Exhibit 10.1


 


EXECUTION VERSION


 


 


 


	Published CUSIP Number:	 	86037EAA3
	Revolving Credit CUSIP Number:	 	86037EAB1
	Term Loan CUSIP Number:	 	86037EAC9




 


$200,000,000 REVOLVING CREDIT FACILITY

$400,000,000 TERM LOAN


 


CREDIT AGREEMENT


 


by and among


 


STEWART INFORMATION SERVICES CORPORATION


 


and


 


THE GUARANTORS PARTY HERETO


 


and


 


THE LENDERS PARTY HERETO


 


and


 


PNC BANK, NATIONAL ASSOCIATION,


 


as Administrative Agent, Swingline Loan Lender
and Issuing Lender


 


PNC CAPITAL MARKETS LLC,


 


as Sole Lead Arranger and Sole Bookrunner


 


and


 


FIFTH THIRD BANK, REGIONS BANK and CITIZENS
BANK,


 


as Co-Syndication Agents


 


and


 


IBERIABANK, a division of First Horizon, and
AMEGY BANK,


 


as Co-Documentation Agents


 


Dated as of October 28, 2021


 






     


     


    

 


TABLE OF CONTENTS


 


	ARTICLE 1	CERTAIN DEFINITIONS	1
	 	 	 
	1.1	Certain Definitions	1
	1.2	“Construction”	27
	1.3	“Accounting Principles; Changes in GAAP”	28
	1.4	“LIBOR Notification”	28
	 	 	 
	ARTICLE 2	REVOLVING CREDIT AND SWINGLINE LOAN FACILITIES	29
	 	 	 
	2.1	Revolving Credit Commitments	29
	2.2	Nature of Lenders’ Obligations with Respect to Revolving Credit Loans	29
	2.3	Commitment Fees	29
	2.4	Termination or Reduction of Revolving Credit Commitments	30
	2.5	Revolving Credit Loan Requests; Conversions and Renewals; Swingline Loan Requests	30
	2.6	Making Revolving Credit Loans and Swingline Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swingline Loans	31
	2.7	Notes	33
	2.8	Letter of Credit Subfacility	33
	2.9	Defaulting Lenders	40
	2.10	Maturity Extensions	43
	2.11	Incremental Loans	44
	 	 	 
	ARTICLE 3	TERM LOANS	46
	 	 	 
	3.1	Term Loan Commitments	46
	3.2	Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms	46
	3.3	Termination or Reduction of Term Loan Commitments	47
	3.4	Commitment Fees	47
	 	 	 
	ARTICLE 4	INTEREST RATES	47
	 	 	 
	4.1	Interest Rate Options	47
	4.2	Interest Periods	48
	4.3	Interest After Default	49
	4.4	LIBOR Rate Unascertainable; Increased Costs; Deposits Not Available; Illegality; Benchmark Replacement Setting	49
	4.5	Selection of Interest Rate Options	59
	 	 	 
	ARTICLE 5	PAYMENTS; Taxes; Yield maintenance	59
	 	 	 
	5.1	Payments	59
	5.2	Voluntary Prepayments	60
	5.3	[Reserved]	61
	5.4	Pro Rata Treatment of Lenders	61
	5.5	Sharing of Payments by Lenders	61



 






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TABLE OF CONTENTS 

(continued)


 


	5.6	Administrative Agent’s Clawback	62
	5.7	Interest Payment Dates	63
	5.8	Increased Costs	63
	5.9	Taxes.	64
	5.10	Indemnity	68
	5.11	Settlement Date Procedures	69
	5.12	Cash Collateral	69
	5.13	Replacement of a Lender	70
	5.14	Designation of a Different Lending Office	71
	 	 	 
	ARTICLE 6	REPRESENTATIONS AND WARRANTIES	71
	 	 	 
	6.1	Organization	71
	6.2	Authority Relative to this Agreement	72
	6.3	No Violation	72
	6.4	Financial Statements; No Material Adverse Change	72
	6.5	Litigation	73
	6.6	Compliance with Law and Agreements	73
	6.7	Properties	73
	6.8	Intellectual Property	73
	6.9	Taxes	73
	6.10	Environmental Compliance	74
	6.11	Investment Company Status	74
	6.12	Insurance	74
	6.13	Solvency	74
	6.14	ERISA	74
	6.15	Disclosure	74
	6.16	EEA Financial Institutions	75
	6.17	Margin Stock	75
	6.18	[Intentionally Omitted]	75
	6.19	Sanctions and other Anti-Terrorism Laws	75
	6.20	Anti-Corruption Laws	75
	6.21	Certificate of Beneficial Ownership	75
	 	 	 
	ARTICLE 7	CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT	75
	 	 	 
	7.1	Initial Loans and Letters of Credit Made on the Closing Date	75
	7.2	Each Loan or Letter of Credit	77
	 	 	 
	ARTICLE 8	AFFIRMATIVE COVENANTS	77
	 	 	 
	8.1	Existence; Conduct of Business	78
	8.2	Payment of Obligations	78
	8.3	Maintenance of Properties; Insurance	78
	8.4	Books and Records; Inspection Rights	78



 






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TABLE OF CONTENTS

(continued)


 


	8.5	Compliance with Laws	78
	8.6	Use of Proceeds and Letters of Credit	78
	8.7	Maintain Business	79
	8.8	Accuracy of Information	79
	8.9	Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws	79
	8.10	Reporting Requirements	79
	8.11	Notices of Material Events	81
	8.12	Certificate of Beneficial Ownership and Other Additional Information	82
	 	 	 
	ARTICLE 9	NEGATIVE COVENANTS	82
	 	 	 
	9.1	Indebtedness	82
	9.2	Liens	83
	9.3	Fundamental Changes	84
	9.4	Asset Sales	84
	9.5	Investments	85
	9.6	Swap Agreements	86
	9.7	Restricted Payments	86
	9.8	Transactions with Affiliates	87
	9.9	Restrictive Agreements	87
	9.10	Debt to Total Capitalization Ratio	87
	9.11	Minimum Net Worth	87
	9.12	Sanctions and other Anti-Terrorism Laws	87
	9.13	Anti-Corruption Laws	88
	 	 	 
	ARTICLE 10	DEFAULT	88
	 	 	 
	10.1	Events of Default	88
	10.2	Consequences of Event of Default	90
	10.3	Application of Proceeds	92
	 	 	 
	ARTICLE 11	THE ADMINISTRATIVE AGENT	93
	 	 	 
	11.1	Appointment and Authority	93
	11.2	Rights as a Lender	93
	11.3	Exculpatory Provisions	93
	11.4	Reliance by Administrative Agent	95
	11.5	Delegation of Duties	95
	11.6	Resignation of Administrative Agent	95
	11.7	Non-Reliance on Administrative Agent and Other Lenders	96
	11.8	No Other Duties, Etc	96
	11.9	Administrative Agent’s Fee	97
	11.10	Administrative Agent May File Proofs of Claim	97
	11.11	No Reliance on Administrative Agent’s Customer Identification Program	97
	11.12	ERISA Matters	98
	11.13	Erroneous Payments	99



 






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TABLE OF CONTENTS 

(continued)


 


	ARTICLE 12	MISCELLANEOUS	102
	 	 	 
	12.1	Modifications, Amendments or Waivers	102
	12.2	No Implied Waivers; Cumulative Remedies	103
	12.3	Expenses; Indemnity; Damage Waiver	104
	12.4	Holidays	106
	12.5	Notices; Effectiveness; Electronic Communication	106
	12.6	Severability	108
	12.7	Duration; Survival	108
	12.8	Successors and Assigns	109
	12.9	Confidentiality	113
	12.10	Counterparts; Integration; Effectiveness; Electronic Execution	115
	12.11	CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL	115
	12.12	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	117
	12.13	USA PATRIOT Act Notice	117
	12.14	Acknowledgement Regarding Any Supported QFCs	117



 






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CREDIT AGREEMENT


 


THIS CREDIT AGREEMENT is dated
as of October 28, 2021 and is made by and among STEWART INFORMATION SERVICES CORPORATION, a Delaware corporation (the “Borrower”),
the GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as
the Administrative Agent (as hereinafter defined), Swingline Loan Lender (as hereinafter defined) and Issuing Lender (as hereinafter defined).


 


The Borrower has requested
the Lenders to provide (i) a revolving credit facility to the Borrower in an aggregate principal amount not to exceed $200,000,000,
including therein a Swingline Loan (as hereinafter defined) subfacility and a Letter of Credit (as hereinafter defined) subfacility and
(ii) a $400,000,000 term loan facility. In consideration of their mutual covenants and agreements hereinafter specified and intending
to be legally bound hereby, the parties hereto covenant and agree as follows:


 


ARTICLE
1



CERTAIN DEFINITIONS


 


1.1             
Certain Definitions. In addition to words and terms defined elsewhere in this Agreement, the following words and terms shall
have the following meanings, respectively, unless the context hereof clearly requires otherwise:


 


“Administrative Agent”
means PNC Bank, National Association, in its capacity as administrative agent hereunder or any successor administrative agent.


 


“Administrative Agent’s
Fee” means as is specified in Section 11.9 [Administrative Agent’s Fee].


 


“Administrative Agent’s
Letter” means as is specified in Section 11.9 [Administrative Agent’s Fee].


 


“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”
means, with respect to a specified Person, another Person that directly or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.


 


“Agent Parties”
means as is specified in Section 12.5(d)(ii).


 


“Agreement”
shall mean this Credit Agreement, as the same may be amended, supplemented, modified or restated from time to time, including all schedules
and exhibits.


 






     


     


    

 


“Alternate Source”
means as is specified in the definition of LIBOR Rate.


 


“Anti-Corruption Laws”
means the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, and any other similar anti-corruption
Laws or regulations administered or enforced in any jurisdiction in which the Borrower or any of its Subsidiaries conduct business.


 


“Anti-Terrorism Law”
means any Law in force or hereinafter enacted related to terrorism, money laundering, or economic sanctions, including Executive Order
No. 13224, the USA PATRIOT Act, the International Emergency Economic Powers Act, 50 U.S.C. 1701, et. seq., the Trading with the Enemy
Act, 50 U.S.C. App. 1, et. seq., 18 U.S.C. § 2332d, and 18 U.S.C. § 2339B, and any regulations or directives promulgated under
these provisions.


 


“Applicable Margin”
means the corresponding percentages per annum as specified under and in accordance with the terms set forth below based on the Debt to
Total Capitalization Ratio:


 


	Level	Debt to Total

 Capitalization 

Ratio	Commitment

Fee	Letter of 

Credit 

Fee	Revolving 

Credit Base

 Rate Spread	Term

 Loan 

Base Rate 

Spread	Revolving

 Credit

 LIBOR Rate 

Spread	Term

 Loan 

LIBOR

 Rate Spread
	I	Less
    than 0.15 to 1.0	0.15%	1.25%	0.25%	0%	1.25%	0.875%
	II	Greater than or equal to 0.15 to 1.0 but less than 0.20 to 1.0	0.20%	1.375%	0.375%	0%	1.375%	1.00%
	III	Greater than or equal to 0.20 to 1.0 but less than 0.25 to 1.0	0.25%	1.50%	0.50%	0.125%	1.50%	1.125%
	IV	Greater than or equal to 0.25 to 1.0	0.30%	1.625%	0.625%	0.25%	1.625%	1.25%


 






    2


     


    

 


For purposes of determining the Applicable Margin,
the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate:


 


(a)       The
Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be set at Pricing Level III from
the Closing Date until delivery of a Compliance Certificate for the fiscal quarter ended December 31, 2021.


 


(b)       The
Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as of the end of
each fiscal quarter ending after the Closing Date based on the Debt to Total Capitalization Ratio as of such quarter end. Any increase
or decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a
quarter end shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be delivered under
Section 8.10 [Reporting Requirements]. If a Compliance Certificate is not delivered when due in accordance with such Section 8.10, then
the rates in Level IV shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have
been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.


 


(c)       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 Debt to Total Capitalization Ratio as calculated by the Borrower as of any applicable date was inaccurate
and (ii) a proper calculation of the Debt to Total Capitalization 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 Issuing Lender), 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 Issuing Lender, as the case may be, under Section 2.8 [Letter of Credit Subfacility] or Section 4.3 [Interest After
Default] or Article 10 [Default]. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments
and the repayment of all other Obligations hereunder.


 






    3


     


    

 


“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender.


 


“Asset Sale”
means the sale, transfer, lease or disposition (in one transaction or in a series of transactions and whether effected pursuant to a Division
or otherwise) by the Borrower or any of its Subsidiaries to any Person other than the Borrower or any of its Subsidiaries of (a) any of
the Equity Interest in any of the Borrower’s Subsidiaries, (b) substantially all of the assets of any division or line of business
of the Borrower or any of its Subsidiaries, or (c) any other assets (whether tangible or intangible) of the Borrower or any of its Subsidiaries
including, without limitation, any accounts receivable (other than (i) inventory sold in the ordinary course of business, (ii) Permitted
Investments, and (iii) obsolete, worn out or surplus equipment).


 


“Assignment and Assumption
Agreement” 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 12.8 [Successors and Assigns]), and accepted by the Administrative Agent, in substantially
the form of Exhibit A or any other form approved by the Administrative Agent.


 


“Authorized Officer”
means, with respect to any Loan Party, the Chief Executive Officer, President, Chief Financial Officer, Senior Vice President, Treasurer
or Assistant Treasurer of such Loan Party, any manager or the members (as applicable) in the case of any Loan Party which is a limited
liability company, or such other individuals, designated by written notice to the Administrative Agent from the Borrower, authorized to
execute notices, reports and other documents on behalf of such Loan Party required hereunder. The Borrower may amend such list of individuals
from time to time by giving written notice of such amendment to the Administrative Agent.


 


“Bail-In Action”
shall mean 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”
means, for any day, a fluctuating per annum rate of interest equal to the highest of (i) the Overnight Bank Funding Rate, plus
0.5%, (ii) the Prime Rate, and (iii) the Daily LIBOR Rate, plus 1.00%, so long as Daily LIBOR Rate is offered, ascertainable
and not unlawful. Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such
change occurs. Base Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms specified
in either Section 4.1(a)(i) [Revolving Credit Base Rate Option] or Section 4.1(c)(i) [Term Loan Base Rate
Option], as applicable.


 






    4


     


    

 


“Beneficial Owner”
shall mean, for each Borrower, each of the following: (a) each individual, if any, who, directly or indirectly, owns 25% or more of such
Borrower’s Equity Interests; and (b) a single individual with significant responsibility to control, manage, or direct such Borrower.


 


“Borrower”
means as is specified in the introductory paragraph.


 


“Borrowing Date”
means, with respect to any Loan, the date of the making, renewal or conversion thereof, which shall be a Business Day.


 


“Borrowing Tranche”
means specified portions of Loans outstanding as follows: (a) any Loans to which a LIBOR Rate Option applies by the Borrower and
which have the same Interest Period shall constitute one Borrowing Tranche, and (b) all Loans to which a Base Rate Option applies shall
constitute one Borrowing Tranche.


 


“Business Day”
means any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed, or
are in fact closed, for business in Pittsburgh, Pennsylvania (or, if otherwise, the Lending Office of the Administrative Agent) and if
the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which dealings
are carried on in the London interbank market.


 


“Cash Collateralize”
means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Issuing Lender or the
Lenders, as collateral for Letter of Credit Obligations or obligations of Lenders to fund participations in respect of Letter of Credit
Obligations, cash or deposit account balances or, if the Administrative Agent and each applicable Issuing Lender shall agree in their
sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative
Agent and each applicable Issuing Lender. “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, collectively, such items described in clauses (a), (b), (c) and (d) of the definition of Permitted Investments.


 


“Certificate of Beneficial
Ownership” means, for each Borrower, a certificate in form and substance acceptable to the Administrative Agent (as amended
or modified by the Administrative Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner
of such Borrower.


 


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


 


“Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by
any Official Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force
of Law) by any Official Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or
issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines,
interpretations 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 (whether or not having the force of Law),
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, promulgated or implemented.


 






    5


     


    

 


“Change of Control”
means (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) that becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire (such right, an “option right”),
directly or indirectly, of 40% or more of the Equity Interests of the Borrower entitled to vote for members of the board of directors
or equivalent governing body of the borrower on a fully-diluted basis (and taking into account all such securities that such “person”
or “group” has the right to acquire pursuant to any option right); or (b) during any period of 24 consecutive months, a majority
of the members of the board of directors or other equivalent governing body of the Borrower ceases to be composed of individuals (i) who
were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board
or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body.


 


“CIP Regulations”
means as is specified in Section 11.11 [No Reliance on Administrative Agent’s Customer Identification Program].


 


“Class”,
when used in reference to any Loan, refers to whether such Loan, or the advances comprising such Loans, are Term Loans, Revolving Credit
Loans or Swingline Loans and, when used in reference to any Lender, refers to whether such Lender has any (a) outstanding Revolving
Credit Loans or Revolving Credit Commitments or (b) Term Loan Commitments or Term Loans.


 


“Closing Date”
means the Business Day on which the conditions specified in Section_7.1 [Initial Loans and Letters of Credit] shall be first
satisfied.


 


“Code” means
the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar
import, and the rules and regulations thereunder, as from time to time in effect.


 






    6


     


    

 


“Commitment”
means, as to any Lender, its Revolving Credit Commitment, Term Loan Commitment and, in the case of PNC (in its capacity as the Swingline
Loan Lender), its Swingline Loan Commitment (but not the aggregate of its Revolving Credit Commitment and its Swingline Loan Commitment),
and Commitments means the aggregate of the Revolving Credit Commitments and Term Loan Commitments of all of the Lenders.


 


“Commitment Fee”
means as is specified in Section 2.3 [Commitment Fees].


 


“Communications”
means as is specified in Section 12.5(d)(ii) [Platform].


 


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


 


“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 Funded
Indebtedness” means, as of the last day of any fiscal quarter, the aggregate (without duplication) of all Indebtedness of Borrower
and its Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP that should be reflected on Borrower’s
consolidated balance sheet in accordance with GAAP (exclusive of Indebtedness under Investment Securities Lines, contingent liabilities
related to escrow and 1031 exchange accounts, letters of credit that are fully collateralized and contingent obligations of the Borrower
or any of its Subsidiaries as an account party in respect of letters of credit and letters of guaranty).


 


“Consolidated Net Income”
means, for any period, net income (or loss) for Borrower and its Subsidiaries for such period and as reflected on the consolidated financial
statements of Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.


 


“Consolidated
Net Worth” means, as of any date of determination, the consolidated shareholders’ equity of Borrower and its Subsidiaries
(excluding noncontrolling interests) determined on a consolidated basis in accordance with GAAP and as reflected on the consolidated financial
statements of Borrower and its Subsidiaries.


 


“Consolidated Total
Capital” means, as of any date of determination, the sum of (i) Consolidated Net Worth as of such date and (ii) Consolidated
Funded Indebtedness as of such date.


 


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


 


“Covered
Entity”, other than as used in Section 12.4, means (a) the Borrower, each of Borrower’s Subsidiaries and all
Guarantors, and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes
of this definition, control of a Person means the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued
and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons
performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such
Person whether by ownership of equity interests, contract or otherwise.


 






    7


     


    

 


“Daily LIBOR Rate”
means, for any day, the rate per annum determined by the Administrative Agent by dividing (x) the Published Rate by (y) a number equal
to 1.00 minus the LIBOR Reserve Percentage on such day. The rate of interest will be adjusted automatically as of each Business
Day based on changes in the Daily LIBOR Rate without notice to the Borrower. Notwithstanding the foregoing, if the Daily LIBOR Rate as
determined above would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.


 


“Debt to Total Capitalization
Ratio” means the ratio of Consolidated Funded Indebtedness to Consolidated Total Capital.


 


“Debtor Relief Laws”
means the Bankruptcy Code of the United States of America, 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.


 


“Defaulting
Lender” means, subject to Section 2.9(b) [Defaulting Lender Cure], 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, the Issuing Lender, the
Swingline Loan Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower,
the Administrative Agent, the Issuing Lender or the Swingline Loan Lender in writing that it does not intend to comply with its
funding obligations hereunder, 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 determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically
identified in such writing or public statement) cannot be satisfied), (c) has 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 (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 an Official Body 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 Official Body) 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 2.9(b) [Defaulting Lender Cure]) upon delivery of written notice of
such determination to the Borrower, the Issuing Lender, the Swingline Loan Lender and each Lender.


 






    8


     


    

 


“Dividing Person”
has the meaning assigned to it in the definition of “Division”.


 


“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.


 


“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or
obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.


 


“Dollar”,
“Dollars”, “U.S. Dollars” and the symbol “$” means, in each case, lawful money
of the United States of America.


 


“Drawing Date”
means as is specified in Section 2.8(c) [Disbursements, Reimbursement].


 


“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 clauses (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”
means the date indicated in a document or agreement to be the date on which such document or agreement becomes effective, or, if there
is no such indication, the date of execution of such document or agreement.


 






    9


     


    

 


“Effective Federal
Funds Rate” means for any day the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to
the nearest 1/100 of 1% announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average
of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced
by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the
weighted average it refers to as the “Effective Federal Funds Rate” as of the date of this Agreement; provided that
if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Effective Federal Funds Rate”
for such day shall be the Effective Federal Funds Rate for the last day on which such rate was announced. Notwithstanding the foregoing,
if the Effective Federal Funds Rate as determined under any method above would be less than zero percent (0.00%), such rate shall be deemed
to be zero percent (0.00%) for purposes of this Agreement.


 


“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.8(b)(iv) [Assignment and Assumption Agreement],
(v) [No Assignment to Certain Persons] and (vi) [No Assignment to Natural Persons] (subject to such consents, if any, as
may be required under Section 12.8(b)(iii) [Required Consents]).


 


“Eligible Contract
Participant” means an “eligible contract participant” as defined in the CEA and regulations thereunder.


 


“Environmental Laws”
means all applicable federal, state, local, tribal, territorial and foreign Laws (including common law), constitutions, statutes, treaties,
regulations, rules, ordinances and codes and any consent decrees, settlement agreements, judgments, orders, directives, policies or programs
issued by or entered into with an Official Body pertaining or relating to: (a) pollution or pollution control; (b) protection
of human health from exposure to regulated substances; (c) protection of the environment and/or natural resources; (d) the presence,
use, management, generation, manufacture, processing, extraction, treatment, recycling, refining, reclamation, labeling, packaging, sale,
transport, storage, collection, distribution, disposal or release or threat of release of regulated substances; (e) the presence
of contamination; (f) the protection of endangered or threatened species; and (g) the protection of environmentally sensitive
areas.


 


“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.


 


“Equity Interests”
means, with respect to any Person, means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in such Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest.


 






    10


     


    

 


“ERISA” means
the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute
of similar import, and the rules and regulations thereunder, as from time to time in effect.


 


“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to
a Plan (other than an event for which the 30-day notice period is waived); (b) failure to satisfy the “minimum funding standard”
(as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the
Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence
by the Borrower or any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by the Borrower or any member of the ERISA Group from the PBGC or a plan administrator of any notice relating to an intention
to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any member of the
ERISA Group of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any member of the ERISA Group from
any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any member of the ERISA Group of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any member of the ERISA Group of any notice, concerning the imposition upon the Borrower or any
member of the ERISA Group of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent, within
the meaning of Title IV of ERISA.


 


“ERISA Group”
means, at any time, the Borrower and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated)
under common control and all other entities which, together with the Borrower, are treated as a single employer under Section 414
of the Code or Section 4001(b)(1) of ERISA.


 


“Erroneous Payment”
has the meaning assigned to it in Section 11.13(a).


 


“Erroneous Payment
Deficiency Assignment” has the meaning assigned to it in Section 11.13(d).


 


“Erroneous Payment
Impacted Class” has the meaning assigned to it in Section 11.13(d).


 


“Erroneous Payment
Return Deficiency” has the meaning assigned to it in Section 11.13(d).


 


“Erroneous Payment
Subrogation Rights” has the meaning assigned to it in Section 11.13(d).


 


“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.


 


“Event of Default”
means any of the events described in Section 10.1 [Events of Default].


