Exhibit 10.1


 


Execution Version 


 


AMENDMENT
NO. 4 TO

REVOLVING CREDIT AGREEMENT


 


AMENDMENT NO. 4, dated
as of March 29, 2021 (this “Amendment”), to the REVOLVING CREDIT AGREEMENT, dated as of November 20, 2014, as amended
prior to the date hereof (the “Credit Agreement”), among MSCI INC., a Delaware corporation (the “Borrower”),
the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and L/C Issuer. Capitalized terms
used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.


 


WHEREAS, the Borrower
has requested to extend the Maturity Date, increase the amount of the Commitments and make certain other amendments to the Credit Agreement;


 


WHEREAS, JPMorgan
Chase Bank, N.A., BofA Securities, Inc., Goldman Sachs Bank USA and Morgan Stanley MUFG Loan Partners, LLC are acting as joint lead arrangers
and bookrunners (the “Arrangers”) for this Amendment;


 


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
to Credit Agreement.


 


(a)               
The Credit Agreement is, effective as of the Amendment Effective Date (as defined below), hereby amended to be as set forth in
the conformed copy of the Credit Agreement attached as Exhibit A hereto.


 


(b)               
Schedule 2.01A of the Credit Agreement is hereby replaced with Schedule 2.01A hereto (the “Amended Commitment
Schedule”).


 


(c)               
Schedule 5.12 of the Credit Agreement is hereby replaced with Schedule 5.12 hereto.


 


(d)               
Schedule 7.01 of the Credit Agreement is hereby replaced with Schedule 7.01 hereto.


 


(e)               
Each Lender, by execution of this Amendment, agrees that, upon effectiveness of this Amendment, its Commitment is as set forth
on the Amended Commitment Schedule. If any Loans are outstanding on the Amendment Effective Date, if (x) such Person was not a Lender
immediately prior to the effectiveness of this Amendment and is a Lender immediately after giving effect to this Amendment (a “New
Lender”) or (y) any such Lender’s Commitment as set forth on the Amended Commitment Schedule is higher than such Lender’s
Commitment immediately prior to the effectiveness of this Amendment (an “Increased Lender”), subject to the terms
and conditions set forth in Section 2 of this Amendment, such Lender agrees to fund on the Amendment Effective Date such amounts to the
Administrative Agent to the extent necessary so that its Loans have been funded by such Lender in accordance with its Applicable Percentage
and to acquire participations in Letters of Credit so that such Lender’s participations therein are in accordance with its Applicable
Percentage. Any such amounts received by the Administrative Agent shall be disbursed to each Lender that is not a New Lender or Increased
Lender, so that after such fundings and disbursements the Loans have been funded


 




    


    -2-


    

in accordance with
each Lender’s Applicable Percentage. Each Lender that is a signatory to this Amendment waives (x) the payment of any breakage costs
pursuant to Section 3.05 of the Credit Agreement in connection with payments on account of its Loans pursuant to this paragraph, (y)
delivery of any Request for Credit Extension and notices of prepayment in connection with the adjustments pursuant to this paragraph
and (z) minimum borrowing and prepayment amounts in connection with the adjustments pursuant to this paragraph.


 


Section
2.         Conditions to Effectiveness.


 


The effectiveness
of this Amendment is subject to the satisfaction of each of the following conditions (the date of satisfaction of such effectiveness,
the “Amendment Effective Date”):


 


(a)                     
Counterparts of Amendment. The Administrative Agent (or its counsel) shall have received from (i) the Borrower, (ii) the
Guarantors, (iii) the Administrative Agent, (iv) the Lenders and (v) the L/C Issuer, counterparts of this Amendment signed on behalf
of such parties (which, subject to Section 10.10(b) of the Credit Agreement, may include any Electronic Signatures transmitted by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page).


 


(b)                     
Opinion of Counsel. The Administrative Agent shall have received an opinion of Davis Polk
& Wardwell LLP, dated as of the Amendment Effective Date and covering such matters as the Administrative Agent may reasonably request
(and the Borrower hereby instructs counsel to deliver such opinion to the Administrative Agent).


 


(c)                     
Officer’s Certificate. The Administrative Agent shall have received a certificate, dated
as of the Amendment Effective Date, of a Responsible Officer of the Borrower certifying that (i) the representations specified in Section 3
below are satisfied, and (ii) the conditions set forth in Section 4.02(a) and (b) of the Credit Agreement
are satisfied.


 


(d)                     
Secretary’s Certificate. The Administrative Agent shall have received a duly executed certificate of an appropriate
officer of each Loan Party, certifying (i) that the copies of the Borrower’s Organizational Documents (x) as previously certified
and delivered to the Administrative Agent on the Amendment No. 3 Effective Date, remain in full force and effect as of the Amendment
Effective Date without modification or amendment since such original delivery or (y) as certified by the appropriate Governmental Authority
of the jurisdiction of the Borrower’s organization or formation and attached to such officer’s certificate, are true, correct
and complete and in full force and effect as of the Amendment Effective Date without modification or amendment since such certification
by the appropriate Governmental Authority, (ii) that the copies of each other Loan Party’s Organizational Documents (x) as previously
certified and delivered to the Administrative Agent on the Amendment No. 3 Effective Date, remain in full force and effect as of
the Amendment Effective Date without modification or amendment since such original delivery or (y) as certified by the appropriate Governmental
Authority of the jurisdiction of such Loan Party’s organization or formation and attached to such officer’s certificate,
are true, correct and complete and in full force and effect as of the Amendment Effective Date without modification or amendment since
such certification by the appropriate Governmental Authority, (iii) that the copies of such Loan Party’s resolutions approving
and adopting the Loan Documents to which it is party, the transactions contemplated herein, and authorizing the execution and delivery
thereof, as attached to such officer’s certificate, are true, correct and complete copies and in full force and effect as of the
Amendment Effective Date and (iv) as to incumbency certificates identifying the officers of such Loan Party that are authorized to execute
this Amendment and


 




    


    -3-


    

to act on such Loan
Party’s behalf in connection with this Amendment and who will execute this Amendment.


 


(e)                     
Lender Fees. The Borrower shall have paid to the Administrative Agent for the account of (a) each Lender with a 2026 Commitment
after giving effect to this Amendment (other than any Person that was not a Lender prior to the effectiveness of this Amendment), a consent
fee equal to 0.075% of the difference over (x) the amount of such Lender’s 2026 Commitment as of the date hereof after giving
effect to this Amendment minus (y) such Lender’s Increase in Commitment, (b) each Lender that is increasing its Commitment
pursuant to this Amendment, an upfront fee equal to 0.20% of the difference (such Lender’s “Increase in Commitment”)
over (x) the amount of such Lender’s Commitment as of the date hereof after giving effect to this Amendment minus (y) the amount
of such Lender’s Commitment as of the date hereof before giving effect to this Amendment and (c) each Person that was not a Lender
prior to the effectiveness of this Amendment, an upfront fee equal to 0.20% of the amount of such Lender’s Commitment as of the
effectiveness of this Amendment.


 


(f)                      
Fees and Expenses. The Borrower shall have paid all fees, costs and expenses of the Arrangers and the Administrative Agent,
including reasonable fees and disbursements of its counsel, due and payable on or prior to the Amendment Effective Date, in the case
of expenses, to the extent invoiced at least two Business Days prior to the Amendment Effective Date.


 


Section
3.         Representations and Warranties.


 


The Borrower represents
and warrants to the Lenders as follows:


 


(a)                     
Immediately before and immediately after giving effect to this Amendment, the representations and warranties of the Borrower and
each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any
document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and
as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct in all material respects as of such earlier date, and except that the representations and warranties
contained in Section 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished
pursuant to Section 6.01(a) and (b), respectively, of the Credit Agreement.


 


(b)                     
At the time of, immediately before and immediately after giving effect to this Amendment, no Default exists.


 


Section
4.         Counterparts.


 


This Amendment may
be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute
one agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of
like import in or relating to this Amendment and/or any document to be signed in connection with this Amendment and the transactions
contemplated hereby shall be deemed to include Electronic Signatures (as defined below), 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. As used herein, “Electronic Signatures”
means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the
intent to sign, authenticate or accept such contract or record.


 




    


    -4-


    

Section
5.         Applicable Law, Service of Process.


 


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


 


Section
6.         Headings.


 


Section headings herein
and in the Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Amendment or
any Loan Document.


 


Section
7.         Effect of Amendment.


 


This Amendment is
an Additional Credit Extension Amendment providing for Additional Commitments pursuant to Section 2.14 of the Credit Agreement
and Extended Commitments pursuant to Section 2.17 of the Credit Agreement; provided that the Lenders hereby agree that to waive
any requirements set forth in Section 2.14 or 2.17 of the Credit Agreement to the extent not required by or inconsistent
with this Amendment.


 


This Amendment shall
be deemed a “Loan Document.” On and after the Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference
in each of the Loan Documents to “the Credit Agreement,” “thereunder,” “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by this Amendment. The Credit
Agreement and each of the other Loan Documents, as supplemented by this Amendment, are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed. 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 Administrative Agent
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.


 


Section
8.         Acknowledgement and Reaffirmation of Borrower and Guarantors.


 


Each of the Borrower
and the Guarantors hereby ratifies and confirms its obligations under the Loan Documents to which it is a party, including after giving
effect to the amendments and transactions contemplated by this Amendment, and including, without limitation, in the case of each of the
Guarantors, its guarantee of the Obligations.


 


Section
9.         Exiting Lender.


 


Simultaneously with
the effectiveness of this Amendment, Credit Suisse AG, Cayman Islands Branch, who has been a Lender under the Credit Agreement and who
executes this Amendment below as an Exiting Lender (the “Exiting Lender”), shall be deemed to have, and does hereby
sell, assign, transfer and convey to Credit Suisse AG, New York Branch (the “New CS Lender”), and the New CS Lender
hereby purchases and accepts the Commitments and Loans of the Exiting Lender such that, after giving effect to this Amendment, (a) the
Exiting Lender shall (i) be paid in full by the New CS Lender for all amounts owing to the Exiting Lender under the Credit Agreement,
(ii) cease to be a Lender under the Credit Agreement and the Loan Documents, and (iii) relinquish its rights (provided that it shall
still be entitled to any rights of indemnification in respect of any circumstance, event or condition arising prior to


 




    


    -5-


    

the Amendment Effective
Date) and be released from its obligations under the Credit Agreement and the Loan Documents and (b) the Commitment of the New CS Lender
shall be as set forth on its signature page to this Amendment, and the New CS Lender shall hereafter have, and does hereby assume, all
of the rights and obligations of a Lender under the Credit Agreement and the Loan Documents. Without limiting the foregoing, the New
CS Lender, by its execution of this Amendment, shall be deemed to have accepted and agreed to the provisions set forth in the form of
Assignment and Assumption attached as Exhibit D to the Credit Agreement, as if such provisions were set forth herein, all of which are
incorporated herein by this reference. The foregoing assignment, transfer and conveyance is without recourse to the Exiting Lender and
without any warranties whatsoever by the Administrative Agent or the Exiting Lender as to title, enforceability, collectability, documentation
or freedom from liens or encumbrances, in whole or in part, other than the warranty of the Exiting Lender that it has not previously
sold, transferred, conveyed or encumbered such interests. No fees shall be due by or to any Person in connection with this assignment,
all of which are hereby waived by any party entitled to same. The Exiting Lender is executing this Amendmentt for the sole purpose of
evidencing its agreement to this Section 9 and for no other purpose.


 


[Signature Pages
Follow]


 




    


    


    

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


 


	 	MSCI INC., as Borrower

    
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/Andrew C. Weichmann	 
	 	 	Name:	Andrew C. Wiechmann	 
	 	 	Title:	Chief Financial Officer	 



 


 

	 	Barra, LLC, as
    Guarantor:

    
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/Andrew C. Weichmann	 
	 	 	Name:	Andrew C. Wiechmann	 
	 	 	Title:	Chief Financial Officer	 



 


 

	 	RiskMetrics Group,
    LLC, as Guarantor:

    
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/Andrew C. Weichmann	 
	 	 	Name:	Andrew C. Wiechmann	 
	 	 	Title:	Chief Financial Officer	 



 


 

	 	RiskMetrics Group Holdings, LLC, as Guarantor:	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/Andrew C. Weichmann	 
	 	 	Name:	Andrew C. Wiechmann	 
	 	 	Title:	Chief Financial Officer	 



 


 

	 	RiskMetrics Solutions, LLC, as Guarantor:	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/Andrew C. Weichmann	 
	 	 	Name:	Andrew C. Wiechmann	 
	 	 	Title:	Chief Financial Officer	 



 






    [Signature Page to Amendment No. 4]


    


    



	 	JPMORGAN CHASE BANK, N.A.,

    as Administrative Agent and L/C Issuer	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Jennifer M. Dunneback	 
	 	 	Name:	Jennifer M. Dunneback	 
	 	 	Title:	Executive Director	 



 



    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    

	 	JPMORGAN CHASE BANK, N.A.,

    as a Lender	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Jennifer M. Dunneback	 
	 	 	Name:	Jennifer M. Dunneback	 
	 	 	Title:	Executive Director	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	BANK
OF AMERICA, N.A.,

as a Lender 
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Maryanne Fitzmaurice	 
	 	 	Name:	Maryanne Fitzmaurice	 
	 	 	Title:	Director	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	GOLDMAN SACHS BANK
    USA,

    as a Lender

    
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Ryan Durkin	 
	 	 	Name:	Ryan Durkin	 
	 	 	Title:	Authorized Signatory	 



 






    [Signature Page to Amendment No. 4]


    	 



    



	 	MORGAN
STANLEY BANK, N.A.,

as a Lender 
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Michael King	 
	 	 	Name:	Michael King	 
	 	 	Title:	Authorized Signatory	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	MUFG
BANK, LTD.,

as a Lender 
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Rajiv Ranjan	 
	 	 	Name:	Rajiv Ranjan	 
	 	 	Title:	Vice President	 



 


 

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



 






    [Signature Page to Amendment No. 4]


    	 



    






	 	CITIZENS
BANK, N.A.,

as a Lender 
	 
	 	 	 	 	 
	 	By:	/s/ Angela Reilly	 
	 	 	Name:	Angela Reilly	 
	 	 	Title:	Senior Vice President	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	FIFTH
THIRD BANK, NATIONAL 

    ASSOCIATION,

as a Lender
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Jose A. Rosado	 
	 	 	Name:	Jose A. Rosado	 
	 	 	Title:	Senior Vice President	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	TD
BANK, N.A.,

as a Lender 
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Steve Levi	 
	 	 	Name:	Steve Levi	 
	 	 	Title:	Senior Vice President	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	CITIBANK,
N.A.,

as a Lender 
	 
	 	 	 	 	 
	 	By:	/s/ Ciaran Small	 
	 	 	Name:	Ciaran Small	 
	 	 	Title:	Vice President	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	CREDIT
SUISSE AG, CAYMAN ISLANDS BRANCH,

as Exiting Lender 
	 
	 	 	 	 	 
	 	By:	/s/ Doreen Barr	 
	 	 	Name:	Doreen Barr	 
	 	 	Title:	Authorized Signatory

    
	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Michael Dieffenbacher	 
	 	 	Name:	Michael Dieffenbacher	 
	 	 	Title:	Authorized Signatory

    
	 



 


 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    



	 	CREDIT
SUISSE AG, NEW YORK BRANCH,

as a Lender 
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Doreen Barr	 
	 	 	Name:	Doreen Barr	 
	 	 	Title:	Authorized Signatory

    
	
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Brady Bingham	 
	 	 	Name:	Brady Bingham	 
	 	 	Title:	Authorized Signatory

    
	 



 






    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    






	 	WELLS
FARGO BANK, N.A.,

as a Lender 
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Jocelyn Boll	 
	 	 	Name:	Jocelyn Boll	 
	 	 	Title:	Managing Director

    	



 


 



    [Signature Page to MSCI Credit Agreement Amendment No. 4]


    	 



    
 


Exhibit
A to AMENDMENT NO. 4


 


 


 


 



REVOLVING CREDIT
AGREEMENT


 


Dated as of November
20, 2014


 


as amended as of
March 29, 2021


 


among


 


MSCI INC.,

as the Borrower,


 


JPMorgan
Chase Bank, N.A.,

as Administrative Agent and L/C Issuer,


 


and


 


The Other Lenders
Party Hereto


 


____________________


 


JPMorgan
Chase Bank, N.A.,





BOFA SECURITIES,
INC.





GOLDMAN SACHS BANK
USA,





and





MORGAN STANLEY MUFG
LOAN PARTNERS, LLC


 


  


as Joint Lead Arrangers
and Bookrunners



 


 


 



 




     


     


    

TABLE OF CONTENTS


 


	Section	Page



 




	ARTICLE I

                                                                                DEFINITIONS AND ACCOUNTING TERMS

	1.01  Defined
    Terms	1
	1.02  Other
    Interpretive Provisions	35
	1.03  Accounting
    Terms	36
	1.04  Rounding	36
	1.05  Times
    of Day	37
	1.06  Letter
    of Credit Amounts	37
	1.07  Currency
    Equivalents Generally	37
	1.08  Pro
    Forma Calculation	37
	1.09  Interest
    Rates; LIBOR Notification	37
	1.10  Divisions	38
	ARTICLE II

                                                                                THE COMMITMENTS AND CREDIT EXTENSIONS

	2.01  The
    Loans	38
	2.02  Borrowings,
    Conversions and Continuations of Loans	38
	2.03  Letters
    of Credit	40
	2.04  [Reserved].	44
	2.05  Prepayments	44
	2.06  Termination
    or Reduction of Commitments	45
	2.07  Repayment
    of Loans	45
	2.08  Interest	45
	2.09  Fees	46
	2.10  Computation
    of Interest and Fees; Retroactive Adjustments of Applicable Rate	46
	2.11  Evidence
    of Debt	47
	2.12  Payments
    Generally; Administrative Agent’s Clawback	47
	2.13  Sharing
    of Payments by Lenders	49
	2.14  Increase
    in Commitments	50
	2.15  Cash
    Collateral	51
	2.16  Defaulting
    Lenders	52
	2.17  Extended
    Commitments	53
	ARTICLE III

                                                                                TAXES, YIELD PROTECTION AND ILLEGALITY

	3.01  Taxes	55
	3.02  Illegality	58
	3.03  Alternate
    Rate of Interest	58
	3.04  Increased
    Costs; Reserves on Eurodollar Loans	60
	3.05  Compensation
    for Losses	61
	3.06  Mitigation
    Obligations; Replacement of Lenders	62
	3.07  Survival	62



 



    -i-


     


    





 


	Section	Page





	ARTICLE IV

                                                                                CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

	4.01  Conditions
    to Effectiveness	62
	4.02  Conditions
    to All Credit Extensions	64
	ARTICLE V

                                                                                REPRESENTATIONS AND WARRANTIES

	5.01  Existence,
    Qualification and Power	64
	5.02  Authorization;
    No Contravention	65
	5.03  Governmental
    Authorization; Other Consents	65
	5.04  Binding
    Effect	65
	5.05  Financial
    Statements; No Material Adverse Effect	65
	5.06  Litigation	66
	5.07  Ownership
    of Property	66
	5.08  Environmental
    Compliance	66
	5.09  Insurance	66
	5.10  Taxes	66
	5.11  ERISA
    Compliance	66
	5.12  Subsidiaries	67
	5.13  Margin
    Regulations; Investment Company Act	67
	5.14  Disclosure	67
	5.15  Compliance
    with Laws	67
	5.16  Intellectual
    Property; Licenses, Etc.	68
	5.17  Anti-Money-Laundering
    Laws; Anti-Corruption Laws; Sanctions	68
	ARTICLE VI

                                                                                AFFIRMATIVE COVENANTS

	6.01  Financial
    Statements	68
	6.02  Certificates;
    Other Information	69
	6.03  Notices	70
	6.04  Payment
    of Taxes	71
	6.05  Preservation
    of Existence, Etc.	71
	6.06  Maintenance
    of Properties	71
	6.07  Maintenance
    of Insurance	71
	6.08  Compliance
    with Laws	72
	6.09  Books
    and Records	72
	6.10  Inspection
    Rights	72
	6.11  Use
    of Proceeds	72
	6.12  Additional
    Guarantors	73
	6.13  Compliance
    with Environmental Laws	73
	ARTICLE VII

                                                                                NEGATIVE COVENANTS

	7.01  Liens	73
	7.02  Subsidiary
    Indebtedness	77
	7.03  Fundamental
    Changes	79
	7.04  Sale/Leaseback
    Transactions	80







    -ii-


     


    

 





	Section	Page





 


	7.05  Restricted
    Payments	81
	7.06  Change
    in Nature of Business	82
	7.07  Financial
    Covenants	82
	ARTICLE VIII

                                                                                EVENTS OF DEFAULT AND REMEDIES

	8.01  Events
    of Default	82
	8.02  Remedies
    upon Event of Default	84
	8.03  Application
    of Funds	85
	ARTICLE IX

                                                                                ADMINISTRATIVE AGENT

	9.01  Appointment
    and Authority	86
	9.02  Rights
    as a Lender	87
	9.03  Administrative
    Agent’s Reliance, Limitation of Liability, Etc.	87
	9.04  Posting
    of Communications	88
	9.05  Delegation
    of Duties	90
	9.06  Resignation
    of Administrative Agent	90
	9.07  Non-Reliance
    on Administrative Agent and Other Lenders	91
	9.08  No
    Other Duties, Etc.	93
	9.09  Administrative
    Agent May File Proofs of Claim	93
	9.10  Guaranty
    Matters	93
	9.11  Withholding
    Taxes	94
	9.12  Certain
    ERISA Matters	94
	ARTICLE X

                                                                                MISCELLANEOUS

	10.01  Amendments,
    Etc.	95
	10.02  Notices;
    Effectiveness; Electronic Communications	97
	10.03  No
    Waiver; Cumulative Remedies	99
	10.04  Expenses;
    Indemnity; Limitation of Liability, Etc.	99
	10.05  Payments
    Set Aside	101
	10.06  Successors
    and Assigns	101
	10.07  Treatment
    of Certain Information; Confidentiality	105
	10.08  Right
    of Setoff	106
	10.09  Interest
    Rate Limitation	107
	10.10  Counterparts;
    Integration; Effectiveness	107
	10.11  Survival
    of Representations and Warranties	108
	10.12  Severability	108
	10.13  Replacement
    of Lenders	108
	10.14  Governing
    Law; Jurisdiction; Etc.	109
	10.15  WAIVER
    OF JURY TRIAL	110
	10.16  No
    Advisory or Fiduciary Responsibility	110
	10.17  USA
    PATRIOT Act Notice	111
	10.18  Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	111
	10.19  Acknowledgement
    Regarding Any Supported QFCs	112




    -iii-


     


    

	SCHEDULES
	 	 
	2.01A	Commitments and Applicable Percentages
	5.06	Litigation
	5.08	Environmental Matters
	5.11(d)	ERISA Matters
	5.12	Subsidiaries and Other Equity Investments; Loan Parties
	5.16	Intellectual Property Matters
	7.01	Existing Liens
	7.02	Existing Subsidiary Indebtedness
	10.02	Administrative Agent’s Office; Certain Addresses for Notices
	EXHIBITS
	 	 
	Form of	 
	A	Committed Loan Notice
	B	Revolving Credit Note
	C	Compliance Certificate
	D	Assignment and Assumption
	E	Guaranty
	F	United States Tax Compliance Certificate




    -iv-


     


    

REVOLVING
CREDIT AGREEMENT


 


This REVOLVING CREDIT
AGREEMENT is entered into as of November 20, 2014, as amended as of March 29, 2021, among MSCI Inc., a Delaware corporation (the “Borrower”),
each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”)
and JPMORGAN CHASE BANK, N.A., as Administrative Agent and L/C Issuer.


 


PRELIMINARY
STATEMENTS:


 


WHEREAS, the Borrower
has requested that (a) the Lenders extend credit in the form of Loans at any time and from time to time prior to the Maturity Date, in
an aggregate principal amount at any time outstanding not in excess of $500,000,000 and (b) the L/C Issuer issue Letters of Credit for
the account of the Borrower or its Subsidiaries.


 


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


 


ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS


 


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


 


“2024 Commitment”
means each Commitment existing prior to the Amendment No. 4 Effective Date, the Maturity Date of which is not extended pursuant to Amendment
No. 4. The amount of each Lender’s 2024 Commitment, if any, is set forth on Schedule 2.01A.


 


“2026 Commitment”
means each Amendment No. 4 Additional Commitment and each Commitment existing prior to the Amendment No. 4 Effective Date, the Maturity
Date of which is extended pursuant to Amendment No. 4. The amount of each Lender’s 2026 Commitment, if any, is set forth on Schedule
2.01A.


 


“Additional
Commitment Lender” has the meaning specified in Section 2.14(a)(iii). For the avoidance of doubt, any Additional Commitment
Lender shall be deemed a Lender under this Agreement.


 


“Additional
Commitments” has the meaning specified in Section 2.14(a).


 


“Additional
Commitments Effective Date” has the meaning specified in Section 2.14(b).


