint Bookrunners, the Syndication Agents and the Administrative Agent represent the entire agreement
of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly
set forth or referred to herein or in the other Loan Documents.


 


11.13          
Governing Law.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION.


 




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11.14          
Submission To
Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:


 


(a)       submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is
a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of
the Commercial Division of the State of New York sitting in the borough of Manhattan in New York City, the courts of the United States
for the Southern District of New York, and appellate courts from any thereof, to the extent such courts would have subject matter
jurisdiction with respect thereto, and agrees that notwithstanding the foregoing (x) a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law and (y)
legal actions or proceedings brought by the Secured Parties in connection with the exercise of rights and remedies with respect to Collateral
may be brought in other jurisdictions where such Collateral is located or such rights or remedies may be exercised;


 


(b)       consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court and waives any right to claim that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;


 


(c)       CONSENTS
TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.2; and


 


(d)       waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding arising out
of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan
or Letter of Credit or the use of the proceeds thereof, any special, exemplary, punitive or consequential damages against any Indemnitee;
provided that nothing contained in this sentence shall limit the Borrower’s indemnification obligations.


 


11.15          
Acknowledgements.
The Borrower and each Guarantor hereby acknowledges that:


 


(a)       it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;


 


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


 


(c)       no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Borrower or the Guarantors and the Lenders.


 


11.16          
Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.


 


Solely
to the extent any Lender or Issuing Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent


 




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such
liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by:


 


(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and


 


(b)       the
effects of any Bail-In Action on any such liability, including, if applicable:


 


(i)       a
reduction in full or in part or cancellation of any such liability;


 


(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or


 


(iii)       the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.


 


11.17          
Confidentiality.
Each of the Administrative Agent and each Lender agrees to keep confidential all non-public information provided to it by any Loan Party,
the Administrative Agent or any Lender pursuant to or in connection with this Agreement that is not designated by the provider thereof
as public information or non-confidential; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing
any such information (a) to the Administrative Agent, the Joint Lead Arrangers, the Joint Bookrunners, the Syndication Agents, any
other Lender or any Affiliate thereof (including prospective lenders) under this Agreement), (b) subject to an agreement to comply
with provisions no less restrictive than this Section 11.17, to any actual or prospective Transferee or any direct or indirect
counterparty to any Swap Agreement (or any professional advisor to such counterparty) (other than Disqualified Lenders), (c) to
its employees, directors, trustees, agents, attorneys, accountants and other professional advisors and to the employees, directors, trustees,
agents, attorneys, accountants and other professional advisors of its Affiliates or of actual or prospective Transferees that, in each
case, have been advised of the provisions of this Section 11.17 and have been instructed to keep such information confidential,
(d) upon the request or demand or other requirement of any Governmental Authority or any self-regulatory authority having or asserting
jurisdiction over such Person (including any Governmental Authority regulating any Lender or its Affiliates), in which case, to the extent
permitted by law, you agree to inform the Borrower promptly thereof prior to such disclosure to the extent practicable (except with respect
to (I) any audit or examination conducted by bank accountants or any governmental regulatory authority or self-regulatory authority exercising
examination or regulatory authority or (II) any such notification prohibited by law, rule or regulation), (e) in response to any
order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, in which case,
to the extent permitted by law, you agree to inform the Borrower promptly thereof to the extent practicable (except with respect to any
audit or examination conducted by bank accountants or any governmental regulatory authority or self-regulatory authority exercising examination
or regulatory authority), (f) if requested or required to do so in connection with any litigation or similar proceeding, in which
case, to the extent permitted by law, you agree to inform the Borrower promptly thereof; provided that unless specifically prohibited
by applicable law, reasonable efforts shall be made to notify the Borrower of any such request prior to disclosure, (g) that has
been publicly disclosed other than as a result of a breach of this Section 11.17, (h) to the National Association of Insurance
Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s
investment portfolio in connection with ratings issued with respect to such Lender;


 




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provided, such Person
has been advised of the provisions of this Section 11.17 and instructed to keep such information confidential, (i) market data
collectors and service providers to the Administrative Agent or any Lender in connection with the administration and management of the
Facilities, (j) to the extent that such information is or was received by the Administrative Agent or any Lender from a third party
that is not to the knowledge of the Administrative Agent, such Lender or any affiliates thereof subject to confidentiality obligations
owing to any Loan Party or any of their respective subsidiaries or (k) in connection with the exercise of any remedy hereunder or
under any other Loan Document. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers
to the Administrative Agent and the Lenders in connection with the administration and management of this Agreement, the other Loan Documents,
the Commitments, and the extensions of credit hereunder. Notwithstanding anything herein to the contrary, any party to this Agreement
(and any employee, representative, or other agent of any party to this Agreement) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including
opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. However, any such information
relating to the tax treatment or tax structure is required to be kept confidential to the extent necessary to comply with any applicable
federal or state securities laws.