 






    11


     


    

 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Lender,
its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such
Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in such Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.13
[Replacement of a Lender]) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
5.9(g) [Status of Lenders], amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 5.9(g) [Status of Lenders], and (d) any U.S. federal withholding Taxes imposed under FATCA (except
to the extent imposed due to the failure of the Borrower to provide documentation or information to the IRS).


 


“Executive Order No.
13224” means the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall
hereafter be, renewed, extended, amended or replaced.


 


“Existing Letters
of Credit” means those letters of credit existing on the Closing Date and identified on Schedule 1.1(C).


 


“Existing Expiration
Date” means as is specified in Section 2.10 [Maturity Extensions].


 


“Expiration Date”
means, with respect to the Revolving Credit Commitments, October 28, 2026 as such date may be extended with respect to certain Lenders’
Revolving Credit Commitments pursuant to Section 2.10(a) [Requests for Extension] or Section 12.1 [Modifications, Amendments
or Waivers].


 


“Facilities”
means the Revolving Credit Facility and/or the Term Loan Facility, as the context may require.


 


“Facility Termination
Date” means the date as of which all of the following shall have occurred: (a) the aggregate Commitments have been terminated,
(b) all Obligations have been paid in full (other than contingent indemnification obligations that are not yet due), and (c) all
Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto reasonably
satisfactory to the Administrative Agent (to the extent the Administrative Agent is a party to such arrangements) and the Issuing Lender,
including the provision of cash collateral, shall have been made).


 


“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 Section 1471(b)(1) of the Code and any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities and implementing such Sections of the Code.


 






    12


     


    

 


“Financial Officer”
means the chief financial officer, principal accounting officer, chief risk officer, treasurer, assistant treasurer or controller of the
Borrower.


 


“Foreign Lender”
means (i) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (ii) if the Borrower is not a U.S. Person, a Lender
that is resident or organized under the Laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.


 


“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s Ratable Share
of the outstanding Letter of Credit Obligations with respect to Letters of Credit issued by such Issuing Lender other than Letter of Credit
Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof, and (b) with respect to any Swingline Loan Lender, such Defaulting Lender’s Ratable Share of
outstanding Swingline Loans made by such Swingline Loan Lender other than Swingline Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders.


 


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


 


“GAAP” means
generally accepted accounting principles as are in effect from time to time, subject to the provisions of Section 1.3 [Accounting
Principles; Changes in GAAP], and applied on a consistent basis both as to classification of items and amounts.


 


“Governmental Approval”
means (a) any authorization, consent, approval, license, waiver, or exemption, by or with; (b) any notice to; (c) any declaration of or
with; or (d) any registration by or with, or any other action or deemed action by or on behalf of, any Governmental Authority.


 


“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and
any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank).


 


“Guarantors”
means Stewart Title Company, a Texas corporation, and Stewart Lender Services, Inc., a Texas corporation.


 


“Guaranty”
means, with respect to any Person, any obligation of such Person guaranteeing or in effect guaranteeing any Indebtedness of any
other Person in any manner, whether directly or indirectly; provided, that the term guarantee shall not include endorsements
for collection or deposit in the ordinary course of business. The amount of obligations under a Guaranty 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
Guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by
Borrower in good faith.


 






    13


     


    

 


“Guaranty Agreement”
means the Continuing Agreement of Guaranty and Suretyship, dated of even date herewith, executed and delivered by each of the Guarantors
in favor of the Administrative Agent for the benefit of the Lenders.


 


“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 pursuant to any Environmental Law.


 


“Increased Amount Date”
means as is specified in Section 2.11 [Incremental Loans].


 


“Incremental Lender”
means as is specified in Section 2.11 [Incremental Loans].


 


“Incremental Loan Commitments”
means as is specified in Section 2.11 [Incremental Loans].


 


“Incremental Loans”
means as is specified in Section 2.11 [Incremental Loans].


 


Incremental Revolving Credit
Commitment means as is specified in Section 2.11 [Incremental Loans].


 


“Incremental Revolving
Credit Increase” means as is specified in Section 2.11 [Incremental Loans].


 


“Indebtedness”
means, as to any Person at any time, without duplication, any and all indebtedness, obligations or liabilities (whether matured or unmatured,
liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of (a) borrowed
money, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c)  obligations (contingent or otherwise)
under any acceptance, letter of credit or similar facilities, (d) obligations under any currency swap agreement, interest rate swap,
cap, collar or floor agreement or other interest rate or currency risk management device, (e) any other transaction (including without
limitation forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of
a borrowing of money upon which interest charges are customarily paid entered into by such Person to finance its operations or capital
requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business), (f) any Guaranty
of Indebtedness of a type referred to in clause (a) through (e) above, and (g) all obligations of the kind referred to in clauses (a)
through (f) above secured by any Lien on property (including accounts and contract rights) owned by such Person, whether or not such
Person has assumed or become liable for the payment of such obligation. The Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor.


 






    14


     


    

 


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


 


“Indemnitee”
means as is specified in Section 12.3(b) [Indemnification by the Borrower].


 


“Information”
means as is specified in Section 12.9 [Confidentiality].


 


“Insolvency Proceeding”
means, with respect to any Person, (a) a case, action or proceeding with respect to such Person (i) before any court or any
other Official Body under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii) for
the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party
or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or (b) any general assignment for the
benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s
creditors generally or any substantial portion of its creditors; undertaken under any Law.


 


“Interest Period”
means the period of time selected by the Borrower in connection with (and to apply to) any election permitted hereunder by the Borrower
to have Revolving Credit Loans or Term Loans bear interest under the LIBOR Rate Option. Subject to the last sentence of this definition,
such period shall be one, three or six Months. Such Interest Period shall commence on the effective date of such LIBOR Rate Option, which
shall be (i) the Borrowing Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the LIBOR Rate
Option if the Borrower is renewing or converting to the LIBOR Rate Option applicable to outstanding Loans. Notwithstanding the second
sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next
succeeding Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, and (B) the Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans
that would end after the Expiration Date.


 


“Interest Rate Option”
means any LIBOR Rate Option or Base Rate Option.


 


“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guaranty or
assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person (excluding any demand
deposit), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person
which constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit of
such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment.


 






    15


     


    

 


“Investment Securities
Line” means a credit or repurchase facility of not more than one month’s duration providing for demand or short-term loans
or repurchase transactions fully (and only) secured by investment grade securities (including United States Treasury securities and securities
issued by agencies of the United States), bank deposit accounts, money market funds and the like having maturities (including as a “maturity”
any date when a creditworthy party (including the issuer) may, at the option of the holder, be required to pay, purchase or redeem the
investment at par), generally concurrent with the scheduled maturities of the loans or the scheduled termination dates of the repurchase
transactions, provided if such maturity date is prior to the repayment or repurchase date of the loan, any such securities will
be transferred into a comparable form of investment grade security which will continue to serve as collateral.


 


“IRS” means
the United States Internal Revenue Service.


 


“Issuing Lender”
means PNC, in its individual capacity as issuer of Letters of Credit hereunder.


 


“Law” means
any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling,
order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, by agreement, consent or otherwise, with
any Official Body, foreign or domestic.


 


“Lender Joinder Agreement”
means a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent delivered in connection with any Incremental
Loan Commitments pursuant to Section 2.11 [Incremental Loans].


 


“Lenders”
means the financial institutions named on Schedule 1.1(B) and their respective successors and assigns as permitted hereunder, each
of which is referred to herein as a Lender. Unless the context requires otherwise, the term “Lenders” includes the Swingline
Loan Lender, but not the Issuing Lender.


 


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


 


“Letter of Credit”
means as is specified in Section 2.8(a) [Issuance of Letters of Credit]. [As of the Closing Date, each of the Existing Letters
of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and outstanding
hereunder.]


 


“Letter of Credit Borrowing”
means as is specified in Section 2.8(c)(iii) [Disbursements, Reimbursement].


 


“Letter of Credit Fee”
means as is specified in Section 2.8(b) [Letter of Credit Fees].


 






    16


     


    

 


“Letter of Credit Obligation”
means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date
(if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently
give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.


 


“Letter of Credit Sublimit”
means as is specified in Section 2.8(a)(i) [Issuance of Letters of Credit].


 


“LIBOR Rate”
means, with respect to the Loans comprising any Borrowing Tranche to which the LIBOR Rate Option applies for any Interest Period, the
interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, at the Administrative
Agent’s discretion, to the nearest 1/100 of 1%) (a) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit market), or
the rate which is quoted by another source selected by the Administrative Agent as an authorized information vendor for the purpose of
displaying rates at which US dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate
Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period
as the London interbank offered rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and
a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or
any substitute page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which
determination shall be conclusive absent manifest error)), by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage. Notwithstanding
the foregoing, if the LIBOR Rate as determined under any method above would be less than zero percent (0.00%), such rate shall be deemed
to be zero percent (0.00%) for purposes of this Agreement.


 


The LIBOR Rate shall be adjusted
with respect to any Loan to which the LIBOR Rate Option applies that is outstanding on the effective date of any change in the LIBOR Reserve
Percentage as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined
or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.


 


“LIBOR Rate Loan”
means any Loan to which the LIBOR Rate Option applies.


 


“LIBOR Rate Option”
means the option of the Borrower to have Loans bear interest at the rate and under the terms specified in Section 4.1(a)(ii)
[Revolving Credit LIBOR Rate Option] or Section 4.1(c)(ii) [Term Loan LIBOR Rate Option], as applicable.


 


“LIBOR Reserve Percentage”
means as of any day the maximum effective percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve
System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements)
with respect to eurocurrency funding or in respect of eurocurrency liabilities or any similar category of liabilities for a member bank
of the Federal Reserve System in New York City.


 






    17


     


    

 


“Lien” means
any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature whatsoever,
whether voluntarily or involuntarily given, including any conditional sale or title retention arrangement, and any assignment, deposit
arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing
(whether or not a lien or other encumbrance is created or exists at the time of the filing), but shall not include any operating lease.


 


“Loan Documents”
means this Agreement, the Administrative Agent’s Letter, the Guaranty Agreement, the Notes, and any other instruments or documents
delivered in connection herewith or therewith.


 


“Loan Parties”
means the Borrower and the Guarantors.


 


“Loan Request”
means as is specified in Section 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals].


 


“Loans” means,
collectively, and Loan means, separately, all Revolving Credit Loans, Swingline Loans and the Term Loans or any Revolving Credit
Loan, Swingline Loan or the Term Loan.


 


“Material Adverse Change”
means any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the
business, assets, property or financial condition of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties
to perform their payment and other material Obligations under the Loan Documents, (c) the validity or enforceability of any of the
Loan Documents, or (d) the rights and remedies of the Lenders under the Loan Documents.


 


“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit) or obligations in respect of one or more Swaps, of any one or more of
the Loan Parties and its Subsidiaries in an aggregate principal amount exceeding $30,000,000. For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of any Loan Party or any of its Subsidiaries in respect of any Swap at any time
shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party or such Subsidiary would be required
to pay if such Swap were terminated at such time.


 


“Minimum Collateral
Amount” means, at any time of determination, an amount equal to 102% of the Fronting Exposure of the Issuing Lender with
respect to Letters of Credit issued and outstanding at such time (or such lesser amount as may be determined by the Administrative Agent
and the Issuing Lender in their sole discretion).


 


“Month”,
with respect to an Interest Period under the LIBOR Rate Option, means the interval between the days in consecutive calendar months numerically
corresponding to the first day of such Interest Period. If any LIBOR Rate Interest Period begins on a day of a calendar month for which
there is no numerically corresponding day in the month in which such Interest Period is to end, the final month of such Interest Period
shall be deemed to end on the last Business Day of such final month.


 


“Moody’s”
means Moody’s Investors Service, Inc.


 






    18


     


    

 


“Multiemployer Plan”
means any employee pension benefit plan which is a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA
and to which the Borrower or any member of the ERISA Group is then making or accruing an obligation to make contributions or, within the
preceding five (5) plan years, has made or had an obligation to make such contributions, or to which the Borrower or any member of the
ERISA Group has any liability (contingent or otherwise).


 


“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Lenders
in accordance with the terms of Section 12.1 [Modifications, Amendments or Waivers] and (b) has been approved by the Required Lenders.


 


“Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time.


 


“Notes” means
collectively, and Note means separately, the promissory notes in the form of Exhibit C evidencing the Revolving Credit Loans,
in the form of Exhibit D evidencing the Swingline Loan, and in the form of Exhibit E evidencing the Term Loans.


 


“Obligation”
means any obligation or liability of any of the Loan Parties specified in the Loan Documents, howsoever created, arising or evidenced,
whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under or in connection with (a)
this Agreement, the Notes, the Letters of Credit, the Administrative Agent’s Letter or any other Loan Document whether to the Administrative
Agent, any of the Lenders or their Affiliates or other persons provided for under such Loan Documents and (b) any Erroneous Payment Subrogation
Rights.


 


“OFAC” means
the Office of Foreign Assets Control of the United States Department of the Treasury.


 


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


 


“Order” means
as is specified in Section 2.8(h) [Liability for Acts and Omissions].


 


“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).


 






    19


     


    

 


“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any 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 5.13 [Replacement of a Lender]).


 


“Overnight Bank Funding
Rate” means for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings by U.S.-managed
banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York (“NYFRB”),
as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding
rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Bank for the purpose of displaying
such rate); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on
the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer
exist, a comparable replacement rate determined by PNC at such time (which determination shall be conclusive absent manifest error). If
the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero. The rate of interest
charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower.


 


“Participant”
means as is specified in Section 12.8(d) [Participations].


 


“Participant Register”
means as is specified in Section 12.8(d) [Participations].


 


“Participation Advance”
means as is specified in Section 2.8(c)(iii) [Disbursements, Reimbursement].


 


“Payment Date”
means the first day of each calendar quarter after the Closing Date and on the Expiration Date or upon acceleration of the Notes.


 


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


 


“Permitted Encumbrances”
means:


 


(a)       Liens
imposed by law for taxes that are not yet due or are being contested in compliance with Section 8.2;


 


(b       carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, landlord’s and other like Liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section
8.2;


 


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


 






    20


     


    

 


(d)       deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business and of financial institutions on accounts or deposits maintained
therein to the extent arising by operation of law or within the documentation establishing said account to the extent same secure charges,
fees and expenses owing or potentially owing to said institution;


 


(e)       judgment
liens in respect of judgments that do not constitute an Event of Default under Section 10.1(k); and


 


(f)       easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of the Borrower or any of its Subsidiaries;


 


provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness.


 


“Permitted Investments”
means:


 


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


 


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


 


(c)       investments
in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided
profits of not less than $250,000,000;


 


(d)       investments
in certificates of deposit, banker’s acceptances and time deposits maturing in excess of one year from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided
profits of not less than $250,000,000; provided, that the aggregate amount of such investments does not exceed $10,000,000 outstanding
at any time;


 


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


 






    21


     


    

 


(f)       tax-exempt
securities rated AAA by S&P or Aaa by Moody’s and maturing within one year from the date of acquisition thereof; and


 


(g)       money
market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company
Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s or invest solely in the assets described in clauses (a) through (f)
above and (iii) have portfolio assets of at least $1,000,000,000.


 


“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Official Body
or other entity.


 


“Plan” means
any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the
Code or Section 302 of ERISA, and in respect of which the Borrower or any member of the ERISA Group is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.


 


“Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.


 


“PNC” means
PNC Bank, National Association, its successors and assigns.


 


“Potential Default”
means any event or condition which with notice or passage of time, or both, would constitute an Event of Default.


 


“Prime Rate”
means the interest rate per annum announced from time to time by the Administrative Agent at its Principal Office as its then prime rate,
which rate may not be the lowest or most favorable rate then being charged to commercial borrowers or others by the Administrative Agent
and may not be tied to any external rate of interest or index. Any change in the Prime Rate shall take effect at the opening of business
on the day such change is announced.


 


“Principal Office”
means the main banking office of the Administrative Agent in Pittsburgh, Pennsylvania.


 


“Published Rate”
means the rate of interest published each Business Day in The Wall Street Journal “Money Rates” listing under the caption
 “London Interbank Offered Rates” for a one month period: provided that if no such rate is published therein for any reason,
then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market
for a one month period either (a) as published in another publication selected by the Administrative Agent or (b) in an Alternate Source
(or if there shall at any time, for any reason, no longer exist any such reference or any Alternate Source, a comparable replacement rate
determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error).


 


“Ratable Share”
means:


 


(a)       with
respect to a Lender’s obligation to make Revolving Credit Loans, participate in Letters of Credit and other Letter of Credit
Obligations, participate in Swingline Loans, and receive payments, interest, and fees related thereto, the proportion that such
Lender’s Revolving Credit Commitment bears to the Revolving Credit Commitments of all of the Lenders, provided that if
the Revolving Credit Commitments have terminated or expired, the Ratable Shares for purposes of this clause shall be determined
based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments;


 






    22


     


    

 


(b)       with
respect to a Lender’s obligation (x) to make Term Loans and receive payments, interest, and fees related thereto, the proportion
that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all of the Lenders, provided that if the Term Loans
have not yet been funded, the computation in this clause shall be determined based upon the Term Loan Commitments of the Lenders and not
the amount of their Term Loans and (y) to receive payments, interest, and fees related to Term Loans, the proportion that such Lender’s
Term Loans bears to the Term Loans of all of the Lenders;


 


(c)       with
respect to all other matters as to a particular Lender, the percentage obtained by dividing (i) such Lender’s Revolving Credit
Commitment plus Term Loan, by (ii) the sum of the aggregate amount of the Revolving Credit Commitments plus Term Loans of all Lenders;
provided, however that (A) if the Revolving Credit Commitments have terminated or expired, the computation in this clause shall
be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments, and not on the current
amount of the Revolving Credit Commitments and (B) if the Term Loans have not yet been funded, the computation in this clause shall be
determined based upon the Term Loan Commitments and not the current amount of the Term Loans, subject to Section 2.9 [Defaulting
Lenders].


 


“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) the Issuing Lender, as applicable.


 


“Reimbursement Obligation”
means as is specified in Section 2.8(c) [Disbursements, Reimbursement].


 


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


 


“Removal Effective
Date” means as is specified in Section 11.6(b). [Resignation of Administrative Agent]


 


“Reportable
Compliance Event” means that: (a) any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal
complaint, or similar charging instrument, arraigned, custodially detained, penalized or the subject of an assessment for a penalty,
or enters into a settlement with an Official Body in connection with any sanctions or other Anti-Terrorism Law or Anti-Corruption
law, or any predicate crime to any anti-Terrorism Law or Anti-Corruption Law, or has
knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations represents a
violation of any Anti-Terrorism Law or Anti-Corruption Law; or (b) any Covered Entity engages in a transaction that has caused or
could reasonably be expected to cause the Lenders, Administrative Agent to be in violation of any Anti-Terrorism Laws, including a
Covered Entity’s use of any proceeds of the Facilities to fund any operations in, finance any investments or activities in,
or, make any payments to, directly or indirectly, a Sanctioned Person or Sanctioned Jurisdiction.


 






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“Required Lenders”
means:


 


(a)       If
there exists fewer than three (3) Lenders, all Lenders (other than any Defaulting Lender), and


 


(b)       If
there exist three (3) or more Lenders, Lenders (other than any Defaulting Lender) having more than 50% of the sum of (i) the aggregate
amount of the Revolving Credit Commitments of the Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving
Credit Commitments, the outstanding Revolving Credit Loans and Ratable Share of Letter of Credit Obligations of the Lenders (excluding
any Defaulting Lender), and (ii) the aggregate outstanding amount of any Term Loans.


 


“Resignation Effective
Date” means as is specified in Section 11.6(a) [Resignation of Administrative Agent].


 


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


 


“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in 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, acquisition, cancellation or termination of any such Equity Interests in the Borrower,
or any of its Subsidiaries or any option, warrant or other right to acquire any such Equity Interests in the Borrower or any of its Subsidiaries.


 


“Revolving Credit Commitment”
means, as to any Lender at any time, the amount initially specified opposite its name on Schedule 1.1(B) in the column labeled
 “Amount of Commitment for Revolving Credit Loans,” as such Commitment is thereafter assigned or modified and Revolving
Credit Commitments means the aggregate Revolving Credit Commitments of all of the Lenders.


 


“Revolving Credit Facility”
means the revolving loan facility provided pursuant to Article 2.


 


“Revolving Credit Loans”
means, collectively, and Revolving Credit Loan means, separately, all Revolving Credit Loans or any Revolving Credit Loan made
by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.1 [Revolving Credit Commitments] or Section
2.8(c) [Disbursements, Reimbursement].


 


“Revolving Facility
Usage” means at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swingline Loans (without duplication
of any Revolving Credit Loans made to refinance any such Swingline Loans), and the Letter of Credit Obligations.


 






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“Sanctioned Person”
means (a) a Person that is the subject of sanctions administered by OFAC or the U.S. Department of State (“State”), including
by virtue of being (i) named on OFAC’s list of “Specially Designated Nationals and Blocked Persons”; (ii) organized
under the Laws of, ordinarily resident in, or physically located in a country or territory targeted by country-wide or territory-wide
sanctions from time to time (as at the date of this Agreement, Crimea, Cuba, Iran, north Korea and Syria); (iii) owned or controlled 50%
or more in the aggregate, by one or more Persons that are the subject of sanctions administered by OFAC; (b) a Person that is the subject
of sanctions maintained by the European Union (“E.U.”), including by virtue of being named on the E.U.’s “Consolidated
list of persons, groups and entities subject to E.U. financial sanctions” or other, similar lists; (c) a Person that is the subject
of sanctions maintained by the United Kingdom (“U.K.”), including by virtue of being named on the “Consolidated List
Of Financial Sanctions Targets in the U.K.” or other, similar lists; or (d) a Person that is the subject of sanctions imposed by
any Official Body of a jurisdiction whose Laws apply to this Agreement.


 


“Sanctioned Jurisdiction”
means any country, territory, or region that is the subject of sanctions administered by OFAC.


 


“Settlement Date”
means the Business Day on which the Administrative Agent elects to effect settlement pursuant Section 5.11 [Settlement Date Procedures].


 


“Solvent”
means, with respect to any Person on any date of determination, taking into account any right of reimbursement, contribution or similar
right available to such Person from other Persons, that on such date (a) the fair value of the property of such Person is greater
than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the
assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they
become absolute and matured in the ordinary course, (c) such Person is able to realize upon its assets and pay its debts and other
liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature, and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice
in the industry in which such Person is engaged. In computing the amount of contingent liabilities at any time, it is intended that such
liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability.


 


“S&P”
means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc.


 


“Statements”
means as is specified in Section 6.4.


 


“Subsidiary”,
of any Person, at any time means any corporation, trust, partnership, limited liability company or other business entity (a) of
which more than 50% of the outstanding voting securities or other interests normally entitled to vote for the election of one or
more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time
owned directly or indirectly by such Person or one or more of such Person’s Subsidiaries, or (b) which is Controlled or
capable of being Controlled by such Person or one or more of such Person’s Subsidiaries; provided that any Person
organized or acquired solely for the purpose of acting as a qualified intermediary or effecting tax-deferred property exchanges
within the meaning of Treasury Regulations promulgated under Section 1031 of the Code shall not be considered a Subsidiary of any
Loan Party.


 






    25


     


    

 


“Swap” means
any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder, other than (a) a swap entered into, or subject
to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or (b) a commodity option entered into pursuant
to CFTC Regulation 32.3(a).


 


“Swingline Loan Commitment”
means PNC’s commitment to make Swingline Loans to the Borrower pursuant to Section 2.1(b) [Swingline Loan Commitment] hereof
in an aggregate principal amount up to $10,000,000.


 


“Swingline Loan Lender”
means PNC, in its capacity as a lender of Swingline Loans.


 


“Swingline Loan Note”
means the Swingline Loan Note of the Borrower in the form of Exhibit D evidencing the Swingline Loans, together with all amendments,
extensions, renewals, replacements, refinancing or refunding thereof in whole or in part.


 


“Swingline Loan Request”
means a request for Swingline Loans made in accordance with Section 2.5(b) [Swingline Loan Requests] hereof.


 


“Swingline Loans”
means, collectively, and Swingline Loan means, separately, all Swingline Loans or any Swingline Loan made by PNC to the Borrower
pursuant to Section 2.1(b) [Swingline Loan Commitment] hereof.