 


“Additional
Credit Extension Amendment” means an amendment to this Agreement (which may, at the option of the Administrative Agent, be
in the form of an amendment and restatement of this Agreement) providing for any Additional Commitments pursuant to Section 2.14
and/or Extended Commitments pursuant to Section 2.17, which shall be consistent with the applicable provisions of this Agreement
and otherwise reasonably satisfactory to the parties thereto. Each Additional Credit Extension Amendment shall be executed by the Administrative
Agent, the L/C Issuer, the Loan Parties and the other parties specified in the applicable Section of this Agreement (but not any other
Lender not specified in the applicable Section of this Agreement), but shall not effect any amendments that would require the consent
of each affected Lender or all Lenders pursuant to the proviso in the first paragraph of Section 10.01. Any Additional Credit
Extension Amendment may include conditions for delivery of opinions of counsel and other documentation consistent with the conditions
in Section 4.01 and certificates confirming


 




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satisfaction of conditions
consistent with Section 4.02, all to the extent reasonably requested by the Administrative Agent or the other parties to such
Additional Credit Extension Amendment.


 


“Adjusted
LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.


 


“Administrative
Agent” means JPMCB in its capacity as administrative agent under any of the Loan Documents, or any successor administrative
agent.


 


“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.


 


“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.


 


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


 


“Affiliate”
of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.


 


“Aggregate
Commitments” means the Commitments of all the Lenders. As of the Amendment No. 4 Effective Date, the amount of the Aggregate
Commitments is $500,000,000.


 


“Agreement”
means this Revolving Credit Agreement as amended from time to time in accordance with the terms hereof.


 


“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 3.03 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant
to Section 3.03(b)), 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, 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.


 


“Amendment
No. 1” means that certain Amendment No. 1 to Credit Agreement, dated as of the Amendment No. 1 Effective Date, among
the Loan Parties, the Lenders party thereto, the


 




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Additional Commitment
Lender listed on the signature page attached thereto, the Administrative Agent and the L/C Issuer.


 


“Amendment
No. 1 Effective Date” means August 4, 2016, the date on which Amendment No. 1 became effective.


 


“Amendment
No. 3” means that certain Amendment No. 3 to Credit Agreement, dated as of the Amendment No. 3 Effective Date, among
the Loan Parties, the Lenders party thereto, the Administrative Agent and the L/C Issuer.


 


“Amendment
No. 3 Effective Date” means November 15, 2019, the date on which Amendment No. 3 became effective.


 


“Amendment
No. 4” means that certain Amendment No. 4 to Credit Agreement, dated as of the Amendment No. 4 Effective Date, among the
Loan Parties, the Lenders, the Administrative Agent and the L/C Issuer.


 


“Amendment
No. 4 Additional Commitments” means, with respect to each Lender, the excess, if any, of the amount of such Lender’s
Commitment upon effectiveness of Amendment No. 4 as set forth on Schedule 2.01A attached to Amendment No. 4 over the amount of
such Lender’s Commitment immediately prior to effectiveness of Amendment No. 4. For the avoidance of doubt, each Amendment No.
4 Additional Commitment shall be deemed an Additional Commitment under this Agreement, and shall count toward the cap set forth in Section
2.14(a)(i).


 


“Amendment
No. 4 Effective Date” means March 29, 2021, the date on which Amendment No. 4 became effective.


 


“Ancillary
Document” has the meaning assigned to it in Section 10.10(b).


 


“Anti-Corruption
Laws” means all laws, rules and regulations concerning or relating to bribery or corruption of any jurisdiction in which the
Borrower or its Subsidiaries conduct business.


 


“Anti-Money
Laundering Laws” means any and all laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes,
case law or treaties related to terrorism financing or money laundering, including any applicable provision of Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001 (Title
III of Pub. L. 107-56) and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31
U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959) of any jurisdiction in which the Loan
Parties or their respective subsidiaries conduct business.


 


“Applicable
Additional Credit Extension Transaction” means, as of the date of any Additional Credit Extension Amendment, the entering into
such Additional Credit Extension Amendment, the consummation of the transactions contemplated thereby and the payment of fees and expenses
incurred in connection with the foregoing.


 


“Applicable
Fee Rate” means (i) from the Effective Date to the date on which the Administrative Agent receives a Compliance Certificate
pursuant to Section 6.02(a) for the fiscal quarter during which the Effective Date occurs, 0.30% per annum, (ii) from the
last date referenced in clause (i) to the Amendment No. 3 Effective Date, the applicable percentage per annum set forth below determined


 




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by reference to the
Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):


 


	Pricing Level	Consolidated
    Leverage Ratio	Applicable
    Fee Rate
	1	<
    1.50:1.00	0.20%
	2	>
    1.50:1.00 and  < 2.50:1.00	0.25%
	3	>
    2.50:1.00	0.30%


 


and (iii) from and
after the Amendment No. 3 Effective Date, 0.20% per annum.


 


Prior to the Amendment
No. 3 Effective Date, any increase or decrease in the Applicable Fee Rate resulting from a change in the Consolidated Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance with
such Section, then, upon the written request of the Required Lenders, Pricing Level 3 shall apply, as of the first Business Day after
the date on which such Compliance Certificate was required to have been delivered until the first Business Day immediately following
delivery of such Compliance Certificate, at which time the Applicable Fee Rate shall be determined based on such Compliance Certificate.
Prior to the Amendment No. 3 Effective Date, at any time an Event of Default shall have occurred and be continuing, then, upon the written
request of the Required Lenders, Pricing Level 3 shall apply as of the first Business Day after the date on which the Borrower shall
have received such request until the first Business Day on which such Event of Default is waived or no longer exists.


 


Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Fee Rate for any period prior to the Amendment No.
3 Effective Date shall be subject to the provisions of Section 2.10(b).


 


“Applicable
Parties” has the meaning specified in Section 9.04(c).


 


“Applicable
Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate
Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.16. If
the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant
to Section 8.02, or if the Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on
the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The Applicable Percentage
of each Lender as of the Amendment No. 4 Effective Date is set forth opposite the name of such Lender on Schedule 2.01A.


 


“Applicable
Rate” means, (i) from the Effective Date to the date on which the Administrative Agent receives a Compliance Certificate
pursuant to Section 6.02(a) for the fiscal quarter during which the Effective Date occurs, 0.75% per annum for Base Rate Loans
and 1.75% per annum for Eurodollar Loans and Letter of Credit Fees, (ii) from the last date referenced in clause (i) to the Amendment
No. 3 Effective Date, the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio
as set forth in the most recent Compliance Certificate received by the Administrative Agent prior to the Amendment No. 3 Effective Date
pursuant to Section 6.02(a):


 




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	Applicable Rate
	Pricing
    Level	Consolidated
    Leverage Ratio	Eurodollar
    Loans (Letters of Credit)	Base
    Rate Loans
	1	<
    1.50:1.00	1.25%	0.25%
	2	>
    1.50:1.00 and < 2.50:1.00	1.50%	0.50%
	3	>
    2.50:1.00	1.75%	0.75%


 


and (iii) from and
after the Amendment No. 3 Effective Date, the applicable percentage per annum set forth below determined by reference to the Consolidated
Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):


 


	Applicable Rate
	Pricing
    Level	Consolidated
    Leverage Ratio	Eurodollar
    Loans (Letters of Credit)	Base
    Rate Loans
	1	<
    1.50:1.00	1.00%	0.00%
	2	>
    1.50:1.00 and < 2.50:1.00	1.25%	0.25%
	3	>
    2.50:1.00	1.50%	0.50%


 


Any increase or decrease
in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however,
that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the written request of the Required
Lenders, Pricing Level 3 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to
have been delivered until the first Business Day immediately following delivery of such Compliance Certificate, at which time the Applicable
Rate shall be determined based on such Compliance Certificate. If at any time an Event of Default shall have occurred and be continuing,
then, upon the written request of the Required Lenders, Pricing Level 3 shall apply as of the first Business Day after the date on which
the Borrower shall have received such request until the first Business Day on which such Event of Default is waived or no longer exists.


 


Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions
of Section 2.10(b).


 


“Approved
Electronic Platform” has the meaning specified in Section 9.04(a).


 


“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 of its business 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.


 


“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another.


 


“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any
party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit
D or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative
Agent.


 




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“Attributable
Indebtedness” means, in respect of a Sale/Leaseback Transaction, as at the time of determination, the present value (discounted
at the interest rate implicit in such transaction, determined in accordance with GAAP) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease
has been extended).


 


“Audited
Financial Statements” means the audited consolidated statements of financial condition of the Borrower and its Subsidiaries
for the fiscal year ended December 31, 2020, and the related consolidated statements of income, comprehensive income, shareholders’
equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.


 


“Availability
Period” means the period from and including the Effective Date to the earliest of (i) the Maturity Date, (ii) the date of termination
of the Commitments pursuant to Section 2.06, and (iii) the date of termination of the Commitments pursuant to Section 8.02.


 


“Available
Tenor” means, 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 Section 3.03(f).


 


“Bail-In
Action” means 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” means (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).


 


“Base Rate
Loan” means a Loan that bears interest based on the Alternate Base Rate.


 


“Benchmark”
means, initially, 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 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 (b) or clause (c) of Section 3.03.


 


“Benchmark
Replacement” means, 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;


 




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(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 U.S. dollar-denominated syndicated
credit facilities at such time and (b) the related Benchmark Replacement Adjustment;


 


provided that,
in the case of clause (1) above, 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 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


 




    -7-


     


    

adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. 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” means, 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 in its reasonable discretion
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 in its reasonable discretion is reasonably necessary in connection with the administration of this Agreement and the other
Loan Documents).


 


“Benchmark
Replacement Date” means 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 3.03(c); 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 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)
above with respect to any Benchmark upon the occurrence of the applicable event or


 




    -8-


     


    

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” means 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” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clause
(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 3.03 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 3.03.


 


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


 


“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 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”.


 




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“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 of
Directors” means, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii)
in the case of any limited liability company, the board of managers or, if there is no such board, the managing member of such Person,
(iii) in the case of any partnership, the Board of Directors of the general partner of such Person and (iv) in any other case, the functional
equivalent of the foregoing or any committee thereof duly authorized to act on behalf thereof.


 


“Borrower”
has the meaning specified in the introductory paragraph hereto.


 


“Borrower
Materials” has the meaning specified in Section 6.02.


 


“Borrowing”
means a borrowing of Loans pursuant to Section 2.01.


 


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


 


“Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.


 


“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent or L/C Issuer and
the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or
deposit account balances or, if the L/C Issuer benefiting from such collateral shall agree in its sole discretion, other credit support,
in each case pursuant to documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) the L/C
Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support.


 


“Cash Equivalents”
means any of the following types of investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all
Liens (other than Liens permitted under this Agreement):


 


(a)  readily
marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than two (2) years from the date of acquisition thereof; provided that the full faith and
credit of the United States of America is pledged in support thereof;


 


(b)  time
deposits with, or certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized
under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary
of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and
is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause
(c) of this definition and (iii) has combined capital and surplus of at least $500,000,000, in each case with maturities of not
more than 360 days from the date of acquisition thereof;


 




    -10-


     


    

(c)  commercial
paper issued by any Person organized under the laws of any state of the United States and rated, at the time of acquisition thereof,
at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent
grade) by S&P, in each case with maturities of not more than 360 days from the date of acquisition thereof;


 


(d)  readily
marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing
authority thereof having, at the time of acquisition thereof, an Investment Grade Rating with maturities of 360 days or less from the
date of acquisition;


 


(e)  readily
marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality thereof, in each
case having, at the time of acquisition thereof, an Investment Grade Rating with maturities of 360 days or less from the date of acquisition;


 


(f)  fully
collateralized repurchase agreements with a term of not more than 30 days for underlying securities described in clauses (a) through
(e) above and entered into with a financial institution satisfying the criteria described in clause (b) above;


 


(g)  any
money market or similar fund not less than 90% of the assets of which are comprised of cash or any of the items specified in clauses
(a) through (f) of this definition and as to which withdrawals are permitted at least every 90 days; and


 


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


 


“CFC”
means a controlled foreign corporation within the meaning of Section 957 of the Code.


 


“Change in
Law” means the occurrence, after the Amendment No. 4 Effective 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) compliance by any Lender or L/C Issuer (or, for purposes of
Section 3.04(b), by any lending office of such Lender or by such Lender’s or L/C Issuer’s holding company, if any)
with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after
the Amendment No. 4 Effective Date; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted,
adopted, issued or implemented.


 


“Change of
Control” means an event or series of events by which:


 


(a)  any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 35%
of the total voting power of the Voting Stock of the Borrower (or its successor by merger, consolidation or purchase of all or


 




    -11-


     


    

substantially
all of its assets), other than by the imposition of a holding company, the beneficial owners of whose Voting Stock would not have caused
a Change of Control if such beneficial owners had directly held the Voting Stock of the Borrower held by such holding company;


 


(b)  the
adoption of a plan relating to the liquidation or dissolution of the Borrower; or


 


(c)  the
merger or consolidation of the Borrower with or into another Person or the merger of another Person with or into the Borrower, or the
sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation, in one or a series of related transactions)
of all or substantially all the assets of the Borrower (determined on a consolidated basis) to another Person other than a transaction,
in the case of a merger or consolidation transaction, following which holders of securities that represented 100% of the Voting Stock
of the Borrower immediately prior to such transaction (or other securities into which such securities are converted as part of such merger
or consolidation transaction) own directly or indirectly at least 50% of the voting power of the Voting Stock of the surviving Person
in such merger or consolidation transaction immediately after giving effect to such transaction.


 


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


 


“Collateral
Account” has the meaning specified in Section 2.03(l).


 


“Commitment”
means, as to each Lender, its obligation to (a) make Loans to the Borrower pursuant to Section 2.01 and (b) purchase participations
in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s
name on Schedule 2.01A under the caption “2024 Commitment” or “2026 Commitment,” as applicable, opposite
such caption in the Additional Credit Extension Amendment or Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement; provided, that at no
time shall the Revolving Credit Exposure of any Lender exceed its Commitment.


 


“Committed
Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation
of Eurodollar Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A.


 


“Communications”
has the meaning specified in Section 9.04(c).


 


“Compliance
Certificate” means a certificate substantially in the form of Exhibit C or any other form reasonably acceptable
to the Borrower and the Administrative Agent.


 


“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are
franchise Taxes or branch profits Taxes.


 


“Consolidated
EBITDA” means, at any date of determination, an amount equal to Consolidated Net Income of the Borrower and its Subsidiaries
on a consolidated basis for the most recently completed Measurement Period plus (a) the following to the extent deducted (and
not added back) in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges, (ii) the provision
for Federal, state, local and foreign income taxes and for foreign withholding taxes payable, (iii) depreciation and amortization expense,
including any amortization of intangibles, (iv) non-cash charges (including non-cash charges related to employee benefit or other
management or stock compensation plans or expense, but excluding write-offs, write-downs or reserves with respect to


 




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accounts receivable
or inventory (which write-offs, write-downs or reserves shall not be added back under any clause of this definition of Consolidated EBITDA
(other than clause (b)(ii) below))) (provided that if any such non-cash charges 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, and excluding amortization of a prepaid cash item that was in a prior period), (v) unusual or non-recurring
losses or expenses (including severance and relocation costs, one-time compensation charges, restructuring charges, integration costs
and reserves), including such items related to acquisitions and to closure/consolidation of facilities, in an amount not to exceed, in
the aggregate under this clause (v) for any Measurement Period, 5.0% of Consolidated EBITDA for such Measurement Period, (vi) transaction
costs, fees and expenses (including swap breakage costs) in connection with the Transactions, any sale of Equity Interests, any acquisition
or other investment, any disposition, the incurrence of, or any refinancing of, any Indebtedness or any Applicable Additional Credit
Extension Transaction (in each case whether or not successful), (vii) any net after-tax loss from the early extinguishment of Indebtedness
or hedging obligations or other derivative instruments, (viii) costs of surety bonds incurred in connection with financing activities,
(ix) mark-to-market losses recognized pursuant to FASB ASC Topic 815 or any successor thereof, (x) to the extent reimbursement therefor
is actually received by the Borrower or a Subsidiary, expenses incurred to the extent covered by indemnification provisions in any agreement
in connection with any acquisition and (xi) cash expenses incurred during such period in connection with casualty events to the
extent such expenses are reimbursed in cash by insurance during such period and minus (b) the following to the extent included
in calculating such Consolidated Net Income (without duplication): (i) Federal, state, local and foreign income tax credits, (ii) all
non-cash items increasing Consolidated Net Income (excluding any such non-cash item to the extent it represents the reversal of an accrual
or reserve for potential cash items in any prior period or reversal of a reserve with respect to accounts receivable or inventory which
reduced Consolidated EBITDA hereunder in a prior period), (iii) unusual or non-recurring gains or income, (iv) any net after-tax
income from the early extinguishment of Indebtedness or hedging obligations or other derivative instruments, and (v) mark-to-market gains
recognized pursuant to FASB ASC Topic 815 or any successor thereof (in each case of or by the Borrower and its Subsidiaries for
such Measurement Period); provided that (x) there shall be excluded in determining Consolidated EBITDA non-operating currency
transaction gains and losses (including the net loss or gain resulting from Swap Contracts for currency exchange risk) and (y) for purposes
of determining the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio, Consolidated EBITDA shall be determined
on a Pro Forma Basis. The calculation of Consolidated EBITDA shall exclude any non-cash impact attributable to the reduction in deferred
revenue or reduction in deferred costs to balance sheet accounts as a result of the fair value exercise undertaken as required by purchase
method of accounting for any acquisition permitted hereunder, in accordance with GAAP (such exclusion to be reflected in the period in
which such revenues or costs would have been recorded had such reduction not been required).


 


“Consolidated
Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis,
Indebtedness of the type described in clauses (a), (b) (to the extent drawn and not reimbursed), (f), (g) and, without duplication, (h)
(with respect to any Indebtedness described in clauses (a), (b) (to the extent drawn and not reimbursed), (f) or (g) of the definition
of “Indebtedness”) of the definition of “Indebtedness”. Notwithstanding any other provision of this Agreement
to the contrary, the amount of Consolidated Funded Indebtedness for which recourse is limited either to a specified amount or to an identified
asset of such Person shall be deemed to be equal to such specified amount or the fair market value of such identified asset as determined
by such Person in good faith, as the case may be.


 


“Consolidated
Interest Charges” means, for any Measurement Period, the sum, without duplication, of (a) all interest, premium payments and
debt discount in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of
assets, in each case to


 




    -13-


     


    

the extent treated
as interest in accordance with GAAP but, in any event, excluding upfront fees and expenses and the amortization of deferred financing
costs (including, for the avoidance of doubt, any upfront fees, expenses or amortized deferred financing costs accelerated upon giving
effect to this Agreement, amendments to this Agreement and the transactions contemplated thereby or hereby), and (b) the portion of rent
expense under Capitalized Leases that is treated as interest in accordance with GAAP, in each case, of or by the Borrower and its Subsidiaries
on a consolidated basis for such period. For purposes of the foregoing, interest expense shall be determined after giving effect to any
net payments made or received by the Borrower or any Subsidiary with respect to interest rate Swap Contracts.


 


“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest
Charges paid in cash, in each case, of or by the Borrower and its Subsidiaries on a consolidated basis for the most recently completed
Measurement Period.


 


“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio of (a) (x) Consolidated Funded Indebtedness as of such date
minus (y) up to $100.0 million of unrestricted cash and cash equivalents of the Borrower and its Subsidiaries as of such date
to (b) Consolidated EBITDA of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period.


 


“Consolidated
Net Income” means, at any date of determination, the net income (or loss) of the Borrower and its Subsidiaries on a consolidated
basis for the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude, without duplication,
(a) any net after-tax extraordinary gains or losses for such Measurement Period and the cumulative effect of a change in accounting
principles during such Measurement Period, (b) any net after-tax gains or losses on asset sales outside the ordinary course of business,
(c) the net income of any Subsidiary (other than a Guarantor) during such Measurement Period to the extent that the declaration or payment
of dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization
Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that the Borrower’s
equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate
amount of cash or Cash Equivalents actually distributed by such Person during such Measurement Period to the Borrower or a Guarantor
as a dividend or other distribution, and (d) any income (or loss) for such Measurement Period of any Person (other than the Borrower)
if such Person is not a Subsidiary, except that the Borrower’s equity in the net income of any such Person for such Measurement
Period shall be included in Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed by such
Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other distribution (and in the case of a dividend
or other distribution to a Subsidiary (other than a Guarantor), such Subsidiary is not precluded from further distributing such amount
to the Borrower (or a Guarantor) as described in clause (c) of this proviso).


 


“Consolidated
Total Assets” means the consolidated total assets of the Borrower and its Subsidiaries, as shown on the most recent balance
sheet of the Borrower delivered pursuant to Section 6.01(a) or (b).


 


“Contractual
Obligation” means, 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.


 




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“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
Entity” means any of the following:


 


(i)  a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);


 


(ii)  a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or


 


(iii)  a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).


 


“Covered
Party” has the meaning assigned to it in Section 10.19.


 


“Credit Extension”
means (a) a Borrowing or (b) an L/C Credit Extension.


 


“Daily Simple
SOFR” means, for any day, SOFR, with the conventions for this rate (which may 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.


 


“Debtor Relief
Laws” means 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.


 


“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.


 


“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” means, subject to Section 2.16, any Lender that (a) has failed to (i) fund all or any portion of its Loans within
two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and
the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to
funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing)
has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid
by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has
notified the Borrower, the Administrative Agent or any L/C Issuer in writing that it does not intend to comply with its funding obligations
hereunder or generally under other agreements in which it commits to extend credit, or has made a public statement to that effect (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 good faith 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),


 




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(c) has failed, within
three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent
and the Borrower that it will comply with its prospective funding obligations hereunder (and is financially able to meet such obligations
as of the date of certification) (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)
upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting
in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction
of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or
such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination
by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.16) upon delivery
of written notice of such determination to the Borrower, each L/C Issuer and each Lender.


 


“Disposition”
means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and whether effected pursuant
to a division or otherwise) of any property by any Person (or the granting of any option or other right to do any of the foregoing),
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights
and claims associated therewith. The term “Dispose” shall have a correlative meaning to the term “Disposition”.


 


“Disqualified
Equity Interest” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests into
which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily
redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise, (b) is redeemable
at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled
payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that
would constitute Disqualified Equity Interests, in each case of clauses (a) through (d) above, prior to the date that is ninety-one (91)
days after the latest Maturity Date in effect at the time of issuance of such Equity Interest; provided that an Equity Interest
shall not be deemed to be a Disqualified Equity Interest solely because it is redeemable or is required to be redeemed as a result of
a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale
event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination
of the Commitments and all outstanding Letters of Credit.


 


“Dollar”
and “$” mean lawful money of the United States.


 


“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of
Columbia.


 


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


 




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(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 LIBO Rate and the provision by the Administrative
Agent of written notice of such election to the Lenders.


 


“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 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.


 


“Effective
Date” has the meaning specified in Section 4.01.


 


“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” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii), (v) and
(vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).


 


“Environmental
Laws” means any and all Laws relating to pollution or the protection of the environment or the release of any hazardous or
toxic materials into the environment.


 


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


 


“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.


 




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“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities of such Person convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person
of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member
or trust interests therein), whether voting or nonvoting; provided that “Equity Interests” shall exclude any indebtedness
convertible into or exchangeable for Equity Interests.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974 and the regulations promulgated and the rulings issued thereunder.


 


“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b)
or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).


 


“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from
a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined
in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) any failure to meet the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, with respect to any
Pension Plan, whether or not waived, or the failure to make any required contribution to a Multiemployer Plan; (d) the filing pursuant
to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Pension Plan; (e) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan; (f)
the filing of a notice of intent to terminate a Pension Plan or Multiemployer Plan or the treatment of a Pension Plan or Multiemployer
Plan amendment as a termination under Section 4041 or 4041A of ERISA, respectively; (g) the institution by the PBGC of proceedings to
terminate a Pension Plan or Multiemployer Plan; (h) any event or condition which constitutes grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (i) the determination
that any Pension Plan is considered an at-risk plan or a Multiemployer Plan is in endangered or critical status within the meaning of
Sections 430, 431 and 432 of the Code or Sections 303 and 305 of ERISA; or (j) the imposition of any liability under Title IV of
ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.


 


“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.


 


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


 


“Event of
Default” has the meaning specified in Section 8.01.


 


“Excluded
Subsidiary” means (a) any Domestic Subsidiary of a CFC, (b) any Domestic Subsidiary that owns no material assets (directly
or through one or more Persons that are disregarded entities for purposes of the Code) other than Equity Interests (including any debt
instrument treated as equity for U.S. federal income tax purposes) of one or more CFCs, (c) any Subsidiary that is not, directly or indirectly,
wholly-owned by the Borrower and its Subsidiaries and (d) any Subsidiary that is prohibited


 




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by applicable law,
rule or regulation or by any contractual obligation existing at the time such Subsidiary is acquired (and not in contemplation of such
acquisition) from providing a Guarantee or which would require governmental (including regulatory) consent, approval, license or authorization
of any third party (other than the Borrower or any of its Subsidiaries) to provide a Guarantee unless such consent, approval, license
or authorization has been received.