 


The
respective obligations of the Administrative Agent and the Lenders under this Section 11.17 shall survive, to the extent applicable
to such Person, (x) the payment in full of the Obligations and the termination of this Agreement, (y) any assignment of its rights and
obligations under this Agreement and (z) the resignation or removal of the Administrative Agent, in each case for a period of one (1)
year.


 


11.18          
Waivers Of Jury
Trial. EACH OF THE BORROWER, THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.


 


11.19          
USA Patriot Act
Notification; Beneficial Ownership. Each Lender that is subject to the Patriot Act and the Beneficial Ownership Regulation and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the
Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Loan
Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Patriot Act and the Beneficial Ownership Regulation.
The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information
that the Administrative Agent or such Lender requests that is required in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership
Regulation.


 


11.20          
Maximum Amount.


 


(a)       It
is the intention of the Borrower and the Lenders to conform strictly to the usury and similar laws relating to interest from time to
time in force, and all agreements between the Loan Parties and their respective Subsidiaries and the Lenders, whether now existing or
hereafter arising and whether oral or written, are hereby expressly limited so that in no contingency or event whatsoever, whether by
acceleration of maturity hereof or otherwise, shall the amount paid or agreed to be paid in the aggregate to the Lenders as interest
(whether or not designated as interest, and including any amount 


 




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otherwise
designated but deemed to constitute interest by a court of competent jurisdiction) hereunder or under the other Loan Documents or in
any other agreement given to secure the Indebtedness evidenced hereby or other Obligations of the Borrower, or in any other document
evidencing, securing or pertaining to the Indebtedness evidenced hereby, exceed the maximum amount permissible under applicable
usury or such other laws (the “Maximum Amount”). If under any circumstances whatsoever fulfillment of any
provision hereof, or any of the other Loan Documents, at the time performance of such provision shall be due, shall involve
exceeding the Maximum Amount, then, ipso facto, the obligation to be fulfilled shall be reduced to the Maximum Amount. For the
purposes of calculating the actual amount of interest paid and/or payable hereunder in respect of laws pertaining to usury or such
other laws, all sums paid or agreed to be paid to the holder hereof for the use, forbearance or detention of the Indebtedness of the
Borrower evidenced hereby, outstanding from time to time shall, to the extent permitted by applicable Law, be amortized, pro-rated,
allocated and spread from the date of disbursement of the proceeds of the Loans until payment in full of all of such Indebtedness,
so that the actual rate of interest on account of such Indebtedness is uniform through the term hereof. The terms and provisions of
this Section 11.20(a) shall control and supersede every other provision of all agreements between the Borrower or any
endorser of the Loans and the Lenders.


 


(b)       If
under any circumstances any Lender shall ever receive an amount which would exceed the Maximum Amount, such amount shall be deemed a
payment in reduction of the principal amount of the Loans and shall be treated as a voluntary prepayment under Section 2.10
and shall be so applied in accordance with Section 2.17 or if such excessive interest exceeds the unpaid balance of the Loans
and any other Indebtedness of the Borrower in favor of such Lender, the excess shall be deemed to have been a payment made by mistake
and shall be refunded to the Borrower.


 


11.21          
Lender Action.
Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against
any Loan Party or any other obligor under any of the Loan Documents (including the exercise of any right of setoff, rights on account
of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence
any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, unless expressly provided for herein
or in any other Loan Document, without the prior written consent of the Administrative Agent. The provisions of this Section 11.21
are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party.


 


11.22          
No Fiduciary
Duty. Each of the Lender-Related Parties may have economic interests that conflict with those of the Loan Parties, their stockholders
and/or their Affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Lender-Related Party, on the one hand, and such Loan
Party, its stockholders or its Affiliates, on the other, except as otherwise explicitly provided herein. The Loan Parties acknowledge
and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder
and thereunder) are arm’s-length commercial transactions between the Lender-Related Parties, on the one hand, and the Loan Parties,
on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender-Related Party has assumed an advisory
or fiduciary responsibility in favor of any Loan Party, its stockholders or its Affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender-Related
Party has advised, is currently advising or will advise any Loan Party, its stockholders or its Affiliates on other matters) or any other
obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender-Related Party is acting
solely as principal and not as the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any other Person,
except as otherwise explicitly provided herein. Each Loan Party acknowledges and agrees that it has consulted its own legal and financial
advisors to the extent it deemed appropriate and that it is


 




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responsible for making
its own independent judgment with respect to such transactions and the process leading thereto. Each Loan Party agrees that it will not
claim that any Lender-Related Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such
Loan Party, in connection with such transaction or the process leading thereto.


 


11.23          
Acknowledgments
Regarding any Supported QFCs.


 


To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Obligations or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support” and each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under
the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with
the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by
the laws of the State of New York and/or of the United States or any other state of the United States):


 


In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in
or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws
of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to
such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.


 


[Signature
Pages FollowIntentionally Omitted]


 




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