 


“Taxes” means
all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other
charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto.


 


“Term Lender”
means a Lender holding a Term Loan.


 


“Term Loan”
means as is specified in Section 3.1 [Term Loan Commitments]; Term Loans means, collectively, all of the Term Loans.


 


“Term Loan Commitment”
means, as to any Lender at any time, the amount initially specified opposite its name on Schedule 1.1(B) in the column labeled
 “Amount of Commitment for Term Loans,” as such Commitment is thereafter assigned or modified and Term Loan Commitments
means the aggregate Term Loan Commitments of all of the Lenders.


 


“Term Loan Facility”
means the term loan facility provided pursuant to Article 3 [Term Loans].


 


“Term Loan Maturity
Date” means October 28, 2022.


 






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“Transactions”
means the execution, delivery and performance by the Borrower and the Guarantors of this Agreement and the other Loan Documents, the borrowing
of Loans, and the issuance of Letters of Credit hereunder.


 


“UCP” means
as is specified in Section 12.11(a) [Governing Law].


 


“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.


 


“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.


 


“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public
Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.


 


“U.S. Borrower”
means any Borrower that is a U.S. Person.


 


“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.


 


“U.S. Tax Compliance
Certificate” means as is specified in Section 5.9(g)(ii)(B)(III) [Status of Lenders].


 


“Withholding Agent”
means any Loan Party and the Administrative Agent.


 


“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.


 


1.2              “Construction”.
Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement
and each of the other Loan Documents: (a) references to the plural include the singular, the plural, the part and the whole and the
words “include,” “includes” and “including” shall be deemed to be followed by the phrase
 “without limitation”; (b) the word “will” shall be construed to have the same meaning and effect as the word
 “shall”; (c) the words “hereof,” “herein,” “hereunder,” “hereto” and
similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document as a whole; (d)
article, section, subsection, clause, schedule and exhibit references are to this Agreement or other Loan Document, as the case may
be, unless otherwise specified; (e) reference to any Person includes such Person’s successors and assigns; (f) reference to
this Agreement or any other Loan Document, means this Agreement or such other Loan Document, together with the schedules and
exhibits hereto or thereto, as amended, modified, replaced, substituted for, superseded or restated from time to time (subject to
any restrictions thereon specified in this Agreement or the other applicable Loan Document); (g) relative to the determination of
any period of time, “from” means “from and including,” “to” means “to but
excluding,” and “through” means “through and including”; (h) any reference to any law or
regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time
to time (i) 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; (j)
whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms; (k) section
headings herein and in each other Loan Document are included for convenience and shall not affect the interpretation of this
Agreement or such Loan Document, and (l) unless otherwise specified, all references herein to times of day shall constitute
references to Eastern Time.


 






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1.3             
“Accounting Principles; Changes in GAAP”. Except as otherwise provided in this Agreement, all computations and
determinations as to accounting or financial matters and all financial statements to be delivered pursuant to this Agreement shall be
made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms
shall have the meanings ascribed to such terms by GAAP as in effect on the Closing Date applied on a basis consistent with those used
in preparing the Statements referred to in Section 6.4 [Historical Statements]; provided, that, GAAP will be
deemed for all purposes hereof to treat leases that would have been classified as operating leases in accordance with GAAP as in effect
on December 31, 2017 in a manner consistent with the treatment of such leases under GAAP in effect on December 31, 2017 notwithstanding
any modification thereto that becomes effective thereafter. Notwithstanding the foregoing, 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, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change
therein and (b) if requested by the Administrative Agent, 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.


 


1.4              “LIBOR
Notification”. Section 4.4(d) [Benchmark Replacement Setting] of this Agreement provides a mechanism for determining an
alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain other
circumstances. The Administrative Agent does not warrant or accept any responsibility for and shall not have any liability with
respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the
definition of “LIBOR Rate” or with respect to any alternative or successor rate thereto, or replacement rate
therefor.


 






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ARTICLE
2



REVOLVING CREDIT AND SWINGLINE LOAN FACILITIES


 


2.1             
Revolving Credit Commitments.


 


(a)              
Revolving Credit Loans. Subject to the terms and conditions hereof and relying upon the representations and warranties herein
specified, each Lender severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the
Closing Date to the Expiration Date; provided that after giving effect to each such Loan (i) the aggregate amount of Revolving
Credit Loans from such Lender shall not exceed such Lender’s Revolving Credit Commitment minus such Lender’s Ratable Share
of the outstanding Swingline Loans (excluding any Swingline Loans being refinanced with such Revolving Credit Loans) and Letter of Credit
Obligations and (ii) the Revolving Facility Usage shall not exceed the Revolving Credit Commitments. Within such limits of time and amount
and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.


 


(b)              
Swingline Loan Commitment. Subject to the terms and conditions hereof and relying upon the representations and warranties
herein specified and the agreements of the other Lenders specified in Section 2.6 [Making Revolving Credit Loans and Swingline
Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swingline Loans] with respect
to Swingline Loans, PNC may, at its option, cancelable at any time for any reason whatsoever, make Swingline Loans (the “Swingline
Loans”) to the Borrower at any time or from time to time after the Closing Date to, but not including, the Expiration Date,
in an aggregate principal amount up to but not in excess of $10,000,000, provided that after giving effect to such Swingline Loan
(i) the aggregate amount of any Lender’s Revolving Credit Loans plus such Lender’s Ratable Share of the outstanding Swingline
Loans and Letter of Credit Obligations shall not exceed such Lender’s Revolving Credit Commitment and (ii) the Revolving Facility
Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders. Within such limits of time and amount and subject to
the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1(b).


 


2.2             
Nature of Lenders’ Obligations with Respect to Revolving Credit Loans. Each Lender shall be obligated to fund each
request for Revolving Credit Loans pursuant to Section 2.5 [Revolving Credit Loan Requests; Conversions and Renewals; Swingline
Loan Requests] in accordance with its Ratable Share. The aggregate of each Lender’s Revolving Credit Loans outstanding hereunder
to the Borrower at any time shall never exceed its Revolving Credit Commitment minus its Ratable Share of the outstanding Swingline Loans
(excluding any Swingline Loans being refinanced with such Revolving Credit Loans) and Letter of Credit Obligations. The obligations of
each Lender hereunder are several. The failure of any Lender to perform its obligations hereunder shall not affect the Obligations of
the Borrower to any other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder.
The Lenders shall have no obligation to make Revolving Credit Loans hereunder on or after the Expiration Date.


 






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2.3             
 Commitment Fees. Accruing for each day from the Closing Date until the Expiration Date (and without regard to whether the
conditions to making Revolving Credit Loans are then met), the Borrower agrees to pay to the Administrative Agent for the account of each
Lender according to its Ratable Share, a nonrefundable commitment fee (the “Commitment Fee”) equal to the Applicable
Margin for Commitment Fee for such day (computed on the basis of a year of 360 days and actual days elapsed) multiplied by the difference
for such day between the amount of (a) the Revolving Credit Commitments minus (b) the Revolving Facility Usage (provided
however, that solely in connection with determining the share of each Lender in the Commitment Fee, the Revolving Facility Usage with
respect to the portion of the Commitment Fee allocated to PNC shall include the full amount of the outstanding Swingline Loans, and with
respect to the portion of the Commitment Fee allocated by the Administrative Agent to all of the Lenders other than PNC, such portion
of the Commitment Fee shall be calculated (according to each such Lender’s Ratable Share) as if the Revolving Facility Usage excludes
the outstanding Swingline Loans)); provided that no Defaulting Lender shall be entitled to receive any Commitment Fee for any period
during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such Commitment Fee that otherwise
would have been required to have been paid to that Defaulting Lender). Subject to the proviso in the directly preceding sentence, all
Commitment Fees shall be payable in arrears on each Payment Date.


 


2.4             
Termination or Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three (3)
Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce
the aggregate amount of the Revolving Credit Commitments (ratably among the Lenders in proportion to their Ratable Shares); provided
that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments
of the Revolving Credit Loans made on the effective date thereof, the Revolving Facility Usage would exceed the aggregate Revolving Credit
Commitments of the Lenders. and provided further that in the event the Revolving Credit Commitments are reduced to an aggregate amount
less than the Letter of Credit Sublimit or the Swingline Loan Commitment then in effect, the Letter of Credit Sublimit and the Swingline
Loan Commitment, as applicable, shall be reduced by an amount such that none of the Letter of Credit Sublimit and the Swingline Loan Commitment,
as applicable, exceed the Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple
thereof, and shall reduce permanently the Revolving Credit Commitments then in effect. Any such reduction or termination shall be accompanied
by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to
be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving
Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated.
Any notice to reduce the Revolving Credit Commitments under this Section 2.4 shall be irrevocable; provided that any
such notice may state that such notice is conditioned upon the effectiveness of other credit facilities, debt or equity issuances or
other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent
on or prior to the specified effective date) if such condition is not satisfied.


 






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2.5             
 Revolving Credit Loan Requests; Conversions and Renewals; Swingline Loan Requests.


 


(a)              
Revolving Credit Loan Requests; Conversions and Renewals. The Borrower may from time to time prior to the Expiration Date
request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing Revolving Credit
Loans or Term Loans pursuant to Section 4.2 [Interest Periods], by delivering to the Administrative Agent, not later than
12:00 p.m. Eastern Time, (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving
Credit Loans to which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Revolving Credit
Loans; and (ii) the same Business Day of the proposed Borrowing Date with respect to the making of a Revolving Credit Loan to which
the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for
any Revolving Credit Loan, of a duly completed request therefor substantially in the form of Exhibit F or a request by telephone
immediately confirmed in writing by letter, facsimile, telex or other electronic means in such form (each, a “Loan Request”),
it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without
the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the aggregate amount of
the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest Period, which amounts shall be in (x) integral
multiples of $500,000 and not less than $1,000,000 for each Borrowing Tranche under the LIBOR Rate Option, and (y) integral multiples
of $500,000 and not less than $500,000 for each Borrowing Tranche under the Base Rate Option.


 


(b)              
Swingline Loan Requests. Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration
Date request the Swingline Loan Lender to make Swingline Loans by delivery to the Swingline Loan Lender not later than 1:00 p.m. Eastern
time on the proposed Borrowing Date of a duly completed request therefor substantially in the form of Exhibit G hereto or a request
by telephone immediately confirmed in writing by letter, facsimile, telex or other electronic means (each, a “Swingline Loan
Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic
request without the necessity of receipt of such written confirmation. Each Swingline Loan Request shall be irrevocable and shall specify
the proposed Borrowing Date and the principal amount of such Swingline Loan.


 


2.6             
Making Revolving Credit Loans and Swingline Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans;
Borrowings to Repay Swingline Loans.


 


(a)               Making
Revolving Credit Loans. The Administrative Agent shall, promptly after receipt by it of a Loan Request pursuant to Section 2.5
[Revolving Credit Loan Requests; Conversions and Renewals; Swingline Loan Requests], notify the applicable Lenders of its receipt of
such Loan Request specifying the information provided by the Borrower and the apportionment among the Lenders of the requested
Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.2 [Nature of
Lenders’ Obligations with Respect to Revolving Credit Loans]. Each Lender shall remit its apportioned share (as provided to it
by the Administrative Agent) of the principal amount of each Revolving Credit Loan to the Administrative Agent such that the
Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for
such purpose and subject to Section 7.2 [Each Loan or Letter of Credit], fund such Revolving Credit Loans to the
Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m. Eastern Time, on the applicable
Borrowing Date; provided that if any Lender fails to remit such funds to the Administrative Agent in a timely manner, the
Administrative Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such
Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 2.6(b) [Presumptions by the
Administrative Agent].


 






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(i)                
Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed time of any Loan that such Lender will not make available to the Administrative Agent such Lender’s share of such
Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.6(a)
[Making Revolving Credit Loans] 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 Loan 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 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 (i) in the case of a payment to be made by such Lender, the greater of the Effective Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment
to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option. If such Lender pays its share of the applicable
Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan. 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.


 


(b)              
Making Swingline Loans. So long as PNC elects to make Swingline Loans, PNC shall, after receipt by it of a Swingline Loan
Request pursuant to Section 2.5(b) [Swingline Loan Requests], fund such Swingline Loan to the Borrower in U.S. Dollars and immediately
available funds at the Principal Office prior to 4:00 p.m. Eastern Time on the Borrowing Date. A Swingline Loan Note shall, if required
by PNC, evidence the Swingline Loans.


 


(c)              
Repayment of Revolving Credit Loans. The Borrower shall repay the outstanding principal amount of all Revolving Credit Loans,
together with all outstanding interest thereon, on the Expiration Date.


 


(d)              
Borrowings to Repay Swingline Loans.


 


(i)                 PNC
may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline
Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate
principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued
interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its
Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any
Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base
Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) [Revolving Credit Loan
Requests; Conversions and Renewals] without regard to any of the requirements of that provision. PNC shall provide notice to the
Lenders (which may be telephonic or written notice by letter, facsimile, telex or other electronic means) that such Revolving Credit
Loans are to be made under this Section 2.6(e) and of the apportionment among the Lenders, and the Lenders shall be
unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5(a)
[Revolving Credit Loan Requests; Conversions and Renewals] or in Section 7.2 [Each Loan or Letter of Credit] are then
satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the
date the Lenders receive such notice from PNC.


 






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(ii)             
If any Lender fails to make available to the Administrative Agent for the account of PNC (as the Swingline Loan Lender) any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.6(e) by the time specified in Section 2.6(e)(i),
the Swingline Loan Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Swingline Loan Lender at a rate per annum equal to the greater of the Effective Federal Funds 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 Swingline Loan Lender in connection with the foregoing. If such Lender pays such amount (with interest
and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan with respect to such prepayment.
A certificate of the Swingline Loan Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing
under this clause (ii) shall be conclusive absent manifest error.


 


2.7             
Notes. The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans, Swingline
Loans and Term Loans made to it by each Lender, together with interest thereon, shall, at the request of any Lender, be evidenced by a
revolving credit Note, a swing Note and a term Note, dated the Closing Date payable to the order of such Lender in a face amount equal
to the Revolving Credit Commitment, Swingline Loan Commitment or Term Loan Commitment, as applicable, of such Lender.


 


2.8             
Letter of Credit Subfacility.


 


(a)               Issuance
of Letters of Credit. The Borrower or any other Loan Party may at any time prior to the Expiration Date request the issuance of
a letter of credit (each, a “Letter of Credit”) for its own account or the account of another Loan Party or any
Subsidiary or the amendment or extension of an existing Letter of Credit, by delivering or transmitting electronically, or having
such other Loan Party deliver or transmit electronically to the Issuing Lender (with a copy to the Administrative Agent) a completed
application for letter of credit, or request for such amendment or extension, as applicable, in such form as the Issuing Lender may
specify from time to time by no later than 10:00 a.m. Eastern Time at least three (3) Business Days, or such shorter period as may
be agreed to by the Issuing Lender, in advance of the proposed date of issuance. The Borrower or any Loan Party shall authorize and
direct the Issuing Lender to name the Borrower or any Loan Party or any Subsidiary as the “Applicant” or “Account
Party” of each Letter of Credit. Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm
with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of
Credit application and if not, the Issuing Lender will provide the Administrative Agent with a copy thereof.


 






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As of the Closing Date, each
of the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit
issued and outstanding hereunder.


 


(i)                
Unless the Issuing Lender has received notice from any Lender, the Administrative Agent or any Loan Party, at least one (1) day
prior to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions
in Article 7 [Conditions of Lending and Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof
and in reliance on the agreements of the other Lenders specified in this Section 2.8, the Issuing Lender or any of the Issuing
Lender’s Affiliates will issue the proposed Letter of Credit or agree to such amendment or extension; provided that each
Letter of Credit shall (A) have a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire
later than the Expiration Date and provided, further, that in no event shall (1) the Letter of Credit Obligations exceed,
at any one time, $10,000,000 (the “Letter of Credit Sublimit”) or (2) the Revolving Facility Usage exceed, at
any one time, the Revolving Credit Commitments. Notwithstanding the foregoing, any Letter of Credit may contain customary automatic renewal
provisions agreed upon by the Borrower and the Issuing Lender pursuant to which the expiration date of such Letter of Credit shall automatically
be extended for a period of up to 12 months (but not to a date later than the date set forth in clause (B) above), subject to a right
on the part of the Issuing Lender, in its discretion, to prevent any such renewal from occurring by giving notice to the beneficiary in
advance of any such renewal; provided that unless otherwise directed by the Issuing Lender, the Borrower shall not be
required to make a specific request to the Issuing Lender for any such renewal. Each request by the Borrower for the issuance, amendment
or extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be in compliance with the preceding
sentence and with Article 7 [Conditions of Lending and Issuance of Letters of Credit] after giving effect to the requested issuance, amendment
or extension of such Letter of Credit. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the
beneficiary thereof, the applicable Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.


 


(ii)              Notwithstanding Section
2.8(a)(i), the Issuing Lender shall not be under any obligation to issue any Letter of Credit if (A) any order, judgment or
decree of any Official Body or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender from issuing the
Letter of Credit, or any Law applicable to the Issuing Lender or any request or directive (whether or not having the force of law)
from any Official Body with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from,
the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing Lender with
respect to the Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Lender is not otherwise
compensated or entitled to be compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Lender any
unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Issuing Lender in good faith deems
material to it, (B) the issuance of the Letter of Credit would violate one or more policies of the Issuing Lender applicable to
letters of credit generally or (C) any Lender is at that time a Defaulting Lender, unless the Issuing Lender has entered into
arrangements, including the delivery of Cash Collateral, satisfactory to the Issuing Lender (in its sole but reasonable discretion)
with the Borrower or such Lender to eliminate the Issuing Lender’s actual or potential Fronting Exposure (after giving effect
to Section 2.9(a)(iv) [Reallocation of Participations to Reduce Fronting Exposure]) with respect to the Defaulting Lender
arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other Issuing Lender
Obligations as to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole but reasonable
discretion.


 






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(b)              
Letter of Credit Fees. The Borrower shall pay (i) to the Administrative Agent for the ratable account of the Lenders
a fee (the “Letter of Credit Fee”) equal to the Applicable Margin for Letters of Credit times the daily amount available
to be drawn under each Letter of Credit (it being understood and agreed that in no event shall the fee under this subsection (i) in respect
of any Letter of Credit be less than the Administrative Agent’s minimum fee in effect from time to time), and (ii) to the Issuing
Lender for its own account a fronting fee equal to 0.125% per annum on the daily amount available to be drawn under each Letter of Credit.
All Letter of Credit Fees and fronting fees shall be computed on the basis of a year of 360 days and actual days elapsed and shall be
payable quarterly in arrears on each Payment Date following issuance of each Letter of Credit. The Borrower shall also pay to the Issuing
Lender for the Issuing Lender’s sole account the Issuing Lender’s then-in-effect customary fees and administrative expenses
payable with respect to the Letters of Credit as the Issuing Lender may generally charge or incur from time to time in connection with
the issuance, maintenance, amendment (if any), assignment or transfer (if any), negotiation, and administration of Letters of Credit.


 


(c)              
Disbursements, Reimbursement. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase from the Issuing Lender a participation in such Letter of Credit and each drawing
thereunder in an amount equal to such Lender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit
and the amount of such drawing, respectively.


 


(i)                 In
the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Lender will
promptly notify the Borrower and the Administrative Agent thereof. Provided that it shall have received such notice, the Borrower
shall reimburse (such obligation to reimburse the Issuing Lender shall sometimes be referred to as a “Reimbursement
Obligation”) the Issuing Lender prior to 12:00 noon on each date that an amount is paid by the Issuing Lender under any
Letter of Credit (each such date, a “Drawing Date”) by paying to the Administrative Agent for the account of the
Issuing Lender an amount equal to the amount so paid by the Issuing Lender. In the event the Borrower fails to reimburse the Issuing
Lender (through the Administrative Agent) for the full amount of any drawing under any Letter of Credit by 12:00 noon on the Drawing
Date, the Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that
Revolving Credit Loans be made by the Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of
Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions specified
in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements. Any notice given by the
Administrative Agent or Issuing Lender pursuant to this Section 2.8(c)(i) may be oral if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of
such notice.


 






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(ii)             
Each Lender shall upon any notice pursuant to Section 2.8(c)(i) make available to the Administrative Agent for the
account of the Issuing Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon
the participating Lenders shall (subject to Section 2.8(c) [Disbursements; Reimbursement]) each be deemed to have made a Revolving
Credit Loan under the Base Rate Option to the Borrower in that amount. If any Lender so notified fails to make available to the Administrative
Agent for the account of the Issuing Lender the amount of such Lender’s Ratable Share of such amount by no later than 2:00 p.m.
Eastern Time on the Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment, from the Drawing
Date to the date on which such Lender makes such payment (A) at a rate per annum equal to the Effective Federal Funds Rate during the
first three (3) days following the Drawing Date and (B) at a rate per annum equal to the rate applicable to Revolving Credit Loans under
the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Lender will promptly
give notice (as described in Section 2.8(c)(i) above) of the occurrence of the Drawing Date, but failure of the Administrative
Agent or the Issuing Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to effect such payment
on such date shall not relieve such Lender from its obligation under this Section 2.8(c)(ii).


 


(iii)           
With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans under the Base Rate Option to the Borrower
in whole or in part as contemplated by Section 2.8(c)(i), because of the Borrower’s failure to satisfy the conditions
specified in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements, or for any other reason, the
Borrower shall be deemed to have incurred from the Issuing Lender a borrowing (each a “Letter of Credit Borrowing”)
in the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear
interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Lender’s payment to the
Administrative Agent for the account of the Issuing Lender pursuant to this Section 2.8(c) shall be deemed to be a payment in respect
of its participation in such Letter of Credit Borrowing (each, a “Participation Advance”) from such Lender in satisfaction
of its participation obligation under this Section 2.8(c).


 






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(d)              
 Repayment of Participation Advances.


 


(i)                
Upon (and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds from
the Borrower (A) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any
Lender has made a Participation Advance to the Administrative Agent, or (B) in payment of interest on such a payment made by the
Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the
same funds as those received by the Administrative Agent, the amount of such Lender’s Ratable Share of such funds, except the Administrative
Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make
a Participation Advance in respect of such payment by the Issuing Lender.


 


(ii)             
If the Administrative Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian,
or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for the account
of the Issuing Lender pursuant to this Section in reimbursement of a payment made under any Letter of Credit or interest or fees thereon,
each Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing
Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such
demand is made to the date such amounts are returned by such Lender to the Administrative Agent, at a rate per annum equal to the Effective
Federal Funds Rate in effect from time to time.


 


(e)              
Documentation. Each Loan Party agrees to be bound by the terms of the Issuing Lender’s application and agreement for
letters of credit and the Issuing Lender’s written regulations and customary practices relating to letters of credit, though such
interpretation may be different from such Loan Party’s own. In the event of a conflict between such application or agreement and
this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful misconduct,
the Issuing Lender shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following any
Loan Party’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.


 


(f)               
Determinations to Honor Drawing Requests. In determining whether to honor any request for drawing under any Letter of Credit
by the beneficiary thereof, the Issuing Lender shall be responsible only to determine that the documents and certificates required to
be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of
Credit.