 


“Excluded
Taxes” means any of the following Taxes imposed on or with respect to, 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 Foreign Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Foreign 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 Foreign Lender acquires the applicable interest in the applicable Commitment (other than pursuant to an
assignment request by the Borrower under Section 10.13) or (ii) such Foreign Lender changes its Lending Office, except in each
case to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office
(or assignment), to receive additional amounts from any Loan Party with respect to such withholding Tax pursuant to Section 3.01(a),
(c) Taxes attributable to such Recipient's failure to comply with Section 3.01(e) and (d) any withholding Taxes imposed
under FATCA.


 


“Exempted
Debt” means, without duplication, (i) all obligations of the Borrower and its Subsidiaries which is secured by a Lien incurred
and outstanding under Section 7.01(a)(xxviii), (ii) all Attributable Indebtedness in respect of Sale/Leaseback Transactions Incurred
and outstanding under Section 7.04(c) and (iii) all indebtedness of Subsidiaries of the Borrower that are not Guarantors Incurred
and outstanding under Section 7.02(b)(xv).


 


“Existing
Credit Agreement” means the Amended and Restated Credit Agreement dated as of May 4, 2012 (as amended prior to the date hereof)
among the Borrower and the other parties thereto.


 


“Existing
Letters of Credit” means those letters of credit issued and outstanding as of the Effective Date under the Existing Credit
Agreement.


 


“Extended
Commitment” means any Commitment the Maturity Date of which is extended in accordance with Section 2.17.


 


“Extending
Lender” has the meaning specified in Section 2.17(b).


 


“Extension
Date” has the meaning specified in Section 2.17(a).


 


“FAS 842”
has the meaning specified in Section 1.03(c).


 


“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.


 


“FATCA”
means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above), any
intergovernmental agreement, treaty or convention among Governmental


 




    -19-


     


    

Authorities (and any
U.S. or non-U.S. fiscal or regulatory law, legislation, rules, or official administrative practices) implementing the foregoing.


 


“FCA”
has the meaning assigned to such term in Section 1.09.


 


“Federal
Funds Effective Rate” means, 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 zero, such rate shall be deemed to be zero for the purposes of this Agreement.


 


“Fee Letter”
means the Engagement Letter, dated as of October 22, 2014, between the Borrower, JPMCB and J.P. Morgan.


 


“Floor”
means 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 LIBO Rate.


 


“Foreign
Lender” means any Lender or L/C Issuer that is not a United States person within the meaning of Section 7701(a)(30) of the
Code.


 


“Foreign
Subsidiary” means any direct or indirect Subsidiary of the Borrower which is not a Domestic Subsidiary.


 


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


 


“Fronting
Exposure” means, at any time there is a Defaulting Lender, such Defaulting Lender’s Applicable Percentage of the outstanding
L/C Obligations 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.


 


“GAAP”
means generally accepted accounting principles in the United States as in effect from time to time, including those set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants (or any successor
thereto), the statements and pronouncements of the Financial Accounting Standards Board (or any successor thereto) or the statements
and pronouncements of the Securities Exchange Commission, in each case applicable to companies subject to reporting under Section 13
or 15(d) of the Exchange Act. Unless otherwise specified, subject to Section 1.03, all computations contained in this Agreement
will be computed in conformity with GAAP. At any time after the Effective Date, subject to Section 1.03(b), the Borrower may elect
to apply International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards
Board or any successor thereto applicable to companies subject to reporting under Section 13 or 15(d) of the Exchange Act in lieu of
GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS on the date of such election;
provided that any calculation or determination in this Agreement that requires the application of GAAP for periods that include
fiscal quarters ended prior to the Borrower’s election to apply IFRS shall remain as previously calculated or determined in accordance
with GAAP.


 


“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority,


 




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instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).


 


“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of
such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or
(b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness
or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any
such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made (or, if such Guarantee is limited by its terms to a lesser
amount, such lesser amount) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by the guaranteeing Person in good faith; provided that, in the case of any Guarantee of the type set forth in clause (b) above,
if recourse to such Person for such Indebtedness is limited to the assets subject to such Lien, then such Guarantee shall be a Guarantee
hereunder solely to the extent of the lesser of (x) the amount of the Indebtedness secured by such Lien and (y) the value of the assets
subject to such Lien. The term “Guarantee” as a verb has a corresponding meaning.


 


“Guarantors”
means, collectively, the Subsidiaries of the Borrower identified on Schedule 5.12 and each other Subsidiary of the Borrower that
executes and delivers the Guaranty pursuant to Section 6.12, in each case, until such Subsidiary is released from the Guaranty
in accordance herewith and therewith.


 


“Guaranty”
means, collectively, the Guaranty dated as the date hereof made by the Guarantors in favor of the Administrative Agent and the Lenders,
substantially in the form of Exhibit E, together with each other guaranty and guaranty supplement delivered pursuant to Section 6.12,
in each case as amended, supplemented or otherwise modified from time to time.


 


“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated as hazardous or toxic (or words of similar import) pursuant
to any Environmental Law.


 


“IFRS”
has the meaning specified in the definition of “GAAP”.


 


“Immaterial
Subsidiary” means, at any date of determination, a Subsidiary of the Borrower that, together with all other Immaterial Subsidiaries,
did not have total assets on the last day of the most recent Measurement Period that equaled or exceeded 5% of the Consolidated Total
Assets of the Borrower and its Subsidiaries at such date.


 




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


 


“Incur”
means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness 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. The term “Incurrence” when used as a noun shall have
a correlative meaning.


 


“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:


 


(a)  all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;


 


(b)  the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments;


 


(c)  net
obligations of such Person under any Swap Contract;


 


(d)  all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable, deferred expenses
or accrued expenses in the ordinary course of business and earn-out obligations until such obligations become a liability on the balance
sheet of such Person in accordance with GAAP and if not paid after becoming due and payable);


 


(e)  indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse;


 


(f)  all
Attributable Indebtedness of such Person;


 


(g)  all
obligations of such Person under Capitalized Leases; and


 


(h)  all
Guarantees of such Person in respect of any of the foregoing.


 


For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is
itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer (but only to the extent
such Person is liable therefor as a result of such Person’s ownership interest in such joint venture), unless such Indebtedness
is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to
be the Swap Termination Value thereof as of such date.


 


“Indemnified
Taxes” means all Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of any Loan Party under any Loan Document.


 


“Indemnitee”
has the meaning specified in Section 10.04(c).


 




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“Information”
has the meaning specified in Section 10.07.


 


“Interest
Payment Date” means, (a) as to any Eurodollar Loan, the last day of each Interest Period applicable to such Loan and each Maturity
Date; provided, however, that if any Interest Period for a Eurodollar Loan exceeds three months, the respective dates that
fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate
Loan, the last Business Day of each fiscal quarter of the Borrower, commencing with the first such day to occur after the Effective Date,
and each Maturity Date.


 


“Interest
Period” means, as to each Eurodollar Loan, the period commencing on the date such Eurodollar Loan is disbursed or converted
to or continued as a Eurodollar Loan and ending on the numerically corresponding day in the calendar month that is one, three or six
months thereafter, or if available to, and consented to by, all the Lenders, twelve months thereafter, as selected by the Borrower in
its Committed Loan Notice; provided that:


 


(a)  any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless
such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;


 


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


 


(c)  no
Interest Period shall extend beyond the latest Maturity Date.


 


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


 


“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) (with a stable or better outlook) by Moody’s
or BBB- (or the equivalent) (with a stable or better outlook) by S&P, or an equivalent rating by any other nationally recognized
statistical rating agency selected by the Borrower.


 


“IP Rights”
has the meaning specified in Section 5.16.


 


“IRS”
means the United States Internal Revenue Service.


 


“ISDA Definitions”
means 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.


 


“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Agreement, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) regarding the L/C Issuer’s L/C Sublimit
or


 




    -23-


     


    

the respective rights
and obligations between the Borrower (or any Subsidiary) and the L/C Issuer in connection with the issuance of Letters of Credit.


 


“J.P. Morgan”
means J.P. Morgan Securities LLC.


 


“JPMCB”
means JPMorgan Chase Bank, N.A. and its successors.


 


“Laws”
means, 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, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.


 


“L/C Borrowing”
means 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 Borrowing.


 


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


 


“L/C Disbursement”
means a payment made by the L/C Issuer pursuant to a Letter of Credit.


 


“L/C Issuer”
means JPMCB in its capacity as issuer of Letters of Credit hereunder, any successor issuer of Letters of Credit hereunder or any other
Lender that agrees to be an L/C Issuer and is approved by the Borrower and the Administrative Agent to issue Letters of Credit. Any L/C
Issuer may, in its sole discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such L/C Issuer, in which
case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. The
term “L/C Issuer” shall mean the applicable issuer of the relevant Letters of Credit as the context may require.


 


“L/C Obligations”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (b) the
aggregate amount of all L/C Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. 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 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired
by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and
Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be
in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of
Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the
Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to
be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower
and each Lender shall remain in full force and effect until the L/C Issuer and the Lenders shall have no further obligations to make
any payments or disbursements under any circumstances with respect to any Letter of Credit.


 


“L/C Sublimit”
means $10,000,000. The Borrower may, at any time and from time to time, reduce the L/C Sublimit with the consent of the L/C Issuer; provided
that the Borrower shall not


 




    -24-


     


    

reduce the L/C Sublimit
if, after giving effect of such reduction, the conditions set forth in clauses (i) through (iii) of Section 2.03(b) shall not
be satisfied.


 


“Lead Arrangers”
means (i) prior to Amendment No. 1, J.P. Morgan, (ii) in connection with and after Amendment No. 1, JPMCB, in each case, in its capacity
as sole lead arranger and bookrunner for the facility hereunder and (iii) in connection with Amendment No. 3 and Amendment No. 4,
JPMCB, BofA Securities, Inc., Goldman Sachs Bank USA and Morgan Stanley MUFG Loan Partners, LLC, acting through Morgan Stanley Senior
Funding, Inc. and MUFG Bank, Ltd., in their capacity as joint lead arrangers and bookrunners for the facility hereunder.


 


“Lender”
has the meaning specified in the introductory paragraph hereto.


 


“Lender Party”
shall mean the Administrative Agent, the L/C Issuer or any Lender.


 


“Lender-Related
Person” means any Lender Party or any Related Party of any Lender Party.


 


“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.


 


“Letter of
Credit” means any standby letter of credit issued hereunder.


 


“Letter of
Credit Agreement” has the meaning specified in Section 2.03(b).


 


“Letter of
Credit Application” means an application and agreement for the issuance, amendment or extension of a Letter of Credit in the
form from time to time in use by the L/C Issuer.


 


“Letter of
Credit Expiration Date” means the day that is five Business Days prior to the latest Maturity Date (or, if such day is not
a Business Day, the next preceding Business Day).


 


“Letter of
Credit Fee” has the meaning specified in Section 2.03(i).


 


“Leverage
Increase Election” has the meaning specified in Section 7.07(b).


 


“Leverage
Increase Period” has the meaning specified in Section 7.07(b).


 


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


 


“LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time,
two (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available
at such time for such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated
Rate.


 


“LIBO Screen
Rate” means, for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, LIBOR as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal
in length to such Interest Period as displayed on such day and time 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


 




    -25-


     


    

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); provided that if the LIBO Screen Rate as so
determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.


 


“LIBOR”
has the meaning assigned to such term in Section 1.09.


 


“Lien”
means any mortgage, deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of
any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).


 


“Loan”
means a loan made pursuant to Section 2.01.


 


“Loan Documents”
means, collectively, (a) this Agreement and amendments of and joinders to this Agreement that are deemed pursuant to their terms
to be Loan Documents for purposes hereof, (b) the Notes, (c) the Guaranty, (d) the Fee Letter, (e) any agreement creating or perfecting
rights in Cash Collateral pursuant to the provisions of Section 2.15 of this Agreement, (f) each Issuer Document and (g) each
Additional Credit Extension Amendment.


 


“Loan Parties”
means, collectively, the Borrower and each Guarantor.


 


“Master Agreement”
has the meaning specified in the definition of “Swap Contract.”


 


“Material
Acquisition” means an acquisition of one or more assets or businesses (including Equity Interests in any Person that becomes
a Subsidiary thereby) in a single transaction or series of related transactions where the aggregate consideration payable by the Borrower
or any of its Subsidiaries is at least $100.0 million.


 


“Material
Adverse Effect” means (a) a material adverse effect on the operations, business, properties, liabilities (actual or contingent)
or financial condition of the Borrower and its Subsidiaries, taken as a whole; (b) a material adverse effect on the ability of the Loan
Parties (taken as a whole) to perform their payment obligations under any Loan Document; or (c) a material adverse effect on the material
rights and remedies of the Lenders and the Administrative Agent under any Loan Document.


 


“Material
Domestic Subsidiary” means, at any time, any Domestic Subsidiary (other than an Excluded Subsidiary) that accounts for more
than 5.0% of the consolidated total assets of the Borrower and its Subsidiaries as of the end of the fiscal year for which annual financial
statements have been (or was required to be) delivered or as of the time such Person became a Domestic Subsidiary calculated on a pro
forma basis assuming for such purpose that such Person became a Domestic Subsidiary as of the end of the most recent Measurement Period.


 


“Maturity
Date” means (a) with respect to the 2024 Commitments, November 15, 2024, (b) with respect to the 2026 Commitments, the fifth
anniversary of the Amendment No. 4 Effective Date and (c) with respect to any other Commitments, the date specified as the “Maturity
Date” thereof pursuant to the Additional Credit Extension Amendment establishing such Commitments; provided, however,
that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.


 




    -26-


     


    

“Maximum
Rate” has the meaning specified in Section 10.09.


 


“Measurement
Period” means, at any date of determination, the most recently completed four fiscal quarters of the Borrower ending prior
to such date for which financial statements have been delivered (or were required to be delivered).


 


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


 


“Morgan Stanley”
means Morgan Stanley Senior Funding, Inc. or any of its Affiliates (other than the Borrower and its Subsidiaries).


 


“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any
ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make
contributions.


 


“Multiple
Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at
least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.


 


“New Lender”
has the meaning specified in Section 2.17(e).


 


“Non-Extending
Lender” has the meaning specified in Section 2.17(b).


 


“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of
Exhibit B.


 


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


 


“NYFRB Rate”
means, 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 shall be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.


 


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


 


“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or
otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality
of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation to pay principal, interest,
Letter of Credit commissions, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable
by any Loan Party under any Loan Document and


 




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(b) the obligation
of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay
or advance on behalf of such Loan Party.


 


“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent
or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity.


 


“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, or sold or assigned an interest in any Loan or Loan Document).


 


“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from
any payment made hereunder or under any other Loan Document 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 made pursuant to Section 10.13).


 


“Outstanding
Amount” means (a) with respect to Loans, the aggregate outstanding principal amount thereof after giving effect to any borrowings
and prepayments or repayments of the Loans occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount
of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in
the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed
Amounts.


 


“Overnight
Bank Funding Rate” means, 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.


 


“Participant”
has the meaning specified in Section 10.06(d).


 


“Participant
Register” has the meaning specified in Section 10.06(d).


 


“Payment”
has the meaning assigned to it in Section 9.07(c)(i).


 


“Payment
Notice” has the meaning assigned to it in Section 9.07(c)(ii).


 


“PBGC”
means the Pension Benefit Guaranty Corporation.


 


“Pension
Plan” means any employee pension benefit plan within the meaning of Section 3(2) of ERISA (including Multiple Employer Plans
but excluding Multiemployer Plans) that is


 




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maintained or is contributed
to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards
under Section 412 of the Code.


 


“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any other entity.


 


“Plan”
means any employee pension benefit plan within the meaning of Section 3(2) of ERISA that is maintained or contributed to by the
Borrower or its subsidiaries, or, with respect to any Plan that is a Pension Plan, any ERISA Affiliate.


 


“Plan Asset
Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.


 


“Platform”
has the meaning specified in Section 6.02.


 


“primary
obligor” has the meaning specified in the definition of “Guarantee.”


 


“Prime Rate”
means 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 Federal Reserve 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 Federal Reserve 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.


 


“Proceeding”
means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding
in any jurisdiction.


 


“Pro Forma
Basis” means:


 


(a)  the
Transactions or any investments, acquisitions, dispositions of any subsidiary, line of business or division that have been made by the
Borrower or any of its subsidiaries, and incurrences or repayments of indebtedness in connection with such investment, acquisition or
disposition, during the applicable reference period or subsequent to such reference period and on or prior to the date of determination
will be given pro forma effect, as if they had occurred on the first day of the applicable reference period;


 


(b)  any
Person that is a Subsidiary of the Borrower on the date of determination will be deemed to have been a Subsidiary of the Borrower at
all times during such reference period; and


 


(c)  any
Person that is not a Subsidiary of the Borrower on the date of determination will be deemed not to have been a Subsidiary of the Borrower
at any time during such reference period.


 


For purposes of this
definition, whenever pro forma effect is given to a transaction, the pro forma calculations shall be made in good faith by a Responsible
Officer of the Borrower and, except as set forth in the next sentence, in a manner consistent with Article 11 of Regulation S-X of the
Securities Act of 1933, as set forth in a certificate of a Responsible Officer of the Borrower (with supporting calculations) delivered
to the Administrative Agent. In addition to any adjustments consistent


 




    -29-


     


    

with Regulation S-X,
such certificate may set forth additional pro forma adjustments arising out of factually supportable and identifiable cost savings initiatives
attributable to, or any other adjustments reasonably attributable to such investment, acquisition or disposition (net of any additional
costs associated with such investment, acquisition or disposition) and expected in good faith to be realized within 12 months following
such investment, acquisition or disposition, including, but not limited to, (w) reduction in personnel expenses, (x) reduction
of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions
from the consolidation of operations and streamlining of corporate overhead (taking into account, for purposes of determining such calculation,
any historical financial statements of the business or entities acquired or disposed of, assuming such investment, acquisition or disposition,
and all other investments, acquisitions or dispositions that have been consummated during the beginning of such period, and any indebtedness
or other liabilities repaid or incurred in connection therewith had been consummated and incurred or repaid at the beginning of such
period; provided that the aggregate amount of adjustments made pursuant to this sentence shall at no time exceed 15% of Consolidated
EBITDA after giving pro forma effect thereto. 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.


 


“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.


 


“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 specified in Section 10.19.


 


“Qualified
Equity Interests” of any Person means any Equity Interests of such Person that are not Disqualified Equity Interests of such
Person.


 


“Recipient”
means (a) the Administrative Agent, (b) any Lender, (c) any L/C Issuer or (d) any other recipient of a payment to be made by or on account
of an obligation of any Loan Party hereunder or any other Loan Document, as applicable.


 


“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is 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 LIBO Rate, the
time determined by the Administrative Agent in its reasonable discretion.


 


“Refinancing
Indebtedness” means, with respect to any Indebtedness, Indebtedness that refinances, refunds, renews, extends or replaces such
Indebtedness in an aggregate principal amount that does not exceed the principal amount of the Indebtedness being refinanced, refunded,
renewed, extended or replaced plus accrued and unpaid interest thereon and any reasonable fees, premiums (including tender premiums)
and expenses relating to such refinancing, refunding, renewal, extension or replacement.


 


“Register”
has the meaning specified in Section 10.06(c).


 




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


 


“Relevant
Governmental Body” means the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the
Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.


 


“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period
has been waived.


 


“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of the Loans, a Committed Loan Notice
and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.


 


“Required
Lenders” means, subject to Section 2.16, (a) at any time prior to the earlier of the Loans becoming due and payable
pursuant to Section 8.01 or the Commitments terminating or expiring, Lenders having Revolving Credit Exposures and Unfunded Commitments
representing more than 50% of the sum of the Revolving Credit Exposures and Unfunded Commitments of all Lenders at such time, provided
that, solely for purposes of declaring the Loans to be due and payable pursuant to Section 8.01, the Unfunded Commitment of
each Lender shall be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Section 8.01
or the Commitments expire or terminate, Lenders having Revolving Credit Exposures representing more than 50% of the sum of the Revolving
Credit Exposures of all Lenders.


 


“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.


 


“Responsible
Officer” means the chief executive officer, president, chief financial officer, chief strategy officer, principal accounting
officer, general counsel, global controller and head of finance operations, treasurer, assistant treasurer, controller, assistant controller,
corporate secretary, assistant corporate secretary, investor relations vice president, treasury vice president, head of internal audit
of a Loan Party or any other officer in a similar capacity and, solely for purposes of the delivery of incumbency certificates pursuant
to Section 4.01(a)(iii), the secretary or any assistant secretary of a Loan Party. Any document delivered hereunder that is signed
by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership
and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Loan Party.


 


“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital
stock or other Equity Interest of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation
or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the Borrower’s stockholders,
partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution
or payment; provided that any payment on any indebtedness convertible into or exchangeable for any Equity Interests shall not
constitute a Restricted Payment.


 


“Reuters”
has the meaning specified in Section 1.07.


 




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“Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of (i) the outstanding principal amount of such
Lender’s Loans and (ii) such Lender’s Applicable Percentage of the L/C Obligations.


 


“Sale/Leaseback
Transaction” has the meaning assigned to it under Section 7.04.


 


“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the
time of this Agreement, Cuba, Iran, North Korea, Syria and Crimea).


 


“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office
of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council,
the European Union or Her Majesty’s Treasury, (b) any Person located, organized or resident in a Sanctioned Country or (c) any
Person owned fifty (50) percent or more by one or more Persons referenced in clause (a).


 


“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the Office of Foreign
Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the
European Union or Her Majesty’s Treasury of the United Kingdom.


 


“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.


 


“SOFR”
means, 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 on the immediately succeeding Business Day.


 


“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).


 


“SOFR Administrator’s
Website” means 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.


 


“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.


 


“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which
is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to
the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such
reserve percentage shall include those imposed pursuant to Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency
funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted
automatically on and as of the effective date of any change in any reserve percentage.


 




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“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned,
or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.


 


“Supported
QFC” has the meaning specified in Section 10.19.


 


“Swap Agreement”
means 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 the Subsidiaries shall be a Swap Agreement.


 


“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement,
or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.


 


“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender
or any Affiliate of a Lender).


 


“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention
lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating
obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such
Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).


 


“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties applicable thereto.


 




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“Term SOFR”
means, 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” means 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” means 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 or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance
with Section 3.03 that is not Term SOFR.


 


“Threshold
Amount” means $100,000,000.


 


“Total Outstandings”
means the aggregate Outstanding Amount of all Loans and all L/C Obligations.


 


“Transaction”
means, collectively, (i) entering into this Agreement, (ii) the repayment of all outstandings, and termination of all commitments, under
the Existing Credit Agreement and (iii) the payment of the fees and expenses incurred in connection with the foregoing.


 


“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Loan.


 


“UK Financial
Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from 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 FCA, which includes certain credit institutions and investment firms, and certain affiliates of such
credit institutions or investment firms.


 


“UK Resolution
Authority” means 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.


 


“Unfunded
Commitment” means, with respect to each Lender, the Commitment of such Lender less such Lender’s Revolving Credit Exposure.


 


“United States”
and “U.S.” mean the United States of America.


 


“United States
Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(iii).


 


“Unmatured
Surviving Obligations” means Obligations under this Agreement and the other Loan Documents that by their terms survive the
termination of this Agreement or the other Loan Documents but are not, as of the date of determination, due and payable and for which
no outstanding claim has been made.


 


“Unreimbursed
Amount” has the meaning specified in Section 2.03(e).


 




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“USA Patriot
Act” has the meaning specified in Section 10.17.


 


“U.S. Lender”
has the meaning specified in Section 3.01(e).


 


“U.S. Special
Resolution Regimes” has the meaning specified in Section 10.19.


 


“Voting Stock”
of a Person means all classes of Equity Interests of such Person then outstanding and normally entitled (without regard to the occurrence
of any contingency) to vote in the election of the Board of Directors of such Person.


 


“wholly-owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other
than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are
owned by such Person and/or by one or more wholly-owned Subsidiaries of such Person.


 


“Write-Down
and Conversion Powers” means, (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.


 


1.02  
Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:


 


(a)  The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as
referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to
any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
“herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall
be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan
Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law
shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to
any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time
to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.


 




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(b)  In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including”; the words “to” and “until” each mean “to but excluding”; and the word “through”
means “to and including.”


 


(c)  Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.


 


(d)  Any
references to the “date of this Agreement” or the “date hereof” shall refer to the Effective Date.


 


1.03  
Accounting Terms.


 


(a)  
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and
all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement
shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent
with that used in preparing the Audited Financial Statements of the Borrower and its Subsidiaries, except as otherwise specifically prescribed
herein. Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB
ASC Topic 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities
of the Borrower or any of its Subsidiaries at “fair value,” as defined therein, (ii) the effects of FASB ASC 470-20 on financial
liabilities shall be disregarded and (iii) as set forth in Section 1.03(c) below, the effects of FAS 842 on liabilities for operating
leases shall be disregarded.