 


(g)               Nature
of Participation and Reimbursement Obligations. Each Lender’s obligation in accordance with this Agreement to make the
Revolving Credit Loans or Participation Advances, as contemplated by Section 2.8(c) [Disbursements, Reimbursement], as a
result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the Issuing Lender upon a draw under
a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms
of this Section 2.8 under all circumstances, including the following circumstances:


 






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(i)                
any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender or any of its
Affiliates, the Borrower or any other Person for any reason whatsoever, or which any Loan Party may have against the Issuing Lender or
any of its Affiliates, any Lender or any other Person for any reason whatsoever;


 


(ii)             
the failure of any Loan Party or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions
specified in Sections 2.1 [Revolving Credit Commitments], 2.5 [Revolving Credit Loan Requests; Conversions and Renewals;
Swingline Loan Requests], 2.6 [Making Revolving Credit Loans and Swingline Loans; Etc.] or 7.2 [Each Loan or Letter of Credit]
or as otherwise specified in this Agreement for the making of a Revolving Credit Loan, it being acknowledged that such conditions are
not required for the making of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.8(c)
[Disbursements, Reimbursement];


 


(iii)           
any lack of validity or enforceability of any Letter of Credit;


 


(iv)            
any claim of breach of warranty made by any Loan Party or any Lender against any beneficiary of a Letter of Credit, or the existence
of any claim, set-off, recoupment, counterclaim, cross claim, defense or other right which any Loan Party or any Lender may have at any
time against a beneficiary, successor beneficiary any transferee or assignee of any Letter of Credit or the proceeds thereof (or any Persons
for whom any such transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person, whether in connection
with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any
Loan Party or Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured);


 


(v)              
the lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of
or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document
presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit, or
the transport of any property or provision of services relating to a Letter of Credit, in each case even if the Issuing Lender or any
of its Affiliates has been notified thereof;


 


(vi)            
payment by the Issuing Lender or any of its Affiliates under any Letter of Credit against presentation of a demand, draft or certificate
or other document which does not comply with the terms of such Letter of Credit;


 


(vii)          the
solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any
transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other
characteristic of any property or services relating to a Letter of Credit;


 






    38


     


    

 


(viii)       
any failure by the Issuing Lender or any of its Affiliates to issue any Letter of Credit in the form requested by any Loan Party,
unless the Issuing Lender has received written notice from such Loan Party of such failure within three (3) Business Days after the Issuing
Lender shall have furnished such Loan Party and the Administrative Agent a copy of such Letter of Credit and such error is material and
no drawing has been made thereon prior to receipt of such notice;


 


(ix)            
any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan
Party or Subsidiaries of a Loan Party;


 


(x)              
any breach of this Agreement or any other Loan Document by any party thereto;


 


(xi)            
the occurrence or continuance of an Insolvency Proceeding with respect to any Loan Party;


 


(xii)         
the fact that an Event of Default or a Potential Default shall have occurred and be continuing;


 


(xiii)       
the fact that the Expiration Date shall have passed or this Agreement or the Commitments hereunder shall have been terminated;
and


 


(xiv)        
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.


 


(h)               Liability
for Acts and Omissions. As between any Loan Party and the Issuing Lender, or the Issuing Lender’s Affiliates, such Loan
Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such
Letters of Credit. In furtherance and not in limitation of the foregoing, the Issuing Lender shall not be responsible for any of the
following, including any losses or damages to any Loan Party or other Person or property relating therefrom: (i) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the
application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged (even if the Issuing Lender or its Affiliates shall have been notified thereof);
(ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such
Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any
other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or
among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions
or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in
cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any
document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or
(viii) any consequences arising from causes beyond the control of the Issuing Lender or its Affiliates, as applicable,
including any act or omission of any Official Body, and none of the above shall affect or impair, or prevent the vesting of, any of
the Issuing Lender’s or its Affiliates rights or powers hereunder. Nothing in the preceding sentence shall relieve the Issuing
Lender from liability for the Issuing Lender’s gross negligence or willful misconduct in connection with actions or omissions
described in such clauses (i) through (viii) of such sentence; provided, that, in no event shall the Issuing Lender or its
Affiliates be liable to any Loan Party for any indirect, consequential, incidental, punitive, exemplary or special damages (as
opposed to direct or actual damages).


 






    39


     


    

 


Without limiting the generality
of the foregoing, the Issuing Lender and each of its Affiliates (i) may rely on any oral or other communication believed in good faith
by the Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit, (ii)
may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions of the
relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant
to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the
same extent as if such presentation had initially been honored, together with any interest paid by the Issuing Lender or its Affiliate;
(iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement
(even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure
of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or
negotiating bank claiming that it rightfully honored under the Laws or practices of the place where such bank is located; and (vi) may
settle or adjust any claim or demand made on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant’s
request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar document (each, an “Order”)
and honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other
documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.


 


In furtherance and extension
and not in limitation of the specific provisions specified above, any action taken or omitted by the Issuing Lender or its Affiliates
under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted
in good faith and absent gross negligence or willful misconduct, shall not put the Issuing Lender or its Affiliates under any resulting
liability to the Borrower or any Lender.


 


2.9             
Defaulting Lenders.


 


(a)              
Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:


 






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(i)                
 Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as specified in the definition of Required Lenders.


 


(ii)             
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 10 [Default] or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.2(b) [Setoff] shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any Issuing Lender or Swingline Loan Lender hereunder; third, to Cash Collateralize the Issuing Lender’s Fronting
Exposure with respect to such Defaulting Lender in accordance with Section 5.12 [Cash Collateral]; fourth, as the Borrower
may request (so long as no Potential Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy
such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize
the Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with Section 5.12 [Cash Collateral]; sixth, to the payment of any amounts owing to the
Lenders, the Issuing Lender or Swingline Loan Lender as a result of any judgment of a court of competent jurisdiction obtained by any
Lender, the Issuing Lender or Swingline Loan Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; seventh, so long as no Potential Default or Event of Default exists, to the payment of
any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to
such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment
of the principal amount of any Loans or Letter of Credit Borrowing in respect of which such Defaulting Lender has not fully funded its
appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions specified in
Section 7.2 [Each Loan or Letter of Credit] were satisfied or waived, such payment shall be applied solely to pay the Loans of,
and Letter of Credit Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans
of, or Letter of Credit Borrowing owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in Letter of Credit Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable
Facility without giving effect to Section 2.9(a)(iv) [Reallocation of Participation to Reduce Fronting Exposure]. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
or to post Cash Collateral pursuant to this Section 2.9(a)(ii) [Defaulting Lender Waterfall] shall be deemed paid to and redirected
by such Defaulting Lender, and each Lender irrevocably consents hereto.


 






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(iii)           
 Certain Fees.


 


(1)              
No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender
(and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender).


 


(2)              
Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Ratable Share of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 5.12 [Cash Collateral].


 


(3)              
With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (1) or (2) above,
the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with
respect to such Defaulting Lender’s participation in Letter of Credit Obligations or Swingline Loans that has been reallocated to
such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender and Swingline Loan Lender, as applicable, the
amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swingline
Loan Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.


 


(iv)            
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in Letter of Credit Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Ratable Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation
does not cause the aggregate Revolving Facility Usage of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving
Credit Commitment. Subject to Section 12.12 [Acknowledgement and Consent to Bail-In of Affected Financial Institutions], 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, Repayment of Swingline Loans. 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, (x) first, prepay Swingline
Loans in an amount equal to the Swingline Loan Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Lender’s
Fronting Exposure in accordance with the procedures specified in Section 5.12 [Cash Collateral].


 


(b)               Defaulting
Lender Cure. If the Borrower, the Administrative Agent and each Swingline Loan Lender and Issuing Lender agree in writing that a
Lender is no longer 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 specified therein (which may include arrangements with respect to any
Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments under
the applicable Facility (without giving effect to Section 2.9(a)(iv) [Reallocation of Participations to Reduce Fronting
Exposure], whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while 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.


 






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(c)              
New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Loan Lender shall
not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such
Swingline Loan and (ii) no Issuing Lender 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.


 


2.10         
Maturity Extensions.


 


(a)              
Requests for Extension. The Borrower may, by notice to the Administrative Agent (who shall promptly notify the applicable
Lenders of such request), which such notice shall not, in the case of a request for extension of the Expiration Date, be earlier than
75 days or later than 21 days prior to the Expiration Date then in effect hereunder (the “Existing Expiration Date”),
request that each Lender to the Revolving Credit Facility extend the Expiration Date (the “Existing Expiration Date”)
by one year; provided that there shall not be more than two such requests for an extension of the Expiration Date.


 


(b)              
Conditions to Effectiveness of Extensions. Notwithstanding the foregoing, the extension of the Expiration Date pursuant
to this Section shall only be effective if:


 


(i)                
each Lender has consented to such extension;


 


(ii)             
as of the date of such extension, and after giving effect thereto, the representations, warranties of the Borrower and the other
Loan Parties herein and in the other Loan Documents shall be true and correct in all material respects (unless qualified by materiality
or reference to the absence of a Material Adverse Change, in which event shall be true and correct), except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except
that for purposes of this Section, the representations and warranties contained in Section 6.4 [Financial Statements] shall be
deemed to refer to the most recent statements furnished pursuant to Section 8.10 [Reporting Requirements] (and the Borrower and
each other Loan Party shall be deemed to have made all such representations and warranties on the date of such extension);


 






    43


     


    

 


(iii)           
no Event of Default or Potential Default shall have occurred and be continuing on the date of such extension and after giving effect
thereto;


 


(iv)            
the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents (including, without limitation,
a resolution duly adopted by the board of directors (or equivalent governing body) of each Loan Party authorizing such extension) reasonably
requested by Administrative Agent in connection with any such extension;


 


(v)              
if such extension is being effectuated in accordance with the last paragraph of Section 12.1 [Modifications, Amendments
or Waivers] pursuant to which the terms of such extended Loans or Commitments are being amended, an amendment entered into by the parties
required by such provision shall have become effective.


 


2.11         
Incremental Loans.


 


At any time, the Borrower
may by written notice to the Administrative Agent elect to request the establishment of:


 


(a)              
one or more increases in the Revolving Credit Commitments (any such increase, an “Incremental Loan Commitments”)
to make revolving credit loans under the Revolving Credit Facility (any such increase, an “Incremental Revolving Credit Increase”
or an “Incremental Loan”); provided that (i) the total aggregate principal amount for all such Incremental
Loan Commitments shall not (as of any date of incurrence thereof) exceed $125,000,000 and (ii) the total aggregate principal amount
for each Incremental Loan Commitment (and the Incremental Loans made thereunder) shall not be less than a minimum principal amount of
$10,000,000 or, if less, the remaining amount permitted pursuant to the foregoing clause (i). Each such notice shall specify the date
(each, an “Increased Amount Date”) on which the Borrower proposes that any Incremental Loan Commitment shall be effective,
which shall be a date not less than twenty (20) Business Days after the date on which such notice is delivered to Administrative Agent.
The Borrower shall invite existing Lenders and may invite any Affiliate of any Lender and/or any Approved Fund, and/or any other Person
reasonably satisfactory to the Administrative Agent, to provide an Incremental Loan Commitment (any such Person, an “Incremental
Lender”); provided that both the Swingline Loan Lender and the Issuing Lender shall consent to each Incremental Lender
providing any portion of an Incremental Revolving Credit Commitment. Any proposed Incremental Lender offered or approached to provide
all or a portion of any Incremental Loan Commitment may elect or decline, in its sole discretion, to provide such Incremental Loan Commitment.
Any Incremental Loan Commitment shall become effective as of such Increased Amount Date; provided that:


 


(i)                
no Potential Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to (1) any Incremental
Loan Commitment, (2) the making of any Incremental Loans pursuant thereto and (3) any acquisition consummated in connection therewith;


 






    44


     


    

 


(ii)             
 each of the representations and warranties contained in Article 6 shall be true and correct in all material respects, except to
the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Change, in which case, such
representation and warranty shall be true, correct and complete in all respects, on such Increased Amount Date with the same effect as
if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date,
which representation and warranty shall remain true and correct as of such earlier date);


 


(iii)           
the proceeds of any Incremental Loans shall be used for general corporate purposes of the Borrower and its Subsidiaries;


 


(iv)            
Any proposed Incremental Lender shall join this Agreement as a Lender pursuant to a Lender Joinder Agreement;


 


(v)              
each Incremental Loan Commitment (and the Incremental Loans made thereunder) shall constitute Obligations of the Borrower and shall
be secured and guaranteed with the other Obligations on a pari passu basis;


 


(1)              
in the case of each Incremental Revolving Credit Increase:


 


(I)       such
Incremental Revolving Credit Increase shall be part of the Revolving Credit Facility, shall mature on the Expiration Date, shall bear
interest and be entitled to fees, in each case at the rate applicable to the Revolving Credit Facility, and shall otherwise be subject
to the same terms and conditions as the Revolving Credit Facility;


 


(II)       any
Incremental Lender making any Incremental Revolving Credit Increase shall be entitled to the same voting rights as the existing Lenders
under the Revolving Credit Facility and (unless otherwise agreed by the applicable Incremental Lenders; provided that no such agreement
shall allow the Revolving Credit Commitments with respect to the Incremental Revolving Credit Increase to be terminated prior to termination
of the existing Revolving Credit Commitments) each Revolving Credit Loan funded by an Incremental Revolving Credit Increase shall receive
proceeds of prepayments on the same basis as the existing Revolving Credit Loans (such prepayments to be shared pro rata on the basis
of the original aggregate funded amount thereof); and


 


(III)       the
outstanding Revolving Credit Loans and Ratable Shares of Swingline Loans and Letter of Credit Obligations will be reallocated by the
Administrative Agent on the applicable Increased Amount Date among the Lenders to the Revolving Credit Facility (including the
Incremental Lenders providing such Incremental Revolving Credit Increase) in accordance with their revised Ratable Shares (and the
Lenders to the Revolving Credit Facility (including the Incremental Lenders providing such Incremental Revolving Credit Increase)
agree to make all payments and adjustments necessary to effect such reallocation and the Borrower shall pay any and all costs
required.


 






    45


     


    

 


(2)              
Incremental Loan Commitments shall be effected pursuant to 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 this Section 2.11, without
the consent of any other Lenders; and


 


(3)              
the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents (including, without limitation,
a resolution duly adopted by the board of directors (or equivalent governing body) of each Loan Party authorizing such Incremental Loans
and/or Incremental Loan Commitments) reasonably requested by Administrative Agent in connection with any such transaction.


 


(b)              
The Incremental Lenders shall be included in any determination of the Required Lenders and, unless otherwise agreed, the Incremental
Lenders will not constitute a separate voting class for any purposes under this Agreement.


 


(c)              
On any Increased Amount Date on which any Incremental Revolving Credit Increase becomes effective, subject to the foregoing terms
and conditions, each Incremental Lender with an Incremental Revolving Credit Commitment shall become a Lender under the Revolving Credit
Facility hereunder with respect to such Incremental Revolving Credit Commitment.


 


ARTICLE
3


 


TERM LOANS


 


3.1             
Term Loan Commitments. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein
specified, each Lender severally agrees to make term loans (together, the “Term Loan”) to the Borrower on or before
April 28, 2022 in such principal amounts as the Borrower shall request up to, but not exceeding, such Lender’s Term Loan Commitment;
provided that not more than three borrowings of Term Loans may be made under this Agreement.


 


3.2             
Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms.


 


(a)               The
obligations of each Lender to make Term Loans to the Borrower shall equal its Ratable Share of the requested Term Loan; provided that
no Lender’s Term Loan to the Borrower shall exceed its Term Loan Commitment. The failure of any Lender to make a Term Loan
shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other
Lender hereunder. The Lenders shall have no obligation to make Term Loans hereunder after April 28, 2022 and any portion of the Term
Loan Commitment not drawn on April 28, 2022 shall automatically expire. The Term Loan Commitments are not revolving credit
commitments, and the Borrower shall not have the right to borrow, repay and reborrow under Section 3.1 [Term Loan
Commitments]. Upon borrowing any Term Loan, the Term Loan Commitments shall be reduced by the amount of such borrowing.


 






    46


     


    

 


(b)              
The Borrower shall repay to the applicable Lenders the aggregate principal amount of all Term Loans outstanding on the Term Loan
Maturity Date and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date.


 


3.3             
Termination or Reduction of Term Loan Commitments. The Borrower shall have the right, upon not less than three (3) Business
Days’ notice to the Administrative Agent, to terminate the Term Loan Commitments or, from time to time, to reduce the aggregate
amount of the Term Loan Commitments (ratably among the Lenders in proportion to their Ratable Shares). Any such reduction shall be in
an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Term Loan Commitments then in effect. Any
notice to reduce the Revolving Credit Commitments under this Section 2.4 shall be irrevocable; provided that any such
notice may state that such notice is conditioned upon the effectiveness of other credit facilities, debt or equity issuances or other
transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied.


 


3.4             
Commitment Fees. Accruing for each day from January 26, 2022 until the date when the Term Loan Commitments have terminated
or been reduced to zero (and without regard to whether the conditions to making Term Loans are then met), the Borrower agrees to pay to
the Administrative Agent for the account of each Lender according to its Ratable Share, a Commitment Fee equal to the Applicable Margin
for Commitment Fee for such day (computed on the basis of a year of 360 days and actual days elapsed) multiplied by the difference for
such day between the amount of (a) the Term Loan Commitments minus (b) the amount of the Term Loans that have been borrowed;
provided that no Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a
Defaulting Lender (and the Borrower shall not be required to pay any such Commitment Fee that otherwise would have been required to have
been paid to that Defaulting Lender). Subject to the proviso in the directly preceding sentence, all Commitment Fees shall be payable
in arrears on each Payment Date.


 


ARTICLE
4


 


INTEREST RATES


 


4.1              Interest
Rate Options. The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by
it from the Base Rate Option or LIBOR Rate Option specified below applicable to the Revolving Credit Loans, the Terms Loans, or the
Swingline Loans, respectively, it being understood that, subject to the provisions of this Agreement, the Borrower may select
different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing
Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising
any Borrowing Tranche; provided that there shall not be at any one time outstanding more than eight (8) Borrowing Tranches of
Revolving Credit Loans or more than five (5) Borrowing Tranches of Term Loans; provided further that if an Event of Default
or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any
Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be
converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section
5.10 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any
Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such
Lender’s highest lawful rate.


 






    47


     


    

 


(a)              
Revolving Credit Interest Rate Options. The Borrower shall have the right to select from the following Interest Rate Options
applicable to the Revolving Credit Loans:


 


(i)                
Revolving Credit Base Rate Option: A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as
the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically
from time to time effective as of the effective date of each change in the Base Rate; or


 


(ii)             
Revolving Credit LIBOR Rate Option: A rate per annum (computed on the basis of a year of 360 days and actual days elapsed)
equal to the LIBOR Rate as determined for each applicable Interest Period plus the Applicable Margin.


 


(b)              
Swingline Loan Interest Rate. Subject to Section 4.3 [Interest After Default], only the Base Rate Option applicable
to Revolving Credit Loans shall apply to the Swingline Loans.


 


(c)              
Term Loan Interest Rate Options. The Borrower shall have the right to select from the following Interest Rate Options applicable
to the Term Loans:


 


(i)                
Term Loan Base Rate Option: A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case
may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time
to time effective as of the effective date of each change in the Base Rate; or


 


(ii)             
Term Loan LIBOR Rate Option: A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal
to the LIBOR Rate as determined for each applicable Interest Period plus the Applicable Margin.


 


(d)              
Rate Quotations. The Borrower may call the Administrative Agent on or before the date on which a Loan Request is to be delivered
to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative
Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made.


 


4.2             
Interest Periods. At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall
notify the Administrative Agent thereof at least three (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering
a Loan Request. The notice shall specify an Interest Period during which such Interest Rate Option shall apply. Notwithstanding the preceding
sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option:


 






    48


     


    

 


(a)              
 Amount of Borrowing Tranche. Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples
of, and not less than, the respective amounts specified in Section 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals];
and


 


(b)              
Renewals. In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest
Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day.


 


4.3             
Interest After Default. To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such
Event of Default shall have been cured or waived, automatically with respect to Events of Default under Sections 10.1(a), (b), (h) and
(i), and for any other Event of Default, upon written demand by the Required Lenders to the Administrative Agent:


 


(a)              
Letter of Credit Fees, Interest Rate. The Letter of Credit Fees and the rate of interest for each Loan otherwise applicable
pursuant to Section 2.8(b) [Letter of Credit Fees] or Section 4.1 [Interest Rate Options], respectively, shall
be increased by 2.0% per annum;


 


(b)              
Other Obligations. Each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to
the sum of the rate of interest applicable to Revolving Credit Loans under the Base Rate Option plus an additional 2.0% per annum from
the time such Obligation becomes due and payable until the time such Obligation is paid in full; and


 


(c)              
Acknowledgment. The Borrower acknowledges that the increase in rates referred to in this Section 4.3 reflects,
among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and
that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand
by Administrative Agent.


 


4.4             
LIBOR Rate Unascertainable; Increased Costs; Deposits Not Available; Illegality; Benchmark Replacement Setting.


 


(a)              
Unascertainable; Increased Costs; Deposits Not Available.  Subject to Section 4.4(d), if, on or prior to the
first day of an Interest Period:


 


(i)                
the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) (x)
that by reason of circumstances affecting the London or other applicable offshore interbank market, LIBOR Rate cannot be determined because
the LIBOR Rate is not available or published on a current basis or (y) a fundamental change has occurred in the foreign exchange or interbank
markets with respect to LIBOR (including, without limitation, changes in national or international financial, political or economic conditions
or currency exchange rates or exchange controls), or


 


(ii)              the
Required Lenders determine that for any reason in connection with any request for a LIBOR Rate Loan or a conversion thereto or a
continuation thereof that (A) Dollar deposits are not available to any Lender in connection with such LIBOR Rate Loan or being
offered to banks in the London or other applicable offshore interbank market for the amount and Interest Period of such LIBOR Rate
Loan, or (B) the LIBOR Rate for any requested Interest Period with respect to a proposed LIBOR Rate Loan does not adequately and
fairly reflect the cost to such Lenders of funding such Loan,


 






    49


     


    

 


then the Administrative Agent shall have the rights
specified in Section 4.4(c) [Administrative Agent’s and Lender’s Rights].


 


(b)              
Illegality.  If at any time any Lender shall have determined that the making, maintenance or funding of any LIBOR Rate
Loan has been made impracticable or unlawful by compliance by such Lender in good faith with any Law or any interpretation or application
thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law),


 


then the Administrative Agent shall have the rights
specified in Section 4.4(c) [Administrative Agent’s and Lender’s Rights].


 


(c)              
Administrative Agent’s and Lender’s Rights.  In the case of any event specified in Section 4.4(a)
[Unascertainable; Increased Costs; Deposits Not Available] above, the Administrative Agent shall promptly so notify the Lenders and the
Borrower thereof, and in the case of an event specified in Section 4.4(b) [Illegality] above, such Lender shall promptly so
notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative
Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrower.  Upon such date as shall be
specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (i) the Lenders, in the
case of such notice given by the Administrative Agent, or (ii) such Lender, in the case of such notice given by such Lender, to allow
the Borrower to select, convert to or renew a LIBOR Rate Loan shall be suspended (to the extent of the affected LIBOR Rate Loan or Interest
Periods) until the Administrative Agent shall have later notified the Borrower, or such Lender shall have later notified the Administrative
Agent, of the Administrative Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise
to such previous determination no longer exist.  If at any time the Administrative Agent makes a determination under Section 4.4(a)
[Unascertainable; Increased Costs; Deposits Not Available] and the Borrower has previously notified the Administrative Agent of its selection
of, conversion to or renewal of a LIBOR Rate Option and the LIBOR Rate Option has not yet gone into effect, such notification shall be
deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans. 
If any Lender notifies the Administrative Agent of a determination under Section 4.4(b) [Illegality], the Borrower shall,
subject to the Borrower’s indemnification Obligations under Section 5.10 [Indemnity], as to any Loan of the Lender to
which a LIBOR Rate Option applies, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available
with respect to such Loan or prepay such Loan in accordance with Section 5.2 [Voluntary Prepayments].  Absent due notice
from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available
with respect to such Loan upon such specified date.


 






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(d)              
 Benchmark Replacement Setting.


 


(i)                
Announcements Related to LIBOR. On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR (the “IBA”)
and the U.K. Financial Conduct Authority, the regulatory supervisor for the IBA, announced in a public statement the future cessation
or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month USD LIBOR tenor settings
(collectively, the “Cessation Announcements”). The parties hereto acknowledge that, as a result of the Cessation Announcements,
a Benchmark Transition Event occurred on March 5, 2021 with respect to USD LIBOR under clauses (1) and (2) of the definition of Benchmark
Transition Event below; provided however, no related Benchmark Replacement Date occurred as of such date.


 


(ii)             
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any agreement
executed in connection with a Swap shall be deemed not to be a “Loan Document” for purposes of this Section titled “Benchmark
Replacement Setting”), if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate 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
of each Class.


 


(iii)           
Benchmark Replacement Conforming Changes. 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.