 


(b)  
Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set
forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.


 


(c)  
Leases. Notwithstanding anything to the contrary contained in Section 1.03(b) or in the definition of “Capitalized
Leases,” any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board
Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the extent such adoption would require
treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would
not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease,
and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance
therewith (and, for the avoidance of doubt, operating leases (as determined after giving effect to this Section 1.03(c)), shall
not be considered “Indebtedness” for any purpose under this Agreement).


 


1.04  
Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other


 




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component, carrying
the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to
the nearest number (with a rounding-up if there is no nearest number).


 


1.05  
Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern Time (daylight
or standard, as applicable).


 


1.06  
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 Issuer Document related thereto, 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.


 


1.07  
Currency Equivalents Generally. Any amount specified in this Agreement (other than in Articles II and IX)
or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars,
such equivalent amount thereof in the applicable currency to be determined by using the rate of exchange for the purchase of dollars
with the applicable currency last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable
Thomson Reuters Corp., Refinitiv, or any successor thereto (“Reuters”) source on the Business Day (New York City
time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange
for the purchase of dollars with the applicable currency, as provided by such other publicly available information service which provides
that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its reasonable discretion (or if such service
ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative
Agent using any method of determination it deems appropriate in its reasonable discretion).


 


1.08  
Pro Forma Calculation. Notwithstanding anything to the contrary herein, the calculation of the Consolidated Leverage Ratio
and the Consolidated Interest Coverage Ratio on any date for any purpose under this Agreement shall be made on a Pro Forma Basis.


 


1.09  
Interest Rates; LIBOR Notification. The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate,
which is derived from the London interbank offered rate (“LIBOR”). LIBOR is intended to represent the rate at which
contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial
Conduct Authority (“FCA”) publicly announced that: (a) immediately after December 31, 2021, publication of the 1-week
and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month
U.S. Dollar LIBOR settings will permanently cease; the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided
or, subject to the FCA’s consideration of the case, be provided on a changed methodology (or “synthetic”) basis and
no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will
not be restored. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators
will not take further action that could impact the availability, composition, or characteristics of LIBOR and/or tenors for which LIBOR
is published. Each party to this Agreement should consult its own advisors to stay informed of any such developments. Public and private
sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. Upon
the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, Section 3.03(b) and
(c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent


 




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will promptly notify
the Borrower, pursuant to Section 3.03(e), of any change to the reference rate upon which the interest rate on Eurodollar Loans
is based. However, 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 LIBOR or other rates in the definition of “LIBO 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 3.03(b) or (c), 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 3.03(d)), 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
LIBO Rate or have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability.


 


1.10  
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.


 


ARTICLE
II

THE COMMITMENTS AND CREDIT EXTENSIONS


 


2.01  
The Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make revolving loans to
the Borrower from time to time in Dollars, on any Business Day during the Availability Period, in an aggregate amount not to exceed at
any time outstanding the amount of such Lender’s Commitment at such time; provided, however, that after giving effect
to any Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of
the Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall
not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions
hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section
2.01. The Loans may be Base Rate Loans or Eurodollar Loans, as further provided herein.


 


2.02  
Borrowings, Conversions and Continuations of Loans.


 


(a)  
Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Loans shall be made upon
the Borrower’s irrevocable notice to the Administrative Agent, which may be given by submitting a Request for Credit Extension.
Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested
date of any Borrowing of, conversion to or continuation of Eurodollar Loans or of any conversion of Eurodollar Loans to Base Rate Loans,
and (ii) on the requested date of any Borrowing of Base Rate Loans; provided, however, that if the Borrower wishes to request
Eurodollar Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest
Period,” (A) the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four Business Days prior
to the requested date of such Borrowing, conversion or continuation, 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 and (B) not later than 11:00
a.m., three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify
the Borrower whether or not the requested Interest Period has been


 




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consented to by all
such Lenders. Each such Committed Loan Notice must be appropriately completed and signed by a Responsible Officer of the Borrower. Each
Borrowing of, conversion to or continuation of Eurodollar Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000
in excess thereof. Except as provided in Section 2.03(e), each Borrowing of or conversion to Base Rate Loans shall be in a principal
amount of $100,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower
is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Loans, (ii) the requested
date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of
Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and
(v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed
Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall
be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day
of the Interest Period then in effect with respect to the applicable Eurodollar Loans. If the Borrower requests a Borrowing of, conversion
to, or continuation of Eurodollar Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed
to have specified an Interest Period of one month.


 


(b)  
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its
Applicable Percentage, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent
shall notify each Lender of the details of any automatic conversion to Base Rate Loans. For the avoidance of doubt, the parties agree
that each Borrowing shall be funded by the Lenders on a ratable basis among all series of Commitments then in effect based on the Applicable
Percentages of the Lenders. Each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available
funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan
Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the Credit Extension
on the Effective Date, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like
funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of the Administrative
Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to the
Administrative Agent by the Borrower; provided, however, that if, on the date a Committed Loan Notice with respect to a
Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be, first,
applied to the payment in full of any such L/C Borrowings, and second, made available to the Borrower as provided above.


 


(c)  
Except as otherwise provided herein, a Eurodollar Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Loan. Upon notice to the Borrower from the Administrative Agent or the Required Lenders during the existence of an
Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Loans.


 


(d)  
The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period
for Eurodollar Loans upon determination of such interest rate.


 


(e)  
After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as
the same Type, there shall not be more than ten (10) Interest Periods in effect hereunder.


 




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2.03  
Letters of Credit.


 


(a)  
Letters of Credit Generally. Subject to the terms and conditions set forth herein, the Borrower may request the L/C Issuer
to, and the L/C Issuer may, in its sole discretion, issue Letters of Credit as the applicant thereof for the support of its or its Subsidiaries’
obligations, in a form reasonably acceptable to the L/C Issuer, at any time and from time to time prior to the Letter of Credit Expiration
Date.


 


(b)  
Notice of Issuance, Amendment, Extension. To request the issuance of a Letter of Credit (or the amendment or extension
of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by the L/C Issuer) to the L/C Issuer selected by it and to the Administrative Agent (reasonably in advance
of the requested date of issuance, amendment or extension, but in any event no less than three (3) Business Days) a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance,
amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with
paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend or extend such Letter of Credit. In addition, as a condition to any such Letter of
Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of
letters of credit and/or shall submit a letter of credit application, in each case, as required by the L/C Issuer and using the L/C Issuer’s
standard form (each, a “Letter of Credit Agreement”). In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control.
A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the
Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the L/C Obligations
shall not exceed the L/C Sublimit, (ii) no Lender’s Revolving Credit Exposure shall exceed its Commitment and (iii) the Revolving
Credit Exposures of all Lenders that would be outstanding at any time prior to the expiry date of all Letters of Credit shall not exceed
the Aggregate Commitments at any time prior to such expiry (after giving effect to the Maturity Date of any Commitments scheduled to
occur prior to such expiry).


 


(c)  
Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the L/C Issuer to the
beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance
of such Letter of Credit (or, in the case of any extension of the expiration date thereof, one year after such extension) and (ii) the
date that is five (5) Business Days prior to the Maturity Date.


 


(d)  
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof)
and without any further action on the part of the L/C Issuer or the Lenders, the L/C Issuer hereby grants to each Lender, and each Lender
hereby acquires from the L/C Issuer, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the
aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender
hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the L/C Issuer, such Lender’s
Applicable Percentage of each L/C Disbursement made by the L/C Issuer and not reimbursed by the Borrower on the date due as provided
in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including
after the Maturity Date. Each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender
acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit
is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any


 




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Letter of Credit or
the occurrence and continuance of a Default or reduction or termination of the Commitments.


 


(e)  
Reimbursement. If the L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall reimburse
such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 1:00 p.m., New York
City time, on the date that such L/C Disbursement is made, if the Borrower shall have received notice of such L/C Disbursement prior
to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on
such date, then not later than 1:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower
receives such notice, if such notice is not received prior to such time on the day of receipt; provided the Borrower may, subject
to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with
an Alternate Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such
payment shall be discharged and replaced by the resulting Alternate Base Rate Borrowing. If the Borrower fails to make such payment when
due, the Administrative Agent shall notify each Lender of the applicable L/C Disbursement, the payment then due from the Borrower in
respect thereof (the “Unreimbursed Amount”) and such Lender’s Applicable Percentage thereof. Promptly following
receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the
Borrower, in the same manner as provided in Section 2.02(b) with respect to Loans made by such Lender (and Section 2.02(b)
shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay
to the L/C Issuer the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment
from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the L/C Issuer or, to the extent
that Lenders have made payments pursuant to this paragraph to reimburse the L/C Issuer, then to such Lenders and the L/C Issuer
as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the L/C Issuer for any L/C Disbursement
(other than the funding of Base Rate Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such L/C Disbursement.


 


(f)  
Obligations Absolute.The Borrower’s obligation to reimburse L/C Disbursements as provided in paragraph (e)
of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of
this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft, demand certificate
or other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by the L/C Issuer under a Letter of Credit against presentation
of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative
Agent, the Lenders nor the L/C Issuer, nor any of their respective Related Parties, shall have any liability or responsibility by reason
of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to
make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from
causes beyond the control of the L/C Issuer; provided that the foregoing shall not be construed to excuse the L/C Issuer from
liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims
in respect of which are hereby waived by the Borrower to the


 




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extent permitted by
applicable law) suffered by the Borrower that are caused by the L/C Issuer’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 gross negligence or willful misconduct on the part of the L/C Issuer (as finally determined by a court of competent
jurisdiction), the L/C Issuer shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and
without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be
in substantial compliance with the terms of a Letter of Credit, the L/C Issuer may, in its sole discretion, either accept and make payment
upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.


 


(g)  
Disbursement Procedures. The L/C Issuer for any Letter of Credit shall, within the time allowed by applicable law or the
specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment
under such Letter of Credit. Such L/C Issuer shall promptly after such examination notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy or electronic mail) of such demand for payment if the L/C Issuer has made or will make an L/C Disbursement
thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation
to reimburse the L/C Issuer and the Lenders with respect to any such L/C Disbursement.


 


(h)  
Interim Interest. If the L/C Issuer for any Letter of Credit shall make any L/C Disbursement, then, unless the Borrower
shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest,
for each day from and including the date such L/C Disbursement is made to but excluding the date that the reimbursement is due and payable
at the rate per annum then applicable to Base Rate Loans and such interest shall be due and payable on the date when such reimbursement
is payable; provided that, if the Borrower fails to reimburse such L/C Disbursement when due pursuant to paragraph (e) of
this Section, then Section 2.08(b) shall apply. Interest accrued pursuant to this paragraph shall be for the account
of the L/C Issuer, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this
Section to reimburse the L/C Issuer for such L/C Disbursement shall be for the account of such Lender to the extent of such payment.


 


(i)  
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance
with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit at a
rate per annum equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit; provided,
however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit
as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to Section 2.15 shall
be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their
respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.16(a)(iv), with the balance of such
fee, if any, payable to the L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees
shall be (i) due and payable on (w) the fifteenth day following the last day of each March, June, September and December of each year,
for the period accrued through such last day, commencing with the first such date to occur after the issuance of such Letter of Credit,
(x)  each Maturity Date prior to the Letter of Credit Expiration Date, (y) on the Letter of Credit Expiration Date and (z) thereafter
on demand and (ii) computed on a quarterly basis in arrears. If there is any change in such Applicable Rate during any quarter, the daily
amount available to be drawn under each Letter of Credit shall be computed and multiplied by such Applicable Rate separately for
each period during such


 




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quarter that such
Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while
any Event of Default exists, all Letter of Credit Fees shall accrue at the rate of 2.0% above the rate otherwise applicable thereto.


 


(j)  
Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to each L/C
Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum equal to 0.125%, computed on the
daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable
on (w) the fifteenth day following the last day of each March, June, September and December of each year, for the period accrued through
such last day, commencing with the first such date to occur after the issuance of such Letter of Credit, (x)  each Maturity Date
prior to the Letter of Credit Expiration Date, (y) on the Letter of Credit Expiration Date and (z) thereafter on demand. For purposes
of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined
in accordance with Section 1.06. In addition, the Borrower shall pay directly to each L/C Issuer for its own account the customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters
of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.


 


(k)  
Replacement and Resignation of the L/C Issuer.


 


(i)The L/C Issuer may be replaced
at any time by written agreement among the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer.
The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any such replacement shall become
effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer pursuant to Section 2.09(a).
From and after the effective date of any such replacement, (x) the successor L/C Issuer shall have all the rights and obligations
of the L/C Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter and (y) references herein
to the term “L/C Issuer” shall be deemed to refer to such successor L/C Issuer. After the replacement of the L/C Issuer
hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of an L/C Issuer
under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional
Letters of Credit or extend or otherwise amend any Existing Letter of Credit.


 


(ii)Subject to the appointment
and acceptance of a successor L/C Issuer, any L/C Issuer may resign as an L/C Issuer at any time upon thirty days’ prior written
notice to the Administrative Agent, the Borrower and the Lenders, in which case, such resigning L/C Issuer shall be replaced in accordance
with Section 2.03(k)(i) above.


 


(l)  
Cash Collateralization. If any Event of Default shall occur and be continuing, within one Business Day after the Borrower
receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders
with L/C Obligation representing greater than 50% of the total L/C Obligation) demanding the deposit of cash collateral pursuant to this
paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the
benefit of the Lenders (the “Collateral Account”), an amount in cash equal to 100% of the L/C Obligation as of such
date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Event of Default with respect to the Borrower described in Section 8.01(f). Such deposit shall be held by the
Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. In addition,
and without limiting the foregoing or


 




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paragraph (c)
of this Section, if any L/C Obligation remain outstanding after the expiration date specified in said paragraph (c), the Borrower
shall immediately deposit into the Collateral Account an amount in cash equal to 100% of such L/C Obligation as of such date plus
any accrued and unpaid interest thereon.


 


The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest
earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent
and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the L/C Issuer for
L/C Disbursements for which it has not been reimbursed, together with related fees, costs and customary processing charges, and, to the
extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C Obligation at
such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with L/C Obligations representing
greater than 50% of the total L/C Obligations), be applied to satisfy other Obligations. If the Borrower is required to provide an amount
of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.


 


(m)  
Letters of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder
supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,”
“applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without
derogating from any rights of the L/C Issuer (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in
respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the L/C Issuer hereunder for such Letter
of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account
of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of
any or all of the obligations of such Subsidiary in respect of such Letter of Credit.  The Borrower hereby acknowledges that the
issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business
derives substantial benefits from the businesses of such Subsidiaries.


 


2.04  
[Reserved].


 


2.05  
Prepayments. The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay
any Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative
Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Loans and (2) on the date of prepayment
of Base Rate Loans; (B) any prepayment of Eurodollar Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000
in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000
in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the
date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Loans are to be prepaid, the Interest Period(s)
of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such
Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the date specified therein; provided that any such
notice of a prepayment to be made in connection with any refinancing of all of the Commitments with the proceeds of such refinancing
or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence
(provided, further, that the failure of such contingency shall not relieve the Borrower from its obligations in respect


 




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thereof under Section
3.05). Any prepayment of a Eurodollar Loan shall be accompanied by all accrued interest on the amount prepaid, together with any
additional amounts required pursuant to Section 3.05. Each prepayment shall be paid to the Lenders in accordance with their respective
Applicable Percentages (except as permitted under Section 2.16).


 


2.06  
Termination or Reduction of Commitments.


 


(a)  
Optional. The Borrower may, upon notice to the Administrative Agent, terminate the Commitments, or from time to time permanently
reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than
11:00 a.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate
amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate
Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate
Commitments and (iv) any such notice of termination to be made in connection with any refinancing of all of the Aggregate Commitments
with the proceeds of such refinancing or of any incurrence of Indebtedness, may be, if expressly so stated to be, contingent upon the
consummation of such refinancing or incurrence (provided that the failure to terminate or reduce as a result of the failure of
such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 3.05).


 


(b)  
Mandatory. A Commitment shall terminate on the Maturity Date applicable to such Commitment. If at any time the Total Outstandings
exceed the Aggregate Commitments at such time, the Borrower shall prepay Loans and/or Cash Collateralize L/C Obligations to eliminate
such excess. If at any time (1) the Total Outstandings of any Lender exceeds its Commitment at such time, the Borrower shall prepay Loans
and/or Cash Collateralize L/C Obligations to eliminate such excess; or (2) the L/C Obligations exceeds the L/C Sublimit at such time,
the Borrower shall Cash Collateralize L/C Obligations to eliminate such excess.


 


(c)  
Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders of any
termination or reduction of the Aggregate Commitment under this Section 2.06. Upon any reduction of the Commitments, the Commitment
of each Lender shall be reduced by such Lender’s Applicable Percentage of such reduction amount. All fees in respect of the Aggregate
Commitments accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such
termination.


 


2.07  
Repayment of Loans. On the Maturity Date for each Commitment, the Borrower shall repay to the Administrative Agent the
aggregate principal amount of all Loans outstanding under such Commitment on such date, together with accrued and unpaid interest thereon,
for the ratable account of the Lenders holding such Commitment on such date.


 


2.08  
Interest.


 


(a)  
Subject to the provisions of Section 2.08(b), (i) each Eurodollar Loan shall bear interest on the outstanding principal
amount thereof for each Interest Period at a rate per annum equal to the Adjusted LIBO Rate for such Interest Period plus the
Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate.


 


(b)  
(i) If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when
due (without regard to any applicable grace periods), whether at stated maturity, upon acceleration or otherwise, such overdue amount
shall bear interest, after as well


 




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as before judgment,
at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to
such Loan as provided in paragraph (a) of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable
to Base Rate Loans as provided in paragraph (a) of this Section.


 


(ii)Accrued and unpaid interest
on past due amounts (including interest on past due interest) shall be due and payable upon demand.


 


(c)  
Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times
as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.


 


2.09  
Fees. In addition to certain fees described in Sections 2.03(i) and (j):


 


(a)Commitment
Fee. The Borrower shall pay to the Administrative Agent, for the account of each Lender, a commitment fee equal to the Applicable
Fee Rate times the actual daily amount by which the Commitment of such Lender exceeds such Lender’s Applicable Percentage
of the sum of (i) the Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations; provided, however,
that no commitment fee shall accrue on any Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The
commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions
in Article IV is not met, and shall be due and payable on (x) the fifteenth day following the last day of March, June, September
and December of each year for the period accrued through such last day, commencing on the first such day to occur after the Effective
Date, and (y) each Maturity Date. The commitment fee shall be calculated quarterly in arrears.


 


(b)Other
Fees. (i) The Borrower shall pay to the Lead Arranger and the Administrative Agent for their own respective accounts fees in the
amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.


 


(ii)  
The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the
times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.


 


2.10  
Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.


 


(a)  
All computations of interest for Base Rate Loans (including the Base Rate Loans determined by reference to the LIBO Rate) shall
be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest
shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid
than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall
not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that
is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination
by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.


 


(b)  
If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason,
the Borrower or the Lenders determine that (i) the Consolidated


 




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Leverage Ratio as
calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio
would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative
Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual
or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and
without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest
and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph
shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under Section 2.03(e),
2.03(i) or 2.08(b) or under Article VIII. The Borrower’s obligations under this paragraph shall survive the
termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.


 


2.11  
Evidence of Debt.


 


(a)  
The Commitments of and Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by one or more entries in the Register maintained by the Administrative Agent acting as non-fiduciary agent solely
for the purpose of Treasury Regulation 5f.103-1(c), as agent for the Borrower, in each case, in the ordinary course of business. The
accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of
the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error
in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect
to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records
of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence
of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such
Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and
payments with respect thereto.


 


(b)  
In addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts
and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence
of manifest error.


 


2.12  
Payments Generally; Administrative Agent’s Clawback.


 


(a)  
General. All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars
and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute
to each Lender its Applicable Percentage in respect of the Aggregate Commitments (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative
Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue
to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the
next


 




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following Business
Day, and such extension of time shall be reflected on computing interest or fees, as the case may be.


 


(b)  
(i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing of Eurodollar Loans (or, in the case of any Borrowing of Base Rate Loans, prior
to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance
with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent,
then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to
the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender,
the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent
in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate
Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the
Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender
pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s
Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a
Lender that shall have failed to make such payment to the Administrative Agent.


 


(ii)Payments by Borrower;
Presumptions by Administrative Agent. Unless the Administrative Agent shall have received, prior to any date on which any payment
is due to the Administrative Agent for the account of the Lenders or the L/C Issuer pursuant to the terms hereof or any other Loan Document
(including any date that is fixed for prepayment by notice from the Borrower to the Administrative Agent pursuant to Section 2.05),
notice from the Borrower that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made
such payment or prepayment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or
the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.


 


A notice of the Administrative
Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.


 


(c)  
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to
be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not
satisfied or


 




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waived in accordance
with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such
Lender, without interest.


 


(d)  
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters
of Credit and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan,
to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other
Lender to so make its Loan, to purchase its participation or to make its payment under Section 10.04(c).


 


(e)  
Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner.


 


(f)  
Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay
fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward
payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.


 


2.13  
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of (a) Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess
of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to
(ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time)
of payments on account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained
by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan
Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not
due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders
hereunder and under the other Loan Parties at such time) of payment on account of the Obligations owing (but not due and payable) to
all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time then the Lender receiving
such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations
in the Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so
that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations then
due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:


 


(i)  
if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest;


 


(ii)  
the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender); (B) the application of Cash Collateral provided for in Section 2.03 or 2.15; or (C) any


 




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payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C
Obligations to any assignee or Participant (other than the Borrower or any of its Subsidiaries); and


 


(iii)  
the provisions of this Section shall be subject to the provisions of Sections 2.14 and 2.17.


 


The Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. For purposes of clause (b) of
the definition of “Excluded Taxes,” a Lender that acquires a participation pursuant to this Section 2.13 shall be
treated as having acquired such participation on the earlier date on which it acquired the Commitment with respect to which the payment
giving rise to the acquisition of such participation was made.


 


2.14  
Increase in Commitments.


 


(a)  
The Borrower may by written notice to the Administrative Agent elect to seek commitments (“Additional Commitments”)
to increase the Commitments; provided that:


 


(i)  
the aggregate amount of all Additional Commitments shall not exceed $200,000,000;


 


(ii)  
any such increase shall be in an aggregate amount of $10,000,000 or any whole multiple of $500,000 in excess thereof; provided
that such amount may be less than $10,000,000 if such amount represents all remaining availability under the limit set forth in the
preceding clause (i);


 


(iii)  
the Additional Commitments shall be on the same terms as the Commitments then outstanding with the latest Maturity Date immediately
prior to the Additional Commitments Effective Date; provided that (x) the Additional Commitments may have a higher Applicable
Rate than the outstanding Commitments with the latest Maturity Date immediately prior to the Additional Commitments Effective Date if
the Applicable Rate for the outstanding Commitments with the latest Maturity Date are automatically increased such that it is equal to
the Applicable Rate for the Additional Commitments and (y) the Borrower may pay upfront fees on the Additional Commitments Effective
Date to any Lender providing Additional Commitments (in such capacity, an “Additional Commitment Lender”); and


 


(iv)  
no existing Lender shall be required to provide any Additional Commitments.


 


(b)  
Each such notice shall specify (x) the date (each, an “Additional Commitments Effective Date”) on which the
Borrower proposes that the Additional Commitments shall be effective, which shall be a date reasonably acceptable to the Administrative
Agent and (y) the identity of the Persons (each of which shall be an Eligible Assignee (for this purpose treating a Lender of Additional
Commitments as if it were an assignee)) whom the Borrower proposes would provide the Additional Commitments and the portion of the Additional
Commitment to be provided by each such Person. As a condition precedent to the effectiveness of any Additional Commitments, the Borrower
shall deliver to the Administrative Agent a certificate dated as of the Additional Commitments Effective Date signed by a Responsible
Officer of the Borrower certifying that the conditions in Section 4.02(a) and (b) are satisfied. The Borrower shall prepay
any Loans outstanding on the Additional Commitments Effective Date with


 




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respect to any Additional
Commitment (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding
Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments. If there is a new Borrowing
of Commitments on such Additional Commitments Effective Date, the Lenders after giving effect to such Additional Commitments shall make
such Loans in accordance with Section 2.01.


 


(c)  
The Additional Commitments shall be documented by an Additional Credit Extension Amendment executed by each Additional Commitment
Lender providing the Additional Commitments (and the other Persons specified in the definition of Additional Credit Extension Amendment
but no other existing Lender), and the Additional Credit Extension Amendment may provide for such amendments to this Agreement 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 provisions of this Section 2.14.


 


(d)  
This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.


 


2.15  
Cash Collateral.


 


(a)  
Certain Credit Support Events. At any time that there shall exist a Defaulting Lender, upon the request of the Administrative
Agent or the L/C Issuer, the Borrower shall promptly deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover
all Fronting Exposure (after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender).


 


(b)  
Grant of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall
be maintained in blocked, non-interest bearing deposit accounts at the Administrative Agent pursuant to arrangement reasonably satisfactory
to the Administrative Agent. The Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the
control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain,
a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as
collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may
be applied pursuant to Section 2.15(c). If at any time the Administrative Agent determines that Cash Collateral is subject to
any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral
is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender will,
promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount
sufficient to eliminate such deficiency.


 


(c)  
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of
this Section 2.15 or Section 2.03, 2.05, 2.06, 2.16 or 8.02 in respect of Letters of Credit
shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including,
as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation), related fees, costs, and customary processing
charges and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be
provided for herein.


 


(d)  
Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations
shall be released promptly (i) following the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of


 




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Defaulting Lender
status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.13)) or (ii) to the extent
the aggregate amount of Cash Collateral exceeds the Fronting Exposure; provided, however, (x) that Cash Collateral furnished
by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following application
as provided in this Section 2.15 may be otherwise applied in accordance with Section 8.03), and (y) the Person providing
Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated
Fronting Exposure or other obligations.


 


2.16  
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. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement or any other Loan Document shall be restricted as set forth in Section 10.01.


 


(ii)  
Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.08), 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 that Defaulting Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing by that Defaulting
Lender to the L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such
Defaulting Lender in accordance with Section 2.15; fourth, 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 that Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower,
to be held in a non-interest bearing deposit account and released pro rata in order to (x) satisfy obligations of that Defaulting
Lender to fund Loans under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect to
such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.15;
sixth, to the payment of any amounts owing to the Lenders or the L/C Issuer as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or the L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender’s breach
of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts
owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such
Loans or L/C Borrowings were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment
shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. 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


 




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pursuant
to this Section 2.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents
hereto.


 


(iii)  
Certain Fees. That Defaulting Lender (x) shall be limited in its right to receive commitment fees as provided in Section
2.09(a) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.03(i).


 


(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
Letters of Credit pursuant to Section 2.03, the “Applicable Percentage” of each non-Defaulting Lender shall be computed
without giving effect to the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect
only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate
obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive
difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Loans
of that Lender. 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.


 


(v)  
Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall,
without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the L/C Issuer’s Fronting Exposure
in accordance with the procedures set forth in Section 2.15.


 


(b)  
Defaulting Lender Cure. If the Borrower, the Administrative Agent and the L/C Issuer agree in writing in their sole discretion
that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any 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 to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without
giving effect to Section 2.16(a)(iv)), whereupon that 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 that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, 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)  
New Letters of Credit. So long as any Lender is a Defaulting Lender, no L/C Issuer shall be required to issue, extend,
renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.


 


2.17  
Extended Commitments.


 


(a)  
At least 30 days but not more than 60 days prior to each anniversary of the Amendment No. 4 Effective Date (any such applicable
anniversary of the Amendment No. 4 Effective Date, the “Extension Date”), but not more than once after the Amendment
No. 4 Effective Date, the


 




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Borrower, by written
notice to the Administrative Agent, may request that each Lender extend the Maturity Date for an additional one-year period as set forth
in such notice from the Borrower.


 


(b)  
The Administrative Agent shall promptly notify each Lender of such request, and each Lender shall then, in its sole discretion,
notify the Borrower and the Administrative Agent in writing no later than 20 days prior to the Extension Date whether such Lender will
consent to the extension (each such Lender consenting to the extension, an “Extending Lender”). The failure of any
Lender to notify the Administrative Agent of its intent to consent to any extension shall be deemed a rejection by such Lender of such
request. A Lender that does not agree to an extension is referred to as a “Non-Extending Lender.”


 


(c)  
Subject to satisfaction of the conditions in Section 4.02(a) and (b) as of the Extension Date, on the Extension
Date, (i) the Maturity Date in effect at such time shall be extended for an additional one-year period as requested,(ii) the Maturity
Date following any such extension shall not be a date that is more than five (5) years after the applicable Extension Date and (iii)
except as to the Lenders that have not consented to the extension of the Maturity Date pursuant to Amendment No. 4, the Commitment of
each Non-Extending Lender that is not replaced pursuant to Section 2.17(e) shall terminate and the Loans made by such Lender shall
be prepaid, and any other amounts owing to such Lender hereunder shall be paid.


 


(d)  
To the extent that there are Non-Extending Lenders, the Administrative Agent shall promptly so notify the Extending Lenders, and
each Extending Lender may, in its sole discretion, give written notice to the Borrower and the Administrative Agent no later than 15
days prior to the Extension Date of the amount of the Commitments of the Non-Extending Lenders that it is willing to assume.


 


(e)  
The Borrower shall be permitted to require that any Non-Extending Lender assign its Commitment to an Extending Lender or to replace
any Lender that is a Non-Extending Lender with a replacement financial institution or other entity (each, a “New Lender”);
provided that (A) the New Lender shall assume the Commitment of the Non-Extending Lender and purchase all Loans of the Non-Extending
Lender at 100% of the principal amount thereof, together with all accrued interest and all fees on such Loans and Commitment and all
other amounts owing to such replaced Lender on or prior to the date of replacement, (B) the Borrower shall be liable to such replaced
Lender under Section 3.05 if any Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest
Period relating thereto, (C) the replaced Lender shall be obligated to assign its Commitment, Loans and L/C Obligations to the applicable
replacement Lender or Lenders in accordance with the provisions of Section 10.06 (it being understood that the Borrower or the
New Lender shall be obligated to pay the processing and recordation fee referred to therein) and (D) until such time as such replacement
shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 3.01 or 3.04,
as the case may be.


 


(f)  
If the Extending Lenders and the New Lenders are willing to commit amounts that, in an aggregate, exceed the amount of the Commitments
of the Non-Extending Lenders, the Borrower and the Administrative Agent shall allocate the Commitments of the Non-Extending Lenders among
them.


 


(g)  
If any financial institution or other entity becomes a New Lender or any Extending Lender’s Commitment is increased pursuant
to this Section 2.17, (i) Loans made on or after the applicable Extension Date shall be made in accordance with the pro rata provisions
of Section 2.01 based on the respective Commitments in effect on and after the applicable Extension Date and (ii) if, on the date
of such joinder or increase, there are any Loans outstanding, such Loan shall on or prior to such date be prepaid from the proceeds of
new Loans made hereunder (reflecting such additional Lender or increase),


 




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which prepayment shall
be accompanied by accrued interest on the Loans being prepaid and any costs incurred by any Lender in accordance with Section 3.05.


 


(h)  
 In connection herewith, the Administrative Agent shall enter in the Register (i) the names of any New Lenders and (ii) the
respective allocations of any Extending Lenders and New Lenders effective as of each Extension Date.


 


(i)  
An Extended Commitment shall be established pursuant to an Additional Credit Extension Amendment executed by the Extending Lenders,
including any New Lender (and the other Persons specified in the definition of Additional Credit Extension Amendment but not any Non-Extending
Lender). An Additional Credit Extension Amendment consented to by the Required Lenders and the Administrative Agent may establish Extended
Commitments in a manner that varies from this Section 2.17; provided that no Lender shall be required to extend the Maturity
Date of its Commitment without its written consent. Following the effective date of any Additional Credit Extension Amendment to extend
the Maturity Date of any Commitment, the Borrower, any Non-Extending Lender and the Administrative Agent (without the consent of any
other Person) may enter into a supplement to such Additional Credit Extension Amendment to extend the Maturity Date of such Non-Extending
Lender to be the same as the extended Maturity Date effected by such Additional Credit Extension Amendment; provided that such
Lender shall not be paid any fee to extend the Maturity Date of its Commitment other than the fee (if any) paid to the Lenders pursuant
to such Additional Credit Extension Amendment in consideration for such extension.


 


(j)  
This Section 2.17 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.


 


ARTICLE
III

TAXES, YIELD PROTECTION AND ILLEGALITY


 


3.01  
Taxes.


 


(a)  
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party hereunder or under any
other Loan Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if a Loan
Party or other applicable withholding agent shall be required by applicable law to deduct any Taxes from such payments, then (i) the
Loan Party or other applicable withholding agent shall make such deductions, (ii) the Loan Party or other applicable withholding agent
shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law, and (iii) in the
case of Indemnified Taxes or Other Taxes, the sum payable shall be increased by the applicable Loan Party as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section) the applicable Lender
(or, in the case of payments made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal
to the sum it would have received had no such deductions been made.


 


(b)  
Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, the Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.


 


(c)  
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent, each Lender and the L/C Issuer,
within 10 Business Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) paid by


 




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the Administrative
Agent, such Lender or the L/C Issuer, as the case may be, and, without duplication, any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender
or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender
or the L/C Issuer, shall be conclusive absent manifest error. After the Administrative Agent, any Lender or the L/C Issuer (as the case
may be) learns of the imposition of any Indemnified Taxes or Other Taxes, the Administrative Agent, any Lender or the L/C Issuer (as
the case may be) will act in good faith to promptly notify the Borrower of its obligations hereunder; provided, however,
that the failure to provide Borrower with such notice shall not release the Borrower of its indemnification obligation under this Section
3.01(c).


 


(d)  
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party or other
applicable withholding agent to a Governmental Authority, the Loan Party 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. Any Lender entitled to an exemption from or reduction of withholding tax with respect to payments under
this Agreement shall deliver to the Borrower (and the Administrative Agent) at any time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law or otherwise reasonably
requested by the Borrower or the Administrative Agent to permit such payments to be made without such withholding Tax or at a reduced
rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements.


 


Without limiting the
foregoing, each Foreign Lender shall, to the extent it is legally eligible to do so, (i) on or prior to the date it becomes a Foreign
Lender, (ii) on or prior to the date on which any applicable form or certification expires or becomes obsolete or incorrect, (iii) after
the occurrence of any event involving such Foreign Lender that requires a change in the most recent form or certification previously
delivered by it to Borrower and the Administrative Agent, and (iv) from time to time if reasonably requested by the Borrower or
the Administrative Agent, provide the Administrative Agent and the Borrower whichever of the following is applicable:


 


(i)  
duly completed copies of IRS Form W-8BEN or W-8BEN-E (or any successor form) claiming eligibility for benefits of an income tax
treaty to which the United States is a party and which provides for an exemption from or reduction in United States Federal withholding
tax,


 


(ii)  
duly completed copies of IRS Form W-8ECI (or any successor form),


 


(iii)  
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(A) a certificate substantially in the form of Exhibit F (any such certificate a “United States Tax Compliance Certificate”)
to the effect that such Foreign Lender is not (1) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (2) a
“10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, (3) a “controlled
foreign corporation” described in section 881(c)(3)(C) of the Code and (4) or was not engaged in the conduct of a trade or business
within the United States to which the


 




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interest
payment is effectively connected and (B) duly completed copies of IRS Form W-8BEN or W-8BEN-E (or any successor form),


 


(iv)  
to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating
Lender granting a typical participation), a complete and executed IRS Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E,
a United States Tax Compliance Certificate, IRS Form W-9, and/or other certification documents or successor forms from each beneficial
owner, as applicable; provided that, if the Foreign Lender is a partnership (and not a participating Lender) and one or more partners
of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender shall provide a United States Tax Compliance
Certificate, on behalf of such beneficial owner(s) in lieu of requiring each beneficial owner to provide its own certificate, or


 


(v)  
any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States 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.


 


Without limiting
the foregoing, each Lender and L/C Issuer that is a “United States person” within the meaning of Section 7701(a)(30) of the
Code that lends to the Borrower (each, a “U.S. Lender”) shall deliver to the Administrative Agent and the Borrower
two duly signed, properly completed copies of IRS Form W-9 on or prior to the Effective Date (or on or prior to the date it becomes a
party to this Agreement), certifying that such U.S. Lender is entitled to an exemption from United States backup withholding, or any
successor form.


 


If a payment made
to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the
applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably
requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may
be necessary for the Borrower and the Administrative Agent to comply with their FATCA obligations, to determine whether such Lender has
or has not complied with such Lender’s FATCA obligations and, if necessary, to determine the amount to deduct and withhold from
such payment. Solely for purposes of this paragraph, “FATCA” shall include any amendments made to FATCA after the date of
this Agreement.


 


Each Lender authorizes
the Administrative Agent to deliver to the Borrower and to any successor Administrative Agent any documentation provided by the Lender
to the Administrative Agent pursuant to this Section 3.01(e).


 


Notwithstanding
anything to the contrary in this Section 3.01(e), no Lender shall be required to deliver any documentation pursuant to this Section
3.01(e) that such Lender is not legally eligible to deliver.


 


(f)  
Treatment of Certain Refunds. If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion,
which shall be applied in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified
by a Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section, it shall pay to the Loan
Party an amount equal to such refund (but only to the extent of indemnity payments made, or


 




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additional amounts
paid, by a Loan Party under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all
reasonable out-of-pocket expenses (including Taxes) of the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that
a Loan Party, upon the request of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to a
Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent, such Lender or the L/C Issuer if the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such
Governmental Authority. This subsection shall not be construed to require the Administrative Agent, any Lender or the L/C Issuer to make
available its tax returns (or any other information relating to its taxes that it deems confidential) to a Loan Party or any other Person.


 


3.02  
Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by
reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental Authority has imposed
material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market,
then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or
continue Eurodollar Loans or to convert Base Rate Loans to Eurodollar Loans shall be suspended and (ii) if such notice asserts the illegality
of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Adjusted LIBO Rate
component of the Alternate Base Rate, the interest rate on such Base Rate Loans of such Lender shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the Adjusted LIBO Rate component of the Alternate Base Rate, in each case
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, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay
or, if applicable, convert all Eurodollar Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO 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 Eurodollar Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans, and (y)
if such notice asserts the illegality of such Lender determining or charging interest rates based upon the LIBO Rate, the Administrative
Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the LIBO
Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender
to determine or charge interest rates based upon the LIBO Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted.


 


3.03  
Alternate Rate of Interest.


 


(a)  
Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 3.03, if prior to the commencement of any Interest Period
for a Eurodollar Borrowing:


 


(i)  
the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is
not available or published on a current basis), for such Interest Period; provided that no Benchmark Transition Event shall have
occurred at such time; or


 




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(ii)  
the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or
its Loan) included in such Borrowing for such Interest Period;


 


then the Administrative Agent shall
give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,
(A) any request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be
ineffective and (B) for any request for a Borrowing of a Eurodollar Borrowing, such Borrowing shall be made as an Alternate Base Rate
Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type
of Borrowings shall be permitted.


 


(b)  
Notwithstanding anything to the contrary herein or in any other Loan Document, 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.


 


(c)  
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 (c)
shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance
of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do
so in its sole discretion.


 


(d)  
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.


 


(e)  
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, (ii) the implementation of any Benchmark Replacement, (iii)
the effectiveness of


 




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any Benchmark Replacement
Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) 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 3.03, 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 Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 3.03.


 


(f)  
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 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.


 


(g)  
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 Base Rate 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 the Alternate Base Rate based upon the then-current Benchmark or such tenor for
such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.


 


3.04  
Increased Costs; Reserves on Eurodollar Loans.


 


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


 


(i)  
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
taken into account in determining the Adjusted LIBO Rate) or the L/C Issuer; or


 


(ii)  
impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement
or Loans made by such Lender or any Letter of Credit or participation therein (other than with respect to (x) any Indemnified Taxes and
Other Taxes indemnified under Section 3.01, (y) any Taxes described in clauses (b) through (d) of the definition of “Excluded
Taxes” or (z) any Connection Income Taxes);


 


and the result of any of the foregoing
shall be to increase the cost to such Lender of making, continuing, converting or maintaining any Loan (or of maintaining its obligation
to make any such Loan), or to


 




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increase the cost
to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to
participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C
Issuer hereunder (whether of principal, interest or any other amount), then, upon request of such Lender or the L/C Issuer, the Borrower
will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the
L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.


 


(b)  
Capital and Liquidity Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender
or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding
capital and liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s
capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit
issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s
policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy or liquidity),
then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts
as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
suffered.


 


(c)  
Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary
to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this
Section 3.04 or in Section 3.05 and specifying in reasonable detail the basis for such compensation and delivered to the
Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount
shown as due on any such certificate within 10 days after receipt thereof.


 


(d)  
Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the
foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such
compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing
provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than six months prior to the date
that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended
to include the period of retroactive effect thereof).


 


(e)  
[Reserved].


 


3.05  
Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower
shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:


 


(a)any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest
Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or any payment of any Loan on
the Maturity Date of the Commitment under which such Loan was made if the Interest Period for such Loan does not end on such Maturity
Date;


 




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(b)any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or


 


(c)any
assignment of a Eurodollar Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower
pursuant to Section 10.13;


 


including any loss of anticipated profits
(excluding the Applicable Rate) and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain
such Loan or from fees payable to terminate the deposits from which such funds were obtained.


 


For purposes of calculating
amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar
Loan made by it at the LIBO Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for
a comparable amount and for a comparable period, whether or not such Eurodollar Loan was in fact so funded.


 


3.06  
Mitigation Obligations; Replacement of Lenders.


 


(a)  
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different
Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section
3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise
be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender
in connection with any such designation or assignment.


 


(b)  
Replacement of Lenders. If any Lender requests compensation under Section 3.04 or delivers a notice described
in Section 3.02, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 10.13.


 


3.07  
Survival. All of the Borrower’s obligations under this Article III, as well as the Lenders’ obligations
under Section 3.01(e), shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder.


 


ARTICLE
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS


 


4.01  
Conditions to Effectiveness. The effectiveness of this Agreement is subject to the prior or concurrent satisfaction of
the following conditions (the date on which such conditions are satisfied, the “Effective Date”):


 


(a)Loan
Documents and Corporate Documents. The Administrative Agent’s receipt of the following, each of which shall be originals or
telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing
Loan


 




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Party (if
applicable), each dated the Effective Date (or, in the case of certificates of governmental officials, a recent date before the Effective
Date) and each in form and substance reasonably satisfactory to the Administrative Agent:


 


(i)  
executed counterparts of this Agreement and the Guaranty in such number as the Administrative Agent may reasonably request;


 


(ii)  
a Note executed by the Borrower in favor of each Lender that has requested a Note at least two Business Days in advance of the
Effective Date;


 


(iii)  
such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of
each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such
Loan Party is a party or is to be a party;


 


(iv)  
such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly
organized or formed, and that each Loan Party is validly existing and in good standing in its jurisdiction of organization;


 


(v)  
a favorable opinion of each of (1) Davis Polk & Wardwell LLP, special New York counsel to the Loan Parties and (2) general
counsel to the Loan Parties, in each case (A) dated as of the Effective Date, (B) addressed to each L/C Issuer on the Effective Date,
the Administrative Agent and the Lenders and (C) in form and substance reasonably satisfactory to the Administrative Agent; and


 


(vi)  
a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in clauses (a) and (b)
of Section 4.02 are satisfied.


 


(b)Fees
and Expenses. All fees due to the Administrative Agent, the Lead Arranger and the Lenders shall have been paid, and all expenses
to be paid or reimbursed to the Administrative Agent and the Lead Arranger that have been invoiced a reasonable period of time prior
to the Effective Date shall have been paid, plus such additional amounts of such fees, charges and disbursements of counsel as
shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the Effective
Date (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative
Agent of additional amounts actually incurred and invoiced by the Administrative Agent or its counsel to the Borrower promptly after
the Effective Date).


 


(c)USA
Patriot Act. The Borrower and each of the Guarantors shall have provided, (i) at least three (3) Business Days prior to the Effective
Date, the documentation and other information to the Administrative Agent and Lenders that are required by regulatory authorities under
applicable “know-your-customer” rules and regulations, including the USA Patriot Act, to the extent the Borrower shall have
received written requests therefor at least seven (7) Business Days prior to the Effective Date and (ii) to the extent the Borrower qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, a
Beneficial Ownership Certification in relation to the Borrower.


 




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(d)Termination
of Existing Credit Agreement. The Borrower shall have repaid all borrowings, and terminated the commitments under, the Existing Credit
Agreement, all security interests securing the obligations under the Existing Credit Agreement shall have been released, and the Administrative
Agent shall have received evidence reasonably satisfactory to it of the foregoing.


 


Without limiting the
generality of the provisions of Section 9.03, for purposes of determining compliance with the conditions specified in this Section
4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with,
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.


 


4.02  
Conditions to All Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than
a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Loans) (including on
the Effective Date) is subject to the satisfaction (or waiver) of the following conditions precedent:


 


(a)The
representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or
which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in
all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that
for purposes of this Section 4.02, the representations and warranties contained in Sections 5.05(a) and (b) shall
be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.


 


(b)No
Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.


 


(c)The
Administrative Agent and, if applicable, the L/C Issuer shall have received a Request for Credit Extension in accordance with the requirements
hereof.


 


Each Request for Credit
Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar
Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a)
and (b) have been satisfied on and as of the date of the applicable Credit Extension.


 


ARTICLE
V

REPRESENTATIONS AND WARRANTIES


 


The Borrower represents
and warrants to the Administrative Agent and the Lenders that:


 


5.01  
Existence, Qualification and Power. Each Loan Party and each of its Subsidiaries (a) is duly organized or formed, validly
existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and
carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party and consummate
the Transaction, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where
its ownership,


 




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lease or operation
of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (a)
(other than with respect to a Loan Party), (b)(i) or (c), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.


 


5.02  
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is a party (a) have been duly authorized by all necessary corporate or other organizational action, and (b) do
not (i) contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any breach or contravention
of, or the creation of any Lien under, or require any payment to be made under (A) any Contractual Obligation to which such Person is
a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree
of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law; except
with respect to any conflict, breach, contravention, payment or violation (but not creation of Liens) referred to in clause (b)(ii)
or (iii), to the extent that such conflict, breach, contravention, payment or violation could not reasonably be expected to
have a Material Adverse Effect.


 


5.03  
Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery
or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of the
Transaction, except for such items which the failure to make or obtain could not reasonably be expected to have a Material Adverse Effect.


 


5.04  
Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed
and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance
with its terms, except as enforceability may be limited by applicable Debtor Relief Laws or similar laws affecting creditors’ rights
generally or by general principles of equity.


 


5.05  
Financial Statements; No Material Adverse Effect.


 


(a)  
The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; and (ii) fairly present in all material respects the financial condition of the
Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein.


 


(b)  
The most recent unaudited financial statements of the Borrower that are delivered after the Amendment No. 4 Effective Date pursuant
to Section 6.01(b) will (i) be prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition and results of
operations of the entities to which they relate as of the dates and for the periods covered thereby, subject to the absence of footnotes
and to normal year-end audit adjustments.


 


(c)  
Since the date of the balance sheet included in the Audited Financial Statements, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.


 




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5.06  
Litigation. Except as disclosed on Schedule 5.06, there are no Proceedings pending or, to the knowledge of the Borrower,
threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any
of its Subsidiaries or against any of their properties or revenues that (a) purport to restrain or contest entry into or performance
under this Agreement or any other Loan Document or the consummation of the Transaction or (b) either individually or in the aggregate
could reasonably be expected to have a Material Adverse Effect.


 


5.07  
Ownership of Property. Each Loan Party and each of its Subsidiaries owns, or has valid leasehold interests in, or other
rights to use, all property necessary in the ordinary conduct of its business, except for such property the failure to own or have valid
interest in, or such defects in title or interests, or rights, as could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.


 


5.08  
Environmental Compliance. Except with respect to any matters that could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect or as set forth on Schedule 5.08, none of the Loan Parties nor any of their
respective Subsidiaries (a) has failed to comply with any Environmental Law or to obtain, maintain or comply with any Environmental Permit
or to provide any notification required under any Environmental Law or has become subject to any Environmental Liability or is conducting
or financing any investigation, response or corrective action pursuant to any Environmental Law at any location; or (b) knows of any
basis for Environmental Liability.


 


5.09  
Insurance. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by
companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates
(as determined in the good faith judgment of the Borrower).


 


5.10  
Taxes. The Borrower and its Subsidiaries have filed, or have caused to be filed, all Federal, state and other tax returns
and reports required to be filed, and have paid, or have caused to be paid, all Federal, state and other taxes, assessments, fees and
other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except (i) those
which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided
in accordance with GAAP or (ii) to the extent the failure to do any of the foregoing could not reasonably be expected to have a Material
Adverse Effect. There is no proposed tax assessment against the Borrower or any of its Subsidiaries that would, if made, have a Material
Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement other than one or more tax sharing
agreements between or among Loan Parties and other Domestic Subsidiaries and the tax sharing agreement between the Borrower and Morgan
Stanley.


 


5.11  
ERISA Compliance.


 


(a)  
Except with respect to any matter that could not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, (i) each Plan is in compliance in all respects with the applicable provisions of ERISA, the Code and other Federal or
state laws and (ii) each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable
determination letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust
related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application
for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Borrower, nothing has
occurred which would prevent, or cause the loss of, such tax qualified status.


 




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(b)  
There are no pending or, to the best knowledge of the Borrower, threatened Proceedings by any Governmental Authority, with respect
to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation
of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material
Adverse Effect.


 


(c)  
Except as would not reasonably be expected to have a Material Adverse Effect: (i) No ERISA Event has occurred, and neither the
Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result
in an ERISA Event with respect to any Pension Plan and (ii) neither the Borrower nor any ERISA Affiliate has engaged in a transaction
that could be subject to Section 4069 or Section 4212(c) of ERISA.