 


(iv)             Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (1)
any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate
Election, as applicable, and its related Benchmark Replacement Date, (2) the implementation of any Benchmark Replacement, (3) the
effectiveness of any Benchmark Replacement Conforming Changes, (4) the removal or reinstatement of any tenor of a Benchmark pursuant
to paragraph (v) below and (5) 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
titled “Benchmark Replacement Setting,” 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 titled “Benchmark Replacement Setting.”


 






    51


     


    

 


(v)              
Unavailability of Tenor of Benchmark. 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), (1) if the then-current Benchmark is a term rate
(including Term SOFR or USD LIBOR) 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 (2) if a tenor
that was removed pursuant to clause (1) 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.


 


(vi)            
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability
Period, the Borrower may revoke any request for a Loan bearing interest based on USD LIBOR, conversion to or continuation of Loans bearing
interest based on USD LIBOR 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 Loan of or conversion to Loans bearing interest under the Base
Rate Option. 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 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 Base Rate.


 


(vii)         
Term SOFR Transition Event. 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 (1) 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 (the “Secondary
Term SOFR Conversion Date”) 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 (2) Loans outstanding on the Secondary Term SOFR Conversion Date bearing
interest based on the then-current Benchmark shall be deemed to have been converted to Loans bearing interest at the Benchmark Replacement
with a tenor approximately the same length as the interest payment period of the then-current Benchmark; provided that, this paragraph
(vii) 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.


 






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(viii)       
Certain Defined Terms. As used in this Section titled “Benchmark Replacement Setting”:


 


“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then
current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark 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 paragraph (v) of this Section titled “Benchmark
Replacement Setting”, or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for interest
calculated with reference to such Benchmark pursuant to this Agreement as of such date.


 


“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or
an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR 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 paragraph (ii) of this Section titled “Benchmark Replacement Setting.”


 


“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;


 






    53


     


    

 


(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), 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, in the case
of an Other Benchmark Rate Election, the “Benchmark Replacement” shall mean the alternative set forth in clause (3) above
and when such clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election,
the alternate benchmark rate selected by the Administrative Agent and the Borrower shall be the term benchmark rate that is used in lieu
of a USD LIBOR-based rate in relevant other U.S. dollar-denominated syndicated credit facilities; provided, further, that, with respect
to a Term SOFR Transition Event, on the applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to
and shall be determined as set forth in clause (1) of this definition. 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 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 applicable amount(s) set forth below:


 


	Available Tenor	Benchmark Replacement Adjustment
	One-Month	0.11448% (11.448 basis points)
	Three-Months	0.26161% (26.161 basis points)
	Six-Months	0.42826% (42.826 basis points)


 


(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 (A) 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 (B)
any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
dollar-denominated syndicated credit facilities;


 






    54


     


    

 


provided that,
if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement
Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark for purposes of
this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that has approximately the
same length (disregarding business day adjustments) as the payment period for interest calculated with reference to such Unadjusted Benchmark
Replacement.


 


“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “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 determines 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 determines 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 determines
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 determined by the Administrative Agent, which date
shall promptly follow the date of the public statement or publication of information referenced therein;


 






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(3) in the case of
a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Lenders and the Borrower pursuant to
this Section titled “Benchmark Replacement Setting”, which date shall be at least 30 days from the date of the Term SOFR Notice;
or


 


(4) in the case of
an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early Opt-in
Election or an Other Benchmark Rate Election, as applicable, 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 or an Other Benchmark
Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election or an Other Benchmark
Rate Election, as applicable, from Lenders comprising the Required Lenders.


 


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


 


“Benchmark
Transition Event” 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 an Official Body having jurisdiction over the Administrative Agent, the regulatory
supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve
Board, the Federal Reserve Bank of New York, 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


 






    56


     


    

 


(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) or an Official Body having jurisdiction over the Administrative Agent 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 clauses
(1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all
purposes hereunder and under any Loan Document in accordance with this Section titled “Benchmark Replacement Setting” 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 this Section titled “Benchmark Replacement Setting.”


 


“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.


 


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


 


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


 


(1) a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other
parties hereto that at least five currently outstanding U.S. 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


 






    57


     


    

 


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


 


“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 USD LIBOR or, if no floor is specified, zero.


 


“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.


 


“Other Benchmark
Rate Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (x) either (i) a request by the Borrower
to the Administrative Agent , or (ii) notice by the Administrative Agent to the Borrower, that, at the determination of the Borrower or
the Administrative Agent, as applicable, U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed), in lieu of a USD LIBOR based rate, a term benchmark rate as a benchmark rate, and (y) the Administrative Agent,
in its sole discretion, and the Borrower jointly elect to trigger a fallback from USD LIBOR and the provision, as applicable, by the Administrative
Agent of written notice of such election to the Borrower and the Lenders.


 


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


 


“Relevant
Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.


 


“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.


 






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“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).


 


“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, 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.


 


“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 (1) Term SOFR has been recommended for use by the
Relevant Governmental Body, and is determinable for each Available Tenor, (2) the administration of Term SOFR is administratively feasible
for the Administrative Agent and (3) a Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of
doubt, not in the case of an Other Benchmark Rate Election), has previously occurred resulting in a Benchmark Replacement in accordance
with Section titled “Benchmark Replacement Setting” that is not Term SOFR.


 


“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.


 


“USD LIBOR”
means the London interbank offered rate for U.S. dollars.


 


4.5             
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche
of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance
with the provisions of Section 4.2 [Interest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche
to the Base Rate Option, as applicable to Revolving Credit Loans or Term Loans as the case may be, commencing upon the last day of the
existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the LIBOR Rate Option but fails to identify an
Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails
to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.


 


ARTICLE
5


 


PAYMENTS; Taxes; Yield maintenance


 


5.1              Payments.
All payments and prepayments to be made in respect of principal, interest, Commitment Fees, Letter of Credit Fees, Administrative
Agent’s Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 1:00 p.m. Eastern Time on the
date when due without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower,
and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue. Such payments
shall be made to the Administrative Agent at the Principal Office for the account of the Swingline Loan Lender with respect to the
Swingline Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans or Term Loans in U.S. Dollars
and in immediately available funds, and the Administrative Agent shall promptly distribute such amounts to the Lenders in
immediately available funds; provided that in the event payments are received by 1:00 p.m. Eastern Time by the Administrative
Agent with respect to the Loans and such payments are not distributed to the Lenders on the same day received by the Administrative
Agent, the Administrative Agent shall pay the Lenders interest at the Effective Federal Funds Rate with respect to the amount of
such payments for each day held by the Administrative Agent and not distributed to the Lenders. The Administrative Agent’s
statement of account, ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the
amount of principal of and interest on the Loans and other amounts owing under this Agreement.


 






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5.2             
Voluntary Prepayments.


 


(a)              
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part
without premium or penalty (except as provided in Section 5.13 [Replacement of a Lender] below, in Section 5.8
[Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, it shall provide
a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment
of the Revolving Credit Loans or Term Loans that bear interest at the Base Rate Option and at least three (3) Business Days in the case
of Loans bearing interest at the LIBOR Rate Option, or no later than 1:00 p.m. Eastern Time on the date of prepayment of Swingline Loans,
setting forth the following information:


 


(i)                
the date, which shall be a Business Day, on which the proposed prepayment is to be made;


 


(ii)             
a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swingline Loans;


 


(iii)           
a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which
the LIBOR Rate Option applies; and


 


(iv)            
the total principal amount of such prepayment, which shall not be less than the lesser of (A) the Revolving Facility Usage
or (B) $100,000 for any Swingline Loan or $100,000 for any Revolving Credit Loan or Term Loan.


 


All prepayment notices
shall be irrevocable; provided that any such notice may state that such notice is conditioned upon the effectiveness of other
credit facilities, debt or equity issuances or other transactions specified therein, in which case such notice may be revoked
by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal
amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to
be made. All Term Loan prepayments permitted pursuant to this Section 5.2 shall be applied to the unpaid installments of
principal of the Term Loans in order of scheduled maturities (unless otherwise specified by the Borrower). Except as provided in Section 4.4(c)
[Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable
Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (1) first to Revolving Credit Loans and then
to Term Loans; and (2) after giving effect to the allocations in clause (1) above and in the preceding sentence, first to Loans
to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be
subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].


 






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5.3             
[Reserved].


 


5.4             
Pro Rata Treatment of Lenders. Each borrowing of Revolving Credit Loans shall be allocated to each Lender according to its
Ratable Share, and each selection of, conversion to or renewal of any Interest Rate Option and each payment or prepayment by the Borrower
with respect to principal, interest, Commitment Fees and Letter of Credit Fees (but excluding the Administrative Agent’s Fee and
the Issuing Lender’s fronting fee) shall (except as otherwise may be provided with respect to a Defaulting Lender and except as
provided in Sections 4.4(c) [Administrative Agent’s and Lender’s Rights] in the case of an event specified in
Section 4.4 [LIBOR Rate Unascertainable; Etc.], 5.13 [Replacement of a Lender] or 5.8 [Increased Costs]) be
payable ratably among the Lenders entitled to such payment in accordance with the amount of principal, interest, Commitment Fees and Letter
of Credit Fees, as specified in this Agreement. Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the Borrower
of principal, interest, fees or other amounts from the Borrower with respect to Swingline Loans shall be made by or to the Swingline Loan
Lender according to Section 2.6.(e) [Borrowings to Repay Swingline Loans].


 


5.5             
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff, counterclaim or banker’s lien
or other any right, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain payment
in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than the pro-rata
share of the amount such Lender is entitled thereto, 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 such other 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 principal of and accrued interest on their respective Loans and other amounts owing
them, provided that:


 


(i)                
if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery; and


 


(ii)              the
provisions of this Section 5.5 shall not be construed to apply to (x) any payment made by the Loan Parties pursuant to
and in accordance with the express terms of the Loan Documents (including the application of funds arising from the existence of a
Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans or Participation Advances to any assignee or participant.


 






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Each Loan Party 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 each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of each Loan Party in the amount of such participation.


 


5.6             
Administrative Agent’s Clawback.


 


(a)              
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from
a Lender (x) in the case of Loans to which the Base Rate Option applies, by 11:00 a.m. Eastern time on the date of the proposed Borrowing
Tranche of Loans and (y) otherwise, prior to the proposed date of any Borrowing Tranche of Loans that such Lender will not make available
to the Administrative Agent such Lender’s Ratable Share, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with Section 2.6 (a) [Making Revolving Credit Loans] or Section 3.2 [Nature of Lenders’
Obligations with Respect to Term Loans; Repayment Terms] 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 Tranche of Loans 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 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 (i) in the case of a payment to be made by such Lender, the greater of the Effective
Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation,
and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option. 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 Tranche of Loans to the Administrative Agent, then the amount so paid shall constitute such Lender’s
Loan included in such Borrowing Tranche of Loans. 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.


 


(b)               Payments
by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, 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
Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or Issuing Lender, with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Effective Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.


 






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5.7             
Interest Payment Dates. Interest on Loans to which the Base Rate Option applies shall be due and payable in arrears on each
Payment Date. Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period
for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period. Interest on
the principal amount of each Loan or other monetary Obligation shall be due and payable on demand after such principal amount or other
monetary Obligation becomes due and payable (whether on the stated Expiration Date, upon acceleration or otherwise).


 


5.8             
Increased Costs.


 


(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 reflected
in the LIBOR Rate) or the Issuing Lender;


 


(ii)             
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or


 


(iii)           
impose on any Lender, the Issuing Lender or, if applicable, the London interbank market any other condition, cost or expense (other
than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;


 


and the result of any of the foregoing shall be
to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining
its obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Lender or such other Recipient 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, the Issuing Lender or other Recipient hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender, the Issuing Lender or other Recipient, the Borrower will pay
to such Lender, the Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender
or the Issuing Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.


 


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


 






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(c)              
Certificates for Reimbursement. A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary
to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this
Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender,
as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.


 


(d)              
Delay in Requests. Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs
incurred or reductions suffered more than nine (9) months prior to the date that such Lender or the Issuing Lender, 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 Issuing
Lender’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 nine (9) month period referred to above shall be extended to include the period of retroactive effect thereof).


 


5.9             
Taxes.


 


(a)              
Issuing Lender. For purposes of this Section 5.9, the term “Lender” includes the Issuing Lender and the
term “applicable Law” includes FATCA.


 


(b)              
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document
shall be without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in
the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Official Body in accordance with applicable Law and, if such Tax is an Indemnified
Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has
been made (including such deductions and withholdings applicable to additional sums payable under this Section 5.9) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.


 






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(c)              
Payment of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Official Body in accordance
with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.


 


(d)              
Indemnification by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10)
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section 5.9) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to
the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error.


 


(e)              
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of any of the Loan Parties to do so),
(ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.8(a) [Successors and Assigns
Generally] relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case,
that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this Section 5.9(e).


 


(f)               
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to an Official Body pursuant to
this Section 5.9, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.


 


(g)              
Status of Lenders.


 


(i)                 Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than
such documentation specified in Section 5.9.(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in
the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.


 






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(ii)             
Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower,


 


(1)              
any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies (or, if required, originals) of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;


 


(2)              
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of
the following is applicable:


 


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


 


(II)       executed
copies (or, if required, originals) of IRS Form W-8ECI;


 


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


 






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


 


(3)              
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies
(or, if required, originals) of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit
the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and


 


(4)               if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by
applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
 “FATCA” shall include any amendments made to FATCA after the date of this Agreement.


 






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


 


(h)              
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.9 (including by the payment of additional
amounts pursuant to this Section 5.9), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 5.9 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Official Body
with respect to such refund). Such indemnifying party, upon the request of such indemnified party incurred in connection with obtaining
such refund, shall repay to such indemnified party the amount paid over pursuant to this Section 5.9(h) (plus any penalties, interest
or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such
Official Body. Notwithstanding anything to the contrary in this Section 5.9(h)), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this Section 5.9(h) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns
(or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.


 


(i)                
Survival. Each party’s obligations under this Section 5.9 shall survive the resignation of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all Obligations.


 


5.10         
Indemnity. In addition to the compensation or payments required by Section 5.8 [Increased Costs] or Section 5.9
[Taxes], the Borrower shall indemnify each Lender against all liabilities, losses or expenses (excluding loss of margin, but including
any foreign exchange losses and any loss or expense arising from the liquidation or redeployment of funds obtained by it to maintain such
Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange
contract) which such Lender sustains or incurs as a consequence of any:


 


(a)              
payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option applies on a day other than the last day of
the corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such
payment or prepayment is then due); or


 






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(b)              
 attempt by the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan Requests under
Section 2.5 [Revolving Credit Loan Requests; Conversions and Renewals; Swingline Loan Requests] or Section 4.2
[Interest Periods] or notice relating to prepayments under Section 5.2 [Voluntary Prepayments] or 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 Loan
under the Base Rate Option on the date or in the amount notified by the Borrower, or


 


(c)              
any assignment of a Loan under the LIBOR Rate Option 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 5.13 [Replacement of a Lender].


 


If any Lender sustains or incurs
any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good faith by such Lender (which
determination may include such assumptions, allocations of costs and expenses and averaging or attribution methods as such Lender shall
deem reasonable) to be necessary to indemnify such Lender for such loss or expense. Such notice shall specify in reasonable detail the
basis for such determination. Such amount shall be due and payable by the Borrower to such Lender ten (10) Business Days after such notice
is given.


 


5.11         
Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders and the Administrative Agent,
the Borrower may borrow, repay and reborrow Swingline Loans and the Swingline Loan Lender may make Swingline Loans as provided in Section
2.1(b) [Swingline Loan Commitments] hereof during the period between Settlement Dates. The Administrative Agent shall notify each
Lender of its Ratable Share of the total of the Revolving Credit Loans and the Swingline Loans (each, a “Required Share”).
On such Settlement Date, each Lender shall pay to the Administrative Agent the amount equal to the difference between its Required Share
and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower
to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent shall also effect settlement in accordance
with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and on any mandatory prepayment date as provided
for herein and may at its option effect settlement on any other Business Day. These settlement procedures are established solely as a
matter of administrative convenience, and nothing contained in this Section 5.11 shall relieve the Lenders of their obligations
to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.1(b) [Swingline Loan Commitment]. The
Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative
Agent such Lender’s Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Administrative
Agent to pay immediately to such Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect
to the Revolving Credit Loans.


 


5.12         
Cash Collateral. At any time that there shall exist a Defaulting Lender, within three (3) Business Days following the written
request of the Administrative Agent or the Issuing Lender (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize
the Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.9(a)(iv)
[Reallocation of Participations to Reduce Fronting Exposure] and any Cash Collateral provided by such Defaulting Lender) in an amount
not less than the Minimum Collateral Amount.


 






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(a)              
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to the Administrative Agent, for the benefit of the Issuing Lender, and agrees to maintain, a first priority security interest
in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letter of Credit
Obligations, to be applied pursuant to clause (b) below. 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 and the Issuing Lender as herein provided, or that the total amount
of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower 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 (after giving
effect to any Cash Collateral provided by the Defaulting Lender).


 


(b)              
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section
5.12 or Section 2.9 [Defaulting Lender] in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting
Lender’s obligation to fund participations in respect of Letter of Credit Obligations (including, as to Cash Collateral provided
by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application
of such property as may otherwise be provided for herein.


 


(c)              
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Lender’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 5.12  following (i) the elimination
of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination
by the Administrative Agent and the Issuing Lender that there exists excess Cash Collateral; provided that, subject to Section
2.9 [Defaulting Lenders] the Person providing Cash Collateral and the Issuing Lender may agree that Cash Collateral shall be held
to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral
was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to Section 5.12(a)
above.


 


5.13         
Replacement of a Lender. If any Lender requests compensation under Section 5.8 [Increased Costs], or if the
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account of any Lender
pursuant to Section 5.9 [Taxes] and, in each case, such Lender has declined or is unable to designate a different lending
office in accordance with Section 5.14 [Designation of a Different Lending Office], or if any Lender is a Defaulting Lender or
a Non-Consenting Lender, 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
required by, Section 12.8 [Successors and Assigns]), all of its interests, rights (other than its existing rights to payments
pursuant to Section 5.8 [Increased Cost] or Section 5.9 [Taxes]) and obligations under this Agreement and the related Loan
Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that:


 






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(a)              
 the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 12.8 [Successors
and Assigns];


 


(b)              
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in Letter
of Credit Borrowings, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 5.10 [Indemnity]) 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 5.8 [Increased Costs] or payments
required to be made pursuant to Section 5.9 [Taxes], such assignment will result in a reduction in such compensation or payments
thereafter;


 


(d)              
such assignment does not violate applicable Law; and


 


(e)              
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.


 


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.


 


5.14         
Designation of a Different Lending Office. If any Lender requests compensation under Section 5.8 [Increased Costs],
or the Borrower is or will be required to pay any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account
of any Lender pursuant to Section 5.9 [Taxes], then such Lender shall (at the request of the Borrower) 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 5.8 [Increased Costs] or Section 5.9 [Taxes], as the case may be, in the future, and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be 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.


 


ARTICLE
6


 


REPRESENTATIONS AND WARRANTIES


 


The Loan Parties, jointly
and severally, represent and warrant to the Administrative Agent and each of the Lenders as follows:


 


6.1              Organization.
Each Loan Party and its Subsidiaries (a) is duly organized, validly existing and in good standing under the Laws of the jurisdiction
of its organization, (b) has the requisite power and authority to conduct its business in each jurisdiction as it is presently
being conducted, and (c) is duly qualified or licensed to conduct business and is in good standing in each such jurisdiction other
than such jurisdictions, where the failure to so qualify could reasonably be expected to result in a Material Adverse Change. As of
the Effective Date, no proceeding to dissolve any Loan Party is pending or, to any Loan Party’s knowledge, threatened.


 






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6.2             
Authority Relative to this Agreement. Each Loan Party has the power and authority to execute and deliver this Agreement
and the other Loan Documents to which it is a party and to perform its obligations hereunder and thereunder. The Transactions have been
duly authorized by all necessary corporate action on the part of each Loan Party that is a party thereto. This Agreement and the other
Loan Documents have been duly and validly executed and delivered by each Loan Party thereto and constitute the legal, valid and binding
obligations of such Loan Party, enforceable against such Loan Party in accordance with their respective terms, subject to the effect of
any applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights and remedies generally
and to the effect of general principles of equity (regardless of whether enforcement is considered in a proceeding at law or in equity).


 


6.3             
No Violation. The Transactions will not:


 


(a)              
result in a breach of the articles or certificate of incorporation or bylaws of any Loan Party;


 


(b)              
result in the imposition of any Lien on any of the Equity Interests of any Loan Party or any of their respective assets;


 


(c)              
result in, or constitute an event that, with the passage of time or giving of notice or both, would be, a material breach, violation
or default (or give rise to any right of termination, cancellation, prepayment or acceleration) under (i) any material agreement to which
any Loan Party is a party, under which any Loan Party has or may acquire rights or obligations or by which its properties or assets may
be bound or (ii) any Governmental Approval held by, or relating to the business of the Loan Parties;


 


(d)              
require any Loan Party to obtain any consent, waiver, approval, exemption, authorization or other action of, or make any filing
with or give any notice to, any Person except such as have been obtained or made and are in full force and effect; or


 


(e)              
violate in any material respect any Law applicable to any Loan Party or by which their respective properties or assets may be bound.


 


6.4             
Financial Statements; No Material Adverse Change.


 


(a)               The
Borrower has previously furnished to the Administrative Agent the following financial statements (collectively, the
 “Statements”): (a) the audited consolidated balance sheets of the Borrower and its Subsidiaries and the other
Loan Parties as of December 31, 2020, and the related consolidated statements of operations and comprehensive earnings (loss) and of
cash flows for such fiscal year, the notes accompanying the Statements (including changes in shareholders’ equity) and the
report of KPMG LLP, independent certified public accountants, and (b) the unaudited consolidated balance sheet of the Borrower and
its Subsidiaries and the other Loan Parties as of March 31, 2021 and June 30, 2021, and the related statements of operations and
comprehensive earnings (loss) and of cash flows for the period then ended. The Statements fairly present in all material respects
the financial condition of the Borrower and its Subsidiaries and of the other Loan Parties as of their respective dates and the
results of operations and cash flows of the Borrower and its Subsidiaries and of the other Loan Parties for the periods ended on
such dates in accordance with GAAP applied on a consistent basis for the periods covered thereby, subject, in the case of interim
financial statements, to absence of footnotes and normal year-end adjustments (the effect of which will not, individually or in the
aggregate, have a Material Adverse Change).


 






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(b)              
Since December 31, 2020, there has been no change that could reasonably be expected to have a Material Adverse Change.


 


6.5             
Litigation. Schedule 6.5 briefly describes each action, suit or proceeding pending before any Governmental Authority
or arbitration panel, or to the knowledge of any Loan Party or any of its Subsidiaries threatened, on the Effective Date (a) involving
the Transactions, or (b) against any Loan Party or any of its Subsidiaries regarding the business or assets owned or used by any Loan
Party or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Change.


 


6.6             
Compliance with Law and Agreements. Each Loan Party and its Subsidiaries is in compliance with each Law that is applicable
to it or to the conduct or operation of its business or the ownership or use of any of its assets except where the failure to be in compliance,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change (including any laws and regulations
of any applicable insurance regulatory authority). There is no default under such material agreement to which the Borrower or any of its
Subsidiaries or any other Loan Parties is a party or otherwise bound which would reasonably be expected to result in a Material Adverse
Change.


 


6.7             
Properties. Each Loan Party and its Subsidiaries owns (with good and marketable title in the case of real property), or
has valid leasehold interests in, all the properties and assets (whether real, personal, or mixed and whether tangible or intangible)
material to its business (subject to Liens permitted under Section 9.2), except for irregularities, defects or deficiencies in
title that, individually or in the aggregate, do not materially interfere with its ability to conduct its business as currently conducted
or to utilize such property for its intended purpose.


 


6.8             
Intellectual Property. To the knowledge of each Loan Party and its Subsidiaries, the conduct by the Loan Parties and their
Subsidiaries of their respective businesses as presently conducted does not conflict with, infringe on, or otherwise violate any copyright,
trade secret, or patent rights of any Person except where such conflict, infringement or violation could not reasonably be expected to
have a Material Adverse Change.


 


6.9              Taxes.
All tax returns and reports of the Loan Parties and their Subsidiaries required to be filed by any of them have been timely filed
and all assessments, fees and other governmental charges upon the Loan Parties and their Subsidiaries and upon their respective
properties, assets, income, businesses and franchises that are due and payable have been paid when due and payable except (a) to the
extent being actively contested by any such Loan Party or any of its Subsidiaries in good faith and by appropriate proceedings; provided
that such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or
provided therefor or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse
Change.


 






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6.10         
Environmental Compliance. In each case, except to the extent such condition or event, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Change, (a) none of the Loan Parties or any of their Subsidiaries has failed
to comply with any Environmental Law or to obtain, maintain or comply with any Governmental Approval required under any Environmental
Law or has become subject to any Environmental Liability; and (b) none of the Loan Parties or any of their Subsidiaries has received any
notice of any claim with respect to any Environmental Liability or know of any basis for any Environmental Liability.


 


6.11         
Investment Company Status. None of the Loan Parties or any of their Subsidiaries is an “investment company”
as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.


 


6.12         
Insurance. Insurance maintained in accordance with Section 8.3 is in full force and effect.


 


6.13         
Solvency. Immediately following the making of each Loan and after giving effect to the application of the proceeds of each
Loan, (a) the fair market value of the assets of the Loan Parties and their Subsidiaries (taken as a whole) will exceed their debts and
liabilities; (b) the present fair saleable value of the property of the Loan Parties and their Subsidiaries (taken as a whole) will be
greater than the amount that will be required to pay the probable liability of their debts and other liabilities as they become due in
the ordinary course; (c) the Loan Parties and their Subsidiaries (taken as a whole) will be able to pay their debts and liabilities
as they become absolute and mature in the ordinary course; and (d) the Loan Parties and their Subsidiaries (taken as a whole) will not
have unreasonably small capital with which to conduct their businesses as such businesses are now conducted and are proposed to be conducted
following the Effective Date.


 


6.14         
ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Change.


 


6.15          Disclosure.
The Borrower has disclosed to the Administrative Agent all factual matters of which the senior executive officers of the Borrower
have actual knowledge (other than general industry and economic conditions and legal and regulatory requirements applicable to
companies and businesses similar to the members generally), that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Change. None of the other reports, financial statements, certificates or other written information
furnished by or on behalf of the Borrower or any Subsidiary to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains 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, with respect to projected financial
information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time (it being understood that any such projections are not to be viewed as facts, are subject to significant
uncertainties and contingencies, many of which are beyond the control of the Borrower, that no assurance can be given that any
particular projection will be realized, that actual results may differ and that such differences may be material).


 






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6.16         
EEA Financial Institutions. No Loan Party is an EEA Financial Institution.


 


6.17         
Margin Stock. No part of any borrowing shall be used at any time, to purchase or carry margin stock (within the meaning
of Regulation U) or to extend credit to others for the purpose of purchasing or carrying any margin stock. None of the Loan Parties or
any of their Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purposes
of purchasing or carrying any such margin stock. No part of the proceeds of any borrowing will be used for any purpose which violates,
or which is inconsistent with, any regulations promulgated by the Board.


 


6.18         
[Intentionally Omitted].


 


6.19         
Sanctions and other Anti-Terrorism Laws. No Covered Entity: (i) is a Sanctioned Person, nor, to the Borrower’s knowledge,
are any employees, officers, directors, brokers or agents acting on a Covered Entity’s behalf in connection with this Agreement
a Sanctioned Person; (ii) directly, or, to the Borrower’s knowledge, indirectly through any third party, engages in any transactions
or other dealings with any Sanctioned Person or Sanctioned Jurisdiction, or which otherwise are prohibited by any Laws of the United States
or of other applicable jurisdictions relating to economic sanctions and other Anti-Terrorism Laws.


 


6.20         
Anti-Corruption Laws. Each Covered Entity has (a) conducted its business in compliance in all material respects with all
Anti-Corruption Laws and (b) has instituted and maintains policies and procedures designed to ensure compliance with such Laws.


 


6.21         
Certificate of Beneficial Ownership. The Certificate of Beneficial Ownership, if any, executed and delivered to the Administrative
Agent and Lenders on or prior to the date of this Agreement is true and correct as of the date hereof. Any Certificate of Beneficial Ownership
delivered to the Administrative Agent and the Lenders after the date hereof in accordance with this Agreement shall be true and correct
as of the date of delivery thereof.


 


ARTICLE
7


 


CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT


 


The obligation of each Lender
to make Loans and of the Issuing Lender to issue Letters of Credit hereunder is subject to the performance by each of the Loan Parties
of its Obligations to be performed hereunder at or prior to the making of any such Loans or issuance of such Letters of Credit and to
the satisfaction of the following further conditions:


 


7.1             
Initial Loans and Letters of Credit Made on the Closing Date.


 


(a)              
Deliveries. On the Closing Date, the Administrative Agent shall have received each of the following in form and substance
satisfactory to the Administrative Agent:


 






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(i)                
 A certificate of each of the Loan Parties signed by an Authorized Officer, dated the Closing Date stating that (A) no Event of
Default or Potential Default exists, (B) no Material Adverse Change has occurred since the date of the last audited financial statements
of the Borrower delivered to the Administrative Agent (and the Administrative Agent and Required Lenders shall not have otherwise determined),
(C) all material consents, licenses and approvals, if any, required for the delivery and performance by any Loan Party of any Loan Document
and the enforceability of any Loan Document against such Loan Party have been obtained, (D) the Loan Parties taken as a whole after giving
effect to the Transactions scheduled to occur on the Closing Date are Solvent, (E) the representations and warranties set forth herein
are true and correct, and (F) the conditions stated in this Section 7.1 (assuming the Administrative Agent’s and/or the Lenders’
satisfaction with such conditions precedent that require the Administrative Agent’s and/or the Lenders’ satisfaction) and
Section 7.2 [Each Loan or Letter of Credit] have been satisfied, in each case other than those waived by the Administrative Agent
and the Lenders in writing;


 


(ii)             
A certificate dated the Closing Date and signed by the Secretary or an Assistant Secretary of each of the Loan Parties, certifying
as appropriate as to: (A) attaching copies of such resolution or other corporate or organizational action duly taken by each Loan Party
to validly authorize, duly execute and deliver this Agreement and the other Loan Documents; (B) the names, authority and capacity of the
Authorized Officers authorized to sign the Loan Documents and their true signatures; (C) copies of its organizational documents as in
effect on the Closing Date, to the extent applicable, certified as of a sufficiently recent date prior to the Closing Date by the appropriate
state official where such documents are filed in a state office; and (D) certificates from the appropriate state officials as to due organization
and the continued valid existence, good standing and qualification to engage in its business of each Loan Party in the state of its organization;


 


(iii)           
This Agreement and each of the other Loan Documents duly executed by the parties thereto;


 


(iv)            
Written opinion(s) of counsel for the Loan Parties, dated the Closing Date and in form and substance reasonably satisfactory to
the Administrative Agent;


 


(v)              
Evidence, reasonably satisfactory to the Administrative Agent, that all Indebtedness not permitted under Section 9.1 [Indebtedness]
shall have been paid in full or will be paid in full after giving effect to the use of proceeds from the Loans made on the Closing Date
and that all necessary termination statements, release statements and other releases in connection with all Liens (other than Liens permitted
under Section 9.2) have been filed or satisfactory arrangements have been made for such filing (including payoff letters, if applicable,
in form and substance reasonably satisfactory to the Administrative Agent);


 


(vi)            
The Statements;


 


(vii)          Certificate
of Beneficial Ownership; USA PATRIOT Act Diligence. The Administrative Agent and each Lender shall have received, in form and
substance acceptable to the Administrative Agent and each Lender an executed Certificate of Beneficial Ownership and such other
documentation and other information requested in connection with applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act.


 






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(viii)       
Such other documents in connection with such transactions as the Administrative Agent may reasonably request.


 


(b)              
Payment of Fees. To the extent invoiced, the Borrower shall have paid all fees and expenses payable on or before the Closing
Date as required by this Agreement, the Administrative Agent’s Letter or any other Loan Document.


 


Without limiting the generality
of the provisions of the last paragraph of Section 11.3 [Exculpatory Provisions], for purposes of determining compliance with the
conditions specified in this Section 7.1, 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 Closing
Date specifying its objection thereto.


 


7.2             
Each Loan or Letter of Credit. At the time of making any Loans or issuing, extending or increasing any Letters of Credit
and after giving effect to the proposed extensions of credit: (a) the representations, warranties of the Loan Parties shall then be true
and correct in all material respects (unless qualified by materiality or reference to the absence of a Material Adverse Change, in which
event shall be true and correct), except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 7.2, the representations
and warranties contained in Section 6.4 [Financial Statements] shall be deemed to refer to the most recent statements furnished
pursuant to Section 8.10 [Reporting Requirements], (b) no Event of Default or Potential Default shall have occurred and be continuing
or would result from such Loan or Letter of Credit or the application of the proceeds thereof, (c) the making of the Loans or issuance,
extension or increase of such Letter of Credit shall not violate any Law applicable to any Loan Party or Subsidiary of any Loan Party
or any of the Lenders, (d) no Material Adverse Change shall have occurred since the date of the audited financial statements of the Borrower
delivered to the Administrative Agent on or prior the Closing Date, and (e) the Borrower shall have delivered to the Administrative Agent
a duly executed and completed Loan Request or to the Issuing Lender an application for a Letter of Credit, as the case may be. Each Loan
Request and Letter of Credit application shall be deemed to be a representation that the conditions specified in Section 7.1 [Initial
Loans and Letters of Credit] and this Section 7.2 have been satisfied on or prior to the date thereof.


 


ARTICLE
8


 


AFFIRMATIVE COVENANTS


 


Each Loan Party hereby covenants
and agrees that until the Facility Termination Date, the Loan Party shall comply at all times with the following covenants:


 






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8.1             
 Existence; Conduct of Business. Each Loan Party shall and cause all of its Subsidiaries to do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises
material to the conduct of its business except to the extent failure to maintain or preserve could not reasonably be expected to have
a Material Adverse Change; provided that the foregoing shall not prohibit any merger, consolidation, Division, liquidation or dissolution
permitted under Section 9.3


 


8.2             
Payment of Obligations. Each Loan Party shall and shall cause all of its Subsidiaries to pay its obligations, including
liabilities for Taxes, before the same shall become delinquent or in default, except where (a) (i) the validity or amount thereof is being
contested in good faith by appropriate proceedings and (ii) such Loan Party or such Subsidiary has set aside on its books adequate reserves
with respect thereto in accordance with GAAP or (b) the failure to make payment could not reasonably be expected to result in a Material
Adverse Change.


 


8.3             
Maintenance of Properties; Insurance. Each Loan Party shall and shall cause all of its Subsidiaries to keep and maintain
all of its material properties necessary for the conduct of its business in good working order and condition, ordinary wear and tear excepted,
and  maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are
customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.


 


8.4             
Books and Records; Inspection Rights. Each Loan Party shall and shall cause each of its Subsidiaries to keep proper books
of record and account in which true and correct entries are made of all material dealings and transactions in relation to its business
and activities. Each Loan Party shall and shall cause each of its Subsidiaries to permit any representatives of the Administrative Agent
or any Lender, upon reasonable prior written notice, to visit and inspect its properties, to examine and make extracts from its books
and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested; provided that, so long as no Event of Default has occurred and is continuing,
only two such visits shall be permitted during any twelve month period.


 


8.5             
Compliance with Laws. Each Loan Party shall and shall cause each of its Subsidiaries to comply with all Laws (including
Environmental Laws and all Laws of applicable insurance regulatory authorities) applicable to it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change.


 


8.6              Use
of Proceeds and Letters of Credit. The proceeds of the Loans will be used only to fund working capital needs and general
corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or
indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.
Letters of Credit will be issued only to support the working capital needs and general corporate obligations of the Borrower and its
Subsidiaries relating to their respective lines of business as currently conducted. The Borrower will not request any borrowing or
Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors,
officers, employees and agents shall not use, the proceeds of any borrowing or Letter of Credit (A) 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, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or
with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.


 






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8.7             
Maintain Business. Each Loan Party shall continue to engage primarily in the business or businesses being conducted on the
Effective Date, businesses and other activities that are reasonably similar, ancillary, incidental or related thereto, and other reasonable
expansions, developments and extensions of such business.


 


8.8             
Accuracy of Information. The Borrower will ensure that any factual written information, including financial statements or
other documents (it being understood that any such projections are not to be viewed as facts, are subject to significant uncertainties
and contingencies, many of which are beyond the control of the Borrower, that no assurance can be given that any particular projection
will be realized, that actual results may differ and that such differences may be material), furnished to the Administrative Agent or
the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder, when furnished, contains no
material misstatement of fact or omits to state any material fact (in each case known to the Borrower) necessary to make the statements
therein, in the light of the circumstances under which they were made, not materially misleading, and the furnishing of such information
shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section.


 


8.9             
Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws.


 


(a)              
The Loan Parties covenant and agree that they shall immediately notify the Administrative Agent and each of the Lenders in writing
upon the occurrence of a Reportable Compliance Event; and


 


(b)              
Each Covered Entity to conduct their business in compliance with all Anti-Corruption Laws and maintain policies and procedures
designed to ensure compliance with such Laws.


 


8.10         
Reporting Requirements. The Loan Parties will furnish or cause to be furnished to the Administrative Agent and each of the
Lenders:


 


(a)              
within 90 days after the end of each fiscal year of the Borrower, the audited consolidated balance sheets and related statements
of operations and comprehensive earnings (loss) and of cash flows as of the end of and for such year of the Borrower, setting forth in
each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants of recognized
national standing (without a “going concern” or like qualification or exception and without any qualification or exception
as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied;


 


(b)              
within 45 days after the end of the first three fiscal quarters of each fiscal year of the Borrower, the condensed consolidated
balance sheets and related statements of operations and comprehensive earnings (loss) and of cash flows as of the end of and for such
fiscal quarter and the then elapsed portion of the fiscal year for the Borrower setting forth in each case in comparative form the figures
for the corresponding period or periods of (or, in the case of the balance sheets, as of the end of) the previous fiscal year, all in
form and substance reasonably satisfactory to the Administrative Agent and certified by a Financial Officer as presenting fairly in all
material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;


 






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(c)              
concurrently with any delivery of financial statements under clause (a) or (b) above, (i) a certificate of a Financial Officer
substantially in the form attached hereto as Exhibit B (A) certifying as to whether an Event of Default or Potential Default
has occurred and, if an Event of Default or Potential Default has occurred, specifying the details thereof and any action taken or proposed
to be taken with respect thereto, (B) setting forth reasonably detailed calculations demonstrating compliance with Section 9.10
and 9.11 and (C) stating whether any change in GAAP or in the application thereof has occurred since the date of the last audited
financial statements delivered pursuant to Section 8.10(a) and, if any such change has occurred, specifying the effect such change would
have on the financial statements accompanying such certificate, and (ii) the unaudited consolidating balance sheet and related statements
of earnings as of the end of and for the period for which the corresponding financial statements are delivered under clause (a) or (b)
above;


 


(d)              
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or
all of the functions of said Commission, or with national securities agencies (other than immaterial correspondence filed in the ordinary
course of business, and comment letters received from the Securities and Exchange Commission or responses thereto), or distributed by
the Borrower or any subsidiary thereof to its shareholders generally, as the case may be; provided, that the Borrower shall be deemed
to have delivered the foregoing to the Administrative Agent and the Lenders if such information has been filed with the Securities and
Exchange Commission and is available on the Edgar site at www.sec.gov or any successor government site that is freely and readily available
to the Administrative Agent and the Lenders without charge, or has been made available on the Borrower’s website www.stewart.com,
and the delivery date therefore shall be deemed to be the first day on which such information is available to the Administrative Agent
and the Lenders on one of such website pages, provided further that the Borrower will promptly notify the Administrative Agent and the
Lenders of each posting to such sites upon the occurrence thereof;


 


(e)              
promptly following any request therefor, such other information regarding the operations, business affairs and financial condition
of the Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent may reasonably
request;


 


(f)               
promptly upon receipt thereof, copies of all management letters (if any) from its independent public accountants to the Borrower
or any of its Subsidiaries, their respective Boards of Directors or any committee thereof; and


 






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(g)              
 within 90 days after the end of each fiscal year, a report in form and substance reasonably satisfactory to the Administrative
Agent describing all material insurance coverage maintained by the Loan Parties and their Subsidiaries as of the date of such report.


 


(h)              
If the Borrower gives notice to the Administrative Agent that materials have been filed with the Securities and Exchange Commission,
then and thereupon the Borrower shall be deemed to have delivered such materials to the Administrative Agent and the Lenders.


 


8.11         
Notices of Material Events. The Borrower will furnish to Administrative Agent and each Lender prompt and, in any event,
within five Business Days after acquiring knowledge thereof, written notice of the following:


 


(a)              
the occurrence of any Event of Default or Potential Default and the action that the Loan Parties are taking or propose to take
with respect thereto;


 


(b)              
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Loan Party or any Subsidiary or Affiliate thereof that could reasonably be expected to result in a Material Adverse Change or that
in any manner questions the validity of the Loan Documents;


 


(c)              
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of any Loan Party in an aggregate amount exceeding $15,000,000;


 


(d)              
the receipt by any the Borrower, any Loan Party or any of their respective Subsidiaries of any notice or direction from any Governmental
Authority of the expiration without renewal, revocation or suspension of, or the institution of any proceedings to revoke or suspend,
any license now or hereafter held by such Person which is required to conduct insurance business in compliance with all applicable Laws
and regulations, other than such expiration, revocation or suspension which, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Change, (ii) the receipt of any notice from any Governmental Authority of the institution of any disciplinary
proceedings against or in respect of any such Person, or the issuance of any order, the taking of any action or any request for an extraordinary
audit for cause by any Governmental Authority which could reasonably be expected to have a Material Adverse Change or (iii) any judicial
or administrative order limiting or controlling the insurance business of any insurance Subsidiary (and not the insurance industry generally)
which has been issued or adopted and which could reasonably be expected to have a Material Adverse Change; and


 


(e)              
any other development that results in, or could reasonably be expected to result in, a Material Adverse Change.


 


Each notice delivered under this Section shall
be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event
or development requiring such notice and any action taken or proposed to be taken with respect thereto.


 


8.12          Certificate
of Beneficial Ownership and Other Additional Information. Promptly provide to the Administrative Agent: (i) if requested by the
Administrative Agent, confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial
Ownership provided to the Administrative Agent and Lenders; (ii) a new Certificate of Beneficial Ownership after any of the
individual(s) required to be identified as a Beneficial Owner have changed; and (iii) such other information and documentation as
may reasonably be requested by the Administrative Agent or any Lender from time to time for purposes of compliance by the
Administrative Agent or such Lender with applicable Laws (including without limitation the USA PATRIOT Act and other “know
your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrative
Agent or such Lender to comply therewith.


 






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ARTICLE
9


 


NEGATIVE COVENANTS


 


Each Loan Party hereby covenants
and agrees that until the Facility Termination Date, the Loan Party will not, and will not permit any of its Subsidiaries to:


 


9.1             
Indebtedness. ((a) None of the Loan Parties will create, incur, assume or permit to exist any Indebtedness (including Guaranties),
other than:


 


(i)                
Indebtedness created hereunder or under any of the Loan Documents, including renewals, extensions and refinancings hereof or thereof;


 


(ii)             
Indebtedness existing on the Effective Date and set forth in Schedule 9.1 and extensions, renewals and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof;


 


(iii)           
purchase money Indebtedness, capital lease obligations and other Indebtedness incurred to finance the acquisition, construction
or improvement of any assets by a Loan Party or any of its Subsidiaries in an aggregate principal amount not to exceed $25,000,000 at
any time outstanding;


 


(iv)            
Indebtedness incurred in an acquisition or disposition constituting indemnification obligations or obligations in respect of purchase
price or other similar adjustments;


 


(v)              
Indebtedness incurred in the ordinary course of business in connection with “1031 exchange” transactions under Section
1031 of the Code (or regulations promulgated thereunder, including Revenue Procedure 2000-37) that is limited in recourse to the properties
(real or personal) which are the subject of such “1031 exchange” transactions or the proceeds thereof;


 


(vi)            
Indebtedness and other obligations in respect of Swaps entered into in the ordinary course of business and not for speculative
purposes, including in connection with hedge transactions, warrant transactions and capped call transactions in respect of convertible
Indebtedness;


 


(vii)         
Indebtedness owed by one Loan Party to another Loan Party;


 


(viii)       
Indebtedness under Investment Securities Lines; and


 






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(ix)            
 other Indebtedness to the extent the Borrower is in pro forma compliance with the covenant set forth in Sections 9.10 and
9.11 both before and after giving effect to the incurrence of such Indebtedness.


 


(b)              
The Borrower shall not permit its Subsidiaries to create, incur, assume or permit to exist any Indebtedness (excluding (x) Indebtedness
in respect of letters of credit (or similar instruments) and guarantees issued in connection with settlement or administration of claims
made against any of its Subsidiaries under insurance policies of the type usually carried by corporations engaged in businesses or activities
that are the same as or similar to those of the Borrower and its Subsidiaries and (y) Indebtedness owed to a Loan Party) other than Indebtedness
in an aggregate principal amount outstanding at any time not to exceed the greater of (x) $175,000,000 and (y) an amount equal to 15%
of shareholders’ equity.


 


9.2             
Liens. None of the Loan Parties will create, incur, assume or permit to exist any Lien on any property or asset now owned
or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof,
except:


 


(a)              
Permitted Encumbrances;


 


(b)              
Liens to secure Swaps with any Lender or any Affiliate thereof;


 


(c)              
any Lien on any property or asset of any Loan Party existing on the Effective Date and set forth in Schedule 9.2; provided
that (i) such Lien shall not apply to any other property or asset of such Loan Party and (ii) such Lien shall secure only those obligations
which it secures on the Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal
amount thereof;


 


(d)              
Liens on assets acquired, constructed or improved by any Loan Party; provided that (i) such Liens secure Indebtedness permitted
by Section 9.1(a)(iii), (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the
cost of acquiring, constructing or improving such assets and (iv) such Liens shall not apply to any other property or assets of such Loan
Party;


 


(e)              
Liens on Indebtedness permitted by Section 9.1(a)(viii); ‎


 


(f)               
Liens securing cash management practices; provided that no such Lien shall extend to or cover any property other
than the securities and/or other investments invested in as part of such practices;


 


(g)              
Liens (i) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection, (ii) attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and (iii) in favor of a banking institution arising
as a matter of law encumbering deposits (including the right of setoff) and which are within the general parameters customary in the banking
industry;


 


(h)               Liens
(i) on advances of cash or Cash Equivalents in favor of the seller of any property to be acquired as part of an Acquisition to be
applied against the purchase price for such Acquisition, or (ii) consisting of an agreement to dispose of any property in an Asset
Sale permitted hereunder;


 






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(i)                
Liens arising from precautionary UCC financing statement filings (or similar filings under applicable law) regarding leases entered
into in the ordinary course of business (and Liens consisting of the interests or title of the respective lessors thereunder);


 


(j)                
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the
Borrower or any Subsidiary in the ordinary course of business not prohibited by this Agreement;


 


(k)              
Liens that are contractual rights of setoff (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations
incurred in the ordinary course of business, (iii) relating to purchase orders and other similar agreements entered into in the ordinary
course of business, and (iv) of a customary nature which are incurred in connection with Indebtedness permitted under Section 9.1;


 


(l)                
Liens in respect of Indebtedness permitted by Section 9.1(a)(ix) incurred to finance Permitted Material Acquisitions or
Liens existing on assets acquired as part of a Permitted Material Acquisition, provided that (x) such Liens were not created in
anticipation of such Permitted Material Acquisition and (y) the aggregate fair market value of the assets secured by such Liens shall
not exceed $100,000,000 at any time outstanding; and


 


(m)            
Liens securing Indebtedness or other obligations in an aggregate principal amount not to exceed $50,000,000 at any time outstanding,
provided that, at the time of the incurrence of any such Liens, no Potential Default or Event of Default has occurred and
is continuing or would result therefrom.