 


(d)  
Neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to,
or liability under, any active or terminated Pension Plan other than (A) on the Effective Date, those listed on Schedule 5.11(d)
hereto and (B) thereafter, Pension Plans not otherwise prohibited by this Agreement.


 


5.12  
Subsidiaries. Schedule 5.12 sets forth a complete list of each Subsidiary of the Borrower as of the Amendment No.
4 Effective Date, the jurisdiction of organization of such Subsidiary, the percentage of the Equity Interests of such Subsidiary owned
by the Borrower or a Subsidiary of the Borrower and whether such Subsidiary is a Loan Party.


 


5.13  
Margin Regulations; Investment Company Act.


 


(a)  
The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing
or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or
carrying margin stock, in each case in violation of such Regulation U.


 


(b)  
None of the Loan Parties is required to register as an “investment company” as such term is defined under the Investment
Company Act of 1940.


 


5.14  
Disclosure. No report, financial statement, certificate or other information furnished in writing by or on behalf of any
Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder or under any other Loan Document, taken as a whole with all such reports, financial statements, certificates
or other information previously furnished, contains, when furnished, any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading;
provided that (i) with respect to projected, pro forma or budgeted financial information, the Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was prepared (it
being recognized by the Administrative Agent and the Lenders that such information is subject to significant uncertainties and contingencies
and that no assurance can be given that any particular projection will be realized and that actual results during the period or periods
covered thereby may vary and such variances may be material) and (ii) the Borrower makes no representation or warranty with respect to
information of a general economic or general industry nature.


 


5.15  
Compliance with Laws. Each Loan Party and each Subsidiary thereof is in compliance in all respects with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a)
such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently


 




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conducted or (b) the
failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.


 


5.16  
Intellectual Property; Licenses, Etc. Except as set forth on Schedule 5.16 or would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect, (i) each Loan Party and each of its Subsidiaries own, or possess
the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights and other intellectual property
rights (collectively “IP Rights”) that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person, (ii) to the knowledge of the Borrower, no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party or any of its
Subsidiaries infringes upon any rights held by any other Person and (iii) no claim or litigation regarding any of the material IP Rights
owned by any Loan Party or any of its Subsidiaries is pending or, to the knowledge of the Borrower, threatened.


 


5.17  
Anti-Money-Laundering Laws; Anti-Corruption Laws; Sanctions. The Borrower has implemented and maintains in effect policies
and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers,
employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, and the Borrower, its Subsidiaries
and, to the knowledge of the Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption
Laws, Anti-Money Laundering Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or to the
knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the
Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility
established hereby, is a Sanctioned Person.


 


ARTICLE
VI

AFFIRMATIVE COVENANTS


 


So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation (other than any Unmatured Surviving Obligations) hereunder shall remain
unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless cash collateralized in a manner reasonably satisfactory
to the L/C Issuer), the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02,
6.03 and 6.11) cause each Subsidiary to:


 


6.01  
Financial Statements. Deliver to the Administrative Agent (which shall deliver to each Lender), in form and detail reasonably
satisfactory to the Administrative Agent:


 


(a)as
soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a consolidated statement of financial
condition of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP
or any other independent certified public accountant of nationally recognized standing, which report and opinion shall be prepared in
accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification
or exception or any qualification or exception as to the scope of such audit; and


 


(b)as
soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the
Borrower (commencing with the fiscal quarter ending March 31, 2015), a consolidated statement of financial condition of the Borrower
and its


 




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Subsidiaries
as at the end of such fiscal quarter, and the related consolidated statements of income and cash flows for such fiscal quarter and for
the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding
fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, certified
by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations
and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the
absence of footnotes.


 


Notwithstanding anything
to the contrary herein, it is understood and agreed that delivery of the Borrower’s (i) annual report and Form 10-K for any fiscal
year and (ii) quarterly report on Form 10-Q for any fiscal quarter, in each case containing the information and report and opinion required
by Section 6.01(a) and 6.01(b), respectively, and filed with the SEC pursuant to the Securities Exchange Act of 1934, as
amended, and are publicly available for review within the time period specified in Section 6.01(a) and 6.01(b) will satisfy
the delivery requirements of Section 6.01(a) and 6.01(b), respectively, without any further requirement to deliver paper
or other electronic copies thereof.


 


6.02  
Certificates; Other Information. Deliver to the Administrative Agent (which shall deliver to each Lender), in form and
detail reasonably satisfactory to the Administrative Agent:


 


(a)starting
with the fiscal quarter ending December 31, 2014 and concurrently with the delivery of the financial statements referred to in Sections 6.01(a)
and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower (which delivery may, unless
the Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and shall be
deemed to be an original authentic counterpart thereof for all purposes);


 


(b)promptly
after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party, in each case, prepared by independent
accountants in connection with the accounts or books of any Loan Party or any of its Subsidiaries, or any audit of any of them;


 


(c)promptly
after the same are available, copies of each annual report, proxy or financial statement or other material report or communication sent
to the stockholders of the Borrower, and copies of all material annual, regular, periodic and special reports and registration statements
which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934
(other than registration statements on Form S-8 or exhibits to any of the foregoing), or with any national securities exchange, and in
any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;


 


(d)promptly
after the furnishing thereof, copies of any material statement or report furnished to any holder of debt securities of any Loan Party
or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement involving Indebtedness then
outstanding in an aggregate principal amount in excess of the Threshold Amount and not otherwise required to be furnished to the Lenders
pursuant to Section 6.01 or any other clause of this Section 6.02;


 


(e)promptly,
and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each material
notice or other material correspondence received from the SEC (or comparable agency in any applicable non-U.S.


 




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jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results
of any Loan Party or any of its Subsidiaries; provided that the Borrower shall not be required to provide a copy of any such communication
if the Borrower is prohibited or restricted by any applicable law or by the terms of such communication from providing such copy; and


 


(f)(x)
subject to the proviso to clause (e), promptly, such additional information regarding the business, financial, legal or corporate
affairs of any Loan Party or any of its Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent
or any Lender may from time to time reasonably request and (y) information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act.


 


Notwithstanding anything
to the contrary herein, it is understood and agreed that the Borrower’s filing of any of the reports, proxies, financial statements,
other material reports or communications, and registration statements described in Section 6.02(c) with the SEC pursuant to the
Securities Exchange Act of 1934, as amended, and are publicly available for review will satisfy the delivery requirements of Section
6.02(c) without any further requirement to deliver paper or other electronic copies thereof.


 


Documents or notices
required to be delivered pursuant to Section 6.01, Section 6.02 or Section 6.03 may be delivered electronically
(including by email) and, if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents,
or provides a link thereto, on the Borrower’s website on the Internet at the website address listed on Schedule 10.02, (ii)
on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and
the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), (iii)
on which any such email is delivered to the Administrative Agent or (iv) such documents are filed with the SEC and are publicly available
for review; provided that: unless such documents are filed with the SEC and are publicly available for review, (x) the Borrower
shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper
copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (y) the Borrower
shall notify the Administrative Agent, which shall notify each Lender, (by telecopier or electronic mail) of the posting of any such
documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and
in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall
be solely responsible for requesting delivery to it or maintaining its copies of such documents.


 


The Borrower hereby
acknowledges that the Administrative Agent and/or the Lead Arrangers will make available to the Lenders and the L/C Issuer materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”).


 


6.03  
Notices. Promptly notify the Administrative Agent (which shall deliver such notices to each Lender):


 


(a)of
the occurrence of any Default;


 




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(b)of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (but in each case only
to the extent the same has resulted or could reasonably be expected to result in a Material Adverse Effect) (i) breach or non-performance
of, or any default under, a Contractual Obligation of the Borrower or any of its Subsidiaries; (ii) any dispute, litigation, investigation,
proceeding or suspension between the Borrower or any of its Subsidiaries and any Governmental Authority; or (iii) the commencement of,
or any material development in, any Proceeding affecting the Borrower or any of its Subsidiaries, including pursuant to any applicable
Environmental Laws; and


 


(c)of
the occurrence of any ERISA Event that could reasonably be expected to result in a Material Adverse Effect.


 


Each notice pursuant
to this Section 6.03 (i) shall be in writing, (ii) shall contain a heading or a reference line that reads “Notice under
Section 6.03 of the MSCI Credit Agreement, dated as of November 20, 2014 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time)” and (iii) 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 Borrower has taken and proposes to take with respect
thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and
any other Loan Document that have been breached.


 


6.04  
Payment of Taxes. Pay and discharge as the same shall become due and payable, all its obligations and liabilities in respect
of all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, except (i) to the extent
the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP
are being maintained by the Borrower or such Subsidiary or (ii) to the extent the failure to pay or discharge the same could not reasonably
be expected to have a Material Adverse Effect.


 


6.05  
Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization except (i) in a transaction permitted by Section 7.03, (ii) in
respect of an Immaterial Subsidiary or (iii) other than in the case of the legal existence and good standing (in the jurisdiction of
organization) of the Borrower, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
(b) take all commercially reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary in the normal
conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
and (c) take all action in its good faith business judgment to preserve or renew all of its material registered patents, trademarks,
trade names and service marks, in each case to the extent that the failure to do so could reasonably be expected to have a Material Adverse
Effect.


 


6.06  
Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs
thereto and renewals and replacements thereof except, in each case with respect to clauses (a) and (b), where the failure to do so could
not reasonably be expected to have a Material Adverse Effect.


 


6.07  
Maintenance of Insurance. Maintain or cause to be maintained with financially sound and reputable insurance companies not
Affiliates of the Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured
against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons.


 




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6.08  
Compliance with Laws.


 


(a)  
Comply in all respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to
its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably
be expected to have a Material Adverse Effect.


 


(b)  
Maintain in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their
respective directors, officers, employees and agents with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and applicable
Sanctions.


 


6.09  
Books and Records. Maintain proper books of record and account (in which full, true and correct, in all material respects,
entries shall be made of all material financial transactions and matters involving the assets and business of the Borrower and its Subsidiaries)
in a manner that permits the preparation of financial statements in accordance with GAAP.


 


6.10  
Inspection Rights. Permit representatives and independent contractors of the Administrative Agent to visit and inspect
any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and
to discuss its affairs, finances and accounts with its directors, officers responsible for financial matters, and independent public
accountants (at which authorized representatives of the Borrower shall be entitled to be present), all at the reasonable expense of the
Borrower and at such reasonable times during normal business hours and, subject to the first proviso below, as often as may be reasonably
desired, upon at least three (3) Business Days’ notice to the Borrower; provided that excluding any such visits and inspections
during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights under this
Section 6.10 and the Administrative Agent shall not exercise such rights more often than one (1) time during any calendar year
absent the existence and continuation of an Event of Default; provided, further, that when an Event of Default exists the
Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing
at the reasonable expense of the Borrower at any time during normal business hours.


 


6.11  
Use of Proceeds.


 


(a)  
Use the proceeds of the Credit Extensions for general corporate purposes of the Borrower and its Subsidiaries (including working
capital and acquisitions) not in contravention of any Law or of any Loan Document.


 


(b)  
Not to use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately,
to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing
or carrying margin stock or to refund indebtedness originally incurred for such purpose, in each case, in violation of such Regulation
U of the FRB.


 


(c)  
Not request any Borrowing or Letter of Credit, and the Borrower shall not use the proceeds of any Borrowing or Letter of Credit
(i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business
or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to
comply with Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.


 




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6.12  
Additional Guarantors. Unless the next succeeding sentence applies, within 45 days following the date on which annual financial
statements were, or were required to be, delivered pursuant to Section 6.01(a) (which date may be extended by the Administrative
Agent in its reasonable discretion), the Borrower shall cause any Material Domestic Subsidiary that is not already a Guarantor to execute
the Guaranty and deliver it to the Administrative Agent. In addition, by no later than the earlier of 75 days following (x) the formation
or acquisition of any Person that is a Material Domestic Subsidiary and (y) the first date on which annual or quarterly financial statements
that included such Material Domestic Subsidiaries were, or were required to be, delivered pursuant to Section 6.01(a) or (b)
(which date may be extended by the Administrative Agent in its reasonable discretion), the Borrower shall cause such Person to execute
the Guaranty and deliver it to the Administrative Agent. Any such Guaranty shall be accompanied by an opinion of counsel covering the
due authorization, execution, delivery and enforceability of such Guaranty.


 


6.13  
Compliance with Environmental Laws. Except to the extent that the failure to do any of the following could not, individually
or in the aggregate, be reasonably likely to result in a Material Adverse Effect, (i) comply and use commercially reasonable efforts
to cause all lessees and other Persons operating or occupying its properties to comply in all material respects with all applicable Environmental
Laws and Environmental Permits; (ii) obtain and renew all Environmental Permits necessary for its operations and properties; and (iii)
conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove
and clean up all Hazardous Materials from any of its properties, as required by applicable Environmental Laws; provided, however,
that neither the Borrower nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action
to the extent that its obligation to do so is being contested in good faith and appropriate reserves are being maintained with respect
to such circumstances in accordance with GAAP.


 


ARTICLE
VII

NEGATIVE COVENANTS


 


So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation (other than any Unmatured Surviving Obligations) hereunder shall remain
unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless cash collateralized in a manner reasonably satisfactory
to the L/C Issuer), the Borrower agrees to, and agrees to cause its Subsidiaries to, comply with the following covenants:


 


7.01  
Liens.


 


(a)  
Except as provided in clauses (i) through (xxviii) below, neither the Borrower nor any Guarantor may create, incur, assume or
otherwise have outstanding or suffer to exist any Lien upon any asset or property belonging to the Borrower or any Guarantor, whether
such asset or property is owned by the Borrower or any Guarantor on the Effective Date or acquired in the future, other than the following:


 


(i)  
Liens in favor of (x) the Administrative Agent to secure the Obligations or (y) any L/C Issuer to Cash Collateralize any Defaulting
Lender’s participation in Obligations hereunder;


 


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


 


(iii)  
Liens on property to secure all or part of the cost of acquiring, substantially repairing or altering, constructing, developing
or substantially improving such property, or to


 




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secure Indebtedness
incurred to provide funds for any such purpose or for reimbursement of funds previously expended for any such purpose; provided
(A) the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than twelve months
after the later of (x) the completion of the acquisition, substantial repair or alteration, construction, development or substantial
improvement of such property or (y) the placing in operation of such property or of such property as so substantially repaired or altered,
constructed, developed or substantially improved and (B) such Liens shall not apply to any other property or assets of the Borrower or
any Subsidiary (other than improvements, accessions, proceeds or dividends or distributions in respect thereof);


 


(iv)  
Liens existing on property at the time of its acquisition or existing on property of a Person at the time such Person is merged
into or consolidated with the Borrower or any Subsidiary or becomes a Subsidiary of the Borrower; provided that such Liens were
not created in contemplation of such acquisition, merger, consolidation or investment and do not extend to any assets other than such
acquired property or those of the Person merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower
or such Subsidiary (plus improvements, accessions, proceeds or dividends or distributions in respect thereof);


 


(v)  
any Lien required to be given or granted by any Subsidiary pursuant to the terms of any agreement entered into by such Subsidiary
prior to the date on which it became a Subsidiary; provided that any such Lien does not extend to any other property or asset,
other than improvements to the property or asset subject to such Lien;


 


(vi)  
Liens existing as of the Amendment No. 4 Effective Date and listed on Schedule 7.01;


 


(vii)  
extensions, renewals, alterations, refinancings or replacements of any Lien referred to in the preceding clauses (iii) through
(vi) above; provided, however, that (A) the amount of obligations secured thereby shall not exceed the amount of obligations
so secured at the time of such extension, renewal, alteration or replacement, plus accrued and unpaid interest thereon together
with any reasonable fees, premiums (including tender premiums) and expenses relating to such extension, renewal, alteration or replacement
and (B) such extension, renewal, alteration, refinancing or replacement shall be limited to all or a part of the property or assets which
secured the Lien so extended, renewed, altered or replaced (plus improvements on such property or assets);


 


(viii)  
landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like
Liens arising in the ordinary course of business securing obligations which are not overdue for a period of more than 60 days or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person to the extent required under GAAP;


 


(ix)  
Liens attaching to cash earnest money deposits in connection with any letter of intent or purchase agreement permitted hereunder
and Liens on cash deposits held in escrow accounts pursuant to the terms of any purchase agreement permitted hereunder;


 


(x)  
Liens on cash and Cash Equivalents (A) securing Swap Contracts not entered into for speculative purposes and (B) securing letters
of credit entered into in the ordinary course of business; provided, that the aggregate amount of such cash and Cash Equivalents
shall at no time exceed $100.0 million;


 




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(xi)  
banker’s liens, rights of setoff and other similar Liens that are customary in the banking industry and existing solely
with respect to cash and other amounts on deposit in one or more accounts (including securities accounts) maintained by the Borrower
or its Subsidiaries;


 


(xii)  
pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other social security legislation;


 


(xiii)  
deposits to secure the performance of tenders, bids, trade contracts and leases, statutory or regulatory obligations, surety bonds,
insurance obligations, performance bonds and other obligations of a like nature incurred in the ordinary course of business;


 


(xiv)  
minor defects or minor imperfections in title, and zoning, land use and similar restrictions and easements, rights-of-way, restrictions
and other similar encumbrances affecting real property which, in the aggregate, do not materially detract from the value of the property
subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;


 


(xv)  
Liens securing judgments not constituting an Event of Default under Section 8.01(h), or securing appeal or other surety
bonds related to such judgments;


 


(xvi)  
Liens for taxes, assessments or other governmental charges or levies not yet due or which are being contested in good faith and
by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable
Person in accordance with GAAP;


 


(xvii)  
leases, licenses, subleases or sublicenses (including with respect to IP Rights) granted to other Persons in the ordinary course
of business which do not (A) interfere in any material respect with the business of the Borrower and its Subsidiaries or (B) secure any
Indebtedness for borrowed money;


 


(xviii)  
any interest or title of (A) a lessor or sublessor under any lease or sublease or (B) a licensor or sublicensor under any
license or sublicense, in each case entered into in the ordinary course of business, so long as such interest or title relate solely
to the assets subject thereto;


 


(xix)  
Liens of a collecting bank arising under Section 4-208 (or its equivalent) of the Uniform Commercial Code of any applicable jurisdiction
on items in the course of collection and documents and proceeds related thereto;


 


(xx)  
Liens arising from precautionary filings of financing statements under the Uniform Commercial Code of any applicable jurisdiction
in respect of operating leases or consignments entered into by the Borrower or its Subsidiaries in the ordinary course of business;


 


(xxi)  
Liens in the nature of trustee’s Liens granted pursuant to any indenture governing any permitted Indebtedness for borrowed
money, in each case in favor of the trustee under such indenture and securing only obligations to pay compensation to such trustee, to
reimburse its expenses and to indemnify it under the terms thereof;


 


(xxii)  
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;


 




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(xxiii)  
assignments of accounts or other rights to receive income to the extent constituting a Sale/Leaseback Transaction permitted under
Section 7.04;


 


(xxiv)  
escrow deposits of source code in the ordinary course of business in connection with the licensing of IP Rights by the Borrower
or any of its Subsidiaries to their customers;


 


(xxv)  
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sales of goods entered into by
the Borrower or its Subsidiaries in the ordinary course of business;


 


(xxvi)  
Liens 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;


 


(xxvii)  
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; and


 


(xxviii)  
a Lien (including successive extensions, renewals, alterations or replacements thereof) not excepted by clauses (i) through (xxvii)
above; provided that after giving effect thereto, Exempted Debt does not exceed the greater of (A) $100.0 million and (B) 12.5%
of Consolidated EBITDA for the Measurement Period, determined on a Pro Forma Basis, in each case, measured at the date of any Incurrence
of Exempted Debt.


 


(b)  
In the event that a Lien meets the criteria of more than one of clauses of (i) through (xxviii) above, the Borrower, in its sole
discretion, will be permitted to classify such Lien (or portion thereof) at the time of its Incurrence in any manner that complies with
this Section 7.01. In addition, any Lien (or portion thereof) originally classified as Incurred pursuant to any of clauses (i)
through (xxviii) above may later be reclassified by the Borrower, in its sole discretion, such that it (or any portion thereof) will
be deemed to be Incurred pursuant to any other of such clauses to the extent that such reclassified Lien (or portion thereof) could be
Incurred pursuant to such clause at the time of such reclassification.


 


(c)  
For purposes of this covenant:


 


(i)  accrual
of interest, accrual of dividends, the accretion of accreted value or original issue discount, the amortization of debt discount and
the payment of interest in the form of additional Indebtedness will not be deemed to be an Incurrence of the indebtedness secured by
the relevant Lien;


 


(ii)  in
determining compliance with any U.S. dollar-denominated restriction on the securing of Indebtedness, the U.S. dollar-equivalent principal
amount of Indebtedness denominated in a foreign currency shall be calculated based upon the relevant currency exchange rate in effect
on the date such indebtedness was Incurred; and


 


(iii)  the
maximum amount of Indebtedness that the Borrower and its Subsidiaries may secure shall not be deemed to be exceeded solely as a result
of fluctuations in the exchange rate of currencies.


 




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7.02  
Subsidiary Indebtedness.


 


(a)  
The Borrower will not cause or permit any Subsidiary that is not a Guarantor to Incur any Indebtedness.


 


(b)  
Section 7.02(a) shall not apply to the following items of Indebtedness:


 


(i)  
(A) Indebtedness of a Person existing at the time such Person is merged with or into, amalgamated with, or is consolidated into,
a Subsidiary, or which is assumed by a Subsidiary in connection with an acquisition of substantially all the assets of such Person, so
long as such indebtedness was not created in anticipation of such merger, amalgamation, consolidation or acquisition, and (B) Refinancing
Indebtedness thereof, so long as such Refinancing Indebtedness is Incurred by the same Person(s) as the indebtedness being refinanced
or replaced;


 


(ii)  
(A) Indebtedness of a Person existing at the time such Person becomes a Subsidiary, so long as such indebtedness was not Incurred
in anticipation of such Person becoming a Subsidiary, and (B) Refinancing Indebtedness thereof, so long as such Refinancing Indebtedness
is Incurred by the same Person(s) as the indebtedness being refinanced or replaced;


 


(iii)  
(A) Indebtedness of any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets,
including Capitalized Leases, purchase money obligations and any Indebtedness assumed in connection with the acquisition of any such
assets or secured by a Lien on any such assets prior to the acquisition thereof; provided that the amount of such Indebtedness
does not exceed the cost of acquiring, constructing or improving such fixed or capital assets; and (B) Refinancing Indebtedness thereof,
so long as such Refinancing Indebtedness is Incurred by the same Person(s) as the indebtedness being refinanced or replaced;


 


(iv)  
Indebtedness of the Borrower owing to and held by any Subsidiary or indebtedness of a Subsidiary owing to and held by the Borrower
or any other Subsidiary;


 


(v)  
Indebtedness of Foreign Subsidiaries in an aggregate principal amount at any one time outstanding not to exceed $250.0 million;


 


(vi)  
Indebtedness owed in respect of any overdrafts, netting protections and related liabilities arising from treasury, depository
and cash management services or in connection with any automated clearing-house transfers of funds; provided that such indebtedness
shall be repaid in full within five Business Days of the Incurrence thereof;


 


(vii)  
Indebtedness in respect of letters of credit, bank guarantees and similar instruments issued for the account of any Subsidiary
in the ordinary course of business supporting obligations under (A) workers’ compensation, unemployment insurance and other social
security legislation and (B) tenders, bids, trade contracts, leases (other than capitalized lease obligations or Synthetic Lease Obligations),
statutory or regulatory obligations, surety bonds, insurance obligations, performance bonds, appeal bonds and other obligations of a
like nature;


 


(viii)  
Swap Contracts entered into other than for speculative purposes;


 


(ix)  
Indebtedness consisting of the financing of insurance premiums;


 




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(x)  
Indebtedness outstanding on the Effective Date and listed on Schedule 7.02 and any Refinancing Indebtedness thereof;


 


(xi)  
Indebtedness representing deferred compensation to employees incurred in the ordinary course of business;


 


(xii)  
Indebtedness incurred in any acquisition or other transaction permitted hereunder, in each case to the extent constituting indemnification
obligations, incentive, non-compete or other similar arrangements, or obligations in respect of purchase price (including earn-outs)
or other similar adjustments;


 


(xiii)  
obligations in respect of any agreement to provide cash management services, including credit or debit card, electronic funds
transfer, credit card or purchase card services and other cash management arrangements;


 


(xiv)  
Indebtedness on account of or in respect of letters of credit obtained in the ordinary course of business in connection with foreign
operations or branches in an aggregate principal amount not exceeding $10,000,000 at any time outstanding; and


 


(xv)  
Indebtedness not excepted by clauses (i) through (xiv) above; provided that after giving effect thereto, Exempted Debt
does not exceed $250.0 million in the aggregate at any time outstanding.


 


(c)  
In the event that Indebtedness meets the criteria of more than one of clauses of (i) through (xv) above, the Borrower, in its
sole discretion, will be permitted to classify such indebtedness (or portion thereof) at the time of its Incurrence in any manner that
complies with this covenant. In addition, any indebtedness (or portion thereof) originally classified as Incurred pursuant to any of
clauses (i) through (xv) above may later be reclassified by the Borrower, in its sole discretion, such that it (or any portion thereof)
will be deemed to be Incurred pursuant to any other of such clauses to the extent that such reclassified indebtedness (or portion thereof)
could be Incurred pursuant to such clause at the time of such reclassification.


 


(d)  
Indebtedness Incurred under any of clauses (i) through (xv) above by a Subsidiary that subsequently becomes a Guarantor will cease
to be outstanding under such clause at such time as such Subsidiary becomes a Guarantor until such time, if any, that the Borrower, in
its sole discretion, elects to classify or re-classify such indebtedness as Incurred under any of such clauses to permit the release
of such Subsidiary from the Guaranty as permitted under Section 9.10.


 


(e)  
For purposes of this covenant:


 


(i)  
accrual of interest, accrual of dividends, the accretion of accreted value or original issue discount, the amortization of debt
discount and the payment of interest in the form of additional Indebtedness will not be deemed to be an Incurrence of Indebtedness;


 


(ii)  
in determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based upon the relevant currency exchange rate
in effect on the date such Indebtedness was Incurred; provided, however, that if such indebtedness is Incurred to refinance
or replace other Indebtedness denominated in a foreign currency, and such refinancing or replacement would cause the applicable U.S.
dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in


 




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effect on
the date of such refinancing or replacement, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing or replacement indebtedness does not exceed the principal amount of such Indebtedness being
refinanced or replaced; and


 


(iii)  
the maximum amount of Indebtedness that the Borrower and its Subsidiaries may Incur shall not be deemed to be exceeded solely
as a result of fluctuations in the exchange rate of currencies.


 


7.03  
Fundamental Changes.


 


(a)  
The Borrower will not consolidate with or merge with or into any other Person or convey, transfer, lease or otherwise Dispose
of its properties and assets substantially as an entirety, in one transaction or a series of related transactions, directly or indirectly,
to any Person, and will not permit any Person to consolidate with or merge with or into the Borrower, unless:


 


(i)the
Borrower will be the surviving company in any merger or consolidation, or, if the Borrower consolidates with or merges into another Person
or conveys or transfers or leases its properties and assets substantially as an entirety, in one transaction or a series of related transactions,
directly or indirectly, to any Person, such successor Person is an entity organized and validly existing under the laws of the United
States of America or any state thereof or the District of Columbia;


 


(ii)the
successor Person, if other than the Borrower, expressly assumes all of the Borrower’s Obligations under the Loan Documents;


 


(iii)each
Guarantor (unless it is the other party to the transactions above) shall have confirmed that its Guarantee shall apply to such successor
Person’s obligations in respect of this Agreement;


 


(iv)immediately
after giving effect to the consolidation, merger, conveyance, transfer or lease, there exists no Default or Event of Default; and


 


(v)the
Borrower has delivered to the Administrative Agent a certificate signed by a Responsible Officer of the Borrower and an opinion of counsel,
each in form and substance reasonably satisfactory to the Administrative Agent.


 


For purposes of this covenant, the Disposition
of all or substantially all of the properties and assets of one or more of the Subsidiaries, which properties and assets, if held by
the Borrower instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Borrower on
a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Borrower.


 


(b)  
No Guarantor will consolidate with or merge with or into any other Subsidiary or convey, transfer, lease or otherwise Dispose
of its properties and assets substantially as an entirety, in one transaction or a series of related transactions, directly or indirectly,
to any other Subsidiary, or permit any Subsidiary to consolidate with or merge with or into such Guarantor, unless


 


(i)  a
Guarantor will be the surviving Person in such merger or consolidation, or, if such Guarantor consolidates with or merges into another
Subsidiary or conveys or transfers or leases its properties and assets substantially as an entirety, in one transaction or a series of
related


 




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transactions,
directly or indirectly, to any other Subsidiary, such successor Person is an entity organized and validly existing under the laws of
the United States of America or any state thereof or the District of Columbia;


 


(ii)  the
successor Person, if not already a Guarantor, expressly assumes such Guarantor’s Guarantee under the Guaranty;


 


(iii)  immediately
after giving effect to the consolidation, merger, conveyance, transfer or lease, there exists no Default or Event of Default; and


 


(iv)  the
Borrower has delivered to the Administrative Agent a certificate signed by a Responsible Officer of the Borrower and an opinion of counsel,
each in form and substance reasonably satisfactory to the Administrative Agent.


 


(c)  
Notwithstanding the foregoing clause (b), any Guarantor (other than a Material Domestic Subsidiary) may liquidate or dissolve
if the Borrower reasonably determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and
is not materially disadvantageous to the Lenders.


 


(d)  
This covenant shall not apply to the direct or indirect conveyance, transfer, lease or disposition of all or any portion of the
stock, assets or liabilities of any Loan Party to any other Loan Party.


 


7.04  
Sale/Leaseback Transactions.


 


(a)  
Neither the Borrower nor any Guarantor may engage in a transaction with any Person (other than the Borrower or a Guarantor) providing
for the leasing by the Borrower or any Guarantor of any property of the Borrower or a Guarantor, except for transactions (i) involving
a lease which will not exceed three years, including renewals (or which may be terminated by the Borrower or the applicable Guarantor
within a period of not more than three years), (ii) involving a lease of property executed by the time of, or within 12 months after,
the latest of the acquisition, completion of construction, or commencement of operations of such property, (iii) that were for the sale
and leasing back to the Borrower or a Subsidiary of any property, and (iv) that were entered into prior to, or within 12 months of, the
Effective Date (a “Sale/Leaseback Transaction”), unless the net proceeds of the sale or transfer of the property to
be leased are at least equal to the fair market value of such property and unless:


 


(b)  
(i) this Agreement would have allowed the Borrower or any of the Subsidiaries to create a Lien on such property to secure debt
in an amount at least equal to the Attributable Indebtedness in respect of such Sale/Leaseback Transaction without securing the Obligations
pursuant to Section 7.01; or


 


(ii)  
within 360 days, the Borrower or any Guarantor applies an amount equal to the net proceeds of such sale or transfer to:


 


(A)the
voluntary retirement of any indebtedness of the Borrower or its Subsidiaries maturing by its terms more than one year from the date of
issuance, assumption or guarantee thereof, or which is extendible or renewable at the sole option of the obligor in such manner that
it may become payable more than one year from the date of issuance, assumption or guarantee, which ranks equally with the Loans in right
of payment and owing to a Person other than the Borrower or any Affiliate of the Borrower; or


 




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(B)the
purchase of additional property that will constitute or form a part of property or other assets used or useful in a business permitted
by Section 7.06, and which has a fair market value at least equal to the net proceeds of such sale or transfer.


 


(c)  
Notwithstanding the provisions of the immediately preceding paragraph, the Borrower or any Guarantor may enter into a Sale/Leaseback
Transaction which would otherwise be subject to Section 7.04(a) so as to create an aggregate amount of Attributable Indebtedness
after giving effect thereto that does not, together with all Exempted Debt, exceed the greater of (A) $100.0 million and (B) 12.5% of
Consolidated EBITDA for the Measurement Period, determined on a Pro Forma Basis, in each case measured at the date of any Incurrence
of Exempted Debt.


 


(d)  
For purposes of this covenant:


 


(i)  
in determining compliance with any U.S. dollar-denominated restriction on the entering into of any Sale/Leaseback Transaction,
the U.S. dollar-equivalent principal amount of Attributable Indebtedness denominated in a foreign currency shall be calculated based
upon the relevant currency exchange rate in effect on the date such Attributable Indebtedness in respect of such Sale/Leaseback Transaction
was Incurred; and


 


(ii)  
the maximum amount of Attributable Indebtedness the Borrower or any Guarantor may Incur in respect of any Sale/Leaseback Transaction
shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies.


 


7.05  
Restricted Payments. The Borrower shall not, nor shall it permit any Subsidiary to, declare or make, directly or indirectly,
any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:


 


(a)each
Subsidiary may make Restricted Payments to any Loan Party, and any other Person that owns a direct Equity Interest in such Subsidiary,
ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;


 


(b)any
Loan Party may make Restricted Payments to, or issue or sell any Equity Interests to, or accept any capital contribution from, any other
Loan Party;


 


(c)the
Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other
common Equity Interests of such Person;


 


(d)the
Borrower and each Subsidiary may purchase, redeem or otherwise acquire its Qualified Equity Interests with the proceeds received from
the substantially concurrent issue of new Qualified Equity Interests;


 


(e)the
Borrower may repurchase its Equity Interests from current or former directors, officers or employees of the Borrower or any of its Subsidiaries,
their estates, spouses or former spouses or make payments to such persons upon termination of employment or directorship, in connection
with stock options, stock appreciation rights or other equity or equity-based incentives pursuant to incentive plans or in connection
with the death or disability of such persons in an aggregate amount not to exceed $5,000,000 in any fiscal year;


 




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(f)the
Borrower may repurchase, cancel or withhold Equity Interests to the extent (i) such repurchase is deemed to occur upon or in connection
with the exercise or vesting of any options, warrants or other equity awards and (ii) such Equity Interests (A) represent a portion of
the purchase price of such options, warrants or other equity awards or (B) are repurchased, cancelled or withheld to facilitate
the satisfaction of any tax liabilities incurred upon or in connection with the exercise or vesting of any options, warrants or other
equity awards;


 


(g)the
Borrower may make cash payments in lieu of issuing fractional or “odd lot” Equity Interests in connection with acquisitions;


 


(h)the
payment of any dividend within 60 days after the date of declaration thereof, so long as (A) at the time of payment, no Event of Default
exists and (B) at the time of declaration of such dividend, such dividend could have been made pursuant to clause (i) below; and


 


(i)in
addition to the foregoing Restricted Payments, the Borrower and each Subsidiary may make additional Restricted Payments so long as no
Default or Event of Default shall have occurred and be continuing or would result therefrom and the Borrower shall be in compliance,
on a Pro Forma Basis, with the financial covenants set forth in Section 7.07.


 


7.06  
Change in Nature of Business. Engage in any material line of business substantially different from those lines of business
conducted by the Borrower and its Subsidiaries on the Effective Date or any business substantially related, incidental or complementary
thereto (as determined in good faith by the Borrower).


 


7.07  
Financial Covenants.


 


(a)  
Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter
of the Borrower to be less than 4.00:1.00.


 


(b)  
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower
to be greater than 4.25:1.00; provided that, if the Borrower or one or more of its Subsidiaries consummates a Material Acquisition,
the Borrower may elect, by written notice delivered to the Administrative Agent within thirty (30) days following the consummation of
such Material Acquisition (a “Leverage Increase Election”), to increase the maximum permitted Consolidated Leverage
Ratio to 4.50 to 1.00 in respect of the two (2) fiscal quarters ended immediately following the consummation of such Material Acquisition
(including the fiscal quarter in which such Material Acquisition occurs) (the period during which any such increase in the maximum permitted
Consolidated Leverage Ratio shall be in effect being called a “Leverage Increase Period”). For the avoidance of doubt,
a Leverage Increase Election made after the end of a fiscal quarter, but within thirty (30) days following the consummation during such
fiscal quarter of a Material Acquisition, will have retroactive effect as of the end of such fiscal quarter and, so long as the maximum
permitted Consolidated Leverage Ratio in effect following such Leverage Increase Election is not exceeded, will not result in the occurrence
of a Default or Event of Default under this Section as of the end of such fiscal quarter. There may be no more than two Leverage Increase
Periods during the term of the facility hereunder.


 


ARTICLE
VIII

EVENTS OF DEFAULT AND REMEDIES


 


8.01  
Events of Default. Any of the following shall constitute an Event of Default:


 




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(a)  Non-Payment.
The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein, any amount of principal of any Loan or
any L/C Obligation, or (ii) pay within three Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation
or any fee due hereunder, or (iii) pay any other amount payable hereunder or under any other Loan Document within five Business Days
after (x) written request therefor or (y) in the case of reimbursement of expenses, receipt of invoice therefor, or (iv) deposit any
funds as Cash Collateral in respect of L/C Obligations when required; or


 


(b)  Specific
Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.03(a), 6.05(a)
(with respect to the legal existence of the Borrower only), 6.11, 6.12, or Article VII; or


 


(c)  Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after
notice thereof shall have been given to the Borrower by the Administrative Agent or the Required Lenders; or


 


(d)  Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower
or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be
incorrect or misleading in any material respect when made or deemed made; or


 


(e)  Cross-Default.
(i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) and such payment is not made within any applicable grace period in respect of any Indebtedness (other
than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount of more than the Threshold Amount,
or (B) fails to observe or perform 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 occurs, the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause after giving
effect to any applicable grace period, with the giving of notice if required, such Indebtedness to be demanded or to become due or to
be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, provided that this clause (i)(B) shall not apply to secured Indebtedness
of a Loan Party or a Subsidiary that becomes due upon the sale or transfer by such Loan Party or Subsidiary of the property or assets
securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness,
or unsecured Indebtedness of a Loan Party or a Subsidiary that does not become due but contains an obligation to offer to purchase such
Indebtedness following an asset sale in the event the proceeds of such sale are not reinvested in the business or used to repay a category
of Indebtedness that includes the Loans (it being understood that this clause (i)(B) shall apply if such offer to purchase is actually
made or required to be made); or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract)
resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting
Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party
or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party
or such Subsidiary as a result thereof is greater than the Threshold Amount; or


 




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(f)  Insolvency
Proceedings, Etc. Any Loan Party or any Subsidiary (other than an Immaterial Subsidiary) thereof institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material
part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding
under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent
of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding;
or


 


(g)  Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its inability or fails
generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days
after its issue or levy; or


 


(h)  Judgments.
There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders for the payment of money
in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential
claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by
any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such
judgment, by reason of a pending appeal or otherwise, is not in effect; or


 


(i)  ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to
result in a Material Adverse Effect, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable
grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan
in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect; or


 


(j)  Invalidity
of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations (other than any Unmatured Surviving
Obligations), ceases to be in full force and effect; or any Loan Party or any Subsidiary of any Loan Party contests in writing the validity
or enforceability of any material provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability
or obligation under any material provision of any Loan Document, or purports to revoke, terminate or rescind any material provision of
any Loan Document; or


 


(k)  Change
of Control. There occurs any Change of Control.


 


8.02  
Remedies upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:


 




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(a)declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon
such commitments and obligation shall be terminated;


 


(b)declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Borrower;


 


(c)require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and


 


(d)exercise
on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the
Loan Documents;


 


provided, however,
that if an Event of Default described in Section 8.01(f) occurs with respect to the Borrower, the obligation of each Lender to
make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount
of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation
of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further
act of the Administrative Agent or any Lender.


 


8.03  
Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in
the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections
2.15 and 2.16, be applied by the Administrative Agent in the following order:


 


First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest
but including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable
to the Administrative Agent in its capacity as such;


 


Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter
of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described
in this clause Second payable to them;


 


Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings
and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause
Third payable to them;


 


Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings ratably among the Lenders
and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them;


 


Fifth,
to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the
aggregate undrawn amount of Letters of Credit


 




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to the extent
not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.15; and


 


Last,
the balance, if any, after all of the Obligations (other than any Unmatured Surviving Obligations) have been indefeasibly paid in full,
to the Borrower or as otherwise required by Law.


 


Subject to Section 2.03(e) and
Section 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth
above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations,
if any, in the order set forth above, and thereafter applied as provided in clause “Last” above.


 


ARTICLE
IX

ADMINISTRATIVE AGENT


 


9.01  
Appointment and Authority.


 


(a)Each of the
Lenders and the L/C Issuer hereby irrevocably appoints JPMCB 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.
Without limiting the foregoing, each Lender and the L/C Issuer hereby authorizes the Administrative Agent to execute and deliver, and
to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights,
powers and remedies that the Administrative Agent may have under such Loan Documents. The provisions of this Article are solely for the
benefit of the Administrative Agent, the Lenders and the L/C Issuer, and solely in the case of Sections 9.06 and 9.10,
the Borrower and the other Loan Parties, and the Borrower shall not have rights as a third party beneficiary of any of such provisions
other than Sections 9.06 and 9.10.


 


(b)As to any matters
not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall
not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully
protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions
shall be binding upon each Lender and the L/C Issuer; provided, however, that the Administrative Agent shall not be required
to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives
an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the L/C Issuer with respect to such action or
(ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the
automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect
a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy,
insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification
or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification
or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty
to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate
of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in
any


 




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capacity. Nothing
in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.


 


(c)In performing
its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders
and the L/C Issuer (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its
duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:


 


(i)  
the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship
as the agent, fiduciary or trustee of or for any Lender, the L/C Issuer or holder of any other obligation other than as expressly set
forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and
it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with
reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising
under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect
only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim
against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement
and/or the transactions contemplated hereby; and


 


(ii)  
nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or
the profit element of any sum received by the Administrative Agent for its own account.


 


9.02  
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, 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 Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account
therefor to the Lenders.


 


9.03  
Administrative Agent’s Reliance, Limitation of Liability, Etc..


 


(a)Neither the
Administrative Agent nor any of its Related Parties shall be (i) liable to any Lender for any action taken or omitted to be taken by
such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents
(x) with the consent of 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 to be necessary, under the circumstances as provided in the Loan Documents)
or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a
court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any
recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any
other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative
Agent under


 




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or in connection with,
this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent’s reliance
on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.


 


(b)The Administrative
Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in Section
6.03 unless and until written notice thereof stating that it is a “notice under Section 6.03” in respect of this
Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower, or (ii) notice
of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default” or a
“notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a Lender or L/C Issuer. Further, 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 any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder
or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set
forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness
or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth
in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such
items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters
described therein being acceptable or satisfactory to the Administrative Agent.


 


(c)Without limiting
the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been
assigned in accordance with Section 10.06, (ii) may rely on the Register to the extent set forth in Section 10.06(c), (iii)
may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it,
and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts, (iv) makes no warranty or representation to any Lender or L/C Issuer and shall not be responsible to any Lender
or L/C Issuer for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement
or any other Loan Document, (v) 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 L/C Issuer, may presume that such condition
is satisfactory to such Lender or L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or L/C Issuer sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled
to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice,
consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website
posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent
or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the
Loan Documents for being the maker thereof).


 


9.04  
Posting of Communications.


 


(a)The Borrower
agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the L/C
Issuer by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform


 




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chosen by the Administrative
Agent to be its electronic transmission system (the “Approved Electronic Platform”).


 


(b)Although the
Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented
or modified by the Administrative Agent from time to time (including, as of the Amendment No. 4 Effective Date, a user ID/password authorization
system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved
Electronic Platform only on a deal-by-deal basis, each of the Lenders, the L/C Issuer and the Borrower acknowledges and agrees that the
distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for
approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there
may be confidentiality and other risks associated with such distribution. Each of the Lenders, the L/C Issuer and the Borrower hereby
approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.


 


(c)THE APPROVED
ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE.” THE APPLICABLE PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM
AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND 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 APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS
OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY LEAD ARRANGER OR ANY OF THEIR RESPECTIVE RELATED
PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, THE L/C ISSUER OR ANY
OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, 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 OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES
OR EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY A FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH APPLICABLE PARTY.


 


“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan
Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender
or the L/C Issuer by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.


 


(d)Each Lender
and the L/C Issuer agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the
Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.
Each Lender and the L/C Issuer agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication)
from time to time of such Lender’s or L/C Issuer’s (as


 




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applicable) email
address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email
address.


 


(e)Each of the
Lenders, the L/C Issuer and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law)
shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s
generally applicable document retention procedures and policies.


 


(f)Nothing herein
shall prejudice the right of the Administrative Agent, any Lender or the L/C Issuer to give any notice or other communication pursuant
to any Loan Document in any other manner specified in such Loan Document.


 


9.05  
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 Article 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 judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.


 


9.06  
Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders,
the L/C Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right 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 and which shall, unless an Event of Default under Section 8.01(a) or 8.01(f) has occurred and is continuing at such
time, be reasonably acceptable to the Borrower (which acceptance shall not be unreasonably delayed). 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, then the retiring Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint
a successor Administrative Agent meeting the qualifications (including such acceptance by the Borrower) set forth above; provided
that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (b) all payments, communications
and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the
L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section.
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 retired) Administrative Agent, and the retiring 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 Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in
respect of any


 




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actions taken or omitted
to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.


 


Any resignation by
an Administrative Agent pursuant to this Section shall also constitute the resignation by such Person as L/C Issuer. Upon the acceptance
of a successor’s appointment as Administrative Agent, (i) such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring L/C Issuer, (ii) the retiring L/C Issuer shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.


 


9.07  
Non-Reliance on Administrative Agent and Other Lenders.


 


(a)  
Each Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending
facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may
be applicable to such Lender or to the L/C Issuer, in each case in the ordinary course of business, and not for the purpose of purchasing,
acquiring or holding any other type of financial instrument (and each Lender and the L/C Issuer agrees not to assert a claim in contravention
of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any arranger of this credit facility
or any amendment thereto, or any other Lender or the L/C Issuer, or any of their respective Related Parties of any of the foregoing,
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement as a Lender or the L/C Issuer, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions
to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or
the L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial
loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other
facilities. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative
Agent, any arranger of this credit facility or any amendment thereto or any other Lender or the L/C Issuer, or any of their respective
Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information
within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document
or any related agreement or any document furnished hereunder or thereunder.


 


(b)  
Each Lender, by delivering its signature page to Amendment No. 4 on the Amendment No. 4 Effective Date, or delivering its signature
page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed
to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to,
or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Amendment No. 4 Effective Date.


 


(c)  
Certain Payments.


 


(i)  
Each Lender and the L/C Issuer hereby agrees that (x) if the Administrative Agent notifies such Lender or L/C Issuer that the
Administrative Agent has determined in its sole discretion that any funds received by such Lender or L/C Issuer from the Administrative
Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees


 




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or otherwise;
individually and collectively, a “Payment”) were erroneously transmitted to such Lender or L/C Issuer (whether or
not known to such Lender or L/C Issuer), and demands the return of such Payment (or a portion thereof), such Lender or L/C Issuer 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 or L/C Issuer 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 or L/C Issuer
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 or the L/C Issuer under this Section 9.07(c) shall be conclusive, absent manifest error.


 


(ii)  
Each Lender and the L/C Issuer 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 and the L/C Issuer 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 or L/C Issuer 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 or L/C Issuer
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 or L/C Issuer that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated
to all the rights of such Lender or L/C Issuer with respect to such amount to the maximum extent permitted by law 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; provided
that this clause (iii) shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or
accelerating the due date for), the Obligations of the Loan Parties relative to the amount (and/or timing for payment) of the Obligations
that would have been payable had such erroneous Payment not been made by the Administrative Agent; provided, further, that
for the avoidance of doubt, the foregoing clauses (x) and (y) shall not apply to the extent any such Payment is, and solely with respect
to the amount of such Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party
for the purpose of making such Payment.


 


(iv)  
Each party’s obligations under this Section 9.07(c) shall survive the resignation or replacement of the Administrative
Agent or any transfer of rights or obligations by, or the


 




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replacement
of, a Lender or the L/C Issuer, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under
any Loan Document.


 


9.08  
No Other Duties, Etc. Anything herein to the contrary notwithstanding, the Lead Arrangers listed on the cover page hereof
shall have no powers, 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 the L/C Issuer hereunder.


 


9.09  
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 declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:


 


(a)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 L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04)
allowed in such judicial proceeding; and


 


(b)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 the
L/C Issuer 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 L/C Issuer, 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 2.09 and 10.04.


 


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
the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender
or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such
proceeding.


 


9.10  
Guaranty Matters.


 


(a)  If
any Guarantor ceases to be a Subsidiary as a result of a transaction permitted hereunder, such Guarantor shall be automatically released
from its obligations under the Guaranty pursuant to this Section 9.10. Upon such automatic release and at the Administrative Agent’s
reasonable written request, the Borrower shall deliver to the Administrative Agent an officer’s certificate certifying that such
Guarantor has ceased to be a Subsidiary.


 


(b)  If
any Guarantor ceases to be a Material Domestic Subsidiary, the Borrower may give written notice thereof to the Administrative Agent requesting
the release of such Guarantor from the Guaranty. Such request shall be accompanied by (i) an officer’s certificate certifying that
such Guarantor


 




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has ceased to be a
Material Domestic Subsidiary and (ii) information reasonably satisfactory to the Administrative Agent to evidence that such Guarantor
is not a Material Domestic Subsidiary. The Lenders and the L/C Issuers irrevocably authorize the Administrative Agent to release any
such Guarantor from its obligations under the Guaranty and the other Loan Documents.


 


Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. In each case specified in this Section
9.10, the Administrative Agent will, at the Borrower’s expense, 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 Guaranty and the other
Loan Documents, in each case in accordance with the terms of the Loan Documents and this Section 9.10.