 


9.3             
Fundamental Changes. None of the Loan Parties or any of their Subsidiaries will merge into or consolidate with any other
Person, or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing Person, liquidate or dissolve,
except that if at the time thereof and immediately after giving effect thereto no Potential Default or Event of Default shall have occurred
and be continuing:


 


(a)              
if such transaction involves a Subsidiary of the Borrower that is a Guarantor, such Guarantor will survive (unless such Guarantor
is merged into the Borrower); and


 


(b)              
any Subsidiary of the Borrower that is not a Guarantor may merge into or consolidate with any other Person so long as such Subsidiary
is the surviving entity of such merger or consolidation.


 


9.4             
Asset Sales. None of the Loan Parties will make any Asset Sale except:


 


(a)              
any Loan Party may sell, transfer, lease or otherwise dispose of its assets to another Loan Party;


 






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(b)              
 the Borrower or any Loan Party may sell, lease, convey or otherwise dispose of assets (i) if such sale, lease, conveyance or other
disposition is (A) a sale, exchange or transfer of Permitted Investments in the ordinary course of its business at fair market value,
(B) of obsolete, worn-out or surplus property and property no longer used or useful in the conduct of the business of the Borrower and
its Subsidiaries, (C) a sale of property to the extent such property is exchanged for credit against the purchase price of similar replacement
property or the net disposition proceeds thereof are applied to the purchase of such replacement property within 270 days of such sale,
(D) an ordinary course disposition of inventory, (E) an ordinary course disposition of real estate and related properties in connection
with relocation activities for employees of the Borrower and its Subsidiaries, (F) a disposition of tangible property as part of alike
kind exchange under Section 1031 of the Code in the ordinary course of business, (G) a voluntary termination of a Swap Agreement, (H)
a lease, sublease, license or sublicense of property in the ordinary course of business and which do not materially interfere with the
business of the Borrower and its Subsidiaries, (I) a disposition in the ordinary course of business of accounts receivable in connection
with the collection thereof, (J) a disposition of real estate and related properties as part of the resolution or settlement of claims
under an insurance contract in the ordinary course of business, (K) a Lien permitted under Section 9.2, or (L) a Restricted Payment
permitted by Section 9.7; and (ii) not otherwise permitted to be sold, leased, conveyed or disposed of in clause (i) immediately
preceding, provided that (A) no Potential Default or Event of Default would occur as a result thereof after giving effect
thereto, and (B) the aggregate value of all assets disposed of pursuant to this clause (ii)  from and after the Effective
Date shall not exceed $100,000,000; and


 


(c)              
dispositions required by regulatory order.


 


9.5             
Investments. None of the Loan Parties will make an Investment in any other Person (including pursuant to any merger with,
or as a Division Successor pursuant to the Division of, any Person that was not a wholly owned Subsidiary prior to such merger or Division),
except:


 


(a)              
Permitted Investments;


 


(b)              
guarantees constituting Indebtedness permitted by Section 9.1;


 


(c)              
Investments listed on Schedule 9.5;


 


(d)              
Investments by a Loan Party in any of its Subsidiaries; provided that Investments by the Loan Parties in any of their Subsidiaries
in which the relevant Loan Party owns less than 80% of the Equity Interests of such Subsidiary shall not exceed $30,000,000 in the aggregate
in any calendar year (excluding Investments permitted by clause (c) above);


 


(e)              
Investments not otherwise permitted under this Section 9.5; provided that (i) no Potential Default or Event of Default
shall have occurred and be continuing at the time such Investment is made or is created as a result of such Investment, (ii) all such
Investments shall be for fair market value and (iii) the aggregate amount of all Investments made by the Loan Parties pursuant to this
clause (e) during the term of this Agreement shall not exceed $250,000,000; and


 


(f)                the
purchase or other acquisition of all or substantially all of the property and assets or businesses of any Person or of significant
assets constituting a business unit, a line of business or division of such Person, or Equity Interests in a Person that, upon the
consummation thereof, will be a Subsidiary of the Borrower (including as a result of a merger or consolidation); provided
that, with respect to each purchase or other acquisition made pursuant to this Section 9.5(f) (each, a “Permitted
Material Acquisition”):


 






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(i)                
the acquired property, assets, business or Person is in a line of business conducted by the Borrower and its Subsidiaries on the
date hereof or any business substantially related, compatible, complimentary or incidental thereto;


 


(ii)             
the Borrower shall have delivered to the Administrative Agent not less than 10 days nor more than 90 days prior to the date of
any such acquisition, notice of such acquisition, and, for any acquisition with a total aggregate purchase price (including cash or equity
paid and debt assumed), of $50,000,000 or more, Borrower will, in addition, provide pro forma projected financial information regarding
same, copies of all material documents relating thereto (including the acquisition agreement and the financial statements delivered pursuant
thereto and any other material related document) and historical financial information (including income statements, balance sheets and
cash flows) covering at least three complete fiscal years of the acquisition target, if available, prior to the effective date of the
acquisition or the entire credit history of the acquisition target, whichever period is shorter, in each case in form and substance reasonably
satisfactory to the Administrative Agent;


 


(iii)           
 (A) (I) immediately before and immediately after giving pro forma effect to any such purchase or other acquisition, no Potential
Default or Event of Default shall have occurred and be continuing and (II) immediately after giving effect to such purchase or other acquisition,
Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in Sections 9.10 and 9.11,
and (B) immediately prior to the consummation of such purchase or other acquisition, the Borrower shall have delivered to the Administrative
Agent and the Lenders a certificate with respect to the matters set forth in clause (A) above; and


 


(iv)            
the board of directors or other Persons exercising similar functions of the seller of the assets or issuer of the Equity Interests
being acquired shall not have disapproved such transaction.


 


9.6             
Swap Agreements. None of the Loan Parties will enter into any Swaps, except (a) Swaps entered into to hedge or mitigate
risks to which any Loan Party has actual exposure, and (b) Swaps entered into in order to effectively cap, collar or exchange interest
rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of any Loan Party.


 


9.7              Restricted
Payments. None of the Loan Parties will declare or make, or agree to pay or make, any Restricted Payment, except (a) Restricted
Payments to a Loan Party; (b) Restricted Payments by the Borrower to any Person other than a Loan Party so long as (i) the
Borrower is in pro forma compliance with the covenants set forth in Sections 9.10 and 9.11 before and after giving
effect to such Restricted Payment and (ii) no Potential Default or Event of Default exists at the time such Restricted Payment is
made or is created as a result of such Restricted Payment; and (c) any Loan Party may make Restricted Payments to Stewart Title
Guaranty Company.


 






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9.8             
Transactions with Affiliates. None of the Loan Parties or any of their Subsidiaries will sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions
with any of its Affiliates, except (a) at prices and on terms and conditions (taken as a whole) not less favorable to such Loan Party
or such Subsidiary than could reasonably be expected to be obtained on an arm’s-length basis from unrelated third parties, (b) any
Restricted Payment permitted by Section 9.7, (c) any transaction between or among Loan Parties and (d) Investments permitted by
Section 9.5.


 


9.9             
Restrictive Agreements. None of the Loan Parties will, directly or indirectly, enter into, incur or permit to exist any
agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of any Loan Party or any of its Subsidiaries
to create, incur or permit to exist any Lien upon any of its property or assets; provided that the foregoing shall not apply to
(a) restrictions and conditions imposed by Law or by this Agreement, (b) restrictions or conditions imposed by any agreement relating
to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to property or assets securing such
Indebtedness, (c) customary provisions in leases, licenses, joint venture agreements and other contracts restricting the assignment thereof,
(d) customary restrictions and conditions contained in any agreements relating to the sale of assets pending such sale; provided that
such restrictions and conditions apply only to the assets to be sold and such sale is permitted hereunder, (e) any instrument governing
Indebtedness assumed in connection with any Acquisition, which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person or the properties or assets of the Person so acquired, (f) any order from or agreement
with an applicable insurance regulatory authority, and (g) customary restrictions in agreements evidencing or governing Indebtedness permitted
under Section 9.1, which restrictions are not materially more restrictive than the restrictions set forth in this Agreement, unless
the Administrative Agent has consented thereto.


 


9.10         
Debt to Total Capitalization Ratio. The Borrower will not permit the Debt to Total Capitalization Ratio to be greater than
0.35:1.00 at any time.


 


9.11         
Minimum Net Worth. Borrower shall not permit, at any time the Consolidated Net Worth to be an amount less than the sum of
(i) an amount equal to $790,983,900 plus (ii) 50% of Consolidated Net Income for each fiscal quarter (beginning with the first full fiscal
quarter ending after the Closing Date) for which Consolidated Net Income is a positive amount plus (iii) 50% of the net cash proceeds
from equity issuances of the Borrower after the Closing Date.


 


9.12          Sanctions
and other Anti-Terrorism Laws. Each Loan Party hereby covenants and agrees that until the Facility Termination Date, the Loan
Party will not, and will not permit any its Subsidiaries to: (a) become a Sanctioned Person, (b) directly, or indirectly through a
third party, use any proceeds of the Facilities to fund any operations in, finance any investments or activities in, or, make any
payments to, a Sanctioned Person or Sanctioned Jurisdiction, (c) repay the Facilities with funds derived from any unlawful activity;
(d) engage in any transactions or other dealings with any Sanctioned Person or Sanctioned Jurisdiction prohibited by any Laws of the
United States or other applicable jurisdictions relating to economic sanctions and any Anti-Terrorism Laws; or (e) cause any Lender
or Administrative Agent to violate any sanctions administered by OFAC.


 






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9.13         
Anti-Corruption Laws. Each Loan Party hereby covenants and agrees that until the Facility Termination Date, the Loan Party
will not, and will not permit any its Subsidiaries to directly or indirectly, use the Loans or any proceeds thereof for any purpose which
would breach any Anti-Corruption Laws in any jurisdiction in which any Covered Entity conducts business.


 


ARTICLE
10


 


DEFAULT


 


10.1         
Events of Default. An Event of Default means the occurrence or existence of any one or more of the following events or conditions
(whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law):


 


(a)              
the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any Reimbursement Obligation
when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;


 


(b)              
the Borrower shall fail to pay any interest on any Loan or any fee or other amount (other than an amount referred to in clause
(a) of this Section 10.1) payable under this Agreement or the other Loan Documents, when and as the same shall become due and payable,
and such failure shall continue unremedied for a period of three (3) Business Days;


 


(c)              
any representation or warranty made or deemed made by or on behalf of the Borrower or the Guarantors in or in connection with this
Agreement, any Loan Document or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement
or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder,
shall prove to have been incorrect when made or deemed made in any material respect (provided such materiality qualifier shall not apply
in instances where a specific representation contains a materiality or Material Adverse Change qualifier);


 


(d)              
any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Sections 8.1 (as to a Loan Party’s
existence), 8.4 (as to inspection rights and which continues for one Business Day), 8.9, 8.10, 8.11 and Section 9;


 


(e)              
any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clauses (a), (b) or (d) of this Section 10.1) or in any other Loan Document, and such failure shall continue unremedied for
a period of thirty (30) days following the earlier of (i) the date on which such failure first became known to any Financial Officer of
such Loan Party or (ii) notice to the Borrower of such failure from the Administrative Agent or the Required Lenders;


 


(f)               
the Borrower or any Guarantor shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness, when and as the same shall become due and payable (giving effect to any grace period provided with respect
thereto);


 






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(g)              
any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any
trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes
due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;


 


(h)              
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Loan Party or any of its Subsidiaries or their debts, or of a substantial part of their assets, under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any of its Subsidiaries or for a substantial
part of any of their assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or
decree approving or ordering any of the foregoing shall be entered;


 


(i)                
any Loan Party or any of its Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (h) of this Section 10.1, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Borrower or any of its Subsidiaries or for a substantial part of any of their assets, (iv) file
an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;


 


(j)                
any Loan Party or any of its Subsidiaries shall become unable, admit in writing its inability, or fail generally to pay its debts
as they become due;


 


(k)              
one or more judgments for the payment of money that is not covered by insurance in an aggregate amount in excess of $30,000,000
(to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) shall be rendered against
any Loan Party or any of its Subsidiaries or any combination thereof and the same shall remain undischarged or unstayed for a period of
45 consecutive days during which execution shall not be effectively stayed, or any attachment or levy shall be entered upon any assets
of such Loan Party or such Subsidiary to enforce any such judgment;


 


(l)                
an ERISA Event shall have occurred that, in the reasonable opinion of the Administrative Agent, when taken together with all other
ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Change;


 






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(m)            
 a proceeding shall be commenced by any Loan Party or any of its Subsidiaries seeking to establish the invalidity or unenforceability
of any Loan Document (exclusive of questions of interpretation thereof), or any Loan Party shall repudiate or deny that it has any liability
or obligation for the payment of principal or interest or other obligations purported to be created under any Loan Document;


 


(n)              
a Change in Control occurs; or


 


(o)              
any license of a Loan Party or any of its insurance Subsidiaries (i) shall be revoked by the applicable insurance regulatory authority,
(ii) shall be suspended by the applicable insurance regulatory authority for a period in excess of thirty days or (iii) shall not be reissued
or renewed by the applicable insurance regulatory authority upon the expiration thereof following application for such reissuance or renewal
of such Person, or (b) any applicable insurance regulatory authority shall issue any order of conservation or seizure, however denominated,
relating to a Loan Party or any insurance Subsidiary or shall take any other action to exercise control (i) over a Loan Party or any insurance
Subsidiary or (ii) over any assets of a Loan Party or any insurance Subsidiary, in each case under this clause (o), except to the
extent that the same could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change.


 


10.2         
Consequences of Event of Default.


 


(a)              
Generally. If any Event of Default specified under Section 10.1 [Events of Default] shall occur and be continuing,
the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation
to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders shall, take any or all of the
following actions:


 


(i)                
declare the commitment of each Lender to make Loans and any obligation of the Issuing Lender to issue, amend or extend Letters
of Credit to be terminated, whereupon such commitments and obligation shall be terminated;


 


(ii)             
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;


 


(iii)           
require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent,
as Cash Collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter
available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders,
and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and


 






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(iv)            
 exercise on behalf of itself, the Lenders and the Issuing Lender all rights and remedies available to it, the Lenders and the
Issuing Lender under the Loan Documents;


 


provided that upon the occurrence of an
actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States, the obligation
of each Lender to make Loans and any obligation of the Issuing Lender to issue, amend or extend any Letter of Credit 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 provide cash collateral as specified in clause (iii) above shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender.


 


(b)              
Set-off. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, and each of their
respective Affiliates and any participant of such Lender or Affiliate which has agreed in writing to be bound by the provisions of Section 5.5
[Sharing of Payments by Lenders], after obtaining the prior written consent of the Administrative Agent,  is hereby authorized at
any time and from time to time, to the fullest extent permitted by applicable Law, to set off 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, the Issuing Lender or any such Affiliate or participant to or for the credit or the account of any Loan
Party against any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document
to such Lender, the Issuing Lender, Affiliate or participant, irrespective of whether or not such Lender, Issuing Lender, Affiliate or
participant shall have made any demand under this Agreement or any other Loan Document and although such Obligations of the Borrower or
such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Lender different from the
branch or office 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 set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.9 [Defaulting Lenders] 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 Issuing Lender, 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, the Issuing
Lender and their respective Affiliates and participants under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Lender, the Issuing Lender or their respective Affiliates and participants may have; provided, further,
that, notwithstanding any provision of any Loan Document to the contrary, in no event shall any such Person have any right of setoff against
any escrow accounts or any escrowed funds or any other funds held on deposit for any third party by a Loan Party in which such Loan Party
does not hold equitable title. Each Lender and the Issuing Lender 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; and


 


(c)              
Enforcement of Rights and Remedies. Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall
be vested exclusively in, and all actions and proceedings at Law in connection with such enforcement shall be instituted and maintained
exclusively by, the Administrative Agent in accordance with this Section 10.2 for the benefit of all the Lenders and the Issuing
Lender; provided that the foregoing shall not prohibit (i) the Administrative Agent from exercising on its own behalf the rights
and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents,
(ii) the Issuing Lender or the Swingline Loan Lender from exercising the rights and remedies that inure to its benefit (solely in its
capacity as the Issuing Lender or Swingline Loan Lender, as the case may be) hereunder and under the other Loan Documents, (iii) any
Lender from exercising setoff rights in accordance with Section 10.2(b) [Set-Off] (subject to the terms of Section 5.5
[Sharing of Payments by Lenders]), or (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf
during the pendency of a proceeding relative to any Loan Party under any Insolvency Proceeding; and provided, further,
that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (A) the Required
Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to this Section 10.2(c), and (B) in addition
to the matters specified in clauses (ii), (iii) and (iv) of the preceding proviso and subject to Section 5.5 [Sharing of
Payments by Lenders]), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and
as authorized by the Required Lenders.


 






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10.3         
Application of Proceeds. From and after the date on which the Administrative Agent has taken any action pursuant to Section 10.2
[Enforcement of Rights and Remedies] (or after the Loans have automatically become immediately due and payable and the Letter of Credit
Obligations have automatically been required to be Cash Collateralized as specified in the proviso to Section 10.2(a)) and
until the Facility Termination Date, any and all proceeds received on account of the Obligations shall (subject to Sections 2.9
[Defaulting Lenders] and 10.2(a)(iii) [Generally]) be applied as follows:


 


(a)              
First, to payment of that portion of the Obligations constituting fees (other than Letter of Credit Fees), indemnities,
expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, the Issuing Lender in
its capacity as such and the Swingline Loan Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Lender
and Swingline Loan Lender in proportion to the respective amounts described in this clause First payable to them;


 


(b)              
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 under the Loan Documents, including attorney fees, ratably among the Lenders
in proportion to the respective amounts described in this clause Second payable to them;


 


(c)              
Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest
on the Loans and Reimbursement Obligations, ratably among the Lenders and the Issuing Lender in proportion to the respective amounts described
in this clause Third payable to them;


 






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(d)              
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations,
ratably among the Lenders and the Issuing Lender, in proportion to the respective amounts described in this clause Fourth held
by them;


 


(e)              
Fifth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize any undrawn amounts under
outstanding Letters of Credit (to the extent not otherwise cash collateralized pursuant to this Agreement); and


 


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


 


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 specified above.


 


ARTICLE
11


 


THE ADMINISTRATIVE AGENT


 


11.1         
Appointment and Authority. Each of the Lenders and the Issuing Lender hereby irrevocably appoints PNC Bank, National Association
to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit
of the Administrative Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights as
a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or
in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of
market custom and is intended to create or reflect only an administrative relationship between contracting parties.


 


11.2         
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving
as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money
to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business
with, the Borrower or any 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.


 


11.3         
Exculpatory Provisions.


 


(a)              
The Administrative Agent shall not have any duties or obligations except those expressly specified herein and in the other Loan
Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative
Agent:


 






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(i)                
shall not be subject to any fiduciary or other implied duties, regardless of whether a Potential Default or Event of Default has
occurred and is continuing;


 


(ii)             
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable
Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that
may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and


 


(iii)           
shall not, except as expressly specified herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by
the Person serving as the Administrative Agent or any of its Affiliates in any capacity.


 


(b)              
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Sections 12.1 [Modifications; Amendments
or Waivers] and 10.2 [Consequences of Event of Default]), or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to
have knowledge of any Potential Default or Event of Default unless and until notice describing such Potential Default or Event of Default
is given to the Administrative Agent in writing by the Borrower, a Lender or an Issuing Lender.


 


(c)              
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions specified herein or therein or the occurrence of any Potential Default
or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or
any other agreement, instrument or document, or (v) the satisfaction of any condition specified in Article 7 [Conditions of
Lending and Issuance of Letters of Credit] or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent.


 






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11.4         
 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any
condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms
must be fulfilled to the satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory
to such Lender or Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing
Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.


 


11.5         
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this 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 Facilities 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.


 


11.6         
Resignation of Administrative Agent.


 


(a)              
The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower (so long as no
Potential Default or Event of Default has occurred and is continuing), to appoint a successor, which shall be a bank with an office in
the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice
of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”),
then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lender, appoint a
successor Administrative Agent meeting the qualifications specified above; provided that in no event shall any such successor Administrative
Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with
such notice on the Resignation Effective Date.


 






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(b)              
 If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative
Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal
Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective
Date.


 


(c)              
With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity
payments owed to the retiring or removed Administrative Agent, 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 Issuing Lender directly, until such time, if any,
as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment
as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative
Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under
the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s
resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 12.3 [Expense;
Indemnity; Damage Waiver] shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed
Administrative Agent was acting as Administrative Agent.


 


11.7         
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the Issuing Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and Issuing
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder.


 


11.8         
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the bookrunners or arrangers listed on the
cover page hereof shall have any 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 an Issuing Lender hereunder.


 






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11.9         
 Administrative Agent’s Fee. The Borrower shall pay to the Administrative Agent a nonrefundable fee (the “Administrative
Agent’s Fee”) under the terms of a letter (the “Administrative Agent’s Letter”) between the Borrower
and Administrative Agent, as amended from time to time.


 


11.10     
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 Letter of Credit 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 (but not obligated) 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, Letter of
Credit Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the Issuing Lender and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Lender and the Administrative Agent and their respective agents and counsel
and all other amounts due the Lenders, the Issuing Lender and the Administrative Agent under Sections 2.8(b) [Letter of Credit
Fees] and 12.3 [Expenses; Indemnity; Damage Waiver]) 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 Issuing
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders and the Issuing Lender, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Section 12.3 [Expenses; Indemnity; Damage Waiver].


 


11.11     
No Reliance on Administrative Agent’s Customer Identification Program. Each Lender acknowledges and agrees that neither
such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent to carry out such Lender’s,
Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under
or pursuant to the USA PATRIOT Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter
amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law or any Anti-Corruption Law, including
any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their
agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping,
(iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such other
Laws.


 






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11.12     
 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, Administrative Agent and the Lead Arranger and their respective Affiliates, and for the benefit of 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 29 CFR § 2510.3-101, as modified by Section
3(42) of ERISA) of one or more Plans in connection with the Loans or the Commitments,


 


(ii)             
the transaction exemption set forth in one or more Prohibited Transaction Exemptions (“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 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 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 Commitments and this Agreement, (C) the entrance into, participation in, administration of and
performance of the Loans, 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 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 Section 11.12(a) is true with respect to a Lender or such Lender
has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding Section 11.12(a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and the Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower, that:


 






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(i)                
 none of the Administrative Agent or the Lead Arranger 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 Administrative Agent under this Agreement,
any Loan Document or any other documents related to hereto or thereto),


 


(ii)             
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general
and with regard to particular transactions and investment strategies (including in respect of the Loans),


 


(iii)           
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the
Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder,
and


 


(iv)            
no fee or other compensation is being paid directly to the Administrative Agent or Lead Arrangers or any their respective Affiliates
for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.


 


The Administrative Agent and
the Lead Arranger hereby inform 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 Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, or the Commitments for an amount
less than the amount being paid for an interest in the Loans 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.


 


11.13     
Erroneous Payments.


 


(a)               If
the Administrative Agent notifies a Lender, Issuing Lender, or any Person who has received funds on behalf of a Lender or
Issuing Lender, such Lender or Issuing Lender (any such Lender, Issuing Lender, or other recipient, a “Payment
Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any
notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative
Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment
Recipient (whether or not known to such Lender, Issuing Lender or other Payment Recipient on its behalf) (any such funds, whether
received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and
collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such
Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment
Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Issuing Lender shall (or, with respect
to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event
later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion
thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in
respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient
to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in
effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent
manifest error.


 






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(b)              
Without limiting immediately preceding clause (a), each Lender or Issuing Lender, or any Person who has received funds on
behalf of a Lender or Issuing Lender such Lender or Issuing Lender, hereby further agrees that if it receives a payment, prepayment
or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) 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, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment,
prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates), or (z) that such Lender or Issuing Lender, or other such recipient, otherwise becomes aware was transmitted,
or received, in error or by mistake (in whole or in part) in each case:


 


(i)                
(A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent
written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding
clause (z)), in each case, with respect to such payment, prepayment or repayment; and


 


(ii)             
such Lender or Issuing Lender shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly
(and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment,
prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this
Section 11.13(b).


 


(c)              
Each Lender or Issuing Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time
owing to such Lender or Issuing Lender under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such
Lender or Issuing Lender from any source, against any amount due to the Administrative Agent under immediately preceding clause (a)
or under the indemnification provisions of this Agreement.


 






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(d)              
 In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after
demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Lender
that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or
portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative
Agent’s notice to such Lender or Issuing Lender at any time, (i) such Lender or Issuing Lender shall be deemed to have assigned
its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the “Erroneous
Payment Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative
Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment
Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative
Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect
to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Lender shall deliver any Notes evidencing such Loans to the
Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment
Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender or Issuing
Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing
Lender shall cease to be a Lender or Issuing Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment,
excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments
which shall survive as to such assigning Lender or assigning Issuing Lender and (iv) the Administrative Agent may reflect in the Register
its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion,
sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous
Payment Return Deficiency owing by the applicable Lender or Issuing Lender shall be reduced by the net proceeds of the sale of such Loan
(or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing Lender
(and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency
Assignment will reduce the Commitments of any Lender or Issuing Lender and such Commitments shall remain available in accordance with
the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a
Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative
Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable
Lender or Issuing Lender under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment
Subrogation Rights”).


 


(e)              
The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to
the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan
Party for the purpose of making such Erroneous Payment.


 






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(f)               
 To the extent permitted by applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby
waives, and is deemed to waive, 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 Erroneous Payment received, including without limitation waiver of any
defense based on “discharge for value” or any similar doctrine


 


(g)              
Each party’s obligations, agreements and waivers under this Section 11.13 shall survive the resignation or replacement of
the Administrative Agent, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any
portion thereof) under any Loan Document.


 


ARTICLE
12


 


MISCELLANEOUS


 


12.1         
Modifications, Amendments or Waivers. With the written consent of the Required Lenders (or as expressly provided by Section
2.11 [Incremental Loans]), the Administrative Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan Parties,
may from time to time enter into written agreements amending or changing any provision of this Agreement or any other Loan Document or
the rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers or consents hereunder or thereunder.
Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties;
provided, that no such agreement, waiver or consent may be made which will:


 


(a)              
Increase of Commitment. Increase the amount of the Revolving Credit Commitment or Term Loan Commitment of any Lender hereunder
without the consent of such Lender;


 


(b)              
Extension of Payment; Reduction of Principal, Interest or Fees; Modification of Terms of Payment. Whether or not any Loans
are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any
mandatory prepayment of a Loan), the Commitment Fee or any other fee payable to any Lender, or reduce the principal amount of or the stated
rate of interest borne by any Loan (other than as a result of waiving the applicability of any post-default increase in interest rates)
or reduce the stated rate of the Commitment Fee or any other fee payable to any Lender, without the consent of each Lender directly affected
thereby (provided that any amendment or modification of defined terms used in the financial covenants of this Agreement shall not constitute
a reduction in the stated rate of interest or fees for purposes of this clause (b));


 


(c)              
Release of Guarantor. Release any material portion of the value of the Guarantors from their Obligations under the Guaranty
Agreement, in each case without the consent of all Lenders (other than Defaulting Lenders); or


 


(d)               Miscellaneous.
Amend Section 5.4 [Pro Rata Treatment of Lenders], Section 11.3 [Exculpatory Provisions], Section 5.5
[Sharing of Payments by Lenders], Section 10.3 [Application of Proceeds] or this Section 12.1, alter any
provision regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or reduce
any percentage specified in the definition of Required Lenders, in each case without the consent of all of the Lenders;


 






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provided that (i) no agreement, waiver
or consent which would modify the interests, rights or obligations of the Administrative Agent, the Issuing Lender, or the Swingline Loan
Lender may be made without the written consent of the Administrative Agent, the Issuing Lender or the Swingline Loan Lender, as applicable,
and (ii) the Administrative Agent’s Letter may be amended, or rights or privileges thereunder waived, in a writing executed only
by the parties thereto, and provided, further that, if in connection with any proposed waiver, amendment or modification referred
to in Sections 12.1(a) through (d) above, there is a Non-Consenting Lender, then the Borrower shall have the right to replace
any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 5.13 [Replacement of a Lender]. 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 disproportionately adversely relative to other affected
Lenders shall require the consent of such Defaulting Lender.


 


In addition, notwithstanding the foregoing, (a)
with the consent of the Borrower, the Administrative Agent may amend, modify or supplement any Loan Document without the consent of any
Lender or the Required Lenders in order to correct or cure any ambiguity, inconsistency or defect or correct any typographical or ministerial
error in any Loan Document (provided that any such amendment, modification or supplement shall not be materially adverse to the interests
of the Lenders taken as a whole), and (b) without the consent of any Lender or the Borrower, within a reasonable time after (i) the effective
date of any increase or addition to, extension of or decrease from, the Revolving Credit Commitment, or (ii) any assignment by any Lender
of some or all of its Revolving Credit Commitment, the Administrative Agent shall, and is hereby authorized to, revise Schedule 1.1(B)
to reflect such change, whereupon such revised Schedule 1.1(B) shall replace the old Schedule 1.1(B) and become part of
this Agreement.


 


12.2          No
Implied Waivers; Cumulative Remedies. No course of dealing and no delay or failure of the Administrative Agent or any Lender in
exercising any right, power, remedy or privilege under this Agreement or any other Loan Document shall affect any other or future
exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further exercise
thereof or of any other right, power, remedy or privilege. The enumeration of the rights and remedies of the Administrative Agent
and the Lenders specified in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the
Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative,
and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter
exist at law or in equity or by suit or otherwise. No reasonable delay or failure to take action on the part of the Administrative
Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right,
power or privilege or shall be construed to be a waiver of any Event of Default.


 






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12.3         
Expenses; Indemnity; Damage Waiver.


 


(a)              
Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred
by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for
the Administrative Agent) in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any 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 Issuing Lender in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the Administrative
Agent, any Lender or the Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any
Lender or the Issuing Lender) in connection with the enforcement 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 the 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 (but limited with respect to legal counsel to one primary counsel to the Administrative Agent and the Lenders, and
if reasonably necessary, (A) a single local counsel in each relevant jurisdiction and with respect to each relevant specialty and (B)
in the case of an actual or perceived conflict among the Administrative Agent and the Lenders, one counsel for each group of similarly
situated Persons), and (iv) all reasonable and documented out-of-pocket expenses of the Administrative Agent’s regular employees
and agents engaged periodically to perform audits of the Loan Parties’ books, records and business properties.


 


(b)               Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Arrangers, each Lender
and the Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
 “Indemnitee”) against, and hold each Indemnitee harmless from (and shall reimburse each Indemnitee promptly after
receipt of a written request together with customary backup documentation), any and all losses, claims, damages, liabilities and
related reasonable and documented out-of-pocket expenses (including the reasonable and documented fees, charges and disbursements of
any counsel for any Indemnitee but limited to one single counsel and, if necessary a single local counsel in each appropriate
jurisdiction) incurred by any Indemnitee or awarded against any Indemnitee by any Person (including the Borrower or any other Loan
Party, or any affiliate of any such party) other than such Indemnitee and its Related Parties 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, (ii) any Loan or Letter of Credit or the use or proposed use
of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its
Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual
or prospective claim, litigation, investigation or 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 affiliate of any such party,
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 losses, claims, damages, liabilities or related expenses (x) are determined by a court of
competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee, (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for material breach
in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party
has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or
(z) arise from any dispute solely among Indemnitees and their Related Parties, other than any claims against an Indemnitee in its
capacity or in fulfilling its role as an Administrative Agent, arranger or any similar role in respect of this Agreement and other
than any claims arising out of any act or omission of any Loan Party or their respective Subsidiaries. This Section 12.3(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.


 






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(c)              
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under
paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender,
the Swingline Loan Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub-agent), such Issuing Lender, such Swingline Loan Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s
Ratable Share at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided
that with respect to such unpaid amounts owed to the Issuing Lender or the Swingline Loan Lender solely in its capacity as such, only
the Lenders with Revolving Credit Commitments shall be required to pay such unpaid amounts, such payment to be made severally among them
based on such Lenders’ Ratable Share of the Revolving Credit Facility (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) provided, further, that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent),the
Issuing Lender or the Swingline Loan Lender 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), the Issuing Lender or the Swingline Loan Lender in connection with such capacity. The obligations
of the Lenders under this paragraph (b) are subject to the provisions of Section 2.2 [Nature of Lenders’ Obligations
with Respect to Revolving Credit Loans].


 


(d)               Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, the Loan Parties shall not assert, and hereby
waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, 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. None of the Loan Parties nor any of their Subsidiaries shall have any liability for any special,
indirect, consequential or punitive damages arising out of, related to or in connection with any aspect 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 contained in this sentence shall limit any
Indemnitee’s rights to indemnification under this Section 12.3 with respect to matters initiated by third parties. No
Indemnitee referred to in Section 12.3(a) [Costs and Expenses] 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, except to the extent such liability or damages are determined by a court of competent jurisdiction by final and
non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.


 






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(e)              
Payments. All amounts due under this Section 12.3 shall be payable not later than ten (10) days after demand therefor.


 


(f)               
Survival. Each party’s obligations under this Section 12.3 shall survive the termination of the Loan Documents
and payment of the obligations hereunder.


 


12.4         
Holidays. Whenever payment of a Loan to be made or taken hereunder shall be due on a day which is not a Business Day such
payment shall be due on the next Business Day (except as provided in Section 4.2 [Interest Periods]) and such extension of
time shall be included in computing interest and fees, except that the Loans shall be due on the Business Day preceding the Expiration
Date if the Expiration Date is not a Business Day. Whenever any payment or action to be made or taken hereunder (other than payment of
the Loans) shall be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following
Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment
or action.


 


12.5         
Notices; Effectiveness; Electronic Communication


 


(a)              
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and
except as provided in paragraph (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 as follows:


 


(i)                
if to the Borrower or any other Loan Party, to it at 1360 Post Oak Blvd., Suite 100, Houston, Texas 77056, Attention of David Hisey,
Chief Financial Officer (Telephone No. (713) 625-8043), Scott Gray, Senior Vice President – Finance (Telephone No. (713) 625-8036),
and John Killea, Chief Legal Officer (Telephone No. (713) 881-7835);


 


(ii)              if
to the Administrative Agent, to PNC Bank, National Association at 500 First Avenue, Pittsburgh, Pennsylvania 15219, Attention:
Agency Services with a copy to PNC Bank, National Association, at 2200 Post Oak Blvd, 20th floor, Houston, TX 77056,
Attn: Cindy Young (Telephone No. (713) 499-8632);


 






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(iii)           
if to PNC Bank, National Association in its capacity as Issuing Lender, to it at 500 First Avenue, Pittsburgh, Pennsylvania 15219,
Attention: Agency Services, and if to any other Issuing Lender, to it at the address provided in writing to the Administrative Agent and
the Borrower at the time of its appointment as an Issuing Lender hereunder;


 


(iv)            
if to a Lender, to it at its address (or facsimile number) specified in its Administrative Questionnaire.


 


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 facsimile 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 electronic communications, to the extent
provided in paragraph (b) below, shall be effective as provided in said paragraph (b).


 


(b)              
Electronic Communications. Notices and other communications to the Lenders and the Issuing Lender hereunder may be delivered
or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices to any Lender or Issuing Lender pursuant to Article 2 [Revolving
Credit and Swingline Loan Facilities] or Article 3 [Term Loans] if such Lender or Issuing Lender, 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), 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; provided that, for
both clauses (i) and (ii) above, if such notice, email 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.


 


(c)              
Change of Address, etc. Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto.


 






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(d)              
 Platform.


 


(i)                
Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below)
available to the Issuing Lender and the other Lenders by posting the Communications on the Platform.


 


(ii)             
The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant
the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement
of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to the Borrower or the other Loan Parties, any Lender or any other Person or entity for damages of any kind, including,
without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or
otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications
through the Platform, except to the extent found by a court of competent jurisdiction in a final, non-appealable judgment to have resulted
from an Agent Party’s gross negligence or willful misconduct. “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 to the Administrative Agent, any Lender or any Issuing Lender by means of
electronic communications pursuant to this Section, including through the Platform.


 


12.6         
Severability. The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be
held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to
the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other
jurisdiction or the remaining provisions hereof in any jurisdiction. Without limiting the foregoing provisions of this Section, 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, the Issuing Lender or the Swingline Loan Lender, as applicable, then such
provisions shall be deemed to be in effect only to the extent not so limited.


 


12.7         
Duration; Survival. All representations and warranties of the Loan Parties contained herein or made in connection herewith
shall survive the execution and delivery of this Agreement and the completion of the transactions hereunder, and shall continue in full
force and effect until the Facility Termination Date. All covenants and agreements of the Borrower contained herein relating to the payment
of principal, interest, premiums, additional compensation or expenses and indemnification, including those specified in the Notes, Section 5
[Payments] and Section 12.3 [Expenses; Indemnity; Damage Waiver], shall survive the Facility Termination Date. All other covenants
and agreements of the Loan Parties shall continue in full force and effect from and after the Closing Date and until the Facility Termination
Date.


 






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12.8         
 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 neither the Borrower nor any other Loan Party
may assign or otherwise transfer any of its rights or obligations hereunder (including, in each case, by way of an Division) 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 paragraph (b) of this Section, (ii) by way of participation
in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject
to the restrictions of paragraph (e) of this Section (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 paragraph (d) of this Section and, to
the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent 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 and the Loans at the time owing to it); provided that (in each
case with respect to any Facility) any such assignment shall be subject to the following conditions:


 


(i)                
Minimum Amounts.


 


(1)              
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 (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds (determined after giving
effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the
case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and


 


(2)              
in any case not described in clause (i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes
Loans outstanding thereunder) or, if the applicable 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 Agreement with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption
Agreement, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Commitment
of the assigning Lender, or $5,000,000, in the case of the Term Loan of such assigning Lender, unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).


 






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(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 Loan or the Commitment assigned.


 


(iii)           
Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B)
of this Section and, in addition:


 


(1)              
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of
Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; 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 ten (10) Business Days after having received notice thereof;


 


(2)              
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (i) the Revolving Credit Facility or any unfunded Commitments with respect to the Term Loan Facility if such assignment
is to a Person that is not a Lender with a Commitment in respect of such Facility, an Affiliate of such Lender or an Approved Fund with
respect to such Lender, or (ii) any Term Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund; and


 


(3)              
the consent of the Issuing Lender and Swingline Loan Lender (such consent not to be unreasonably withheld or delayed) shall be
required for any assignment in respect of the Revolving Credit Facility.


 


(iv)            
Assignment and Assumption Agreement. The parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500. The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire.


 


(v)              
No Assignment to Certain Persons. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute a Defaulting Lender or a Subsidiary thereof.


 


(vi)            
No Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).


 


(vii)          Certain
Additional Payments. 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 specified 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, the Issuing Lender, the Swingline Loan Lender 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 and
Swingline Loans in accordance with its Ratable Share. 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.


 






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(viii)       
Effectiveness; Release. Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c),
from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this
Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement, 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 Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption Agreement
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 4.4 [LIBOR Rate Unascertainable; Etc.], 5.8 [Increased
Costs], and 12.3 [Expenses, Indemnity; Damage Waiver] with respect to facts and circumstances occurring prior to the effective
date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with paragraph (d) of this Section.


 


(c)              
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of
its offices in Pittsburg, Pennsylvania a copy of each Assignment and Assumption Agreement 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 stated interest) of the Loans owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
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. 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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(d)              
 Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated
for the primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries or a Defaulting
Lender) (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 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 Issuing Lender and Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3 [Expenses; Indemnity; Damage Waiver]
with respect to any payments made by such Lender to its Participant(s).


 


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 (other than as is
already provided for herein) to any amendment, modification or waiver with respect to Sections 12.1(a) [Increase of
Commitment], 12.1(b) [Extension of Payment, Etc.], or 12.1(c) [Release of Guarantor]) that affects such Participant.
The Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.4 [Libor Rate Unascertainable,
Etc.], 5.8 [Increased Costs], 5.9 [Taxes] and 5.10 [Indemnity] (subject to the requirements and limitations
therein, including the requirements under Section 5.9(g) [Status of Lenders] (it being understood that the documentation
required under Section 5.9(g) [Status of Lenders] shall be delivered to the participating Lender and the information and
documentation required under Section 5.9(h) will be delivered to the Borrower and the Administrative Agent)) to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Section 5.13 [Replacement of a Lender] as if it were an
assignee under to paragraph (b) of this Section 12.8; and (B) shall not be entitled to receive any greater payment under Sections
5.8 [Increased Costs] or 5.9 [Taxes], with respect to any participation, than its participating Lender would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs
after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.13
[Replacement of a Lender] with respect to any Participant. To the extent permitted by Law, each Participant also shall be entitled
to the benefits of Section 10.2(b) [Set-off] as though it were a Lender; provided that such Participant agrees to be
subject to Section 5.5 [Sharing of Payments by Lenders] as though it were a Lender. Each Lender that sells a participation
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 stated interest) of each Participant’s interest in the Loans or
other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (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. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.


 






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(e)              
Certain Pledges; Successors and Assigns Generally. Any Lender may at any time pledge or assign a security interest in all
or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; 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.


 


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


 


(g)              
Arrangers/Bookrunners. Notwithstanding anything to the contrary contained in this Agreement, the name of any arranger and/or
bookrunner listed on the cover page of this Agreement may be changed by the Administrative Agent to the name of any Lender or Lender’s
broker-dealer Affiliate, upon written request to the Administrative Agent by any such arranger and/or bookrunner and the applicable Lender
or Lender’s broker-deal Affiliate.


 


12.9         
Confidentiality.


 


(a)               General.
Each of the Administrative Agent, the Lenders and the Issuing Lender agree to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to
keep such Information confidential); (b) to the extent required or requested by any regulatory authority purporting to have
jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of
Insurance Commissioners); (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal
process; (d) 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, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations
under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction
under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder to (i)
any rating agency in connection with rating the Borrower or its Subsidiaries or the Facilities or (ii) the CUSIP Service Bureau or
any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Facilities; (h) with the
consent of the Borrower; or (i) to the extent such Information (x) becomes publicly available other than as a result of a
breach of this Section, or (y) becomes available to the Administrative Agent, any Lender, any Issuing Lender or any of their
respective Affiliates on a nonconfidential basis from a source other than any Loan Party or any of their Subsidiaries. In addition,
the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market
data collectors, similar service providers to the lending industry and service providers to the Agents and the Lenders in connection
with the administration of this Agreement, the other Loan Documents, and the Commitments.


 






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For purposes of this Section, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any
of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing
Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information
received from the Borrower or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery
as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 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.


 


(b)              
Sharing Information With Affiliates of the Lenders. Each Loan Party acknowledges that from time to time financial advisory,
investment banking and other services may be offered or provided to the Borrower or one or more of its Affiliates (in connection with
this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender and each of the Loan Parties hereby
authorizes each Lender to share any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement
with any such Subsidiary or Affiliate of the Lender subject to the provisions of Section 12.9(a) [General].


 


EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND  ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING 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 AND ITS 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.


 






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12.10     
Counterparts; Integration; Effectiveness; Electronic Execution.


 


(a)              
Counterparts; Integration; Effectiveness. 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, and any separate letter agreements with respect to fees payable to the Administrative
Agent, 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, including any prior confidentiality agreements and commitments.
Except as provided in Article 7 [Conditions Of Lending And Issuance Of Letters Of Credit], 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. Delivery of an executed counterpart of a signature page
of this Agreement by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Agreement.


 


(b)              
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and
words of like import in any Assignment and Assumption Agreement shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other
similar state Laws based on the Uniform Electronic Transactions Act.


 


12.11     
CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.


 


(a)              
Governing Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any
other Loan Document, as expressly specified therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the Law of the State of New York. Each standby Letter of Credit issued under this Agreement shall be subject, as applicable,
to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce
(the “ICC”) at the time of issuance (“UCP”) or the rules of the International Standby Practices
(ICC Publication Number 590) (“ISP98”), as determined by the Issuing Lender, and each trade Letter of Credit shall
be subject to UCP, and in each case to the extent not inconsistent therewith, the Laws of the State of New York without regard to its
conflict of laws principles.


 


The Borrower and each
other Loan Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind
or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender,
the Issuing Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the
transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and
of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the
parties hereto irrevocably and unconditionally submits to the jurisdiction of such  courts and agrees that all claims in
respect of any such action, litigation 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 a final judgment in any such
action, litigation 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 the
Administrative Agent, any Lender or any Issuing Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against the Borrower or any other Loan Party or its properties in the courts of any
jurisdiction.


 






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(b)              
Waiver of Venue. The Borrower and each other Loan Party 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 (a) 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.


 


(c)              
Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 12.5
[Notices; Effectiveness; Electronic Communication]. Nothing in this Agreement will affect the right of any party hereto to serve process
in any other manner permitted by applicable Law.


 


(d)              
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.


 


12.12      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, to the extent such liability is unsecured, may be subject to the
write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by:


 






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(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


 


(i)                
the effects of any Bail-in Action on any such liability, including, if applicable:


 


(ii)             
a reduction in full or in part or cancellation of any such liability;


 


(iii)           
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or


 


(b)              
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.


 


12.13     
USA PATRIOT Act Notice. Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to
obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of Loan Parties
and other information that will allow such Lender or Administrative Agent, as applicable, to identify the Loan Parties 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 requests in order to comply with its ongoing obligations under applicable
 “know your customer” and anti-money laundering rules and regulations, including the Act.


 


12.14     
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swaps 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):


 


(a)               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.


 






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(b)              
As used in this Section 12.14, the following terms have the following meanings:


 


“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.


 


“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).


 


“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.


 


“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).]


 


[Signature Pages Follow]


 






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


 


	 	BORROWER
	 	 
	 	STEWART INFORMATION SERVICES CORPORATION
	 	 
	 	By:	 /s/ David Hisey
	 	Name:	David Hisey
	 	Title:	Chief Financial Officer
	 	 
	 	GUARANTORS
	 	 
	 	STEWART TITLE COMPANY
	 	 
	 	By:	/s/ David Hisey
	 	Name:	 David Hisey
	 	Title:	Chief Financial Officer
	 	 
	 	STEWART LENDER SERVICES, INC.
	 	 
	 	By:	 /s/ David Hisey
	 	Name:	David Hisey
	 	Title:	 Vice President - Finance




 






     


     


    

 


	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender and as Administrative
    Agent
	 	 
	 	By:	 /s/ Samantha Hagar
	 	Name:	Samantha Hagar
	 	Title:	Assistant Vice President




 






     


     


    

 


	 	Fifth Third Bank, National Association,
    as a Lender
	 	 
	 	By:	/s/ Michael J. Schaltz, Jr.
	 	Name:	Michael J. Schaltz, Jr.
	 	Title:	Managing Director & SVP




 






     


     


    

 


	 	Regions Bank, as a Lender
	 	 
	 	By:	 /s/ William Soo
	 	Name:	William Soo
	 	Title:	 Director




 






     


     


    

 


	 	Citizens Bank, N.A.,
    as a Lender
	 	 
	 	By:	 /s/ Douglas M. Kennedy
	 	Name:	 Douglas M. Kennedy
	 	Title:	SVP



 






     


     


    

 


	 	IBERIABANK, a division of First Horizon,
    as a Lender
	 	 
	 	By:	/s/ Todd Brown
	 	Name:	Todd Brown
	 	Title:	Vice President



 






     


     


    

 


	 	Amegy Bank of Texas,
    as a Lender
	 	 
	 	By:	/s/ Cameron Brown
	 	Name:	Cameron Brown
	 	Title:	 Vice President



 






     


     


    

 


	 	Texas Capital Bank,
    as a Lender
	 	 
	 	By:	 /s/ Michael Robnett
	 	Name:	 Michael Robnett
	 	Title:	Executive Vice President



 






     


     


    

 


	 	BankUnited, Inc.,
    as a Lender
	 	 
	 	By:	/s/ Craig Kincade
	 	Name:	Craig Kincade
	 	Title:	SVP



 






     


     


    

 


	 	City National Bank,
    as a Lender
	 	 
	 	By:	 /s/ Forrest McGann
	 	Name:	Forest McGann
	 	Title:	Senior Credit Officer