 


9.11  
Withholding Taxes. To the extent required by any applicable law, the Administrative Agent may withhold from any payment
to any Lender (which shall, for purposes of this Section 9.11, include any L/C Issuer) an amount equivalent to any applicable
withholding tax. Without limiting or expanding the provisions of Section 3.01, each Lender shall, and does hereby, indemnify the
Administrative Agent against, and shall make payable in respect thereof within 30 days after demand therefor, any and all Taxes and any
and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative
Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure
of the Administrative Agent to properly withhold tax from amounts paid to or for the account of such Lender for any reason (including,
without limitation, 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).
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 setoff 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 9.11.
The agreements in this Section 9.11 shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
other Obligations.


 


9.12  
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, the Lead Arrangers and their respective Affiliates, 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 the Plan Asset Regulations) of one or more Benefit Plans
in connection with the Loans, the Letters of Credit or the Commitments,


 


(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 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


 




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transactions
determined by in-house asset managers), is applicable 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 sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has
provided another representation, warranty and covenant as provided in 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, the Lead Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that none of the Administrative Agent, the Lead Arrangers or any of their 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).


 


(c)  Each
of the Administrative Agent and the Lead Arrangers hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such
Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest
or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii)
may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid
for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in
connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement
fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization
fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees,
term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.


 


ARTICLE
X

MISCELLANEOUS


 


10.01  
Amendments, Etc. Subject to Section 3.03(b), (c), (d) and (f), no amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any departure


 




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by the Borrower or
any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (or by the Administrative Agent with
the consent of the Required Lenders) and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no such amendment, waiver or consent shall:


 


(a)(i)
extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the
written consent of such Lender (it being understood that a waiver of any condition precedent in Section 4.01 or 4.02, or
the waiver of any Default or Event of Default or any mandatory prepayment, shall not constitute an extension or increase of any Commitment)
or (ii) extend the final expiration of any Letter of Credit beyond the Maturity Date without the written consent of each Lender directly
affected thereby;


 


(b)postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest,
fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of
each Lender entitled to such payment;


 


(c)reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso
to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent
of each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall be necessary
(i) to waive the application of Section 2.08(b) or the last sentence of Section 2.03(i), (ii) to amend any financial covenant
hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan
or L/C Borrowing or to reduce any fee payable hereunder, or (iii) to waive any obligation of the Borrower to pay interest, commitment
fees or Letter of Credit Fees at the highest grid rate upon the occurrence and continuance of any Event of Default;


 


(d)change
(i) Section 8.03 without the written consent of each Lender directly affected thereby or (ii) Section 2.12(a) or Section
2.13 in a manner that would alter the pro rata sharing of payments required thereby, or any change to the definition of “Applicable
Percentage” that would alter such pro rata sharing of payments, without the written consent of each Lender directly affected thereby;


 


(e)change
any provision of this Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender;


 


(f)waive
any condition set forth in Section 4.01 without the written consent of each Lender; or


 


(g)release
all or substantially all of the value of the Guarantors (measured by value of the Guarantors, not by number) from the Guaranty, without
the written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section
9.10 (in which case such release may be made by the Administrative Agent acting alone);


 


and provided, further, that without
limiting any requirement that the same be signed or executed by the Borrower or any other applicable Loan Party, as the case may be,
(i) no amendment, waiver or consent


 




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shall, unless in writing
and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement
or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative
Agent under this Agreement or any other Loan Document and (iii) the Fee Letter may be amended, or rights or privileges thereunder waived,
in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires
the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting
Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.


 


Notwithstanding anything
herein to the contrary, the Borrower and the Administrative Agent may, without the input or consent of any other Lender, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate in the opinion of the Administrative Agent
to effect the provisions of Section 2.14 or 2.17.


 


If any Lender does
not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender
and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with Section
10.13; provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated
by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).


 


Notwithstanding the
foregoing, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error
or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be
permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect,
and such amendment shall become effective without any further action or consent of any other party to this Agreement, so long as such
amendment, modification, or supplement is not adverse to the interests of any Lender or L/C Issuer.


 


10.02  
Notices; Effectiveness; Electronic Communications.


 


(a)  
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone
(and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices
and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows:


 


(i)  
if to the Borrower, the Administrative Agent or the L/C Issuer, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and


 


(ii)  
if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire


 




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then in
effect for the delivery of notices that may contain material non-public information relating to the Borrower).


 


Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices sent by telecopier shall
be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to
have been given at the opening of business on the next business day for the recipient). Notices delivered through Approved Electronic
Platforms to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).


 


(b)  
Electronic Communications. Notices and other communications to the Borrower, any Loan Party, the Lenders and the L/C Issuer
hereunder may be delivered or furnished by Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender
or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. The Administrative Agent or the Borrower may, in its 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, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), 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 (ii) notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.


 


(c)  
[Reserved].


 


(d)  
Change of Address, Etc. Each of the Borrower, the Administrative Agent and the L/C Issuer may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change
its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative
Agent and the L/C Issuer. 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, telecopier number and electronic mail address to which
notices and other communications may be sent and (ii) accurate wire instructions for such Lender.


 


(e)  
Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall
be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made
in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii)
the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative
Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other
telephonic


 




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communications with
the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.


 


10.03  
No Waiver; Cumulative Remedies. No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no
delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document 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, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.


 


10.04  
Expenses; Indemnity; Limitation of Liability, Etc. 


 


(a)  
Costs and Expenses. The Borrower shall pay or reimburse (i) all reasonable and documented out-of-pocket expenses incurred
by the Administrative Agent and the Lead Arrangers and their respective Affiliates (including the reasonable and documented fees, charges
and disbursements of one counsel (together with one local counsel, if necessary, in each relevant jurisdiction for the Lead Arrangers
and the Administrative Agent)), in connection with the syndication of the facility provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers (including
proposed amendments, modifications or waivers) of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the L/C Issuer in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer and their respective Affiliates
(including, without limitation, the reasonable fees and disbursements of one counsel (together with one local counsel, if necessary,
in each relevant jurisdiction and another counsel if an actual conflict of interest exists among the Administrative Agent, the L/C Issuer,
the Lenders and their respective Affiliates) for the Administrative Agent, the Lenders, the L/C Issuer and their respective Affiliates
taken together), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (B) in connection with Loans made or Letters of Credit issued hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.


 


(b)  
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the
Lead Arrangers, each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities and related reasonable and
documented out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees and disbursements of one
counsel (together with one local counsel, if necessary, in each relevant jurisdiction) for all Indemnitees taken as a whole; provided
that if there is a conflict of interest, the Borrower shall so indemnify for expenses of one additional counsel to the affected Indemnitees
taken as a whole), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan
Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document
or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative
Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii)
any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a
demand for payment under a


 




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Letter of Credit if
the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any actual
or prospective Proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a
third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders
or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such Liabilities or related expenses (x) are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee (and, upon any such
determination pursuant to this clause (x), any indemnification payments with respect to such Liabilities or related expenses previously
received by such Indemnitee shall be subject to reimbursement by such Indemnitee), (y) result from a claim brought by the Borrower
or any other Loan Party against an Indemnitee for material breach of such Indemnitee’s obligations hereunder or under any other
Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined
by a court of competent jurisdiction or (z) result from claims of any of the Indemnitees against any other Indemnitee (and not by one
or more Indemnitees against the Administrative Agent, the Lead Arrangers or the L/C Issuer in such capacity) that have not resulted from
the action, inaction, participation or contribution of the Borrower or its Subsidiaries or any of their respective officers, directors,
stockholders, partners, members, employees, agents, representatives or advisors.


 


(c)  
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required
under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C
Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense
or indemnified Liabilities or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any
such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent) or the L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c)
are subject to the provisions of Section 2.12(d).


 


(d)  
Limitation of Liability, Etc. To the fullest extent permitted by applicable law, no party hereto shall assert, and each
party hereto hereby waives, any claim against any other party hereto or against any Lender-Related Person, 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, the transactions contemplated
hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that nothing in this sentence shall affect
the Borrower’s indemnity and reimbursement obligations pursuant to Section 10.04(c). No Lender-Related Person shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such
Lender-Related Person as determined by a final and nonappealable judgment of a court of competent jurisdiction.


 


(e)  
Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.


 


(f)  
Survival. The agreements in this Section shall survive the resignation of the Administrative Agent and any of the L/C Issuers,
the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other
Obligations.


 




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10.05  
Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent,
the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment
or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer
severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered
from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the Federal Funds Effective Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer
under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.


 


10.06  
Successors and Assigns.


 


(a)  
Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder (other than pursuant to Section 7.03) without the prior written consent of the Administrative
Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee
in accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section
10.06(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.06(f) (and
any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement.


 


(b)  
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 10.06(b),
participations in L/C Obligations) at the time owing to it); provided that except in the case of an assignment to a Lender or
an Affiliate of the assigning Lender, any such assignment shall be subject to the following conditions:


 


(i)  
Minimum Amounts. (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment
and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender, no minimum amount need
be assigned; and


 


(B)  
in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date, shall not be less than $5,000,000, unless (x) such assignment is in connection with the primary syndication of


 




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the facility
hereunder or (y) each of the Administrative Agent and, so long as no Event of Default under Section 8.01(a), Section 8.01(f)
(with respect to the Borrower) or Section 8.01(g)(i) (with respect to the Borrower) has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments
to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an
Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such
minimum amount has been met;


 


(ii)  
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned;


 


(iii)  
Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
of this Section and, in addition:


 


(A)the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default under
Section 8.01(a), Section 8.01(f) (with respect to the Borrower) or Section 8.01(g)(i) (with respect to the Borrower)
has occurred and is continuing at the time of such assignment, (2) such assignment is to a Lender, an Affiliate of a Lender, an Approved
Fund, JPMCB or an Affiliate of JPMCB or (3) such assignment is in connection with the primary syndication of the facility hereunder;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within fifteen (15) Business Days after having received notice thereof;


 


(B)the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect
of any Commitment if such assignment is to a Person that is not a Lender, an Affiliate of such Lender, an Approved Fund, JPMCB or an
Affiliate of JPMCB; and


 


(C)the
consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases
the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding);


 


(iv)  
Assignment and Assumption.


 


(A)  
The parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to
the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform
as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, in either case, together with
a processing and recordation fee of $3,500;


 


(B)  
The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;


 


(v)  
No Assignment to Borrower. No such assignment shall be made to (A) the Borrower or any of its Subsidiaries, or any of the
Borrower’s Affiliates other than Morgan


 




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Stanley
and its Affiliates, excluding the Borrower and its Subsidiaries, or (B) to any Defaulting Lender; and


 


(vi)  
No Assignment to Natural Persons. No such assignment shall be made to a natural person.


 


In connection with
any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until,
in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases
by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower
and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to
each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities
then owed by such Defaulting Lender to the Administrative Agent, each L/C Issuer and each other Lender hereunder (and interest accrued
thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance
with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.


 


Subject to acceptance
and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement 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 3.01,
3.04, 3.05 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment.
Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this Section 10.06(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 Section 10.06(d).


 


(c)  
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office 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 amounts (and interest amounts) of 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 shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation,
of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.


 




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Upon its receipt of
a duly completed Assignment and Assumption executed by the assigning Lender and an assignee or to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent
and the parties to the Assignment and Assumption are participants, together with any Note or Notes subject to such assignment, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), any applicable tax forms and any written
consent to such assignment required by paragraph (b) of this Section 10.06, the Administrative Agent shall accept such Assignment
and Assumption and record the information contained therein in the Register.


 


(d)  
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent
or the L/C Issuer, sell participations to any Person (other than a natural person, a Defaulting Lender, or the Borrower or any of its
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations)
owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower,
the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section
10.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be
entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein,
including the requirement to provide any applicable forms under Section 3.01) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to Section 10.06(b) (provided that any documentation required to be delivered pursuant
to Section 3.01(e) shall be delivered solely to the participating Lender). To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to
be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation with respect to a Commitment or
Loan to the Borrower shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and related interest amounts) of each Participant’s
interest in the Commitment and/or Loan (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive, absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary.


 


(e)  
Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section
3.01, 3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, except to the extent such entitlement to a greater payment results from a Change in Law after the Participant
acquired such participation.


 


(f)  
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note, if any) to secure


 




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obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.


 


(g)  
Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time JPMCB
assigns all of its Commitment and Loans pursuant to Section 10.06(b), JPMCB may, upon 30 days’ notice to the Borrower and
the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from
among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such
successor shall affect the resignation of JPMCB as L/C Issuer. If JPMCB resigns as L/C Issuer, it shall retain all the rights, powers,
privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation
as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.03(e)). Upon the appointment of a successor L/C Issuer, (a)
such successor L/C Issuer shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C
Issuer and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations
of the retiring L/C Issuer with respect to such Letters of Credit.


 


10.07  
Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) on a confidential
and need-to-know basis to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents,
advisors and representatives who need to know such information in connection with the transactions contemplated hereby (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and will be subject
to customary confidentiality obligations of professional practice or will agree (which agreement may be oral or pursuant to company policy)
to be bound by the terms of this Section 10.07 (or language substantially similar to this Section 10.07), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such
as the National Association of Insurance Commissioners) (in which case such Person, to the extent permitted by law and except where such
disclosure is made in the course of routine audits or reviews by regulatory or self-regulatory authorities, shall inform the Borrower
promptly) or to any Federal Reserve Bank or central bank in connection with a pledge or assignment pursuant to Section 10.06(f),
(c) to the extent required pursuant to the order of any court or administrative agency or in any pending legal or administrative
proceeding, or by applicable laws (including for purposes of establishing a “due diligence” defense) or regulations or by
any subpoena or similar legal process (in which case such Person, to the extent permitted by law, shall inform the Borrower promptly),
(d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)
subject to an agreement containing provisions substantially the same as those of this Section 10.07, to (i) any permitted
assignee of or Participant in, or any prospective permitted assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower
and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section, (ii) becomes available to the Administrative Agent, any Lender, the L/C Issuer
or any of their respective Affiliates on a basis that to its knowledge is nonconfidential from a source other than the Borrower or (iii)
is independently developed by such Person. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement
and information about this


 




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Agreement to market
data collectors, similar service providers to the lending industry and service providers to the agents and the Lenders in connection
with the administration of this Agreement, the other Loan Documents and the Commitments; provided that such disclosure shall in
no event include information beyond the scope of information publicly filed with the SEC without the consent of the Borrower.


 


For purposes of this
Section, “Information” means all information received from any Loan Party or any Subsidiary thereof relating to any
Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or the L/C Issuer on a basis that to its knowledge is nonconfidential prior to disclosure by any Loan Party or any
Subsidiary thereof, provided that, in the case of information received from a Loan Party or any such Subsidiary after the Effective
Date, such information is clearly identified at the time of delivery as confidential or is delivered pursuant to Section 6.01,
6.02 or 6.03 hereof. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.


 


Each of the Administrative
Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning the
Borrower and its Related Parties or their respective Subsidiaries, as the case may be, (b) it has developed compliance procedures regarding
the use of material non-public information and (c) it will handle such material non-public information in accordance with those procedures
and applicable Law, including United States Federal and state securities Laws.


 


All Information, including
requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering,
this Agreement will be syndicate-level information, which may contain material non-public information about the Borrower, the Loan Parties
and their Related Parties or their respective securities. Accordingly, each Lender represents to the Borrower and the Administrative
Agent that it has identified in its Administrative Questionnaire a credit contact who may receive Information that may contain material
non-public information in accordance with its compliance procedures and applicable Law.


 


10.08  
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of
their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law,
to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time
held and other obligations (in whatever currency) at any time owing by such Lender, each L/C Issuer or any such Affiliate to or for the
credit or the account of the Borrower against any and all of the obligations of the Borrower owing under this Agreement or any other
Loan Document to such Lender, such L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer
or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower
may be contingent or unmatured or are owed to a branch or office or Affiliate of such Lender or the L/C Issuer different from the branch
or office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting
Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders,
and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies


 




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(including other rights
of setoff) that such Lender, each L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such
notice shall not affect the validity of such setoff and application.


 


10.09  
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
“Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.
In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum
Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense,
fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,
and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.


 


10.10  
Counterparts; Integration; Effectiveness.


 


(a)  
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.


 


(b)  
Electronic Execution. Delivery of
an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval,
consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 10.02), 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 shall be effective as delivery of a
manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. 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 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 and to the maximum extent


 




 




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permitted
by applicable law, 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,
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.


  


10.11  
Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender,
regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative
Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force
and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain
outstanding.


 


10.12  
Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,
(a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be
affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith
by the Administrative Agent or the L/C Issuers, as applicable, then such provisions shall be deemed to be in effect only to the extent
not so limited.


 


10.13  
Replacement of Lenders. If any Lender requests compensation under Section 3.04 or delivers a notice described in
Section 3.02, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender or if any other circumstance exists hereunder
that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in, and consents


 




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required by, Section
10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:


 


(a)the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.06;


 


(b)such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations in L/C Disbursements,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts);


 


(c)in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant
to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and


 


(d)such
assignment does not conflict with applicable Laws.


 


A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply.


 


Any Lender being replaced
pursuant to this Section 10.13 shall promptly (i) execute and deliver an Assignment and Assumption with respect to such Lender’s
Commitment and outstanding Loans and participations in L/C Obligations, and (ii) deliver any Notes evidencing such Loans to the Borrower
or Administrative Agent.


 


10.14  
Governing Law; Jurisdiction; Etc. 


 


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


 


(b)  
SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO
THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT
SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES
HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING


 




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RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT AGAINST ANY OTHER PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 


(c)  
WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.


 


(d)  
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LAW.


 


10.15  
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.


 


10.16  
No Advisory or Fiduciary Responsibility.


 


(a)  
In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or
other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’
understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lead
Arrangers are arm’s-length commercial transactions between the Borrower and its Subsidiaries, on the one hand, and the Administrative
Agent and the Lead Arrangers, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors
to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents; and (ii) (A) each of the Administrative Agent
and each Lead Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties,
has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Subsidiaries, or any other
Person and (B) neither the Administrative Agent nor any Lead Arranger has any obligation to the Borrower or any of its Subsidiaries with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents.
The Borrower agrees that it will not assert any claim against the Administrative Agent, any Lead Arranger, any Lender or the L/C Issuer
based on an alleged


 




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breach of fiduciary
duty by Administrative Agent, any Lead Arranger, any Lender or the L/C Issuer in connection with this Agreement and the transactions
contemplated hereby.


 


(b)  
The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Lender Party,
together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as
well as providing investment banking and other financial services. In the ordinary course of business, any Lender Party may provide investment
banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt
and other securities and financial instruments (including bank loans and other obligations) of, the Borrower and other companies with
which the Borrower may have commercial or other relationships. With respect to any securities and/or financial instruments so held by
any Lender Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights,
will be exercised by the holder of the rights, in its sole discretion.


 


(c)  
In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Lender Party
and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other
companies in respect of which the Borrower may have conflicting interests regarding the transactions described herein and otherwise.
No Lender Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents
or its other relationships with the Borrower in connection with the performance by such Lender Party of services for other companies,
and no Lender Party will furnish any such information to other companies. The Borrower also acknowledges that no Lender Party has any
obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential
information obtained from other companies.


 


10.17  
USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA Patriot Act”), it is required to obtain, verify
and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the
USA Patriot Act. 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 reasonably requests in order to comply with its ongoing obligations
under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.


 


10.18  
Acknowledgement and Consent to Bail-In of Affected Financial Institutions.


 


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 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:


 




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(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 entity, 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.


 


10.19  
Acknowledgement Regarding Any Supported QFCs.


 


(a)  
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements 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).


 


(b)  
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
Intentionally Omitted]


 




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Schedule 2.01A


 


Commitments
and Applicable Percentages


 


	

    Lender	2024

    Commitment	2026

    Commitment	Applicable
    

    Percentage
	JPMorgan
    Chase Bank, N.A.	N/A	$81,000,000	16.200000000%
	Bank
    of America, N.A	N/A	$62,000,000	12.400000000%
	Goldman
    Sachs Bank USA	N/A	$62,000,000	12.400000000%
	Morgan
    Stanley Bank, N.A.	N/A	$33,000,000	6.600000000%
	MUFG
    Bank, Ltd.	N/A	$33,000,000	6.600000000%
	Citizens
    Bank, N.A. 	N/A	$40,000,000	8.000000000%
	Fifth
    Third Bank	N/A	$40,000,000	8.000000000%
	TD
    Bank, N.A.	N/A	$40,000,000	8.000000000%
	Citibank,
    N.A.	N/A	$38,250,000	7.650000000%
	Credit
    Suisse AG, New York Branch	N/A	$38,250,000	7.650000000%
	Wells
    Fargo Bank, N.A.	$32,500,000	N/A	6.500000000%
	Total:	$32,500,000	$467,500,000	$100.000000000%




     


     


    

Schedule 5.12


 


SUBSIDIARIES
AND OTHER EQUITY INVESTMENTS; LOAN PARTIES


 


In the below chart, list each of MSCI
Inc.’s subsidiaries, direct or indirect, their jurisdiction of organization and the percentage of their equity owned by MSCI Inc.
or a subsidiary of MSCI Inc.


 


	

    Subsidiary Name	Jurisdiction
    of 

    Organization	Percentage
    of MSCI Inc. Ownership
	Barra
    International, LLC	US
    - Delaware	100%*
	Barra,
    LLC**	US
    - Delaware	100%
	BarraConsult
    Ltda.	Brazil	100%*
	Carbon
    Delta AG	Switzerland	100%*
	Carbon
    Delta Germany GmbH	Germany	100%*
	MSCI
    G.K.	Japan	100%*
	MSCI
    India Holdings No. 1 Sàrl	Switzerland	100%*
	MSCI
    India Holdings No. 2 Sàrl	Switzerland	100%*
	Investment
    Property Databank Limited	US
    - Illinois	100%
	Investment
    Property Databank Limited	United
    Kingdom	100%*
	Investment
    Property Databank Pty Limited	Australia	100%*
	Investment
    Property Databank South Africa (Proprietary) Limited	South
    Africa	100%*
	IPD
    France	France	100%*
	IPD
    Group Limited	United
    Kingdom	100%*
	IPD
    Investment Property Databank GmbH	Germany	100%*
	IPD
    Nederland B.V.	Netherlands	100%*
	IPD
    Norden AB	Sweden	100%*




     


     


    

	

    Subsidiary Name	Jurisdiction
    of 

    Organization	Percentage
    of MSCI Inc. Ownership
	K.K. IPD Japan	Japan	100%*
	KLD
    Research and Analytics, Inc.	US
    - Massachusetts	100%*
	Measurisk,
    LLC	US
    - Delaware	100%*
	MSCI
    Australia Pty Limited	Australia	100%*
	MSCI
    Barra Financial Information Consultancy (Shanghai) Limited	China	100%
	MSCI
    Barra (Suisse) Sàrl	Switzerland	100%*
	MSCI
    Canada ULC	Canada
    (Nova Scotia)	100%*
	MSCI
    France	France	100%*
	MSCI
    Grand Cayman Limited	Cayman
    Islands	100%*
	MSCI
    ESG Research (Australia) Pty Ltd.	Australia	100%*
	MSCI
    ESG Research (France)	France	100%*
	MSCI
    ESG Research (UK) Limited	United
    Kingdom	100%*
	MSCI
    ESG Research LLC	US
    - Delaware	100%
	MSCI
    GP I LLC	US
    - Delaware	100%*
	MSCI
    Holdings LLC	US
    - Delaware	100%
	MSCI
    Holdings 2 LLC	US
    - Delaware	100%*
	MSCI
    Holdings 3 LLC	US
    - Delaware	100%*
	MSCI
    Hong Kong Limited	Hong
    Kong	100%*
	MSCI
    Hong Kong Management Limited	Hong
    Kong	100%*
	MSCI
    Kft.	Hungary	100%
	MSCI
    Korea Limited	Korea	100%*
	MSCI
    Limited	United
    Kingdom	100%*
	MSCI,
    S. de R.L. de C.V.	Mexico	100%*




     


     


    

	

    Subsidiary Name	Jurisdiction
    of 

    Organization	Percentage
    of MSCI Inc. Ownership
	MSCI Scot 1 LP	Scotland	100%*
	MSCI
    Scot 2 LP	Scotland	100%*
	MSCI
    Services Private Limited	India	100%*
	MSCI
    Taiwan Limited	Taiwan	100%*
	MSCI
    UK Holdings Limited	United
    Kingdom	100%*
	RiskMetrics
    (Singapore) Private Limited	Singapore	100%*
	RiskMetrics
    Group Holdings, LLC**	US
    - Delaware	100%*
	RiskMetrics
    Group, LLC**	US
    - Delaware	100%
	RiskMetrics
    Solutions, LLC**	US
    - Delaware	100%*


 


*   Not
a first-tier subsidiary of MSCI Inc. This entity is indirectly owned through one or more lower-tier MSCI Inc. subsidiaries.


 


**  Loan
Party.


 




     


     


    

Schedule 7.01


 


existing
liens


 


None.